[2T0a2b4l年e_I0n3d月ust1ry7In日fo ] 强于大市(维持) 证券研究报告•行业研究•有色金属 有色行业周报（3.11-3.17） 持续推荐黄金和铜 投资要点 西南证券研究发展中心 [T ab行le情_S回um顾m：a本ry周] 沪深300指数收报 3569.99，周涨0.71%。有色金属指数收报 [分Ta析bl师e_：Au黄th腾or飞] 4472.60,周涨 5.08%。本周市场板块涨幅前三名：汽车 (+6.09%)、食品饮料 执业证号：S1250523070010 (+5.12%)、有色金属 (+5.08%)；涨幅后三名：公用事业 (-1.25%)、银行 电话：13651914586 (-1.39%)、家用电器 (-1.41%)。 邮箱：htengf@swsc.com.cn  贵金属：美国2月未季调CPI为3.2%，前值3.10%，预测3.10%，通胀数据 联系人：朱善颖 超预期，美元指数小幅反弹，金价短期进入平台震荡期。美联储议息会议在即， 电话：18810685324 邮箱：zsyyf@swsc.com.cn 市场围绕降息博弈加剧，短期金价有望维持高位。长周期维持看好金价不 ...

2024[T年ab0le3_月Ind1u7st日ryI nfo] 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（3.11-3.15） 政策鼓励以旧换新，存量市场有望焕发活力 投资要点 西南证券研究发展中心  行[Ta情b回le_顾S：um上m周ar，y]S W汽车板块上涨6.1%，沪深300上涨0.7%，汽车板块跑 分析师：郑连声 赢大盘。估值上，截止3月15日收盘，汽车行业PE（TTM）为 21倍，较前 执业证号：S1250522040001 一周上涨5.5%，主要受政策及飞行汽车概念催化。 电话：010-57758531  投资建议：近期，国务院印发《推动大规模设备更新和消费品以旧换新行动方 邮箱：zlans@swsc.com.cn 案》，存量市场有望释放活力。商务部长发言表示，当前在用国三以及以下排 联系人：冯安琪 放标准的乘用车超过1600万辆，按照15年车龄报废周期计算，预计2024年 电话：021-58351905 符合报废条件的乘用车约为700万辆，我们认为，中央、地方以及企业发力将 邮箱：faz@swsc.com.cn 对今年乘用车市场有明显正向拉动作用。投资机会方面，建议 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of March 16, 2024 [1]. Core Insights - The pharmaceutical sector has shown a 4.6% increase in the index for the week, outperforming the CSI 300 index by 3.89 percentage points. However, since the beginning of 2024, the sector has declined by 8.03%, lagging behind the CSI 300 index by 12.07 percentage points [2][10]. - The current valuation level for the pharmaceutical industry is at 26 times PE-TTM, with a premium of 88.94% compared to the entire A-share market, and a premium of 134.05% relative to the CSI 300 index [2][10]. - There is a strong emphasis on supporting the development of innovative drugs, with recommendations for comprehensive support for biopharmaceutical innovation [2][10]. - A significant policy boost for the medical equipment sector is anticipated, with an expected investment growth of over 25% by 2027 compared to 2023 [2][10]. Summary by Sections Investment Strategy and Key Stocks - The report suggests focusing on high-quality domestic innovative drugs (FIC) and those with potential for international expansion [2][10]. - Recommended stocks include: - Growth Portfolio: Changchun High-tech (000661), Shandong Pharmaceutical Glass (600529), Sino Medical (688108), Zai Lab (688266), and others [3][11]. - Steady Portfolio: Heng Rui Medicine (600276), Mindray Medical (300760), and others [3][11]. - Sci-tech Innovation Board Portfolio: Shouyao Holdings-U (688197), Xinmai Medical (688016), and others [3][11]. - Hong Kong Stock Portfolio: Kangfang Biologics (9926), Kelun-Botai Biologics (6990), and others [3][11]. Market Performance - The pharmaceutical sector's performance for the week shows a 7.4% increase in the recommended portfolio, outperforming the market by 6.7 percentage points [15]. - The steady portfolio increased by 3.1%, while the Sci-tech Innovation Board portfolio rose by 9.3%, both outperforming the broader market [17][19]. - The Hong Kong stock portfolio saw a significant increase of 13.1%, outperforming the market by 10.9 percentage points [22][23]. Latest News and Policies - The report highlights the importance of creating a competitive market environment for biopharmaceutical development and the need for policies that support high-quality innovative drugs [2][10]. - The introduction of a new pricing mechanism for newly listed chemical drugs aims to encourage high-quality innovation [2][10].

[2T0a2b4l年e_I0n3d月ust1ry6In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0310-0316） AI 视频创作平台 PixVerse 已上线，关注 GDC 相关产业催化 投资要点 西南证券研究发展中心  行[Ta情b回le_顾Su：m本m周ar，y]传 媒板块表现较好，上涨 3.29%，跑输创业板约 0.96个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指上涨 4.25%）；跑赢市场约 2.58 个百分点（沪深 300 上涨 执业证号：S1250515070002 0.71%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑赢市场：中信游戏指数（CI005577）上涨 4.84%， 沪深 300上涨0.71%。中信游戏指数相对于沪深300指数上涨4.14%；（2） [行Ta业bl相e_对Qu指o数te表Pic现] 广告指数跑赢市场：中信广告指数（CI005847）上涨 3.14%，沪深 300上涨 0.71%。中信广告指数相对于沪深 300指数上涨 2.44%；（3）体育指 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1] Core Views - The company reported strong Q4 performance with a revenue of 93.35 billion yuan, up 21.89% year-on-year, and a net profit of 15 billion yuan, up 75.9% year-on-year [2] - The gross margin for 2023 was 35.39%, an increase of 1.36 percentage points year-on-year, indicating continuous improvement in profitability [2] - The company is benefiting from the growing penetration of high-value-added products, with the average selling price (ASP) of automotive glass reaching 213.24 yuan per square meter, up 5.94% year-on-year [2] - Fuyao Glass is expanding its production capacity with a planned capital expenditure of 81.23 billion yuan in 2024, aiming to increase its market share in a highly concentrated industry [2] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 331.61 billion yuan, a year-on-year increase of 18%, and a net profit of 56.29 billion yuan, up 18.37% year-on-year [2][4] - The company’s automotive glass sales volume reached 140.16 million square meters, an increase of 10.24% year-on-year [2] Growth Projections - The forecast for EPS from 2024 to 2026 is 2.33, 2.80, and 3.41 yuan, respectively, with a compound annual growth rate (CAGR) for net profit of 16.54% [3][4] - Revenue growth rates are projected at 17.22%, 16.46%, and 16.16% for the years 2024 to 2026 [4] Market Position - Fuyao Glass continues to outperform the industry, with the domestic automotive production and sales growing by 11.6% and 12% respectively in 2023 [2] - The company is expected to maintain its competitive edge through cost control, research and development investment, and a focus on high-value products [2]

| --- | --- | --- | --- | --- | |----------------------------------|---------|---------|---------|---------| | [Table_MainProfit] 指标 / 年度 | 2022A | 2023E | 2024E | 2025E | | 营业收入（百万元） | 1159.97 | 1412.49 | 1721.39 | 2251.69 | | 增长率 | 1.36% | 21.77% | 21.87% | 30.81% | | 归属母公司净利润（百万元） | 83.41 | 116.11 | 157.06 | 233.26 | | 增长率 | -22.26% | 39.21% | 35.27% | 48.52% | | 每股收益 EPS （元） | 0.49 | 0.68 | 0.92 | 1.36 | | 净资产收益率 ROE | 4.79% | 6.30% | 7.95% | 10.72% | | PE | 57 | 41 | 30 | 20 | | PB | 2.84 | 2.68 | 2.49 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 33.15 CNY and a target price not specified for the next six months [4]. Core Insights - The company achieved a revenue of 2.48 billion CNY in 2023, representing a growth of 6.1%, and a net profit attributable to the parent company of 590 million CNY, up by 11.1% [17]. - In Q4 2023, the company reported a significant revenue increase of 46.5% year-on-year, reaching 770 million CNY, and a net profit growth of 93.1%, amounting to 120 million CNY [17]. - The main product, Yikexin, continues to see an increase in market penetration despite a decline in newborn birth rates, with a revenue growth of over 10% in 2023 [17]. - The company aims for a revenue and net profit growth of no less than 10% in 2024 compared to 2023, focusing on promoting secondary products [17]. Financial Performance Summary - The company forecasts revenues of 2.48 billion CNY for 2023, with projections of 2.48 billion CNY, 2.85 billion CNY, 3.27 billion CNY, and 3.77 billion CNY for 2024, 2025, and 2026 respectively, indicating a growth rate of 14.66% in 2024 [5][20]. - The net profit attributable to the parent company is expected to be 585 million CNY in 2023, with projections of 655 million CNY, 754 million CNY, and 880 million CNY for the following years, reflecting a growth rate of 12.05% in 2024 [5][20]. - The report highlights a consistent gross margin of around 86% for the main product Yikexin, with a focus on maintaining stable pricing [19]. Business Strategy and Market Position - The company is focusing on its core pharmaceutical business, having exited from non-core educational partnerships and other ventures [17]. - The sales strategy has been adjusted to enhance revenue growth, particularly in the pediatric market, which is expected to continue driving performance despite demographic challenges [17]. - The company has implemented a long-term incentive plan for key personnel to support its growth strategy from 2023 to 2025 [17].

[2T0a2b4l年e_I0n3d月ust1ry7In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0311-0317） Figure&Open AI 合作加速，人形机器人智能交互升级 投资要点 西南证券研究发展中心  行[Ta情ble回_S顾um：m本ary周] （3月11日-3月17日）机器人指数有所上涨。中证机器人指 [分Ta析bl师e_：Au邰th桂or龙] 数上涨2.5%，跑赢沪深300指数约1.8个百分点，跑输创业板指约1.8个百分 执业证号：S1250521050002 点；国证机器人指数上涨 1.7%，跑赢沪深 300指数约 1.0个百分点，跑输创 电话：021-58351893 业板指约2.5个百分点。 邮箱：tgl@swsc.com.cn  机器人+AI进展提速，Figure+Open AI实现人形机器人流畅对话和灵巧操作。 分析师：周鑫雨 Figure在Twitter上展示了Figure 01在结合 OpenAI人工智能技术后，理解人 执业证号：S1250523070008 类语言并完成相应动作（递苹果、捡垃圾、整理杯碟）的视频。Figure创始人 ...

医保扩容渐成趋势，医保及自费药物市场快速提升，未来市场空间大。目前，国家免费 抗 HIV 药物方案包括 3 种不同作用机制下的 8 种抗 HIV 药物，主要为 NRTI、NNRTI 和 PI 类药物，以传统抗逆转录药物为主。然而，目前国家免费用药范围属于较为早期的抗艾药， 在药物使用便利性、药物相互作用等方面往往难以满足艾滋病患者日益增长的差异性需求。 抗 HIV 病毒药物从以往由国家集中采购免费治疗正在向政府免费治疗+医保支付+自费市场 相结合转变，将是满足不同患者群体需求、提升临床用药可及性和先进性的重要趋势。近年 来，随着国家医保目录动态调整机制的逐步建立，更多抗 HIV 病毒药物被纳入医保，HIV 患 者可以通过医保报销部分用药费用，减轻自费购药的经济负担（例如捷扶康于 2019 年 11 月 通过医保谈判进入《2019 年版医保目录药品》，价格调整为 1298 元/瓶，其中患者自付 20%-30%，其余由医保支付）。 表 6：艾滋病相关药物的国家医保目录 | --- | --- | --- | --- | --- | |-------|-------------------------------- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 5.72 CNY based on a 2024 PE of 22 times [3]. Core Views - The domestic egg liquid industry is experiencing significant growth potential, driven by a recovery in consumer demand and an increasing reliance on egg products in the baking and catering sectors. The processing ratio of eggs in China is currently only 5.0%-7.0%, indicating substantial room for expansion [2][17]. - The company has a strong market position with a leading share in the domestic egg product industry, and it has established stable partnerships with well-known downstream clients. The introduction of innovative products, such as the new egg white beverage, enhances its competitive edge [3][18]. - The company is expected to achieve a compound annual growth rate (CAGR) of 25.1% in net profit from 2023 to 2025, with projected net profits of 43.2 million CNY, 53.3 million CNY, and 70.1 million CNY for the respective years [3]. Summary by Sections Market Overview - The domestic market for egg products is vast, with the baking and catering industries showing robust growth rates of 9.9% and 10.0% CAGR from 2019 to 2022, respectively. This trend is expected to continue, further driving the expansion of the egg product market [2][63]. - The company is positioned to benefit from the recovery in consumer spending, with a notable increase in demand for egg products as consumer preferences shift towards safety and health [62][63]. Financial Performance - The company has demonstrated a strong revenue growth trajectory, with total revenue increasing from 620 million CNY in 2020 to 890 million CNY in 2022, reflecting a CAGR of 9.4% despite the pandemic's impact [30]. - The gross margin for the company's pre-prepared products has significantly improved, reaching 25.1% in the first half of 2023, up from 13.4% in 2019, indicating a strong potential for profitability in this segment [31][78]. Product Development - The company has a diverse product portfolio, including liquid eggs, egg powders, and pre-prepared egg products, which are essential for various food processing and catering applications. The introduction of high-value-added products like egg white beverages is expected to open new retail market opportunities [29][54]. - The company is actively expanding its production capacity through fundraising initiatives, which will enhance its ability to meet growing demand and improve operational efficiency [79].