2024年06月18日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 礼邦医药小分子新药拟纳入突破性治疗品种 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)91/6/32 03/8/32 01/11/32 12/1/42 2/4/42 31/6/42 0.132 p0 c2 t4 ，涨年 跌6 幅月 居申17 万日 3， 1个医 子药 行板 业块 第涨跌 6名幅 。-0 各.0 医2% 药， 子跑 行赢 业沪 中深 ，3 血0 液0 制指 品数 平 (14%) (+2.09%)、其他生物制品(+0.54%)、医疗研发外包（+0.21%）表现居前， 洋 (22%) 医院(-1.26%)、线下药店(-0.77%)、医疗设备(-0.65%)表现居后。个股方 面，日涨幅榜前3位分别为嘉应制药(+10.00%)、太安堂(+9.52%)、楚天 证 (30%) 科技(+5.94%)；跌幅榜前 3 位为罗欣药业(-5.16%)、ST 南卫(-5.05%)、 券 医药 沪深300 三元基因（-4.92%）。 股 ◼ 子行业评级 份 行业要闻： 6月17日，中国国家药监局药品审评中心（CDE）官网公示， ...

2024年06月16日 行 业周报 看好 / 维持 行 基础化工 业 研 究 基础化工 涤纶长丝大厂产销放量，MDI 供应偏紧价格上涨 ◼ 走势比较 报告摘要 10% 0% 1.重点行业和产品情况跟踪 太 (10%)61/6/32 72/8/32 7/11/32 81/1/42 03/3/42 01/6/42 涤纶长丝：涤纶长丝价格上涨，大厂产销明显放量。据CCF，本 平 (20%) 周涤纶长丝大厂产销持续放量，产销估算在8成偏上。据百川盈孚数 洋 (30%) 据，截至6月14日，涤纶长丝POY 市场均价为7900元/吨，较上周 证 (40%) 同期上涨50元/吨；FDY市场均价为8350元/吨，较上周同期上涨100 券 元/吨；DTY市场均价为9350元/吨，较上周同期上涨175元/吨。生 基础化工 沪深300 股 产方面，本周涤纶长丝库存266.82万吨，较上周上涨0.88%。2024年 相关研究报告 份 5 月，涤纶长丝月度产量为 317.4 万吨，较上月下降了 1.46%；行业 有 <<磷铵价格持续上行，猪肉价格上涨 总体月度开工率为87.31%，较上月下降4.23pcts。 限 有望带动维生素需求> ...

2024年06月18日 公 司点评 公 买入 / 维持 司 杭州银行(600926) 研 究 目标价: 昨收盘:13.09 银行 城商行 杭州银行 2023 年年报及 2024 年一季报点评：盈利持续高增，拨 备高位稳定 事件：公司发布 2023 年年报&2024 一季报。公司 2023 年实现营收 ◼ 走势比较 350.16 亿元，同比+6.33%；归母净利润 143.83 亿元，同比+23.15%。加 权平均净资产收益率为15.57%，同比+1.48pct。不良率为0.76%；拨备覆 太 20% 盖率为 561.42%。公司 2024Q1 实现营业收入 97.61 亿元，同比+3.50%； 12% 归母净利润51.33亿元，同比+21.11%。 平 利润持续高增，投资收益表现优异。公司2023年实现净利息收入/中 4% 洋 收/其他非息收入同比+2.52%/-13.50%/+39.60%。公司实现利息净收入 证 (4%)21/6/32 42/8/32 5/11/32 71/1/42 03/3/42 11/6/42 234.33亿元，同比增加5.76亿元，增幅2.52%。报告期内，公司盈利表 券 (12%) ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its development, particularly with a projected net profit compound annual growth rate of 23.5% over three years [10]. Core Views - The company reported total revenue of 1229.8 billion in 2023, a decrease of 12.87% year-on-year, while net profit increased by 12.4% to 10.3 billion [4]. - The earnings per share (EPS) for 2023 was 0.79 yuan, with a cash dividend of 0.33 yuan per share, resulting in a dividend yield of 3.75% based on the closing price on April 12 [4]. - The company’s main business includes supply chain integration services and various products or services within the industrial chain [4]. Financial Summary - Revenue projections for 2024 are estimated at 1154.23 billion, with a year-on-year decline of 6.1%, followed by a slight decrease of 1.5% in 2025 and a recovery of 1.3% in 2026 [2]. - The net profit is expected to grow to 11.12 billion in 2024, 12.18 billion in 2025, and 13.35 billion in 2026, reflecting growth rates of 8.0%, 9.5%, and 9.6% respectively [2]. - The diluted EPS is projected to increase from 0.79 yuan in 2023 to 0.85 yuan in 2024, 0.93 yuan in 2025, and 1.02 yuan in 2026 [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its development, particularly with a projected net profit compound annual growth rate (CAGR) of 23.5% over three years [1]. Core Insights - The company achieved total revenue of 1229.8 billion, a decrease of 12.87% year-on-year, while the net profit attributable to shareholders was 10.3 billion, an increase of 12.4% year-on-year [4]. - The earnings per share (EPS) for 2023 was 0.79 yuan, with a weighted average return on equity (ROE) of 15.75%. The company plans to distribute a cash dividend of 0.33 yuan per share, resulting in a dividend yield of 3.75% based on the closing price on April 12 [4]. - For Q1 2024, the company reported total revenue of 237.45 billion, a decrease of 23.4% year-on-year, while the net profit attributable to shareholders was 2.66 billion, an increase of 5.2% year-on-year [4]. Financial Summary - The company’s main business includes two categories: supply chain integration services and various products or services within the industrial chain [4]. - The projected financials for the upcoming years are as follows: - Total revenue is expected to decline to 1154.23 billion in 2024, 1136.52 billion in 2025, and slightly increase to 1151.07 billion in 2026, reflecting year-on-year changes of -6.1%, -1.5%, and 1.3% respectively [4]. - Net profit is projected to grow to 11.12 billion in 2024, 12.18 billion in 2025, and 13.35 billion in 2026, with year-on-year growth rates of 8.0%, 9.5%, and 9.6% respectively [4]. - The diluted EPS is expected to rise to 0.85 yuan in 2024, 0.93 yuan in 2025, and 1.02 yuan in 2026 [4]. - The price-to-earnings (PE) ratio is projected to decrease from 10.41 in 2023 to 8.03 in 2026 [4].

2024年06月18日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 礼邦医药小分子新药拟纳入突破性治疗品种 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)91/6/32 03/8/32 01/11/32 12/1/42 2/4/42 31/6/42 0.132 p0 c2 t4 ，涨年 跌6 幅月 居申17 万日 3， 1个医 子药 行板 业块 第涨跌 6名幅 。-0 各.0 医2% 药， 子跑 行赢 业沪 中深 ，3 血0 液0 制指 品数 平 (14%) (+2.09%)、其他生物制品(+0.54%)、医疗研发外包（+0.21%）表现居前， 洋 (22%) 医院(-1.26%)、线下药店(-0.77%)、医疗设备(-0.65%)表现居后。个股方 面，日涨幅榜前3位分别为嘉应制药(+10.00%)、太安堂(+9.52%)、楚天 证 (30%) 科技(+5.94%)；跌幅榜前 3 位为罗欣药业(-5.16%)、ST 南卫(-5.05%)、 券 医药 沪深300 三元基因（-4.92%）。 股 ◼ 子行业评级 份 行业要闻： 6月17日，中国国家药监局药品审评中心（CDE）官网公示， ...

2024年06月18日 公 司点评 公 买入 / 维持 司 杭州银行(600926) 研 究 目标价: 昨收盘:13.09 银行 城商行 杭州银行 2023 年年报及 2024 年一季报点评：盈利持续高增，拨 备高位稳定 事件：公司发布 2023 年年报&2024 一季报。公司 2023 年实现营收 ◼ 走势比较 350.16 亿元，同比+6.33%；归母净利润 143.83 亿元，同比+23.15%。加 权平均净资产收益率为15.57%，同比+1.48pct。不良率为0.76%；拨备覆 太 20% 盖率为 561.42%。公司 2024Q1 实现营业收入 97.61 亿元，同比+3.50%； 12% 归母净利润51.33亿元，同比+21.11%。 平 利润持续高增，投资收益表现优异。公司2023年实现净利息收入/中 4% 洋 收/其他非息收入同比+2.52%/-13.50%/+39.60%。公司实现利息净收入 证 (4%)21/6/32 42/8/32 5/11/32 71/1/42 03/3/42 11/6/42 234.33亿元，同比增加5.76亿元，增幅2.52%。报告期内，公司盈利表 券 (12%) ...

2024-06-18 | --- | --- | --- | --- | |--------------|----------------------------------------------|----------------------------------|-------| | | | | | | | | | | | | 涅槃新生：证券行业23年及24年Q1业绩综述与展望 | | | | 证券研究报告 | 证券分析师：夏芈印 | 执业登记编号: S1190523030003 | | | | 研究助理: 王子钦 | 一般从业登记编号: S1190124010010 | | > 业绩总览:券商业绩整体承压,自营占比大幅提升。 √ 2401营收利润双增券商仅5家、而23年有27家。营收方面、23年行业均值为115.6亿元，同比+1.4%、2401行业均值为24.6亿元，同比-21.5%;利润方面, 23年行业均值为29.9亿元，同比+1.1%，2401行业均值为6.8亿元，同比-31.7%。 ✓ 23年上市券商ROE同比-0.3%至5.1%，杠杆率整体持乎；2401上市券商ROE（年化）同比-2.5%至 ...

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its development, particularly with a net profit compound annual growth rate of 23.5% over three years [9]. Core Insights - The company achieved total operating revenue of 122.98 billion, a decrease of 12.87% year-on-year, while the net profit attributable to shareholders was 1.03 billion, an increase of 12.4% year-on-year [9]. - The earnings per share for 2023 was 0.79 yuan, with a return on equity of 15.75%, and a cash dividend of 0.33 yuan per share, resulting in a dividend yield of 3.75% [9]. - The company reported a total operating revenue of 23.745 billion for Q1 2024, a decrease of 23.4% year-on-year, while the net profit attributable to shareholders was 266 million, an increase of 5.2% year-on-year [9]. Financial Performance Summary - For 2023, the company reported total revenue of 1229.81 billion, with a year-on-year decrease of 12.9%, and a net profit of 10.30 billion, with a year-on-year increase of 12.4% [10]. - The diluted earnings per share for 2023 was 0.79 yuan, with a projected increase to 0.85 yuan in 2024 and 0.93 yuan in 2025 [10]. - The price-to-earnings ratio is expected to decrease from 10.58 in 2023 to 9.80 in 2024, indicating a potentially more attractive valuation [10].

Investment Rating - The report upgrades the investment rating of Su Nong Bank to "Buy" with a target price based on the last closing price of 5.28 [1]. Core Insights - Su Nong Bank reported a revenue of 4.046 billion and a net profit of 1.743 billion for 2023, showing a year-on-year growth of 0.21% and 16.04% respectively. In Q1 2024, the revenue and net profit were 1.096 billion and 414 million, reflecting a year-on-year increase of 10.56% and 15.83% [2]. - The bank's weighted ROE for 2023 and Q1 2024 was 11.67% and 2.59%, with a year-on-year increase of 0.75 percentage points and 0.25 percentage points [2]. - As of Q1 2024, the non-performing loan ratio stood at 0.91%, unchanged from the end of 2023, while the provision coverage ratio increased to 453.71%, up by 0.86 percentage points from the end of 2023 [2]. - The bank's non-interest income for 2023 and Q1 2024 was 1.080 billion and 371 million, with year-on-year growth of 20.07% and 1.18%, primarily supported by investment income [2]. - The bank's total assets, loans, and deposits as of the end of 2023 increased by 12.36%, 12.15%, and 12.28% respectively, with further growth in Q1 2024 [2]. - The bank's net interest margin for Q1 2024 was 1.44%, a decrease of 30 basis points from 2023, attributed to pricing pressures [2]. - The bank's strategic expansion in urban areas is ongoing, with a significant increase in loan proportions from the Suzhou area [2]. Financial Projections - Revenue projections for Su Nong Bank from 2024 to 2026 are estimated at 4.259 billion, 4.528 billion, and 4.894 billion respectively, with corresponding growth rates of 5.26%, 6.33%, and 8.08% [11]. - Net profit projections for the same period are 1.987 billion, 2.283 billion, and 2.625 billion, with growth rates of 13.20%, 14.90%, and 14.96% [11]. - The book value per share (BVPS) is projected to be 9.60, 11.21, and 13.10 for 2024, 2025, and 2026 respectively, with a corresponding price-to-book (PB) ratio decreasing to 0.55, 0.47, and 0.40 [11].