Investment Rating - The report assigns a "Buy" rating for Shun'an Environment, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][13]. Core Views - The report highlights that the company is positioned to benefit from the expansion of the upstream components industry due to increased air conditioning production and the rising penetration of new energy vehicles. The company, as a leading manufacturer of refrigeration components, is expected to share in the industry's growth dividends. Additionally, the rapid expansion of the new energy vehicle thermal management business is anticipated to drive revenue growth [3][8]. - The projected net profits for the company from 2024 to 2026 are estimated at 948 million, 1.14 billion, and 1.36 billion yuan, respectively, with corresponding EPS of 0.89, 1.07, and 1.27 yuan. The current stock price corresponds to PE ratios of 12.40, 10.32, and 8.67 times for the same years [3][9]. Financial Performance Summary - In 2023, the company achieved a revenue of 11.38 billion yuan, representing an increase of 11.50%, while the net profit attributable to shareholders was 738 million yuan, a decrease of 11.50%. The non-recurring net profit was 821 million yuan, showing a significant increase of 78.08% [6][9]. - For Q1 2024, the company reported a revenue of 2.63 billion yuan, up 7.31%, and a net profit of 208 million yuan, an increase of 28.88%. The non-recurring net profit for the same period was 200 million yuan, reflecting a growth of 13.94% [6][9]. - The company's revenue from refrigeration parts, refrigeration equipment, automotive thermal management, and other businesses in 2023 was 8.46 billion, 1.65 billion, 473 million, and 807 million yuan, respectively, with year-on-year growth rates of 8.74%, 10.53%, 136.54%, and 8.60% [6][9]. Business Segment Insights - The automotive thermal management business has shown remarkable growth, with its revenue share increasing to 4.15% in 2023, up by 2.19 percentage points. This segment, along with the high-margin refrigeration equipment business, is expected to enhance the company's long-term profitability [8][9]. - The company is focusing on technological upgrades and capacity expansion in the refrigeration sector, while also actively developing its new energy thermal management technology to become a reliable supplier for major manufacturers [8][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.53, compared to the last closing price of 16.98 [1][5]. Core Insights - The company reported a revenue of 3.625 billion yuan for 2023, representing a year-on-year increase of 15.90%. The net profit attributable to shareholders was 280 million yuan, up 31.04% year-on-year [2][5]. - In Q1 2024, the company achieved a revenue of 725 million yuan, a year-on-year increase of 6.76%, with a net profit of 25 million yuan, showing a significant increase of 331.26% year-on-year [2][5]. - The company has seen strong growth in its ready-to-drink segment, with a revenue increase of 41.16% to 901 million yuan in 2023, driven by successful new product launches and effective distribution strategies [2][5]. Financial Summary - The company expects revenues of 4.206 billion yuan in 2024, 4.801 billion yuan in 2025, and 5.429 billion yuan in 2026, with growth rates of 16%, 14%, and 13% respectively [6]. - The net profit is projected to be 354 million yuan in 2024, 450 million yuan in 2025, and 538 million yuan in 2026, with corresponding growth rates of 26%, 27%, and 19% [6]. - The report indicates an improvement in gross margin, which increased by 3.73 percentage points to 37.53% in 2023, with expectations for further increases in the coming years [2][5].

Investment Rating - The report maintains a "Buy" rating for Antu Biology (603658) [1][7] Core Views - The company reported better-than-expected profits in Q1 2024, with new products anticipated to drive future growth [1] - In 2023, the company achieved a revenue of 4.444 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 1.217 billion yuan, up 4.28% year-on-year [4][5] - The first quarter of 2024 saw a revenue of 1.089 billion yuan, representing a growth of 5.09%, and a net profit of 324 million yuan, which is a significant increase of 33.93% year-on-year [4][5] Summary by Sections Financial Performance - In 2023, the company's total revenue was 44.44 billion yuan, with a 16.64% growth when excluding COVID-19 testing revenue [5] - The revenue from immunology products grew by 23.77% to 2.483 billion yuan, while microbiological and biochemical products also showed strong growth [5] - The overall gross margin improved by 5.23 percentage points to 65.07% in 2023, driven by an increase in the proportion of high-margin reagent products [7] Product Development - The company successfully registered 60 new product certificates in 2023, expanding its product range [5] - New instruments, including the AutoChem B801 series and the Autof ms series, received medical device registration, enhancing the company's technological capabilities [5] Regional Performance - Domestic revenue decreased by 1.82% to 41.59 billion yuan, while overseas revenue surged by 60.53% to 2.09 billion yuan [5] Future Projections - Revenue forecasts for 2024-2026 are 51.31 billion yuan, 60.48 billion yuan, and 71.07 billion yuan, with expected growth rates of 15%, 18%, and 18% respectively [7] - Projected net profits for the same period are 1.515 billion yuan, 1.891 billion yuan, and 2.347 billion yuan, with growth rates of 24% for each year [7]

2024年04月17日 公 司点评 公 买入 / 上调 司 北京君正(300223) 研 究 目标价: 昨收盘:60.38 计算芯片成长势能充足，存储芯片迎修复 事件：公司23年实现营业收入45.31亿元，同比下降16.28%；归母  走势比较 净利润5.37 亿元，同比下降31.93%；扣非后归母净利润4.91 亿元，同 比下降34.23%。23Q4 实现营业收入11.11 亿元，同比下降6.87%；归母 10% 净利润1.69亿元，同比增长191.38%；扣非后归母净利润1.45亿元，同 太 (4%) 比增长383.33%。 平 (18%) 计算芯片销售增长势能充足，存储芯片筑底。分品类来看，公司计算 /存储/模拟互联芯片收入分别为 11.08/29.12/4.09 亿元，同比变化 洋 (32%) +43.91%/-28.19%/-14.61%。公司产品线在安防领域+泛视频领域不断丰 证 (46%) 富，T系列产品在双摄、多摄市场先发优势明显，助力公司在安防类市场 券 (60%) 产品销售的显著增长；在打印机、二维码等智能硬件市场有批量出货以及 股 产品导入。LED驱动芯片应用场景有汽车电子不断外延至白 ...

公 司 研 究 24Q1 业绩亮眼，中高端产品放量 股票数据 <<太平洋证券-电子行业-胜宏科技 （300476）点评：扣非净利同比+60% 增长，现金流造血能力强>>--2019- 04-03 <<太平洋证券-电子行业-胜宏科技 （300476）点评：扣非净利同比+60%， 增速、研发投入、迭代速度均领先行 业>>--2019-03-01 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 报告标题 P2 公司点评 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 报告标题 P3 看好：预计未来 6 个月内，行业整体回报高于沪深 300 指数 5%以上； 中性：预计未来 6 个月内，行业整体回报介于沪深 300 指数-5%与 5%之间； 看淡：预计未来 6 个月内，行业整体回报低于沪深 300 指数 5%以下。 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； ...

2024 年 04 月 18 日 公司点评 买入/维持 行动教育(605098) 目标价: 60 昨收盘:49.20 业绩符合预期，大客户战略持续推进 ◼ 走势比较 (30%) (12%) 6% 24% 42% 60% 23/4/1823/6/3023/9/11 23/11/2324/2/424/4/17 行动教育 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.18/1.18 总市值/流通(亿元) 58.09/58.09 12 个月内最高/最低价 (元) 50.5/32.77 相关研究报告 <<业绩预告符合预期 大客户战略效 果显著>>--2024-01-23 <<业绩符合预期，Q4 迎行业旺季>>- -2023-10-27 <<行动教育中报点评：业绩符合预 期，大客户战略效果显著>>--2023- 08-24 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 事件：公司发布 2023 年年报，报告期内公司实现营业收入 6.72 亿 /+49.08%；实现净利润 2.2 亿元/+96.54%；截至 2023 年，公司总资产 20. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 10.93 [1]. Core Views - The company is expected to accelerate commercialization in 2024, with a focus on improving its product portfolio and market presence [4][15]. - The company reported a revenue of 4.068 billion yuan in 2023, representing a year-on-year growth of 6.03%, while the net profit attributable to shareholders was -551 million yuan, a significant decrease of 388.19% [9][12]. - The increase in asset impairment losses and R&D expenses were noted as key factors affecting the company's financial performance [9][12]. Financial Summary - Revenue projections for 2024-2026 are 5.176 billion yuan, 6.069 billion yuan, and 6.999 billion yuan, with growth rates of 27.24%, 17.24%, and 15.33% respectively [12]. - The net profit attributable to shareholders is expected to recover to 547 million yuan in 2024, 777 million yuan in 2025, and 1.040 billion yuan in 2026, with respective growth rates of 199.34%, 41.97%, and 33.87% [12]. - The company’s R&D expenses increased by 64.21% in 2023, amounting to 312 million yuan, reflecting a commitment to innovation [9][12].

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [3]. Core Insights - Seagen's ADC therapy targeting integrin β6 has received clinical trial approval in China, which is a significant development for the industry [2][3]. - The pharmaceutical sector experienced a slight decline of -0.62% as of April 19, 2024, but outperformed the CSI 300 index by 0.17 percentage points, ranking 20th among 31 sub-industries [2]. - Notable performances within sub-industries include blood products (+1.04%) and pharmaceutical distribution (+0.66%), while medical R&D outsourcing (-2.75%) and hospitals (-1.86%) lagged [2]. Summary by Sections Market Performance - As of April 19, 2024, the pharmaceutical sector's performance was -0.62%, with a slight outperformance against the CSI 300 index [2]. - The top-performing sub-industries were blood products and pharmaceutical distribution, while medical R&D outsourcing and hospitals showed negative performance [2]. Industry News - Seagen's first-in-class ADC therapy for advanced solid tumors has received approval for clinical trials in China, which is a notable advancement in the industry [2]. - Pfizer's acquisition of Seagen for approximately $43 billion in March 2023 highlights the strategic importance of this ADC product in their pipeline [2]. Company Updates - Jichuan Pharmaceutical reported a Q1 2024 revenue of 2.403 billion yuan, a year-on-year increase of 0.60%, with a net profit of 845 million yuan, up 24.90% [2]. - Mayinglong Pharmaceutical's Q1 2024 revenue was 955 million yuan, reflecting a 14.70% year-on-year growth, with a net profit of 198 million yuan, up 5.36% [2]. - Changchun High-tech reported a Q1 2024 revenue of 3.177 billion yuan, a 14.39% increase year-on-year, with a net profit of 859 million yuan, showing a slight increase of 0.20% [2].

2024年04月21日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 血液透析远期市场空间广阔，国产企业有望加速进口替代  走势比较 报告摘要 10% 本周我们讨论国产血液透析器械公司的投资逻辑。 2% 太 (6%)02/4/32 2/7/32 31/9/32 52/11/32 6/2/42 91/4/42 1、血液净化有多种方式，血液透析和连续性肾脏替代治疗原理相似， 平 (14%) 后者适应症更广 洋 (22%) 血液净化是指把患者的血液引出身体外并通过一种净化装置，除去其 证 (30%) 中某些致病物质，净化血液，以达到治疗疾病的目的，包含多种不同 券 医药 沪深300 的净化方式。其中，血液透析是目前最常用、最重要的血液净化方法， 股  子行业评级 是治疗急、慢性肾功能衰竭包括终末期肾病（ESRD）和某些急性药 份 物、毒物中毒的有效方法；连续性肾脏替代治疗（CRRT）是另一种 有 化学制药 无评级 血液净化方式，CRRT的临床应用范围超出肾脏病的领域，是各种危 限 生物医药Ⅱ 无评级 重病救治重要的支持措施。 ...

Stock Data - Total Shares Outstanding / Float (billion shares): 5.55 / 5.55 [1] - Total Market Cap / Float (billion RMB): 727.72 / 727.72 [1] - 12-Month High / Low Price (RMB): 179.5 / 76.44 [1] Company Performance - Q1 2024 Revenue: 5.648 billion RMB, up 41.78% YoY [2] - Q1 2024 Net Profit Attributable to Parent Company: 385 million RMB, up 16.41% YoY [2] - Q1 2024 Non-GAAP Net Profit: 371 million RMB, up 27.23% YoY [2] - Q1 2024 Non-GAAP Net Profit Margin: 6.56%, down 0.75pct YoY [2] - Q1 2024 Sales / Management / R&D / Financial Expense Ratios: 1.28% / 1.78% / 9.26% / 0.64%, with changes of -0.17pct / -0.58pct / -0.83pct / +0.43% YoY [2] Overseas Expansion - Significant breakthroughs in Europe, Southeast Asia, India, and Japan in 2023 [2] - New R&D center established in Yokohama and new factory built in Mexico [2] - Plans to establish a new factory in Europe [2] - Continued focus on expanding in Japan, Europe, the US, Southeast Asia, and South Korea [2] Financial Projections - 2024-2026 Revenue Projections: 29.631 billion RMB, 37.293 billion RMB, 47.023 billion RMB, with growth rates of 35.25%, 25.86%, and 26.09% respectively [2][3] - 2024-2026 Net Profit Attributable to Parent Company Projections: 2.029 billion RMB, 2.625 billion RMB, 3.313 billion RMB, with growth rates of 31.17%, 29.40%, and 26.19% respectively [2][3] - 2024-2026 PE Ratios: 34x, 27x, 21x [2][3] Investment Rating - Maintained "Buy" rating due to strong order book, intelligent product matrix, and accelerated international expansion [2] Financial Metrics - 2024-2026 Gross Margin Projections: 20.14%, 19.81%, 19.46% [4] - 2024-2026 Net Profit Margin Projections: 6.85%, 7.04%, 7.05% [4] - 2024-2026 ROE Projections: 20.37%, 20.90%, 20.90% [4] - 2024-2026 EPS Projections: 3.66 RMB, 4.73 RMB, 5.97 RMB [4]