高基数下增长稳健，血糖、呼吸多业务线持续亮眼 鱼跃医疗（002223.SZ）/医疗 证券研究报告/公司点评 2024年5月18日 器械 评级：买入 (维 持) 公司盈利预测及 估值 市场价格：39.16元 指标 2022A 2023A 2024E 2025E 2026E 分析师：祝嘉琦 营业收入（百万元） 7,102 7,972 8,759 10,111 11,662 增长率yoy% 3% 12% 10% 15% 15% 执业证书编号：S0740519040001 净利润（百万元） 1,595 2,396 2,069 2,405 2,799 电话：021-20315150 增长率yoy% 8% 50% -14% 16% 16% 每股收益（元） 1.59 2.39 2.06 2.40 2.79 Email：zhujq@zts.com.cn 每股现金流量 2.30 2.12 1.65 2.97 3.46 分析师：谢木青 净资产收益率 16% 20% 15% 15% 15% 执业证书编号：S0740518010004 P/E 25 17 18 15 13 P/B 4 3 3 2 2 电话：021-20315895 ...

测序业务快速增长，自动化、新业务全面复苏 华大智造（688114）/医疗器 证券研究报告/公司点评 2024年5月18日 械 评级：买入 (维持) 公司盈利预测及 估值 市场价格：55.74元 指标 2022A 2023A 2024E 2025E 2026E 分析师：祝嘉琦 营业收入（百万元） 4,231 2,911 3,497 4,506 5,732 增长率yoy% 8% -31% 20% 29% 27% 执业证书编号：S0740519040001 净利润（百万元） 2,026 -607 -678 -228 58 电话：021-20315150 增长率yoy% 319% -130% -12% 66% 125% 每股收益（元） 4.88 -1.46 -1.63 -0.55 0.14 Email：zhujq@zts.com.cn 每股现金流量 3.42 -2.09 -0.83 1.47 -1.88 分析师：谢木青 净资产收益率 21% -7% -9% -3% 1% 执业证书编号：S0740518010004 P/E 11 -38 -34 -102 400 P/B 2 3 3 3 3 电话：021-2031589 ...

1 、 出入境热度提升催化国际航线恢复，地产超预期放松布局大宗供应链 证券研究报告/行业周报 2024年05月18日 交运 评级：增持（维持） ≈[投T a资ble要_S点um mary] 分析师：杜冲 n 投资建议：一、航空机场：国际航线持续恢复，出入境热度有望提升。根据民航局在5 执业证书编号： S0740522040001 月新闻发布会上通报，2024年4月，全行业完成旅客运输量5595.0万人次，同比增长 电话： 10.6%，较 2019年同期增长 5.3%，其中，国内客运规模较 2019年同期增长 8.1%， Email：duchong@zts.com.cn 国际客运规模突破500万人次，完成509.6万人次，恢复到2019年同期的83.8%，恢 复水平连续三个月超 80%。民航局表示将继续把国际客运增班作为重点工作，全力推 联系人：李鼎莹 进国际客运航班进一步恢复。根据航旅大纵横数据， 5月1日到14日，国内航司的出 电话： 入境民航旅客量超224万人次，其中，国内航司入境民航旅客量同比增长约1.2倍，国 Email：lidy@zts.com.cn 内航司的出境民航旅客量同比增长约1.4倍。随着国 ...

、 分红+成长兼具，业绩趋势向上 -中药板块2023&2024Q1总结 中药 证券研究报告/专题研究报告 2024年05月17日 评级：增持（ 维持 ） [重Ta点ble公_F司in基anc本e]状 况 分析师：祝嘉琦 股价 EPS PE 执业证书编号：S0740519040001 简称 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E PEG 评级 华润三九 63.35 2.89 3.34 3.83 4.30 21.94 18.98 16.55 14.74 1.21 买入 电话：021-20315150 东东阿阿阿阿胶胶 71.20 1.79 2.26 2.72 3.26 39.84 31.57 26.22 21.83 1.49 买入 Email： zhujq@zts.com.cn 济川药 业 41.54 3.06 3.38 3.72 4.05 13.56 12.29 11.16 10.28 1.77 买入 分析师：孙宇瑶 方盛制 药 12.88 0.42 0.56 0.68 0.86 25.80 23.04 18.90 14.98 0.73 未覆盖 马应龙 ...

、 分红+成长兼具，业绩趋势向上 -中药板块2023&2024Q1总结 中药 证券研究报告/专题研究报告 2024年05月17日 评级：增持（ 维持 ） [重Ta点ble公_F司in基anc本e]状 况 分析师：祝嘉琦 股价 EPS PE 执业证书编号：S0740519040001 简称 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E PEG 评级 华润三九 63.35 2.89 3.34 3.83 4.30 21.94 18.98 16.55 14.74 1.21 买入 电话：021-20315150 东东阿阿阿阿胶胶 71.20 1.79 2.26 2.72 3.26 39.84 31.57 26.22 21.83 1.49 买入 Email： zhujq@zts.com.cn 济川药 业 41.54 3.06 3.38 3.72 4.05 13.56 12.29 11.16 10.28 1.77 买入 分析师：孙宇瑶 方盛制 药 12.88 0.42 0.56 0.68 0.86 25.80 23.04 18.90 14.98 0.73 未覆盖 马应龙 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 6.57 CNY per share [8][11]. Core Views - The company's medical IT business continues to maintain high growth, with significant improvements in profitability. In 2023, the medical IT revenue reached 2.849 billion CNY, showing a year-on-year growth of 16.81% [8][11]. - The company reported a net profit of 358 million CNY in 2023, a remarkable increase of 229.49% compared to the previous year [8][11]. - The first quarter of 2024 saw a revenue of 4.94 billion CNY, with a growth rate of 10.09%, and a net profit of 0.17 billion CNY, reflecting a growth of 126.16% [8][11]. Financial Summary - Revenue projections for the upcoming years are as follows: - 2023: 3,163 million CNY - 2024E: 3,669 million CNY (growth rate of 16%) - 2025E: 4,310 million CNY (growth rate of 17%) - 2026E: 4,940 million CNY (growth rate of 15%) [2][8]. - Net profit forecasts are: - 2023: 358 million CNY - 2024E: 550 million CNY (growth rate of 54%) - 2025E: 700 million CNY (growth rate of 27%) - 2026E: 880 million CNY (growth rate of 26%) [2][8]. - Earnings per share (EPS) is projected to increase from 0.17 CNY in 2024 to 0.41 CNY in 2026 [2][8]. Business Performance - The medical IT segment accounted for 90.05% of total revenue, indicating a strong focus on this area [8]. - The company has seen a significant improvement in operational efficiency and cost control, leading to better profit margins [8]. - The new contract order amount for the medical IT business has accelerated, with a growth rate of around 15% compared to 2023 [8].

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 | 证 券 研 究 报 告 | 玻纤曙光已现；地产链共盼春来 ——非金属建材行业23年报及24Q1季报总结及展望 2 0 2 4 . 5 . 1 7 ...

本报告版权归"中泰证券股份有限公司"所有。事先未经本公司书面授权，任何机构和个人，不得对本报告 进行任何形式的翻版、发布、复制、转载、刊登、篡改，且不得对本报告进行有悖原意的删节或修改。 [Table_Industry] 证券研究报告/月度报告 2024 年 5 月 18 日 地产放松背后的经济图景 ——2024 年 4 月经济数据解读 ◼ 中国经济生产强于需求的结构性特征，在 2024 年 4 月进一步强化。生产 [Table_Main] [Table_Title] 执业证书编号：S0740523040001 增加值环比 0.97%，和 2012 年以来的同期相比，仅次于受疫情影响较大 的 2020 年同期。 ◼ 强生产的支撑有二：一是出口实际增速大概率延续高增。剔除价格拖累后， 为这种补库，既有库存同比降到低位后部分行业有内生性的补库需求，也 体现在库存回升。 ◼ 生产强劲能否持续，最终还是要看需求，如果需求持续跟不上，企业可能 再度转向去库，最近几年库存周期最鲜明的特征是轮动加快。目前外需强 于内需，在海外补库和价格优势的支撑下，短期中国出口不悲观，但下半 年需要警惕贸易摩擦升温后，中国出口份额占比高位 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target market price of 188.7 HKD [2][3]. Core Views - In Q1, the company adjusted its strategy, focusing on improving profitability and service quality, resulting in a decline in market share but an increase in profits that exceeded expectations [3][5]. - The company reported a business volume of 7.27 billion parcels in Q1, a year-on-year increase of 13.9%, with a market share of 19.3%, down 1.9 percentage points year-on-year [5][6]. - The report highlights that despite a decrease in market share, the company's net profit for 2024 is projected to be 9.664 billion RMB, with a net profit growth rate of 10.5% [3][5]. Financial Performance Summary - Revenue projections for the company are as follows: - 2022: 35,377 million RMB - 2023: 38,419 million RMB - 2024E: 42,787 million RMB - 2025E: 49,252 million RMB - 2026E: 53,942 million RMB - Net profit projections are: - 2022: 6,809 million RMB - 2023: 8,749 million RMB - 2024E: 9,664 million RMB - 2025E: 12,228 million RMB - 2026E: 13,384 million RMB - The diluted earnings per share (EPS) are projected to be: - 2022: 8.23 RMB - 2023: 10.58 RMB - 2024E: 11.69 RMB - 2025E: 14.79 RMB - 2026E: 16.18 RMB [3][4][5]. Strategic Focus - The company is shifting its focus towards enhancing service quality and profitability, which is expected to lead to stable profit growth in the long term [6][5]. - The report notes that the company is increasing its dividend payout ratio and share buyback amounts, which is anticipated to enhance shareholder returns [6][5].

Investment Rating - The report maintains an "Overweight" rating for the coal industry, highlighting a positive outlook for coal prices due to structural supply-demand imbalances and increased non-electric coal demand driven by real estate policy relaxations [1][3]. Core Insights - The report emphasizes that the recent relaxation of real estate policies is expected to boost non-electric coal demand, leading to an optimistic outlook for coal prices. The structural supply-demand imbalance is becoming more pronounced, suggesting a favorable market environment for coal [3][37]. - It identifies three main investment themes: 1. Focus on leading companies such as China Shenhua and Shaanxi Coal, which are stable and have strong operational certainty [3][37]. 2. Increase allocation to coking coal companies like Shanxi Coking Coal and Pingmei Shenma, which have stronger resource attributes [3][37]. 3. Gradually invest in thermal coal companies with overseas exposure and high dividend commitments, such as Yanzhou Coal and Guanghui Energy [3][37]. Summary by Sections Key Company Status - The report provides detailed financial metrics for key companies in the coal sector, including stock prices, earnings per share (EPS), price-to-earnings (PE) ratios, and price-to-book (PB) ratios for 2023 to 2026, indicating a generally positive outlook for these companies [1]. Market Overview - The total market capitalization of the coal industry is reported at 1,788,393 million yuan, with a circulating market value of 483,669 million yuan, reflecting the industry's significant size and investment potential [2]. Price Trends - As of May 16, 2024, the price of Shanxi-produced thermal coal (Q5500) at the port is 865.0 yuan per ton, unchanged from the previous week but down 107.5 yuan year-on-year, indicating a decline of 11.1% [4][44]. - The report notes that the average price index for thermal coal in the Bohai Rim region is 713.0 yuan per ton, showing a slight increase of 0.3% week-on-week but a decrease of 2.2% year-on-year [41]. Production and Demand - The report highlights that coal production in April 2024 reached 1.09 billion tons, a year-on-year increase of 2.4%, while sales increased by 6.9% to 1.54 billion tons [5]. - It also mentions that the upcoming summer peak demand period is expected to drive coal prices higher, with traders optimistic about future price movements [38][44]. Coking Coal and Coke Prices - The report indicates that the price of main coking coal at the port is 2,110.0 yuan per ton, down 130.0 yuan from the previous week but up 330.0 yuan year-on-year, reflecting a year-on-year increase of 18.5% [66]. Conclusion - Overall, the report presents a bullish outlook for the coal industry, driven by policy support, demand recovery, and favorable pricing dynamics, making it an attractive sector for investment [3][37].