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医药院外市场集中度有望持续提升 医药院外市场2024中期投资策略 请参阅附注免责声明 1 请参阅附注免责声明 2 请参阅附注免责声明 3 2024Q1药店收入增速承压，后续有望恢复平稳增长 2023年四类药销售因流感而波动，2024年受基数影响较大 收入（亿元） 收入增速 400.0 50% 中药四类药销售额趋势 350.0 40% 300.0 30% 250.0 200.0 20% 150.0 10% 100.0 0% 50.0 0.0 -10% 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 % 社零-中西成药 60 39.8 40 19.3 ...

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股 票 研 [Table_Industry] 商业银行 究 2 024.06.16 [评Tab级le_I：nve st] 增持 信贷继续“挤水分”，需求仍待修复 上 次评级: 增持 ——5 月金融数据点评 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut刘ho源rs] ( 分析师) 钟昌静(研究助理) 021-38677818 010-83939787 业 liuyuan023804@gtjas.com zhongchangjing028678@gtjas.com [相Ta关ble报_R告ep ort] 事 登 记编号 S0880521060001 S0880123070141 商业银行《业绩增速放缓，息差逆势提升》 件 本报告导读： 2024.05.28 快 商业银行《稳地产政策持续发力，板块估值 5月社融信贷数据基本符合预期，前期禁止手工补息、金融业增加值核算方式改变等 评 政策影响延续，信贷仍然在“挤水分”，金融总量指标与此前的可比性在下降。 修复进行时》 2024.05.19 投资要点： 商业银行《景气承压，后续聚焦负债及信用 成本改善幅度》 [T abl数e_据Su概 ...

股 票 研 [Table_Industry] 基础化工 究 2 024.06.16 [评Tab级le_I：nve st] 增持 本周硫酸涨幅居前，关注二季度业绩环比改善 上 次评级: 增持 子 行业 [细Ta分bl行e_业su评bI级nd ustry] ——基础化工行业周报 行 [table_A ut钟ho浩rs] ( 分析师) 钱伟伦(分析师) 周志鹏(分析师) 业 021-38038445 021-38038878 021-38676666 [相Ta关ble报_R告ep ort] 周 zhonghao027638@gtjas.com qianweilun027712@gtjas.com zhouzhipeng027980@gtjas.com 基础化工《重点化工品价格每日跟踪数据 报 登 记编号 S0880522120008 S0880523040003 S0880523060004 库》 2024.06.15 本报告导读： 基础化工《重点化工品价格每日跟踪数据 美国5月非农就业数据超预期，其降息预期降温。国内来看，节能减碳方案优化供给 库》 格局。推荐处于估值底部的龙头白马，关注先进制造中强链、补链相关的 ...

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Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to significantly benefit from the demand explosion in the Asia-Pacific and Africa regions, where it holds a clear first-mover advantage [1] - The company's EPS for 2024 is projected to be 4.27 CNY, with a target price raised to 94 CNY, reflecting a valuation of 22 times the 2024 earnings [1][2] - The report highlights the competitive pricing of household energy storage systems, which is becoming increasingly attractive in regions with lower purchasing power [1] Financial Summary - Revenue is projected to grow from 5,956 million CNY in 2022 to 17,795 million CNY by 2026, representing a compound annual growth rate (CAGR) of 34.2% [2][3] - Net profit attributable to the parent company is expected to increase from 1,517 million CNY in 2022 to 4,220 million CNY in 2026, with a significant growth rate of 162.3% in 2022 [2][3] - The company's return on equity (ROE) is forecasted to remain strong, with values of 37.4% in 2022 and projected to stabilize around 40% by 2026 [2][3] Market Position - The company has a strong market share in the Asia-Pacific and Africa regions, with inverter sales distribution showing significant contributions from Brazil (31%), UAE (5%), and India (3%) [1] - The report notes that the demand characteristics in these regions differ significantly from Europe and North America, with a strong preference for off-grid solutions and cost-effectiveness [1] Growth Catalysts - Continued high growth in inverter export data to Asia-Pacific and Africa is expected to drive the company's performance [1] - Recovery in European demand is also anticipated to contribute positively to the company's growth trajectory [1]