生长激素保持韧性，在研管线持续推进 长春高新（000661.SZ）/医 证券研究报告/公司点评 2024年5月14日 药生物 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：117.47 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 12627.19 14566.04 16125.73 17965.85 19956.57 分析师：祝嘉琦 增长率yoy% 17.50% 15.35% 10.71% 11.41% 11.08% 执业证书编号：S0740519040001 净利润（百万元） 4140.11 4532.48 5023.91 5615.41 6240.95 电话：021-20315150 增长率yoy% 10.18% 9.48% 10.84% 11.77% 11.14% 每股收益（元） 10.23 11.20 12.42 13.88 15.42 Email：zhujq@zts.com.cn 每股现金流量 6.98 12.61 12.04 13.98 15.77 分析师：张 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [11][39]. Core Views - The company reported a revenue of 623 million yuan in 2023, representing a year-on-year growth of 6.64%, and a net profit attributable to shareholders of 118 million yuan, which is a 25.79% increase year-on-year [1][24]. - The company is focusing on accelerating the development of new products and expanding production capacity, particularly in high-value medical packaging materials, which is expected to drive revenue growth [14][24]. - The demand for the company's products is gradually recovering, with significant client acquisition and a robust project pipeline, indicating a positive outlook for future revenue [33][24]. Financial Performance Summary - In 2023, the company achieved a revenue of 623 million yuan, with a net profit of 118 million yuan and a non-recurring net profit of 66 million yuan, showing respective year-on-year growth rates of 6.64%, 25.79%, and 1.98% [1][29]. - The quarterly performance for Q4 2023 showed a revenue of 169 million yuan, a decrease of 4.36% year-on-year, but a net profit increase of 67.37% year-on-year [29][43]. - The company’s gross margin for 2023 was 41.62%, down 2.00 percentage points year-on-year, while the net margin improved by 2.88 percentage points to 18.93% [23][31]. Future Projections - Revenue projections for 2024 to 2026 are set at 753 million, 978 million, and 1.286 billion yuan, with expected growth rates of 21%, 30%, and 31% respectively [24][22]. - Net profit forecasts for the same period are 124 million, 178 million, and 255 million yuan, with growth rates of 5%, 43%, and 44% respectively [24][22]. Product and Market Development - The company has successfully developed and registered multiple new products, with a focus on high-value medical packaging components, which are currently in the customer validation phase [14][24]. - The company has expanded its client base significantly, adding 284 new clients in 2023, and has a project pipeline of 2398 authorized projects, indicating strong market demand and growth potential [33][24].

Q1业绩平稳，利润表现优异 天坛生物（600161.SH）/医 证券研究报告/公司点评 2024年5月14日 药生物 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：30.43 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4261.30 5180.44 6179.40 7346.10 8739.59 分析师：祝嘉琦 增长率yoy% 3.63% 21.57% 19.28% 18.88% 18.97% 执业证书编号：S0740519040001 净利润（百万元） 881.03 1109.89 1327.82 1581.28 1870.33 电话：021-20315150 增长率yoy% 15.92% 25.98% 19.64% 19.09% 18.28% 每股收益（元） 0.53 0.67 0.81 0.96 1.14 Email：zhujq@zts.com.cn 每股现金流量 0.68 1.45 0.39 1.19 1.32 分析师：张楠 净资产收益率 8% 9% 9% 10 ...

政策、减值等因素影响单季度利润，服务、产品业务有望持续向好 迪安诊断（300244）/医疗器械 证券研究报告/公司点评 2024 年 5 月 14 日 请务必阅读正文之后的重要声明部分 公司点评 来源：wind，中泰证券研究所 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|----------------------------------------------|----------|---------|---------|---------|----------|----------|----------|----------|----------|----------| | 图表 4 | ：迪安诊断分季度财务数据（百万元） \n2021-3Q | 2021-4Q | 2022-1Q | 2022-2Q | 2022-3Q | 2022-4Q | 2023-1Q | 2023-2Q | 2023-3Q | 2023-4Q | 2024-1Q | | 营业收入 | 3,5 ...

Investment Rating - The report assigns a "Buy" rating to the company, marking the first coverage [2] Core Views - The company is a global leader in the eVTOL industry, with significant first-mover advantages in urban air mobility [3] - The company's EH216-S model has obtained the "three major certifications" (TC, AC, PC), positioning it as a pioneer in the industrialization of eVTOL [10] - The company's revenue is expected to grow significantly, with 2024-2026 revenue projections of 4.0/7.6/10.8 billion yuan, and Non-GAAP net profit of -0.5/0.8/1.8 billion yuan [7] Financial Performance and Valuation - Revenue for 2023 was 117 million yuan, a 165% YoY increase, with a net loss of 302 million yuan [1] - Adjusted net profit for 2023 was -138.2 million yuan, with an adjusted net profit margin of -118% [1] - The company's P/S ratio is projected to decrease from 19.9x in 2024 to 7.3x in 2026, while the adjusted P/E ratio is expected to improve from -171.2x in 2024 to 42.9x in 2026 [1] Industry Overview - The eVTOL market is expected to grow from $1.2 billion in 2023 to $23.4 billion by 2030, with a CAGR of 52% [4] - eVTOLs are expected to dominate low-altitude urban transportation due to their intelligence, safety, economic efficiency, and environmental friendliness [24] - The industry is supported by favorable policies, with China's first unmanned aerial vehicle regulation taking effect in 2024 [30] Company Highlights - The company has completed approximately 47,000 safe test flights globally as of March 2024 [6] - The company has secured strategic partnerships with local governments and enterprises, including a 100-unit EH216-S order from Wuxi [46] - The company has a strong order backlog, with significant pre-orders from international clients such as Japan's AirX and Indonesia's Prestige Aviation [47] Technological Advantages - The company adheres to three core technological principles: redundancy, autonomous flying, and cluster management [43] - The EH216-S model is equipped with a distributed electric propulsion (DEP) system and can safely land even if three propellers fail [43] - The company's command and dispatch system can manage up to 3,500 autonomous aircraft simultaneously [43] Market Expansion and Partnerships - The company is actively expanding its overseas market, with operations in 15 countries across Asia, Europe, and the Americas [48] - Strategic partnerships with battery manufacturers like Guoxuan High-Tech and automotive companies like GAC Group are expected to enhance the company's supply chain and market reach [45] - The company has established multiple command centers in China to support its smart city management and urban air mobility operations [43]

[Table_Industry] 1Q24 金融机构贷款投向： 平滑节奏，协调机制助力对公房地产贷款增速企稳 行业名称 银行 证券研究报告/行业点评报告 2024年5月13日 [评Ta级ble：_I增nve持st（] 维持 ） 重点公司基本状况 股价 EPS PE [ 分T 析ab 师le _ 戴A 志u 锋th ors] 简称 (元) PEG 评级 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 执业证书编号：S0740517030004 江苏银行 8.15 1.E6 7 1.94 2.22 2.55 4.E8 8 4.20 3.67 3.20 买入 Email： daizf@zts.com.cn 农业银行 4.38 0.76 0.75 0.74 0.75 5.76 5.84 5.92 5.84 增持 分析师 邓美君 招商银 行 35.91 5.40 5.96 6.58 7.25 6.65 6.03 5.46 4.95 增持 宁波银 行 24.48 3.41 4.01 4.72 5.54 7.18 6.10 5.19 4.42 增持 执业证书编号：S0740519 ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Zhongtai Securities, focusing on a non-public communication activity with signed clients [1] Core Points and Arguments - The content of the meeting is strictly confidential and unauthorized dissemination is prohibited, including video, audio, and text records [1] Other Important but Possibly Overlooked Content - The meeting emphasizes the importance of confidentiality and compliance with the terms set by Zhongtai Securities [1]

、 分化中寻找机遇，成本进入红利期 -大众品2023年报&2024一季报总结 食品饮料 证券研究报告/行业季度报告 2024年5月14日 评级：增持（ 维持 ） [重Ta点ble公_F司in基anc本e]状 况 分析师：范劲松 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740517030001 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 青岛啤酒 85.25 3.13 3.74 4.25 4.67 27.2 22.8 20.1 18.3 1.47 买入 电话：021-20315733 中炬高新 28.45 2.16 1.01 1.24 1.49 13.2 28.2 22.9 19.1 1.01 买入 Email：fanjs@zts.com.cn 天味食品 14.15 0.43 0.53 0.62 0.72 33.0 26.7 22.8 19.7 1.34 买入 分析师：熊欣慰 安井食品 97.38 5.04 5.86 7.07 8.13 19.3 16.6 13.8 12.0 0.67 买入 盐津铺子 75.10 2.58 3.45 4. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company's revenue growth remains strong, with a year-on-year increase of 12.0% in Q1 2024, driven by a 5.6% increase in net interest income and a significant 70% increase in non-interest income. The net profit attributable to shareholders grew by 19.8% year-on-year [3][4]. Summary by Sections Revenue and Profitability - In Q1 2024, the company's revenue reached 9,869 million yuan, reflecting a year-on-year growth rate of 12.0%. The net profit was 3,280 million yuan, with a year-on-year growth of 19.6% [2][3]. - The annualized net interest margin improved by 25 basis points to 2.77%, with the asset yield rising by 24 basis points to 4.92% [6][8]. Asset and Liability Growth - The company experienced a significant increase in loans, with a total of 12.8 billion yuan added in Q1 2024, primarily from corporate loans, which accounted for 7.9 billion yuan. Retail loans added 3.06 billion yuan [8][9]. - Deposits grew by 14.4% quarter-on-quarter, with a total increase of 35.58 billion yuan in Q1 2024, indicating a strong deposit base [8][10]. Asset Quality - The non-performing loan (NPL) ratio slightly increased to 0.76%, while the annualized NPL generation rate improved significantly to -0.08%, indicating better asset quality management [11][12]. - The provision coverage ratio stood at 539.17%, reflecting a strong capacity to cover potential losses [11][12]. Capital Adequacy - The core Tier 1 capital adequacy ratio decreased slightly to 10.15%, while the total capital adequacy ratio was 13.51% [13]. Shareholder Structure - The top ten shareholders include major institutional investors, with notable changes such as the entry of the CSI 500 ETF and reductions by some existing shareholders [14]. Investment Recommendation - The company is projected to have price-to-book ratios of 0.82X, 0.69X, and 0.61X for 2024E, 2025E, and 2026E respectively, indicating a favorable investment outlook [14].

[Table_Industry] 1Q24 金融机构贷款投向： 平滑节奏，协调机制助力对公房地产贷款增速企稳 行业名称 银行 证券研究报告/行业点评报告 2024年5月13日 [评Ta级ble：_I增nve持st（] 维持 ） 重点公司基本状况 股价 EPS PE [ 分T 析ab 师le _ 戴A 志u 锋th ors] 简称 (元) PEG 评级 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 执业证书编号：S0740517030004 江苏银行 8.15 1.E6 7 1.94 2.22 2.55 4.E8 8 4.20 3.67 3.20 买入 Email： daizf@zts.com.cn 农业银行 4.38 0.76 0.75 0.74 0.75 5.76 5.84 5.92 5.84 增持 分析师 邓美君 招商银 行 35.91 5.40 5.96 6.58 7.25 6.65 6.03 5.46 4.95 增持 宁波银 行 24.48 3.41 4.01 4.72 5.54 7.18 6.10 5.19 4.42 增持 执业证书编号：S0740519 ...