Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological (600161) [5][10]. Core Viewpoints - The company, backed by a central enterprise, has strong capabilities in obtaining plasma station approvals, with a substantial reserve of new plasma stations established since 2021, indicating a potential revenue realization phase ahead. The blood products sector is characterized by high barriers to entry, and the company is expected to achieve steady growth through both organic growth and external expansion [2][3]. Summary by Sections 1. Company Background and Market Position - The company is a leading player in the blood products sector, with a strong central enterprise background. It operates under the umbrella of China National Pharmaceutical Group, managing six blood product enterprises and holding the largest production scale in the industry [16][21]. - The company has seen steady growth in performance, with total revenue increasing from 2.93 billion yuan in 2018 to 5.18 billion yuan in 2023, reflecting a five-year compound annual growth rate (CAGR) of 12.06% [21][23]. 2. Plasma Station Resources and Coverage - The company leads the industry with 15 types of blood products and has established 102 plasma collection stations across 16 provinces, with 80 currently operational. The company collected 2,415 tons of plasma in 2023, accounting for approximately 20% of the national total [3][41]. - The number of plasma stations has increased significantly since 2021, with a total of 24, 32, and 22 new stations established in 2021, 2022, and 2023, respectively [3][59]. 3. Growth Potential and Product Development - The company is expected to enhance its plasma collection efficiency and overall profitability as new plasma stations mature and high-margin products are developed. The current product mix leans towards lower-margin products, but the introduction of new high-margin products is anticipated to improve overall profitability [3][10]. - The company maintains a leading position in the research and development of recombinant coagulation factor products and immunoglobulin products, with a pipeline of over ten products under development, including high-concentration immunoglobulin and recombinant coagulation factors [3][67]. 4. Financial Forecast - The company forecasts revenues of 6.22 billion yuan, 7.33 billion yuan, and 8.63 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.36 billion yuan, 1.64 billion yuan, and 1.99 billion yuan [4][10]. - The earnings per share (EPS) are projected to be 0.69 yuan, 0.83 yuan, and 1.01 yuan for the same years, with price-to-earnings (PE) ratios of 43.85, 36.33, and 29.90 [4][10].

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 1,016.57 [4]. Core Insights - The company has transitioned from a real estate focus to a health-centric model, emphasizing cosmetics, pharmaceuticals, and raw materials. In 2023, the revenue breakdown was 52.76% from cosmetics, 11.35% from pharmaceuticals, and 7.67% from raw materials and additives [2][65]. - The pharmaceutical segment is diversifying with a multi-channel approach, although it experienced a revenue decline of 23.25% year-on-year in Q1 2024 due to high base effects and business adjustments. Future growth is anticipated as online product chains are established [3][8]. - The cosmetics business is undergoing a strategic upgrade to a "5+N" model, focusing on both beauty and medical aesthetics, with significant revenue growth from key brands like Yilian and Aierboshi [22][75]. Summary by Sections Company Overview - The company, originally a state-owned real estate firm, has divested its real estate operations to focus on the health industry, particularly after acquiring Shandong Furuida Pharmaceutical Group in 2018. The transition was completed in 2023, leading to a rebranding as Lushang Furuida Pharmaceutical Co., Ltd. [16][68]. Cosmetics Business - The cosmetics segment has seen a compound annual growth rate (CAGR) of 61.35% from 2018 to 2023, with 2023 revenues reaching 2.416 billion yuan, a 22.71% increase year-on-year. The gross margin has remained stable around 60% [56][75]. - The company has launched a medical beauty brand, "KeyC," targeting the collagen medical beauty market, which is expected to create a new growth curve [22][75]. Raw Materials Business - The raw materials segment has shown steady growth, with a CAGR of 40.99% from 2018 to 2023. The company is focusing on increasing the sales proportion of high-margin cosmetic-grade hyaluronic acid and expanding into overseas markets [22][75]. Pharmaceutical Business - The pharmaceutical division includes well-known brands and is adopting a full-channel model. Despite a revenue drop in Q1 2024, the business is expected to recover as adjustments are completed and online channels are enhanced [3][8]. Financial Forecast - The company forecasts earnings per share (EPS) of 0.34, 0.42, and 0.52 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 15 times based on the stock price as of June 17, 2024 [8].

[Table_MeetReportDate] 2024 年 06 月 21 日 星期五 核心观点 【重要新闻】 【国家金融监督管理总局针对部分信托公司、银行理财公司、保险资 管公司下发《资产管理产品信息披露管理办法(征求意见稿)》】意见 稿明确了信息披露的一般规定，对产品募集期的信息披露相关要求进 行具化，明确产品存续期信息披露规定，提及产品管理人要在每个季 度结束起十五个工作日内披露产品季度运作报告，在 8 月 31 日之前 披露产品的半年度运作报告，在每年 4 月 30 日之前披露上一年的年 度报告。 固本强基，推动资本市场高质量发展 行稳致远 聚焦大健康产业，化妆品"5+N"战略升级 央企血制品龙头，浆站获批能力强，研发布局夯实长期竞争力 213.63 0.05% Email: huangjj@wlzq.com.cn 万千财富，与您相连 [Table_Content] 核心观点 周四 A 股三大指数震荡下挫，上证指数跌 0.42%报 3005.44 点，深证成指跌 1.63%，创业 板指跌 1.44%。沪深两市成交额 0.72 万亿元，北向资金净流出 32.70 亿元。申万行业方 面，煤炭和石油石化上涨 ...

Group 1 - The core focus of the report emphasizes three key tasks for the high-quality development of the capital market: actively embracing new productive forces, enhancing the investment value of listed companies, and ensuring investor protection throughout the regulatory process [17][42]. - The report highlights the need for the capital market to enhance service coverage and precision for new productive forces, grow patient capital, and address innovation inclusivity through institutional mechanisms [3][42]. - It stresses the importance of improving the investment value of listed companies, particularly through mergers and acquisitions, to support innovation and strengthen industry integration [4][42]. Group 2 - The report outlines eight measures for deepening the reform of the Sci-Tech Innovation Board, focusing on supporting "hard technology" enterprises and optimizing the issuance and underwriting system [20][39]. - It indicates that the new rules will enhance the inclusivity of the system, allowing high-quality, unprofitable technology companies to list on the Sci-Tech Innovation Board [39][42]. - The report suggests that the reforms are expected to boost investor sentiment, increase trading activity, and attract long-term capital into the market [42]. Group 3 - The report provides data on R&D expenditures across various sectors, indicating a significant increase in R&D spending, particularly in the Sci-Tech Innovation Board, which saw a growth rate of 22.53% in 2023 [36]. - It emphasizes the need for companies to meet stricter criteria for R&D investment, including a minimum of 5% of revenue or a cumulative R&D investment of over 80 million yuan in the last three years [8][39]. - The report also notes the increasing importance of patent holdings and revenue growth rates as criteria for companies seeking to enhance their market position [8][39].

[Table_RightTitle] 证券研究报告|商贸零售 行 [Table_Title] [Table_IndustryRank] 业 5 月社零同比+3.7%，多数品类增速环比回 强于大市 研 (维持) 究 升 [Table_ReportType] [Table_ReportDate] ——2024 年 5 月社零数据跟踪报告 2024年06月19日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 行业核心观点： 2024 年 5 月我国社会消费品零售额 39,211 亿元，同比增长 商贸零售 沪深300 10% 3.7%，较4月增速有所回升，增加1.4pcts，较2023年5月 5% 行 增速回落明显，减少9.0pcts。其中，商品零售和餐饮收入分 0% -5% 业 别同比+3.6%/+5.0%。①细分品类：5 月，除金银珠宝类、汽 -10% -15% 跟 车类、建筑类之外，同比均正增长；较4月增速来看，必选品 -20% -25% 踪 类中粮油食品类与日用品类同比增速上升，大部分可选消费 -30% 报 品同比增速上升。必选品类中，粮油食品类、日用品类增速有 ...

[Table_RightTitle] 证券研究报告|房地产 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 施工销售等指标仍承压，国内贷款单月正增 (维持) 究 [Table_ReportType] [Table_ReportDate] ——房地产行业跟踪报告 2024年06月19日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 5月房地产行业核心指标表现仍较弱，“517”新政推出后，其政策 效果尚未明显显现，仍需持续跟进后续市场表现情况，如果市场表 房地产 沪深300 20% 现不及预期，市场关注点仍将聚焦于政策端，对于收储、以旧换新 10% 行 等政策的具体落地情况仍需持续关注，建议持续关注基本面稳健的 0% 业 优质房企阶段性反弹机会、低估值经营稳健的物业管理公司等。 -10% 跟 投资要点： -20% 踪 -30% ⚫ 投资：5月房地产开发投资下滑11%,表现仍较弱。2024年1-5月房地 报 -40% 产开发投资完成额下滑10.1%，较前值下滑幅度扩大0.3pct；5月单月 告 投资增速下滑 11 ...

[Table_MeetContent] 【市场回顾】 分析师 陈雯 执业证书编号 S0270519060001 万联证券研究所 www.wlzq.cn 请仔细阅读在本报告尾部的重要法律声明 万千财富，与您相连 施工销售等指标仍承压，国内贷款单月正增 5 月社零同比+3.7%，多数品类增速环比回升 | --- | --- | --- | |---------------------------------------------------------|----------|---------| | [Table_InnerMarketIndex] 国内市场表现 \n指数名称 收盘 | | 涨跌幅% | | 上证指数 | 3,018.05 | -0.40% | | 深证成指 | 9,219.07 | -1.07% | | 沪深 300 | 3,528.75 | -0.47% | | 科创 50 | 751.69 | -0.69% | | 创业板指 | 1,788.50 | -1.26% | | 上证 50 | 2,413.97 | -0.06% | | 上证 180 | 7,735.78 | -0.21% | ...

[Table_Title] 万联晨会 [Table_Summary] 概览 【市场回顾】 周二 A 股三大指数集体收涨，截止收盘，沪指收涨 0.48%，深成指收 涨 0.4%，创业板指收涨 0.29%。沪深两市成交额 7368.74 亿元，北向 资金净流出 23.12 亿元。申万行业方面，通信、计算机、汽车领涨， 食品饮料、医药生物、农林牧渔领跌；概念板块方面，胎压监测、PEEK 材料、车联网领涨，养鸡、猪肉、CRO 概念领跌。港股方面，恒生指 数收跌 0.11%，恒生科技指数收跌 0.33%；海外方面，美国三大指数 集体收涨，道指收涨 0.15%，标普 500 收涨 0.25%，纳指收涨 0.03%。 【重要新闻】 【推动大规模设备更新和消费品以旧换新政策体系已基本构建完成】 6 月 18 日，国家发展改革委政策研究室副主任、委新闻发言人李超 表示，由国家发展改革委牵头，21 家部门和单位参与的"推动大规模 设备更新和消费品以旧换新部际联席会议制度"已正式建立。截至目 前，推动大规模设备更新和消费品以旧换新的政策体系已基本构建完 成。同时，资金支持正逐步落实。财政部拨付中央财政投资 64.4 亿 元支持汽车 ...

[Table_Authors] 分析师: 宫慧菁 执业证书编号： S0270524010001 电话： 020-32255208 邮箱： gonghj@wlzq.com.cn [Table_ReportType] ——2024 年中期策略投资报告 [Table_ReportDate] 2024 年 06 月 18 日 ⚫ 2024 上半年 A 股市场回顾：A 股年初下行后明显回升，4 月 以来窄幅震荡。5 月至今 A 股量价有所回落，主要宽幅指数 箱体震荡。从风格看，各风格板块较 2023 下半年均实现不 同程度的回升，其中稳定、金融和周期风格指数由跌转涨。 分行业看，行业自身防御属性较强与红利低波策略受追捧 下，银行业涨幅居行业首位。 ⚫ A 股市场流动性处于改善通道中：今年 1-2 月 A 股市场流 动性转弱，资金呈流出趋势，多数板块出现下跌。3 月以来， 随着金融监管总局、证监会、交易所等强调建设以投资者 为本的资本市场，着力稳定投资者预期，鼓励中长期资金 加配权益市场，市场逐步回暖，资金净流出情况改善。随着 国内经济增速有望回升、企业盈利逐步改善，同时系列新 政策增强市场信心，长线资金加配 A 股的意 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [8]. Core Insights - TSMC plans to raise prices for advanced packaging, with an estimated increase of 10%-20% in advanced packaging quotes by 2025 due to supply-demand imbalance [1]. - The advanced packaging market is projected to grow rapidly, with the global market size expected to increase from $37.8 billion in 2023 to $69.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.7% [2]. - TSMC aims to expand its CoWoS capacity at a CAGR of over 60% until 2026, potentially increasing capacity to four times the 2023 level, while SoIC capacity is expected to grow at a 100% CAGR, reaching six times the 2023 level by the end of 2026 [2]. - The demand for advanced packaging is driven by the rise of AI accelerator hardware, with major clients like NVIDIA accounting for about half of TSMC's advanced packaging capacity [2]. - The investment from major players in the advanced packaging sector is expected to reach approximately $11.5 billion in 2024 [2]. Summary by Sections Advanced Packaging Demand - The demand for advanced packaging is significantly driven by the launch of AI models with trillions of parameters, leading to increased hardware requirements [2]. - TSMC's advanced packaging clients include major companies such as AMD, Broadcom, Amazon, and Marvell, indicating a strong market demand [2]. Market Growth and Investment - The advanced packaging market is experiencing robust growth due to strong demand from mobile, consumer electronics, telecommunications, infrastructure, and automotive sectors [2]. - Major companies are expected to continue investing heavily in advanced packaging technologies, with TSMC, Intel, Samsung, and others leading the charge [2]. Chiplet Technology - Chiplet technology is seen as a key solution for advancing heterogeneous integration in packaging, allowing for modular production and improved performance [2]. - This technology is expected to provide a cost-effective solution for high-performance chips in the context of limited external conditions for developing advanced processes domestically [2]. Investment Recommendations - The report suggests focusing on traditional packaging manufacturers that are upgrading their technologies and leading companies in the Chiplet technology space [3].