Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company has shown steady growth in its patch products, with a significant increase in brand influence and sales performance. In 2023, the company achieved a revenue of 3.311 billion yuan, representing a year-on-year growth of 10.31%, and a net profit of 568 million yuan, up 22.09% [4]. - The core product, Tongluo Qutong Gao, has annual sales exceeding 1 billion yuan, and the "Two Tigers" series products maintain stable sales. The company is expected to continue benefiting from the aging population and the increasing number of orthopedic disease patients, indicating substantial long-term growth potential for its patch products [4]. - The company has optimized its expense ratio, with a sales expense ratio of 45.41% in 2023, down 2.68 percentage points from the previous year, reflecting improved marketing efficiency [4]. Financial Summary - In 2023, the company reported a revenue of 3.311 billion yuan, with a net profit of 568 million yuan. The revenue for Q1 2024 was 909 million yuan, showing a growth of 15.27% year-on-year, while the net profit was 190 million yuan, up 31.98% [4]. - The company forecasts revenues of 3.796 billion yuan, 4.297 billion yuan, and 4.856 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 682 million yuan, 787 million yuan, and 907 million yuan [5]. - The projected P/E ratios for 2024, 2025, and 2026 are 20.9, 18.1, and 15.7, respectively, based on the closing price on May 8 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [26]. Core Views - The company's performance in 2023 declined due to multiple negative factors, including reduced demand for raw materials from downstream heparin formulation companies, leading to a provision for inventory impairment of 112 million yuan for heparin sodium raw materials. The raw material business revenue was 1.678 billion yuan, down 18.61%, with a gross margin of 26.10%, and heparin sodium sales volume decreased by 11.79%. The formulation product revenue was 400 million yuan, down 17.20%, primarily due to price declines following the centralized procurement of nadroparin calcium injection in March 2023. However, the nuclear medicine business performed well, with total revenue of 1.017 billion yuan, up 11.20%, driven by key products like 18F-FDG and Yunk injection [2][5]. Financial Summary - In 2023, the company achieved total revenue of 3.276 billion yuan, a decrease of 8.58%, and a net profit attributable to shareholders of 210 million yuan, down 31.75%. The first quarter of 2024 saw revenue of 647 million yuan, down 23.90%, but net profit attributable to shareholders increased by 28.38% to 64.33 million yuan [5][6]. - Revenue projections for 2024 to 2026 are 3.291 billion yuan, 3.616 billion yuan, and 4.009 billion yuan, with year-on-year growth rates of 0.5%, 9.9%, and 10.9%, respectively. Net profit attributable to shareholders is expected to be 305 million yuan, 364 million yuan, and 436 million yuan, with growth rates of 45.7%, 19.1%, and 19.9% [6][17]. Market Position and Future Outlook - The company is advancing its innovative nuclear medicine research, with several new products at various stages of development. Products like 99mTc-labeled tecfidera and sodium fluoride injection have submitted for market approval, while others are in clinical trials. The next 2-3 years are expected to see a concentration of product approvals, which could lead to rapid market expansion due to the established supply network [14].

[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 ...

图 32 优质企业债与国开债利差 (%) 6 风险提示 市场策略报告 证券研究报告 股票投资评级 买入 相对沪深 300 指数涨幅 15％以上 中性 相对沪深300指数涨幅－5％-5％之间 2. 投资建议的评级标准 行业指数）的涨跌幅相对同期的沪深 300 王仕进，策略首席分析师，上海财经大学经济学博士，7 年策略研究经验，2022 年 10 月加入首创证券研究发 展部。 免责声明 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。 评级说明 [Table_Title] 北上加速流入 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 ⚫ 基金市场： ➢ 本周 ETF 基金整体上净申购。跟踪的主要指数标的中，本周净申购排 名靠前的为沪深 300ETF（63.3 亿元）、中证 500ETF（46.2 亿元）和中 证 1000ETF（29.2 亿元）。行业层 ...

图 指数 净申赎变化 | --- | --- | --- | --- | --- | --- | |----------------|---------------------|---------------------------------|----------------------------------|---------------------|---------------------| | 跟 踪 ETF | 本周净申购 （亿元） | 指 数 ETF \n上周净申购 （亿元） | 净申购变化 \n月度净申购 （亿元） | 季度净申购 （亿元） | 年度净申购 （亿元） | | 中 证 1000 | 45.9 | 29.2 | 52.1 | 383.8 | 300.6 | | 沪 深 300 | 38.1 | 63.3 | 59.0 | 1422.8 | 2656.9 | | 中 证 500 | 28.4 | 46.2 | 25.7 | 477.9 | 446.5 | | 上 证 50 | 16.4 | -4.4 | 13.9 | 104.5 | 268.1 | | 科 创 50 | 3.2 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company is entering a phase of significant growth for its innovative drugs, with a clear trend of performance reversal [8] - The company reported a revenue of 4.068 billion yuan in 2023, a year-on-year increase of 6.03%, but a net loss attributable to shareholders of 551 million yuan, a decline of 388.19% [3][4] - In Q1 2024, the company achieved a revenue of 1.326 billion yuan, representing a substantial increase of 41.28%, and a net profit attributable to shareholders of 146 million yuan, an increase of 125.55% [3][4] Summary by Sections Financial Performance - In 2023, the company faced multiple negative factors leading to a significant decline in profits, including increased asset impairment losses and rising R&D expenses [9] - The company's proprietary products saw rapid growth, with domestic proprietary (including imported) product revenue reaching 2.010 billion yuan, up 21.72% [9] - The core innovative product, Yili Shu® (艾贝格司亭 α injection), received approvals and is expected to see rapid growth in both domestic and international markets in 2024 [9] Revenue and Profit Forecast - The company forecasts revenues of 5.333 billion yuan, 6.362 billion yuan, and 7.299 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.1%, 19.3%, and 14.7% [11] - The net profit attributable to shareholders is projected to be 507 million yuan, 763 million yuan, and 1.031 billion yuan for the same years, with significant growth rates [11] Market Position and Product Development - The company has successfully introduced new products into the market, including those that have been included in the national medical insurance catalog, which is expected to drive revenue growth [9] - The report indicates that the raw material pharmaceutical business remains resilient despite industry challenges, with revenue of 800 million yuan in 2023, a slight increase of 1.58% [9]

[Table_ReportDate] 市场策略报告 | 2024.05.06 [Table_Rank] 请务必仔细阅读本报告最后部分的重要法律声明 请务必仔细阅读本报告最后部分的重要法律声明 | --- | |----------------------| | 目录 | | 1 核心观点与展望 | | 2 指数与基金市场回顾 | | 3 风险偏好与板块热度 | | 4 重要资金行为 … | | 5 盈利与估值变化 | | | 握图目录 市场策略报告 · 证券研究报告 [Table_Title] 关注北上资金净流入持续性 核心观点 | --- | --- | --- | |---------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the CSI 300 index [7]. Core Insights - The company has shown strong growth in its short drama business, achieving significant revenue increases and successfully turning a profit in 2023. The revenue for 2023 reached 6.84 billion yuan, a year-on-year increase of 8.3%, with net profit soaring to 400 million yuan, a remarkable growth of 337.8% [9]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 7.09 billion yuan, 7.61 billion yuan, and 8.30 billion yuan for 2023, 2024, and 2025 respectively, reflecting year-on-year growth rates of 3.7%, 7.3%, and 9.1% [2][17]. - The company is focusing on optimizing its social product matrix and expanding its overseas market presence, particularly with its product "Waha" gaining traction in Vietnam [1]. Summary by Sections Financial Performance - The company achieved a gross margin of 41.4% in 2023, slightly higher than the previous year, with a sales expense ratio of 30.3% [23]. - The company’s content service revenue from short dramas reached 959 million yuan in 2023, showing substantial growth [9]. - The projected net profits for 2023, 2024, and 2025 are 420 million yuan, 490 million yuan, and 560 million yuan respectively, with growth rates of 8.0%, 16.6%, and 14.4% [2][17]. Business Segments - The short drama business is positioned as a key growth driver, with the company producing hundreds of micro-dramas and achieving over 10 billion total views [9]. - The live social business has shown signs of recovery, with a 25.5% quarter-on-quarter increase in revenue, despite a year-on-year decline of 10% [16]. Market Position - The company is recognized as a leader in the short drama sector, ranking third in the industry heat list for Q1 2024, following major competitors [9]. - The company’s strong promotional capabilities and comprehensive industry chain are expected to sustain its competitive edge and revenue generation [9].