行 业 研 证券研究报告 究 ＃industryId＃ 快递 ＃title＃ 2024 年 4月快递月报 快递量价超预期，竞争重心从成本转向服务 ＃inve推stSu荐ggest ion＃ ( 维＃持 ） i un gv ge es st tS i ＃createTime1＃ 2024年 05月 24日 ＃relatedReport＃ o nChan 投资要点 相关报告 行 ge＃ ＃summary＃ 《【兴证交运】航运板块3月跟 ⚫ 事件：各快递公司公告2024年4月运营数据。 业 踪：需求偏弱，油轮3月运价承 1、快递行业：1）业务量：137亿件，同比+22.7%（前值为20.1%）、环比-1.1%。 点 压》2024-04-15 《【兴证交运】交通运输行业周 社零增速为+2.3%，网购实物商品零售额增速为-0.3%，电商渗透率为26.1%、同比 评 报（2024.4.8-2024.4.14）：“五 -0.7pct。2）单票收入：7.99元/件，同比-11.8%、环比-1.9%；3）收入：1094.4亿 一”出境游部分航线涨价超 报 200%，预计24Q1快递件量同比 元，同比+15.7%；4）CR8指数 ...

Investment Rating - Buy rating maintained for Mindray Medical (300760) [2] Core Views - Mindray Medical is emerging as a global leader in the medical device industry, with a strong focus on international expansion and digital transformation [5] - The company is a pioneer in China's intelligent manufacturing, excelling in three core business areas: Life Information & Support, IVD, and Medical Imaging [5] - Mindray Medical is expected to achieve steady growth in 2024, driven by domestic hospital bidding recovery, international market penetration, and new infrastructure projects [5] Business Overview International Expansion - Mindray Medical has established a global presence, with products sold in over 190 countries and regions, and international sales accounting for 38.8% of total revenue in 2023 [11] - The company has a significant market opportunity internationally, with an addressable market exceeding 450 billion RMB, but current market share remains in the low single digits [11] - Mindray Medical has successfully penetrated high-end international markets, covering 660+ European teaching hospitals and all top 20 hospitals in the US [13] Core Business Areas Life Information & Support - Mindray Medical holds a leading position in the Life Information & Support segment, with multiple products ranking among the top globally [5] - The segment achieved revenue of 15.25 billion RMB in 2023, with a CAGR of 24% from 2018 to 2023 [38] IVD - IVD is the largest segment in both global and domestic medical device markets, with Mindray Medical building a comprehensive product portfolio across multiple technology platforms [5] - The company's IVD business achieved revenue of 12.42 billion RMB in 2023, with a CAGR of 22% from 2018 to 2023 [49] Medical Imaging - Mindray Medical's Medical Imaging business is moving towards high-end products, with significant breakthroughs in ultrasound technology [5] - The company has released several high-end ultrasound products, such as the Resona A20 and Recho R9, showcasing its R&D capabilities [5] Digital Transformation - Mindray Medical is undergoing a digital transformation, leveraging its "Three Rui" ecosystem to enhance global healthcare institutions' diagnostic capabilities [5] - The company's digital solutions, including Ruizhilien, Mindray Smart Lab, and Ruiying Cloud++, have been widely adopted in both domestic and international markets [24] Financial Analysis - Mindray Medical's revenue is expected to grow from 34.93 billion RMB in 2024E to 61.17 billion RMB in 2026E, with a CAGR of 20.3% [6] - The company's net profit is projected to increase from 11.58 billion RMB in 2024E to 20.31 billion RMB in 2026E, with a CAGR of 20.9% [6] - Gross margin is expected to remain stable, increasing slightly from 66.5% in 2024E to 67.2% in 2026E [6] Market Opportunities Domestic Market - The domestic medical device market is expected to benefit from new infrastructure projects, equipment updates, and critical care capacity building [27] - Mindray Medical estimates that the domestic market opportunity for its products exceeds 100 billion RMB, with current market share at only 20% [25] International Market - The international market presents a significant growth opportunity, with an addressable market exceeding 450 billion RMB [11] - Mindray Medical is well-positioned to capitalize on this opportunity, with a strong product portfolio and a growing presence in both developed and emerging markets [11]

本次电话会议仅服务于星叶证券客户会议音频及文字记录的内容版权为星叶证券所有内容必须经星叶证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权星叶证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资者下午好我是新政部收的分析师阮强今天下午跟大家分享一下我们最近的一个研究同业存单齐称策略研究 整个的我们的研究来看的话分为几部分首先从同业存单的市场概况来看其实这个市场在2014年以来是呈现一个加速扩张的一个过程2017年以后的话是呈现了一个平稳发展现在来看已经成为一个重要的固定收益投资标的 同业存单本身的话是有很多的优势的而且从现在同业存单一个存量的比较来看的话它的数量和规模都是位居前列的啊如果说我们看那个机构和发行期限的话啊发行人其实以像以股份行成商行啊国有行居多啊期限的话也是以啊比较长一点的这个一年期啊六个月期为主 从定价来看的话其实总体上还是对标这个同业银行 ...

Investment Rating - The report maintains an "Overweight" rating for key companies in the securities industry, including Huatai Securities, CITIC Securities, Zheshang Securities, Dongfang Caifu, Guolian Securities, all rated as "Buy" [2]. Core Insights - Market capitalization management is defined as a strategic management model that integrates a listed company's operational development with capital market operations, aiming to enhance the company's market value through effective information transmission [3][7]. - The necessity for listed securities companies to engage in market capitalization management is underscored by three main factors: the emphasis from the State-owned Assets Supervision and Administration Commission (SASAC), the need to maintain reasonable valuation levels for financing capabilities, and the increasing competition for liquidity among listed companies due to the rise in the number of listed securities firms [3][9][11]. - The report emphasizes the importance of establishing a performance evaluation system for market capitalization management, focusing on relative valuation metrics, stock liquidity, and analyst coverage [3][21]. Summary by Sections Definition of Market Capitalization Management - Market capitalization management combines a company's operational development with capital market operations, aiming to reflect the company's intrinsic value in its stock price [7]. Necessity of Market Capitalization Management for Listed Securities Companies - SASAC has increasingly emphasized the importance of market capitalization management, integrating it into performance evaluations for central enterprises [9][10]. - Maintaining a reasonable valuation is crucial for financing capabilities, with approximately 30% of listed securities companies currently having a price-to-book (PB) ratio below 1 [11][12]. - The number of listed securities companies has increased significantly, leading to intensified competition for liquidity [18][19]. Evaluation System for Securities Companies' Market Capitalization Management - The evaluation system includes three dimensions: relative valuation (PB), stock liquidity (turnover rates), and analyst coverage [21][22]. - The report highlights that absolute valuation differences are not a reliable measure of market capitalization management success, suggesting a focus on relative valuation among peer companies [22]. Recommendations for Market Capitalization Management - Securities companies should focus on fee-based business growth narratives to expand valuation space and diversify their equity structure by introducing strategic investors [4]. - High-quality information disclosure and investor communication are essential to enhance company value perception [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][12]. Core Insights - The company reported a revenue of 2.143 billion yuan in 2023, a decrease of 7.04% year-on-year, with a net profit attributable to shareholders of 217 million yuan, down 17.20% year-on-year. However, the fourth quarter showed a revenue of 560 million yuan, a significant year-on-year increase of 27.91% [3]. - In Q1 2024, the company achieved a revenue of 480 million yuan, a year-on-year growth of 1.66%, and a net profit of 50 million yuan, up 21.23% year-on-year [3]. - The company’s gross margin improved to 24.36% in 2023, an increase of 3.99 percentage points, and further increased to 25.88% in Q1 2024 [3]. - The advertising business is expanding globally, with over 800 million commercial conversions and coverage in over 200 countries, leveraging AI technology to enhance performance [3]. Financial Summary - The company’s projected revenues for 2024-2026 are 2.579 billion yuan, 2.856 billion yuan, and 3.100 billion yuan, respectively, with corresponding net profits of 285 million yuan, 347 million yuan, and 430 million yuan [2][3]. - The projected PE ratios for 2024-2026 are 28.4, 23.3, and 18.8 times, respectively, indicating a favorable valuation trend [3]. - The company plans to distribute a cash dividend of 1.10 yuan per 10 shares for 2023 [3].

Company Overview - The company's closing price on 2023-05-17 was 7.67 yuan, with a total share capital of 3,299.30 million shares and a circulating share capital of 3,229.17 million shares [1] - The company's net assets were 20,385.43 million yuan, with total assets of 47,035.11 million yuan and net assets per share of 6.18 yuan [1] Financial Performance - In 2023, the company achieved operating revenue of 18,727 million yuan, a year-on-year increase of 7.16%, reaching 98.52% of the annual operating revenue target [2][5] - Net profit attributable to the parent company was 525 million yuan, a year-on-year decrease of 14.35%, with a net profit margin of 3.15%, down 0.59 percentage points year-on-year [2][5] - Basic earnings per share were 0.18 yuan/share, a year-on-year decrease of 21.33%, and the weighted average return on equity was 2.98%, down 1.50 percentage points year-on-year [2][5] - In Q1 2024, the company achieved operating revenue of 3,814 million yuan, a year-on-year decrease of 14.50%, and net profit attributable to the parent company was 143 million yuan, a year-on-year decrease of 21.43% [2][5] Business Segments - In 2023, the company's aerospace product revenue was 14,349 million yuan, a year-on-year increase of 15.46%, accounting for 76.62% of total revenue, up 5.51 percentage points year-on-year [2][8] - Civil product revenue was 4,230 million yuan, a year-on-year decrease of 12.86%, accounting for 22.59% of total revenue, down 5.19 percentage points year-on-year [2][8] - Other business revenue was 148 million yuan, a year-on-year decrease of 23.61%, accounting for 0.79% of total revenue, down 0.32 percentage points year-on-year [2][8] Cash Flow and Profit Distribution - In 2023, the net cash flow from operating activities was -1,020 million yuan, an increase of 357 million yuan compared to the previous year [2] - The net cash flow from investment activities was -1,683 million yuan, a decrease of 798 million yuan compared to 2022 [2] - The net cash flow from financing activities was 2,345 million yuan, a year-on-year decrease of 54.08% [2] - The 2023 profit distribution plan is to distribute a cash dividend of 0.48 yuan per 10 shares (including tax), totaling 158 million yuan [2][5] Subsidiary Performance - Subsidiary Aerospace Feihong achieved operating revenue of 1,102 million yuan, a year-on-year increase of 125.70%, with a net profit of 77 million yuan, a year-on-year increase of 2,800.87% [15] - Subsidiary Aerospace Changzheng achieved operating revenue of 3,758 million yuan, a year-on-year increase of 25.53%, with a net profit of 102 million yuan, a year-on-year decrease of 10.26% [14] Profit Forecast and Investment Rating - The company is expected to achieve net profit attributable to the parent company of 617/749/885 million yuan in 2024-2026, with corresponding P/E ratios of 41.0/33.8/28.6 times (based on the closing price on May 17, 2024) [16] - The company is given an "Overweight" rating [16]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xin Ye Securities and its clients Core Points and Arguments - The content of the conference call is protected by copyright, and any reproduction or distribution without permission is considered infringement [1] - Participants are reminded not to disclose insider information or any material non-public information [1] Other Important but Possibly Overlooked Content - The call serves as an audio and text record for Xin Ye Securities clients, emphasizing the importance of confidentiality and legal rights [1]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 生物医药 ＃investSuggestion＃ ＃d 百yCo 济mp 神any＃州 （688235.SH） ＃ 000009 investSug 2023 年 报及 2024 年一季报点评：产品收入延续高增长， 增持 ( 维ges持tion ）Ch 管线研发取得多项关键进展 ange＃ ＃ createTime1＃ 2024年 5月 23日 公 投资要点 司 市场数据 ＃summary＃ 点 日期 2024.5.22 ⚫ 核心产品持续放量，收入延续高增长。2023年公司营业总收入为174.23亿元 （同比+82.1%），产品收入155.04亿元（同比+82.8%）；2024年Q1营业总收 评 收盘价（元） 129.10 入53.59亿元（同比+74.78%，环比+17.84%），其中产品收入53.25亿元（同 报 总股本（亿股） 13.59 比+ 89.65%，环比+17.81%）。收入增长主要由于百悦泽、百泽安以及授权许 流通股本（亿股） 1.15 告 可产品销售额增加。 净资产（亿元） 241.18 总资产（亿元） 405. ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to see a recovery in performance, driven by its "Dual Sea" strategy, with a projected increase in revenue and profit in the coming years [5]. - The company reported a Q1 2024 revenue of 1.31 billion yuan, a year-on-year decrease of 9%, while the net profit attributable to shareholders was 263 million yuan, an increase of 3% year-on-year [4]. - The company has a strong order backlog of 7.137 billion yuan as of April 25, 2024, with significant contributions from both land and sea cable systems [4]. Financial Summary - Revenue for 2023 is projected at 7.31 billion yuan, with a year-on-year growth of 4.3%. For 2024E, revenue is expected to reach 8.53 billion yuan, reflecting a growth of 16.7% [3]. - The net profit attributable to shareholders is forecasted to be 1 billion yuan in 2023, with a year-on-year growth of 18.8%, and is expected to increase to 1.252 billion yuan in 2024E, representing a growth of 25.2% [3]. - The gross margin is projected to be 25.2% in 2023, slightly decreasing to 24.4% in 2024E, before recovering to 26.6% in 2025E [3]. - The return on equity (ROE) is expected to improve from 15.9% in 2023 to 17.3% in 2024E [3]. Market Data - As of May 10, 2024, the closing price of the company's stock was 46.48 yuan, with a total share capital of 687.72 million shares [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 65.68 RMB as of May 9, 2024 [2][3] Core Views - The company's traditional business remains stable, with significant growth potential in SiC and electrostatic chuck products [4] - Despite short-term pressure in Q1 2024, the company's profitability is steadily improving, driven by high R&D investment and product structure optimization [4] - The company's high-speed optical module ceramic shells are leading in the domestic market, with 400G products already in mass production and 800G products reaching international standards [5] - SiC products have gained recognition from major automotive manufacturers, with main-drive SiC MOS passing parameter verification [5] - Precision ceramic components have seen substantial growth, benefiting from domestic substitution trends in the semiconductor equipment sector [5] Financial Performance - In 2023, the company achieved revenue of 2.676 billion RMB, a 6.52% YoY increase, and net profit of 490 million RMB, up 7.11% YoY [4] - Q1 2024 revenue reached 548 million RMB, a 6.63% YoY increase, while net profit declined 4.38% to 83 million RMB [4] - Gross margin improved by 1.10 percentage points to 33.37% in Q1 2024, with net margin increasing by 1.94 percentage points to 18.14% [4] - R&D expenses surged 32.01% YoY to 72 million RMB in Q1 2024 [4] Future Projections - Revenue is expected to grow from 3.649 billion RMB in 2024E to 6.160 billion RMB in 2026E, representing a CAGR of 29.4% [4] - Net profit is projected to increase from 663 million RMB in 2024E to 1.168 billion RMB in 2026E, with a CAGR of 29.6% [4] - EPS is forecasted to rise from 2.06 RMB in 2024E to 3.63 RMB in 2026E [4] - ROE is expected to improve from 10.3% in 2024E to 14.1% in 2026E [4] Market Position - The company's total assets stood at 7.598 billion RMB as of the latest reporting period, with net assets of 5.706 billion RMB [2] - The company has a total share capital of 322.18 million shares, with 84.11 million shares in circulation [2] - The company's net asset per share is 17.71 RMB [2]