2024年04月25日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 赛诺菲 Amlitelimab 在中国启动 3 期临床，治疗特应性皮炎  走势比较 报告摘要 10% 市场表现： 2% 太 (6%)52/4/32 7/7/32 81/9/32 03/11/32 11/2/42 42/4/42 0.682 p0 c2 t4 ，年 涨跌4 幅月 居2 申5 万日， 31医 个药 子板 行块 业涨 第跌幅 4+ 名0. 。93 各%， 医跑 药赢 子沪 行深 业中30 ，0 医指 院数 平 (14%) (+1.97%)、医疗耗材(+1.36%)、血液制品（+1.28%）表现居前，疫苗(- 洋 (22%) 0.54%)、医疗研发外包(+0.22%)、线下药店(+0.25%)表现居后。个股方面， 日涨幅榜前3位分别为常山药业(+19.98%)、怡和嘉业(+11.04%)、贝瑞基 证 (30%) 因(+10.05%)；跌幅榜前 3 位为楚天科技（-9.16%）、ST 吉药(-5.23%)、 券 医药 沪深300 ST三圣(-5.17%)。 股  子行业评级 份 行业要闻： 4 月 25 日，中国药物临床 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [12]. Core Insights - The company reported a revenue of 455 million yuan for Q1 2024, representing a year-on-year growth of 30.20%, driven by the expansion of domestic and international markets and increased product coverage [4]. - The net profit attributable to shareholders reached 140 million yuan, up 36.48% year-on-year, with a non-recurring net profit of 137 million yuan, reflecting a 51.59% increase, primarily due to sales growth and cost control [4]. - The company has seen a strong increase in electrophysiology surgeries, with over 10,000 procedures completed in 2023, marking a growth of over 200% compared to 2022 [5]. - New vascular intervention products are being introduced, including a chest aortic stent approved in April 2024 for treating Stanford type B aortic dissection [5]. Financial Performance - The company's comprehensive gross margin for Q1 2024 was 72.01%, with a net profit margin of 30.28%, reflecting a 2.03 percentage point increase [6]. - Revenue projections for 2024-2026 are 2.223 billion, 3.008 billion, and 3.968 billion yuan, with expected growth rates of 35%, 35%, and 32% respectively [8]. - The forecasted net profit for the same period is 689 million, 934 million, and 1.237 billion yuan, with growth rates of 29%, 36%, and 32% respectively [8]. Business Development - The company is actively expanding its product line through investments in other medical firms, enhancing its growth potential [5]. - Ongoing research projects in electrophysiology and vascular intervention are expected to yield new products by 2025, contributing to future revenue growth [5].

23 年及 24Q1 财报点评：24Q1 主业势头向好，外延并购打开成长 天花板 2024 年 04 月 25 日 公司点评 买入/维持 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司点评 P2 23 年及 24Q1 财报点评：24Q1 主业势头向好，外延并购打开成长 天花板 风险提示：原材料价格波动风险，市场竞争加剧，自主品牌孵化不及预期 等 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 投资评级说明 1、行业评级 2、公司评级 太平洋研究院 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 重要声明 本报告信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。负责准备本 报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券所 发表的观点均如实反映分析人员的个人观点。报告中的内容和意见仅供参考，并不构成对所述证券买 卖的出价或询价。我公司及其雇员对使用本报告及其内容所引发的任何直接或间接损失概不负责。我 公司或关联机构可能会持有报告中所提到的公司所发行的证券头寸并进行交易，还可能为这些公司提 供或争取提供投资银行业 ...

Investment Rating - The report maintains an "Accumulate" rating for Fengshang Culture (300860) with a target price of 47.25, compared to the last closing price of 41.66 [1]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 677 million, 865 million, 1,006 million, and 1,158 million for the years 2023 to 2026, respectively, reflecting growth rates of 111.46%, 27.78%, 16.29%, and 15.13% [4]. - The net profit attributable to the parent company is forecasted to be 134 million, 260 million, 312 million, and 350 million for the same years, with growth rates of 813.92%, 93.14%, 20.21%, and 12.15% [4]. - The company has a strong order backlog of 900 million as of Q1 2024, which is expected to support its performance throughout the year despite short-term impacts from project confirmation cycles [8]. Summary by Sections Financial Forecasts and Indicators - Revenue for 2023 is projected at 677 million, with a growth rate of 111.46%. The net profit is expected to reach 134 million, showing a remarkable growth of 813.92% [4]. - For 2024, revenue is estimated at 865 million, with a growth rate of 27.78%, and net profit is projected at 260 million, reflecting a growth rate of 93.14% [4]. - The diluted earnings per share are forecasted to be 0.98, 1.89, 2.28, and 2.55 for the years 2023 to 2026, respectively [4]. Business Development - The company is actively exploring the "low-altitude/virtual reality + performance" sector, which is expected to create new highlights for its projects and attract audience participation [8]. - The C-end operational business is beginning to generate profits, with the Shanghai 632 project achieving revenue of 33.54 million and a net profit of 9.92 million [8]. - The company is leveraging its experience from successful projects to enhance its C-end business, which is anticipated to gradually increase its revenue share in the overall income [8].

Investment Rating - The report maintains a "Buy" rating for Jinzai Food with a target price of 17.64 yuan [4] Core Views - Jinzai Food achieved robust revenue growth and significant improvement in net profit margin in Q1 2024 [4] - The company's net profit in Q1 2024 reached 74 million yuan, up 87.73% year-on-year, with revenue increasing by 23.58% to 540 million yuan [4] - The gross profit margin in Q1 2024 was 30.02%, up 4.04 percentage points year-on-year, driven by lower raw material costs and improved supply chain efficiency [4] - The net profit margin reached 13.80%, up 4.80 percentage points year-on-year, supported by cost reductions and operational efficiency [4] Financial Performance - Revenue for 2023 was 2,065 million yuan, with a growth rate of 41.26% [5] - Net profit for 2023 was 210 million yuan, up 68.17% year-on-year [5] - Revenue is expected to grow to 2,642 million yuan in 2024, with a growth rate of 27.94% [5] - Net profit is projected to reach 285 million yuan in 2024, up 35.94% year-on-year [5] Product and Channel Performance - The small fish product maintained double-digit growth, while quail egg sales remained at a high level [4] - New quail egg production capacity is expected to start in Q2 2024, with quail egg prices declining year-on-year and quarter-on-quarter [4] - The company launched new short-shelf-life tofu products, which are expected to contribute to revenue growth [4] - Offline channels maintained rapid growth, while e-commerce growth slowed due to price control and reduced marketing spending [4] Future Outlook - The company aims to expand its product portfolio with "large packaging + bulk sales" and improve its channel coverage [4] - Quail egg sales are expected to reach 1 billion yuan, driven by new production capacity and product innovation [4] - The company plans to increase the penetration of large packaging and bulk products in existing retail outlets [4] Valuation and Projections - The EPS for 2024-2026 is projected to be 0.63/0.81/1.01 yuan, with corresponding P/E ratios of 24x/19x/15x [4] - The target price of 17.64 yuan is based on a 28x P/E ratio for 2024 earnings [4]

太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 | --- | --- | --- | --- | --- | |--------------------|-------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 722 | 1,000 | 1,500 | 2,250 | | 营业收入增长率 (%) | 0.31% | 38.48% | 50.00% | 50.00% | | 归母净利（百万元） | 106 | 200 | 307 | 472 | | 净利润增长率 (%) | 5.28% | 89.18% | 53.12% | 53.68% | | 摊薄每股收益（元） | 0.28 | 0.47 | 0.73 | 1.12 | | 市盈率（PE） | 37.83 | 20.89 | 13.64 | 8.88 | 公司点评 Q1 业绩超市场预期，新产品法规市场即将放量 P3 公司点评 投资评级说明 1、行业评级 2、公司评级 北京市西城区北展北街 9 号华远企业号 D 座二单元七 ...

◼ 走势比较 买入：预计未来 6 个月内，个股相对沪深 300 指数涨幅在 15%以上； 增持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于 5%与 15%之间； 持有：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与 5%之间； 减持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与-15%之间； 卖出：预计未来 6 个月内，个股相对沪深 300 指数涨幅低于-15%以下。 阳光诺和(688621) 目标价: 85.00 昨收盘:57.88 <<三季度增长稳健，研发投入持续加 大>>--2023-11-02 << 【 太 平 洋 证 券 】 阳 光 诺 和 (688621)2023 年中报业绩点评：业绩 稳健增长，临床试验及生物分析业务 表现亮眼（2023.8.28）>>--2023-08- 29 <<【太平洋证券】阳光诺和(688621)： 自研成果转化开始逐步兑现，一体化 本报告信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。负责准备本 报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券所 发表的观点均如 ...

2024年04月25日 公 司点评 公 买入 / 维持 司 燕京啤酒(000729) 研 究 目标价: 11.55 昨收盘:9.62 改革提效成果显著，利润端实现高弹性增长 事件：燕京啤酒发布2024年一季报，2024Q1实现营收35.87亿元， ◼ 走势比较 同比+1.72%，归母净利润1.03亿元，同比+58.90%，扣非归母净利润1.03 亿元，同比+81.72%。 10% 利润实现高弹性增长，预计U8维持高增态势。公司一季度收入端稳 太 0% 健增长，利润端实现高弹性增长，业绩符合预期。2024Q1销售收现达42.96 平 (10%)42/4/32 6/7/32 71/9/32 92/11/32 01/2/42 32/4/42 亿元，同比+7.29%，高于收入增速。2024Q1 合同负债达 14.74 亿元，同 比增加2.56亿元，同比+21.04%，蓄水池充足，为全年业绩持续释放奠定 洋 (20%) 基础。2023年公司销量/吨价分别同比+4.6%/+2.8%，U8在2023年销量同 证 (30%) 比增长超过36%，预计2024年一季度U8在去年同期较高基数下延续快速 券 (40%) 增长态势，带 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][19]. Core Insights - The company reported a significant increase in revenue for Q1 2024, with a total of 0.89 billion yuan, representing a year-on-year growth of 71.01%. This growth is attributed to the company's active expansion in domestic and international markets, along with the positive impact of volume-based procurement policies [3][4]. - The net profit attributable to the parent company reached 0.04 billion yuan, showing a remarkable year-on-year increase of 144.70% [3]. - The company is experiencing accelerated product rollout due to collective procurement, with new products gaining recognition and expanding into the atrial fibrillation market [4]. Financial Performance - The company’s total share capital is 4.71 billion shares, with a market capitalization of 11.66 billion yuan. The stock has seen a 12-month high of 28.75 yuan and a low of 15.44 yuan [3]. - The comprehensive gross margin for Q1 2024 was 60.54%, with a significant improvement in net profit margin to 4.68%, up by 22.57 percentage points year-on-year [5]. - The company’s operating income is projected to grow from 4.77 billion yuan in 2024 to 9.03 billion yuan in 2026, with corresponding net profits expected to rise from 0.49 billion yuan to 1.58 billion yuan during the same period [5][11]. Market Expansion - The usage of pressure catheters exceeded 1,000 procedures in 2023, with continued high growth in Q1 2024. The company anticipates rapid market penetration in cities like Beijing, Tianjin, and Hubei [4]. - The company has received domestic registration for its cryoablation product series and has completed listings in over 20 provinces, with ongoing clinical trials at leading centers [4]. - The company is also advancing its PFA project, which is expected to receive certification by Q1 2025, and has entered a special review process for its RDN product [4]. Profitability Analysis - The report highlights a significant reduction in operating expense ratios, contributing to the improved net profit margin. The sales expense ratio decreased by 10.78 percentage points, and the R&D expense ratio decreased by 22.82 percentage points [5]. - The company’s earnings per share (EPS) are projected to increase from 0.10 yuan in 2024 to 0.34 yuan in 2026, reflecting strong growth potential [5][11].

2024 年 04 月 26 日 公司点评 增持/维持 | --- | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...