证券研究报告 2024年 04月 30 日 湘财证券研究所 行业研究 中药行业周报 数字化有望塑造中医药发展新动能 核心要点：  上周中药Ⅱ上涨0.37%，反弹态势持续 相关研究： 上周（2024.04.22-2024.04.26）医药生物报收 7421.62 点，上涨 4.43%；中药Ⅱ 1. 《新药上市持续加速，中药创 报收 6968.47 点，上涨 0.37%；化学制药报收 9823.8 点，上涨 8.19%；生物制 新值得关注》 20240424 品报收6637.59点，上涨1.31%；医药商业报收5727.29点，上涨0%；医疗器 2. 《中药行业业绩表现突出，关 械报收6520.61点，上涨6.33%；医疗服务报收4648.75点，上涨4.36%。医药 注业绩向好标的》 20240425 板块止跌企稳，中药板块显示出持续反弹态势。 从公司表现来看，表现居前的公司有：万邦德、*ST目药、长药控股、振东制 药、昆药集团；表现靠后的公司有：*ST 太安、桂林三金、ST 九芝、特一药 行业评级：增持 业、步长制药。 近十二个月行业表现  上周中药PE(ttm)26.28X，PB(lf)2.46X 10 ...

证券研究报告 2024年 04月 30日 湘财证券研究所 行业研究 磁材行业周报 上周稀土链价格强势，多数稀土磁材公司 2024Q1 业绩边际改善 相关研究： 核心要点： ❑ 市场行情：上周磁材板块反弹且小幅跑赢基准指数，板块估值回升 《上周稀土原料价格保持坚挺，永磁材料下 上周磁材板块反弹，周涨幅为1.5%，小幅跑赢基准（沪深300）0.3pct。 游空调增长势头不减》 20240422 板块估值（市盈率 TTM）周回升 1.86x 至 27.09x，当前估值历史分位数 《上周磁材板块小幅跑赢基准，稀土原料价 为23%。 格延续上涨态势》 20240418 ❑ 受稀土原料价格持续上涨支撑，上周稀土精矿价格继续维持强势 行业评级：买入 受稀土原料价格持续上涨支撑，上周稀土精矿价格继续维持强势。轻稀土 近十二个月行业表现 矿方面，国内碳酸稀土矿、四川氟碳铈矿、山东氟碳铈矿、进口独居石矿 及美国矿价格周环比分别上涨9.52%、10.53%、15.38%、2.67%和10.53% 30% 磁材板块涨跌幅 30% 对比基准:沪深300累计涨跌幅-右 至2.3万元/吨、2.1万元/吨、1.5万元/吨、3.85万元/吨和 ...

Investment Rating - The report initiates coverage with a "Buy" rating for China Resources Double Crane [4] Core Views - The company is positioned as a core pharmaceutical platform under China Resources Group, transitioning from a large infusion platform to a comprehensive chronic disease pharmaceutical platform, with a robust operational framework [2][10] - The strategic focus is on "nurturing innovation through generics and driving future growth through innovation," with increased internal R&D investment and leveraging M&A advantages to enhance innovation capabilities [2][25] Summary by Sections 1. Company Overview - China Resources Double Crane has a long history of 85 years, evolving through multiple industry cycles and establishing itself as a significant player in the pharmaceutical sector [10][11] - The company has transitioned from a large infusion manufacturer to a comprehensive pharmaceutical company, with a diversified product portfolio [19] 2. Product Portfolio and Growth - The specialized product portfolio features differentiated offerings, with many products holding leading market positions, expected to maintain steady growth [3] - The chronic disease platform is nearing the end of the impact from centralized procurement, with new product procurement benefits anticipated to emerge [3] - The large infusion segment remains a stable cash flow business, with ongoing strategic optimization and automation expected to enhance gross margins [3][19] 3. Financial Projections - Revenue is projected to reach CNY 110.7 billion, CNY 121.8 billion, and CNY 135.1 billion for 2024-2026, with growth rates of 8.3%, 10%, and 11% respectively [4][5] - Net profit is expected to be CNY 14.9 billion, CNY 16.8 billion, and CNY 19.1 billion for the same period, with growth rates of 11%, 13%, and 14% [4][5] - The earnings per share (EPS) for 2024-2026 are forecasted at CNY 1.43, CNY 1.62, and CNY 1.83, with corresponding price-to-earnings (PE) ratios of 14.4, 12.8, and 11.2 [4][5] 4. R&D and Innovation Strategy - The company has significantly increased R&D investment, reaching CNY 8.23 billion in 2023, with a focus on building a comprehensive innovation platform [26][28] - The R&D personnel count has grown from 464 in 2019 to 965 in 2023, reflecting a commitment to enhancing innovation capabilities [26][27] - The strategic focus includes developing small molecule innovations and establishing technology platforms for various therapeutic areas, including oncology and pediatrics [28]

证券研究报告 2024年 4月 30 日 湘财证券研究所 行业研究 食品饮料行业周报 财报验证消费韧性，市场情绪回暖 相关研究： 核心要点： ❑ 4月22日-4月26日，食品饮料行业上涨4.01% 1. 《清明旅游消费强劲，白酒 上周，上证指数上涨 0.76%，深证成指上涨 1.99%，沪深 300 指数上涨 龙头长期依旧稳健》 2024.04.09 1.20%，创业板指上涨3.86%。申万食品饮料行业上涨4.01%，涨跌幅排名 2. 《茅台批价回升，啤酒毛利 7/31，跑赢沪深 300 指数 2.81pct，食饮子板块涨跌不一，其中乳品上涨 率提升空间充足》 2024.04.16 2.44%，软饮料上涨2.12%，啤酒上涨1.50%。 3. 《消费复苏温和可持续，软 ❑ 财报验证消费韧性，市场情绪回暖 饮料转型中蕴藏新机》 年报及一季报密集披露，白酒板块表现亮眼，整体符合预期，部分酒企略 2024.04.23 超预期，市场情绪面表现活跃。但板块内部依旧有明显分化，一季度从收 入增速来看，高端酒（15.84%）>区域龙头（14.63%）>次高端（14.21%）> 行业评级：增持 三四线（6.10%）；从净利润 ...

Investment Rating - The report maintains an "Overweight" rating for the medical consumables industry [4][13]. Core Insights - The first quarter of 2024 saw a recovery in the export of low-value medical consumables, with significant growth in specific categories such as sanitary materials and dressings, injection and puncture consumables, and vulcanized rubber products [4][13]. - The report highlights that after a year of overseas inventory depletion, the performance of low-value consumables companies is expected to improve marginally in 2024, despite a significant decline in profits for many companies in 2023 due to high base effects from the pandemic [4][13]. Summary by Sections 1. Key Focus Categories of Low-Value Consumables - The report categorizes low-value consumables based on clinical use, focusing on four main categories: sanitary materials and dressings, injection and puncture consumables, medical glass, and vulcanized rubber products [6][7]. 2. Export Situation in Q1 2024 - In Q1 2024, the export value of major sanitary materials and dressings reached $415 million, a year-on-year increase of 5.63%. The export value of injection and puncture consumables was $776 million, with a year-on-year increase of 5.04%. The export value of vulcanized rubber products totaled $139 million, reflecting a significant year-on-year increase of 16.2% [3][8][11]. 3. Industry Perspective and Investment Recommendations - The report suggests that the marginal improvement in the performance of low-value consumables companies in 2024 is likely to be reflected in their Q1 financial reports. It recommends focusing on companies in the low-value consumables sector that show signs of performance recovery, particularly in sanitary materials, puncture consumables, and vulcanized rubber products [4][13].

证券研究报告 2024年 4月 26 日 湘财证券研究所 行业研究 半导体行业点评 AI 领域需求景气，引领代工龙头走出下行周期 相关研究： 核心要点： ❑ 智能手机、PC市场温和复苏，AI领域保持景气 1.《Q3新增产能投产，拖累国内代 工各龙头产能利用率》 2023.11.14 消费电子市场需求出现复苏，IDC 统计数据显示 2024YQ1 全球智能手机 2.《消费电子市场温和复苏，代工 出货量同比增长7.6%，连续两个季度同比增速实现转正。Q1全球PC出 货量同比增长 1.5%。汽车及工业领域仍略显疲软，2024 年 1-2 月全球汽 龙头或迎触底回升》 2024.04.11 车销量同比下降约0.5%。 ❑ Q1台积电营收实现正增长；需求分化，代工龙头分业务营收表现不一 行业评级：增持 2024YQ1台积电营收为188.7亿美元，同比增长12.9%。Q1单季毛利率为 近十二个月行业表现 53.1%，环比微幅增长0.1pct。分业务来看，智能手机市场需求温和复苏态 势延续，AI领域需求持续强劲，IOT及汽车电子业务仍相对低迷。Q1单 季公司智能手机业务营收同比增长 26.14%，HPC 业务营收同比增长 ...

Investment Rating - The report assigns an "Overweight" rating to the consumer electronics industry, indicating a positive outlook for investment opportunities in this sector [5][9]. Core Insights - The consumer electronics sector is gradually recovering, with global smartphone sales showing a year-on-year growth of 7.8% in Q1 2024, following a 8.5% increase in Q4 2023 [5][9]. - Huawei has returned to the forefront of the domestic market, achieving a market share of 17.0% in Q1 2024, nearly doubling its share compared to the same period last year [3][8]. - The introduction of innovative features such as AI capabilities and foldable screens is driving differentiation in the smartphone market, particularly for Android devices competing against iOS [4][5]. Summary by Sections 1. Industry Data Status - In Q1 2024, the Chinese smartphone market saw a total sales volume of approximately 69.26 million units, reflecting a year-on-year growth of 6.5% [2][8]. - Honor led the market with a share of 17.1%, while Huawei followed closely with 17.0%, marking a significant increase from 8.6% in Q1 2023 [3][8]. 2. Investment Recommendations - The report highlights the potential for Huawei's market share to continue rising with the recent launch of the Pura70 and the anticipated Mate70 in the second half of 2024 [5][9]. - The focus on innovative features related to optical technology and satellite communication is emphasized as key investment areas within the consumer electronics sector [5][9].

证券研究报告 2024 年04 月 27 日 湘财证券研究所 行业研究 消费电子行业点评报告 Meta 开放其头显操作系统，有望推动行业更快发展 相关研究： 核心要点： ❑ Meta开放其头显操作系统，并计划开放其应用商店 1.《Pura70系列上市 影像功能大 幅升级》 2024.04.19 4 月 2 2 日 ， M et a 在 官 方 博 客发文表示，为扩大在虚拟现实与混合现实行业 的影响力，将首次对包含微软在内的第三方硬件制造商开放 Quest 头显操 2.《纸质载带稼动率回升 MLCC 作系统。Quest头显操作系统名叫Meta Horizon OS，是基于Android构建。 离型膜顺利推进验证》 Meta Horizon OS可为在该系统运行的设备提供手势识别、视频透视、场景 2024.04.23 理解、空间锚点等功能。首批合作厂商为联想、华硕和微软。微软会与Meta 3.《三星与美光奋起直追，HBM 合作打造一款以Xbox为灵感的限量版Meta Quest，华硕将利用该系统开发 格局生变》 2024.03.27 全新的高性能游戏头显，联想会利用与Oculus共同设计Oculus Rift S ...

证券研究报告 2024年 4月 26 日 湘财证券研究所 公司研究 华能国际（600011.SH）业绩点评 燃料成本下行驱动火电业绩修复，风光装机保持高增 相关研究： 核心要点： ❑ 收入端表现稳健，燃料成本下降助推公司业绩改善 《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 4月23日华能国际发布2024年一季报。2024Q1公司营业收入653.67亿元， 同比增长0.15%；归母净利润45.96亿元，同比增长104.25%；扣非归母净 《从新能源消纳问题看火电调节价 利润43.77亿元，同比增长117.98%；加权平均净资产收益率为7.07%，同 值》 2024.04.17 比上升 3.73pct。2024 年一季度全社会用电量同比增长 9.8%，全国电力需 公司评级：增持 求稳步增长。2024Q1公司境内电厂上网电量1130.36亿千瓦时，同比增长 5.63%，平均上网电价 497.97 元/兆瓦时，同比下降 3.99%，公司收入端表 近十二个月公司表现 现较为稳健。2024Q1 公司营业成本为548.6亿元，同比减少 38.31亿元； 利润总额为69.98亿元， ...

证券研究报告 2024年 04月 25日 湘财证券研究所 行业研究 中药行业周报 中药行业业绩表现突出，关注业绩向好标的 核心要点： ❑ 上周中药Ⅱ上涨2.25%，表现居前 相关研究： 上周（2024.04.15-2024.04.19）医药生物报收 7106.83 点，下跌 1.7%；中药Ⅱ报 1. 《2023医保统筹基金实现合 收 6942.54 点，上涨 2.25%；化学制药报收 9079.81 点，下跌 3.21%；生物制品 理结余，关注医保目录及支付对 报收 6551.68 点，下跌 2.04%；医药商业报收 5727.15 点，上涨 2.31%；医疗器 中药的支持》 20240417 械报收6132.56点，下跌1.94%；医疗服务报收4454.4点，下跌4.38%。医药板 2. 《新药上市持续加速，中药创 块整体继续回调，二级子板块中仅医药商业和中药实现正收益，中药板块叠加 新值得关注》 20240424 业绩、国企改革、高分红等因素，表现居前。 从公司表现来看，表现居前的公司有：佐力药业、恩威医药、云南白药、特一 药业、益盛药业；表现靠后的公司有：*ST太安、ST吉药、康惠制药、*ST目 行业评 ...