Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has demonstrated stable growth in its performance, with all three business segments achieving year-on-year growth. The R&D progress is on track, and innovative results are expected to contribute to revenue growth [5] - The company reported a revenue of 371 million RMB in 2023, representing a year-on-year increase of 25.57%, and a net profit of 115 million RMB, up 21.11% year-on-year. The first quarter of 2024 saw a revenue of 76 million RMB, a year-on-year increase of 17.53%, although net profit was impacted by seasonal factors and increased R&D expenses [5] - All three business segments showed year-on-year growth, with the heart valve replacement and repair segment growing by 21.14%, and the congenital heart disease intervention treatment and soft tissue repair segments growing by 26.49% and 29.74%, respectively [5] - The company is increasing its R&D investment, with R&D expenses reaching 99 million RMB in 2023, accounting for 26.66% of revenue. New products are expected to drive future growth [5] Financial Summary - The company’s revenue is projected to grow from 371 million RMB in 2023 to 492 million RMB in 2024, with a growth rate of 32.7%. Net profit is expected to increase from 115 million RMB in 2023 to 165 million RMB in 2024, reflecting a growth rate of 43.2% [6] - The earnings per share (EPS) is forecasted to rise from 0.84 RMB in 2023 to 1.21 RMB in 2024, with a price-to-earnings (P/E) ratio of 92.5 for 2024 [6] - The company maintains a strong gross margin of approximately 89.8% and a net profit margin of 31.1% in 2023, with expectations for improvement in the coming years [6]

医药生物 | 证券研究报告 — 业绩评论 2024年4月30日 000963.SZ 华东医药 买入 医美业务增长稳健，医药工业多条管线到达重要节点 原评级：买入 市场价格:人民币 32.77 公司 2024Q1 实现营业收入 104.11 亿元（+2.93%），实现归母净利润 8.62 亿元 板块评级:强于大市 （+14.18%）。公司医药工业多条重要管线到达重要里程碑节点，医美业务增长稳健， 重点医美产品在中国的注册及落地工作持续推进。维持买入评级。 支撑评级的要点 股价表现  利润端保持稳健增长，核心子公司中美华东保持稳定增长趋势。公司 2024Q1 实 9% 现营业收入104.11亿元，同比增长2.93%，实现归母净利润8.62亿元，同比增长 1% 14.18%，实现扣非归母净利润 8.38 亿元，同比增长 10.66%。核心子公司中美华 东在2024Q1实现营业收入（含CSO业务）33.99亿元，同比增长10.53%，实现 (7%) 合并归母净利润7.51亿元，同比增长11.67%。公司医药商业业务2024Q1实现营 (15%) 业收入67.17亿元，同比下降1.86%，实现净利润1.07亿元，同比 ...

社会服务 | 证券研究报告 — 行业周报 2024年4月30日 强于大市 社会服务行业双周报 “五一”小长假即将到来，出行热度延续 前两交易周（2024.04.15-2023.04.26）社会服务板块下跌 3.45%，在申万一 级31个行业排名中位列第26。社会服务板块跑输沪深 300指数6.57pct。五 一假期即将到来，出行数据值得关注。此外当前进入年报密集披露期，仍需 关注上市公司 23年全年及 24年一季度业绩表现情况，我们维持行业强于大 市评级。 市场回顾  前两交易周社会服务板块下跌 3.45%，社会服务子板块及旅游零售板块 中 1 个上涨，涨跌幅由高到低分别为：专业服务（+2.82%）、教育（- 1.99%）、旅游零售（-2.26%）、旅游及景区（-6.59%）、酒店餐饮（- 10.39%）。  北上资金方面，前两交易周北上资金减持首旅酒店 0.15pct至 1.21%，减 持中青旅 0.14pct 至 0.38%，减持中国中免 0.63pct 至 5.10%，减持宋城 演艺0.01pct至1.67%，增持锦江酒店0.11pct至2.48%的持股比例。 行业动态数据  据Datayes， ...

社会服务 | 证券研究报告 — 调整盈利预测 2024年4月30日 300144.SZ 宋城演艺 买入 演艺主业经营回暖，财报保留意见消除 原评级：买入 市场价格:人民币 10.36 公司发布2023年年报及2024年一季报。23年公司实现营收19.26 亿元，同 比+320.76%；归母净利润-1.10亿元，同比-130.20%。24Q1公司实现营收5.60 板块评级:强于大市 亿元，同比+138.70%；归母净利润 2.52 亿元，同比+317.33%。当前花房减 值事项落地，公司主业经营回暖，看好成熟项目的逐步恢复和新项目的快速 股价表现 爬坡，维持买入评级。 支撑评级的要点 0% (7%)  花房减值落地，主业经营回暖。23 年公司实现营收 19.26 亿元，同比 (14%) +320.76%；归母净利润-1.10 亿元，同比-130.20%。剔除持有花房集团的 长期股权投资形成的投资收益以及减值损失后，净利润为8.29 亿元。中 (21%) 喜会计师事务所对公司2023年年报出具了无保留意见的审计报告。 (28%) (36%)  各景区恢复程度分化，桂林、张家界表现亮眼。23年杭州/丽江/三亚/ ...

商贸零售 | 证券研究报告 — 业绩评论 2024年4月29日 600859.SH 王府井 增持 Q1 业绩受新项目爬坡影响，奥莱业态表现优异 原评级：增持 市场价格:人民币 13.55 公司发布 2024 年一季报。24Q1 公司实现营收 33.08 亿元，同比-1.74%；归 板块评级:强于大市 母净利润2.02亿元，同比-10.86%；扣非归母净利润1.93亿元，同比-13.72%。 短期内公司业绩受新项目爬坡影响，中长期有税业务稳健增长，免税业务逐 步放量，维持增持评级。 股价表现 支撑评级的要点 10%  新业态、新门店尚处培育期，短期内对业绩形成压制。24Q1公司实现营 (1%) 收33.08亿元，同比-1.74%；归母净利润2.02亿元，同比-10.86%；扣非 (11%) 归母净利润1.93亿元，同比-13.72%。受市场环境影响，公司Q1营收同 (21%) 比小幅下降，同时由于公司新业态、新门店尚处于培育期，收入增幅尚 (32%) 不足以覆盖相对固定的成本费用支出，加之长租约高租金项目在租赁前 (42%) 期受新租赁准则影响较大，对业绩端产生一定影响。 ya 3M -2 n 3uJ -2 ...

Investment Rating - The report assigns a "Reduce" rating, indicating that the company's stock price is expected to decline by more than 10% relative to the benchmark index over the next 6-12 months [5]. Core Views - The tourism market is rapidly recovering, and the company has capitalized on this opportunity, achieving record high performance in 2023 with revenue of RMB 630 million, a year-on-year increase of 70.9%, and a net profit of RMB 147 million, a year-on-year increase of 623.9% [15]. - The company's performance in Q1 2024 was impacted by climate conditions, leading to a revenue of RMB 107 million, a year-on-year decrease of 11.33%, and a net profit of RMB 11 million, a year-on-year decrease of 42.82% [15][17]. - The company plans to enhance its dividend payout ratio, proposing a cash dividend of RMB 0.536 per share, totaling RMB 100 million, with a dividend payout ratio of 67.93% [15]. Financial Summary - Revenue projections for the company are as follows: RMB 630 million in 2023, RMB 737 million in 2024E, RMB 844 million in 2025E, and RMB 924 million in 2026E, with growth rates of 70.9%, 16.9%, 14.5%, and 9.6% respectively [2]. - The company's EBITDA is projected to be RMB 324 million in 2023, RMB 379 million in 2024E, RMB 458 million in 2025E, and RMB 518 million in 2026E [2]. - The diluted earnings per share (EPS) are expected to be RMB 0.79 in 2023, RMB 0.93 in 2024E, RMB 1.16 in 2025E, and RMB 1.33 in 2026E [2]. Business Segments Performance - In 2023, the revenue breakdown by business segments is as follows: scenic area RMB 325 million (+108.0%), hotel RMB 207 million (+45.2%), and travel agency RMB 9 million (+25.7%) [15]. - The gross profit margins for the scenic area, hotel, and travel agency segments showed significant recovery, with respective year-on-year increases of 25.1%, 11.4%, and 2.7 percentage points [15]. Future Outlook - The company is optimistic about future growth driven by new project developments, including the establishment of a rafting project and the completion of the second phase of the Nanshan Xiaozhai project [15][17]. - Despite the short-term challenges due to climate impacts, the long-term outlook remains positive, supported by state-owned capital driving external expansion [15].

603099.SH (19%) 40% 99% 159% 218% 277% Apr-23May-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 长白山 上证综指 相关研究报告 《长白山》20240325 《长白山》20231020 《长白山》20230825 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务：旅游及景区 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 冰雪游带动 Q1 业绩高增，关注交通改善及定增进展 冰雪游持续高景气，客流高增带动业绩增长。24Q1 实现营收 1.28 亿元， 同比+83.73%；归母净利润 0.11 亿元，扣非归母净利润 0.12 亿元，同比 大幅扭亏。Q1 冰雪游景气度高，长白山旅游也正在加快从单季避暑游向 "避暑+冰雪"双季游、双旺季的转变。24 年春节长白山客流达 76100 人 次，同比+127.8%；Q1 主景区共接待游客 46.5 万人次，同比+138.6%， 其中 ...

机械设备 | 证券研究报告 — 调整盈利预测 2024 年 4 月 29 日 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (37%) (26%) (16%) (6%) 5% 15% Apr-23May-23Jun-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 芯碁微装 上证综指 绝对 (27.9) (21.8) (11.1) (25.3) 相对上证综指 (30.7) (21.6) (19.0) (18.3) | --- | --- | --- | |-------------------------------|--------|----------| | | | | | 发行股数 ( 百万 ) | | 131.42 | | 流通股 ( 百万 ) | | 131.42 | | 总市值 ( 人民币 百万 ) | | 7,668.30 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 109.37 | | 主要股东 | | | | 程卓 | | 27.99 | 相关研究报告 《芯碁微装》20240225 《芯碁微装》20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 1,709.43 and an industry rating of "Outperform" [1][5]. Core Views - The company achieved a revenue of RMB 458 billion in Q1 2024, representing an 18.1% year-on-year growth, with a net profit of RMB 241 billion, up 15.7% year-on-year. The earnings per share (EPS) for the quarter was RMB 19.16 [16]. - The growth is supported by both Moutai liquor and series liquor, with traditional channels seeing an increase in revenue [16]. - The report indicates a strong certainty of growth in the next two years, maintaining the "Buy" rating [16]. Financial Summary - **Revenue and Profit Forecasts**: - Main revenue (RMB million): 124,100 (2022), 147,694 (2023), 171,480 (2024E), 197,574 (2025E), 223,812 (2026E) [4]. - Net profit (RMB million): 62,716 (2022), 74,734 (2023), 87,140 (2024E), 100,868 (2025E), 114,345 (2026E) [4]. - EPS: 49.93 (2022), 59.49 (2023), 69.37 (2024E), 80.30 (2025E), 91.02 (2026E) [4]. - **Growth Rates**: - Revenue growth rates: 16.9% (2022), 19.0% (2023), 16.1% (2024E), 15.2% (2025E), 13.3% (2026E) [4]. - Net profit growth rates: 19.6% (2022), 19.2% (2023), 16.6% (2024E), 15.8% (2025E), 13.4% (2026E) [4]. - **Valuation Metrics**: - Price-to-earnings (P/E) ratio: 34.2 (2022), 28.7 (2023), 24.6 (2024E), 21.3 (2025E), 18.8 (2026E) [4]. - Price-to-book (P/B) ratio: 10.9 (2022), 10.0 (2023), 8.3 (2024E), 7.0 (2025E), 5.9 (2026E) [4]. - EV/EBITDA: 24.8 (2022), 20.7 (2023), 16.9 (2024E), 14.4 (2025E), 12.3 (2026E) [4]. Market Performance - The company's stock performance relative to the Shanghai Composite Index shows a decline of 19% year-to-date, with a relative performance of -2.8% over the last month [2].

300693.SZ 股价表现 至今 1 个月 3 个月 12 个月 绝对 2.0 (3.6) (4.4) (48.8) 相对深圳成指 1.3 (3.8) (12.4) (33.4) 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备：其他电源设备Ⅱ 证券分析师：武佳雄 jiaxiong.wu@bocichina.com 证券投资咨询业务证书编号：S1300523070001 盛弘股份 评级面临的主要风险 [Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) 2024 年 4 月 29 日 盛弘股份 3 中银国际证券股份有限公司同时声明，将通过公司网站披露本公司授权公众媒体及其他机构刊载或者转发证券研究报 告有关情况。如有投资者于未经授权的公众媒体看到或从其他机构获得本研究报告的，请慎重使用所获得的研究报告， 以防止被误导，中银国际证券股份有限公司不对其报告理解和使用承担任何责任。 公司投资评级： 减 持：预计该公司股价在未来 6-12 个月内相对基准指数跌幅在 10%以上； 未有评级：因无法获取必要的资料或者其他原因，未能给出明确的投资评级。 强于大市：预 ...