Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [2] Core Views - The report indicates that the rebound in the pharmaceutical sector is expected to continue, with a focus on companies that have been undervalued due to market conditions. It suggests that investors should pay attention to companies with strong fundamentals and potential for performance recovery [6][20] - The report emphasizes the importance of Q1 performance, recommending investments in stocks that exhibit both elasticity and certainty, particularly in innovative drugs, vaccines, and high-value consumables [6][20] Summary by Sections Key Company Status - The report lists several key companies with their stock prices, earnings per share (EPS) estimates for 2023E, 2024E, and 2025E, as well as their price-to-earnings (PE) ratios. Notable companies include: - Zhifei Biological: Current price 53.04, 2023E EPS 3.78, 2024E PE 14.04, rating "Buy" [3] - China Resources Sanjiu: Current price 55.03, 2023E EPS 2.96, 2024E PE 18.62, rating "Buy" [3] - Yifeng Pharmacy: Current price 38.80, 2023E EPS 1.42, 2024E PE 27.23, rating "Buy" [3] - Dong-E E-Jiao: Current price 54.95, 2023E EPS 1.76, 2024E PE 31.29, rating "Buy" [3] - Jianyou Co.: Current price 13.79, 2023E EPS 0.68, 2024E PE 20.19, rating "Buy" [3] Market Dynamics - The report notes that the pharmaceutical sector has seen a rebound, with the Shanghai Composite Index rising by 3.71% and the pharmaceutical sector increasing by 2.09% in the recent week. The report highlights that the pharmaceutical sector has underperformed compared to the broader market since the beginning of the year, with a return of -11.57% [8][20] - It also mentions that the overall valuation of the pharmaceutical sector is currently at 22.4 times PE, which is a premium of 33.6% compared to the overall A-share market [12][20] Industry Trends - The report highlights recent regulatory developments, including the approval of innovative traditional Chinese medicine and the issuance of guidelines for medical service pricing in Guangdong province [8] - It discusses the ongoing applications for companies in the STAR Market, with 31 companies currently in the application process, indicating a robust pipeline for future listings [9] Recommendations - The report suggests focusing on companies with strong fundamentals and potential for performance recovery, particularly in the context of Q1 earnings expectations. It recommends a bottom-up approach to investment, emphasizing growth stocks in innovative drug development and high-value consumables [6][20]

- 2 - 请务必阅读正文之后的重要声明部分 来源：wind，中泰证券研究所 公司点评 [Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 3,863 4,602 5,091 5,860 7,124 增长率 yoy 53% 19% 11% 15% 22% 归母净利润（百万元） 530 570 681 784 940 增长率 yoy 23% 8% 20% 15% 20% 每股收益（元） 0.70 0.75 0.90 1.03 1.24 净资产收益率 14% 10% 10% 11% 11% P/E 19.9 18.5 15.5 13.4 11.2 P/B 3.0 1.8 1.7 1.5 1.3 备注：股价取自 2024 年 2 月 23 日收盘价 市场价格：13.90 [Table_Profit] 基本状况 总股本(百万股) 758 流通股本(百万股) 633 市价(元) 13.90 市值(百万元) 10,542 流通市值(百万元) 8,802 青鸟消防(002960)/建筑材 ...

、 春节服装消费弱复苏，内销家居有望改善 -轻工制造及纺织服装行业周报 轻工纺服 证券研究报告/行业周报 2024年2月25日 评级：增持(维持) [重Ta点ble公_F司in基an本ce状] 况 分析师：张潇 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740523030001 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 百亚股份 14.85 0.44 0.59 0.72 0.89 33.75 25.17 20.63 16.69 1.08 买入 Email：zhangxiao06@zts.com.cn 欧派家居 68.54 4.41 5.08 5.87 6.73 15.54 13.49 11.68 10.18 0.85 买入 分析师：郭美鑫 顾家家居 37.41 2.20 2.52 2.93 3.41 17.00 14.85 12.77 10.97 0.97 买入 执业证书编号：S0740520090002 索菲亚 16.44 1.17 1.47 1.72 2.00 14.05 11.18 9.56 8.22 0.43 买入 志邦家居 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Views - The company has acquired Longjin Biotechnology, a leading enterprise in the FISH sector, which is expected to enhance its overall competitiveness [4]. - The acquisition is anticipated to create synergies between the two companies, leveraging existing customer resources and brand advantages to achieve significant revenue growth in the coming years [11]. - The report forecasts continued high growth in the company's pathology and blood coagulation businesses, with traditional biochemical sectors maintaining a leading position [11]. Financial Summary - The company's revenue is projected to grow from 1,511 million yuan in 2022 to 2,099 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of approximately 20% [6]. - Net profit is expected to increase from 389 million yuan in 2022 to 609 million yuan in 2024, with a notable growth rate of 31% in 2023 [11]. - Earnings per share (EPS) is forecasted to rise from 0.66 yuan in 2022 to 1.03 yuan in 2024, indicating a strong upward trend [11]. Investment Highlights - The report emphasizes the strategic importance of the acquisition of Longjin Biotechnology, which is expected to significantly contribute to the company's revenue and overall performance [11]. - The company is positioned to benefit from the high demand in the pathology diagnostics market, with a comprehensive product pipeline and established market presence [11]. - The anticipated revenue growth from Longjin Biotechnology is expected to enhance the company's financial performance and market position [11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [3][12]. Core Views - The company has exceeded performance expectations, with a continuous high growth trend anticipated. In 2023, the company achieved a revenue of 1.036 billion yuan, representing a year-on-year growth of 59.01%, and a net profit of 161 million yuan, up 24.95% [3][19]. - The growth in revenue and net profit is primarily driven by the successful commercialization of certain peptide products and a strong demand for peptide raw materials [3][20]. - The company’s product pipeline is rich, and its C(D)MO technology platform has significant advantages, suggesting long-term growth potential through a dual-driven strategy of proprietary products and C(D)MO services [3][20]. Financial Performance and Forecast - The company’s revenue and net profit forecasts for 2023-2025 are adjusted to 1.036 billion yuan, 1.304 billion yuan, and 1.823 billion yuan, with growth rates of 59.01%, 25.88%, and 39.84% respectively. The net profit is expected to be 161 million yuan, 206 million yuan, and 301 million yuan, with growth rates of 24.95%, 27.94%, and 45.75% respectively [2][20]. - The company’s gross margin is expected to remain high, although there may be pressures on margins as the business scales [3][20]. Business Segments - The company’s self-selected products, particularly in peptides and specialty raw materials, are experiencing rapid growth, while small molecule CDMO services are gradually recovering [3][20]. - The company has established long-term partnerships with major pharmaceutical companies, securing significant contracts that bolster its recovery and growth outlook [3][20].

业绩符合预期，新订单+整机业务驱动下拐点将至 来源：中泰证券研究所 - 2 - 请务必阅读正文之后的重要声明部分 重要声明： 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失 负任何责任。 - 3 - 请务必阅读正文之后的重要声明部分 海泰新光（688677.SH）/医 疗器械 证券研究报告/公司点评 2024 年 2 月 25 日 [Table_Industry] 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------|-------|-----------------------|-----------------------|-------|--------|-------|---------------------| | 图表 1 ：海泰新光财务模型预测 \n资产负债表 \n会计年度 | 2022 | 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 36.05 [8]. Core Views - The company reported a revenue of 1.879 billion yuan in 2023, representing a year-on-year growth of 38.36%. However, the net profit attributable to shareholders decreased by 37.45% to 121 million yuan [11]. - The rapid revenue growth in Q4 2023 was driven by significant order increases in the front-end business, while profit growth lagged due to rising production costs and increased asset impairment provisions [11]. - The company has a strong front-end business with a rich product portfolio and significant order volume, which is expected to drive sustained high growth [11]. - The back-end business, including generic drugs and innovative drug CDMO projects, is also expanding, with a total of 263 generic drug projects and 531 innovative drug projects under development as of mid-2023 [11]. - The report adjusts the profit forecast for 2023-2025, estimating revenues of 1.879 billion, 2.523 billion, and 3.328 billion yuan, with corresponding net profits of 121 million, 165 million, and 230 million yuan [11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.879 billion yuan, a growth rate of 38.36% year-on-year, while net profit fell to 121 million yuan, a decrease of 37.45% [11][20]. - The projected revenues for 2024 and 2025 are 2.523 billion and 3.328 billion yuan, respectively, with growth rates of 34.24% and 31.92% [20]. Business Development - The front-end business has shown significant advantages, with over 260,000 orders completed and 104,000 molecular types as of mid-2023, indicating strong growth potential [11]. - The back-end business is also robust, with 263 generic drug projects and 58 commercialized projects, alongside over 60 ADC projects initiated in the first half of 2023 [11]. Profitability Forecast - The report anticipates a decline in net profit for 2023, followed by a recovery in 2024 and 2025, with growth rates of 35.82% and 39.53% expected in the subsequent years [20]. - The adjusted P/E ratios for 2023-2025 are projected to be approximately 31.8, 23.4, and 16.8 times [11].

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 种植业2月观点汇报 2024 . 2 . 2 5 分析师：姚雪梅 执业证书编号：S0740522080005 分析师：王佳博 执业证书编号：S0740523010002 分析师：严瑾 执业证书编号： S0740523010001 表格1：近四年一号文件对比 2021 2022 2023 2024 关键词 乡村振兴、农业现代化 乡村振兴 乡村振兴 乡村振兴、千村示范、万村整治 耕地保护 严格控制非农建设占用耕地，坚决遏 制耕地"非农化"。 健全耕地数量、质量、生态"三位一体"保护制度体系， 落实新一轮国土空间规划明确的耕地和永久基本农田保 护任务。优先把东北黑土地区、平原地区、具备水利灌 溉条件地区的耕地建成高标准农田。 农村土地制度 保障进城落户农民土地承包权、宅基 地使用权。 实行耕地保护党政同责，严守18亿亩耕地 红线。 严格省级党委和政府耕地保护和粮 食安全责任制考核。 稳慎推进农村宅基地制度改革试点。 稳慎推进农村宅基地制度改革试点。 稳慎推进农村宅基地制度改革。 种业发展 打好种业翻身仗。 全面实 ...

、 罗氏 2023年报解读：常规诊断复苏趋势显著，制药业务持续稳健 -海外医械财报解读系列一 医药生物 证券研究报告/行业报告简版 2024年2月25日 [ Table_Author] 分析师：谢木青 分析师：于佳喜 电话：021-20315895 邮件：yujx03@zts.com.cn 邮件：xiemq@zts.com.cn 执业证书编号：S0740523080002 执业证书编号：S0740518010004 [投Ta资ble要_S点um mary]  新冠基数影响下全年业绩增长稳健。公司2023年实现营业收入587.16亿瑞士法郎，固定汇率下同比增长1%（CER， 下同），2023 年公司归母净利润 114.98 亿瑞士法郎，固定汇率下同比增加 9%。公司预计 2024 年营业额实现中个位 数增长，主要因制药以及诊断部门常规业务将持续保持稳健增长，预计新冠相关检测以及治疗药物需求减少，LOE2 将带来约16亿瑞士法郎的消极影响。  分业务来看，剔除新冠业务后，2023年公司药品、诊断等各项常规业务均有不错表现。2023年新冠肺炎产品需求下 降 43 亿瑞士法郎，诊断业务与药品业务仍然保持强劲增长。 ...

[Table_Industry] 白酒线上化之风已至，将为行业带来什么 -白酒行业线上化发展深度研究 食品饮料 证券研究报告/行业深度报告 2024年2月24日 [评Ta级ble：_I增nve持st（] 维持 ） [重Ta点ble公_F司in基anc本e]状 况 股价 EPS PE [分Ta析b师le：_A范u劲th松or s] 简称 PEG 评级 (元) 2021 2022 2023E 2024E 2025E 2021 2022 2023E 2024E 2025E 执业证书编号：S0740517030001 贵州茅台 1714.09 41.76 49.93 58.21 68E.2 8 78E.3 7 41.05 34.33 29.45 25.10 21E.8 7 1.73 买入 电话：021-20315138 五粮液 141.71 6.02 6.88 7.75 8.89 10.07 23.54 20.60 18.29 15.94 14.07 1.33 买入 Email：fanjs@zts.com.cn 燕京啤酒 8.92 0.08 0.13 0.21 0.33 0.43 111.50 68.62 42.48 ...