证券研究报告 ＃industryId＃ 医药行业 海外医药板块周报（2024.03.18-03.22） 推荐 （维持） （ 欧洲 CHMP 建议给予诺和诺德每周一次超长效胰岛素上 市许可 ＃createTime1＃ 2024 年3月25 日 relatedReport＃ 重点指数本期表现（2024.03.18-03.22） 海外研究 本期涨跌幅 近一月日均成交额 本年涨跌幅 指数 ＃emailAuthor＃ （%） （亿港元） （%） 分析师： 张忆东 恒生指数 -1.32 1091.78 -3.21 恒生中国企业指数 -1.08 452.06 -0.19 全球首席策略师 恒生医疗保健指数 -6.08 65.47 -20.65 经济与金融研究院联席院长 资料来源：Wind，兴业证券经济与金融研究院整理 zhangyd@xyzq.com.cn SFCHK:BIS749 投资要点 SAC:S0190510110012  近期行情：自2024 年3 月18 日至 3 月22 日的交易周内，恒生指数下 跌 1.32%；恒生中国企业指数下跌 1.08%；恒生医疗保健指数下跌 6.08%。 ＃嵇a肖ss潇Author＃ ...

行 业 研 证券研究报告 究 ＃industryId＃ 农林牧渔 ＃title＃ 橡胶价格上涨，毛鸡价格回落 ＃ (农业行业周报：20240318-20240322) ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 03月 25日 onChan ge＃ 行 重点公司 投资要点 业 ＃summary＃ ⚫ 板块周表现：农业板块跑赢大盘。1）本期沪深300指数下降了0.70%，农业 周 重点公司 评级 板块上涨了 4.49%，在 31 个子行业中排名第 2 位；2）分板块看：生猪养殖 报 海大集团 买入 子板块+8.48%%，肉鸡养殖子板块+6.39%，渔业子板块+6.20% ，饲料子板块 温氏股份 增持 +2.29%，动物保健子板块+3.35%，种植业子板块-0.50%，农产品加工子板块 牧原股份 增持 -0.99%。（本期统计区间：20240318-20240322） 普莱柯 增持 ⚫ 畜禽价格：生猪价格上涨、毛鸡价格下跌、鸡苗价格持平。1）3 月 23 日， 金龙鱼 增持 全国生猪均价 14.81 元/kg，周环比上升 1. ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Insights - The company achieved operating revenue and net profit attributable to shareholders of 2.955 billion and 671 million yuan in 2023, representing year-on-year changes of +12.7% and -12.5% respectively [3][4] - In Q4 alone, the company reported operating revenue and net profit attributable to shareholders of 448 million and -55 million yuan, with quarter-on-quarter changes of -36.0% and -143.9% [3] - The weighted average ROE decreased by 0.73 percentage points year-on-year to 3.9% [3] - The company’s operating leverage, excluding customer funds, increased by 13.6% from the beginning of the year to 4.31 times [3] Summary by Sections Revenue and Profitability - The company’s revenue from fee-based and capital-based businesses increased to 1.554 billion and 1.304 billion yuan, with year-on-year growth of +19.8% and +2.4% respectively [3] - Management expenses rose significantly by 31.2% to 2.152 billion yuan, primarily due to expansion-related increases in personnel costs, leading to a management expense ratio increase of 10.28 percentage points to 72.8% [3] Wealth Management and Business Development - Wealth management showed strong resilience, with net income from brokerage, investment banking, and asset management at 515 million, 489 million, and 443 million yuan, reflecting year-on-year changes of -6.3%, +2.5%, and +128.5% [3] - The company added 150,500 new wealth management clients in 2023, with financial product holdings increasing by 8.2% year-on-year to 19.33 billion yuan [3] - The company’s investment banking business focused on the Beijing Stock Exchange, achieving growth in IPO, refinancing, and bond underwriting, with respective scales of 2.368 billion, 1.588 billion, and 51.581 billion yuan [3] Asset and Investment Management - Interest income and investment income were reported at 81 million and 1.222 billion yuan, with year-on-year changes of -32.5% and +6.1% respectively [3] - By the end of 2023, the company’s financial asset scale increased by 13.7% year-on-year to 49.711 billion yuan, with trading financial assets up by 20.3% to 39.027 billion yuan [3] Future Outlook - The company is expected to enhance its comprehensive business strength through organic growth and external mergers and acquisitions, with projected net profits attributable to shareholders of 829 million and 1.120 billion yuan for 2024 and 2025, representing year-on-year growth of +23.5% and +35.2% respectively [3][4]

行 业 研 证券研究报告 究 ＃industryId＃ 传媒 ＃title＃ AI 应用专题报告： Sora、Kimi 等模型产品力快速跃升，AI 大应用时代已来 ( 维＃ ） ＃inve推stSu荐gges tion＃ 持 investS ＃createTime1＃ ugg esti 2024 年 03月 26日 onChan 投资要点 行 ＃分e析m师ail：Au thor＃ ge＃ ＃⚫s um全ma球ry＃A I 大模型加速演进，商业变现路径已现。作为本轮 AI 浪潮的大模 业 李阳 型领军者，GPT模型在输出和性能方面表现出色，GPT-4.5有望年中重磅 发布。同时，由于AI大模型依赖庞大的算力资源、优秀的AI人才、丰富 liyangyjs@xyzq.com.cn 跟 的数据等条件，海外逐渐形成了以微软/OpenAI、谷歌、Meta、AWS等科 S0190518080004 踪 技巨头为代表的竞争格局，Gemini、LLaMA等模型各有所长，为AI应用 报 搭建基础。此外，GPT Store的推出和繁荣，降低了应用搭建门槛，AI平 杨尚东 台变现路径已现。 告 yangshangdong@xyzq. ...

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" recommendation [4][9]. Core Views - The company has achieved significant growth in 2023, with operating revenue reaching 1.825 billion yuan, a year-on-year increase of 70.30%, and a net profit attributable to shareholders of 501 million yuan, up 175.98% [5][6]. - The launch of the shingles vaccine, the first domestically produced for individuals aged 40 and above, has contributed significantly to the company's revenue and profitability [6][9]. - The company is actively expanding its product portfolio, with multiple products in the pipeline, including a liquid nasal influenza vaccine and rabies monoclonal antibodies, which are expected to enhance future growth [6][9]. Financial Performance - In 2023, the company reported a net cash flow from operating activities of 255 million yuan, a remarkable increase of 540.93% year-on-year [5][6]. - The gross margin for 2023 was 90.23%, an increase of 3.04 percentage points compared to the previous year, while the net margin reached 27.46%, up 10.52 percentage points [6][9]. - The company expects net profits for 2024, 2025, and 2026 to be 767 million yuan, 970 million yuan, and 1.123 billion yuan, respectively, with corresponding P/E ratios of 24.7, 19.6, and 16.9 [9]. Product Development and Market Position - The shingles vaccine generated revenue of 883 million yuan in its first year, while the varicella vaccine revenue was 820 million yuan, showing a decline of 14.36% [6][9]. - The company is focusing on expanding its market presence for its varicella vaccine and nasal influenza vaccine, leveraging their unique advantages to enhance brand recognition [6][9]. - The company has 16 projects in the pipeline, with 6 at the clinical trial or registration stage, indicating a strong commitment to innovation and product development [7][9].

Investment Rating - The report maintains the investment rating for the chemical industry [24] Core Insights - Saudi Arabia's crude oil exports have decreased for the second consecutive month, with January's export volume down by 0.2% to 6.297 million barrels per day [27] - Prices for refrigerants, para-nitrochlorobenzene, and synthetic ammonia are on the rise due to tight supply conditions [26][27] - The China National Chemical Corporation's large fine chemical project in Huludao is set to begin trial production in Q3 2024, with a total investment of 10 billion yuan [25] Price Overview of Basic Chemical Products - The refrigerant market is experiencing price increases across various products, including R22, R32, R125, R134a, R410a, and R143a, driven by tight supply and strong cost support [26] - Prices for para-nitrochlorobenzene and ortho-nitrochlorobenzene have risen due to low inventory levels and increased demand from the pesticide and dye industries [26] - Synthetic ammonia prices are increasing as domestic manufacturers face reduced operating rates and supply constraints [26] Oil and Gas Market Trends - International oil prices have fluctuated, with WTI futures settling at $80.63 per barrel, down 0.5% from the previous week, while Brent futures rose slightly to $85.43 per barrel [27] - The increase in import supply has led to inventory accumulation in East China, resulting in a narrowing price spread for ethylene glycol [27] Polyester and Textile Market Dynamics - The polyester filament market shows mixed price movements, with production increasing slightly while downstream demand remains stable [28] - The operating rates of weaving and dyeing enterprises in Jiangsu and Zhejiang have improved, indicating a positive trend in downstream orders [28] Key Product Price Tracking - The report includes a detailed table tracking the prices and spreads of key chemical products, highlighting fluctuations in various markets [29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [22][26]. Core Insights - The company reported a revenue of 91.244 billion yuan for 2023, reflecting a year-on-year growth of 13.88%, and a net profit attributable to shareholders of 1.553 billion yuan, up 12.57% year-on-year [7][8]. - The company plans to distribute a cash dividend of 446 million yuan, corresponding to a dividend payout ratio of 28.73%, which translates to a dividend yield of 5.3% based on the closing price on March 26 [8]. - The company is expected to benefit from the ongoing integration of the Yangtze River Delta region and accelerated water conservancy construction in Anhui, leveraging its extensive experience in the water conservancy sector [6][30]. Financial Performance Summary - For the fiscal year 2023, the company achieved a gross profit margin of 12.44%, which is a slight increase of 0.77 percentage points year-on-year [16]. - The company’s new orders totaled 151.1 billion yuan for the year, marking a year-on-year increase of 13.81%, with infrastructure orders growing by 18.3% [15][25]. - The operating cash flow improved significantly, with a net inflow of 3.671 billion yuan in 2023, compared to a net outflow of 780 million yuan in 2022 [17][27]. Earnings Forecast - The earnings per share (EPS) are projected to be 1.07 yuan for 2024, 1.26 yuan for 2025, and 1.43 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 4.6, 3.9, and 3.5 respectively based on the closing price on March 26 [26][31].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Insights - The company's revenue and net profit for 2023 grew by 12.1% and 19.6% year-on-year, respectively, with a return on equity (ROE) of 13.69% [3][4]. - The loan growth rate remains above 15%, with retail banking contributing significantly to the growth [1][4]. - The net interest margin has narrowed to 2.86%, primarily due to the re-pricing of existing mortgage loans [2][4]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.75% at the end of 2023 [2][4]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 9.87 billion and a net profit of 3.28 billion, reflecting a year-on-year increase of 12.1% and 19.6%, respectively [3][4]. - The net interest income increased by 11.7%, while other non-interest income surged by 32.4% [1][4]. Loan and Asset Growth - Total assets grew by 16.2% year-on-year, with loans increasing by 15.4% [1][4]. - The company added 29 billion in new credit in 2023, with retail loans contributing 55% of this growth [1][4]. Interest Margin and Cost Management - The net interest margin decreased by 9 basis points quarter-on-quarter and 16 basis points year-on-year [2][4]. - The cost-to-income ratio improved to 36.9%, indicating better cost management [1][4]. Asset Quality - The NPL ratio remained stable at 0.75%, with a provision coverage ratio of 538% [2][4]. - The company reported a slight increase in the overdue rate year-on-year, but overall risk remains manageable [2][4]. Capital Adequacy - As of the end of 2023, the company's core Tier 1, Tier 1, and total capital adequacy ratios were 10.42%, 10.48%, and 13.86%, respectively [5]. Earnings Forecast - The report slightly adjusts the EPS forecast for 2024 and 2025 to 1.41 and 1.62, respectively, with an estimated book value per share of 9.95 by the end of 2024 [6][7].

公 司 研 究 请务必阅读正文之后的信息披露和重要声明 ⚫ 盈利预测：考虑到公司益生菌产品仍处于快速增长阶段、外围市场进行重点省份 拆分后初显成效，我们上调对公司的盈利预测。预计公司 2024、2025 年实现营 收 26.82、33.54 亿元，同比+25.1%、+25%，归母净利润 2.99、3.77 亿元，同比 +25.7%、+26%，对应 2024 年 3 月 25 日收盘价 PE 为 23.3、18.5 倍，维持"增 持"评级。 请务必阅读正文之后的信息披露和重要声明 - 2 - 公司点评报告(带市场行情) | --- | --- | --- | |--------------------------------------------|-----------------------------------------|---------------------------------------------| | | 上 海 北 京 深 圳 | | | 地址：上海浦东新区长柳路 36 号兴业证券大厦 | 地址：北京市朝阳区建国门大街甲6号SK大厦 | 地址：深圳市福田区皇岗路 5001 号深业上城 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 证券 ＃investSuggestion＃ ＃ ＃d 国yCo 元mp 证any＃券 （ 000728 ） investSu 000经00纪9 市占 率企稳回 ＃升tit，le＃自 营 投资大幅回暖 ggestion 增持 ( 维持 ） Change ——国元证券 2023 年报点评 ＃ ＃ createTime1＃ 2024年 3月 26日 公 相关报告 投资要点 司 ＃⚫ sum国ma元ry＃证 券发布 2023 年报，报告期内分别实现营收和归母净利润 63.55 和 《收费类业务延续承压，自营投 点 资扭亏为盈——国元证券 2023 18.68 亿元，同比分别+19.0%和+7.8%；单四季度分别实现营收和归母净 年三季报点评》2023-10-26 评 利润 14.21 和 4.41 亿元，环比分别-22.0%和-13.8%。加权平均 ROE 同比 《资产负债表持续扩张，自营投 报 资表现亮眼——国元证券 2023 +0.2pct至5.6%；剔除客户资金后经营杠杆为3.1倍，较年初基本持平。 年中报点评》2023-08-18 ...