Investment Rating - The report maintains a "Buy" rating for the company, with a focus on expanding its market presence and enhancing profitability through various strategies [1][14]. Core Views - The company has significantly improved its profitability, driven by initiatives such as the "Torch Project," which has enhanced its gross margin [2][5]. - The company is actively expanding its store network, having opened 3,388 new stores in 2023 and 642 in Q1 2024, bringing the total to 14,109 stores [1][9]. - The company is focusing on digital transformation and cost reduction to improve operational efficiency and profitability [11][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22.437 billion yuan, a year-over-year increase of 11.21%, and a net profit of 929 million yuan, up 18.35% [4][5]. - For Q4 2023, revenue was 6.396 billion yuan, with a slight decline of 0.05% year-over-year, while net profit increased by 21.17% to 212 million yuan [4][5]. - In Q1 2024, the company reported revenue of 5.539 billion yuan, a year-over-year increase of 1.81%, and a net profit of 321 million yuan, up 10.27% [4][5]. Profitability and Margin Analysis - The gross margin for Q1 2024 improved to 35.20%, an increase of 2.20 percentage points year-over-year, attributed to the implementation of the "Torch Project" [2][9]. - The company’s gross margin for 2023 was 32.55%, reflecting a year-over-year increase of 0.67 percentage points [13]. Market Expansion and Strategy - The company has established a presence in 18 provincial markets and over 150 cities, capturing approximately 75% of the Chinese pharmaceutical retail market [1][9]. - The company is focusing on a multi-faceted growth strategy that includes direct sales, acquisitions, franchising, and alliances to enhance market share in key provinces [9][11]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at 1.47, 1.77, and 2.14 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24.1X, 19.9X, and 16.5X [1][14].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 其他计算机设备 ＃investSuggestion＃ ＃ ＃d中yCo科mpa曙ny＃光 （ 603019 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 业绩稳健增长，持续完善计算产业布局 ange＃ ＃createTime1＃ 2024年 05月 13日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：2023年，公司实现营收 143.53亿元，同比增长 10.34%；实现归母 市场数据日期 2024-05-10 净利润 18.36亿元，同比增长 18.88%；实现扣非净利润 12.78亿元，同比 收盘价（元） 44.50 增长 10.98%。 总股本（百万股） 1463.58 流通股本（百万股） 1454.53  营收增速稳健，净利润保持较快增长。2023年四季度公司实现营收 65.95 净资产（百万元） 18796.26 亿元，同比增长 17.31%；归母净利润 10.86亿元，同比增长 21.89%；扣 总资产（百万元） 31894.7 非净利润 8.68亿元，同比增 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of 124.30 billion yuan in 2023, a decrease of 1.58% year-on-year, and a net profit attributable to shareholders of 19.54 billion yuan, an increase of 2.32% year-on-year [5]. - For Q1 2024, the company achieved a revenue of 32.43 billion yuan, down 4.99% year-on-year, with a net profit attributable to shareholders of 6.08 billion yuan, up 4.45% year-on-year [5]. - The report forecasts EPS for 2024-2026 to be 2.32, 2.58, and 2.98 yuan respectively, corresponding to PE ratios of 17.36, 15.60, and 13.50 times [2]. Financial Summary - Major financial indicators for 2023 include: - Revenue: 12430 million yuan - Net profit: 1954 million yuan - Gross margin: 64.08% - Net margin: 15.27% [3][5]. - For 2024E, the expected revenue is 13048 million yuan, with a net profit of 2149 million yuan, reflecting a growth rate of 10.0% [3]. - The company’s gross margin is projected to be 63.9% in 2024E, slightly down from 64.1% in 2023 [3]. Business Segments - In 2023, the chemical preparation segment generated revenue of 65.71 billion yuan, a decline of 6.13% year-on-year, while the traditional Chinese medicine segment saw a revenue increase of 39.19% to 17.45 billion yuan [5]. - For Q1 2024, the chemical preparation segment's revenue was 15.86 billion yuan, down 2.31% year-on-year, while the traditional Chinese medicine segment's revenue decreased by 29.61% to 3.89 billion yuan [5]. Clinical and Product Development - The company is advancing innovative drugs and complex formulations with high barriers to entry, including the approval of Triptorelin Acetate for prostate cancer and ongoing clinical trials for other products [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook compared to the market index [11]. Core Insights - The company reported a revenue of 671 million yuan in 2023, with a year-on-year growth of 6.3%. The net profit attributable to shareholders was 108 million yuan, reflecting a year-on-year increase of 16.7% [21]. - The company is focusing on high-end products, with the DHO series showing significant sales growth of 193.79% year-on-year. The overall gross margin improved to 56.45%, up 4.06 percentage points from the previous year [21]. - The company is undergoing a transformation towards becoming a comprehensive solution provider, supported by internal capacity expansion and external acquisitions [21]. Financial Summary - **Revenue Forecast**: Expected revenues for 2024, 2025, and 2026 are projected at 828 million yuan, 1.062 billion yuan, and 1.266 billion yuan respectively, with growth rates of 23.5%, 28.2%, and 19.2% [20]. - **Net Profit Forecast**: Projected net profits for the same years are 143 million yuan, 199 million yuan, and 267 million yuan, with growth rates of 32.3%, 39.4%, and 34.3% [20]. - **Gross Margin**: The gross margin is expected to increase from 58.2% in 2024 to 60.5% in 2026 [20]. - **Return on Equity (ROE)**: ROE is projected to rise from 4.9% in 2024 to 8.7% in 2026 [20]. Market Data - As of May 10, 2024, the closing price of the company's stock was 32.38 yuan, with a total share capital of 185.12 million shares and a net asset value of 2,885.64 million yuan [7].

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company has shown strong revenue growth driven by the acceleration of 800G optical module sales, with total revenue for Q1 2024 reaching 4.843 billion yuan, a year-on-year increase of 163.59% and a quarter-on-quarter increase of 31.32% [4] - The company's net profit for Q1 2024 was 1.009 billion yuan, reflecting a year-on-year increase of 303.84% and a quarter-on-quarter increase of 15.00% [4] - The report highlights the company's ability to improve profitability in the future as technology advances and chip supply constraints ease, with expectations for continued revenue growth in the second half of the year [4][5] Financial Summary - For the fiscal year 2023, the company achieved total revenue of 10.718 billion yuan, a year-on-year increase of 11.16%, and a net profit of 2.174 billion yuan, a year-on-year increase of 77.58% [2][4] - The gross margin for 2023 was 32.99%, up 3.68 percentage points year-on-year, while the net margin was 20.60%, up 7.80 percentage points year-on-year [4] - The company expects to see net profits of 5.072 billion yuan, 6.756 billion yuan, and 8.413 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27.7, 20.8, and 16.7 [5][6] Market Data - As of May 8, 2024, the closing price of the company's stock was 174.80 yuan, with a total share capital of 802.83 million shares and a net asset value of 15,704.61 million yuan [1]

证券研究报告 房地产行业 ＃title＃ 海外地产周报(2024.05.06-2024.05.12) ＃investSuggestion＃ 推荐 （维＃ 持） 更多改善政策出台，助推地产板块上涨 investSuggesti onChange＃ ＃createTime1＃ 2024年 05月 12日 指数表现： 相关报告 本周涨跌幅 本月涨跌幅 年内涨跌幅 《 地 产 板 块 继 续 反 弹 》 指数名称 指数点位 (%) (%) (%) 20240505 《 地 产 板 块 大 幅 反 弹 》 恒生地产分类指数 58,053.45 2.19 6.29 -4.41 20240428 恒生指数 18,963.68 2.64 6.76 11.24 《统计局发布一季度房地产行 恒生国企指数 6,718.86 2.62 7.09 16.47 业基本情况》20240422 道琼斯指数 39,512.84 2.16 4.49 4.84 《关注房企财务的安全和稳 健》20240414 纳斯达克指数 16,340.87 1.14 4.36 8.86 《 新 房 销 售 有 待 改 善 》 标普 500指数 5,222.68 ...

行 业 研 证券研究报告 究 ＃industryId＃ 建筑装饰 ＃title＃ 多地继续优化地产政策，超长期特别国债发型动员部署会 议召开在即，继续推荐建筑央企——兴证建筑每周观点 推荐 ( 维持 ) （2024.5.4-2024.5.10） ＃createTime1＃ 2024年 5月 12日 行 重点公司 投资要点 业 重点公司 评级 ＃ ⚫s um 政ma 治ry＃ 局 会议后多地继续优化地产政策，库存去化有望加速。4 月 30 日中 周 共中央政治局召开会议提出地产行业去化存量与优化增量后，多地出台地 中国中铁 增持 报 产优化政策，如杭州、西安取消住房限购政策，河北唐山、秦皇岛、廊坊 中国建筑 增持 三地取消首套房贷利率下限且银行已跟进调整最低首套房贷款利率至 中国交建 增持 3.35%，深圳和上海两地的房地产行业协会和中介协会提出倡议，在当地 发起商品房“以旧换新”活动。我们认为，当前地产行业供求关系发生重 中国铁建 增持 大变化，政治局会议提出消化存量和优化增量，是对房地产行业供给增长 中材国际 增持 受到库存攀升制约这一现实条件的适应，利于短期房企风险的控制、中长 中钢国际 增持 期视角下地 ...

行 业 研 证券研究报告 究 通信 【兴证通信】通信行业周报（05.06-05.12）： OpenAI 即将召开发布会 推荐 ( 维持 ） ＃ t Ti 1＃06 2024年 05月 12日 行 投资要点 重点公司 评级 业 ＃ ＃ 【板块走势】 周 中际旭创 增持 本期（05.06-05.12）中信通信板块下跌2.71%，其中通信设备制造下跌3.12%，增值服务下 报 天孚通信 增持 跌3.12%，电信运营下跌0.90%，同期沪深300指数上涨1.72%，中小板指数上涨1.55%， 创业板指数上涨1.06%。 新易盛 增持 中瓷电子 增持 【周观投资】 周观点：AI应用加速发展进一步拉动算力基础设施需求，运营商等高股息红利资产对板块 鼎通科技 增持 股价形成支撑，传统下游需求持续修复驱动通信应用等顺周期板块业绩释放，通信行业迎 中兴通讯 增持 配置良机。 亿联网络 增持 OpenAI即将召开发布会，AI应用端或进展加速。近日，OpenAI宣布将于美国时间13日 英维克 增持 上午10点进行一场直播，此次发布将更新ChatGPT及其最新模型GPT-4。此外OpenAI也 意华股份 增持 在布局AI语音助手。O ...

行 业 研 证券研究报告 究 ＃industryId＃ 非银 ＃title＃ 兴证非银周报（240506-240510）： ＃investSu ggestion＃ ＃ 银保“1+3”管制放开，新融合时代利好头部险企 investS 推荐 （ 维持 ） uggesti onC h a n ＃createTime1＃ 2024年 5月 12日 ge＃ 重点公司 投资要点 行 周度回顾： 重点公司 评级 本周保险Ⅱ(申万)上涨 4.06%，跑赢沪深 300 指数 2.34pct；10 年期国债到期收益率上行 业 1.2BP 至 2.31%。近期受一季报业绩略超预期叠加权益市场和长端利率反弹催化，板块估 南华期货 增持 周 值持续修复。本周证券 II（申万）上涨 0.35%，跑输沪深 300指数 1.37pct，板块 PB估值 中国太保 买入 维持1.23倍。 报 保险行业： 中国平安 增持 本周金融监管总局发布《关于商业银行代理保险业务有关事项的通知》（以下简称《通 知》），对原有包括银行网点“1+3”的合作模式等规定进行修改，主要内容包括：1）取 新华保险 增持 消银行网点与保险公司合作数量限制。明确商业银行代理 ...

证券研究报告 ＃industryId＃ 家用电器 ＃title＃ 4 月家电出口延续高景气，地产政策边际宽松提振估值 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti onChan ＃createTime1＃ 2024 年05 月12 日 ge＃ 重点公司 投资要点 ＃summary＃  2024年以来家电出口延续高景气，4月增长环比提速。根据海关总署数据， 重点公司 评级 2024年4月中国家用电器出口量3.8亿台，同比+19.3%；美元口径，出口 美的集团 增持 金额89.1亿美元，同比+10.9%；人民币口径，出口金额632.5亿元，同比 海尔智家 买入 +14.7%。2024年1-4月中国家用电器累计出口量13.3亿台，同比+23.3%； 石头科技 增持 美元口径，累计出口额312.1亿美元，同比+12.6%；人民币口径，累计出 海信视像 增持 口金额2216.8亿元，同比+16.4%。2022Q2-2023Q1家电海外市场经历去 新宝股份 增持 库周期，低基数效应外加新一轮补库周期渐近，2023Q2家电出口迎修复 来源：兴业证券经济与金融研究院 拐点，全年增长 ...