Investment Rating - The report maintains a recommendation for the industry [1] Core Insights - Structural heart disease is evolving, with a focus on aortic valve interventions becoming mainstream, while mitral and tricuspid valve interventions are still in need of breakthroughs [1][7] - The global market for transcatheter mitral valve interventions is projected to reach $5 billion by 2028, driven by a large unmet patient demand [1][18] - The number of patients with moderate to severe mitral regurgitation (MR) globally is approximately 99.9 million, indicating significant market potential [1][16] Summary by Sections 1. Structural Heart Disease - Aortic valve disease has seen significant advancements in intervention, particularly transcatheter aortic valve replacement (TAVR), which reached over 190,000 procedures globally in 2021, with a penetration rate of 3.8% among moderate to severe aortic stenosis (AS) patients [1][8] - In contrast, mitral and tricuspid valve interventions are still developing, with only about 27,700 mitral interventions and 340 tricuspid interventions performed globally in 2021, indicating a much lower penetration rate compared to TAVR [1][8] 2. Mitral Valve Treatment - The complexity of the mitral valve structure presents challenges for intervention product development, with a significant focus on repair techniques such as the MitraClip and PASCAL systems, which have shown promising clinical outcomes [1][10][19] - The global market for transcatheter mitral valve devices is expected to grow significantly, with a projected market size of $5 billion by 2028, driven by the large patient base and ongoing product innovations [1][18] 3. Tricuspid Valve Treatment - The tricuspid valve market is characterized by a large patient population and low treatment rates, with the recent FDA approval of the Evoque device marking a significant milestone in the field [1][7][19] - The tricuspid valve intervention market is anticipated to expand rapidly, transitioning from virtually no market presence to a robust growth phase following the introduction of new products [1][19] 4. Related Companies - Edwards Lifesciences is identified as a leading manufacturer in the artificial valve market, with a strong focus on structural heart disease research and development across various valve types [1][19] - Medtronic is also highlighted as a key player in the cardiovascular space, leveraging acquisitions to enhance its valve business [1][19]

公 司 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃investSuggestion＃ ＃ ＃d泰yCo格mpa医ny＃药 （300347.SZ ） investSug 增持 ( 维ges持tionC）h 0000 主09 营业务保持增长＃ ，title＃ 有望迎来行业拐点 ange＃ ＃createTime1＃ 2024年4月11日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  近日，泰格医药发布了2023年年报。报告期内，公司实现营业收入73.84 司 日期 2024-04-10 亿元，同比增长4.21%；实现归母净利润20.25亿元，同比增长0.91%； 点 收盘价（元） 57.62 实现扣非归母净利润14.77亿元，同比下降4.05%；实现经营现金流净额 评 总股本（百万股） 872.42 11.5亿元，同比下降15.25%。2023年Q4单季度实现营业收入17.34亿 报 流通股本（百万股） 577.61 元，同比增长3.22%；实现归母净利润1.45亿元，同比下降63.86%；实 净资产（百万元） 告 21026.77 现扣非归母净利润2.79亿元，同比下 ...

证券研究报告 食品饮料行业 ＃investSuggestion＃ ＃ 日本食品饮料发展启示录之出海专题（一）: investSug 推荐 （维ges持tionC）h 龟甲万：利＃ 润title＃ 端多重优化 ange＃ ＃createTime1＃ 2024年4月8日 ＃relatedReport＃ 投资要点 ＃marketData＃ ＃summary＃ 相关报告  海外业务盈利能力显著强于本土业务。由于海外竞争环境相对宽松，龟甲万海外业务 《日本食饮行业深度报告—— 营业利润率持续高于本土营业利润率，对利润端贡献较大。而2015年以来，本土营 日本食品饮料行业发展启示录》 业利润率逐渐提升，进一步促进利润端改善。叠加海外收入快速增长、海外收入占比 20221206 持续提升，2010-2022年海外营业利润由119.4亿日元增长至518.4亿日元，CAGR为 13.0%；2010-2022年本土营业利润由71.3亿日元增长至92.7亿日元，CAGR为2.2%。  2000-2013年日本酱油CPI下降，利润空间压缩使酱油行业产能逐渐出清。以2010 年为基期，日本酱油CPI由2000年的102.3下降至2 ...

行 业 研 究 证券研究报告 ＃industryId＃ 电力设备 ＃title＃ 智能化加快推进，配电网迎高质量发展 ——新型电力系统 2024 年 4 月月报 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 维持 ） 行 业 投 资 月 度 报 告 重点公司 | --- | --- | |----------|-------| | | | | 重点公司 | 评级 | | 平高电气 | 增持 | | 许继电气 | 增持 | | 思源电气 | 增持 | | 泽宇智能 | 增持 | 来源：兴业证券经济与金融研究院整 理 ＃相关报告 relatedReport＃ 【兴证电新】电力设备行业 2023 年中期策略：新能源消纳 压力下新型电力系统加速，关 注特高压、智能电网及用户侧 机遇——20230627 ＃分析师： emailAuthor＃ 王帅 wangshuai21@xyzq.com.cn S0190521110001 投资要点 ＃⚫summary 特高压： ＃ 以特高压为代表的主网建设为今年电网投资重点，风光大基地外送 压力下需求依旧，柔性直流技术落地在 ...

Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company experienced a slight decline in revenue due to lower coal prices, but profitability improved due to cost reductions in coal-fired power generation and expansion in gas and renewable energy businesses, resulting in a year-on-year net profit margin increase of 1.54 percentage points [2] - The fire power segment benefited from improved cost management, with fuel costs decreasing to 0.35 yuan per kilowatt-hour, a reduction of 0.03 yuan per kilowatt-hour year-on-year, and an increase in operating hours leading to a gross margin of 16.54%, up 14.71 percentage points year-on-year [2] - The LNG emergency peak-shaving gas source station commenced operations, contributing to a 44.1% year-on-year increase in gas sales volume, with a gross margin increase of 1.27 percentage points [2] - The renewable energy segment saw gross profit increases in wind and solar businesses due to expanded capacity [2] - The company plans to increase capital expenditures to 8.345 billion yuan in 2024, with significant investments in renewable energy projects [4] Financial Summary - For the year 2023, the company reported revenue of 467.55 billion yuan, a decrease of 2.29% year-on-year, while net profit increased by 20.98% to 16.38 billion yuan [4] - The gross margin improved to 10.78%, an increase of 3.27 percentage points year-on-year, with a cash dividend of 0.25 yuan per share, representing a payout ratio of 53.53% [4] - The company’s projected net profits for 2024-2026 are 20.88 billion yuan, 24.27 billion yuan, and 25.96 billion yuan, reflecting year-on-year growth rates of 27.5%, 16.2%, and 7.0% respectively [4][5] - The price-to-earnings (PE) ratios for 2024-2026 are projected at 11.7x, 10.1x, and 9.4x respectively [4][5]

公 司 点 评 报 告 注:每股收益均按照最新股本摊薄计算 东楠 证券研究报告 ＃industryId＃ 医药生物 ＃investSuggestion＃ 请务必阅读正文之后的信息披露和重要声明 点评：公司 2023 年业绩符合此前业绩快报。创新产品放量叠加海外业务拓 展，公司营收与利润均高速增长。Castor、Minos 等独家创新产品持续放量， Talos、Fontus 等新产品进院顺利，梯度丰富的产品布局有望支撑公司后续业 ＃相关rel报ate告dReport＃ 绩增速。国际化方面，公司全球化推广捷报频传，实现多个国家的准入及销 售，海外收入占比不断提高，为公司业绩增长又一重要引擎。 S0190521030001 投资要点 ＃summary＃ 近日，心脉医疗发布了 2023 年年报。报告期内，公司实现营业收入 11.87 亿 元，同比增长 32.43%；实现归母净利润 4.92 亿元，同比增长 37.98%；实现 扣非归母净利润 4.62 亿元，同比增长 42.74%；实现经营现金流净额 5.58 亿 元，同比增长 67.28%。2023 年 Q4 单季度实现营业收入 2.99 亿元，同比增 长 28.6 ...

证券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|--------|---------------------|-------|-------| | 主要财务指标 \n＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 5222 6737 7717 8813 | | | | 同比增长 | -16.9% | 29.0% | 14.6% | 14.2% | | 归母净利润 ( 百万元 ) | | 141 434 590 689 | | | | 同比增长 | -62.8% | 208.4% | 35.9% | 16.8% | | 毛利率 | 12.8% | 17.8% | 18.8% | 18.9% | | ROE | 2.2% | 6.3% | 8.0 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电子化学品 ＃investSuggestion＃ ＃ ＃d 鼎yCo 龙mp 股any＃份 （ 300054 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 新材料业务保持良好态势，材料平台型龙头成长可期 ange＃ ＃ createTime1＃ 2024年 04月 10日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年年报，全年实现收入26.67亿元，同比下降2%，若 司 市场数据日期 2024-04-09 剔除合并报表范围因素影响，则同比基本持平；归母净利润2.22亿元，同比 点 收盘价（元） 21.57 下降43.08%，扣非后1.64亿元，同比下降52.79%。符合业绩预告。 评 总股本（百万股） 945.73 报 流通股本（百万股） 735.62 ⚫ 下游需求改善+产品放量，新材料业务收入态势良好。公司 Q4 单季度收入 净资产（百万元） 4468.46 7.95 亿元，同比增长 3.72%，环比增长 11.4%，系抛 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 证券 ＃investSuggestion＃ ＃ ＃d 浙yCo 商mp 证any＃券 （ 601878 ） investSu ggestion 00000经9 营稳 健，期货 ＃和tit投le＃行 业 务表现亮眼 增持 ( 维持 ） Change ——浙商证券 2023 年报点评 ＃ ＃ createTime1＃ 2024年 4月 11 日 公 投资要点 司 ＃分e析ma师ilA：uth or＃ ＃⚫ sum浙ma商ry＃证 券发布2023年报，报告期内分别实现营收和归母净利润176.38和 点 徐一洲 17.54亿元，同比分别+4.9%和+6.0%；单四季度分别实现营收和归母净利 S0190521060001 评 润 50.16 和 4.23 亿元，环比分别+20.4%和+1.0%。加权平均 ROE 同比 报 ＃研a究ss助Au理th：or ＃ +0.03pct至6.6%；剔除客户资金后经营杠杆为4.43倍，较年初增长4.2%。 告 陈静 ⚫ 收费类业务和资金类业务均表现良好。收入端，2023 年公司分别实现收 chenjing ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|-------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 8048 | 8460 | 8923 | 9428 | | 同比增长 | 3.4% | 5.1% | 5.5% | 5.7% | | 归母净利润 ( 百万元 ) | 1083 | 1192 | 1312 | 1446 | | 同比增长 | 12.6% | 10.1% | 10.0% | 10.3% | | 毛利率 | 30.7% | 31.5% | 32.4% | 33.3% | | ROE | 13.6% | 13.0% | 13.5% | 13.9% | | 每股收益 ( 元 ) | 0.88 | 0.97 | 1.07 | 1.18 | | 市盈率 | ...