2024年05月21日 行 业周报 看好 / 维持 行 电子 业 研 究 电子 太平洋电子周报 ◼ 走势比较 重点公司公告及行业要闻 10% 一、 重点公司公告 2% 太 (6%)22/5/32 2/8/32 31/01/32 42/21/32 5/3/42 61/5/42 【 目前盈 总趣 股科 本技 的】公 0.司 06以 13集 %，中 最竞 高价 成交 交易 价方 为式 1回 3购 .7公 6元司 /股 股份 ，最47 低.8 成4 交万 价股 为，占 13公 .司 64 平 (14%) 元/股 洋 (22%) 【瑞芯微】公司持股 15.93%的公司股东、董事、副总经理黄旭拟通过集 中竞价和/或大宗交易方式，减持公司股份合计不超过418万股，即不超 证 (30%) 过公司总股本的1% 券 电子 沪深300 【思泉新材】公司拟通过下属全资子公司香港思泉新材有限公司出资设立 股 全资孙公司越南思泉新材并投资建设散热产品项目，计划投资总额为 ◼ 子行业评级 份 3500万美元 有 限 ◼ 推荐公司及评级 二、行业要闻 公 ...

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank (601658) with a target price based on the last closing price of 5.06 [1]. Core Insights - Postal Savings Bank demonstrated strong revenue resilience with a 2023 revenue of 342.51 billion yuan, a year-on-year increase of 2.25%, and a net profit of 86.27 billion yuan, up 1.23% year-on-year. For Q1 2024, the bank reported revenue of 89.43 billion yuan, a 1.44% increase, but a slight decline in net profit by 1.35% [2][1]. - The bank's weighted ROE for 2023 and Q1 2024 was 10.85% and 12.36%, respectively, showing a decrease of 1.04 percentage points and 2.01 percentage points year-on-year [2][1]. - The bank's non-performing loan ratio was stable at 0.84% as of Q1 2024, with a provision coverage ratio of 326.87%, indicating strong risk mitigation capabilities [2][1]. Summary by Sections Financial Performance - In 2023, Postal Savings Bank achieved total assets of 15.73 trillion yuan, a year-on-year increase of 11.80%. Customer loans reached 8.15 trillion yuan, up 13.02%, and customer deposits were 13.96 trillion yuan, increasing by 9.76% [2][1]. - For Q1 2024, total assets rose to 16.33 trillion yuan, with customer loans at 8.52 trillion yuan and deposits at 14.63 trillion yuan, reflecting year-on-year growth of 3.85%, 4.58%, and 4.82%, respectively [2][1]. Revenue and Profitability - The bank's net interest margin was reported at 1.92% as of the report period, with a slight decrease of 9 basis points from the end of 2023. The average yield on customer loans was 4.13%, while the interest rate on customer deposits was 1.53% [2][1]. - The bank's revenue growth in Q1 2024 was primarily driven by net interest income of 71.57 billion yuan, which increased by 3.13% year-on-year [2][1]. Future Projections - The report forecasts that Postal Savings Bank's revenue will reach 348.67 billion yuan in 2024, 366.36 billion yuan in 2025, and 390.51 billion yuan in 2026. The projected net profits are 87.58 billion yuan, 91.09 billion yuan, and 96.19 billion yuan for the respective years [2][1]. - The book value per share (BVPS) is expected to be 10.61 yuan, 11.67 yuan, and 12.76 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-book (PB) ratios of 0.48, 0.43, and 0.40 [2][1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 annual report and Q1 2024 report indicate a positive turnaround in revenue, with a year-on-year increase in revenue for Q1 2024, while the decline in net profit is narrowing [1][3] - The company achieved operating revenue and net profit of 210.83 billion and 77.12 billion yuan in 2023, respectively, with year-on-year changes of -5.19% and -15.61%. For Q1 2024, the figures were 57.75 billion and 24.34 billion yuan, with year-on-year changes of +4.22% and -3.10% [3] - The company’s weighted ROE for 2023 and Q1 2024 was 10.64% and 3.37%, showing a year-on-year decrease of 3.21 percentage points and 0.36 percentage points [3] - The non-performing loan ratio remained stable at 1.07% as of the end of Q1 2024, with a provision coverage ratio of 245.51%, an increase of 0.30 percentage points from the end of 2023 [3] Summary by Sections Financial Performance - The company reported total assets and liabilities of 1,015.83 billion and 935.06 billion yuan for 2023, reflecting year-on-year increases of 9.62% and 9.89%. For Q1 2024, total assets and liabilities were 1,025.73 billion and 942.41 billion yuan [3] - The net interest income for Q1 2024 was 37.24 billion yuan, a year-on-year increase of 5.09%, while non-interest income was 20.51 billion yuan, up 2.69% year-on-year [3] Asset Quality - The company’s asset quality remains stable, with a non-performing loan ratio of 1.07% for both 2023 and Q1 2024, and a provision coverage ratio that increased to 245.51% [3] - The company has strengthened its risk resistance capabilities by provisioning 16.06 billion yuan for potential risks in Q1 2024 [3] Future Projections - The company is expected to achieve operating revenues of 212.90 billion, 218.94 billion, and 228.28 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 77.96 billion, 79.81 billion, and 83.30 billion yuan [3] - The book value per share (BVPS) is projected to be 37.63, 41.15, and 44.71 yuan for the same years, with corresponding price-to-book (PB) ratios of 0.47, 0.43, and 0.40 [3]

2024年05月21日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 拜耳 Elinzanetant 三期临床结果积极，用于治疗 VMS ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)22/5/32 2/8/32 31/01/32 42/21/32 5/3/42 61/5/42 0.252 p0 c2 t4 ，涨年 跌5 幅月 居申20 万日 3， 1医 个药 子板 行块 业涨 第跌 2幅 0+ 名0. 。10 各%， 医跑 药输 子沪 行深 业中30 ，0 医指 院数 平 (14%) (+1.13%)、疫苗(+0.55%)、医疗研发外包（+0.49%）表现居前，线下药店 洋 (22%) (-0.95%)、医疗设备(-0.27%)、血液制品(-0.23%)表现居后。个股方面， 日涨幅榜前3位分别为嘉应制药(+10.08%)、戴维医疗(+8.75%)、新天地 证 (30%) (+8.12%)；跌幅榜前3位为荣丰控股（-8.33%）、皓宸医疗(-6.67%)、长 券 医药 沪深300 药控股(-6.37%)。 股 ◼ 子行业评级 份 行业要闻： 近日，拜耳公布了其在研疗法Elinzane ...

2024年05月20日 行 业周报 看好 / 维持 行 纺织服装 业 研 究 纺织服装 纺服&零售周报：4 月社零同增 2.3%，内需有待提振，继续推荐 制造&出海 ◼ 走势比较 报告摘要 10% 核心观点：1）纺服：海外品牌去库顺利，看好短期具备弹性的制造 4% 企业。长期来看，品牌端持续看好景气度高的运动行业头部企业以及经营 太 平 (( 82 %% ))91/5/32 03/7/32 01/01/32 12/21/32 2/3/42 31/5/42 质 的量 产、 业品 地牌 位势 提能 升增 的强 逻的 辑优 不质 变企 。业 2）；制 美造 护端 ：看 24好 开长 年期 国景 货气 美的 妆运 品动 牌产 表业 现链 亮龙 眼头 ； 洋 (14%) 抖音渠道贡献主要增量；关注头部国货化妆品集团借助新品迭代和爆品放 证 (20%) 量抢占细分/空白赛道的消费者心智；医美产品拿证进展超预期带来行业 供给增量，利好需求市场和增量创造，叠加监管趋严利好头部企业。3） 券 纺织服装 沪深300 零售：跨境电商渠道增长红利+成熟的制造业基础，看好供应链出海2C零 股 售。我们在年度策略中强调了制造链复苏&供应 ...

2024年05月20日 行 业周报 看好 / 维持 行 纺织服装 业 研 究 纺织服装 纺服&零售周报：4 月社零同增 2.3%，内需有待提振，继续推荐 制造&出海 ◼ 走势比较 报告摘要 10% 核心观点：1）纺服：海外品牌去库顺利，看好短期具备弹性的制造 4% 企业。长期来看，品牌端持续看好景气度高的运动行业头部企业以及经营 太 平 (( 82 %% ))91/5/32 03/7/32 01/01/32 12/21/32 2/3/42 31/5/42 质 的量 产、 业品 地牌 位势 提能 升增 的强 逻的 辑优 不质 变企 。业 2）；制 美造 护端 ：看 24好 开长 年期 国景 货气 美的 妆运 品动 牌产 表业 现链 亮龙 眼头 ； 洋 (14%) 抖音渠道贡献主要增量；关注头部国货化妆品集团借助新品迭代和爆品放 证 (20%) 量抢占细分/空白赛道的消费者心智；医美产品拿证进展超预期带来行业 供给增量，利好需求市场和增量创造，叠加监管趋严利好头部企业。3） 券 纺织服装 沪深300 零售：跨境电商渠道增长红利+成熟的制造业基础，看好供应链出海2C零 股 售。我们在年度策略中强调了制造链复苏&供应 ...

[Table_Message]2 024-05- 20 行业周 报 行 看好/维持 业 航空航天与国防Ⅲ 研 究 [Table_Title] 工业资本货物 报 告 军工行业周报(2024.05.20)：北京市发布低空经济产业发展三年规划 [报T告ab摘le要_S ummary]  走势对比 太 本周要闻： 平 北京市发布低空经济产业发展三年规划 洋 证 近日，北京市发布了《北京市促进低空经济产业高质量发展行 券 动方案（2024—2027年）（征求意见稿）》。方案提出，在确保安 股 全的前提下，力争通过三年时间，低空经济相关企业数量突破5000 份 家，在技术创新、标准政策、应用需求、安防反制等领域形成全国 有 引领示范，带动全市经济增长超1000亿元。到2027年，培育10 限 [ Table_ReportInfo] 亿元级龙头企业10家，过亿元产业链核心环节配套企业50家、技 公 术服务企业100家。围绕应急救援、物流配送、空中摆渡、城际通 司 勤、特色文旅等，新增10个以上应用场景，开通3条以上面向周 [ Table_Author] 证 边地区的低空航线。此外，拟成立由市领导牵头的低空经济发展工 券 ...

Investment Rating - The report maintains a "Positive" rating for the automotive industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [32]. Core Insights - Xiaomi's City NOA redefines smart cars, with the Xiaomi SU7 Pro achieving over 10,000 deliveries in just 43 days, setting a record for new brand vehicle deliveries [8][4]. - NIO's sub-brand, Lido, has launched its first model, the Lido L60, with a pre-sale price of 219,900 yuan, expected to be delivered in September [7][8]. - The automotive industry is experiencing an upward turning point in market conditions, with a focus on Huawei and Xiaomi as key players for new growth opportunities [8]. Market Performance Review - The automotive sector index fell by 1.76% during the week of May 13 to May 19, underperforming compared to the broader market indices [10][11]. - The current valuation of the automotive industry stands at a PE ratio of 20.7, below the five-year median of 29.5 [17]. Industry Dynamics - Recent policies include the promotion of electric vehicle replacements and incentives for consumers to trade in old vehicles for new ones, with subsidies reaching up to 10,000 yuan in certain provinces [28][29]. - The National Development and Reform Commission has introduced regulations to support the development of new energy sources and enhance the electric power market structure [22]. Recent Company Announcements - Xiaomi has set a target to deliver 100,000 vehicles this year, following the successful delivery of its 10,000th SU7 [24]. - NIO has established a new independent sales network for its Lido brand, focusing on family-oriented vehicles and leveraging its existing battery swap infrastructure [7].

Investment Rating - The industry is rated as "Positive" with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [34]. Core Insights - The electrophysiology sector showed strong growth in Q1 2024, driven by increased global surgical volumes and the commercialization of new products such as QDOT Micro and OCTARAY TM [6][8]. - Major companies like Johnson & Johnson, Boston Scientific, and Abbott reported significant revenue increases in their electrophysiology segments, with Johnson & Johnson's electrophysiology business growing by 23% year-on-year [6][8]. - The report emphasizes the importance of innovation in the pharmaceutical sector, highlighting opportunities in single product innovation, overseas expansion, and domestic demand driven by an aging population [2][14][15]. Summary by Sections Electrophysiology Business Performance - Johnson & Johnson reported Q1 2024 revenue of $21.383 billion, with a 2.3% increase, largely due to a 23% growth in electrophysiology [6]. - Boston Scientific achieved $3.856 billion in revenue, a 13.8% increase, with a 72% growth in its electrophysiology business [8]. - Abbott's total revenue for Q1 2024 was $9.964 billion, up 2.2%, driven by double-digit growth in diabetes care and electrophysiology [12]. Investment Recommendations - The report suggests focusing on "key few" opportunities, including single product innovations in CNS and innovative medical devices [2][14]. - Companies recommended for investment include Mindray Medical, Huada Gene, and Micro Electrophysiology, all rated as "Buy" [33]. Market Overview - The pharmaceutical sector experienced a decline of 1.98% in the week of May 13-17, 2024, underperforming the CSI 300 index by 2.30 percentage points [18]. - The report notes that all sub-sectors within the pharmaceutical industry saw declines, with chemical preparations experiencing the largest drop of 2.81% [18].

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [39]. Core Insights - The home appliance sector has seen a slight decline of 3.66% this week, but it has increased by 20.37% year-to-date, ranking second among the primary industries in the Shenwan classification [4][8]. - TCL Electronics, Changhong Meiling, and Hisense Home Appliances have led the sector with significant year-to-date gains, with TCL Electronics achieving a remarkable increase of 120.39% [4][8]. - The report highlights a positive trend in capital inflow, with northbound funds net inflow of 8.762 billion and southbound funds net inflow of 16.939 billion, indicating increased investor interest [4][8]. Market Overview - The real estate market is under pressure, with April 2024 data showing a 36.66% decline in transaction area and a 35.72% drop in transaction volume across 30 major cities [4][16]. - The report anticipates a recovery in the real estate sector, which could positively impact the demand for major appliances such as air conditioners, refrigerators, washing machines, and televisions [4][16]. Raw Material Price Tracking - Prices for plastics, copper, and aluminum have shown year-on-year increases, with copper prices rising by 27.18% and aluminum by 12.12% [20][24]. - The report notes that steel prices have decreased by 11.43% year-on-year, while the overall trend for raw materials indicates a mixed outlook [20][24]. News Highlights - The report mentions significant product launches, including the AITO M9, which has surpassed 80,000 pre-orders, benefiting companies like Guangfeng Technology [31]. - Other notable product releases include new models from XGIMI and Biyunquan, indicating a competitive landscape in the home appliance sector [31][33]. Investment Recommendations - The report suggests focusing on white goods, kitchen appliances, and electrical lighting, which are currently undervalued and expected to benefit from a recovery in real estate and consumer confidence [37]. - The white goods sector is projected to maintain high demand, while kitchen small appliances are expected to see revenue growth due to promotional activities [37].