证券研究报告 ＃industryId＃ 医药生物 ＃title＃ 胰岛素集采接续规则超预期，国产替代持续进行时 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ 2024 年4月2日 onChan ge＃ 投资要点 ＃ 相关rel报ate告dReport＃ ＃summary＃  事件：国家组织药品联合采购办公室关于发布《全国药品集中采购文件 （GY-YD2024-1）》的公告，现开展胰岛素专项协议期满接续采购工作。 【 兴 证 医 药 】 通 化 东 宝 （600867.SH）2023年半年报点 本次药品集中采购品种范围为餐时人胰岛素、基础人胰岛素、预混人胰岛 评：胰岛素集采实现以价换量， 素、餐时胰岛素类似物、基础胰岛素类似物、预混胰岛素类似物，共 6 个 公司业绩拐点已现 采购组。各采购组符合申报资格的企业按报价单元进行申报，报价单元共 【 兴 证 医 药 】 甘 李 药 业 11 个。 （603087.SH）2023年半年报点 评：国内制剂销量翻倍增长， 2023H1业绩实现扭亏为盈  2024年胰岛素集采接续规则超预期：1）本次胰岛 ...

证券研究报告 ＃industryId＃ 汽车行业 ＃title＃ ＃inve推stSu荐ggestion＃ 维＃持 小米 SU7 定价超预期，看好小米产业链 ( ） investS uggesti ＃createTime1＃ 2024年 03月 29日 onChan 投资要点 ge＃ ＃ 相关rel报ate告dReport＃ ＃summary＃  小米汽车正式发布首款产品，小米 SU7定价超预期。2024年 3月 28日， 小米汽车首款产品小米 SU7正式上市，新车定价超预期：标准版配置 21.59 万元，PRO长续航版售价 24.59万元，MAX版本售价 29.99万元。消费者 在 4月 30日前下定，可以获得价值 3.4万元/4.8万元/4.2万元的免费赠送 配置或智驾系统等权益。 ＃分e析m师ail：Author＃  小米 SU7上市大定火爆，后续稳态销量或超市场预期。小米 SU7定位为 董晓彬 20-30万元价格带 C级纯电轿车，2023年 20-30万元价格带轿车销量 160.6 dongxiaobin@xyzq.com.cn 万辆，其中 Model3市占率最高，2023年销量 30.1万辆，占 ...

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 业绩稳定，分红稳中有升 ＃inve推stSu荐ggest ion＃ ( i维 nv＃ e持 stS ） ——银行业 2023年年报总结 行 ugg esti ＃createTime1＃ 2024年 4月 2日 业 onChan ge＃ 投资要点 投 资 分析师： ＃⚫ sum分m红ar：y＃大 行稳定，股份行分红比例提升。根据目前已披露年报的上市银行， 部分银行提升分红比例，股息率具有吸引力。（1）国有大行分红比例保持在 陈绍兴 策 30%左右，以2024年4月1日收盘价静态测算，2023年分红对应的股息率在 SAC：S0190517070003 略 5.3%-5.8%区间。（2）部分股份行提升分红比例，招商银行分红比例高位提升， chenshaox@xyzq.com.cn 位居上市银行首位，平安银行分红比例由12%大幅攀升至30%，兴业银行由 报 27%提升至 28%。（3）区域性银行分红比例相对灵活，监管也对中小银行有 告 王尘 审慎指引，部分中小农商行采用阶段性定额分红，例如常熟银行/无锡银行分 SAC:S0190520060 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5][9] Core Views - The company achieved significant growth in 2023, with operating revenue of 1.65 billion yuan (up 35.71% year-on-year) and net profit attributable to shareholders of 534 million yuan (up 49.13% year-on-year) [6][7] - The company is expected to continue expanding its market share in the high-value consumables sector, particularly in the electrophysiology and peripheral intervention markets, supported by its competitive product offerings [2][9] - The company has a strong pipeline of products, including PFA ablation devices, which are anticipated to drive future growth [2][9] Financial Performance Summary - In 2023, the company reported operating revenue of 1.65 billion yuan, with a year-on-year growth of 35.71% [6] - The net profit attributable to shareholders was 534 million yuan, reflecting a year-on-year increase of 49.13% [6] - The company achieved a net cash flow from operating activities of 689 million yuan, up 87.52% year-on-year [6] - For Q4 2023, the company recorded an operating revenue of 437 million yuan, a year-on-year increase of 32.80% [6] Business Segment Performance - The electrophysiology segment generated revenue of 368 million yuan, growing by 25.51% year-on-year [7] - The coronary access segment achieved revenue of 791 million yuan, with a year-on-year growth of 38.98% [7] - The peripheral intervention segment reported revenue of 256 million yuan, up 40.36% year-on-year [7] - The company has expanded its product offerings in non-vascular intervention, enhancing its overall product portfolio [9] Market Outlook - The company is well-positioned to benefit from the normalization of centralized procurement for high-value consumables, which is expected to solidify its leading market position [2][9] - The international market has shown strong growth, particularly in regions like the Middle East and Africa, where revenue increased by over 100% year-on-year [7] - The company is focusing on enhancing its research and development capabilities, with R&D expenses amounting to 238 million yuan in 2023, representing 14.42% of its operating revenue [9]

Investment Rating - The report maintains an "Add" rating for the company [1] Core Views - The company reported a revenue of 258.41 billion yuan in 2023, a year-on-year decrease of 3.4%, while the net profit attributable to shareholders was 8.23 billion yuan, an increase of 33.4% [2][4] - The report emphasizes the importance of focusing on supply-side evolution to drive demand recovery, highlighting new growth points such as same-city half-day delivery and next-morning delivery products [4] Summary by Sections Financial Performance - The company achieved a net profit margin of 3.2% in 2023, with a non-recurring net profit of 7.13 billion yuan, reflecting a year-on-year increase of 33.7% [2][3] - The express delivery segment's revenue grew by 10%, with significant contributions from new products and services [3][4] Cost Management - Operating costs decreased by 3.8% year-on-year, with labor costs increasing by 12.2%, accounting for 40.93% of revenue [3] - The report notes improvements in transportation costs, which decreased by 22.4%, indicating effective cost control measures [3] Cash Flow and Dividends - The company reported a net operating cash flow of 26.57 billion yuan, with a dividend payout ratio of 35%, translating to a cash dividend of 0.6 yuan per share, a 140% increase year-on-year [3][4] Future Outlook - The report projects a revenue growth of 10-13% for the upcoming year, with an expected net profit of approximately 9.9 billion yuan for 2024 [4] - The company is expected to continue innovating its operational model and enhancing its competitive edge in international markets [4]

Investment Rating - The report maintains an "Accumulate" rating for Chifeng Jilong Gold Mining Co., Ltd. (600988) [1][2] Core Views - The company's performance is driven by an increase in both gold production and sales prices, alongside effective cost control measures. The report highlights a significant year-on-year increase in revenue and net profit for 2023, with expectations for continued growth in the coming years [1][2][3]. Summary of Financial Performance - In 2023, the company achieved operating revenue of 7.221 billion yuan, a year-on-year increase of 15.23% - The net profit attributable to shareholders was 804 million yuan, up 78.21% year-on-year - Earnings per share (EPS) rose to 0.49 yuan, an increase of 81.48% year-on-year - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares [1][2] Production and Sales Insights - In 2023, the company produced 14.35 tons of gold, a 5.79% increase year-on-year, with sales reaching 14.51 tons, up 4.73% - Domestic production increased by 43.1% to 3.32 tons, while overseas production decreased by 2.0% to 11.03 tons due to flooding impacts [1][2] Cost Management - The average selling price of gold in 2023 was 436 yuan per gram, a 13.8% increase year-on-year - The sales cost was 280 yuan per gram, up 1.1% year-on-year, influenced by flooding and exchange rate fluctuations - Overall cost management improved, with total cash costs decreasing by 12.0% to 267 yuan per gram [1][2] Future Outlook - The company is expected to continue expanding production capacity with ongoing projects, including the Five Dragon Mining and Jilong Mining expansions - The guidance for gold production and sales in 2024 is set at 16.02 tons, with projected net profits for 2024-2026 of 1.238 billion, 1.679 billion, and 1.884 billion yuan respectively [2][3]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 空调 ＃investSuggestion＃ ＃ ＃d海yCo信mpa家ny＃电 （ 000921 ） investSug 买入 ( 维ges持tionC）h 000009 经营质量向好，＃ 改title＃ 善逻辑持续兑现 ange＃ ＃createTime1＃ 2024 年04月01 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：公司发布2023年年报。2023年实现营收856.00亿元，同比+15.50%； 市场数据日期 2024-03-29 归母净利润 28.37亿元，同比+97.73%；扣非归母净利润23.55亿元，同比 收盘价（元） 30.42 +160.07%；毛利率为 22.08%，同比+1.39pct；归母净利率为 3.31%，同比 总股本（百万股） 1387.94 +1.38pct。23Q4实现营收207.01亿元，同比+21.13%；归母净利润4.11亿元， 流通股本（百万股） 1362.42 同比+12.68%；扣非归母净利润2.93亿元，同比+124.88%；毛利率为22.04%， 净资产（百万元 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 航空运输 ＃investSuggestion＃ ＃ ＃d南yCo方mpa航ny＃空 （ 600029 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 全年大幅减亏，盈利中枢抬升仍在路上 ange＃ ＃createTime1＃ 2024年4月1日 投资要点 ＃市场ma数rk据etData＃ ＃ sum南ma方ry航＃空发布2023年年报：2023年全年公司实现营业收入1599亿元，同比增 日期 2024-3-29 加83.7%；实现归母净亏损42.09亿元，去年同期实现归母净亏损326.82亿元。 收盘价（元） 5.59 其中，四季度实现归母净亏损55.29亿元。值得注意的是，公司年内完成对川航 总股本（百万股） 18121 的增资，一次性确认投资损失23.4亿元。 流通股本（百万股） 12673  全年业务量稳步恢复：公司2023年全年可用座公里ASK恢复至2019年同期 净资产（百万元） 36784 91.9%，其中国内、国际分别恢复到2019年同期的113.3%、45.2%。旅客周转量 总资产（百 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Shengxin Lithium Energy (002240) [1][2]. Core Views - The company's performance is under pressure due to a decline in lithium prices, with a focus on the progress of its lithium salt project in Indonesia [1]. - The report anticipates continued pressure on lithium salt prices due to an oversupply in the market, with expectations for price declines in the medium term [2]. Financial Performance Summary - In 2023, the company achieved a revenue of 7.951 billion yuan, a year-on-year decrease of 34.0% [3]. - The net profit attributable to shareholders was 702 million yuan, down 87.4% year-on-year [3]. - The gross profit margin for 2023 was 12.5%, with a projected increase to 20.2% in 2024 [3]. - The earnings per share (EPS) for 2023 was 0.76 yuan, with forecasts of 1.16 yuan, 1.37 yuan, and 1.50 yuan for 2024, 2025, and 2026 respectively [3][4]. Market Data - The average price of battery-grade lithium carbonate in 2023 was approximately 258,800 yuan per ton, a decline of 46.36% year-on-year [1]. - The company's lithium carbonate sales volume in 2023 was about 52,900 tons, an increase of 11.45% year-on-year [1]. Future Projections - The report projects net profits of 1.07 billion yuan, 1.26 billion yuan, and 1.39 billion yuan for 2024, 2025, and 2026 respectively [2][3]. - The price-to-earnings (PE) ratios based on the closing price on March 29 are projected to be 16.6, 14.1, and 12.8 for the years 2024, 2025, and 2026 respectively [2][3].

行 业 研 证券研究报告 究 ＃industryId＃ 传媒 ＃title＃ 3 月版号如期而至，关注年报及一季报超预期标的 ＃inv推estS荐uesti on＃ ( 维＃ 持 ） investS ugg esti ＃createTime1＃ 2024 年 04月 01日 onChan ge＃ 行 重点公司 投资要点 业 ＃summary＃ 重点公司 评级 ⚫ 市场表现：2024/3/22 至 2024/3/29，申万传媒板块涨跌幅为-9.52%，相较于沪深 300 周 姚记科技 增持 跑输9.31pct，相较于创业板指跑输6.79pct。申万传媒二级行业中，跌幅较小的三大板 浙文互联 增持 块为电视广播Ⅱ、广告营销、影视院线。 报 皖新传媒 增持 ⚫ 重点数据跟踪：1）综艺方面，本期（03/24-03/31）腾讯视频/爱奇艺/优酷视频/芒 恺英网络 增持 果TV分别各有13/8/7/12款综艺进入TOP30，环比上期（03/18-03/24）-2/-3/-3/+2 三七互娱 增持 部。2）剧集方面，本期腾讯视频/爱奇艺/优酷视频/芒果TV分别各有15/11/9/4款 芒果超媒 买入 剧集进入TOP30，环 ...