＃ dyStockco de＃ 688336 .SH ＃三生国健 dyCompany＃ ＃title＃ 2023 年报及 2024 一季报点评：核心产品收入稳步 增长，自免管线布局有序推进 ＃createTime1＃ 2024 年 5 月 17 日 | --- | --- | |----------------------------|--------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024.5.16 | | 收盘价（元） | 23.68 | | 总股本（亿股） | 6.17 | | 流通股本（亿股） | 0.93 | | 净资产（亿元） | 48.95 | | 总资产（亿元） | 53.11 | | 每股净资产（元） | 8.09 | | 数据来源： Wind | ，兴业证券经济与金融研究院整理 | 《自免深度报告-1：国产自免创 新药迎来落地期，有望改善庞大 患者群体生活质量》2024-4-29 《三生国健 2023 半年度报告点 评：收入利润稳步增长，自免管 线有序进展》2023-9-12 | --- | - ...

Investment Rating - The investment rating for the company is "Add" and it is maintained [1] Core Views - The company has joined the "Beijing Humanoid Robot Industry Alliance" and is actively developing and testing robot controllers with domestic robot manufacturers [3] - The company is expanding its collaboration in the industrial robot sector and has successfully launched several specialized chips in 2023, enhancing its industrial ecosystem in areas such as new energy and smart manufacturing [3] - The company has significantly increased its R&D investment, with a research expense ratio of 83.96% in 2023, up by 41.60 percentage points year-on-year, leading to improved cash flow [3] - The company is building a self-sufficient ecosystem based on its independent instruction set, with its self-developed 3A6000 CPU achieving performance levels comparable to Intel's 10th generation Core processors [3] - Profit forecasts indicate a net profit of -1.02 million in 2024, with a recovery to 0.13 million in 2025 and 0.89 million in 2026, maintaining the "Add" rating [3] Financial Summary - The company's revenue for 2023 is projected at 506 million, with a year-on-year decline of 31.5%, but expected to grow by 39.7% in 2024 [4] - The net profit for 2023 is forecasted at -329 million, with a significant recovery expected in subsequent years [4] - The gross profit margin is projected to improve from 36.1% in 2023 to 43.3% by 2026 [4] - The return on equity (ROE) is expected to rise from 36.1% in 2023 to 43.3% in 2026 [4]

Investment Rating - The investment rating for the company is "Accumulate" [1][4]. Core Views - The company is actively advancing its acquisition of Xinhua San and has seen a continuous increase in its market share for PC server procurement from China Mobile [3]. - The company's revenue for 2023 reached 77.308 billion yuan, a year-on-year increase of 4.39%, with the ICT infrastructure and services business contributing 51.506 billion yuan, up 10.15% [3]. - The company maintains stable expense and gross profit margins, with a gross profit margin of 19.6% in 2023 [3]. - The "AI in ALL" strategy is being deepened, enhancing the company's capabilities in digital infrastructure and AI applications [3]. Summary by Sections Market Data - Closing price: 21.96 yuan - Total shares: 2860.08 million - Net assets: 34,360.47 million yuan - Total assets: 84,605.41 million yuan - Net asset per share: 12.01 yuan [2]. Financial Performance - Revenue forecast for 2024-2026 is 87.854 billion, 98.670 billion, and 108.550 billion yuan respectively, with expected growth rates of 13.6%, 12.3%, and 10.0% [5]. - Net profit attributable to the parent company for the same period is projected to be 2.498 billion, 2.911 billion, and 3.372 billion yuan, with growth rates of 18.8%, 16.5%, and 15.8% [5]. - The company’s gross profit margin is expected to slightly increase to 19.7% in 2024 and reach 20.4% by 2026 [5]. Strategic Initiatives - The company is enhancing its full-stack ICT infrastructure capabilities and has made significant advancements in AI applications, including the launch of a 51.2T 800G CPO silicon photonic data center switch [3]. - The company is focusing on expanding its market share in the ICT sector, with a notable increase in revenue from its subsidiary Xinhua San [3].

海 外 研 证券研究报告 究 食品饮料行业 ＃investSuggestion＃ ＃ 海外食品饮料啤酒行业2023年报业绩综述: investSug 推荐 （ 维ges持tion ）Ch 结构升级持续，销＃ 量tit及le＃ 成 本有望边际改善 ange＃ ＃ createTime1＃ 2024年 5月 17日 ＃relatedReport＃ 投资要点 行 ＃ 相m 关a 报rk 告etD ata＃ ＃summary＃ ⚫ 复盘：1、收入及销量：1）按营收计，百威亚太仍位居港股上市啤企第一。2023 年 业 《啤酒行业 2022 年报业绩综 百威亚太收入为486.2亿元（68.6亿美元，按2023年12月29日汇率计），同期，华 跟 述：旺季行情催化，超配啤酒板 润、青啤、重啤、燕啤分别为389.3、339.4、148.1、142.1亿元。2）按销量计，华润 块》20230413 踪 啤酒继续稳居港股上市啤企第一，重庆啤酒增速第一。2023 年，各啤企销量同比增 报 《海外食品饮料行业2023年中 速为重庆啤酒（+4.9%）>百威亚太（+4.8%）>燕京啤酒（+4.6%）>华润啤酒（+0.5%）> 报业绩综述 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][9]. Core Views - The company has achieved significant revenue growth due to rapid capacity expansion in 2023, resulting in a year-on-year increase of 32.66% in Q1 2024 revenue, reaching 21.11 billion yuan [5][7]. - The company successfully turned around its profitability in Q1 2024, reporting a net profit of 580 million yuan, compared to losses in the previous periods [5][7]. - The integration of upstream and downstream operations, particularly through the investment in Zhejiang Petrochemical, enhances the company's competitive position and profitability [4][8]. Financial Summary - Revenue for 2023 is projected at 82.64 billion yuan, with a year-on-year growth of 33.3% [3]. - The net profit attributable to shareholders is expected to reach 797 million yuan in 2023, reflecting a substantial increase of 539.1% [3]. - The gross margin is forecasted to improve from 5.1% in 2023 to 7.6% in 2024 [3]. - Earnings per share (EPS) are projected to be 0.33 yuan for 2023, increasing to 1.31 yuan in 2024 and 1.95 yuan in 2025 [3][9].

＃相关报告 relatedReport＃ | --- | --- | --- | --- | --- | --- | |-------------------------------------|----------------|--------|------------|------------------------|-------| | 主要财务指标 ＄ 会计年度 zycwzb\| | 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | | 1481 1802 2145 2447 | | | 同比增长 | | 25.5% | 21.6% | 19.1% | 14.1% | | 归母净利润 ( | 百万元 ) | | | 86 111 151 199 | | | 同比增长 | | 113.2% | 28.8% | 35.6% | 32.0% | | 毛利率 | | 94.8% | 94.5% | 94.8% | 95.5% | | ROE | | 6.5% | 7.5% | 9.3% | 11.0% | | 每股收益 ( 元 ) | ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ ＃ ＃d 用yCo 友mp 网any＃络 （ 600588 ） investSug 增持 ( 维ges持tion ）Ch 600588 ＃title＃ 组织模式升级完成，持续打磨 BIP 和 AI 应用 ange＃ ＃ createTime1＃ 2024 年 05月 17日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年度报告和2024年第一季度报告：2023年，公司实现 司 市场数据日期 2024-05-16 营业收入97.96亿元，同比增长5.77%；归母净利润亏损9.67亿元，上年同 点 收盘价（元） 11.49 期盈利 2.19 亿元；扣非净利润亏损 11.04 亿元，上年同期盈利 1.46 亿元。 评 总股本（百万股） 3418.52 2024年第一季度，公司实现营业收入17.49亿元，同比增长18.61%；归母净 利润亏损4.53亿元，上年同期亏损3.97亿元；扣非净利润亏损4.51亿元， 报 流通股本（百万 ...

Investment Rating - The report maintains an "Add" rating for the company [1][22]. Core Views - In 2023, the company achieved operating revenue of 3.567 billion yuan, a year-on-year increase of 3.08%, and a net profit attributable to shareholders of 606 million yuan, up 16.47% year-on-year [5][8]. - For Q1 2024, the company reported operating revenue of 693 million yuan, a decrease of 0.62% year-on-year, primarily due to industry destocking [5][11]. - The company is expanding its product offerings in satellite communication and 5.5G base station applications, with significant advancements in RF components and modules [5][16]. Financial Performance Summary - **2023 Financials**: - Operating revenue: 3.567 billion yuan, up 3.08% - Net profit: 606 million yuan, up 16.47% - Basic earnings per share: 1.52 yuan, up 10.14% [5][9]. - **Q1 2024 Financials**: - Operating revenue: 693 million yuan, down 0.62% year-on-year - Net profit: 121 million yuan, up 4.22% year-on-year [5][11]. Product Performance - **T/R Components and RF Modules**: - Revenue reached 3.379 billion yuan in 2023, a growth of 7.64%, accounting for 94.72% of total revenue [5][14]. - Gross margin for T/R components was 31.90%, an increase of 2.69 percentage points year-on-year [5][14]. - **RF Chips**: - Revenue was 128 million yuan, a decrease of 52.98%, with a gross margin of 33.45%, down 9.07 percentage points [5][14]. Profitability Metrics - **2023 Profitability**: - Gross margin: 32.28%, up 1.62 percentage points - Net profit margin: 17.00%, up 1.96 percentage points [5][16]. - **Q1 2024 Profitability**: - Gross margin: 35.63%, up 3.88 percentage points year-on-year - Net profit margin: 17.42%, up 0.81 percentage points year-on-year [5][16]. Future Earnings Forecast - The company forecasts net profits of 696 million yuan, 867 million yuan, and 1.053 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.17 yuan, 1.45 yuan, and 1.77 yuan [22].

证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃ ＃d申yCo能mpa股ny＃份 （ 600642 ） investSug 增持 ( 维ges持tionC）h 000 燃00 料9 成本改善释放＃ 利tit 润le＃ ，如期实现高分红 ange＃ ＃createTime1＃ 2024年5月17 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：申能股份发布2023年报及2024一季报，2023年公司合计实现营 日期 2024/5/16 业收入291.42亿元，同比+3.36%，归母净利润34.59亿元，同比+219.52%， 收盘价（元） 8.59 扣非后归母净利30.84亿元，同比+271.42%，2024Q1公司延续利润改善 总股本（百万股） 4,894 势头，当期公司实现营业收入80.71亿元，同比+10.87%，归母净利11.59 流通股本（百万股） 4,865 亿元，同比+57.96%，扣非后归母净利8.91亿元，同比+86.63%。结合公 司经营数据，我们点评如下： 净资产（百万元） 35,751  火电：负荷稳定保证业绩基本盘， ...

Investment Rating - The report initiates coverage with an "Overweight" rating for the company, citing potential growth from core product commercialization and pipeline expansion [2][43] Core Views - The company's revenue is expected to grow steadily, with projected revenues of RMB 722 million, RMB 1.34 billion, and RMB 2.122 billion for 2024, 2025, and 2026, respectively [2][43] - EPS is forecasted to be -RMB 0.66, RMB 0.23, and RMB 1.59 for 2024, 2025, and 2026, respectively [2][43] - The company's product pipeline is entering a harvest phase, with significant progress in autoimmune indications and differentiated product layouts based on antibody platforms [27] Financial Performance - In 2023, the company achieved revenue of RMB 386 million, a YoY increase of 27.83%, with a net loss attributable to shareholders of RMB 279 million [9][26] - Q4 2023 revenue was RMB 104 million, a slight YoY decrease of 0.07%, but a QoQ increase of 67.80% [9] - Q1 2024 revenue was RMB 108 million, a YoY increase of 0.12% and a QoQ increase of 3.75% [26][29] - Gross margin for 2023 was 92.44%, with a significant reduction in R&D expenses as a percentage of revenue to 128.44% [30] Product Pipeline and Commercialization - Donafenib (Zepsun) generated sales revenue of RMB 384 million in 2023, a YoY increase of 27.14%, with sales volume reaching 207,400 boxes, up 19.61% YoY [4][7][13] - Recombinant human thrombin received NMPA approval in December 2023 and entered a commercialization partnership with Yuanda Life Sciences (Liaoning) [4][13] - Jackitinib, targeting myelofibrosis and autoimmune diseases, has multiple Phase III trials underway, with NDA submitted for myelofibrosis [14][27] - ZG006, a trispecific antibody targeting CD3 and DLL3, shows promising preclinical results and is positioned as a potential first-in-class and best-in-class molecule [17][34] - ZG005 (PD-1/TIGIT) and ZGGS15 (LAG-3/TIGIT) are advancing in clinical trials, with ZGGS15 being the first anti-LAG-3/TIGIT bispecific antibody to enter clinical trials [36][37] Market Expansion and Coverage - Donafenib has entered 979 hospitals, covering 1,696 hospitals and 844 pharmacies as of December 2023 [4][13] - The company is expanding its presence in oncology, bleeding disorders, hepatobiliary diseases, and autoimmune diseases through a diversified pipeline [14][27] Key Financial Metrics - Cash and cash equivalents increased to RMB 2.078 billion by the end of 2023, up 182.34% YoY [11] - Total assets stood at RMB 3.105 billion, with net assets of RMB 1.594 billion as of 2023 [1] - The company's ROE is projected to improve significantly, reaching 21.7% by 2026 [25]