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 ...

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]

2024年5月14日 证券研究报告 医药生物行业双周报2024年第10期总第108期 行业周报 医药生物行业 2023 年业绩总结 行业评级： 行业整体承压，板块分化明显 报告期：2024.4.29-2024.5.10 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涨幅为 5.16%，在申万 31个一级行业中 行业走势： 位居第 7，跑赢沪深 300 指数（2.29%）。从子行业来看，原料药、 医疗耗材涨幅居前，涨幅分别为10.87%、7.96%；疫苗、医院涨幅居 后，涨幅分别为2.81%、2.93%。 估值方面，截至2024年5月10日，医药生物行业PE（TTM 整体法， 剔除负值）为27.90x（上期末为26.33x），估值上行，低于均值，高 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 XXXX@gwgsc.com 值）前三的行业分别为诊断服务（62.76x）、医院（40.00x）、医疗 耗材（38.19x），中位数为30.42x，医药流通（16.41x）估值最低。 本报告期，两市医药生物行业共有21家上市公司的股东净减持1.07 亿元。其中，11家增持1.7 ...

Investment Rating - The investment rating for the power equipment industry is "Positive" [3] Core Insights - The power equipment industry index increased by 4.45% during the reporting period, outperforming the CSI 300 index by 2.16 percentage points [3] - The industry has faced profitability pressure, but overseas expansion may help restore performance [2][7] - The overall performance of the power equipment industry has been poor, with a cumulative decline of 2.67% since the beginning of 2024, lagging behind the CSI 300 index which increased by 6.85% [3][24] - Key tracked sub-industries such as lithium batteries, battery chemicals, and wind power components showed mixed performance, with lithium batteries increasing by 12.51% while wind power components decreased by 14.83% [3][30] Summary by Sections Market Review - The power equipment industry index rose by 4.45% in the reporting period, with wind power equipment, grid equipment, batteries, and photovoltaic equipment showing changes of 7.34%, 5.46%, 4.85%, and 3.68% respectively [3][24] - Cumulatively, the power equipment industry has underperformed, with four out of six sub-industries experiencing declines, the largest being wind power equipment at -13.01% [3][24] Industry Important News Wind Power Industry - In 2023, China's wind power equipment manufacturers dominated the global market, with a 65% share of new installations [43] - The industry is expected to benefit from overseas orders and the expansion of offshore wind power in 2024, potentially improving revenue and profitability [7] New Energy Vehicle Industry - In April 2024, BYD's sales reached 313,245 units, a year-on-year increase of 48.96% [47] - New energy vehicle sales are showing positive growth across various brands, indicating a recovery in demand [46][48] Power Battery Industry - The Ministry of Industry and Information Technology has issued guidelines to strengthen the management of the lithium battery industry, emphasizing innovation and quality improvement [49] - The total revenue of lithium battery companies in 2023 was approximately 1.64 trillion yuan, a decrease of 5.1% year-on-year [52] Valuation - As of May 10, 2024, the price-to-earnings (PE) ratio for the power equipment industry is 26.53, which is below the negative one standard deviation level [38] - The PE ratios for key tracked sub-industries are 25.55 for batteries and 33.83 for wind power equipment [38]

Investment Rating - The investment rating for the company is "Buy" [2][19]. Core Insights - The company reported a narrowing of unit losses in Q1 2024, with expectations of turning profitable for the full year. In Q1 2024, sales of phosphate-based cathode materials reached 45,000 tons, a year-on-year increase of 14%. The average price per ton was approximately 42,000 yuan, down 37,100 yuan from the average price in 2023. The net loss per ton was -430 yuan, with a gross profit of 30 yuan per ton, indicating a reduction in unit losses [2]. - The company has a production capacity of 495,000 tons per year for phosphate-based cathode materials and has established a 5,000 tons per year capacity for lithium supplement agents. In 2023, the company completed a production capacity of 265,000 tons per year for nano lithium iron phosphate, and part of the production capacity for the 110,000 tons per year lithium manganese iron phosphate project has been released [2][19]. - The company experienced a significant decline in performance in 2023, with revenue of 16.973 billion yuan, a year-on-year decrease of 24.76%, and a net profit attributable to shareholders of -1.636 billion yuan, down 168.74% [2][19]. Financial Summary - In Q1 2024, the company achieved revenue of 1.892 billion yuan, a year-on-year decrease of 61.74%, with a net profit attributable to shareholders of -185 million yuan, an increase of 74.25% year-on-year. The overall gross margin was 0.03%, an increase of 0.02 percentage points compared to Q1 2023 [2]. - The company’s operating cash flow turned positive in 2023, reaching 5.993 billion yuan, a year-on-year increase of 197.68%. However, in Q1 2024, the operating cash flow was -718 million yuan, showing an 8.38% year-on-year growth [18]. - The company has revised its profit forecast, expecting net profits attributable to shareholders of 181 million yuan, 567 million yuan, and 965 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.65 yuan, 2.03 yuan, and 3.45 yuan [19].

Investment Rating - The investment rating for the company is "Buy" [1][20]. Core Views - The company reported a revenue of 2.31 billion yuan in 2023, a year-on-year decrease of 27.76%, and a net profit attributable to shareholders of -173.72 million yuan, a decline of 160.60% [1][21]. - In Q1 2024, the company achieved a revenue of 582 million yuan, a year-on-year increase of 29.89%, and a net profit attributable to shareholders of 29 million yuan, a year-on-year increase of 197.73% [1][21]. - The company is focusing on optimizing inventory costs and implementing cost reduction and efficiency enhancement measures, leading to a recovery in gross margin to 46.52% in Q1 2024, up 4.83 percentage points from Q1 2023 [1]. - The company is expanding its product line and enhancing its brand presence through a three-pronged channel strategy, which includes independent websites, third-party e-commerce platforms, and offline retail [3][20]. Financial Summary - The company’s total assets are projected to increase from 6.99 billion yuan in 2023 to 8.74 billion yuan by 2026 [6]. - The operating income is expected to grow from 2.31 billion yuan in 2023 to 4.40 billion yuan in 2026, with a compound annual growth rate of approximately 21.08% [21]. - The net profit attributable to shareholders is forecasted to recover from -173.72 million yuan in 2023 to 249.51 million yuan in 2026 [21]. - The earnings per share (EPS) is expected to improve from -1.39 yuan in 2023 to 2.00 yuan in 2026 [21].

Investment Rating - The investment rating for the company is upgraded from "Overweight" to "Buy" [2][14]. Core Insights - The company is a leading player in the SMO industry, benefiting from a wide coverage of clinical institutions and continuous revenue expansion. The new order amount is growing rapidly, and the penetration rate of SMO in pharmaceutical clinical research is expected to increase further [2][5][15]. Financial Performance - In 2023, the company achieved a revenue of 760.04 million yuan, representing a year-on-year growth of 29.65%. The net profit attributable to shareholders was 134.73 million yuan, up 86.06% year-on-year. The net profit margin reached 17.73%, an increase of 5.38 percentage points, primarily due to a significant reduction in management expense ratio [7][27]. - The company forecasts revenues of 942.45 million yuan in 2024, 1,140.37 million yuan in 2025, and 1,311.42 million yuan in 2026, with growth rates of 24.00%, 21.00%, and 15.00% respectively [7][8]. - The projected net profit for 2024 is 162.35 million yuan, with a growth rate of 20.50%, and for 2025, it is 194.69 million yuan, with a growth rate of 19.92% [7][8]. Operational Highlights - As of December 31, 2023, the company has participated in over 3,000 SMO projects, with 1,832 ongoing projects. The number of employees increased from 3,638 at the end of 2022 to 4,186, with over 4,000 in business roles [5][15]. - The company has signed new contracts worth 12.92 billion yuan in 2023, a year-on-year increase of 23.89%, driven by the continuous investment in R&D by global pharmaceutical companies and the growing demand for outsourced services for new drug clinical trials [15].