2024年02月23日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 CDE 发布 2 则仿制药 CMC 指导原则 ◼ 走势比较 报告摘要 10% 市场表现： 0% (10%)22/2/32 5/5/32 61/7/32 62/9/32 7/21/32 71/2/42 涨跌幅20 居24 申年 万2月 312 个2日 子， 行医 业药 第板 2块 6涨 名幅 。各+0 医.4 药8% 子，跑 行输 业沪 中深 ，医3 药00 流指 通数 (+0 1. .3 68 8p %c )t 、， 太 平 (20%) 疫苗(+1.22%)、医疗研发外包（+0.62%）表现居前，医疗设备(-1.24%)、 洋 (30%) 线下药店(-0.30%)、医疗耗材(-0.12%)表现居后。个股方面，日涨幅榜前 3位分别为粤万年青(+13.03%)、大理药业(+10.08%)、万泰生物(+9.99%)； 证 (40%) 跌幅榜前 3 位为海泰新光（-2.99%）、东阿阿胶(-2.53%)、迪瑞医疗(- 券 生物医药Ⅱ 沪深300 2.45%)。 股 ◼ 子行业评级 份 行业要闻： 2月22日，CDE发布《低分子量肝素 ...

2024年02月21日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 奥希替尼 LAURA 研究 III 期达 PFS 主要终点  走势比较 报告摘要 10% 市场表现： 0% (10%)02/2/32 3/5/32 41/7/32 42/9/32 5/21/32 51/2/42 涨跌2 幅02 居4 申年 万2月 3120 个日 子，医 行药 业板 第块 5涨 名幅+ 。1. 各04 医%， 药跑 子赢 行沪 业深 中30 ，0指 医数 疗研0. 发83 外pc 包t， 太 平 (20%) (+2.74%)、医药流通(+1.51%)、血液制品（+1.10%）表现居前，线下药店 洋 (30%) (-0.80%)、疫苗(-0.09%)、医疗设备(+0.14%)表现居后。个股方面，日涨 幅榜前 3 位分别为博济医药(+20.03%)、科源制药(+20.01%)、常山药业 证 (40%) (+19.86%)；跌幅榜前3位为兴齐眼药（-6.46%）、智翔金泰(-3.61%)、华 券 生物医药Ⅱ 沪深300 大智造(-3.27%)。 股  子行业评级 份 行业要闻： 2月19日，阿斯利康宣布在代号为 ...

2024-02-18 行 业周报 看好 / 维持 行 汽车行业 业 研 究 汽车行业 汽车行业新春展望：新一轮产品周期开启 ◼ 走势比较 报告摘要 10% 0% 春节期间，华为、理想、小米汽车等品牌引爆流量，带动到店大增，支持 -10% 后续订单、交付继续增长。2024年Q1，问界M9、理想MEGA/L系列改款、 太 -20% 小米SU7等新车相继发布/交付，自主品牌全力打造新能源爆款矩阵，新 平 -30% 一轮产品周期开启。理想 MEGA 预计将在 2024 年 3 月初开始向所有用户 洋 2023/02 2023/06 2023/10 2024/02 正式交付。问界M9将于2月26日开启大规模交付。行业景气度向上拐点 汽车 沪深300 将至，并有望快速提升。 证 重点品牌跟踪：1）销量跟踪：24年2月第1周问界周销量达到0.90万 券 ◼ 子行业评级 辆，销量较第4周环比+0.50万辆，重回榜首，理想紧随其后，周销量达 股 到0.72万辆。2）终端优惠＆交付周期跟踪：终端优惠力度加大，比亚 份 迪降价，多家跟进，24年价格战开打。淡季交付有所加快，特斯拉Model 有 3/Y 的后轮驱动版和长续航版起售价 ...

2024年02月22日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 药明生基获 FDA 批准生产 AMTAGVI  走势比较 报告摘要 10% 市场表现： 0% (10%)12/2/32 4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 涨跌2 幅02 居4 申年 万2月 3121 个日 子，医 行药 业板 第块 2涨 6幅 名+ 。0. 各28 医%， 药跑 子输 行沪 业深 中30 ，0指 医数 疗研1. 发07 外pc 包t， 太 平 (20%) (+2.46%)、医院(+2.05%)、医疗设备（+0.52%）表现居前，血制品(-1.27%)、 洋 (30%) 体外诊断(-0.27%)、医药流通(+0.05%)表现居后。个股方面，日涨幅榜前 3 位分别为景峰医药(+10.95%)、荣丰控股(+10.18%)、皓宸医疗 证 (40%) (+10.05%)；跌幅榜前3位为九典制药（-5.21%）、博瑞医疗(-4.89%)、东 券 生物医药Ⅱ 沪深300 阿阿胶(-4.37%)。 股  子行业评级 份 行业要闻： 近日，药明生基宣布，FDA已批准其费城基地进行 ...

Stock Data - Total shares outstanding: 800 million [1] - Total market capitalization: 44,552 million RMB [1] - 12-month high/low price: 82.99/48.26 RMB [1] Investment Rating - Rating: Buy/Maintain [2] - Target price: 71 RMB [2] - Last closing price: 55.69 RMB [2] Core Views - Yingjia Gongjiu's Spring Festival sales exceeded expectations, with double-digit growth in Dongcang sales [2] - Anhui's liquor market saw positive growth during the Spring Festival, with strong demand in the 100-200 RMB price range [2] - Yingjia's Dongcang series, particularly Dong 6 and Dong 9, benefited from the rising trend in the 100-200 RMB price segment [2] - Yingjia's inventory is healthy at 1.5-2 months, with accelerated repayment speed and improved channel profits [2] - Yingjia's performance in regions outside Hefei, such as Huainan, Huaibei, Tongling, and Anqing, has accelerated, with Dongcang showing promising growth in Jiangsu markets like Suzhou and Nanjing [2] Financial Projections - Revenue growth for 2023-2025 is projected at 23%/21%/20% [2] - Net profit growth for 2023-2025 is projected at 32%/26%/24% [2] - EPS for 2023-2025 is projected at 2.82/3.54/4.38 RMB [2] - PE ratios for 2023-2025 are 20x/16x/13x [2] Financial Data - Revenue for 2022A: 5,505 million RMB, with a growth rate of 19.59% [3] - Net profit for 2022A: 1,705 million RMB, with a growth rate of 22.97% [3] - EPS for 2022A: 2.13 RMB [3] - PE ratio for 2022A: 29.47 [3] Balance Sheet and Income Statement - Cash and cash equivalents for 2022A: 1,137 million RMB [4] - Inventory for 2022A: 4,010 million RMB [4] - Total assets for 2022A: 10,060 million RMB [4] - Revenue for 2022A: 5,505 million RMB [4] - Net profit for 2022A: 1,705 million RMB [4] Profitability Metrics - Gross margin for 2022A: 68.02% [4] - Net profit margin for 2022A: 30.97% [4] - ROE for 2022A: 24.61% [4] - ROA for 2022A: 16.95% [4] Cash Flow - Operating cash flow for 2022A: 1,840 million RMB [4] - Investing cash flow for 2022A: -767 million RMB [4] - Financing cash flow for 2022A: -724 million RMB [4] - Net increase in cash for 2022A: 348 million RMB [4] Valuation Metrics - PB ratio for 2022A: 7.25 [4] - PS ratio for 2022A: 9.12 [4] - EV/EBITDA ratio for 2022A: 20.32 [4]

2024年02月20日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 国家药监局发布 20 项医疗器械行业标准  走势比较 报告摘要 10% 市场表现： 0% (10%)02/2/32 1/5/32 01/7/32 81/9/32 72/11/32 5/2/42 涨跌幅20 居24 申年 万2月 311 个9日 子， 行医 业药 第板 2块 9跌 名幅 。各-0 医.1 药0% 子，跑 行输 业沪 中深 ，3 疫00 苗指 (+数 1.1 2. 30 %6 )p 、c 体t， 太 平 (20%) 外诊断 (+0.70%)、医药流通（+0.59%）表现居前，线下药店(-2.86%)、 洋 (30%) 医疗研发外包(-2.53%)、医疗耗材(-0.94%)表现居后。个股方面，日涨幅 榜前 3 位分别为常山药业(+12.43%)、景峰医药(+10.14%)、荣丰控股 证 (40%) (+10.07%)；跌幅榜前3位为奕瑞科技（-8.54%）、诺和致源(-6.15%)、阳 券 生物医药Ⅱ 沪深300 光诺和(-5.89%)。 股  子行业评级 份 行业要闻： 2月19日，国家药监局发布YY 100 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [51]. Core Viewpoints - The company has successfully transformed from a pure financial leasing business to a comprehensive healthcare service provider, leveraging its strong shareholder background and government support for state-owned enterprises in the healthcare sector [4][5][10]. - The hospital group business has become a significant growth driver, with revenue contribution rising to 55% as of H1 2023, reflecting a compound annual growth rate (CAGR) of 44.77% from 2019 to 2022 [10][29]. - The financial leasing business is expected to benefit from a more favorable interest rate environment, while the expansion of hospital facilities will further enhance revenue growth [51][52]. Company Overview and Business Summary - The company, established in 1984, initially focused on financial leasing and has since transitioned to a health service provider, with the first major transformation occurring in 2017 [4][5]. - The company is primarily owned by the China General Technology Group, which holds a 38.90% stake, and has consistently ranked first in net profit among its peers for four consecutive years [8][10]. - As of H1 2023, the company operates 64 medical institutions with over 16,000 beds and has several ongoing projects that will add more than 4,000 beds [29][30]. Financial and Consulting Business - The financial and consulting business remains a cornerstone, with a stable asset growth rate of 11.01% CAGR from 2019 to H1 2023, and a non-performing asset ratio consistently below 1% [14][21]. - The average cost of liabilities increased to 4.33% in H1 2023 due to global interest rate trends, but is expected to decline in 2024 as domestic rates decrease [21][24]. Hospital Group Business - The hospital group business is the main contributor to revenue, with comprehensive medical services accounting for a significant portion of income, and the company has seen a substantial increase in patient services from 4.06 million in 2019 to 12.15 million in 2022 [25][32]. - The company has initiated several expansion projects, with eight expected to open in 2023 or 2024, enhancing its operational capacity [30][35]. Profit Forecast - The company forecasts revenues of 132.75 billion, 154.22 billion, and 174.88 billion yuan for 2023, 2024, and 2025, respectively, with corresponding net profits of 19.52 billion, 22.50 billion, and 25.32 billion yuan [51][52].

Investment Rating - The industry is rated as "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [25]. Core Viewpoints - The report highlights a 2% to 10% growth trend in the consumer electronics sector, with specific companies planning significant share buybacks, indicating confidence in their future performance [1]. - Notable companies such as 中芯国际 (SMIC) and 华虹半导体 (Huahong Semiconductor) reported declines in revenue and net profit, with SMIC's 2023 revenue at $6.322 billion, down 13% year-on-year, and a net profit of $903 million, down 50.4% [1]. - The report also mentions that the semiconductor industry is undergoing significant changes, with investments in advanced process research centers, such as the collaboration between Samsung Electronics and ASML [1]. Summary by Sections Industry Investment Rating - The overall industry investment rating is "Positive," with expectations of returns above the CSI 300 index [25]. Key Announcements - Companies like 海光信息 (Haiguang Information) and 钜泉科技 (Juqian Technology) are planning share buybacks ranging from 300 million to 5 billion yuan, reflecting a positive outlook [1]. Sub-industry Ratings - The semiconductor sub-industry is experiencing fluctuations, with companies like 华虹半导体 reporting a 28% year-on-year decline in revenue for Q4 2023 [1]. Recommended Companies and Ratings - Specific companies are highlighted for their performance, with 中芯国际 showing a revenue of $6.322 billion in 2023, while 联电 (UMC) reported a revenue of 190.1 billion NTD in January 2024, reflecting an 11.98% month-on-month increase [1]. Related Research Reports - The report includes insights on various companies, such as 瑞可达 (Ruikeda), which anticipates a revenue decline of 421% year-on-year for 2023 [1]. Industry News - Significant developments include the establishment of a semiconductor advanced process research center by Samsung and ASML, with an investment of 1 trillion KRW expected to start operations by 2027 [1].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the next six months [1]. Core Views - The company, China Railway Special Cargo (中铁特货), is expected to achieve a net profit of approximately 580 million to 660 million yuan for 2023, representing a growth of 40% to 60% compared to the previous year [1]. - The company has three main business segments: 1. Automotive logistics, which accounts for 86% of revenue and 93% of gross profit, focusing on specialized transportation products [1]. 2. Cold chain logistics, which has seen a 37.34% year-on-year increase in cargo volume, reaching 795,000 tons [1]. 3. Heavy cargo logistics, primarily using a "station-to-station" service model for transporting large equipment [1]. - The company has a strong shareholder structure, with China Railway Investment Group holding 76.5% of shares, and has signed a three-year agreement with its controlling shareholder for various logistics services [1]. Financial Summary - The projected revenue for 2023 is estimated at 12.08 billion yuan, with a year-on-year growth of 27.62% [2]. - The expected net profit for 2023 is projected to be 633 million yuan, reflecting a significant increase of 52.49% compared to 2022 [2]. - The diluted earnings per share (EPS) is forecasted to be 0.14 yuan for 2023, with a price-to-earnings (PE) ratio of 28.08 [2].

Investment Rating - The report does not provide a specific investment rating for the white goods sector, indicating a neutral stance [1]. Core Insights - The overall performance of the black goods and small appliances sectors is excellent, while the white goods and kitchen appliances sectors show steady growth [3][5]. - For the white goods sector, notable growth is observed in offline sales of dryers, refrigerators, washing machines, and air conditioners, with significant online sales growth as well [1][3]. - The black goods sector exhibits strong growth across all channels, with a double-digit increase in average prices year-on-year [3][10]. - The kitchen appliances sector sees rapid growth in gas stoves and range hoods, with dishwashers also experiencing double-digit growth in offline sales [3][11]. - Small appliances, particularly electric steamers and floor cleaning machines, show impressive sales growth, although demand for air fryers remains to be stimulated [5][11]. Summary by Relevant Sections White Goods - Offline sales of dryers are particularly strong, with online sales also showing high growth. Refrigerators have seen significant increases in both offline sales and online sales revenue, with double-digit growth in online sales volume. Washing machines and air conditioners also report robust offline sales growth and steady online sales increases [1][3][9]. - Key brands such as Haier, Midea, and TCL are performing well across various channels, with Haier showing rapid growth in overall sales [1][3]. Black Goods - The black goods sector shows a bright sales growth across all channels, with a notable increase in average prices year-on-year. Brands like Xiaomi and Hisense are leading in sales performance [3][10]. - The report highlights that the average price of black goods has increased significantly, indicating a shift in consumer purchasing behavior towards higher-end products [3][10]. Kitchen Appliances - The gas stove segment is experiencing rapid growth in sales across all channels, while range hoods are seeing strong offline sales growth and stable online sales increases. Dishwashers are also performing well with double-digit growth in offline sales [3][11]. - Brands such as Boss and Midea are noted for their strong sales performance in the kitchen appliance category [11]. Small Appliances - Electric steamers and floor cleaning machines are highlighted for their impressive sales growth, with brands like Midea and LeiKe showing strong performance in online sales [5][11]. - The report notes that while the demand for air fryers is currently subdued, other small appliances are performing well [5][11].