证券研究报告 2024年 05月 12 日 湘财证券研究所 行业研究 中药行业 2023&2024Q1 业绩分析 政策持续显效，业绩不断兑现 相关研究： 核心要点：  医药制造业增速2023整体下滑，2024Q1呈现复苏态势 1. 《新药上市持续加速，中药创 新值得关注》 202404245 2023年医药制造业累计收入25205.7亿元，同比下降3.7%；利润总额3473 2. 《数字化有望塑造中医药发 亿元，同比下降15.1%；2024Q1医药制造业累计收入6082.7亿元，同比下 降2%；利润总额822.5亿元，同比下降2.7%。 展新动能》 20240430 2023年医药制造业整体增速呈现下滑态势，主要原因：一是，疫后与疫情 相关的产品需求量锐减；二是，集采等政策带来药品价格下降；三是，反 行业评级：增持 腐对院端销售产生阶段性影响；四是，部分子行业成本上涨。从各子行业 运行情况看，呈现出一定程度分化。其中，中药饮片和中成药表现优异， 近十二个月行业表现 受益于政策对中药创新药的支持，以及疫后解热镇痛、抗病毒、呼吸系统 用药需求的增加，中药饮片和中成药营收及利润同比均实现上涨。随着疫 10 后药品 ...

证券研究报告 2024 年05 月10 日 湘财证券研究所 公司研究 沪农商行（601825）业绩点评 资产稳健扩张，资本水平充足 相关研究： 核心要点：  营业收入增速稳定，投资收益贡献增加 1《. 银行业：高股息投资价值仍存》 2024.04.12 2023年，沪农商行营业收入同比增长3.07%，归母净利润同比增长10.64%。 2024Q1，营业收入同比增长3.69%，归母净利润同比增长1.48%。一季度营 收增速较上年略有提升，主要是投资收益增长带动非息收入增速提高，利 润增速放缓则由于拨备计提力度加大，信用减值损失同比增长72%，为应 对资产风险分类新规，预计一次性减值计提因素影响加大。收入结构方面， 2023年与2024Q1利息净收入分别同比下降0.26%/1.95%,非利息净收入同比 公司评级：增持 增长17.26%/20.98%。  资产稳健扩张，重点发力科创与普惠金融 近十二个月公司表现 2023年与2024Q1，沪农商行总资产同比增长8.65%/9.13%，贷款同比增长 6.09%/6.14%，存款同比增长7.73%/6.16%，业务规模稳健扩张。2023年， 科技型企业贷款余额同比增 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating an expected investment return that exceeds the market benchmark index by 5% to 15% over the next 6-12 months [23][22]. Core Insights - The company's revenue for 2023 reached 4.058 billion yuan, reflecting a year-on-year growth of 2.69%, while the net profit attributable to shareholders decreased by 36.31% to 284.4 million yuan [20][3]. - The traditional domestic business has shown resilience in revenue growth despite challenges, but net profit has declined due to increased R&D and market investments in the Continuous Glucose Monitoring (CGM) system, as well as operational losses and goodwill impairment from its U.S. subsidiary [4][10]. - The CGM market is projected to grow significantly, with the company expected to benefit from this trend, potentially opening a second growth curve [11][21]. Financial Performance Summary - In 2023, the company reported a gross margin of 54.06%, down 4.65 percentage points from the previous year, and a net margin of 4.83%, a decrease of 10.39 percentage points year-on-year [4]. - The company’s R&D expenditure was 356 million yuan, a 16.36% increase from the previous year, accounting for 8.78% of total revenue [4]. - Revenue projections for 2024, 2025, and 2026 are estimated at 45.80 billion yuan, 51.67 billion yuan, and 59.19 billion yuan, respectively, with corresponding net profits of 466 million yuan, 543 million yuan, and 641 million yuan [22]. Market Position and Growth Potential - The CGM system's market share is expected to grow from less than 30% in 2020 to 49.4% by 2030, with the market size expanding from 1.7 billion USD in 2015 to an anticipated 36.5 billion USD by 2030 [11][20]. - The company has successfully registered its CGM products in seven global regions and launched them domestically, positioning itself well for future growth [11][20].

证券研究报告 2024年 05月 09日 湘财证券研究所 行业研究 中药行业周报 中药行业 2023 及 2024Q1 业绩表现整体较好 核心要点： ❑ 上周中药Ⅱ上涨2.17%，医药板块延续反弹态势 相关研究： 上周（2024.04.29-2024.05.05）医药生物报收 7606.12 点，上涨 2.49%；中药Ⅱ 1. 《传承创新持续落实，中医药 报收 7119.88 点，上涨 2.17%；化学制药报收 10134.84 点，上涨 3.17%；生物 新质生产力带动行业全产业链发 制品报收 6727.22 点，上涨 1.35%；医药商业报收 5830.53 点，上涨 1.8%；医 展》 20240410 疗器械报收6729.92点，上涨3.21%；医疗服务报收4729.98点，上涨1.75%。 2. 《数字化有望塑造中医药发 医药板块继续反弹，中药板块涨幅居中。自2024年年初以来，医药生物板块 展新动能》 20240430 下跌9.78%，二级子行业中，仅中药、医药商业获得正收益，其中，中药累计 涨幅最大。 从公司表现来看，表现居前的公司有：*ST吉药、华神科技、生物谷、羚锐制 行业评级：增持 药、贵 ...

相关研究： 相对收益 0 6 43 注：相对收益与沪深 300 相比 公司研究 亚辉龙（688575）业绩点评 核心要点： 1.《化学发光技术独具优势，业绩 短期承压拐点渐近》 2024.03.07 近十二个月公司表现 Email：jiangdong@xcsc.com 期间费用率有所提升，毛利率有所提升 公司 2023 年营业收入同比下降 48.42%，主要为新冠业务营业收入较去年 同期下降 87.46%所致，公司非新冠业务营业收入 171,125.44 万元，同比增 长 36.30%，其中：（1）国内非新冠自产业务营业收入 117,415.69 万元，同 比增长 47.80%；（2）海外非新冠自产业务营业收入 15,164.48 万元，同比 增长 38%；（3）代理业务收入 35,076.34 万元，同比增长 16.89%。另外， 公司自产化学发光业务实现营业收入 116,837.48 万元，同比增长 50.04%。 我们认为新冠检测业务出清后，需求复苏将驱动常规业务恢复高增长。 敬请阅读末页之重要声明 1 化学发光已成为全球免疫诊断主流产品，公司成为国内较早实现磁微粒吖 啶酯化学发光免疫分析仪及配套试剂产 ...

% 1 个月 3 个月 12 个月 核心要点： Email：jiangdong@xcsc.com 费用率方面，管理费用率 7.06%，同比提升 0.81pct；财务费用率为 1.65%， 同比上升 0.17pct，销售费用率 10.32%，同比上升 2.44pct，全年公司研发 投入 4.36 亿元，同比下降 31.98%。公司整体期间费用绝对值大幅下降，但 费用率有所提升，主要是由于新冠抗原需求下降，市场推广费减少，但相 应营收也大幅下降使得费用率有所提升，同时公司持续加大创新研发投入， 带动研发费用有所提升。公司 2023 年毛利率为 31.29%，同比下降 5.87pct， 预计毛利率大幅下降主要是由于新冠检测收入下降所致；2023 年公司净利 率 4.34%，同比下降 4.85pct。 公司受应急诊断服务业务下降影响业绩承压，但其内生增长稳健且应收账 款风险逐渐释放。预计 2024-2026 年公司营收分别为 145.54/158.05/170.66 亿元，归母净利润分别为6.10/7.98/9.91亿元，对应EPS分别为0.97/1.27/1.58 元，首次覆盖我们给予"增持"评级。 公司研究 | ...

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [2] Core Views - The company achieved a revenue growth of 26.43% year-on-year in 2023, with a net profit growth of 33.07% [2] - The "1+8+N" strategic layout is steadily advancing, laying a solid foundation for the company's long-term development [8] Financial Performance Summary - In 2023, the company reported a total revenue of 20.367 billion yuan, a year-on-year increase of 26.43%, and a net profit attributable to shareholders of 3.359 billion yuan, up 33.07% [4] - The fourth quarter of 2023 saw a revenue of 4.320 billion yuan, a 41.25% increase year-on-year, while the net profit was 178 million yuan, a 6.25% increase [4] - For the first quarter of 2024, the company recorded a revenue of 5.196 billion yuan, a 3.50% increase year-on-year, and a net profit of 899 million yuan, up 15.16% [4] Operational Metrics - The total outpatient visits in 2023 reached 15.1064 million, representing a year-on-year growth of 34.26%, while the number of surgeries performed was 1.1837 million, up 35.95% [5] - The company's sales expense ratio was 9.65%, remaining stable compared to the previous year, while the management expense ratio increased by 1.18 percentage points to 14.74% [5] - The R&D investment for 2023 was 333 million yuan, reflecting a year-on-year growth of 22.43% [5] Segment Performance - The refractive surgery segment generated revenue of 7.431 billion yuan, with a year-on-year growth of 17.27% and a gross margin of 57.40% [6] - The cataract surgery segment saw revenue of 3.327 billion yuan, a significant increase of 55.24%, driven by demographic trends and improved service capabilities [6] - The vision care segment achieved revenue of 4.960 billion yuan, up 31.25%, supported by national initiatives for myopia prevention and the company's expanding brand influence [6] Strategic Developments - The company is actively implementing its "1+8+N" strategy, focusing on establishing regional eye care centers in major cities, with several centers already operational and others in development [7] - As of December 31, 2023, the company had established a network of 750 eye care facilities in mainland China, along with additional locations in Hong Kong, the United States, Europe, and Southeast Asia [8] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 24.374 billion yuan, 28.849 billion yuan, and 34.007 billion yuan, respectively, with corresponding net profits of 4.190 billion yuan, 5.115 billion yuan, and 6.201 billion yuan [9] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.45 yuan, 0.55 yuan, and 0.66 yuan, respectively [9]

Investment Rating - The industry rating is "Overweight" [5][60] Core Viewpoints - The coal sector has experienced a decline of 7% recently, underperforming the benchmark index (CSI 300) by 5.8 percentage points [2] - Domestic thermal coal prices have decreased, with a current market price of 830 CNY/ton, down 1.19% week-on-week [3] - Coking coal prices have shown a steady increase, with the price in Liupanshui, Guizhou reaching 2050 CNY/ton, up 7.89% week-on-week [4] - The overall profitability of coal companies has declined, with a year-on-year drop of 26.4% in 2023 and 34.7% in Q1 2024 [5][60] Summary by Sections Market Review - The coal sector's PE valuation is at 11.08 times, at the 60.59th percentile over the past decade, while the PB valuation is at 1.46 times, at the 65.88th percentile, indicating a decline in valuations [2] Thermal Coal Price Trends - Domestic thermal coal prices are expected to remain weak due to low seasonal demand, with supply unlikely to see significant increases [3] Coking Coal Price Trends - Coking coal prices are expected to improve due to limited supply and recovering demand from steel mills, with profitability in the steel sector improving significantly [4] Investment Recommendations - Given the current market conditions and the marginal improvement in coking coal fundamentals, it is recommended to focus on companies with superior coking coal resources, maintaining an "Overweight" rating for the industry [5][60]

证券研究报告 2024年 4月 26 日 湘财证券研究所 行业研究 药品行业事件点评 胰岛素接续价格平稳，国产市占率持续提升 相关研究： 事件点评： 近日，上海阳光医药采购网公布全国药品集中采购（胰岛素专项接续）拟中选结 1. 《胰岛素第二轮专项集采启动，看 果。 好持续国产替代》 2024.4.01 ❑ 胰岛素接续价格趋于平稳，市场呈现稳健态势 胰岛素接续价格趋于平稳，市场更加稳健发展：此次接续采购共13家企业的 53个产品参与，49个产品获得中选资格，中选率92%，平均降价3.8%，较首轮 集采平均降价 48%有大幅收窄，接续价格整体保持相对平稳，同时采购标期有 行业评级：增持 所延长，由两年延长至三年半，合约期至2027年年底，更有利于胰岛素市场稳 近十二个月行业表现 健发展。用药结构持续优化，三代胰岛素占比由58%提升至70%：此轮全国首年 20% 采购需求量合计2.42亿支，较第一轮集采需求量增长13%，其中三代胰岛素1.68 10% 亿支，占比70%，较第一轮专项集采占比提升12%。 0% ❑ 92%国产产品以相对平稳价格中标A类，市占率有望持续提升 -10% 共有34款产品，33款产品来自国产厂 ...

证券研究报告 2024年 05月 08日 湘财证券研究所 行业研究 半导体行业双周报 消费电子需求复苏迹象渐显 相关研究： 核心要点： 1.《AI成长可期，需求复苏可望》 ❑ 2024年4月15日-2024年4月30日，申万半导体指数上涨 2023.12.24 2024年4月15日-2024年4月30日，沪深300指数上涨3.7%，上证综指 2.《Sora内测开启，AI视频生成的 上涨 2.83%；深证成指数上涨 3.89%，科创 50 上涨 3.93%。行业指数方 新时代序幕正式拉开》 2024.03.01 面，申万半导体指数上涨 4.45%。根据部分公司发布的一季报业绩数据 3.《AI领域需求景气，引领代工龙 来看，消费电子的市场需求呈现回暖趋势，近两周半导体行业内的子板 头走出下行周期》 2024.04.26 块均呈现上行走势。 ❑ 费指上行，主流DRAM产品价格上涨 行业评级：增持 受美联储利息指引偏向鸽派叠加部分龙头企业2024财年Q1业绩向好影 近十二个月行业表现 响，费指上行。截至 2024年 5 月 3 日费城半导体指数收于 4716.19 点， 双周上涨 7.63%。AMD 发布 2024 ...