2024年03月15日 行业深 度研究 看好 / 首次 行 化学制药 业 研 究 医药 兽药原料药价格下滑趋于温和，看好年内需求恢复  走势比较 报告摘要 10%  行业观点 2% (6%)41/3/32 62/5/32 7/8/32 91/01/32 13/21/32 31/3/42 于642 .0 02 03 点年 ，， 较兽药 20原 22料 年价 年格 底指 回数 落（ 1V 9P .i 8） 2%下 ，跌 其近 中2 10 1%。 个2 兽02 药3年 原年 料底 药主VP 流i收 太 品 平 (14%) 种中，有9个品种价格出现不同程度的下滑，如氟苯尼考下滑超50%，盐 洋 (22%) 酸多西环素、痢菌净、酒石酸泰乐菌素等品种价格下滑超20%。我们判断， 证 (30%) 兽药原料药价格的大幅下滑主要原因是，需求端：猪价处于历史较低水 平，下游养殖业持续亏损，对于兽药化药的需求以刚需为主，兽药原料药 券 化学制药 沪深300 需求减少。供给端：①大中型兽药原料药企业产能持续扩充，供给相对过 股 剩；②生产工艺持续优化，兽药原料药生产企业存在利润下降空间；③当  子行业评级 份 前行业竞争格局较 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][63]. Core Insights - The company is a leading player in the photovoltaic module industry, leveraging dual growth drivers from both module and energy storage businesses to enhance performance [3]. - The company has established a strong global production capacity and channel advantages, positioning itself to benefit significantly from the high growth of the U.S. photovoltaic market [3][43]. - The company has a rich reserve of energy storage projects and is actively expanding its production capacity, with plans to increase its energy storage production to 20GWh by the end of 2024 [3][57]. Summary by Sections 1. Company Overview and Competitive Position - The company, founded in 2001 and listed on NASDAQ, is a prominent player in the photovoltaic sector, focusing on the research, production, and sales of silicon wafers, solar cells, and modules [3][8]. - It ranks fifth globally in module shipments as of mid-2023, with a total of 2,134 patents, emphasizing its commitment to innovation and product reliability [3][8]. 2. Market Opportunities and Growth Drivers - The report highlights the significant growth potential in the photovoltaic industry, with China's new installed capacity expected to reach 216.88GW in 2023, a year-on-year increase of 148.12% [32]. - The U.S. market is projected to recover and grow due to favorable policies like the IRA, with the company poised to capture market share as its local production ramps up [47][51]. 3. Financial Projections - Revenue forecasts for the company are optimistic, with expected revenues of 513.10 billion, 655.38 billion, and 806.16 billion yuan for 2023, 2024, and 2025 respectively [3][63]. - The projected net profits for the same years are 29.03 billion, 36.53 billion, and 48.05 billion yuan, translating to earnings per share (EPS) of 0.86, 0.99, and 1.30 yuan [3][63].

2024 年 03 月 14 日 行业周报 看好/维持 生物医药Ⅱ 行 业 研 究 医药 阿斯利康 1 类新药 ALXN2220 注射液获批临床 | --- | --- | --- | --- | |----------------|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024年03月14日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 阿斯利康靶向 Claudin18.2 的 ADC 在中国启动 3 期临床 ◼ 走势比较 报告摘要 10% 市场表现： 0% (10%)31/3/32 52/5/32 6/8/32 81/01/32 03/21/32 21/3/42 0.332 p0 c2 t4 ，涨年 跌3 幅月 居申13 万日 3， 1医 个药 子行板 业块 第涨跌 19幅 名-0 。.3 各7 医%， 药跑 子赢 行沪 业深 中，30 血0 液指 制数 太 平 (20%) 品(+1.65%)、体外诊断(+0.09%)、其他生物制品（+0.02%）表现居前，线 洋 (30%) 下药店(-1.44%)、医疗设备(-1.11%)、疫苗(-1.03%)表现居后。个股方面， 日涨幅榜前3位分别为泓博医药(+20.00%)、罗欣药业(+10.11%)、大理药 证 (40%) 业(+10.00%)；跌幅榜前3位为爱博医疗（-6.08%）、香雪制药(-5.40%)、 券 生物医药Ⅱ 沪深300 ST太安(-4.23%)。 股 ◼ 子行业评级 份 行业要闻： 3月12日， ...

Investment Rating - The report maintains a "Buy" rating for the company, Tianqi Materials (002709) [1][6]. Core Views - The leading position in the electrolyte market is expected to see a bottoming out soon, with optimism regarding subsequent volume and profit increases [1][5]. - The company is projected to recover its profitability gradually, with the first quarter of the year anticipated to be the lowest point for earnings [2][4]. - The recent maintenance of a production line for lithium hexafluorophosphate is seen as a normal procedure, indicating an improving supply-demand structure in the industry [2][4]. Financial Summary - **Revenue Forecasts**: Expected revenues for 2023, 2024, and 2025 are 155 billion, 90 billion, and 124 billion CNY respectively, reflecting year-on-year growth rates of -31%, -42%, and +39% [2][3]. - **Net Profit Forecasts**: Projected net profits for the same years are 19 billion, 13 billion, and 22 billion CNY, with year-on-year growth rates of -67%, -33%, and +70% [2][3]. - **Earnings Per Share (EPS)**: EPS is expected to be 0.99, 0.66, and 1.12 CNY for 2023, 2024, and 2025 respectively [2][3]. - **Price-to-Earnings (PE) Ratios**: The current PE ratios are 21, 32, and 19 for the years 2023, 2024, and 2025 [2][3]. Industry Outlook - The overall industry is expected to outperform the CSI 300 index by more than 5% in the next six months [5]. - The company is positioned to benefit from its cost advantages and is expected to navigate through the industry's supply-demand cycles effectively [2][4].

2024年03月11日 行 业周报 看好 / 维持 行 电源设备 业 研 究 电力设备及新能源 新能源周报（第 79 期）：光伏短期预期提升，重视新技术的突破 ◼ 走势比较 报告摘要 10% (1( 42 %% ))31/3/32 42/5/32 4/8/32 51/01/32 62/21/32 7/3/42 ⚫ 找行业 新整 能体 源策 下略 一： 轮光 向伏 上短 周期 期预 的期 新提 方升 向， ：重 1视 ）钙 穿钛 越矿 周等 期新 的技 创术 太 寻 新 龙头；2） 平 (26%) 智能化+光储平价+出海；3）BC、钙钛矿等新技术。近期我们持续推 荐跟踪支架（中信博等）等率先见底的细分环节。 洋 (38%) 新能源汽车产业链核心观点： 证 (50%) 1）欧美电动车月度销量环比回升；看好国内3月环比大幅提升。欧洲 券 电源设备 沪深300 主要国家电动车销量14.2万辆，同比+11%，环比+6%，渗透率19.68%， 股 环比+1.31pct。2月美国电动车注册11.1万辆，同比+22%，环比+5%， ◼ 子行业评级 份 渗透率8.9%，环比-0.89pct。我国2月新能源乘用车批发销量达到44 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.12 HKD, compared to the last closing price of 4.34 HKD [1][3]. Core Insights - The company's performance in 2023 exceeded expectations, with revenue reaching 8.423 billion HKD, a year-on-year increase of 21.0%, and a net profit of 961 million HKD, up 28.7% year-on-year. The dividend payout ratio was 40.2%, with a dividend of 0.204 HKD per share, slightly above expectations [1][3]. - The growth in children's clothing was particularly strong, with revenue from adult and children's clothing increasing by 17.4% and 35.7% respectively, reaching 6.33 billion HKD and 1.96 billion HKD [1][3]. - The company is expected to achieve revenue exceeding 10 billion HKD in 2024, with a projected growth rate of 15%-20% for the year [3][4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 8.423 billion HKD, a 21% increase year-on-year, and a net profit of 961 million HKD, reflecting a 29% increase [4]. - The diluted earnings per share for 2024, 2025, and 2026 are projected to be 0.46, 0.56, and 0.65 HKD respectively, with corresponding price-to-earnings ratios of 9.1, 7.5, and 6.5 [4]. Market Position and Strategy - The company has been focusing on enhancing its core product offerings and optimizing its distribution channels, which has led to a significant increase in market share within the domestic sportswear industry [3][4]. - The report highlights the company's strategic initiatives in e-commerce and the expansion of its children's clothing line as key drivers for future growth [3][4]. Future Outlook - The company anticipates a strong start to 2024, with expectations of double-digit growth in sales driven by successful product launches and marketing strategies [3][4]. - The report projects net profits for 2024, 2025, and 2026 to be 1.162 billion HKD, 1.348 billion HKD, and 1.556 billion HKD respectively, indicating a positive growth trajectory [4].

Investment Rating - The industry rating is "Positive," with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [2]. Core Insights - The report highlights that the biopharmaceutical sector has shown a performance increase of 1.78% as of March 12, 2024, outperforming the CSI 300 Index by 1.55 percentage points, ranking 7th among 31 sub-industries in the Shenwan classification [1]. - Notable sub-industry performances include vaccines (+4.00%), medical research outsourcing (+3.38%), and hospitals (+2.36%), while pharmaceutical distribution (+0.42%), in vitro diagnostics (+0.48%), and medical devices (+0.79%) lagged behind [1]. - The report mentions that ACELYRIN's candidate drug Izokibep for treating psoriatic arthritis has reached its primary endpoint in a global Phase 2b/3 clinical trial, showing significant symptom relief in patients [1]. Summary by Sections Industry Overview - The biopharmaceutical sector is currently rated as "Positive," indicating a favorable outlook for investment [2]. Company News - ACELYRIN announced that its IL-17A inhibitor, Izokibep, has achieved significant results in clinical trials for psoriatic arthritis, marking a potential breakthrough in treatment options [1]. - Other companies mentioned include Fosun Pharma, which received approval for clinical trials of HLX6018 for idiopathic pulmonary fibrosis, and China National Pharmaceutical Group, which has received approval for additional specifications of tranexamic acid injection [1].

[Table_Message]2 024-0 3-11 行业 周报 行 看好/维持 业 航空航天与国防Ⅲ 研 究 [Table_Title] 工业 资本货物 报 告 军工行业周报(2024.03.11)：2024 年中国国防预算增长 7.2% [报T告ab摘le要_S ummary]  走势对比 10% 航空航天与国防 沪深300 太 本周要闻： 5% 0% 平 -5% 2024年中国国防预算增长7.2% -10% 洋 -15% -20% 证 2024年全国财政安排国防支出预算16,655.4亿元，较上年同 -25% 券 -30% 期增长7.2%，增幅与去年持平。 -35% 股 -- 44 50 %% 32/raM 32/rpA 32/yaM 32/nuJ 32/luJ 32/guA 32/peS 32/tcO 32/voN 32/ceD 42/naJ 42/beF 习近平：全面提升新兴领域战略能力 份 有 3月7日下午，中共中央总书记、国家主席、中央军委主席习 限 [ Table_ReportInfo] 近平出席十四届全国人大二次会议解放军和武警部队代表团全体会 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company is a leading provider of intelligent manufacturing solutions in the domestic process industry, with a strong focus on automation control systems and industrial software [3][10]. - The company has achieved a compound annual growth rate (CAGR) of 32.74% in revenue from 2018 to 2022, with a projected revenue of 86.19 billion yuan in 2023, representing a year-on-year growth of 30.12% [3][13]. - The company has a significant market share in various segments, including 36.7% in Distributed Control Systems (DCS) and 29.0% in Safety Instrumented Systems (SIS) [3][30]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the process industry for over 20 years, evolving from an automation product supplier to a comprehensive intelligent manufacturing solution provider [3][10]. - It has served over 30,000 clients across various industries, including chemicals, petrochemicals, oil and gas, and pharmaceuticals [10]. 2. Market Position and Growth - The company holds the top position in the domestic DCS market, with a market share of 36.7%, and has seen continuous growth in its market presence [30]. - The SIS market is also growing steadily, with the company achieving a 29.0% market share, marking its first position in this segment [30][31]. 3. Financial Performance - The company reported a revenue of 86.19 billion yuan in 2023, with a net profit of 9.45 billion yuan, reflecting a year-on-year increase of 30.12% and 38.43%, respectively [3][13]. - The company has maintained a stable net profit margin between 12% and 13% since 2018, despite fluctuations in gross margin due to strategic shifts towards larger projects [16]. 4. Research and Development - The company emphasizes R&D, with a budget of 6.92 billion yuan in 2022, accounting for 10.45% of its revenue, and has increased its R&D personnel to 2,282, representing 34.55% of its workforce [19][20]. - The company employs an Integrated Product Development (IPD) model to enhance R&D efficiency and align product development with market needs [19][20]. 5. Strategic Expansion - The company is actively expanding into non-traditional sectors such as lithium batteries and pharmaceuticals, achieving remarkable growth rates of 484.27% and 154.71% in these areas, respectively [3][18]. - It is also pursuing international markets, securing contracts with major global clients like Saudi Aramco and Shell, which has contributed to a 109.6% increase in overseas contracts in the first half of 2023 [3][18].