Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue from routine medical testing reached 7.726 billion yuan in 2023, with a year-on-year growth of 15.35%. The proportion of revenue from tertiary hospitals increased significantly to 43.13%, up by 4.73 percentage points [6][7] - The company aims to improve profitability through cost reduction and efficiency enhancement, with a net profit margin of 7.46% in 2023, down by 10.91 percentage points year-on-year. The company reduced its workforce by 2,825 employees, a decrease of 19.60% year-on-year, which is expected to positively impact profitability in 2024 [6][7] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8.540 billion yuan, a decrease of 44.82% year-on-year. The net profit attributable to shareholders was 643 million yuan, down 76.64% year-on-year. The operating cash flow was 1.231 billion yuan, down 36.81% year-on-year [5][8] - For Q1 2024, the company reported a revenue of 1.841 billion yuan, a year-on-year decrease of 13.05%, with a net profit of -19 million yuan [5][8] Revenue Breakdown - The company developed 412 new projects in 2023, contributing 6.38 billion yuan to total revenue, accounting for 7.47% of total revenue. Notable growth was seen in various diagnostic areas, including a 398.97% increase in revenue from infection tNGS series and a 525.35% increase in single-gene carrier screening [6][7] Profitability Outlook - The company is expected to improve its profitability in 2024 due to the gradual weakening of impairment losses and cost pressures from past expansions. The forecasted EPS for 2024-2026 is 1.80, 2.33, and 3.03 yuan, respectively, with corresponding P/E ratios of 22.0, 17.0, and 13.1 times [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][3][8] Core Views - The company reported strong financial performance in 2023, with revenue of 20.367 billion yuan (YOY +26.43%) and net profit of 3.359 billion yuan (YOY +33.07%) [4][5] - The growth in 2023 was driven by the release of accumulated demand for ophthalmic surgeries, continuous expansion of the company's scale, advancements in diagnostic technology, and increased awareness of eye health [5][6] - In Q1 2024, the company experienced a temporary slowdown in growth due to high base effects from the previous year, weak consumer spending, and extreme weather [4][5] - The company is expected to maintain a flexible pricing strategy for refractive surgeries and enhance its high-end cataract business through national procurement of artificial lenses [5][6] Financial Summary - In 2023, the company achieved a gross margin of 50.79% and a net profit margin of 17.95% [6][8] - For 2024, the company is projected to generate revenue of 23.697 billion yuan, with a net profit of 4.131 billion yuan, reflecting a growth rate of 16.35% and 23.00% respectively [2][3] - The company's earnings per share (EPS) for 2024 is estimated at 0.44 yuan, with a price-to-earnings (PE) ratio of 29.2 [2][3] Business Segmentation - In 2023, the refractive surgery segment generated revenue of 7.431 billion yuan (YOY +17.27%), while the cataract segment saw revenue of 3.327 billion yuan (YOY +55.24%) [5][6] - The optical services segment achieved revenue of 4.960 billion yuan (YOY +31.25%), indicating strong growth in this area [5][6] Shareholder Returns - The company has increased its dividend payout ratio, with annual dividends per share of 0.12 yuan, 0.10 yuan, and 0.15 yuan from 2021 to 2023, respectively [7][8] - Cash dividends amounted to 649 million yuan, 718 million yuan, and 1.395 billion yuan over the same period, with a payout ratio increasing from 28% to 42% [7][8] Global Expansion - The company has been expanding its international presence since 2016, with operations in Hong Kong, Europe, Southeast Asia, and the United States [8] - In 2023, revenue from Hong Kong, Macau, Taiwan, and overseas regions accounted for 11.35% of total revenue, with expectations for further growth [8]

本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 各位投资者朋友大家晚上好我是新人宏观段超 欢迎大家来参加我们今天晚上的电话会议今天也是我们2024年以来的第62期宏观超话电话会议了在每个工作日的晚上我们会用15分钟时间给大家带来我们宏观的研究分享那么在之前的时候我们其实已经分享过新智生产力的上篇对整个的这样一个概念以及投资机会进行了探讨 那今天呢将会有我的同事谢俊勇博士为他带来发展新制生产力的下篇又是对于投资机遇与热点赛道的这样的一个分析那接下来的时间呢我就交给 感谢敦博的介绍各位投资者晚上好我是新政宏观研究员谢志勇之前王潇潇博士其实已经对发展新制生产力的一个上篇从一个宏观的角度对相关的一些政策支持以及宏观的产业布局进行了一个介绍如果有感兴趣的投资者可以查看我们的一个历史会议会议的一个记录或者说是寻找我们寻找相关的材料 今天我主要从一个更为微观的角度,从产业的角度来探讨一下,在新制生产力这样的一个要求和高 ...

Investment Rating - The report maintains a "Recommend" rating for the food and beverage industry [2] Core Views - Suntory has achieved sustained growth in overseas business through a brand and product matrix tailored to overseas consumers, overseas production line layout, and outstanding marketing capabilities [4] - Suntory's overseas revenue increased from 4045.1 billion yen in 2013 to 8835.8 billion yen in 2023, with a CAGR of 8.1% [4] - The proportion of overseas revenue rose from 36.1% in 2013 to 55.5% in 2023, with Asia-Pacific and Europe being the main overseas markets [4] - Suntory's overseas operating profit margin was 13.1% in 2023, higher than the domestic operating profit margin of 5.7% [4] - Suntory's valuation is currently at a low level, with a PE (TTM) of 19.4x as of May 8, 2024, at the 28.9% percentile of PE valuation since June 4, 2014 [4] Overseas Business Expansion - Suntory has expanded its sales network by establishing joint ventures, such as with Tsingtao Brewery and Huiyuan in China, focusing on localization in marketing [4] - Suntory's marketing strategy includes using local cultural elements, such as the "Journey to the West" IP for its Oolong tea, and adopting a relaxed style on social media to appeal to young consumers [4] - The number of countries and regions where Suntory's products are sold increased from 51 in 2013 to 88 in 2023 [4] Diversified Business Portfolio - Suntory's beverage products include beer, wine, whiskey, tequila, gin, and vodka, with its whiskey brands targeting the ultra-high-end market [5] - Representative whiskey products aged 18 years or older are priced above $1,000 per bottle in the US market due to their unique flavor and scarcity [5] - Suntory's health supplement business generated revenue of 35.06 billion yen in 2023, mainly from Southeast Asian countries like Thailand and Vietnam [5] Global Soft Drink Brand Matrix - Suntory has built a global soft drink brand matrix by targeting consumer trends, such as health-consciousness in Asia-Pacific and preference for juice and sports drinks in Europe [5] - Suntory's TEA+ Oolong tea, launched in 2013, helps inhibit fat absorption, catering to health-conscious consumers [5] - In 2023, Orangina sales in France reached 185 million liters, and Lucozade sales in the UK and Ireland hit a record high of 431 million liters [5] - The number of Suntory's brands with annual revenue exceeding 10 billion yen increased from 15 in 2013 to 25 in 2023 [5]

Investment Rating - The report assigns a "Hold" rating for the company, indicating a stable outlook with potential for growth in the future [14][22]. Core Insights - The company is experiencing growth in its store network, with a total of 5,263 stores as of Q1 2024, reflecting a year-on-year increase of 25.55% [31]. - The company has actively adjusted its product category planning to capture the incremental demand from prescription outflow, with 823 stores qualifying for outpatient coordination as of Q1 2024 [23]. - The company reported a revenue of 90.81 billion yuan in 2023, a year-on-year increase of 20.84%, while the net profit attributable to the parent company was 4.14 billion yuan, up 10.72% year-on-year [26]. Summary by Sections Store Network and Growth - As of Q1 2024, the company has 1,163 new and relatively new stores, accounting for 22.10% of the total, which is expected to contribute positively to future performance as these stores mature [1]. - The company opened 799 new stores in 2023 and 134 in Q1 2024, indicating a strong expansion strategy [1][31]. Financial Performance - In Q1 2024, the company achieved a revenue of 23.14 billion yuan, representing a year-on-year growth of 6.79%, although net profit decreased by 31.51% [26][18]. - The gross profit margin for Q1 2024 was 34.36%, an increase of 1.75 percentage points year-on-year, primarily due to a higher proportion of high-margin private label products [13]. Product Categories and Sales - The company has seen a steady increase in the sales of personal care and convenience products, with revenues growing by 28.68% and 25.65% respectively in Q1 2024 [3]. - The sales of prescription drugs grew significantly, with a year-on-year increase of 42.05% in 2023, indicating strong demand in this segment [29]. Future Outlook - The company has set ambitious performance targets through its stock incentive plan, aiming for net profit growth rates of at least 15%, 36%, and 60% for 2024, 2025, and 2026 respectively [15][22]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 3.08, 3.65, and 4.30 yuan, respectively, suggesting a positive growth trajectory [14][24].

公 司 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃investSuggestion＃ ＃ ＃d智yCo飞mpa生ny＃物 （ ） 300122.SZ investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 保持稳健经营，国际合作添新成果 ange＃ ＃createTime1＃ 2024年5 月 9日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  2023年，公司实现营业收入529.18亿元(yoy+38.30%)；实现归母净利润80.7 司 日期 2024-5-8 亿元(yoy+7.04%)；实现扣非归母净利润79.15亿元(yoy+5.40%)；实现经营现 点 收盘价（元） 36.88 金流净额89.96亿元(yoy+352.30%)。2023年Q4单季度实现营业收入136.46 评 总股本（百万股） 2,393.79 亿元(yoy+30.70%)；实现归母净利润15.40亿元(yoy-20.31%)；实现扣非归母 报 流通股本（百万股） 1,414.31 净利润15.35亿元(yoy-20.03%)。2024年一季度，公司实现营业收 ...

行 业 研 证券研究报告 究 ＃industryId＃ 轻工制造 2023 年年报及 2＃ 0t 2itl 4e＃ 年 一季报总结： 家居分化，造纸改善，出口高增，必选修复 ＃inve推stSu荐ggest ion＃ ＃ ( i维 nve持 stS ) ＃createTime1＃ 2024年 05月 09日 ugg esti 行 onChan 业 ＃相《《《 【【【关re兴兴兴l报at证证证e告d轻轻轻R e工工工po】】】rt周周周＃观观观 点点点ge＃ ：：： 家政家 投资要点 投 居策居分析企有板师业望块：业持政 绩续策陆加博续码弈发，行支布情撑持，疫家续情居， ＃⚫s um轻ma工ry＃制 造板块跑输大盘，估值维持稳定。2024年初至4月30日，轻工制 资 短板建 赵树期块议 理有估关 所值注扰修木动复浆》》系22纸002222种--00提44--价2157 造行业指数下滑7%，同期沪深300上涨5%，板块走势跑输大盘；按二级 落地情况》2022-04-10 分类来看，造纸是唯一上涨的子板块。与2024年初相比，截至4月30日， zhaoshuli@xyzq.com.cn 策 轻工制造行业估值水平维持 ...

Investment Rating - The report maintains an "Overweight" rating for the company [5] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a year-on-year growth of 23.52%, and a net profit attributable to shareholders of 1.974 billion yuan, up 19.21% year-on-year [3][4] - The company's overseas business revenue reached 1.678 billion yuan in 2023, a significant increase of 55.69% year-on-year, accounting for 14.70% of total revenue, which is an increase of 2.96 percentage points year-on-year [4] - The company is expected to see continued growth in earnings per share (EPS), with projections of 2.90 yuan, 3.53 yuan, and 4.34 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 46.5, 38.1, and 31.0 based on the closing price on May 7, 2024 [5] Financial Performance Summary - In 2023, the company achieved a gross margin of 48.48%, a slight increase of 0.11 percentage points year-on-year, driven by the rising proportion of high-end products [4] - The company's operating cash flow for 2023 was 133 million yuan, a decrease of 80.59% year-on-year [3] - The company’s revenue from MR products grew by 58.50% year-on-year, while XR products saw a growth of 32.83% [4] - The company’s total assets were reported at 25.35 billion yuan, with net assets of 19.23 billion yuan as of the latest report [2]

行 业 研 证券研究报告 究 ＃industryId＃ 建筑材料 ＃title＃ 消费建材业绩大幅修复，推荐零售主导与提价品种 ＃ ——建材行业2023年报及2024一季报总结 ＃inve推stSu荐ggest ion＃ （维持） investSugges 行 tionC hange ＃createTime1＃ 2024 年 05 月08 日 ＃ 业 投 重点公司EPS（元） 投资要点 资 ＃⚫ sum行ma业ry＃总 览：地产下行压制建材需求，原燃料价格下降促进盈利能力改善。分 重点公司 2023A 2024E 评级 领域来看，2023年消费建材板块收入、归母净利润保持正增长，主要系竣工 策 海螺水泥 1.97 1.67 增持 面积增长带动相关需求增长，叠加原燃料价格下降提升盈利能力；水泥、玻纤 略 华新水泥 1.33 1.57 增持 板块归母净利润下滑较大，主要系行业供过于求导致价格大幅下降。地产方 面，2023年地产销售继续下行，但地产政策有所放松且不断加码。2023年二 报 伟星新材 0.90 0.94 增持 手房成交面积大幅增长，有效对冲新房销售下行。基建方面，2023年基建投 告 北新建材 2.0 ...

行 业 研 证券研究报告 究 ＃industryId＃ 汽车 ＃title＃ 销量及收入表现亮眼，客车板块一枝独秀 ＃ ＃inve推stSu荐ggestion＃ 维持 ——汽车板块 2023 年报及2024一季报总结 ( ） investS 行 uggesti onChan ＃createTime1＃ 2024年5月 08日 业 ge＃ 投 ＃relatedReport＃ 相关报告 投资要点 资 ＃summary＃ 《【兴证汽车 戴畅团队】汽车板 2023Q4/2024Q1汽车整体销量同比分别+21.5%/+10.6%，连续保持高增长态势。2023年全 策 块2023三季报总结：23Q3板块 年汽车/乘用车销量同比增长。2023全年汽车销量3004.5万辆，同比+11.9%；其中乘用车/ 略 收入利润同比增速回落，乘用车 客车/货车分别同比+10.5%/+19.6%/+22.6%。2023Q4汽车销量897.9万辆，同比+21.5%。其 整车板块利润表现超预期》 中2023Q4乘用车/客车/货车销量同比分别+20.0%/+16.4%/+37.1%。2024Q1汽车销量671.7 报 《【兴证汽车】汽车板块20 ...