医药生物行业双周报 2024 年第 13 期总第 111 期 2024 医保目录调整启动 创新仍是行业主线之一 行业回顾 行业评级: 报告期:2024.6.10-2024.6.21 投资评级 看好 评级变动 维持评级 行业走势: huchenxi@gwgsc.com 执业证书编号:S0200518090001 联系电话:010-68085205 weiyuqi@gwgsc.com 执业证书编号:S0200123060002 联系电话:010-68099389 2 号院 1 号楼中国长城资产大厦 16 层 本报告期医药生物行业指数跌幅为 3.44%,在申万 31 个一级行业中 位居第 18,跑输沪深 300 指数(-2.20%)。从子行业来看,仅原料 药、血液制品上涨,涨幅分别为 0.55%、0.29%;线下药店、中药跌 幅居前,跌幅分别为 17.78%、6.69%。 估值方面,截至 2024 年 6 月 21 日,医药生物行业 PE(TTM 整体法, 剔除负值)为 24.87x(上期末为 25.86x),估值下行,低于负一倍标 准差。医药生物申万三级行业 PE(TTM 整体法,剔除负值)前三的 XXXX@gw ...

硅 行业周报 报告期:2024.6.11-2024.6.23 行业走势: zhangyetong@gwgsc.com 执业证书编号:S0200524050001 联系电话:010-68099390 zhugaotian@gwgsc.com 执业证书编号:S0200123030001 联系电话:010-68099392 北京市丰台区凤凰嘴街 2 号院 1 号 楼中国长城资产大厦 16 层 2024 年 6 月 24 日 证券研究报告/行业研究 电新行业双周报 2024 年第 13 期总第 35 期 《2024 全球海上风电报告》发布,海上风电增长强劲 行情回顾: 行业评级: 报告期内电力设备行业指数跌幅为 3.34%,跑输沪深 300 指数 1.14Pct。 电力设备申万二级子行业中电网设备、电池、电机Ⅱ、其他电源设备 投资评级 看好 评级变动 维持 Ⅱ、风电设备、光伏设备分别变动-0.25%、-3.40%、-3.42%、-3.66%、 -4.71%、-5.57%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-3.24%、-3.97%、-4.10%。 2024 年初至本报告期末,电力设备行业累计 ...

2024年6月12日 证券研究报告 医药生物行业双周报2024年第12期总第110期 行业周报 2024 年医改重点任务发布 行业评级： 卫健委发文推动城市医疗资源下沉 报告期：2024.5.27-2024.6.7 投资评级 看好 评级变动 维持评级 行业回顾 本报告期医药生物行业指数跌幅为 2.92%，在申万 31个一级行业中 行业走势： 位居第 11，跑输沪深 300 指数（-0.76%）。从子行业来看，仅血液 制品上涨，涨幅为5.65%；线下药店、原料药跌幅居前，跌幅分别为 8.47%、5.63%。 估值方面，截至2024年6月7日，医药生物行业PE（TTM 整体法， 剔除负值）为25.86x（上期末为26.43x），估值下行，低于负一倍标 准差。医药生物申万三级行业PE（TTM 整体法，剔除负值）前三的 XXXX@gwgsc.com 行业分别为诊断服务（53.94x）、医院（36.20x）、血液制品（35.16x）， 中位数为27.04x，医药流通（15.45x）估值最低。 本报告期，两市医药生物行业共有17家上市公司的股东净减持0.20 亿元。其中，13家增持0.19亿元，4家减持0.39亿元。 重 ...

硅 2024年6月11日 证券研究报告/行业研究 电新行业双周报 2024年第 12期总第 34期 行业周报 多省发布“千乡万村驭风行动”行动方案 陆风中长期发展未来可期 行业评级： 报告期：2024.5.27-2024.6.10 行情回顾： 投资评级 看好 报告期内电力设备行业指数跌幅为4.09%，跑输沪深300指数3.33Pct。 评级变动 维持 电力设备申万二级子行业中电网设备、电池、电机Ⅱ、其他电源设备 Ⅱ、风电设备、光伏设备分别变动-0.38%、-4.14%、-4.23%、-4.39%、 -5.02%、-6.81%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-3.15%、-5.56%、-6.72%。 行业走势： 2024 年初至本报告期末，电力设备行业累计下跌 9.36%，沪深 300指 数累计上涨4.17%，电力设备行业累计跑输13.52Pct。电力设备的六个 申万二级子行业中有五个在下跌，其中风电设备累计跌幅最大，为 -20.45%。重点跟踪的三个三级子行业锂电池、电池化学品、风电零部 件变动分别为6.65%、-22.37%、-23.36%。电力设备行业整体表现较差。 本报告期 ...

硅 2024年6月11日 证券研究报告/行业研究 电新行业双周报 2024年第 12期总第 34期 行业周报 多省发布“千乡万村驭风行动”行动方案 陆风中长期发展未来可期 行业评级： 报告期：2024.5.27-2024.6.10 行情回顾： 投资评级 看好 报告期内电力设备行业指数跌幅为4.09%，跑输沪深300指数3.33Pct。 评级变动 维持 电力设备申万二级子行业中电网设备、电池、电机Ⅱ、其他电源设备 Ⅱ、风电设备、光伏设备分别变动-0.38%、-4.14%、-4.23%、-4.39%、 -5.02%、-6.81%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-3.15%、-5.56%、-6.72%。 行业走势： 2024 年初至本报告期末，电力设备行业累计下跌 9.36%，沪深 300指 数累计上涨4.17%，电力设备行业累计跑输13.52Pct。电力设备的六个 申万二级子行业中有五个在下跌，其中风电设备累计跌幅最大，为 -20.45%。重点跟踪的三个三级子行业锂电池、电池化学品、风电零部 件变动分别为6.65%、-22.37%、-23.36%。电力设备行业整体表现较差。 本报告期 ...

Investment Rating - The report maintains the investment rating for the pharmaceutical and biotechnology industry [3] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.92%, ranking 11th among 31 primary industries, underperforming the CSI 300 index, which fell by 0.76% [3][11] - The only sub-industry that saw an increase was blood products, which rose by 5.65%, while offline pharmacies and raw materials experienced significant declines of 8.47% and 5.63%, respectively [3][11] - As of June 7, 2024, the industry’s price-to-earnings (PE) ratio (TTM, excluding negative values) was 25.86x, down from 26.43x in the previous period, indicating a downward trend in valuation [15] - The top three sub-industries by PE ratio were diagnostic services (53.94x), hospitals (36.20x), and blood products (35.16x), with the lowest valuation in pharmaceutical distribution at 15.45x [15] Industry Overview Market Review - The pharmaceutical and biotechnology industry index fell by 2.92%, ranking 11th among 31 primary industries, and underperformed the CSI 300 index [3][11] - Blood products were the only sub-industry to increase, while offline pharmacies and raw materials saw the largest declines [3][11] Important Industry News - The National Health Commission has issued a notice to enhance mechanisms for promoting the downward flow of urban medical resources to county-level hospitals and grassroots healthcare institutions [23] - The State Council has published key tasks for deepening the medical and health system reform in 2024, emphasizing the coordination of medical insurance, medical services, and pharmaceuticals [25][26] Company Dynamics - 17 listed companies in the pharmaceutical and biotechnology sector reported a net reduction in shareholder holdings of 0.20 billion, with 13 companies increasing holdings by 0.19 billion and 4 companies decreasing by 0.39 billion [3] Investment Recommendations - The report suggests continued attention to innovative drug sectors with genuine innovation capabilities and international commercialization potential, especially in light of the establishment of a biopharmaceutical alliance among the US, Japan, South Korea, India, and the EU [6]

Investment Rating - The report gives a "Buy" rating for the company, SANY Renewable Energy [6]. Core Viewpoints - The company is expected to maintain a strong growth trajectory due to its integrated layout in the wind power industry, cost advantages, and continuous growth in its renewable energy station business, alongside active expansion in offshore wind power and overseas markets [6][4]. Summary by Sections Company Overview - SANY Renewable Energy has been deeply engaged in the wind power sector for over 15 years, focusing on the research, manufacturing, and sales of wind turbines, as well as wind farm design, construction, and operation management [15][16]. Market Position and Growth - The company has seen a significant increase in its market share, becoming one of the top ten global wind turbine manufacturers and one of the top five in China. In 2023, the company achieved a record high of 14.1GW in new orders, with a total order backlog of 15.89GW [3][4][15]. Financial Performance - From 2018 to 2023, the company's revenue grew from 1.035 billion to 14.939 billion yuan, with a compound annual growth rate (CAGR) of 70.56%. The net profit attributable to shareholders also increased from -225 million to 2.006 billion yuan during the same period [25][28]. Research and Development - The company has maintained a high level of R&D investment, with expenditures rising from 114 million yuan in 2017 to 872 million yuan in 2023, reflecting a CAGR of 40.37%. The R&D expense ratio has consistently remained above 5%, significantly higher than that of comparable companies in the industry [3][6]. Integrated Business Model - The company has established a comprehensive integrated layout across the wind power industry chain, which includes product collaborative design, self-manufacturing of core components, and smart manufacturing to enhance production efficiency and reduce costs [3][4]. Offshore Wind Power Strategy - The "Dual Sea" strategy is expected to become a new growth point for the company, with the launch of offshore wind turbine prototypes and active bidding for projects. The company aims to expand its presence in overseas markets, achieving significant breakthroughs in orders and revenue [4][5][6]. Future Projections - The company forecasts net profits of 2.397 billion, 2.589 billion, and 2.730 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 1.99, 2.15, and 2.26 yuan. The current price-to-earnings (P/E) ratios are projected to be 13.97, 12.93, and 12.26 times for the same years [6][8].

2024年5月27日 证券研究报告 医药生物行业双周报2024年第11期总第109期 行业周报 《中国新药注册临床试验进展年度报告（2023 年）》发 行业评级： 布，2024 年医药集中采购提质扩面 报告期：2024.5.13-2024.5.24 投资评级 看好 行业回顾 评级变动 维持评级 本报告期医药生物行业指数跌幅为 5.78%，在申万 31个一级行业中 行业走势： 位居第 30，跑输沪深 300 指数（-1.77%）。从子行业来看，线下药 店、医疗设备跌幅居后，跌幅分别为2.19%、2.97%；其他生物制品、 医疗耗材跌幅居前，涨幅分别为8.09%、7.81%。 估值方面，截至2024年5月24日，医药生物行业PE（TTM 整体法， 剔除负值）为26.43x（上期末为27.90x），估值下行，低于负一倍标 准差。医药生物申万三级行业PE（TTM 整体法，剔除负值）前三的 XXXX@gwgsc.com 行业分别为诊断服务（58.67x）、医院（37.66x）、医疗耗材（35.24x）， 中位数为28.62x，医药流通（15.87x）估值最低。 本报告期，两市医药生物行业共有22家上市公司的股东净减持4 ...

2024年5月27日 证券研究报告 医药生物行业双周报2024年第11期总第109期 行业周报 《中国新药注册临床试验进展年度报告（2023 年）》发 行业评级： 布，2024 年医药集中采购提质扩面 报告期：2024.5.13-2024.5.24 投资评级 看好 行业回顾 评级变动 维持评级 本报告期医药生物行业指数跌幅为 5.78%，在申万 31个一级行业中 行业走势： 位居第 30，跑输沪深 300 指数（-1.77%）。从子行业来看，线下药 店、医疗设备跌幅居后，跌幅分别为2.19%、2.97%；其他生物制品、 医疗耗材跌幅居前，涨幅分别为8.09%、7.81%。 估值方面，截至2024年5月24日，医药生物行业PE（TTM 整体法， 剔除负值）为26.43x（上期末为27.90x），估值下行，低于负一倍标 准差。医药生物申万三级行业PE（TTM 整体法，剔除负值）前三的 XXXX@gwgsc.com 行业分别为诊断服务（58.67x）、医院（37.66x）、医疗耗材（35.24x）， 中位数为28.62x，医药流通（15.87x）估值最低。 本报告期，两市医药生物行业共有22家上市公司的股东净减持4 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.16%, ranking 7th among 31 primary industries, outperforming the CSI 300 index which rose by 2.29% [5][13] - The overall performance of the industry in 2023 was under pressure, with significant differentiation among sub-sectors. The total revenue for all listed pharmaceutical and biotechnology companies reached 2.5 trillion yuan, a slight increase of 0.81% year-on-year, while the net profit attributable to shareholders was 160.32 billion yuan [5][8] - The industry valuation as of May 10, 2024, was a PE ratio of 27.90x, up from 26.33x in the previous period, indicating an upward trend but still below the average [17] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry faced overall pressure in 2023, with a clear differentiation among sectors. The raw materials and medical consumables sectors showed strong performance with increases of 10.87% and 7.96%, respectively, while vaccines and hospitals lagged behind with increases of 2.81% and 2.93% [5][13] - A total of 21 listed companies in the industry experienced a net reduction in shareholder holdings amounting to 107 million yuan, while 11 companies increased their holdings by 178 million yuan [5] Important Industry News - The National Health Commission and other departments issued guidelines to strengthen the capacity of critical care medical services, aiming for significant improvements by 2025 and 2027 [22] - BMS received approval for the world's first cardiac myosin inhibitor, "Mavacamten," for treating obstructive hypertrophic cardiomyopathy in adults [24] - Zhengda Tianqing's "Ankine" capsule was approved for use in patients with ROS1-positive locally advanced or metastatic non-small cell lung cancer [25] Investment Recommendations - Despite the poor performance of listed companies in 2023, certain sectors such as traditional Chinese medicine, hospitals, and other biological products showed promising results. The chemical preparation sector, while not as strong, still outperformed the overall industry and is expected to see recovery in 2024 [8] - The report suggests focusing on companies in the chemical preparation sector that have passed the performance inflection point and those in the other biological products sector with strong profitability [8]