、 汽车以旧换新细则推出，浙江风机招投标进展加快 电力设备与新能源 证券研究报告/行业周报 2024年5月5日 评级：增持（ 维持 ） [ 重Ta 点bl 公e_ 司Fi 基na 本nc 状e] 况 分析师：曾彪 股价 EPS PE 简称 PEG 评级 (元) 2022A 2023E 2024E 2025E 2022 2023E 2024E 2025E 执业证书编号：S0740522020001 科达利 95.32 4.45 5.41 6.66 8.11 21.41 17.62 14.31 11.75 0.8 买入 Email：zengbiao@zts.com.cn 宁德时代 202.60 10.03 11.97 14.75 17.59 20.20 16.93 13.74 11.52 0.9 买入 分析师：吴鹏 天合光能 21.28 2.54 2.15 2.76 3.30 8.36 9.90 7.71 6.45 -0.6 增持 聚和材料 55.24 2.67 4.56 5.73 6.43 20.70 12.11 9.64 8.59 0.2 买入 执业证书编号：S0740522040004 中信博 105.61 ...

Investment Rating - The report assigns an "Buy" rating for Rongchang Biopharma (9995.HK) [3][6] Core Insights - Rongchang Biopharma is positioned as a pioneer in the domestic autoimmune and oncology sectors, with a comprehensive capability from R&D to commercialization, and is advancing multiple clinical studies overseas [7][14] - The company has successfully launched two products: VidiXimab, the first domestic ADC, and Taitasip, the first domestic biological agent for systemic lupus erythematosus (SLE) [14][24] - The report anticipates significant revenue growth, projecting revenues of 16.1 billion, 21.7 billion, and 28.9 billion CNY for 2024, 2025, and 2026 respectively [6][8] Summary by Sections Company Overview - Rongchang Biopharma was established in 2008 and focuses on discovering, developing, and commercializing innovative biopharmaceuticals targeting major diseases such as autoimmune disorders and cancer [14][18] - The company has a strong executive team with extensive experience in the pharmaceutical industry, enhancing its strategic planning and operational capabilities [18][20] Product Pipeline - The company has eight products in clinical trials, with VidiXimab and Taitasip already approved for commercialization [14][15] - Taitasip is positioned as a potential global best-in-class (BIC) and first-in-class (FIC) product for SLE, with multiple ongoing clinical studies [35][40] - VidiXimab has been recognized as the first domestic ADC and has established a partnership with Seagen for global development [24][30] Financial Projections - The report estimates revenues for VidiXimab to be 7.6 billion, 8.5 billion, and 11.7 billion CNY for 2024, 2025, and 2026 respectively [8][6] - Taitasip is projected to generate revenues of 7.6 billion, 12.4 billion, and 15.9 billion CNY over the same period [8][6] Market Potential - The report highlights the significant market potential for VidiXimab in gastric cancer and urothelial carcinoma, with a large patient base and promising early clinical data [25][30] - The global market for ADCs is expected to grow, with VidiXimab leading the way in the domestic market [24][30] Conclusion - The report concludes with a total valuation of Rongchang Biopharma at 241 billion CNY, equivalent to 265 billion HKD, supporting the "Buy" rating [6][8]

海外贡献增量 小熊电器（002959）/家电 证券研究报告/公司点评 2024 年 5 月 3 日 ——小熊电器 24Q1 业绩点评 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------------------------|------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months [12]. Core Views - The company is experiencing a recovery in downstream demand, leading to improved profitability and continuous upgrades in product structure [2][4]. - The first quarter of 2024 showed a revenue of 2.465 billion yuan, a year-on-year increase of 19%, although the net profit was negative due to fair value changes in financial assets [3][4]. - The company is positioned as an IDM (Integrated Device Manufacturer), which is expected to enhance profitability as capacity utilization improves [8]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 8,282 million yuan - 2023A: 9,340 million yuan (15% growth) - 2024E: 11,185 million yuan (20% growth) - 2025E: 13,159 million yuan (18% growth) - 2026E: 14,083 million yuan (7% growth) [1] - **Net Profit Forecast**: - 2022A: 1,052 million yuan - 2023A: -36 million yuan - 2024E: 311 million yuan (968% growth) - 2025E: 519 million yuan (67% growth) - 2026E: 690 million yuan (33% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 0.63 yuan - 2023A: -0.02 yuan - 2024E: 0.19 yuan - 2025E: 0.31 yuan - 2026E: 0.41 yuan [1] - **Valuation Ratios**: - P/E ratio for 2024E: 46.2 - P/B ratio for 2024E: 2.7 [1] Market Position and Product Development - The company has seen significant growth in the shipment of products such as IGBT devices and power modules, particularly in high-end markets [4][5]. - The company is expanding its production capabilities, including investments in 12-inch wafer production and SiC MOS chip production, which are expected to enhance its competitive edge [6][8]. Investment Outlook - The company is projected to achieve net profits of 310 million yuan, 520 million yuan, and 690 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 103, 62, and 46 [8]. - The continuous increase in shipments in high-barrier markets such as automotive and renewable energy is expected to drive future growth [8].

详解宁波银行2024年一季报：营收增速稳健，揽储开门红驱动息差平稳 宁波银行(002142)/银行 证券研究报告/公司点评 2024年5月6日 [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：22.93 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 57,872 61,572 64,789 67,886 70,958 分析师 戴志锋 增长率yoy% 9.70% 6.40% 5.20% 4.80% 4.50% 执业证书编号：S0740517030004 净利润（百万元） 23,075 25,535 27,505 29,662 32,008 Email：daizf@zts.com.cn 增长率yoy% 18.10% 10.70% 7.70% 7.80% 7.90% 每股收益（元） 0.50 0.60 0.62 0.67 0.73 分析师 邓美君 净资产收益率 16.06% 15.51% 14.80% 14.25% 13.63% 执业证书编号：S0740519050002 P/E ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [4]. Core Views - The company is expected to experience significant revenue growth, with projections of 1,491 million in 2023, increasing to 3,858 million in 2024, representing a year-over-year growth of 158.7% [4]. - The earnings per share (EPS) is forecasted to improve from -0.20 in 2023 to 0.24 by 2026, reflecting a strong recovery trajectory [4]. - The report highlights a substantial increase in operating profit, with expectations of moving from -220 million in 2023 to 271 million in 2026, indicating a turnaround in profitability [4]. Financial Summary - Revenue is projected to grow from 1,424 million in 2022 to 5,917 million by 2026, with a compound annual growth rate (CAGR) of approximately 28.0% from 2024 to 2026 [4]. - The company is expected to achieve a positive operating margin of 12% by 2026, up from a negative margin in 2023 [4]. - The price-to-earnings (P/E) ratio is anticipated to decrease from -26.9 in 2023 to 21.9 by 2026, suggesting improved valuation as earnings recover [4].

经营业绩超预期，现金分红比例40.06% 晋控煤业(601001.SH)/煤炭 证券研究报告/公司点评 2024年5月5日 开采行业 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：15.89元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 16,082 15,342 16,201 16,619 16,881 分析师：杜冲 增长率yoy% -12% -5% 6% 3% 2% 执业证书编号：S0740522040001 净利润（百万元） 3,044 3,301 3,431 3,625 3,767 电话： 增长率yoy% -35% 8% 4% 6% 4% 每股收益（元） 1.82 1.97 2.05 2.17 2.25 Email：duchong@zts.com.cn 每股现金流量 3.37 3.69 2.05 2.32 4.31 联系人：鲁昊 净资产收益率 14% 14% 12% 11% 10% 电话： P/E 8.7 8.1 7.8 7.3 7.1 P/B 1.8 1.6 ...

详解宁波银行2024年一季报：营收增速稳健，揽储开门红驱动息差平稳 宁波银行(002142)/银行 证券研究报告/公司点评 2024年5月6日 [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：22.93 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 57,872 61,572 64,789 67,886 70,958 分析师 戴志锋 增长率yoy% 9.70% 6.40% 5.20% 4.80% 4.50% 执业证书编号：S0740517030004 净利润（百万元） 23,075 25,535 27,505 29,662 32,008 Email：daizf@zts.com.cn 增长率yoy% 18.10% 10.70% 7.70% 7.80% 7.90% 每股收益（元） 0.50 0.60 0.62 0.67 0.73 分析师 邓美君 净资产收益率 16.06% 15.51% 14.80% 14.25% 13.63% 执业证书编号：S0740519050002 P/E ...

投资收益大幅增厚业绩，股息率8.01% 冀中能源 [000937.SZ] 证券研究报告/公司点评 2024年5月5日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：7.49元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 36,036 24,330 24,219 24,722 24,907 分析师：杜冲 增长率yoy% 15% -32% 0% 2% 1% 执业证书编号：S0740522040001 净利润（百万元） 4,458 4,944 3,454 3,680 3,735 电话： 增长率yoy% 63% 11% -30% 7% 2% 每股收益（元） 1.26 1.40 0.98 1.04 1.06 Email：duchong@zts.com.cn 每股现金流量 1.56 1.30 1.54 1.84 1.88 联系人：鲁昊 净资产收益率 18% 19% 13% 14% 14% 电话： P/E 5.9 5.4 7.7 7.2 7.1 P/B 1.3 1.2 1.2 1.2 ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [4]. Core Insights - The company is projected to experience significant revenue growth, with estimates of 1,491 million in 2023, increasing to 3,858 million in 2024, representing a year-over-year growth of 158.7% [4]. - The earnings per share (EPS) is expected to improve from -0.20 in 2023 to 0.24 by 2026, reflecting a strong recovery trajectory [4]. - The report highlights a substantial increase in operating profit, forecasting a rise from -220 million in 2023 to 271 million in 2026, indicating a turnaround in profitability [4]. Financial Summary - Revenue projections show a steady increase from 1,424 million in 2022 to 5,917 million by 2026, with a compound annual growth rate (CAGR) of approximately 28.0% from 2024 to 2026 [4]. - The company is expected to achieve a positive operating margin of 12% by 2026, up from -13% in 2023, showcasing operational efficiency improvements [4]. - The price-to-earnings (P/E) ratio is projected to decrease from -26.9 in 2023 to 21.9 by 2026, suggesting a more favorable valuation as earnings improve [4].