2024 年 04 月 12 日 公司点评 买入/维持 ◼ 走势比较 (30%) (2%) 26% 54% 82% 110% 23/4/1223/6/2223/9/1 23/11/1124/1/2124/4/1 华明装备 沪深300 华明装备(002270) 目标价: 昨收盘:18.06 产品结构改善&海外收入高增，盈利能力持续增强 ◼ 股票数据 总股本/流通(亿股) 8.96/8.96 总市值/流通(亿元) 161.86/161.86 12 个月内最高/最低价 (元) 19.35/9.36 相关研究报告 <<华明装备 2023 年业绩预告点评： 利润实现较快增长，海外有望厚积薄 发_20240125>>--2024-01-28 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 研究助理：万伟 电话： E-MAIL： 一般证券业务登记编号：S1190122090006 事件：公司发布 2023 年年报，全年利润实现快速增长，持续保持高 分红比例。 1）2023 年实现收入 19.61 亿元，同比+14.57%；实现归母净利润 5.42 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [19]. Core Insights - The company has been deeply engaged in the steroid drug sector for nearly 20 years, establishing itself as one of the largest suppliers of steroid drug starting materials globally, with a market share of approximately 60% [26][57]. - The company is expanding its product offerings downstream, moving from starting materials to raw materials, which opens up significant growth opportunities [4][19]. - The company has achieved technological breakthroughs in the production of key intermediates and is set to increase its production capacity significantly in the coming years [39][62]. Summary by Sections Company Overview - The company, established in 2006 and listed in 2021, focuses on the research, production, and sales of steroid drug intermediates and starting materials. It has become a leading supplier in the steroid drug starting material market [26][57]. - The company has a high ownership concentration, with the controlling shareholders holding 35.38% of the shares, reflecting confidence in the company's long-term development [28][55]. Industry Overview - The steroid drug market is vast, with the Chinese market growing rapidly. The global steroid drug market size increased from $64 billion in 2011 to $147.5 billion in 2021, with a compound annual growth rate (CAGR) of 8.71% [69]. - The Chinese steroid drug market size grew from $20.8 billion in 2011 to $87.9 billion in 2021, with a CAGR of 12.12% [69]. Investment Highlights - Innovations in new processes are expected to drive rapid growth in the BA market, with significant potential for market expansion [19][67]. - The steroid drug intermediate sector is undergoing consolidation, which may enhance the company's market share [19][67]. - The company is set to launch new production capacities that will contribute to rapid revenue growth, with expected annual revenue contributions of approximately 368 million yuan from new projects [19][62]. Financial Forecast - The company forecasts revenues of 583 million yuan, 943 million yuan, and 1.46 billion yuan for 2023, 2024, and 2025, respectively, with corresponding net profits of 22 million yuan, 6 million yuan, and 80 million yuan [21][19]. - The company’s revenue growth rate is projected to rebound significantly in 2024 and 2025, following a decline in 2023 [21][19].

Investment Rating - The report maintains a "Buy" rating for China Life Insurance [4][10]. Core Views - The report highlights that China Life Insurance achieved an operating revenue of 837.86 billion yuan in 2023, a year-on-year increase of 1.4%. However, the net profit attributable to shareholders decreased by 34.2% to 21.11 billion yuan [3][10]. - Premium income rose to 641.38 billion yuan, reflecting a 4.3% year-on-year growth, with individual insurance premiums showing a recovery trend [3][10]. - The company increased its dividend payout ratio to 57.57%, indicating confidence in future profitability and positively impacting stock prices [3][10]. Summary by Sections Financial Performance - Total assets reached 5.89 trillion yuan, with investment assets growing to 5.67 trillion yuan, both up by approximately 12.1% year-on-year [3]. - The net investment yield and total investment yield were reported at 3.77% and 2.68%, respectively, down by 0.23 percentage points and 1.26 percentage points year-on-year [3][10]. Future Projections - Revenue is expected to grow by 7.44%, 7.47%, and 7.19% in 2024, 2025, and 2026, respectively. Net profit is projected to increase by 23.89%, 17.06%, and 12.67% over the same period [3][11]. - The estimated earnings per share (EPS) for the next three years are 0.93, 1.08, and 1.22 yuan, with corresponding price-to-earnings (PE) ratios of 29.75, 25.42, and 22.56 [11].

银行 农商行 瑞丰银行 2023 年年报点评：非息支撑业绩，股权投资加速 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司点评 | --- | --- | --- | --- | --- | |--------------------|----------|----------|----------|----------| | | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3,803.58 | 4,119.00 | 4,462.97 | 4,872.48 | | 营业收入增长率 (%) | 7.90% | 8.29% | 8.35% | 9.18% | | 归母净利（百万元） | 1,727.12 | 1,953.34 | 2,221.15 | 2,530.89 | | | | | | | | 净利润增长率 (%) | 12.71% | 13.24% | 13.71% | 13.95% | | BVPS （元） | 8.47 | 9.92 | 11.68 | 13.39 | | 市净率（ PB） | 0.58 | 0.50 | 0.42 ...

2024年04月12日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 Vertex 以 49 亿美元收购 Alpine，获得泰它西普同类药物 ◼ 走势比较 报告摘要 10% 市场表现： 0% 太 (10%)11/4/32 12/6/32 13/8/32 01/11/32 02/1/42 13/3/42 0.502 p0 c2 t4 ，涨年 跌4 幅月 居申11 万日 3， 1医 个药 子行板 业块 第涨跌 28幅 名-0 。. 各51 医%， 药跑 子输 行沪 业深 中，30 线0 下指 药数 平 (20%) 店(-0.56%)、医药流通(-1.66%)、血液制品（-1.75%）表现居前，医疗研 洋 (30%) 发外包(-2.83%)、体外诊断(-0.91%)、医院(-0.89%)表现居后。个股方面， 日涨幅榜前 3 位分别为万泰生物(+9.99%)、海尔生物(+7.32%)、诺唯赞 证 (40%) (+7.15%)；跌幅榜前3位为大理药业（-9.97%）、龙津药业(-6.34%)、大 券 医药 沪深300 博医疗(-5.41%)。 股 ◼ 子行业评级 份 行业要闻： 4月10日，Vertex宣布以 ...

2024年04月01日 行 业周报 看好 / 维持 行 电力设备及新能源 业 研 究 电力设备及新能源 新能源周报（第 82 期）：重视小米汽车产业链，出海有望超预期 ◼ 走势比较 报告摘要 10% 0% ⚫ 行业整体策略：重视小米电动车产业链，出海有望超预期 太 (10%) 从小米、FSD等的突破看，下游的创新进展有望超预期；后续智能化、 平 (20%) 生态化、光储平价有望带动主产业链逐年加速向上，率先布局宁德时 代等龙头；重视结构性机会中的弹性，如电网、低空经济等。新能源 洋 (30%) 汽车电动车产业链核心观点： 证 (40%) 1）小米汽车2024年销量有望达10万辆，重视其产业链机会。小米汽 券 电 沪力 深设 300备及新能源 车目前月产能 1.25万辆，按照大定订单（上市 27 分钟破 5万台）来 股 ◼ 子行业评级 看是供不应求。如满产满销，2024 年销量将达到 10 万辆，对应锂电 份 池需求量约 9GWh。小米汽车的电池有三款，基础版是弗迪的刀片电 有 电站设备Ⅱ 无评级 限 电气设备 无评级 池、pro版是神行电池、Max版是麒麟电池，预计神行电池出货有望达 电源设备 无评级 3-4 ...

小熊电器(002959) 目标价: 昨收盘:56.16 (40%) (24%) (8%) 8% 24% 40% 23/4/1223/6/2223/9/1 23/11/1124/1/2124/4/1 小熊电器 沪深300 总股本/流通(亿股) 1.57/1.57 总市值/流通(亿元) 88.09/88.09 12 个月内最高/最低价 (元) 97.7/44.21 2023Q4 盈利能力短期承压，费用端实现良好管控。1）毛利率：2023Q4 公司毛利率 31.83%，同比-5.86pct，或系低毛利地区及产品占比提升所 致；2）净利率：2023Q4 公司净利率 9.31%，同比-0.96pct，降幅小于毛 利率，系费用端实现良好管控；3）费用端：2023Q4 公司销售/管理/研发 /财务费用率分别为 15.91/2.59/2.65/-0.01%，分别同比-3.20/-1.08/- 0.35/-0.16pct，降本增效成果显现。 | --- | --- | --- | --- | --- | --- | |---------------------------------------|--------------- ...

2024年04月11日 公 司点评 公 买入 / 首次 司 澜起科技(688008) 研 究 目标价: 昨收盘:45.75 拐点向上趋势确立，DDR5 加速渗透，新品放量可期 事件：公司发布23年年报：营业总收入22.86亿元，同比下滑37.86%，  走势比较 归母净利润4.51 亿元，同比下降65.30%；扣非归母净利润 3.70 亿元， 同比下降58.11%。公司发布 24Q1 业绩预告：营业收入7.37 亿元，同比 10% 增长75.74%；归母净利润2.10-2.40亿元，同比增长965-1117%；扣非归 太 0% 母净利润2.10-2.35亿元，同比增长70862-79310%。 平 (10%) 拐点向上趋势确立，内存接口芯片需求修复，DDR5 渗透加速。分产 品来看，公司23年内存接口芯片/津逮服务器平台收入分别为21.85/0.94 洋 (20%) 亿元，传统品类虽处于去库存阶段，但伴随行业向DDR5迭代升级，DDR5 证 (30%) 下游渗透率提升，叠加公司DDR5子代迭代升级，出货量提升，驱动公司 券 (40%) 23年单季度收入、归母净利润呈逐季提升趋势。公司24Q1内存接口芯片 股 ...

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601), expecting the stock to outperform the CSI 300 index by more than 15% over the next six months [4][5]. Core Insights - The report highlights significant growth in property insurance premiums, with a total premium of 188.34 billion yuan, representing a year-on-year increase of 11.4%. Non-auto insurance premiums grew notably, accounting for 45% of total premiums, with a year-on-year increase of 19.1% [3]. - The life insurance segment showed stable performance, with operating profit reaching 27.257 billion yuan, a slight increase of 0.4% year-on-year. New business value rose to 10.962 billion yuan, up 19.1% year-on-year, indicating effective channel diversification strategies [3]. - Despite a decline in net profit to 27.257 billion yuan, down 27.1% year-on-year, the operating profit remained stable at 35.518 billion yuan, reflecting resilience amid market volatility [3]. Financial Performance Summary - For the fiscal year 2023, China Pacific Insurance reported total revenue of 323.95 billion yuan, a decrease of 2.5% year-on-year. The net profit attributable to shareholders was 27.257 billion yuan, down 27.1% year-on-year [3]. - The company’s net investment yield was 4.0%, a decrease of 0.3 percentage points year-on-year, while the comprehensive investment yield was 2.6%, down 1.5 percentage points year-on-year [3]. - The forecast for 2024-2026 anticipates revenue growth of 13%, 12%, and 10% respectively, with net profit growth of 17%, 15%, and 13% respectively. The expected earnings per share (EPS) for these years are projected at 3.31, 3.82, and 4.32 yuan per share [3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [1]. Core Insights - The company is undergoing a transformation towards innovative internationalization, focusing on expanding its product structure and global market presence [3][12]. - The company has achieved significant milestones in product approvals and market expansions, particularly in Southeast Asia and emerging markets [4][66]. - The financial projections indicate a recovery in revenue and profitability, with expected growth in operating income and net profit over the next few years [2][32]. Financial Summary - **Operating Revenue (Million CNY)**: - 2022A: 3,837 - 2023E: 4,120 (7.40% growth) - 2024E: 5,120 (24.25% growth) - 2025E: 6,113 (19.40% growth) [2] - **Net Profit (Million CNY)**: - 2022A: 191 - 2023E: -503 - 2024E: 549 - 2025E: 774 [2] - **Diluted Earnings Per Share (CNY)**: - 2022A: 0.16 - 2023E: -0.41 - 2024E: 0.45 - 2025E: 0.63 [2] - **Price-to-Earnings Ratio (PE)**: - 2022A: 76.56 - 2024E: 25.24 - 2025E: 17.91 [2] Business Transformation - The company is transitioning from a traditional pharmaceutical enterprise to a commercialized innovative pharmaceutical company, with a focus on four major business areas: macromolecules, small molecules, synthetic biology, and specialty traditional Chinese medicine [16][25]. - The company has established a global production and research network, with significant investments in R&D and product development [81][83]. Product Structure and Market Expansion - The company has diversified its product offerings, with a notable increase in proprietary pharmaceutical products, which accounted for 70.96% of revenue in H1 2023, up from 34.30% in 2018 [88]. - The company has successfully launched several products in international markets, including the innovative drug Yili Shu, which has received approval in the US and China [66][79]. Profitability and Margin Improvement - The company's gross margin has improved significantly, with proprietary products contributing over 60% to the gross profit margin [61][59]. - The gross margin for the company was 48.63% in 2022, reflecting a 7.16 percentage point increase from the previous year [61].