2024年03月28日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 Beckley Psytech 抑郁症创新疗法 2 期临床结果积极 ◼ 走势比较 报告摘要 10% 市场表现： 2% (6%)82/3/32 9/6/32 12/8/32 2/11/32 41/1/42 72/3/42 0.032 p0 c2 t4 ，涨年 跌3 幅月 居申28 万日 3， 1医 个药 子行板 业块 第涨跌 21幅 名+ 。0. 各52 医%， 药跑 子输 行沪 业深 中，30 医0 疗指 研数 太 平 (14%) 发外包(+1.05%)、医疗耗材(+1.05%)、医药流通（+1.04%）表现居前，血 洋 (22%) 液制品(-1.29%)、体外诊断(-0.58%)、医疗设备(-0.26%)表现居后。个股 方面，日涨幅榜前3位分别为明德生物(+10.02%)、英科医疗(+7.80%)、 证 (30%) 天臣医疗(+7.26%)；跌幅榜前3位为圣达生物（-9.99%）、新产业(-9.71%)、 券 医药 沪深300 ST太安(-5.11%)。 股 ◼ 子行业评级 份 行业要闻： 3月28日，Beckley Psyte ...

2024年03月29日 公 司点评 公 买入 / 维持 司 凯莱英(002821) 研 究 目标价: 昨收盘:89.30 小分子主业增长稳健，新兴业务蓄势待发 事件： ◼ 走势比较 3 月 28 日，公司发布 2023 年年报，2023 年实现营业收入 78.25 亿 元，同比下滑23.70%，剔除大订单后收入为54.05亿元，同比增长24.37%， 30% 归母净利润为 22.69 亿元，同比下滑 31.28%，扣非后归母净利为 21.04 太 16% 亿元，同比下滑34.87%。 平 点评： 2% (12%)92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 66.20小 亿分 元子 ，主 剔业 除增 大长 订稳 单健 后， 为项 4目 2.管 00线 亿不 元断 ，丰 同富 比。 增小 长分 25子 .6业 0%务 ，实 毛现 利收 率入 洋 为 证 (26%) 60.07%，同比提升9.53%，主要和大订单毛利较高、汇兑损益以及效率提 券 (40%) 升有关。具体来看，商业化项目实现收入 51.12 亿元，剔除大订单后为 股 26.92亿元，同比增长47.1 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's profitability is steadily improving, supported by a newly announced employee stock ownership plan that stabilizes confidence [2][10] - The company achieved a revenue of 31.5 billion yuan in 2023, representing a year-on-year growth of 17.2%, with a net profit of 4.6 billion yuan, up 33.7% year-on-year [10] - The company aims for a revenue growth target of 15% and a profit growth target of 20% for 2024, indicating a stable and robust growth strategy [13] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 36.5 billion yuan, 42.3 billion yuan, and 49.7 billion yuan, respectively, with year-on-year growth rates of 15.8%, 16.1%, and 17.5% [13] - Expected net profits for the same years are 5.5 billion yuan, 6.5 billion yuan, and 7.5 billion yuan, with growth rates of 20.2%, 17.9%, and 16.2% [13] - The company reported a gross margin of 37.9% in 2023, an increase of 3.7 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [10][13] - The diluted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.52 yuan, 0.61 yuan, and 0.71 yuan, respectively [3]

2024 年 03 月 27 日 公司点评 买入/维持 盐津铺子(002847) 目标价: 87.5 昨收盘:68.79 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 高端性价比战略初见成效，2024 年锚定百亿目标 P2 2024 年 03 月 28 日 公司点评 增持/维持 三只松鼠(300783) 目标价: 25.8 昨收盘:22.97 高端性价比战略初见成效，2024 年锚定百亿目标 公司点评 风险提示:食品安全风险、渠道开拓不及预期、行业竞争加剧风险。 | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 7,115 | 10,162 | 12,755 | 15,532 | | 营业收入增长率 (%) | -2.45% | 42.83% | 25.51% | 21.78% | | 归母净利（百万元） | 220 | 345 | 521 | 652 | | 净利润增长率 (%) | 69.85% | 57.17% | 50.68% | 25.17% | | 摊薄每股收益 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.64, based on a projected PE of 28 times the expected earnings for 2024 [1][12]. Core Insights - The company successfully achieved its "three-year doubling" target, with 2023 revenue reaching 2.065 billion, a year-on-year increase of 41.26%, and a net profit of 210 million, up 68.17% year-on-year [2][4]. - The fourth quarter showed significant growth, with revenue of 572 million, a 26.51% increase year-on-year, and a net profit of 76 million, up 122.61% year-on-year [2][4]. - The company focuses on its core business of deep-sea fish, with revenue growth of 25.9%, and the quail egg segment has rapidly grown, surpassing 300 million in revenue for 2023 [2][4]. - The company has expanded its distribution channels, adding 790 new distributors, bringing the total to 3,057, and online sales reached 416 million, a 34.78% increase year-on-year [2][4]. Financial Summary - For 2023, the company reported a gross margin of 28.17%, an increase of 2.55 percentage points year-on-year, with the fourth quarter gross margin reaching 32.61%, up 7.91 percentage points year-on-year [2][4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.63, 0.81, and 1.01 respectively, with corresponding PE ratios of 22.48, 17.53, and 13.99 [5][12]. - The company expects revenue growth rates of 27.94%, 25.41%, and 22.72% for the years 2024, 2025, and 2026 respectively [5][12].

Group 1: Computer Industry - The company Xichuang Data (300857.SZ) is expected to benefit from the demand growth driven by AIPC and AI servers, supported by a long-term partnership with Lenovo [2] - The company is expanding into the second-hand server recycling business, which has high margins and barriers to entry [2] - The company is also developing an IoT cloud platform, with a rapidly growing user base [2] Group 2: Pharmaceutical Industry - Sunshine Novo (688621.SH) is positioned to benefit from innovative drug policies, with a continuous increase in the proportion of innovative drug orders [3] - The company is expected to see a 30%+ growth in performance and orders in Q1 2024, indicating a potential for value reassessment [3] Group 3: Home Appliances - Midea Group (000333.SZ) is experiencing increased demand for pre-stocked products due to rising copper prices, which is expected to lead to a rapid increase in production [4] - The company is benefiting from strong pricing power and a new round of "trade-in" policies that stimulate white goods upgrades [4] Group 4: Oil and Petrochemicals - Zhongman Petroleum (603619.SH) is projected to achieve a net profit exceeding 900 million, with a low price-to-earnings ratio of 8-9 times [5] - The company is expected to see production growth with the consolidation of the Genguo project and maintain high profitability due to OPEC's production cuts [5] Group 5: Textile and Apparel - Kairun Co., Ltd. (300577.SZ) is benefiting from customer inventory replenishment and gaining more order shares, with good revenue growth expected in 2024 [6] - The company's collaboration with Xiaomi's ecosystem is expected to enhance gross margin flexibility, with overseas business anticipated to grow rapidly [6] Group 6: Food and Beverage - Ganyuan Food (002991.SZ) is experiencing high growth in Q1, with a new equity incentive expected to be implemented, leading to accelerated improvements in e-commerce, export, and traditional channels [7] Group 7: Electric Power Equipment - Suyuan Electric (002028.SZ) is benefiting from accelerated overseas market expansion and performance growth from energy storage and external network businesses [16] - The company is expected to increase market share due to its technical strength and benefit from domestic market growth driven by new energy construction [16] Group 8: Non-Banking Financial - Chengdu Bank (601838.SH) is positioned to enjoy regional economic benefits and is expected to see a value reassessment due to narrowing interest margins [17] Group 9: Social Services - Ouma Software (301185.SZ) is the largest service provider in the education examination field, with a clear AI revenue model that is generating income [19] Group 10: Electric Power Equipment (Battery) - Contemporary Amperex Technology Co., Ltd. (300750.SZ) is the global leader in lithium batteries, with increasing market share and profitability driven by new technologies and overseas market opportunities [18]

2024年03月28日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 Viking 创新口服减肥疗法一期临床结果积极 ◼ 走势比较 报告摘要 10% 市场表现： 2% (6%)72/3/32 8/6/32 02/8/32 1/11/32 31/1/42 62/3/42 0.042 p0 c2 t4 ，涨年 跌3 幅月 居申27 万日 3， 1个医 子药 行板 业块 第涨跌 8名幅 。-1 各.2 医0% 药， 子跑 行输 业沪 中深 ，3 线0 下0 药指 店数 太 平 (14%) (+0.16%)、血液制品(-0.14%)、医药流通（-1.08%）表现居前，疫苗(- 洋 (22%) 3.01%)、医院(-2.13%)、体外诊断(-1.66%)表现居后。个股方面，日涨幅 榜前 3 位分别为博晖创新(+20.04%)、尔康制药(+14.23%)、易瑞生物 证 (30%) (+11.99%)；跌幅榜前3位为赛力医疗（-9.40%）、爱威科技(-7.52%)、贝 券 医药 沪深300 瑞基因(-6.31%)。 股 ◼ 子行业评级 份 行业要闻： 3月27日，Viking Therapeutics宣布，公司 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.74, compared to the last closing price of 11.19 [1][7]. Core Insights - The company is expected to achieve a stable dividend rhythm, enhancing its long-term investment value. The management's confidence is reflected in their continuous share buybacks, and the company has a robust pipeline of new games that are anticipated to drive revenue growth [4][5][6][7]. Summary by Sections Dividend Stability - The company proposed a cash dividend of no less than 1 yuan per 10 shares for the fiscal year 2023, with a total dividend amount not exceeding 220 million yuan over the next 24 years, indicating a commitment to regular dividends [3][4]. Management Confidence - The chairman and major shareholder has increased his stake in the company multiple times, demonstrating confidence in the company's future. The total shares bought back amount to approximately 970 million shares, with a total investment of about 110 million yuan [5]. Performance Forecast - The company expects a significant increase in net profit for 2023, projecting a growth of 26.81% to 65.83%, with an estimated net profit of 1.3 to 1.7 billion yuan. This growth is attributed to the stable performance of existing games and the successful launch of new titles [6][7]. Financial Projections - Revenue projections for 2023-2025 are 48.5 billion, 60.0 billion, and 72.1 billion yuan, respectively, with corresponding growth rates of 30.3%, 23.7%, and 20.1%. Net profit is expected to reach 1.53 billion, 1.91 billion, and 2.26 billion yuan, with growth rates of 49.1%, 25.2%, and 18.2% [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 835 million yuan, representing a year-on-year growth of 139.72%, and a net profit attributable to shareholders of 188 million yuan, with a year-on-year increase of 273.54% [3] - The company has successfully transitioned to hosting professional exhibitions, significantly increasing the number of exhibition booths and enhancing its competitive advantage in line with national policy directions [3] - The company plans to host 16 exhibitions in 2024, with an expected total booth count of 19,000, which will further improve profit margins [3] Financial Performance - In Q4 2023, the company reported a revenue of 366 million yuan, a year-on-year increase of 75.1%, and a net profit of 106 million yuan, up 68.55% year-on-year [3] - The company’s operating cash flow reached 271 million yuan, reflecting a growth of 257.62% year-on-year [3] - The projected net profits for 2024, 2025, and 2026 are 261 million yuan, 355 million yuan, and 469 million yuan, respectively, with growth rates of 38.53%, 36.23%, and 32.09% [3][14] Market Position - The company has established itself as a leading exhibition company in China, hosting 18 exhibitions across 10 countries, with a total exhibition area of 260,000 square meters [3] - The company’s digital transformation has led to a significant reduction in sales expense ratios, enhancing operational efficiency [3] Future Outlook - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.70 yuan, 2.32 yuan, and 3.07 yuan, respectively [14] - The price-to-earnings (PE) ratios for the same period are forecasted to be 24X, 17X, and 13X, indicating a favorable valuation trend [14]