Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [9]. Core Insights - The company achieved a revenue of 2.24 billion yuan in 2023, representing a year-on-year growth of 10.5%. However, it reported a net loss attributable to shareholders of 72 million yuan [5][12]. - The company is focusing on enhancing its pharmaceutical research capabilities and expanding its medical aesthetics business, which is currently in the R&D and registration phase [5]. - The gross margin for 2023 was 24.27%, while the net margin was -3.32%, reflecting challenges in the pharmaceutical segment due to product withdrawals from medical insurance and production disruptions [5]. Financial Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, and 2026 are 2.86 billion yuan, 3.28 billion yuan, and 3.89 billion yuan, respectively [5]. - **Net Profit Forecast**: Expected net profits for the same years are 138 million yuan, 231 million yuan, and 370 million yuan, with corresponding EPS of 0.19, 0.32, and 0.52 yuan [5]. - **Key Financial Ratios**: The gross margin is expected to improve to 31.0% in 2024 and 32.7% in 2026, while ROE is projected to rise to 7.4% and 14.9% in the same years [3][5].

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 地产政策密集出台，顺周期有望接棒红利 ＃ ——银行业周报（2024.05.13-2024.05.17） ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 5月 20日 onChan ge＃ 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ＃ ⚫ sum 本m 周ar （y＃ 5. 13-5.17）银行板块整体上涨 2.84%，跑赢沪深 300指数 2.52个百分 业 港股银行大涨，社融超预期走弱— 点，表现居前为：齐鲁银行(8.30%)、常熟银行(7.75%)、苏州银行(6.83%)。 —银行业周报（2024.05.06- 周 ⚫ 5 月 17 日，地产政策利好密集释放，主要包括：（1）降低全国层面个人住 2024.05.10） 报 房贷款最低首付比例；（2）取消全国层面个人住房贷款利率政策下限； （3）下调各期限品种住房公积金贷款利率0.25个百分点；（4）政府以需定 购，酌情以合理价格收购部分商品房用作保障性住房；（5）央行设立 30 ...

证券研究报告 ＃industryId＃ 电气设备 ＃title＃ 技术迭代推动行业变革，关注产业链供需变化 ＃ ＃inve推stSu荐ggestion＃ 维持 ——电力设备与新能源行业周报 ( ） investS uggesti onChan ＃createTime1＃ 2024 年05 月20 日 ge＃ 重点公司 行业策略 电力设备推荐配网、出口、特高压三条主线，重视电力设备估值体系提升 重点公司 评级 风电 江苏、广东海风审批进度有望推进，板块整体估值中枢低位，推荐塔筒+海缆组合 宁德时代 买入 氢能 政策边际持续改善，海外规划愿景宏大，推荐绿氢产业链，重点关注氢电解槽 光伏 逆变器库存迎改善，预计Q2户储逆变器出货显著增长，推荐逆变器及辅材龙头。 东方电缆 买入 新能源车推荐锂电池龙头，关注后续锂电产业链供需关系潜在改善机遇 许继电气 增持 资料来源：兴业证券经济与金融研究院 阳光电源 增持 推荐标的 特锐德 增持 电力设备许继电气、平高电气、明阳电气、思源电气、望变电气 风电 东方电缆、天顺风能、泰胜风能、海力风电 来源：兴业证券经济与金融研究院 氢能 科威尔 ＃relatedReport＃ 相关报 ...

行 业 研 证券研究报告 究 ＃industryId＃ 轻工制造 ＃title＃ 周观点： ＃inve推stSu荐ggest ion＃ ( i维 n＃ v持 es ） 地产需求端政策超预期，建议择机配置家居板块相关标的 大 tS大ug gesti ＃createTime1＃ 2024年 5月 20日 onCh ange 行 重点公司 ＃ 投资要点 业 重点公司 评级 ＃⚫s um家ma居ry＃板 块：（1）地产政策进一步加码，市场信心筑底修复：5月17日， 周 地产需求端及供给端利好政策陆续出台：①降低首付比例（全国首套、 欧派家居 增持 二套房最低首付比例分别各下调 5pct 至 15%、25%）、取消商贷利率下 报 顾家家居 增持 限，降低公积金贷款利率；②央行设立 3000 亿元再贷款支持政府收购已 太阳纸业 增持 建未售商品房，用作配售型或配租型保障性住房，预计将带动银行贷款 5000亿元；②融资“白名单”应进尽进、应贷尽贷，截至5月16日，全 国 297 个地级及以上城市已经建立了房地产融资协调机制，商业银行已 按内部流程审批通过了“白名单”项目贷款金额 9350 亿元；④支持地方 来源：兴业证券经 ...

行 业 研 证券研究报告 究 ＃industryId＃ 建筑装饰 ＃title＃ 多项地产优化措施出台，继续推荐中国建筑 推荐 ( 维持 ) ——兴证建筑每周观点（2024.5.11-2024.5.17） ＃createTime1＃ 2024 年 5 月 19 日 行 重点公司 投资要点 业 重点公司 评级 ＃l sum多ma箭ry＃齐 发助力库存去化，推荐有望迎来业绩改善及估值抬升的房建及地产开 周 发双龙头——中国建筑。1-4月地产数据来看，整体走势仍然偏弱，但施工数 中国中铁 增持 据在低基数下呈现出一定改善。本周多项地产调整政策应声出台，其中需求 报 侧贷款制度优化，推动有效需求释放；供给侧去库存制度持续推进，对应支撑 中国建筑 增持 短期内的保交楼稳步推进，及房企资金风险的缓释。我们判断，短期收储等措 中国交建 增持 施加速地产企业资金回笼，利好建企面临的应收账款减值及现金流压力减小， 同时伴随地产行业量价逐渐企稳，建企房建业务及地产开发业务敞口较大的 中国铁建 增持 建筑企业订单量及毛利率有望回升，推荐有望迎来业绩改善及估值抬升的房 中材国际 增持 建及地产开发双龙头企业【中国建筑】，及地产业务有 ...

行 业 研 证券研究报告 究 ＃industryId＃ 交通运输 ＃title＃ 交通运输行业周报（2024.5.13-2024.5.19）—— 推荐 （维持） 入境游新利好，集运指数表现亮眼 20＃ 24cr年eat 5eT月im 1e 91＃ 日 z 肖xS王S王wS重h i000aaa 春凯祎111n点 on 999gyg 环 000公 kix y555ai j212ia司 y 2151o @ 重1000y @E 869u x 点000Pn y x000@ zS y000公q z预x 632. qcy 司.o c测z m oq m.（ .c co .n c元m n ./c股n ） 投 资要点 行 重点公司 21A 22A/ 评级 ＃⚫ sum推ma荐ry组＃合 ：圆通速递、嘉友国际、东航物流、中远海能、招商公路、皖通高速、 重点公司 E 评级 粤高速 A、春秋航空、华夏航空、韵达股份、吉祥航空、京沪高铁、德邦股份、 业 顺丰圆控通速股递 0.87 1.26增 持增 持 嘉友国际 增持 顺丰控股、中国国航、南方航空、中国东航、中谷物流。 周 申通快递 -0.59 0.19 增持 东航物流 增持 ⚫ 建议关 ...

行 业 研 证券研究报告 究 ＃industryId＃ 食品饮料 ＃title＃ 周专题：100-300 元价位白酒节奏分析及趋势展望 ＃inve推stSu荐ggest ion＃ ( 维＃ 持 ） investS ugg esti ＃createTime1＃ 2024年 5月 20 日 onChan ge＃ 投资要点 行 重点公司 ＃周s专um题ma：ry1＃0 0-300元价位白酒节奏分析及趋势展望 业 ⚫ 现象：2022-2023年100-300元大众价位白酒增速明显加快，2024年一季度 重点公司 评级 仍维持强劲的增势，此外近期部分酒企持续加大对大众价位段的重视程度。 周 今世缘 增持 ⚫ 首先， 2024年年初以来主流白酒个股中今世缘、古井贡酒、山西汾酒、迎驾 报 古井贡酒 增持 贡酒、老白干酒等涨幅居前，一季报来看今世缘、古井、汾酒、迎驾、老白干 等 100-300 元价位主流单品跑赢公司整体增速。分析来看核心驱动在于，一 金徽酒 增持 是拥有核心大本营市场，具备本地强品牌力+本地强渠道深耕，因而主流单品 泸州老窖 增持 可凭借日常自饮/聚饮、节假日大众礼品酒等多元化消费场景实现动销韧性增 山西汾 ...

Investment Rating - The report maintains the investment rating for the social services, retail, and beauty care sectors [1]. Core Viewpoints - The tourism sector has shown sustained high demand this year, with a focus on stocks that have data catalysts and those that are undervalued with potential improvements in 2024 [34]. - The education and human services sectors are experiencing stable fundamentals, with a positive policy environment and increasing attention on leading companies [34]. - The gold and jewelry sector is benefiting from strong gold prices, with leading companies actively expanding their store networks [34]. - In the beauty care sector, there are structural opportunities targeting high-end consumers and high-margin products [34]. Summary by Sections 1. Industry Performance - In the period from May 13 to May 17, 2024, the social services index fell by 0.10 percentage points relative to the CSI 300, while the retail index rose by 0.36 percentage points [6]. - The beauty care index decreased by 1.04 percentage points compared to the CSI 300 [6]. 2. Sub-industry Dynamics 2.1 Restaurant and Tourism - Hotel bookings in Japan have increased nearly sixfold year-on-year, indicating a recovery in travel demand [14]. - Huazhu Group reported a revenue of 5.3 billion yuan in Q1 2024, a 17.8% increase year-on-year [14]. 2.2 Gold and Jewelry - In April, gold and jewelry sales decreased by 0.1% year-on-year, with total sales amounting to 23.1 billion yuan [16]. 2.3 Comprehensive Services - The government has launched initiatives to cultivate a high-level digital talent workforce to support economic development [18]. 2.4 Retail - Alibaba reported a 7% revenue growth in Q4 2024, with significant increases in its core cloud and overseas e-commerce businesses [21]. 2.5 Beauty Care - In April, the total retail sales of consumer goods reached 356.99 billion yuan, a year-on-year increase of 2.3%, while cosmetics sales fell by 2.7% [22][23]. 3. Recent Company Developments 3.1 Social Services - Zhou Daxing announced the addition of seven new self-operated stores in April 2024, with a total investment of approximately 39.93 million yuan [24]. 3.2 Retail - Lianhua Supermarket received a capital increase of 360 million yuan from Bailian Group to support its business transformation [21]. 3.3 Beauty Care - Shanghai Jahwa announced the resignation of its chairman and the appointment of a new CEO [27].

证券研究报告 ＃钢in铁dustryId＃ ＃title＃ 地产利好政策频发，钢价偏强运行 ＃inve推stSu荐ggestion＃ 维持＃ （ ） investSu ggestion ＃createTime1＃ 2024 年05 月19 日 Change ＃ 相关公司 投资要点 相关公司 评级 ＃summary＃  地产利好政策频发，钢价偏强运行 宝钢股份 增持 本周黑色系商品价格整体偏强。近期政府针对房地产市场接连释放利好，除了此前供需两 华菱钢铁 增持 端加大政策调控力度外，周内国务院再度出台重磅政策，将针对商品房库存较多城市逐步 南钢股份 增持 “收储”作为保障性住房；此外，央行也宣布将从5月18日起下调个人住房公积金贷款利 河钢资源 增持 率0.25pct、取消全国层面的首套和二套住房的商业性个人住房贷款利率政策下限等利好政 策。多轮重磅政策对地产逐步走稳态势起到了重要的托底作用，尽管上述政策短期对钢材 久立特材 增持 基本面影响有限，但有望推动商品市场情绪逐步转暖，助力钢价偏强运行。基本面上看， 甬金股份 增持 本期钢材库存去库速度超预期下降，需求呈现脉冲式释放，钢材价格稳中上涨。往后看， 来源 ...

Investment Rating - The investment rating for the company is "Add" [1][8] Core Views - The company's performance in 2023 and Q1 2024 was under pressure due to high base effects from emergency rapid testing kits and PCR equipment in the previous year. However, there is a significant improvement in Q1 2024 compared to the previous quarter, indicating a recovery trend. With the base effect easing in 2024 and the commercialization of multiple innovative products, the company's performance is expected to recover steadily [1][6][8]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 7.98 billion yuan, a year-on-year decrease of 24.78%. The net profit attributable to shareholders was 1.26 billion yuan, down 42.88%. The gross profit margin was 64.24%, an increase of 1.79 percentage points [1][5]. - For Q1 2024, the company reported operating revenue of 1.92 billion yuan, a year-on-year decrease of 21.14%, and a net profit of 482 million yuan, down 19.27%. The gross profit margin was 66.89%, a slight decrease of 0.06 percentage points [1][5]. Revenue and Profit Forecast - The company is expected to achieve operating revenues of 8.88 billion, 10.30 billion, and 11.87 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.4%, 15.9%, and 15.2%. The net profit attributable to shareholders is projected to be 2.03 billion, 2.44 billion, and 2.88 billion yuan for the same years, with growth rates of 61.2%, 20.4%, and 17.8% [2][8]. Product Development and Innovation - The company has maintained strong R&D investment, with key products receiving timely approvals. Notable innovations include the MemoSorb® biodegradable PFO occluder and various cardiovascular devices, which are expected to drive future growth [6][7]. - The company is also focusing on the application of artificial intelligence in healthcare, with products like the NeoGLU® non-invasive blood glucose meter expected to receive approval in 2024 [7]. Market Position and International Expansion - The company has obtained CE and FDA certifications for numerous products and has established a broad sales network in over 160 countries and regions. This international expansion is expected to contribute to rapid growth in overseas business [7][8]. Cost Management - In 2023, the company maintained stable expense management, with sales expenses decreasing by 20.11% year-on-year. R&D expenses also saw a decline, indicating effective cost control measures [7].