Investment Rating - The report initiates coverage on Lepu Medical with a "Buy" rating, setting a target price of CNY 15.0 based on a 20x P/E multiple for 2025 [2] Core Views - Lepu Medical has evolved from a single stent manufacturer to a comprehensive "medical device + pharmaceutical + services" platform, with its core businesses being medical devices (53.6% of revenue) and pharmaceuticals (30.9% of revenue) [1] - The company has successfully navigated the impact of centralized procurement (集采) on its core products, including coronary stents and key drugs like Clopidogrel and Atorvastatin Calcium Tablets, with the effects of procurement policies gradually diminishing [1] - Lepu Medical is heavily investing in R&D, with innovative products in both medical devices (e.g., bioabsorbable stents, drug-coated balloons) and pharmaceuticals (e.g., GLP-1RAs for diabetes and weight loss) becoming new growth drivers [1] Financial Performance - For the first three quarters of 2024, Lepu Medical reported revenue of CNY 4.79 billion (-23.6% YoY) and net profit attributable to shareholders of CNY 800 million (-40.7% YoY) [1] - The company's revenue is expected to grow from CNY 6.67 billion in 2024E to CNY 8.68 billion in 2026E, with net profit increasing from CNY 1.09 billion to CNY 1.69 billion over the same period [4] - Gross margin is projected to remain stable at around 64-65%, while net margin is expected to improve from 16.3% in 2024E to 19.5% in 2026E [4] Medical Devices Segment - Lepu Medical is a leading player in cardiovascular medical devices, with a strong presence in coronary intervention, structural heart disease, and peripheral vascular intervention [24] - The company has a diversified product portfolio, including drug-eluting stents, bioabsorbable stents, drug-coated balloons, and intravascular lithotripsy (IVL) devices [49] - Despite the impact of centralized procurement on coronary stents, Lepu Medical has maintained its market position, with its stent products accounting for 23% of the market in 2019 [70] - The company is focusing on innovative products such as drug-coated balloons, bioabsorbable stents, and IVL devices to drive future growth [87][107] Pharmaceuticals Segment - Lepu Medical's pharmaceutical business is centered around cardiovascular drugs, with key products like Clopidogrel and Atorvastatin Calcium Tablets [1] - The company is also investing in the development of GLP-1RAs for diabetes and weight loss, with its triple-target GLP-1RA being the second globally, only behind Eli Lilly's Retatrutide [1] Services and Health Management - Lepu Medical is expanding into services and health management, including cardiovascular specialty hospitals, medical diagnostic laboratories, and AI-based health monitoring products [26] - The company has launched products like the "Jingmou VENTURA" orthokeratology lens and is diversifying into ophthalmology and dermatology [1]

纺织服装行业 行业研究 | 行业周报 | --- | --- | |--------------|-------------------------------| | | | | | 看好 （维持） | | | | | 国家 / 地区 | 中国 | | 行业 | 纺织服装行业 | | 报告发布日期 | 2024 年 12 月 08 日 | 板块延续强势 行业白马企稳回升 | --- | |-------------------------------| | | | | | 021-63325888*6076 | | shihongmei@orientsec.com.cn | | 执业证书编号： S0860511010001 | | 021-63325888*6107 | | zhuyan3@orientsec.com.cn | | 执业证书编号： S0860521070006 | | 香港证监会牌照： BSW044 | 施红梅 朱炎 | --- | --- | |-----------------------------------------|------------| | | | | | | | 板块表现 ...

11 月国内乘用车销量同环比向上，特斯拉 发布 FSD V13 ——汽车行业周报（1202-1208） 核心观点 ⚫ 乘联会预估 11 月国内乘用车销量将实现同环比向上。据乘联会初步统计，11 月 1- 30 日国内乘用车批发/零售销量分别为 294.3/244.6 万辆，同比分别增长 15%/18%，环比分别增长 8%/8%。汽车报废更新及置换更新补贴政策将于年底结 束，促使消费者于年内完成购车，政策效果加速释放，带动 11 月国内乘用车市场维 持热销，预计 12 月销量亦有望维持向好。 ⚫ 11 月多家自主品牌及新能源车企销量表现较好。零跑 11 月交付量 40169 辆，环比 增长 5.2%，单月交付量首破 4 万辆；小鹏 11 月交付量 30895 辆，环比增长 29.2%，单月交付量首破 3 万辆；阿维塔 11 月销量 11579 辆，环比增长 15.1%， 再创单月销量新高。部分自主品牌 11 月销量亦呈现较好走势，比亚迪 11 月销量 50.68 万辆，同比增长 40%；吉利汽车 11 月销量 25.01 万辆，同比增长 27%；长 安汽车 11 月销量 27.73 万辆，同比增长 22% 。在 ...

看好（维持） 国家/地区 中国 行业 造纸轻工行业 报告发布日期 2024 年 12 月 08 日 李雪君 021-63325888*6069 lixuejun@orientsec.com.cn 执业证书编号：S0860517020001 香港证监会牌照：BSW124 谢雨辰 xieyuchen@orientsec.com.cn 执业证书编号：S0860524090001 本周成品纸价格均有提涨 ——造纸产业链数据每周速递（2024/12/07） 核心观点 ⚫ 本周轻工制造行业指数上涨 1.23%，跑输大盘 0.21pct；造纸子板块上涨 1.72%， 跑赢大盘 0.28pct。本周沪深 300 指数上涨 1.44%，轻工制造(申万)指数上涨 1.23%，跑输沪深 300 指数 0.21pct，在 28 个申万一级行业中位列第 24 位；二级行 业中，造纸子板块上涨 1.72%，跑赢大盘 0.28pct。本周轻工四大子板块按涨幅由大 到小分别为包装印刷、造纸、家具和文娱用品，其中包装印刷、造纸、家具板块分 别上涨 5.04%、1.72%、0.13%，文娱用品板块下跌 4.80%。 产业链数据跟踪 ⚫ 本周国废 ...

看好（维持） 国家/地区 中国 行业 造纸轻工行业 报告发布日期 2024 年 12 月 08 日 李雪君 021-63325888*6069 lixuejun@orientsec.com.cn 执业证书编号：S0860517020001 香港证监会牌照：BSW124 谢雨辰 xieyuchen@orientsec.com.cn 执业证书编号：S0860524090001 本周成品纸价格均有提涨 ——造纸产业链数据每周速递（2024/12/07） 核心观点 ⚫ 本周轻工制造行业指数上涨 1.23%，跑输大盘 0.21pct；造纸子板块上涨 1.72%， 跑赢大盘 0.28pct。本周沪深 300 指数上涨 1.44%，轻工制造(申万)指数上涨 1.23%，跑输沪深 300 指数 0.21pct，在 28 个申万一级行业中位列第 24 位；二级行 业中，造纸子板块上涨 1.72%，跑赢大盘 0.28pct。本周轻工四大子板块按涨幅由大 到小分别为包装印刷、造纸、家具和文娱用品，其中包装印刷、造纸、家具板块分 别上涨 5.04%、1.72%、0.13%，文娱用品板块下跌 4.80%。 产业链数据跟踪 ⚫ 本周国废 ...

美团 24Q3 点评：业绩超预期，关注核心 本地协同效应释放 核心观点 ⚫ 整体：业绩超预期。收入端，24Q3 营收 936 亿元（yoy+22.4%）彭博一致预期为 920 亿元。利润端，24Q3 调整后营业利润 136 亿元（彭博一致预期为 112 亿 元），营业利润率为 14.5%（23Q3 为 6.5%，24Q2 为 16.9%）。调整后净利润 128 亿元（彭博一致预期为 118 亿元），净利润率为 13.7%（23Q3 为 7.5%，24Q2 为 16.5%）。 ⚫ 核心本地商业：收入利润均超预期。24Q3 营收 694 亿元(yoy+20.2%)，彭博一致预 期为 683 亿元；调整后经营利润 146 亿元，彭博一致预期为 129 亿元；经营利润率 21.0%，yoy+3.5pp，qoq-4.1pp。分具体业务看： 1）外卖：单量稳健增长，单均 OP 同比继续提升。运营端，24Q3 外卖及闪购业务 总订单 70.78 亿笔(yoy+14.5%)，我们测算外卖订单同增接近 12%。需求侧，消费 频率和消费 ARPU 趋势向好。供给侧，公司不断优化产品模式，提供以拼好饭、神 抢手、品牌卫星店等为代表 ...

期 三季度业绩承压，加码研发度过行业低谷 ——海天精工 2024 年三季报点评 核心观点 ⚫ 三季度业绩承压，研发费用逆势增长。 24Q3 公司实现营收 8.14 亿元，同比 +0.26%，环比-11.75%；实现归母净利润 1.1 亿元，同比-22.47%，环比-32.42%。 24Q1-3 公司实现总营收 24.93 亿元，同比-0.57%；实现归母净利润 4.04 亿元，同 比-12.89%。 24Q3 公司整体毛利率为 27.33%，同比-3.72pct，环比-0.95pct；整体 净利率为 13.54%，同比-3.97pct，环比-4.14pct。24Q1-3 公司整体毛利率为 28.03%，同比-1.53pct；整体净利率为 16.2%，同比-2.29pct。24Q1-3 公司期间费 用率 10.81%，同比+0.77pct，费用率提升主要来自研发费用。 ⚫ 行业需求依然承压，为公司利润带来一定压力。根据中国机床工具工业协会的统 计，24M1-9 机床工具全行业营业收入同比-6.6%，利润总额同比-78.8%，利润率同 比-8.7pct。根据国家统计局公布数据，1-9 月全国规模以上企业金属切削机 ...

Industry Investment Rating - The report maintains a "Positive" rating for the pharmaceutical and biotechnology industry [2] Core Views - The heart failure (HF) market has significant potential, with improving patient prognosis being the core focus [3] - HF is characterized by high morbidity and mortality rates, with approximately 12.1 million HF patients in China in 2017 [3] - HF is classified into three types based on left ventricular ejection fraction (LVEF): HFrEF (35.6%), HFmrEF (20.6%), and HFpEF (43.8%) [3] - Chronic HF treatment has evolved from the "RASI+BB+MRA" golden triangle to the "RASI+BB+MRA+SGLT2i" quadruple therapy, with SGLT2i showing better prognosis improvement [3] - There is a lack of effective treatments for HFmrEF and HFpEF, with only SGLT2i receiving IA-level guideline recommendations [3] Unmet Needs and Competitive Landscape - Despite advancements, the 3-year all-cause mortality rate for HF patients in China remains high at 28.2%, indicating significant unmet needs [4] - Overseas companies dominate the chronic HF pipeline, with nearly 30 drugs in Phase II or later globally, including 5 domestic candidates [4] - Promising new drugs in development include Omecamtiv Mecarbil (OM), finerenone, tirzepatide, and semaglutide, with finerenone and tirzepatide showing potential as new treatment options [4] - Domestic candidates like S086 (sacubitril/valsartan) and recombinant human neuregulin are progressing rapidly, with S086 and neuregulin in Phase III trials [4] Investment Recommendations - Chronic HF, with its large patient base and long-term medication needs, is expected to see rapid market growth due to aging populations [5] - The market is driven by multi-drug combination therapies and the approval of new mechanism drugs [5] - Domestic companies like Salubris and Hengrui are recommended for attention due to their progress in HF drug development [5] Market Overview - HF is a chronic, progressive disease requiring long-term medication, with the Chinese HF drug market growing from 5.1 billion yuan in 2019 to 7.4 billion yuan in 2023 [26] - The global HF drug market is projected to grow from $3.7 billion in 2018 to $22.1 billion in 2028, with a CAGR of 19.5% [31] Treatment Evolution - HFrEF treatment has evolved from the "RASI+BB+MRA" golden triangle to the "RASI+BB+MRA+SGLT2i" quadruple therapy, with SGLT2i improving patient prognosis [32] - ACEIs were the first class of drugs proven to reduce mortality in HFrEF patients [33] - ARNIs, particularly sacubitril/valsartan, are recommended for HFrEF patients with NYHA class II/III symptoms [38] - SGLT2 inhibitors like dapagliflozin and empagliflozin have shown significant benefits in reducing HF hospitalization and cardiovascular death risks [50][55] Pipeline Highlights - Omecamtiv Mecarbil (OM) has shown mixed results in Phase III trials, with no significant reduction in cardiovascular mortality [71] - Finerenone has demonstrated positive results in HFmrEF and HFpEF patients, potentially becoming a new treatment option [72] - Semaglutide and tirzepatide have shown promise in reducing cardiovascular risks in obese and diabetic HFpEF patients [78][83] - Domestic candidates like S086 and recombinant human neuregulin are progressing well, with neuregulin showing potential in improving heart function [88][90]

现 上半财年兑现亮眼业绩，期待旺季销售表 核心观点 ⚫ 公司发布 FY25H1 财报，公司实现营业收入 88.04 亿，同比增长 17.8%。盈利能力 方面，公司实现经营溢利 14.7 亿，同比增长 19.6%（若剔除女装业务，公司的经营 溢利同比增长 28.3%），实现归母净利润 11.3 亿，同比增长 23%。中期拟每股派发 股息 6 港仙，同比增长 20%。 ⚫ 品牌羽绒服为增长核心驱动力。 FY25H1 收入同比增长 22.7%，分品牌来看，波司 登、雪中飞和冰洁收入分别同比增长 19.4%、47.1%和 61.5%，其中波司登主品牌 FY25H1 期间净关店 124 家仍能实现销售快速增长，表明公司持续优化渠道质量、 聚焦 TOP 店及单店运营能力提升等举措卓有成效。分渠道来看，FY25H1 自营和批 发渠道收入分别同比增长 36.7%和 12.6%；另外，线上渠道收入同比增长 24.1%。 ⚫ 女装业务受持续低迷的市场环境影响，FY25H1 收入同比下降 21.5%，计提商誉减 值导致中期经营亏损 5,042 万元。公司重新审视和评估时尚女装业务在集团整体的 战略定位，明确不在非核心战略业务上加大 ...

心衰：Pipeline 激烈竞争的潜在大市场 ——医药行业周专题 医药生物行业 行业研究 | 深度报告 | --- | --- | |--------------|-------------------------------| | | | | | 看好 （维持） | | | | | 国家 / 地区 | 中国 | | 行业 | 医药生物行业 | | 报告发布日期 | 2024 年 12 月 04 日 | 核心观点 ⚫ 心衰市场：潜力大，改善预后是核心。心衰具有发病率高、死亡率高的特点。2017 年，我国约有 1210 万心衰患者，根据 LVEF（左心室射血分数）可分为：HFrEF （射血分数降低）、HFmrEF（射血分数轻度降低）和 HFpEF（射血分数保留）， 数量占比分别为：35.6%、20.6%和 43.8%。慢性心衰治疗药物主要包括：1）缓解 症状和改善功能；2）降低死亡和/或心衰住院风险的药物。 ⚫ 针对 HFrEF 的治疗已从"RASI+BB+MRA"（即：肾素‑血管紧张素系统抑制剂+β 受体阻滞剂+醛固酮受体拮抗剂）金三角方案进入到"RASI+BB+MRA+SGLT2i"新 四联时代，核心在于后 ...