首创证券的销售人员、交易人员以及其他专业人士可能会依据不同假设和标准、采用不同的分析方法而口头或书 面发表与本报告意见及建议不一致的市场评论和/或交易观点。首创证券没有将此意见及建议向报告所有接收者 进行更新的义务。首创证券的自营部门以及其他投资业务部门可能独立做出与本报告中的意见或建议不一致的 投资决策。 本报告的版权仅为首创证券所有，未经书面许可任何机构和个人不得以任何形式转发、翻版、复制、刊登、发表 或引用。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|--------------------------------------------------------|-------|--------|---------|-------|---------|---------|-------|--------------------- ...

Core Views and Outlook - The report indicates that the market has shown a slight upward trend with major indices rising, while specific sectors like TMT have experienced a pullback. The real estate sector has surged following policy adjustments, with significant gains in agriculture, defense, real estate, non-ferrous metals, and coal industries, all exceeding 4% growth [2][4]. - The April social financing data remains weak, with both social financing and M1 showing negative growth. The rolling year-on-year growth rate of social financing is nearing a 21-year low, indicating persistent weak demand in the economy. However, the report suggests that the likelihood of further deterioration is low, and future improvements are more probable [2][4]. - The report maintains that the current market risk is limited, with the overall A-share index still below its October 2023 closing price. The potential for upward movement depends on the recovery speed of corporate earnings and improvements in market liquidity [2][4]. Index and Fund Market Review - The report notes that all three types of equity funds have seen an increase in net value, with ordinary equity funds, mixed equity funds, and flexible allocation funds showing median increases of 2.08%, 2.06%, and 1.46%, respectively. The threshold for the top 50% of public fund net values this year is 1.3% [10][11]. - Northbound capital has seen a net inflow of 4.842 billion yuan, with the food and beverage sector receiving over 4 billion yuan in net inflows. Other sectors such as pharmaceuticals, banking, and machinery have also seen increased investments, while sectors like automotive, media, and electric equipment experienced net outflows [14][15]. Risk Preference and Sector Heat - The report highlights that the sector heat index shows significant interest in sectors such as beauty care, agriculture, and non-bank financials, with scores of 97, 89, and 88, respectively. In contrast, sectors like automobiles and media have seen declines in interest [23]. - The report indicates that the overall market's PE valuation median has risen to 20.3 times, with a historical percentile of 23.3%, while the PB valuation median remains at 1.8 times, with a historical percentile of 13.8% [26]. Important Capital Behavior - The report details that the median PE valuation for major sectors varies, with beauty care at 33.8 times and coal at 9.9 times. The report also notes that the banking sector has a relatively low PE of 5.5 times, indicating potential undervaluation [27]. - The report provides insights into the changes in industry earnings forecasts, with real estate showing a significant increase of 94.74% in EPS forecast for 2024, despite a negative actual EPS for 2023 [28].

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评级： [Table_Rank] 买入 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 1 3-Apr14-Jun 25-Aug 5-Nov16-Jan 28-Mar 博俊科技 沪深300 | --- | --- | --- | --- | --- | |----------------------------|-------|----------------------|-------|-------| | [Table_Profit] | 2023A | 2024E | 2025E | 2026E | | 营收（亿元） | 26.0 | 41.5 | 55.7 | 69.8 | | 营收增速（%） | 87.0 | 59.6 | 34.1 | 25.3 | | 归母净利润（亿元） | 3.1 | 4.6 | 6.3 | 8.1 | | 归母净利润增速（ %） | | 108.2 50.0 35.4 28.7 | | | | EPS(元/ 股 ) | 1.11 | 1.66 | 2.25 | 2.89 | | PE | 19.6 | 13.1 | 9.7 | 7.5 | | ...

Investment Rating - The report assigns a "Buy" rating for the company [8]. Core Views - The raw material pharmaceutical segment is gradually releasing capacity, and the medical device business is expected to recover. In 2023, the company's raw material drug revenue was 956 million yuan (+9.60%), with potential for increased revenue and profitability due to capacity upgrades and the completion of the first phase of the Shandong raw material drug base project. The medical device revenue was 637 million yuan (+1.39%), primarily affected by a slowdown in procurement due to industry policy adjustments, but is expected to recover as procurement restarts [3]. - The company has made adjustments to its sales system, transitioning from a "line-based" to a "hospital-retail" model, which is anticipated to enhance growth in the generic drug market. In 2023, finished drug revenue was 2.326 billion yuan (+4.98%), with a notable increase in the second half of the year. The launch of the new insomnia drug, Didasinib capsules, in March 2024 is expected to contribute positively to performance [20]. Financial Summary - In 2023, the company achieved total revenue of 3.999 billion yuan (+5.79%) and a net profit attributable to shareholders of 619 million yuan (-6.55%). For Q1 2024, revenue was 1.061 billion yuan (+10.44%) with a net profit of 171 million yuan (+13.23%) [21]. - Revenue projections for 2024 to 2026 are 4.497 billion yuan, 4.995 billion yuan, and 5.531 billion yuan, with year-on-year growth rates of 12.5%, 11.1%, and 10.7%, respectively. Net profit attributable to shareholders is expected to be 687 million yuan, 777 million yuan, and 883 million yuan, with growth rates of 11.0%, 12.9%, and 13.8% [9][21]. - The company's earnings per share (EPS) is projected to increase from 0.72 yuan in 2023 to 1.03 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 16.7, 15.0, 13.3, and 11.7 for the respective years [21].

[Table_Summary] [Table_Title] 贴膏剂稳健增长，经营质量处于较高水平 [Table_ReportDate] 羚锐制药(600285)公司简评报告 | 2024.05.09 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [市场指数走势（最近 Table_Chart] 1 年） 资料来源：聚源数据 -0.5 0 0.5 1 9-May21-Jul 2-Oct14-Dec 25-Feb 8-May 羚锐制药 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 25.09 | | 一年内最高 / 最低价（元） | 26.89/14.30 | | 市盈率（当前） | 23.17 | | 市净率（当前） | 4.85 | | 总股本（亿股） | ...

核心观点 ⚫ 资产减值等多重负面因素影响 2023 年业绩，核素药物供应网络布局日 益完善。2023 年公司业绩出现下滑，主要是由于：（1）肝素下游制剂企 业进入去库存阶段，对原料药的需求减少，2023 年计提肝素钠原料药存 货跌价准备 1.12 亿元；（2）原料药业务出现下滑，2023 年公司原料药 业务收入 16.78 亿元（-18.61%），毛利率为 26.10%（+2.02pct），肝素钠 销量下滑 11.79%；（3）制剂产品收入 4.00 亿元（-17.20%），主要因那 屈肝素钙注射液于 2023 年 3 月中标第八批全国药品集中采购，销售价 格下降。2024 年 1 季度，公司原料药业务收入为 2.89 亿元（-29.94%）， 主要是由于肝素类产品价格下降，我们认为随着肝素原料药去库存周期 进入尾声，价格和销量有望逐步企稳。核药业务销售良好，2023 年合计 收入 10.17 亿元（+11.20%），其中重点产品 18F-FDG 收入 4.20 亿元 （+12.00%）；云克注射液收入 2.44 亿元（+19.52%）。2023 年公司继续 快速推进核药房建设，已建成并投入运营超过 30 个 ...

[Table_Title] 融资成交占比持续回升 市场策略报告 · 证券研究报告 播图目录 请务必仔细阅读本报告最后都分的重要法律声明 本周融资净流出 79.27 亿,较上周走闲 15.29 亿元,融资成交占比回升至 8.55%左 右。累计融资净买入额与 2023年８月下旬相当。 资料来源: Wind, 商创证券 资料来源: Wind, 商创证券 资料来源:Wind, 商创证券 l 图 4 北向资金分行业流向 资料来源:Wind, 商创证券 图 9 周内净申购金额 本周共有 41 只股票解禁,合计市值 341.55 亿元,其中工业、日常消费和公用事业 等大类行业的解禁规模居前。个股来看，长源电力解禁市值超 65 亿元，占总股本比例 为 52.43%;佳禾食品、新益昌解禁市值超 45 亿元,占总股本比例 85.61%、69.20%。 资料来源:Wind, 商创证券 资料来源: Wind, 首创证券 图 10 ETF 跟踪指数标的净申购变化 | --- | --- | --- | --- | --- | --- | |----------------------|------------------------- ...

[Table_Title] 首创|五月金股 核心观点 [Table_Summary] ⚫ 回顾：我们 4 月观点认为随着主要增量资金的流入节奏放缓，市场或将 延续震荡整理的局面，4 月配置思路市场建议均衡配置以控制回撤风险， 适度提高低波动品种的配置比例。回顾 4 月市场，整体呈现先抑后扬走 势，指数层面，中证 500、红利指数与创业板指表现居前，涨幅超过 2%， 而微盘股指数、北证 50 与中证 2000 等小盘股指数再度出现大幅调整。 行业层面来看，家电、银行、基础化工与有色等大涨，综合、传媒、消 费者服务等行业大跌。截止 4 月 30 日，我们 4 月金股组合下跌 0.53%， 首创金股组合自 2023 年 1 月成立以来，累计组合收益 1.23%，相对沪 深 300 的超额收益为 8.13%，4 月组合中表现居前的有明阳电气、紫金 矿业、神州数码等。 ⚫ 外部环境缓解，权益市场受益。宏观层面，近期海外市场波动性明显提 升，主要受经济数据和事件驱动，首先是商品端油价大跌，一是 API 原 油库存超预期增加 500 万桶，另一方面市场对更广泛地缘政治冲突的担 忧缓解。4 月底公布的数据来看，美国 ECI ...

[Table_Rank] [Table_Title] 首创|五月金股 [Table_ReportDate] 市场策略报告 | 2024.5.6 [Table_Authors] 王仕进 策略首席分析师 SAC 执证编号：S0110522100001 wangshijin@sczq.com.cn ⚫ 业绩底再度确认，夯实市场安全边际。A 股 24 年一季报披露完毕，整 体净利润增速曲线延续了改善趋势，全 A 归母净利润增速中位数从18.3%回升至-14.6%，创近 11 个季度最好表现，也再度确认了 23Q3 是 本轮行情的业绩底部，据此我们维持当前位置市场下行风险不大的判 断，但进一步上行空间取决于企业盈利的恢复速度以及股市资金面的改 善程度。从行业净利润增速中位数来看，大多数行业延续了下滑局面， 仅汽车、家电轻纺、银行、食品饮料和电子等少数行业 Q1 利润正增长。 ⚫ 展望来看，内外环境均出现积极变化，市场风险偏好延续改善，5 月行 情值得期待。在近期北上资金大幅加仓以及内资风险偏好快速回归的带 动下，主要宽基指数已经接近超买区间，假期海外市场大涨带动下，预 计 5 月上旬市场会出现先扬后抑特征，但整体结构性 ...