证券研究报告 2024年 05 月14 日 湘财证券研究所 行业研究 证券行业周报 上市券商监管新规出台，引导行业高质量发展 相关研究： 核心要点： ❑ 市场回顾：上周券商指数跑输大盘，板块估值处于低位 1.《证券行业事件点评：公募降佣 改革落地，券商研究业务重要性 上周（5.6-5.10）上证指数上涨 1.6%，深证成指上涨1.5%，沪深300指数 上涨 1.7%，创业板指上涨 1.1%。非银金融(申万)上涨 1.4%，涨跌幅排名 提升》 2024.4.22 20/31，跑输沪深300指数0.3pct；其中，券商指数上涨0.4%，跑输沪深300 指数1.4pct，券商指数PB估值1.1x，处于近十年的2%分位。 行业评级：增持 上周涨幅最大的五家券商分别为：财达证券（+3%）、浙商证券（+2.7%）、 中金公司（+2.6%）、中信建投（+1.9%）、方正证券（+1.4%）。 跌幅最大的五家券商分别为：东吴证券（-1.2%）、中泰证券（-1.2%）、长 近十二个月行业表现 江证券（-1.2%）、西部证券（-1.4%）、华创云信（-2.5%）。 20% ❑ 行业周数据：两市股票日均成交额环比下降，融资余额环比回 ...

证券研究报告 2024年 05月 15日 湘财证券研究所 行业研究 磁材行业周报 上周板块延续反弹，稀土挂牌价迎上调，产业链价格维持强势 相关研究： 核心要点： ❑ 市场行情：上周磁材板块延续反弹且跑赢基准指数，板块估值持续回升 《上周稀土链价格强势，多数稀土磁材公司 上周磁材板块延续反弹，周涨幅为2.5%，跑赢基准（沪深300）0.78pct。 2024Q1业绩边际改善》 20240430 板块估值（市盈率 TTM）周回升 0.67x 至 29.24x，当前估值历史分位数 《上周稀土原料价格保持坚挺，永磁材料下 为28%。 游空调增长势头不减》 20240422 ❑ 上周稀土精矿价格大部持稳，进口独居石及国内中钇富铕矿价格上涨 行业评级：买入 上周稀土精矿价格多数走势平稳。轻稀土矿方面，国内碳酸稀土矿、四川 近十二个月行业表现 氟碳铈矿、山东氟碳铈矿及美国矿价格分别持平于至2.3万元/吨、2.1万 元/吨、1.5万元/吨和2.1万元/吨，进口独居石矿周环比上涨6.49%至4.1 30% 磁材板块涨跌幅 30% 对比基准:沪深300累计涨跌幅-右 万元/吨。中重稀土矿方面，上周国内中钇富铕矿周环比小幅上涨 0 ...

证券研究报告 2024年 5月 15 日 湘财证券研究所 行业研究 食品饮料行业周报 CPI 温和上涨，啤酒景气度持续向上 相关研究： 核心要点： ❑ 5月6日-5月10日，食品饮料行业上涨1.72% 1. 《消费复苏温和可持续，软 上周，上证指数上涨 1.60%，深证成指上涨 1.50%，沪深 300 指数上涨 饮料转型中蕴藏新机》 1.72%，创业板指上涨1.06%。申万食品饮料行业上涨1.72%，涨跌幅排名 2024.04.23 18/31，与沪深300指数涨幅一致，食饮子板块涨跌不一，其中啤酒上涨 2. 《财报验证消费韧性，市场 4.15%，软饮料上涨3.83%，预加工食品上涨3.54%。 情绪回暖》 2024.04.30 ❑ CPI温和上涨，啤酒景气度持续向上 3. 《消费复苏节奏加快，业绩 4月，消费需求持续复苏，全国CPI环比由降转涨，同比涨幅扩大，扣除 兑现符合预期》 2024.05.07 食品和能源价格的核心CPI环比上涨0.2%，上月为下降0.6%；同比上涨 0.7%，涨幅比上月扩大0.1个百分点。从环比看，CPI上涨0.1%，上月为 行业评级：增持 下降1.0%。其中，食品价格下降1.0 ...

证券研究报告 2024年 5月 15 日 湘财证券研究所 行业研究 医疗耗材行业周报 政策推动医疗器械行业扩容，关注下沉市场格局 相关研究： 核心要点： ❑ 医疗耗材板块上行，上周上涨4.65% 1.《海外库存去化，2024年一季度 低值耗材出口转暖》 上周（5月6日至5月10日），医药生物报收7804.37点，上涨2.61%，涨 2024.4.29 幅排名位列申万一级行业第12位，跑赢沪深300指数0.89个百分点。医疗 服务报收4854.19点，上涨2.63%；中药II报收7176.51点，上涨0.8%；化 2.《财报披露结束，把握“临床刚 学制药报收10471.11点，上涨3.32%；生物制品报收6891.98点，上涨2.45%； 需”与“业绩修复”两条主线》 医药商业报收6035.02点，上涨3.51%；医疗器械报收6929.04点，上涨2.96%。 2024.5.1 医疗耗材报收5738.45点，上涨4.65%。医疗板块整体上行。 ❑ 医疗耗材板块PE（ttm）56X，PB（lf）2.57X 行业评级：增持 当前医疗耗材板块PE为56X，相较上周环比上升23.72个百分点，近一年 PE最大值为56. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by 5% to 15% over the next 6-12 months [20][24]. Core Insights - The company has introduced a new equity incentive plan that includes profit assessment targets, with a compound annual growth rate (CAGR) of 35% over two years. This plan aims to enhance corporate governance and retain key management and technical talent [4][21]. - Revenue projections for 2024-2026 are estimated at 22.68 billion, 29.10 billion, and 36.85 billion respectively, with corresponding net profits of 4.82 billion, 6.54 billion, and 8.47 billion. The earnings per share (EPS) are projected to be 0.85, 1.15, and 1.49 respectively [4][16]. Summary by Sections Equity Incentive Plan - The new incentive plan includes performance targets for revenue and installed equipment, with specific goals for non-COVID products and self-produced chemiluminescence business, aiming for a 35% revenue growth in 2024 and 75.5% in 2025 [4][21]. - The plan also sets targets for domestic and overseas chemiluminescence instrument installations, with 1500 units targeted for each of the two performance periods domestically and 1200 units overseas [4]. Financial Forecast - The company forecasts a revenue increase from 2.05 billion in 2023 to 2.27 billion in 2024, representing a 10.49% year-on-year growth. The net profit is expected to rise from 355 million in 2023 to 482 million in 2024, reflecting a 35.89% increase [16]. - The gross margin is projected to improve from 56.81% in 2023 to 61.43% in 2024, with a return on equity (ROE) increasing from 13.87% to 16.79% over the same period [16]. Market Confidence - The introduction of profit as a performance metric in the incentive plan reflects the company's confidence in its future growth prospects, as indicated by the ambitious targets set for revenue and profit growth [4][21].

Investment Rating - The report maintains an "Overweight" rating for the traditional Chinese medicine (TCM) industry [8]. Core Viewpoints - The TCM industry is expected to benefit from digitalization, which is anticipated to create new momentum for development [6]. - The performance of the TCM industry in 2023 and Q1 2024 has been overall positive, with a notable recovery in the pharmaceutical sector [3][4]. - The TCM sector is experiencing structural differentiation, with companies aligning with policy trends likely to perform better [7]. Summary by Sections Market Performance - The TCM index closed at 7176.51 points, up 0.8% last week, while the overall pharmaceutical sector rose by 2.61% [3][10]. - Year-to-date, the pharmaceutical sector has seen a cumulative decline of 7.43%, with only the TCM and pharmaceutical commercial sectors recording positive returns [3]. Valuation Metrics - The TCM sector's Price-to-Earnings (PE) ratio is 28.9X, up 1.13X from the previous week, with a Price-to-Book (PB) ratio of 2.54X, reflecting a slight increase [4]. - The TCM sector's PE is at the 33.2 percentile and PB at the 10.2 percentile over the past decade, indicating a relative valuation premium of 136.73% compared to the CSI 300 index [4]. Market Trends - The TCM raw material market is relatively stable, with a total price index of 257.39 points, showing little change week-on-week [5]. - Among the twelve categories of TCM materials, eight saw price increases while four experienced declines, indicating a mixed market trend [5]. Policy and Innovation - Recent government policies emphasize the enhancement of critical care medical services, with TCM expected to play a significant role in this area [6]. - The report highlights two main investment themes: TCM innovation driven by policy and clinical needs, and new consumption opportunities under the "TCM+" perspective [8]. Investment Strategy - Investors are encouraged to focus on companies with strong R&D capabilities and those that align with the latest policy changes, particularly in the context of new drug approvals and market expansions [8].

Investment Rating - The investment rating for Suzhou Bank is "Buy" [2] Core Views - Suzhou Bank has demonstrated strong credit expansion momentum, with total assets growing by 14.7% year-on-year in 2023 and 16.8% in Q1 2024. Loans increased by 17.1% and 19.8% respectively, while deposits grew by 15.0% and 13.0% [2] - The bank's net interest margin was 1.68% in 2023, down by 19 basis points year-on-year, primarily due to a decline in loan yields, particularly in personal loans. However, cost-saving effects are expected to alleviate pressure on the net interest margin in 2024 [2] - Operating income increased by 2.1% year-on-year in Q1 2024, with net profit rising by 12.3%, supported by stable asset quality and sufficient provisions [2] - The non-performing loan ratio remained stable at 0.84%, with a provision coverage ratio of 491.66%, indicating strong asset quality [2] - The bank plans to maintain a dividend payout ratio above 30%, with a proposed dividend of 0.39 yuan per share for 2023, reflecting a dividend yield of 5.19% [2] Financial Forecasts - Projected operating income for 2024 is 12,027 million yuan, with a growth rate of 1.4% [4] - Expected net profit for 2024 is 5,169 million yuan, with a growth rate of 12.4% [4] - Earnings per share (EPS) is forecasted to be 1.47 yuan for 2024, with a price-to-earnings (P/E) ratio of 5.11 [4][6] - The bank's return on equity (ROE) is expected to be 10.99% in 2024 [6] Asset Quality and Capital Adequacy - The bank's core capital adequacy ratio is projected to be 9.39% at the end of Q1 2024, slightly up from the previous year [2] - The non-performing loan balance is expected to increase gradually, but the non-performing loan ratio is projected to remain stable around 0.83% in 2024 [6]

证券研究报告 2024年 05月 14日 湘财证券研究所 行业研究 国防军工行业周报 浙江省发布新低空经济政策，关注相关产业链 ——国防军工行业周报（05.06~05.10） 相关研究： 核心要点： 1.《20240423湘财证券-国防军工  上周国防军工行业指数上涨4.7%，跑赢沪深300指数3.0个百分点 行业：信息支援部队成立，关注 上周（05月06日-05月10日），国防军工行业指数上涨4.7%，跑赢沪 军 工 信 息 化 相 关 产 业 链 》 深300指数3.0个百分点。2024年年初以来，国防军工行业指数下跌7.2%， 2024.04.23 跑输沪深300指数13.8个百分点。截至05月10日，国防军工行业PE(TTM) 2.《20240506湘财证券-国防军工 为56.9倍，位于2012年以来33.9%分位数；PB(LF)约2.8倍，位于2012年 行业：C919集齐中国三大航司 以来37.7%分位数。 订单，相关产业链有望受益》 2024.05.06  近期低空经济政策频发，关注浙江省新低空经济政策 2024 年 5 月 8 日，浙江省财政厅发布《关于支持高水平建设民航强省 行业评级：增 ...

证券研究报告 2024年 05月 13日 湘财证券研究所 行业研究 煤炭行业周报 迎峰度夏即将启动，动力煤震荡偏强 相关研究： 核心要点： ❑ 市场回顾：煤炭板块上涨4.17%，估值回升 1.《季报压力逐步释放，焦煤更具 投资价值》 2024.04.29 上周（5.6-5.12）煤炭板块（801950.SI）上涨4.17%，同期沪深300上涨 1.72%，行业跑赢基准指数（沪深300）2.45个百分点。煤炭行业板块PE 2.《淡旺季转换，静候煤炭需求好 估值为12.19倍，处于近十年来65.69%分位点；板块PB估值为1.5倍， 转》 2024.05.07 处于近十年来70.2%分位点，估值周环比上升。 ❑ 动力煤价格震荡偏强，电厂日耗降幅放缓明显 行业评级：增持 国内动力煤市场价震荡偏强，国际动力煤价格分化。国内方面：截至5月 12日，CCTD秦皇岛Q5500动力煤市场价为860元/吨，周环比上涨2.38%。 近十二个月行业表现 海外方面：截至 5 月 12 日，澳洲 NEWC、欧洲 ARA 和南非查理德 RB 20% 煤炭(申万) 沪深300 12% 动力煤现货价最新价格为143美元/吨、106美元/吨和 ...

证券研究报告 2024年 5月 14 日 湘财证券研究所 行业研究 环保公用行业周报 《电力市场监管办法》发布，电力市场化改革深入推进 相关研究： 核心要点： ❑ 本周环保公用指数上涨1.48%，跑输沪深300指数0.24个百分点 《1-3月风光新增装机6124万千瓦，水 电利用小时已现修复趋势》2024.04.22 截至2024年5月10日，本周沪深300上涨1.72%，创业板指上涨1.06%， 环保公用指数上涨1.48%，跑输沪深300指数0.24个百分点，在30个中信 《推广应用试点公示，国内生物柴油 一级行业中排名第18位。子板块中，发电及电网板块上涨1.24%，燃气板 需求空间有望打开》 2024.04.09 块上涨2.6%，供热或其他板块上涨6.22%，环保及水务板块上涨1.65%。 行业评级：增持 ❑ 本周全国碳市场CEA交易价小幅回落，整体仍处历史高位 近十二个月行业表现 截至2024年5月10日，本周全国碳市场CEA成交量24.23万吨，周环比 下降64.74%，成交均价95.51元/吨，周环比下降2.12%。其中，大宗协议 交易总成交量10.8万吨，成交均价91.8元/吨；挂牌协议交易总成 ...