Equity – Asia Research 与成熟市场相比， 中国的医药股被低估了吗？ 孟科含kh.meng@htisec.com 袁艺琳yl.yuan@htisec.com 孙旭东 xd.sun@htisc.com 2024年3月15日 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(PleaseseeappendixforEnglishtranslationofthedisclaimer) 与成熟市场相比，中国的医药股被低估了吗？ ...

[Table_MainInfo] 行业研究/造纸轻工 证券研究报告 行业周报 2024年03月10日 [Table_InvestInfo] 后地产时代家具消费属性突出，看好我国 投资评级 优于大市 维持 家居龙头长期发展空间 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 美国市场，家具作为地产下游产业，紧跟地产景气变化，同时因其消费属性，  销售韧性强于地产市场。2000年以来成屋销量占比基本保持在85%以上，成屋 销售增速与新屋销售增速具有较强的正相关关系，家具具有较强的消费属性， 在地产下行期间，家具销售增速的波动性相对较弱。2000-2022年美国成屋/新 屋销量分别复合增长-0.09%/-1.46%，家具销售复合增长2.01%；地产疲软期， 资料来源：海通证券研究所 09M3美国成屋/新屋/家具销售分别复合增长-13%/-29%/-6%。 相关研究 步入后地产时代后，韩国本土家具消费仍然保持稳定增长，消费属性突出。根  [《Ta特b种le纸_R盈e利p有or望tI维nf持o]， 估值修复空间较 据韩国央行，2000-2023 年，韩国家具、家用设备和房屋 ...

18 Mar 2024 [Table_yemei1] 观点聚焦 Investment Focus 杀菌剂市场份额领先，23 年产品价格同比下滑影响业绩。公司深 耕异噻唑啉酮类工业杀菌剂行业近 20 年，目前拥有原药剂产能超 过 4 万吨/年，已成为亚洲最大的异噻唑啉酮类工业杀菌剂原药剂 生产企业。公司实现营业收入 57,303.58 万元，同比减少 13.23%； 归属于上市公司股东的净利润 18,985.82 万元，同比减少 16.58%， 主要由于受国内外宏观经济形势的影响，市场需求下降，公司部分 产品价格同比下降，导致经营业绩有所下滑。 研究报告 Research Report 开拓新业务，拟布局半导体设备制造行业 Openning up New Business, The Company Plans to Lay Out the Semiconductor EquipmentManufacturing Industry 公司主要从事异噻唑啉酮类工业杀菌剂原药剂的研发、生产和销 售。异噻唑啉酮类工业杀菌剂具有应用领域广泛、配伍性强、环 境友好和性价比高等特点，逐渐发展为一种主流的非氧化性工业杀 菌剂。国 ...

评级 优于大市 OUTPERFORM 现价 Rmb21.85 事件。公司 23 年实现营收 25.5 亿元，同比增长 26.6%；归母净利 润 3.3 亿元，同比提升 17.4%；扣非归母净利润 3.3 亿元，同比提 升 21.0%。其中 23Q4 实现营收 5.3 亿元，同比增长 17.3%；归母净 利润 0.6 亿元，同比下降 15.4%；扣非归母净利润 0.5 亿元，同比 下降 2.3%，差异主要是 Q4 政府补助同比减少约 780 万。 立足省内纵深突破，产品结构持续提升。23 年全年公司 300 元以 上 /100-300 元 /100 元以下产品营收 4.1/12.9/8.2 亿元，同比 +37.1%/+32.3%/14.2%，占比同比+1.2/+2.3/-3.5pct，产品结构持续 升级。量价拆分来看，300 元以上/100-300 元/100 元以下销量同比 +51.9%/+35.8%/+21.2%，单价同比-9.7%/-2.6%/-5.7%。主因在行业 竞争加剧的环境下，公司加大了客情投入以及品鉴会、回厂游等 品宣活动，而非影响价盘的普通搭赠。分区域来看，公司在省内 一县一策精准营销，推动柔 ...

Tel:(021)23219820 宏观研究 证券研究报告 [Table_MainInfo] 宏观周报 2024 年 3 月 17 日 投资要点： [Table_AuthorInfo] Email:lzh13508@haitong.com 证书:S0850520120001 分析师:李俊 Tel:(021)23154149 Email:lj13766@haitong.com 证书:S0850521090002 联系人:王宇晴 Email:w yq14704@haitong.com 相关研究 [Table_ReportInfo] 《哪些因素支撑出口？ ——2024 年 1-2 月外贸数据点评》2024.3.8 《设备更新、耐用品换新：如何开展？》 2024.3.7 《今年 5%的目标更显高质量，稳进并举 ——2024 年《政府工作报告》解读》 2024.3.6 经济：2月美国零售环比增速回升；2 月美国通胀小幅抬升，核心通胀小幅 下行，PPI 同比增速有所反弹；3 月密歇根大学消费者信心小幅回落但仍相 对稳定，2 月密歇根大学消费者通胀预期维持不变；2 月美国工业产值同比 延续负增长，制造业产能利用率略有回升。 ...

[Table_MainInfo] 行业研究/商业贸易 证券研究报告 行业周报 2024年03月18日 [Table_InvestInfo] 金价上行催化板块行情，把握珠宝年度投 投资评级 优于大市 维持 资机会 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 6.30% 0.15% 商业贸易 海通综指 -5.99% 【核心观点】 -12.14% -18.29% -24.43% 1. 金价上行催化板块行情，部分龙头有较强业绩弹性 2023/3 2023/6 2023/9 2023/12 资料来源：海通证券研究所 从行业景气度看，春节黄金赛道消费高景气延续。在春节消费旺季的支撑下，叠 加金价上行，以珠宝为代表的细分赛道呈现结构性机会。根据人民日报援引商务 相关研究 部数据，2024 年春节假期商务部重点监测零售企业金银珠宝销售额同比增长 [《Ta春b节le消_R费e活p力or释tI放nf，o]珠 宝、餐饮表现亮 23.8%。我们认为，黄金行业景气度延续。 眼》2024.02.23 《市值管理纳入央企业绩考核，看好优质 从板块估值看，黄金珠宝板块涨跌幅均与金价有较为显著的正 ...

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group with a target price of RMB 13.00, based on a current price of RMB 10.49 [2][14]. Core Views - The company aims to become a leader in synthetic biology, leveraging its large-scale bio-manufacturing capabilities and focusing on collaborations with top global biotechnology firms [6][13]. - The earnings forecast has been adjusted downward due to a decline in product prices, with expected EPS for 2024-2026 at RMB 1.20, RMB 1.32, and RMB 1.46 respectively [14]. Financial Performance Summary - In 2023, the company achieved operating income of RMB 27.761 billion, a year-on-year decline of 0.63%, and a net profit of RMB 3.181 billion, down 27.81% [9][10]. - The fourth quarter of 2023 saw a revenue of RMB 7.234 billion, up 4.27% quarter-on-quarter and 1.66% year-on-year, with a net profit of RMB 1.020 billion, reflecting a 29.22% increase quarter-on-quarter and 5.99% year-on-year [9][10]. - The recurring net profit for Q4 2023 was RMB 983 million, up 42.39% quarter-on-quarter and 17.84% year-on-year [9][10]. Business Segment Performance - The animal nutrition amino acids segment reported revenue of RMB 14.539 billion, down 2.46% year-on-year, with a gross profit margin of 12.22% [11]. - The human medical amino acids segment achieved revenue of RMB 563 million, up 2.25% year-on-year, with a gross margin of 27.25% [11]. - The food taste optimization products segment generated RMB 9.832 billion in revenue, down 2.64% year-on-year, while the other products segment saw a revenue increase of 14.46% year-on-year to RMB 2.504 billion [11]. R&D and Product Development - The company has increased its investment in R&D, successfully launching new strains and processes that significantly reduce production costs [12][13]. - New projects in xanthan gum, threonine, and raw material ammonia have reached production capacity as planned, enhancing operational scale and competitive strength [12][13].

[Table_MainInfo] 行业研究/传媒 证券研究报告 行业周报 2024年03月09日 [Table_InvestInfo] AI 方向持续推荐，关注逻辑有新增+业绩 投资评级 优于大市 维持 估值有性价比的相关公司 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 传媒 海通综指 3649.49 3386.48 周报观点。AI方向：1月26日，国内AI公司月之暗面首款大模型产品KimiChat  3123.47 智能助手上新，2月AI产品访问量国内总榜排名Kimi Chat位列第三，较1月 2860.46 国内访问量环比提升105%。2月15日，OpenAI推出文生视频大模型Sora， 2597.45 首次实现分钟长视频生成，渲染、光影、动效方面效果凸出，在保持主体和场 2334.44 景情况下，实现多角度多镜头的无缝切换。3月5日，Anthropic发布的Claude 2023/3 2023/6 2023/9 2023/12 3系列模型，在推理、数学、编码、多语言理解和视觉方面都有突出表现。3月 资料来源：海通证券研究所 6日，首部“完全由AI制作的开创 ...

Industry Investment Rating - The report recommends focusing on the valuation uplift opportunities in the publishing industry, particularly for domestic publishing companies with stable operations, strong cash reserves, and high dividend yields [2] Core Views - The report highlights the rapid progress in AI models, particularly the domestic AI company Moon Dark Side's first large model product KimiChat, which has gained user attention [1] - It suggests that 2024 will be a period of intensive landing for domestic AI application products, with companies like Palm Reading Technology integrating AI models into their main apps to enhance reading efficiency and user engagement [1] - The report identifies three key areas for investment: IP resources, film and TV content production and distribution, and TOC applications, listing specific companies in each category [1] - It emphasizes the potential for strategic transformation in the publishing industry through resource integration, particularly for state-owned publishing companies involved in educational materials [2] - The report also recommends attention to the low-valuation gaming sector, highlighting companies with strong AI gaming logic and those with comprehensive R&D and operation capabilities [2] Sector Summaries Publishing Industry - Domestic publishing companies are noted for their stable operations and high dividend yields, with potential for strategic transformation through resource integration [2] - State-owned publishing companies, particularly those involved in educational materials, are seen as having strong ties to schools and students, with opportunities for business model upgrades [2] - Specific companies to watch include those making progress in educational services and new business directions, as well as those with high dividends and low valuations [2] Gaming Sector - The report recommends focusing on companies with strong AI gaming logic and those with comprehensive R&D and operation capabilities [2] - It also highlights small and medium-sized companies in the gaming sector, as well as core blue-chip companies in the Hong Kong market [2] Internet Sector - The report provides a weekly performance overview of major Hong Kong internet companies, noting the top gainers and losers [13] - It also reviews the performance of the Haituo Media March portfolio, which showed a weekly increase of 3.29%, matching the performance of the Shenwan Media Index [9] Film and Advertising Sector - The report anticipates a strong recovery in the Chinese film box office market in 2023, driven by high-quality film releases and holiday effects [17] - It recommends attention to offline media scene leaders like Focus Media and Zhaoxin Media, as well as long video leader Mango Super Media, which has a rich reserve of top film and variety projects [17] - The report also highlights the potential for innovation in content development and application scenarios with the development of AIGC, particularly in the "AI+film" and "AI+marketing" fields [17] Mobile Gaming - The report reviews the performance of top iOS games, noting the dominance of Tencent and NetEase games in the weekly bestseller list [15][16]

[Table_MainInfo] 行业研究/机械工业/航空航天与国防 证券研究报告 行业月报 2024年3月11日 [Table_InvestInfo] 绿色节能技术和燃料技术快速发展，扬子 投资评级 优于大市 维持 江船业业绩订单再攀新高 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 4.72% 航空航天与国防 海通综指 -2.61% -9.93% 新船价格上扬， VLCC、成品油船的需求增加。Fearnleys 新船价格显示，  -17.26% 2020Q4至2024Q1，各船型价格均大幅上升，其中VLCC单船价格上升3634 -24.59% 万美元，三年累计上升 41.0%，苏伊士型油船价格增加幅度最大，三年累计上 -31.91% 2023/3 2023/6 2023/9 2023/12 升41.5%，2023年大部分船型新船价格逐渐企稳，较年初小幅上升2.5%以内， 资料来源：海通证券研究所 但VLCC船上升4.4%，成品油船上升 2.6%，一定程度反映市场对这两种船型 的需求较大。 扬子江船业顺应全球航运向清洁能源转型大势，抢占替代燃料船舶市场，2023 ...