Investment Rating - Buy (First Coverage) [4][43][71] Core Views - The company is a global supplier of medical polymer materials, with a focus on medical consumables for nearly 40 years [41][86] - The acquisition of TPI in the US enhances global production capacity and strengthens the company's position in the US market [4] - The company's core products include experimental testing, vacuum blood collection systems, body fluid collection, drug packaging, and medical care [35][86] - The company has established long-term partnerships with global pharmaceutical giants such as McKesson, Medline, and IDEXX [8][47] - The company's overseas revenue reached a record high of 531 million yuan in 2023, with a year-on-year growth of nearly 22% [39] Financial Projections - Revenue for 2024-2026 is projected to be 1.40, 1.82, and 2.37 billion yuan, with growth rates of 43.66%, 30.05%, and 30.01% respectively [16][71] - Net profit attributable to shareholders for 2024-2026 is expected to be 265, 353, and 464 million yuan, with growth rates of 143.00%, 33.18%, and 31.39% respectively [9][16][71] - The current PE ratios are 21x, 15x, and 12x for 2024-2026 [9][16][71] Business Segments - **Experimental Testing**: Revenue for 2024-2026 is projected to be 624, 886, and 1.26 billion yuan, with growth rates of 80.00%, 42.00%, and 42.00% respectively [91][95] - **Vacuum Blood Collection Systems**: Revenue for 2024-2026 is expected to be 329, 372, and 416 million yuan, with growth rates of 15.00%, 13.00%, and 12.00% respectively [35][56] - **Body Fluid Collection**: Revenue for 2024-2026 is projected to be 180, 208, and 232 million yuan, with growth rates of 20.00%, 15.00%, and 12.00% respectively [18][61] - **Drug Packaging**: Revenue for 2024-2026 is expected to be 107, 155, and 217 million yuan, with growth rates of 80.00%, 45.00%, and 40.00% respectively [56][95] - **Medical Care**: Revenue for 2024-2026 is projected to be 93.6, 131, and 170 million yuan, with growth rates of 60.00%, 40.00%, and 30.00% respectively [30] Capacity Expansion - The company has expanded its production capacity through technological upgrades, acquisitions, and land auctions [4][53] - In 2022, the production of vacuum blood collection tubes and medical consumables increased by 22.5% and 14.7% respectively [4] - The acquisition of TPI in 2023 further strengthened the company's overseas production capacity [4][53] Market Position - The company is a key player in the global medical polymer materials industry, with a strong presence in the US, Europe, and other regions [4][8] - The company's products are sold in over 100 countries and regions [8] - The company's closed IVD business has seen rapid growth, with revenue reaching 404 million yuan in 2022, a CAGR of 78.69% from 2019-2022 [101] Industry Outlook - The global IVD market is expected to grow from 74.3 billion USD in 2018 to 106.3 billion USD in 2023, with a CAGR of 7.41% [24] - The domestic low-value consumables market in China reached 130 billion yuan in 2022, with a year-on-year growth of 23% [53] - The domestic pharmaceutical packaging market is expected to reach 157 billion yuan in 2024, with a CAGR of 6.59% from 2018-2024 [70]

证券研究报告 海外科技 行业定期报告 2024年06月02日 AIPC 主题六月持续催化，现货 ETF 持续净流入 ——海外科技周报（24/05/27-24/05/31） 投资要点： 证券分析师 ➢ 海外AI，重视AIPC板块性趋势性机会，建议关注高通、ARM、微软：上周微软copilot+PC推出，搭 郑嘉伟 载高通骁龙X系列处理器版本率先上市，我们认为WoA可能会在今年迎来拐点，此外将于下周举办的台 S1350523120001 北国际电脑展，以及六月十一日举办的苹果WWDC有望再次使得AIPC引发关注，建议关注高通、ARM、 微软。从硬件层面来看，高通和ARM有望受益，2023年下半年高通推出骁龙X系列处理器，2024年 zhengjiawei@huayuanstock.com 出货，目前高通在 WoA上依旧拥有独占权，短期将处于 WoA市场份额主导地位，骁龙 X处理器的高 联系人 AI计算能力为其带来竞争优势；ARM作为arm架构的开发者和技术供应商同样有望受益于WoA的份额 逐步提升。从软件层面来看，微软为WoA生态系统的主要推动者，有望通过WoA在与苹果的竞争中受 郑冰倩 益。 S13501240 ...

证券研究报告 金属与材料|有色金属 行业定期报告 2024年06月02日 需求负反馈叠加库存累积，铜价短期回调 看好 ——有色金属 大宗金属周报（24/5/27-24/6/2） （维持） 投资要点： 证券分析师 ➢ 本周大宗商品普遍震荡调整，铜金中长期逻辑仍未改变。仍建议继续关注贵金属、低冶炼自给率的铜和高氧化 田源 铝自给率的电解铝板块，小金属建议关注：钨、锰、锑和铟，同时可关注滞涨品种如镍、镁和稀土等。 S1350524030001 tianyuan@huayuanstock.com 田庆争 ➢ 贵金属板块：波动率逐步降低，黄金价格震荡调整。伦敦现货黄金上涨0.24%、上期所黄金上涨0.22%， S1350524050001 伦敦现货白银上涨2.21%、上期所白银上涨3.71%，钯金下跌1.96%，铂金上涨2.24%。上周金价交易 tianqingzheng@huayuanstock.com 降息预期延后，金价调整回落，本周无实质性对金价利多利空信息，市场等待下一个交易催化剂，黄金期货 项祈瑞 S1350524040002 波动率降低，金价震荡调整。在美元信用收缩及地缘政治事件加剧的背景下，黄金价格上涨的 ...

证券研究报告 金属与材料|有色金属 行业定期报告 2024年06月02日 需求负反馈叠加库存累积，铜价短期回调 看好 ——有色金属 大宗金属周报（24/5/27-24/6/2） （维持） 投资要点： 证券分析师 ➢ 本周大宗商品普遍震荡调整，铜金中长期逻辑仍未改变。仍建议继续关注贵金属、低冶炼自给率的铜和高氧化 田源 铝自给率的电解铝板块，小金属建议关注：钨、锰、锑和铟，同时可关注滞涨品种如镍、镁和稀土等。 S1350524030001 tianyuan@huayuanstock.com 田庆争 ➢ 贵金属板块：波动率逐步降低，黄金价格震荡调整。伦敦现货黄金上涨0.24%、上期所黄金上涨0.22%， S1350524050001 伦敦现货白银上涨2.21%、上期所白银上涨3.71%，钯金下跌1.96%，铂金上涨2.24%。上周金价交易 tianqingzheng@huayuanstock.com 降息预期延后，金价调整回落，本周无实质性对金价利多利空信息，市场等待下一个交易催化剂，黄金期货 项祈瑞 S1350524040002 波动率降低，金价震荡调整。在美元信用收缩及地缘政治事件加剧的背景下，黄金价格上涨的 ...

证券研究报告 公用事业|电力 行业点评报告 2024年05月31日 强化绿电需求侧指标 有望改善新能源消纳 看好 ——《2024－2025 年节能降碳行动方案》点评 （维持） 投资要点： 证券分析师 ➢ 事件：国务院2024年5月29日发布《2024—2025年节能降碳行动方案》。 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com ➢ 文件提及非化石能源需求侧强制性指标，在近年减碳政策中相对少见，我们认为需要引起重视， 后续落地情况对新能源消纳改善至关重要。文件提出化石能源消费减量替代行动、非化石能源 联系人 消费提升行动、钢铁行业节能降碳等10大重点任务，其中与可再生能源行业相关的定量指标 刘晓宁 包括：1）到2025年底，全国非化石能源发电量占比达到39%左右（2023年数据为38.8%， S1350523120003 liuxiaoning@huayuanstock.com 实际提升幅度非常有限，由此我们分析政策重点是落实存量消纳，而非进一步提升新能源装机 增速，与全文的控产能基调一致）；2）“十四五”前三年节能降碳指标进度滞后地区要实行 板块表现： 新上项 ...

证券研究报告 公用事业|电力 行业点评报告 2024年05月31日 强化绿电需求侧指标 有望改善新能源消纳 看好 ——《2024－2025 年节能降碳行动方案》点评 （维持） 投资要点： 证券分析师 ➢ 事件：国务院2024年5月29日发布《2024—2025年节能降碳行动方案》。 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com ➢ 文件提及非化石能源需求侧强制性指标，在近年减碳政策中相对少见，我们认为需要引起重视， 后续落地情况对新能源消纳改善至关重要。文件提出化石能源消费减量替代行动、非化石能源 联系人 消费提升行动、钢铁行业节能降碳等10大重点任务，其中与可再生能源行业相关的定量指标 刘晓宁 包括：1）到2025年底，全国非化石能源发电量占比达到39%左右（2023年数据为38.8%， S1350523120003 liuxiaoning@huayuanstock.com 实际提升幅度非常有限，由此我们分析政策重点是落实存量消纳，而非进一步提升新能源装机 增速，与全文的控产能基调一致）；2）“十四五”前三年节能降碳指标进度滞后地区要实行 板块表现： 新上项 ...

Investment Rating - Buy (First Coverage) [1][4] Core Views - The company is a leading innovation-driven BigPharma in China, with significant potential for international expansion [1] - The company has 8 innovative drugs approved for marketing, all included in the National Reimbursement Drug List, with innovative drug revenue reaching 6.865 billion yuan in 2023, a year-on-year increase of 37.1%, accounting for 67.9% of total revenue [1] - The company aims to increase the contribution of innovative drugs to 80% of total revenue by 2025 [1] - The company has a strong presence in oncology, CNS, anti-infectives, and metabolic diseases, with a robust pipeline of high-value innovative products [1][2] - The company is accelerating its global strategy through international BD collaborations, with significant milestones and licensing deals, such as the $1.85 billion deal with GSK for HS-20093 [2][14] Revenue and Profit Forecast - The company is expected to achieve total revenues of 11.846 billion yuan, 12.658 billion yuan, and 14.728 billion yuan in 2024, 2025, and 2026, respectively [2][4] - Net profits are forecasted to be 3.422 billion yuan, 3.614 billion yuan, and 4.073 billion yuan for the same periods, with corresponding P/E ratios of 28x, 26x, and 23x [2][4] - The company's fair equity value is estimated at 120.5 billion yuan, equivalent to 130.2 billion HKD, based on a DCF valuation with a perpetual growth rate of 2% and WACC of 8.29% [4] Key Therapeutic Areas Oncology - The company has a strong portfolio in oncology, with key products including Ameile (Aumolertinib) and Haosen Xinfu (Flumatinib), generating 6.169 billion yuan in revenue in 2023, accounting for 61.0% of total revenue [1][2] - Aumolertinib, a third-generation EGFR-TKI, is a leading product in the lung cancer market, with ongoing Phase III trials for adjuvant therapy and other indications [19][20] - The company is advancing its ADC pipeline, including HS-20093 (B7-H3 ADC) and HS-20089 (B7-H4 ADC), with significant global licensing deals with GSK [14][26][27] Central Nervous System (CNS) - The company has a long-standing advantage in CNS, with products like Inebilizumab (Xinyue), the only CD19 monoclonal antibody approved for NMOSD treatment [31][32] - HS-10380, targeting schizophrenia, is in Phase Ib/II clinical trials, with potential to address unmet needs in the mental health market [33][34] Anti-Infectives - The company has two self-developed innovative drugs in the anti-infective field: Hengmu (Ainuovirine) and Mailingda (Morinidazole) [35][36] - Ibrexafungerp, a fourth-generation antifungal drug, is under review for domestic approval, with potential to address recurrent vulvovaginal candidiasis (RVVC) [39][40] Metabolic and Other Diseases - The company has launched Fulaimei (Pegylated Loxenatide) and Shengluolai (Peginesatide), with HS-20094, a GLP-1/GIP dual agonist, in Phase II clinical trials for diabetes and obesity [40][41] - HS-10374, a TYK2 inhibitor, is in Phase II trials, positioning the company as a global leader in this therapeutic area [43][44] - HS-10390, an ETA/AT1 dual receptor antagonist, is in Phase I trials for FSGS and IgA nephropathy, with potential to address unmet needs in renal diseases [45][46]

证券研究报告 交通运输 行业点评 2024年05月29日 行业竞争缓和，龙头估值有望修复 看好 ——2024 年 4 月快递经营数据点评 （首次） 投资要点： 证券分析师 ➢ 国家邮政局公布2024年4月快递经营数据：4月全国快递实现业务量约137.0亿件，同比+22.7%， 孙延 业务收入完成1094.4亿元，同比增长15.7%，4月快递单价格约为8.0元/件，同比下滑5.7%。4月 S1350524050003 快递集中度CR8约为85.0%，同比增长0.3pct。 sunyan01@huayuanstock.com 联系人 ➢ 行业需求持续复苏，整体竞争可控：1）4月行业需求增速22.7%，环比3月增速提升2.6pct，2024年 行业需求保持在 20%+，持续超出市场及各家企业对于行业增速预期。因直播电商高增长、行业单件包 裹价值量下行、退货增加等因素共同催化，市场或对行业需求预期上调。从件量口径上，今年邮政小包 板块表现： 的件量计入，行业件量规模被放大；从增速上，剔除邮政小包测算 4 月行业件量增速约 23.4%，与披露 39% 物流 沪深300 29% 需求增速差异不大。2）4 月行业价格经重溯 ...

证券研究报告 海外科技 行业定期报告 2024年05月28日 微软领衔 AIPC 新品推出 加密现货 ETF 再添新军 ——海外科技周报（24/05/20-24/05/24） 投资要点： 证券分析师 ➢ 海外AI：1）本周微软举行Build 2024 开发者大会，大会前夕发布“Copilot+PC”。“Copilot+PC” 郑嘉伟 的推出对于硬件和应用层面两方面具有重要意义，1）硬件层面，“Copilot+PC”的推出可能是Arm PC S1350523120001 的重要转折，此前微软一直推动Windows on Arm，但是进展相对较慢，此次微软称其新设备在87%的 情况下运行的都是Arm原生应用程序，“Copilot+PC”率先搭载高通Arm架构处理器，在AI性能和续 zhengjiawei@huayuanstock.com 航能力上大大提升。2）应用层面融合OpenAI上周推出的GPT-4o，Copilot可以真正“看懂你的屏幕”， 联系人 Copilot可以根据用户屏幕上看到的内容来回答问题，真正做到理解用户。微软Build 2024开发者大会， 推出了一系列新的AI功能，发布了三种小语言模型以及 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][7]. Core Views - The company is positioned as a leading domestic cosmetics brand, entering a phase of high-quality growth. It has maintained a compound annual growth rate (CAGR) of over 30% in revenue and net profit from 2017 to 2023. In Q1 2024, the company achieved revenue of 2.182 billion yuan, a year-on-year increase of 34.56%, and a net profit of 303 million yuan, up 45.58% year-on-year [4][18]. Summary by Sections Company Overview - The company has over 20 years of experience in the industry and has evolved from a mass-market brand to a leading domestic cosmetics brand. Its brand matrix includes Proya, Caitang, Yefuti, Yousilai, CORRECTORS, and Off&Relax, covering various segments such as skincare, makeup, and hair care [4][16]. Product Strategy - The company has shifted its product strategy from affordable kits to a focus on big-ticket items, achieving significant results. The introduction of popular products like the "Bubble Mask" and subsequent big product strategies have helped establish a strong brand presence and attract repeat purchases [4][23]. Channel Strategy - The company has effectively adapted to channel changes, with online sales growing from 44% in 2018 to 93% in 2023. It has successfully leveraged platforms like Douyin (TikTok) for marketing, transitioning from influencer-driven sales to self-broadcasting, which has increased brand loyalty and reduced costs [5][31]. R&D Strength - The company emphasizes R&D, maintaining a leading position in various fields such as basic research and formula development. It has established strategic partnerships with institutions like the Chinese Academy of Sciences to enhance its technological capabilities [5][4]. Financial Forecast and Valuation - The company is expected to achieve revenues of 11.43 billion, 13.93 billion, and 16.65 billion yuan from 2024 to 2026, with year-on-year growth rates of 28.4%, 21.9%, and 19.5%, respectively. Net profits are projected to be 1.51 billion, 1.85 billion, and 2.23 billion yuan, with growth rates of 26.3%, 22.4%, and 20.7% [4][7].