Investment Rating - The report assigns a "Buy" rating for the company, with expected net profits for 2023-2025 projected at 350 million, 467 million, and 610 million respectively, corresponding to PE ratios of 38x, 28x, and 22x [3][10]. Core Views - The company focuses on electronic bulk gases, helium, and electronic specialty gases, aiming to become a world-class comprehensive gas company. It emphasizes technological innovation to enhance core competitiveness and provide greener, energy-efficient gas solutions. The gradual implementation of projects is expected to lead to steady growth in performance [3][10]. - The company reported a revenue of 1.835 billion in 2023, a year-on-year increase of 19.20%, and a net profit of 320 million, up 35.73% year-on-year. The growth is attributed to the ongoing construction and production of electronic bulk gas projects and an improved helium supply chain [19][26]. Financial Summary - Revenue projections for 2023-2026 are as follows: 1.835 billion (2023), 2.260 billion (2024), 2.858 billion (2025), and 3.655 billion (2026), with growth rates of 19.20%, 23.11%, 26.49%, and 27.88% respectively [12][14]. - The net profit forecasts for the same period are 320 million (2023), 350 million (2024), 467 million (2025), and 610 million (2026), with corresponding net profit growth rates of 35.73%, 9.44%, 33.57%, and 30.66% [12][14]. - The company has increased its R&D expenditure to 88.76 million in 2023, a 23.79% increase year-on-year, and has filed 39 patents, receiving 22 authorizations [26].

[Table_Message]2 024-04- 07 行业周 报 行 看好/维持 业 农林牧渔 研 究 [Table_Title] 农林牧渔 报 告 周报（第 14 期）：猪价淡季不淡，养殖板块估值相对低位，继续推荐 ◼ 走势对比 [一 T、 a市 bl场 e回 _顾 Su mmary] 农业指数大幅上涨，渔业和动保子板块涨幅领先。1、上周，申万 9% 农业指数上涨3.41%，同期，上证综指上涨0.92%，深成指上涨 3% 太 1.53%，农业板块整体表现明显强于大市。2、细分来看，6个二级 平 (( 82 %% ))62/21/22 62/2/32 62/4/32 62/6/32 62/8/32 62/01/32 子行业指数中悉数上涨，渔业和动保涨幅领先；3、前10大涨幅个 洋 股主要集中在渔业板块，前10大跌幅个股集中在养殖板块。涨幅 (14%) 证 前3名个股依次为开创国、大湖股份、天邦食品。 (20%) 券 股 农林牧渔 沪深300 二、核心观点 份 [ ◼T ab子le行_I业nd评us级tr yList] 评级及策略：受猪价和仔猪价格联袂上涨的影响，行业产能去化速 有 度放缓，板块投资现分歧。我 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.43 HKD, based on a projected market value of 55.01 billion RMB [1][4]. Core Insights - The company has initiated Phase 3 clinical trials for its AKT inhibitor in breast cancer and is recommended for monitoring the global progress of its muscle gain and fat loss monoclonal antibody [1][4]. - In 2023, the company reported a total R&D expenditure of 230 million RMB, a decrease of 26.4% year-on-year, and an administrative expense of 76 million RMB, down 5.4% year-on-year. The annual loss was 369 million RMB, which is an improvement of 413 million RMB compared to 2022 [2][4]. - As of December 31, 2023, the company's cash and bank balance stood at 779 million RMB, reflecting a year-on-year increase of 141.1% due to proceeds from a global offering [2][4]. Financial Summary - The company forecasts revenues of 0 billion RMB for 2023, 2024, and 2025, with net losses projected at -3.69 billion RMB for 2023, narrowing to -3.24 billion RMB in 2024, -3.46 billion RMB in 2025, and -3.61 billion RMB in 2026 [5][27]. - The operating cash flow is expected to be -2.96 billion RMB in 2023, -3.85 billion RMB in 2024, -3.47 billion RMB in 2025, and -3.62 billion RMB in 2026 [27]. - Key financial ratios indicate a net profit margin of -45.87% for 2023, with projections of -67.26% in 2024 and -255.95% in 2025 [28]. Industry Outlook - The report suggests a positive outlook for the industry, expecting returns to exceed the CSI 300 index by more than 5% over the next six months [29].

联瑞新材(688300) 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 打破海外垄断，不断拓宽品类，持续建设产能，随着项目逐步落地， 公司龙头地位进一步巩固。并且随着半导体行业修复，AI、5G、先进 封装等发展拉动高新材料需求，公司业绩有望进一步增长。我们预测 2024-2026 年归母净利润分别为 2.38 亿、2.92 亿、3.41 亿，对应当 前 PE 分别为 33 倍、27 倍、23 倍，予以"买入"评级。 2024 年 04 月 07 日 公司点评 买入/首次 | --- | --- | --- | |-----------------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------- ...

2024年04月07日 行 业周报 看好 / 维持 行 化工新材料 业 研 究 基础化工 国家能源局发布生物柴油应用试点通知，相关公司值得关注 ◼ 走势比较 报告摘要 10% 0% 1.重点行业和产品情况跟踪 太 (10%)7/4/32 81/6/32 92/8/32 9/11/32 02/1/42 1/4/42 生物柴油：国家能源局发布生物柴油应用试点通知，生物柴油相关公 司值得关注。4月2日，国家能源局综合司发布《关于公示生物柴油 平 (20%) 应用推广试点的通知》。《通知》显示，为贯彻新发展理念，推进废 洋 (30%) 弃物循环利用，加快能源绿色低碳转型，拓展国内生物柴油的应用场 证 (40%) 景，国家能源局此前组织了生物柴油推广应用试点申报及评审工作。 券 基础化工 沪深300 根据公示稿，此次生物柴油推广应用试点涉及 22 个项目，所对应的 股 相关研究报告 牵头组织实施单位主要为地方政府与产业链相关企业。据Wind数据， 份 本周国内生物柴油价格为7200元/吨，较上周价格持平。 有 <<制 ...

2024年3月31日 公 司点评 公 买入 / 维持 司 联泓新科(003022) 研 究 产品价格下滑致业绩承压，持续聚焦新材料 ◼ 走势比较 事件：公司近日发布2023年年报，期内实现营收67.8亿元，同 比-17%，实现归母净利润4.46亿元，同比-49%。公司2023年度拟以 10% 太 (1( 84 %% ))13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 公司总股本1,335,568,000股为基数，向全体股东每10股送红利0.80 元（含税），共计派发现金红利106,845,440元，不送红股，不以公积 平 (32%) 金转增股本。 洋 (46%) 证 (60%) 产品价格下滑导致盈利下降，年初以来EVA价格现企稳修复迹象。 券 联泓新科 沪深300 受宏观经济弱复苏、下游市场需求承压等影响，公司产品价格下滑， 股 份 ◼ 股票数据 公司主营产品包括乙烯-醋酸乙烯共聚物（EVA）、聚丙烯专用料、环氧 有 总股本/流通(亿股) 13.36/13.36 乙烷衍生物，2023年营收占比分别为29.87%、25.11%、12.22%，合计 限 总市值/流通 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][14]. Core Views - The company achieved a revenue of 1.742 billion yuan in 2023, representing a year-on-year growth of 15.27%. The net profit attributable to shareholders was 524 million yuan, up 34.59% year-on-year [2][5]. - The company is expected to see revenue growth of 20% in 2024, with projected revenues of 2.088 billion yuan, and a net profit of 627 million yuan, reflecting a growth rate of 19.7% [5][6]. - The company has successfully recovered its outpatient and surgical volumes, which has driven sales growth in biochemical and pathological reagents [2][14]. Financial Summary - In 2023, the company reported a net operating cash flow of 585 million yuan, a significant increase of 47.69% year-on-year [2]. - The gross profit margin for the company improved to 74.66% in 2023, with a net profit margin of 29.98%, an increase of 3.87 percentage points year-on-year [2][6]. - The company’s earnings per share (EPS) for 2023 was 0.90 yuan, with projections of 1.07 yuan for 2024, 1.31 yuan for 2025, and 1.60 yuan for 2026 [5][6]. Business Development - The company has signed a product distribution agreement with ELITech Group Inc., which is expected to enhance its global market presence with lower sales costs [2][5]. - The company has restructured its business divisions to facilitate resource sharing and collaborative development between its clinical and pathological departments [2][14].

2024年04月04日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 Genmab 以 18 亿美元收购普方生物 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)3/4/32 51/6/32 72/8/32 8/11/32 02/1/42 2/4/42 涨跌幅20 居24 申年 万4月 313 个日 子，医 行药 业板 第块 1涨 5名跌 。幅 各- 医0. 药17 子%， 行跑 业赢 中沪 ，深 血3 液00 制指 品数 (+0 1. .1 19 7p %c )t 、， 平 (14%) 线下药店(+0.37%)、医药流通（+0.24%）表现居前，疫苗(-1.27%)、体外 洋 (22%) 诊断(-0.63%)、医疗研发外包(-0.51%)表现居后。个股方面，日涨幅榜前 3位分别为江苏吴中(+8.86%)、奥泰生物(+8.43%)、富士莱(+7.20%)；跌 证 (30%) 幅榜前3位为景峰医药（-8.44%）、大理药业(-6.42%)、华神科技(-6.07%)。 券 医药 沪深300 股 行业要闻： ◼ 子行业评级 份 4月3日，Genmab宣布将以18亿美元现金收购普方生物，收购完 ...

2024年04月01日 公 司点评 公 买入 / 维持 司 云天化(600096) 研 究 产品价格下滑导致业绩承压，看好公司远期发展 ◼ 走势比较 事件：公司近日发布2023年年报，期内公司实现营收690.60亿 元，同比下滑8.30%；归母净利润45.22亿元，同比下滑24.90%。公 10% 司拟向全体股东每10股派发现金红利10元（含税），合计现金红利总 2% 太 (6%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 额18.23亿元（含税），占2023年归母净利润的40.31%，不送红股， 平 (14%) 不以资本公积金转增股本。 洋 (22%) 产品市场价格同比下降导致盈利下滑，磷矿石价格维持高位。 证 (30%) 券 2023年，公司化肥、聚甲醛、饲钙、黄磷等主要产品实现稳定盈利， 云天化 沪深300 股 受市场价格同比下降影响，导致公司盈利水平同比下降。据公司公告， 份 ◼ 股票数据 2023 全年磷铵/复合肥/尿素/聚甲醛/黄磷/饲钙等周期性产品市场均 有 总股本/流通(亿股) 18.34/18.34 价分别为 3290/3077/2322/ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the CSI 300 index in the next six months [1][24]. Core Insights - The company has seen a significant increase in sales and revenue projections, with expected revenues of 4.36 billion RMB in 2024, 14.02 billion RMB in 2025, and 22.77 billion RMB in 2026, reflecting growth rates of 469%, 221%, and 62% respectively [5][24]. - The company reported a cash balance of 14.6 billion RMB at the end of 2023, an increase of 9.7 billion RMB year-on-year, indicating strong liquidity [3][12]. - The gross margin for the company's main product, Huadongning, was 48.8% in 2023, with expectations for further improvement in 2024 [12][24]. - The company is progressing well with its second-generation GKA clinical trials in the U.S., which are expected to enhance patient compliance and extend patent protection [12][24]. Financial Summary - The company reported a total revenue of 0.77 billion RMB in 2023, with a pre-tax loss of 2.1 billion RMB, which is a 4% increase year-on-year [3][5]. - The projected net profit for 2024 is expected to improve to a loss of 1.22 billion RMB, followed by a profit of 0.61 billion RMB in 2025 and 2.80 billion RMB in 2026 [5][24]. - The diluted earnings per share (EPS) are projected to improve from -0.22 RMB in 2024 to 0.27 RMB in 2026 [5][24].