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].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2]. Core Insights - As of April 26, 2024, among the 477 tracked listed companies in the pharmaceutical and biotechnology sector, 430 have disclosed their 2023 performance. Of these, 45 companies reported a net profit growth of 100% or more, while 66 companies had a growth of 30% or more but less than 100%. Additionally, 64 companies had a net profit growth of 30% or more in 2023, with a positive net profit in 2022 [2]. - The pharmaceutical and biotechnology industry index increased by 2.66% during the reporting period, ranking 8th among 31 primary industries, underperforming the CSI 300 index, which rose by 3.12%. Sub-industries such as blood products and chemical preparations saw gains of 5.22% and 5.07%, respectively, while vaccines experienced a decline of 6.41% [4][12]. - The overall price-to-earnings (PE) ratio for the pharmaceutical and biotechnology industry as of April 26, 2024, is 26.33x, up from 24.99x at the end of the previous period, indicating an upward valuation trend, yet still below the negative one standard deviation [15]. Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index increased by 2.66%, ranking 8th among 31 primary industries, and underperformed the CSI 300 index [4][12]. - The PE ratio for the industry is 26.33x, indicating a valuation increase [15]. Important Industry News - The National Health Commission released the "Primary Liver Cancer Diagnosis and Treatment Guidelines (2024 Edition)" to improve the standardization of diagnosis and treatment [20]. - The NMPA optimized the registration application process for transferring drugs produced overseas to domestic production, aiming to enhance the investment environment and drug accessibility [21]. - Roche's Alecensa received FDA approval for a new indication for ALK-positive NSCLC as adjuvant therapy [28]. - Fuhong Hanlin's biosimilar trastuzumab received FDA approval for breast and gastric cancer treatment [33]. Company Dynamics - Among the 430 companies that disclosed their 2023 performance, 111 reported a net profit growth of 30% or more, accounting for 25% of the total [7]. - The overall performance of the pharmaceutical and biotechnology sector in 2023 was subpar, with a year-to-date decline of 11.97% [7].

硅 2024年4月29日 证券研究报告/行业研究 电新行业双周报 2024年第 9期总第 31期 行业周报 北京车展顺利开幕 宁德时代发布神行 PLUS 电池 行情回顾： 行业评级： 报告期内电力设备行业指数跌幅为1.24%，跑输沪深300指数4.36Pct。 报告期：2024.4.15-2024.4.29 电力设备申万二级子行业中电机Ⅱ、其他电源设备Ⅱ、电池、电网设 投资评级 看好 评级变动 维持 备、光伏设备、风电设备分别变动 4.10%、1.23%、-0.74%、-1.06%、 -2.65%、-3.25%。重点跟踪的三级子行业锂电池、风电零部件、电池 化学品分别变动2.82%、-5.38%、-6.61%。 2024 年初至本报告期末，电力设备行业累计下跌 6.82%，沪深 300指 行业走势： 数累计上涨4.46%，电力设备行业累计跑输11.28Pct。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 -18.96%。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8.57%、-16.90%、-20.41%。电力设备行业整体表现较差。 本报告期内重点跟踪三级子 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's revenue for 2023 was 12.04 billion yuan, a decrease of 4.36% year-on-year, with a net profit attributable to shareholders of 2.53 billion yuan, down 36.84% year-on-year [3][6] - The overall gross margin for 2023 was 37.43%, a decline of 10.40 percentage points compared to 2022 [3] - The company maintained its leading position in the separator industry, with a shipment of 6.2 billion square meters of lithium battery separators in 2023, generating revenue of 10.08 billion yuan, a slight decrease of 5.22% year-on-year [3][5] - The company is actively expanding its overseas production bases, with significant growth in overseas sales revenue, which reached 2.02 billion yuan, a year-on-year increase of 51.45% [5] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 2.33 billion yuan, a year-on-year decrease of 9.38%, and a net profit of 158 million yuan, down 75.64% year-on-year [3] - The company’s R&D expenses for 2023 were 727 million yuan, slightly up from 724 million yuan in 2022, with an R&D expense ratio of 6.04% [4] - The forecast for net profit attributable to shareholders for 2024-2026 is 3.44 billion, 5.61 billion, and 7.61 billion yuan respectively, with corresponding EPS of 3.51, 5.74, and 7.79 yuan [6][9] Market Position and Strategy - The company is facing increased competition in the separator industry, leading to a decline in profitability, but it is adjusting its operational strategies to stabilize market share [3][5] - The proportion of higher value-added coated membrane products has increased, which is expected to help restore profitability as the industry stabilizes [3] - The company is focusing on enhancing its core competitiveness through continuous R&D investment, with new products entering the promotion phase [4][5]

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Investment Rating - The investment rating for the company is "Buy" [3][8] - The rating is maintained without any changes [3] Core Views - The company has returned to a growth trajectory with significant revenue and profit increases, driven by the rapid launch of its product Beimeina and contributions from new products [2][4] - The company's revenue for 2023 reached 2.456 billion yuan, a year-on-year increase of 3.35%, while the net profit attributable to shareholders was 348 million yuan, up 139.33% [3][4] - In Q1 2024, the company achieved revenue of 736 million yuan, a 38.40% increase year-on-year, and a net profit of approximately 98.14 million yuan, reflecting a 90.95% growth [3][7] Financial Performance - The company reported a significant decrease in management and financial expenses, with management expenses down 42.49% to 262 million yuan [4] - The net profit attributable to shareholders for 2023 was 263 million yuan, a staggering increase of 768.85% [3][4] - The company expects net profits of 420 million, 547 million, and 665 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.00, 1.31, and 1.59 yuan [8][9] Product Development and Pipeline - The product Ensartinib has seen rapid growth and has been included in the National Medical Insurance Directory, significantly enhancing its market accessibility [5][6] - The company has launched two new products, Beifutini and Voronib, which are expected to contribute to future revenue growth [5][6] - The company has over 40 projects in its pipeline, indicating strong long-term growth potential [8]