[2T0a2b4le年_I0n4du月str2y7In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（4.22-4.26） 看好医药反弹 投资要点 西南证券研究发展中心  [行Ta情bl回e_顾Su：m本m周ary医] 药生物指数上涨 4.4%，跑赢沪深 300指数 3.2个百分点， [分Ta析bl师e_：Au杜th向or阳] 行业涨跌幅排名第6。2024年初以来至今，医药行业下跌12%，跑输沪深300 执业证号：S1250520030002 指数 16.4个百分点，行业涨跌幅排名第28。本周医药行业估值水平(PE-TTM) 电话：021-68416017 为 26倍，相对全部A股溢价率为86% (7.43pp)，相对剔除银行后全部A股溢 邮箱：duxy@swsc.com.cn 价率为37.5% (4.57pp)，相对沪深300溢价率为128.5% (11.46pp)。 [行Ta业bl相e_对Qu指o数te表Pic现]  4月 23日国家胰岛素接续集采拟中选结果公布。1）从价格看，国产企业普遍 A组中标，基础胰岛素报价处于 63-66元/支之间，其他胰岛素多在 23-26元 ...

[2T0a2b4l年e_I0n4d月ust2ry7In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0421-0427） 国内首个长时长视频大模型 Vidu 发布，重视国产多模态进展 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ar，y]传 媒板块表现较好，上涨 3.09%，跑输创业板约 0.76个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指上涨 3.86%）；跑赢市场约 1.89 个百分点（沪深 300 上涨 执业证号：S1250515070002 1.20%）。 电话：023-67791663  细分行业：（1）游戏指数跑赢市场：中信游戏指数（CI005577）上涨 5.39%， 邮箱：liuyan@swsc.com.cn 沪深 300上涨1.20%。中信游戏指数相对于沪深300指数上涨4.18%；（2） 分析师：苟宇睿 广告指数跑赢市场：中信广告指数（CI005847）上涨2.19 %，沪深300上涨 执业证号：S1250524030001 1.20%。中信广告指数相对于沪深 300指数上涨 0.98%；（3）体育指数跑赢 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the relevant market index within the next six months [12][21]. Core Insights - The company reported a revenue of 6.25 billion yuan in 2023, representing a year-on-year growth of 10.0%, and a net profit attributable to shareholders of 1.01 billion yuan, up 20.9% year-on-year [1]. - In Q1 2024, the company achieved a revenue of 1.51 billion yuan, a 2.7% increase year-on-year, with a net profit of 230 million yuan, reflecting a 6.7% growth [1]. - The overseas market is expected to provide significant growth potential, with the company focusing on expanding its presence internationally, where the market size is estimated to be 2-3 times larger than the domestic market [2]. - The company is also actively developing its supporting equipment and accessories business, which is anticipated to become a second growth curve for its performance [2]. Financial Performance - The company’s comprehensive gross margin for 2023 was 31.8%, an increase of 1.0 percentage points year-on-year, primarily due to low raw material prices [13]. - The net profit margin for 2023 was 16.1%, up 1.5 percentage points year-on-year, while the Q1 2024 net profit margin was 15.2%, an increase of 0.6 percentage points [13]. - The company’s revenue is projected to grow from 6.25 billion yuan in 2023 to 8.16 billion yuan by 2026, with a compound annual growth rate (CAGR) of 11% for net profit over the same period [14][19]. Market Position - The company holds a domestic market share of over 40% in the filter press segment, but its current overseas market share is low, indicating substantial room for growth [2]. - The company’s product segments, including filter plates and filter cloths, have shown significant growth, with increases of 11.6% and 36.5% respectively in 2023 [13]. Future Projections - The company is expected to maintain stable growth in its filter press business, with gross margins projected to remain around 29.5% from 2024 to 2026 [16]. - The accessory business is anticipated to grow steadily, with revenue projections of 420 million yuan in 2024, increasing to 1.22 billion yuan by 2026 [18]. - The supporting equipment segment is expected to see a revenue increase from 17.64 million yuan in 2024 to 23.48 million yuan by 2026, with a gross margin of 30% [18].

风险提示：政策风险；产品研发不及预期风险；医疗事故风险。 [Table_Summary 业绩总结：公司发布 ] 2024 年一季报和 2023 年年报。2024 年一季度实现收入 11.7 亿元（+10.8%），归母净利润-1.1 亿元（-40.4%），扣非后约-0.9 亿元 （+13.1%）。2023年公司实现收入 46.2亿元（+70.3%），归母净利润-3.7亿 元，（+68.7%），扣非后约-5 亿元（+55.6%）。 学科建设能力持续提升，质子项目取得新进展。2023年公司新成立整形医院、 眼科病院以及消化内镜、心肺复苏、VIP 健康管理等服务及诊疗中心。中心医院 北院区新成立脊柱微创科、神经康复三科、PICU 等 19 个科室。满足患者多样 化需求，诊疗能力进一步增强。质子治疗中心全面封顶，治疗系统核心部件回 旋加速器成功出束。钇 90、干细胞等前沿医疗技术和治疗项目不断落地。 [Table_Author] 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：王钰畅 执业证号：S1250524010001 电话：0 ...

[2T0a2b4le年_I0n4du月str2y8In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（4.22-4.26） 2024 年 4 月第四周创新药周报 （附小专题 PDE4 靶点研发概况） A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 20 2[T4a年ble4_S月u第mm四a周ry，] 陆港两地创新药板块共计 59个股上涨，3个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为北海康成-B（+39.06%）、康诺亚-B (+27.14%)、迪哲医药-U (+25.40%)。 执业证号：S1250520030002 跌幅前三为永泰生物-B (-4.06%)、迈博药业-B (-2.35%)、药明巨诺-B (-1.16%)。 电话：021-68416017 邮箱：duxy@swsc.com.cn 本周 A 股创新药板块上涨 9.19%，跑赢沪深 300 指数 7.99pp，生物医药上涨 2.49%。近 6个月A股创新药累计下跌0.41%，跑输沪深300指数 0.83pp，生物 [行Ta业bl相e_对Qu指o数te表Pic现] 医药累计 ...

[Table_StockInfo] 买入 2024年 04月 28日 （维持） 证券研究报告•2023年报&2024年一季报点评 当前价： 19.95元 百润股份（002568） 食品饮料 目标价： 24.18元（6个月） 高基数下收入稳健增长，净利率短期承压 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年报及 2024年一季报，2023年实现营业收入32.6亿元 [分Ta析bl师e_：Au朱th会or振] （+25.9%），实现归母净利润8.1亿元（+55.3%）；2024Q1实现营业收入8亿 执业证号：S1250513110001 元（+5.5%），实现归母净利润1.7亿元（-9.8%）。 电话：023-63786049  鸡尾酒延续稳健增长，品类组合策略清晰。1、分品类看，2023 年鸡尾酒、食 邮箱：zhz@swsc.com.cn 用香精分别实现收入28.8亿元（+27.8%）、3.2亿元（+13.2%）。1）鸡尾酒业 分析师：夏霁 务品类组合策略清晰，口味及包装升级、季节限定等稳固增长。强爽起量以来， 执业证号：S1250523070006 公司加大投 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the benchmark index in the next six months [1][3]. Core Views - The company experienced a slight revenue decline of 1.5% year-on-year in Q1 2024, with total revenue reaching 750 million yuan. This decline is attributed to a high base from the previous year and a slow recovery in overall consumer demand [2][11]. - Despite the revenue pressure, the net profit margin improved, with a net profit of 270 million yuan in Q1 2024, reflecting a year-on-year increase of 4.1% [11]. - The company is focusing on expanding its product categories and distribution channels, particularly through its "dual expansion strategy" which emphasizes both market and product category growth [12]. Summary by Sections Financial Performance - Q1 2024 revenue was 750 million yuan, down 1.5% year-on-year, while net profit was 270 million yuan, up 4.1% year-on-year. The gross margin was 52.1%, down 4.2 percentage points year-on-year due to high raw material costs [2][11]. - The company expects net profits for 2024 to be 921.94 million yuan, with an EPS of 0.80 yuan, reflecting a dynamic PE of 16 times [3][13]. Strategic Initiatives - The company is implementing a dual expansion strategy focusing on the development of new products, particularly the pickled vegetable sauce, and enhancing distribution in lower-tier markets [12]. - Marketing efforts will combine health-oriented messaging with brand promotion to strengthen market presence and brand recognition [12]. Future Outlook - The company anticipates a recovery in profit margins as raw material prices stabilize, with expectations for a significant improvement in profitability in the second half of 2024 [12].

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Insights - The company reported a revenue of 2.66 billion yuan in 2023, a decrease of 1.35% year-on-year, with a net profit attributable to shareholders of 396 million yuan, down 4.44% year-on-year [3][4]. - The company anticipates a gradual improvement in demand, with projected net profits for 2024-2026 expected to grow at a compound annual growth rate (CAGR) of 18% [8][11]. Revenue and Profitability - The revenue from gear reducers was 2.052 billion yuan, a slight increase of 2.20% year-on-year, while the revenue from cycloidal gear reducers decreased by 10.85% to 385 million yuan [1]. - The gross profit margin for the company in 2023 was 26.01%, a decrease of 0.73 percentage points year-on-year, with the gear reducer margin at 25.26%, down 1.57 percentage points [4]. Business Segments - The company achieved breakthroughs in various sectors with its engineering planetary gear reducers, including significant orders in offshore engineering and wind power [1]. - The GNORD gear reducers, which are part of the high-end segment, saw a revenue decline of 15.30% to 121 million yuan, primarily due to a downturn in the lithium battery industry [1][15]. Future Projections - Revenue is expected to recover with projected growth rates of 17.20% in 2024, 14.16% in 2025, and 14.44% in 2026 [9]. - The company is expected to maintain a gross margin of around 27.2% in the coming years, with specific segments like GNORD gear reducers projected to grow at 30% annually [11][15].

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 39.38 CNY for the next six months [1][11]. Core Insights - The company reported a revenue of 21.45 billion CNY in 2023, a year-on-year increase of 12.7%, and a net profit of 2.46 billion CNY, up 44% [2][3]. - The infusion business showed strong performance, with sales revenue reaching 10.11 billion CNY, a growth of 7% [2]. - The innovative platform of Kelun Biotech is progressing, with significant revenue from licensing agreements and ongoing clinical trials for over ten innovative projects [2][11]. - The company expects EPS of 1.79 CNY, 2.06 CNY, and 2.37 CNY for 2024-2026, with net profit growth rates of 16.5%, 15.4%, and 14.7% respectively [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 21.45 billion CNY, with a net profit of 2.46 billion CNY, reflecting a 44% increase [2][3]. - For Q1 2024, the revenue was 6.22 billion CNY, a 10.3% year-on-year increase, and the net profit was 1.03 billion CNY, up 26% [2]. Business Segments - The infusion segment generated sales of 10.11 billion CNY, with a volume of 4.38 billion bottles/bags, marking a 10.6% increase [2]. - The antibiotic intermediates and raw materials segment saw revenue of 4.84 billion CNY, a growth of 23.8% [2][9]. Future Projections - The company forecasts revenue growth rates of 13.44%, 9.91%, 12.71%, and 13.07% for 2023-2026 [3][9]. - The projected net profit for 2024 is 2.86 billion CNY, with a growth rate of 16.46% [3][11]. Valuation Metrics - The report assigns a PE ratio of 22 for 2024, corresponding to the target price of 39.38 CNY [11][12]. - The company’s average PE among comparable firms is 20, indicating a competitive valuation [11].

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 1.634 billion yuan in 2023, representing a growth of 65.7%, but the net profit attributable to the parent company decreased by 24.9% to 57.58 million yuan [16]. - In Q1 2024, the company reported a revenue of 400 million yuan, a decline of 11.1%, while the net profit attributable to the parent company increased by 9.3% to 30 million yuan [16]. - The integration of Yunyang Runying and the supply chain of Fan Yuan has shown positive effects, with significant revenue growth in various segments [16]. - The company plans to distribute a cash dividend of 0.10 yuan per share and a capital reserve conversion of 0.4 shares per share [16]. Financial Performance Summary - Revenue projections for 2024-2026 are 1.902 billion yuan, 2.253 billion yuan, and 2.587 billion yuan, with growth rates of 16.4%, 18.4%, and 14.8% respectively [2]. - The net profit attributable to the parent company is expected to be 78.10 million yuan, 102.88 million yuan, and 134.49 million yuan for the years 2024-2026, with growth rates of 35.6%, 31.7%, and 30.7% respectively [2]. - The earnings per share (EPS) are projected to be 0.18 yuan, 0.24 yuan, and 0.31 yuan for 2024-2026 [2]. Business Segment Analysis - Probiotics beverage sales are expected to maintain a growth rate of 3% from 2024 to 2026, with price increases anticipated [6]. - The probiotics food segment is projected to see significant growth, with sales growth rates of 85%, 80%, and 40% for 2024-2026, maintaining stable pricing and high gross margins [34]. - The supply chain business is expected to grow at rates of 13%, 10%, and 10% from 2024 to 2026, with a consistent gross margin of 10% [20]. Profitability Metrics - The gross margin for 2023 was 24.4%, with an increase to 29.5% in Q1 2024, indicating a recovery in profitability [16]. - The net profit margin for 2023 was 4%, which improved to 6.5% in Q1 2024 [16]. - The report highlights the impact of business restructuring on profitability, with expectations for gradual recovery as new products are launched and prices are adjusted [16].