、 统筹基金合理结余，加大中药、创新药支持力度 -医药生物行业周报 医药生物 证券研究报告/行业周报 2024年4月14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：祝嘉琦 EPS PE 公司名称 股价 PEG 评级 执业证书编号：S0740519040001 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 电话：021-20315150 东阿阿胶 65.50 1.19 1.73 2.05 2.54 55.04 37.86 31.95 25.79 1.79 买入 济川药业 41.85 2.35 2.77 3.10 3.46 17.77 15.12 13.51 12.11 1.29 买入 Email：zhujq@zts.com.cn 百克生物 40.55 0.44 1.21 1.86 2.49 92.22 33.51 21.80 16.27 0.77 买入 分析师：张楠 联邦制药 9.72 0.87 1.15 1.30 1.46 11.17 8.43 7.49 6.65 0.67 买入 执业证书编号：S0740523070005 ...

比亚迪深度研究系列 1：DM5.0 新品大年未被充分认知，24年销量持续性可验证 比亚迪(002594.SZ)/汽车 证券研究报告/公司深度报告 2024年04月13日 [评Ta级ble：_T买itle入] （首次） 公司盈利预测及估值 市场价格：210.6元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 424,061 602,315 803,920 956,010 1,137,010 分析师：何俊艺 增长率yoy% 96.2% 42.0% 33.5% 18.9% 18.9% 执业证书编号：S0740523020004 净利润（百万元） 16,622 30,041 37,540.1 47,630.0 54,410.0 增长率yoy% 445.9% 80.7% 25.0% 26.9% 14.2% 分析师：刘欣畅 每股收益（元） 5.71 10.32 12.90 16.36 18.69 执业证书编号：S0740522120003 每股现金流量 48.38 58.30 60.84 58.74 67.91 净资产收益率 14% 20% 20% 20% 19% 分析师：毛䶮玄 ...

Investment Rating - Buy rating maintained for Jianghai Capacitor (002484 SZ) with a target price of 15 09 RMB per share [3] Core Views - Jianghai Capacitor achieved steady growth in 2023 with revenue of 4 845 billion RMB, up 7 15% YoY, and net profit of 707 million RMB, up 6 93% YoY [3] - The company is well-positioned to capitalize on opportunities in new energy and AI sectors, with significant breakthroughs in MLPC technology for AI servers [5] - Three major businesses (aluminum electrolytic capacitors, film capacitors, and supercapacitors) are developing synergistically, with film capacitors entering a rapid growth phase [4] Business Performance Aluminum Electrolytic Capacitors - Revenue of 3 97 billion RMB in 2023, up 10 8% YoY, with a gross margin of 27 65%, down 0 22 pct YoY [2] - Benefiting from new energy sector growth, MLPC technology for AI servers is expected to be a key growth driver [2] Film Capacitors - Revenue of 456 million RMB in 2023, up 40 66% YoY, with a gross margin of 18 23%, down 2 32 pct YoY [2] - Entering mass application phase in consumer electronics and industrial equipment, with batch deliveries in new energy, EVs, and military sectors [2] Supercapacitors - Revenue of 221 million RMB in 2023, down 27 87% YoY, with a gross margin of 16 3%, down 6 84 pct YoY [2] - Gaining recognition in various fields including vehicles, medical instruments, and new energy, with more application prospects expected [2] Electrode Foil - Revenue of 164 million RMB in 2023, down 37 09% YoY, with a gross margin of 20 89%, up 4 42 pct YoY [2] - Completed relocation of Shaanxi production base and technical upgrades in Inner Mongolia, ensuring global competitiveness [2] Financial Forecasts - Revenue expected to grow to 5 606 billion RMB in 2024, 6 695 billion RMB in 2025, and 7 949 billion RMB in 2026, with YoY growth rates of 16%, 19%, and 19% respectively [3] - Net profit forecasted at 832 million RMB in 2024, 1 033 billion RMB in 2025, and 1 265 billion RMB in 2026, with YoY growth rates of 18%, 24%, and 22% respectively [3] - EPS projected at 0 98 RMB in 2024, 1 22 RMB in 2025, and 1 49 RMB in 2026 [3] Valuation Metrics - P/E ratios of 19 4x in 2024, 15 4x in 2025, and 12 4x in 2026 [3] - P/B ratios of 2 6x in 2024, 2 1x in 2025, and 1 9x in 2026 [3] Market Position - One of the few global companies in the power electronics field with R&D, manufacturing, and sales capabilities across three major capacitor categories [5] - Products widely used in smart home appliances, 5G communications, photovoltaic and wind power, energy storage, and industrial automation [5]

士兰微：23年景气低迷利润承压，24 年车规碳化硅有望放量 士兰微(600460.SH)/电子 证券研究报告/公司点评 2024年4月11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：18.78元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,282 9,340 11,185 13,159 14,083 分析师：王芳 增长率yoy% 15% 13% 20% 18% 7% 执业证书编号：S0740521120002 净利润（百万元） 1,052 -36 311 519 690 Email：wangfang02@zts.com.cn 增长率yoy% -31% -103% 968% 67% 33% 每股收益（元） 0.63 -0.02 0.19 0.31 0.41 分析师：杨旭 每股现金流量 0.12 0.19 0.60 0.76 1.33 执业证书编号：S0740521120001 净资产收益率 13% 0% 2% 4% 5% Email：yangxu01@zts ...

1 、 五一出行预定上升，经营改善持续可期 证券研究报告/行业周报 2024年04月13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：五一出行预定上升，经营改善持续可期。1）经营改善持续 执业证书编号： S0740522040001 可期：4月12日，中国航协在北京召开2024年第一季度理事单位信息沟通会。会议披 电话： 露，第一季度航空公司经营效益明显改善，实现盈利24.6亿元，同比减亏增盈95.1亿 Email：duchong@zts.com.cn 元，有16家航空公司实现盈利。受春运利好影响，今年2月盈利的航空公司数量达到 23家。 1月和3月也分别有11家和6家航空公司实现盈利。2）五一出行预定上升： 联系人：李鼎莹 根据航旅纵横大数据，截至4月10日，“五一”假期期间，国内航线机票预订量超147 电话： 万张，比一周前增长约 50%；“五一”假期期间，出入境航线机票预订量超 60 万，比 Email：lidy@zts.com.cn 一周前增长约15%。去哪儿大数据显示，自4月6日起，“五一”假期热门城市机票预 订量逐日增长，预计 ...

零售渠道韧性较强，现金流及营运效率表现优异 索菲亚（002572.SZ）/轻工 证券研究报告/公司点评 2024 年 4 月 12 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------|---------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.29%, and a net profit of 454 million yuan, up 22.88% year-on-year [4][5] - The ultrasound business has shown steady growth, while both soft and hard endoscope businesses continue to experience high growth rates [14][15] - The company is positioned as a leader in the domestic digestive endoscope market, with a market share second only to Olympus and Fujifilm, and is the top domestic brand [15] Financial Performance Summary - Revenue (in million yuan): - 2022: 1,763 - 2023: 2,120 (20.29% growth) - 2024E: 2,675 (26% growth) - 2025E: 3,381 (26% growth) - 2026E: 4,276 (26% growth) [1] - Net Profit (in million yuan): - 2022: 370 - 2023: 454 (22.88% growth) - 2024E: 569 (25% growth) - 2025E: 725 (27% growth) - 2026E: 922 (27% growth) [1] - Gross Margin: - 2023: 69.41%, up 2.55 percentage points year-on-year [9] - Net Margin: - 2023: 21.43%, up 0.45 percentage points year-on-year [9] Business Segment Performance - Ultrasound business revenue in 2023 reached approximately 1.22 billion yuan, with a year-on-year growth of 13.28% [14] - Endoscope business revenue in 2023 was 850 million yuan, with a year-on-year growth of 39.02% [15] - The company has launched several high-end products, enhancing its market position and driving revenue growth [14][15]

| --- | --- | |---------------------------|-------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 463 | | 流通股本 ( 百万股 ) | 463 | | 市价 ( 元 ) | 19.66 | | 市值 ( 亿元 ) | 91 | | 流通市值 ( 亿元 ) | 91 | 深度报告： 股权转让细节解读：剥离亏损业务 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|---------------------------------------------|---------|-------|-------|--------------------------|-------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 19.66 | [Table_Finance] ...

、 国务院提出推动 REITs 市场高质量发展 -行业研究周报 房地产/公募REITs 证券研究报告/行业研究周报 2024年4月13日 [T评ab级le_：M增ain持] （维持） [公Ta募bleR_ESIuTmsm行ar业y] 周报-20240413 分析师：由子沛  一周行情回顾 执业证书编号：S0740523020005 本周REITs指数上涨1.11%，沪深300累计下跌2.58%，中证500指数下跌1.81%， 中证全债指数上涨0.24%，中债1年期国债指数上涨0.04%，中债10年期国债指数 Email：youzp@zts.com.cn 上涨 0.27%，中证转债指数上涨 0.34%。上市以来 REITs 与十年期国债、一年期国 债、中证转债相关性分别为-0.61、-0.62、0.68，与沪深300、中证500相关性分别 联系人：陈希瑞 为0.50、0.56。 Email：chenxr@zts.com.cn  行业基本情况 [基Ta本ble状_P况ro fit] 重要政策：1）4 月 12 日，国务院发布《关于加强监管防范风险推动资本市场高质 上市REITs数 35 量发展的若干意见》，提 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 15% within the next 6 to 12 months [4][13]. Core Views - The company achieved a revenue of 225.07 billion yuan in 2023, a decrease of 22.65% year-on-year, while net profit increased by 60.23% to 6.717 billion yuan [2]. - The production of alumina was 16.67 million tons in 2023, a decrease of 5.5% year-on-year, while the sales of alumina increased by 24.67% [2]. - The report highlights the gradual elimination of outdated production capacity and a significant reduction in asset impairment losses, improving asset quality [2]. - Key projects are progressing as planned, with new production capacities expected to enhance the company's output in both electrolytic aluminum and alumina [2]. - The company has strengthened its resource security, adding 21 million tons of bauxite resources in 2023, leading to a self-sufficiency rate of 64.7% [2]. Financial Performance Summary - Revenue is projected to increase from 225.07 billion yuan in 2023 to 354.604 billion yuan in 2024, with a year-on-year growth rate of 58% [1]. - Net profit is expected to rise from 6.717 billion yuan in 2023 to 10.824 billion yuan in 2024, reflecting a growth rate of 61% [1]. - Earnings per share (EPS) is forecasted to grow from 0.39 yuan in 2023 to 0.63 yuan in 2024 [1]. - The price-to-earnings (P/E) ratio is projected to decrease from 18.5 in 2023 to 11.5 in 2024, indicating improved valuation [1]. Industry Insights - The report suggests that 2024 will be a transformative year for the electrolytic aluminum industry, driven by changes in supply and demand dynamics [3]. - The demand for electrolytic aluminum is expected to recover due to the growth in new energy sectors such as electric vehicles and photovoltaics [3]. - The report anticipates that the price of electrolytic aluminum will stabilize around 25,000 yuan per ton, influenced by increased capital expenditure and resource competition [5].