Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7][12]. Core Insights - The company has shown a consistent upward trend in performance for 2023, with significant growth in Q1 2024. Domestic revenue increased by 7.44% year-on-year, while international revenue decreased by 5.32% [3]. - The gross profit margin for 2023 improved to 28.72%, a rise of 1.62 percentage points year-on-year, although it saw a decline in Q1 2024 to 25.63% [3]. - The company reported a significant increase in cash flow, with net cash flow from operating activities reaching 197 million yuan in 2023, an increase of 229 million yuan year-on-year [3]. - The backlog of orders at the end of 2023 was 3.623 billion yuan, a 43.15% increase year-on-year, indicating strong future revenue potential [3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.381 billion yuan, a year-on-year growth of 1.95%, and a net profit attributable to shareholders of 84.82 million yuan, up 15.01% [12]. - For Q1 2024, revenue was 269 million yuan, reflecting a year-on-year increase of 29.51%, with net profit soaring to 12.89 million yuan, a growth of 483% [12]. Profitability and Cost Management - The gross profit margin for 2023 was 28.72%, with domestic and international margins at 24.89% and 34.04%, respectively [3]. - The company’s expense ratio for 2023 was 21.31%, slightly up from the previous year, but it decreased to 20.90% in Q1 2024 [3]. Order Backlog and Future Outlook - The company’s order backlog at the end of 2023 was 3.623 billion yuan, which is approximately 2.6 times its total revenue for the year [3]. - The report anticipates net profits of 111 million yuan, 143 million yuan, and 179 million yuan for 2024, 2025, and 2026, respectively, reflecting a strong growth trajectory [4].

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Viewpoints - China National Pharmaceutical Group (Sinopharm Group) aims to achieve over 1 trillion in revenue, total assets, or market capitalization by the end of the 14th Five-Year Plan [2][10] - Sinopharm Group reported revenue and net profit of 632.8 billion and 20.6 billion respectively in 2022, with a net profit margin of 3.3% [2][10] - The average ROE of listed companies under Sinopharm Group is approximately 12%, with a PB ratio ranging from 1X to 5X [11] Summary by Sections Sinopharm Group - Sinopharm Group is a leading comprehensive pharmaceutical enterprise in China, covering a wide range of sectors including R&D, manufacturing, logistics, retail, and healthcare [7][10] - The group is managed directly by the State-owned Assets Supervision and Administration Commission and has over 1,700 member companies [10][11] Sinopharm Holdings - Sinopharm Holdings is the main carrier of the pharmaceutical trade and distribution segment, boasting the largest national distribution network for drugs and medical devices in China [14][16] - In 2023, the company achieved revenue and net profit of 596.6 billion and 9.1 billion respectively, with a year-on-year growth of 8.0% and 6.2% [14][16] - The distribution business is the primary source of revenue and profit, with drug distribution revenue reaching 423.8 billion in 2023 [16] Sinopharm Yaozi - Sinopharm Yaozi integrates distribution, retail, and industrial investment, showing potential for profit margin improvement [3][21] - The company reported revenue and net profit of 75.5 billion and 1.6 billion respectively in 2023, with year-on-year growth of 2.8% and 7.6% [3][21] Sinopharm Shares - Sinopharm Shares is a leader in the distribution of narcotic and psychotropic drugs, with a strong market presence [28][30] - The company achieved revenue and net profit of 49.7 billion and 2.1 billion respectively in 2023, with a year-on-year growth of 9.2% and 9.3% [28][30] Sinopharm Modern - Sinopharm Modern focuses on chemical pharmaceuticals and aims to enhance product competitiveness through capital increase [35] - The company reported revenue and net profit of 12.07 billion and 0.69 billion respectively in 2023, with a year-on-year decrease of 6.9% and an increase of 10.2% [35] Tai Chi Group - Tai Chi Group is part of Sinopharm's modern traditional Chinese medicine segment, showing initial results in quality improvement [4][36] - The company achieved revenue and net profit of 15.62 billion and 0.82 billion respectively in 2023, with year-on-year growth of 10.6% and 132.0% [4][36] Tiantan Biological - Tiantan Biological is a leading player in blood products, demonstrating stable performance [5][36] - The company reported revenue and net profit of 5.18 billion and 1.11 billion respectively in 2023, with year-on-year growth of 21.6% and 26.0% [5][36] China Traditional Chinese Medicine - China Traditional Chinese Medicine is a leader in Chinese medicine granules, with a potential for profit margin stabilization [5][36] - The company achieved revenue and net profit of 18.1 billion and 1.3 billion respectively in 2023, with year-on-year growth of 26.7% and 68.2% [5][36]

证券研究报告 市场表现： 生物医药 证券分析师 李强 S1350524040001 liqiang01@huayuanstock.com 研究支持 联系人 李强 S1350524040001 liqiang01@huayuanstock.com -38% -28% -18% -8% 2% 博雅生物 沪深300 相关研究 首次覆盖报告 2024 年 05 月 23 日 博雅生物 (300294.SZ ) 买入（首次覆盖） ——依托大股东华润医药，采浆站外延空间大 投资要点： ➢ 公司是华润旗下唯一血制品平台，我们判断未来战略地位十分重要。2021 年，华润医药正式 成为公司控股股东，公司成为华润旗下唯一血制品平台，华润近年来在新浆站申请、资源嫁接、 浆站运营等方面给予公司大力支持，考虑到血制品行业本身具有较强的资源属性，以及极高的 准入壁垒，属于长坡厚雪型赛道，我们认为博雅生物未来在华润大健康板块中将占据十分重要 的战略地位，未来公司新拿浆站潜力值得期待，公司目标力争十四五期间，通过相应的战略举 措，力争实现浆站总数量、采浆规模翻番。 ➢ 血制品行业资源属性强，近年来资产重组明显，预计行业集中度将持续提升。近年 ...

证券分析师 S1350524030002 市场表现： 2024 年 05 月 22 日 普门科技 (688389.SH) 买入（首次覆盖） —— IVD 与治疗康复齐飞，器械平台型公司启程 ➢ 体外诊断产品差异化竞争，收入稳健增长可期。2023 年公司 IVD 业务收入达到 8.29 亿元， 同比增长 10.73%，收入占比维持在 70%以上，核心业务相对稳定，公司 eCL 系列电化学发 光产品，底层技术媲美进口头部品牌，定位头部医疗机构临床科室、基层检验科，错位竞争优 势明显，在政策支持下装机稳步提升。公司糖化血红蛋白产品技术路线与国际主流一致，核心 层析介质的自主化，使得公司产品综合竞争力处于全球领先水平。 ➢ 盈利预测与估值：我们预计公司 2024-2026 年归母净利润分别为 4.28、5.45 和 6.92 亿元， 增速分别为 30.40%、27.19%、27.02%。当前股价对应的 PE 分别为 20、16、12 倍。选取 迈瑞医疗、新产业作为 IVD 可比公司，翔宇医疗作为治疗与康复可比公司，可比公司 2024 年 平均 PE 为 26 倍，基于公司在 IVD 具有错位竞争优势，治疗与康复业务处 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that CITIC Financial Asset Management has increased its stake in China Power to 5%, indicating market recognition of the company's value. The company is seen as having both high growth and high dividend attributes at the current stock price, making it a valuable investment in the context of a recovering Hong Kong stock market [3] - The company aims to become a world-class clean energy supplier, supported by its parent group, which has committed to enhancing the company's asset base through multiple rounds of asset operations since its listing [3] - The company has a strong dividend record, with a projected dividend yield of 5.5% if it maintains a 50% payout ratio in 2024 [3] Summary by Sections Investment Highlights - CITIC Financial Asset Management increased its holdings in China Power by acquiring 12.65 million shares at an average price of HKD 3.5243, totaling approximately HKD 44.58 million [3] - The company has undergone significant asset optimization, including the divestment of old coal power units and the expansion of its renewable energy portfolio, which has led to improved asset quality [3] Financial Performance - In 2023, the company faced challenges due to historically low water levels, resulting in a 35.49% decrease in hydropower sales volume and a loss of CNY 826 million in the hydropower segment [4] - However, operational indicators improved significantly in the first four months of 2024, with hydropower sales volume increasing by 79.64%, wind power by 52.1%, and solar power by 88.03% [4] - The company forecasts a substantial improvement in performance for 2024, with net profit estimates of CNY 4.801 billion, CNY 6.930 billion, and CNY 8.029 billion for 2024, 2025, and 2026 respectively [4][6] Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 8, 6, and 5 for the years 2024, 2025, and 2026 respectively [4] - The company’s total revenue is projected to grow from CNY 44.262 billion in 2023 to CNY 56.189 billion in 2024, reflecting a year-on-year growth rate of 26.9% [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [3]. Core Insights - The recent increase in shareholding by CITIC Financial Asset Management to 5% reflects market recognition of the company's value, highlighting its high growth and high dividend attributes in the context of a recovering Hong Kong stock market [3]. - The company has a strong dividend record, with a projected dividend yield of 5.5% if it maintains a 50% payout ratio in 2024 [3]. - The company is undergoing a significant transformation towards clean energy, with successful divestments of old coal power units and rapid expansion in renewable energy capacity, which is expected to enhance profitability [3][4]. - The company faced challenges in 2023 due to historically low water levels affecting hydroelectric output, but early 2024 indicators show a strong recovery across all operational metrics [4]. - Profit forecasts for 2024-2026 indicate a substantial increase in net profit, with projected figures of 48.01 billion, 69.30 billion, and 80.29 billion RMB respectively, suggesting a favorable valuation with PE ratios of 8, 6, and 5 times [4]. Summary by Sections Shareholding and Market Recognition - CITIC Financial Asset Management increased its stake in the company to 5%, purchasing 12.65 million shares at an average price of 3.5243 HKD per share, totaling approximately 44.58 million HKD [3]. Financial Performance and Projections - The company reported a net profit of 2.648 billion RMB in 2023, with projections for 2024 showing a significant increase to 4.801 billion RMB, reflecting a growth rate of 80.49% [5]. - The total revenue for 2024 is expected to reach 56.189 billion RMB, marking a year-on-year growth of 26.9% [5]. Operational Improvements - The company has optimized its asset quality by divesting from loss-making coal power units and expanding its renewable energy portfolio, with operational capacity in solar and wind energy reaching 15.149 million kW and 12.016 million kW respectively by the end of 2023 [3][4].

医药生物 首次覆盖报告 liuchuang@huayuanstock.com 相关研究 买入（首次覆盖） ——差异化管线催化不断，销售将迈入高速增长期 ➢ 创新领军气质初显，创新管线积极推进。苏州泽璟生物制药成立于 2009 年，并于 2020 年 1 月 在上交所上市，专注于肿瘤、出血及血液疾病、免疫炎症性疾病和肝胆疾病等多个治疗领域的创 新驱动型新药研发、生产和销售。拥有差异化的竞争优势和全球领先的产品管线，已有多纳非尼 和重组人凝血酶两大创新品种获批上市，另有 JAK 抑制剂、DLL3 三抗等众多差异化创新品种蓄 势待发，保障公司持久创新发展。 ➢ 盈利预测与估值。公司拥有经验丰富商业化团队和优质的创新产品管线，预计 2024-2026 年收 入为 6.32、12.34、23.74 亿元。通过 DCF 方法计算，假设永续增长率为 2%，WACC 为 9.65%， 公司合理股权价值为 200 亿元。首次覆盖，给予公司"买入"评级。 请务必仔细阅读正文之后的免责声明 投资评级与估值 1）多纳非尼：一线肝细胞癌和碘难治性分化型甲状腺癌分别于 2021 年 6 月和 2022 年 8 月上市。晚期肝癌一线单药与 ...

证券研究报告 海外科技 行业定期报告 2024年05月21日 AI 巨头推新加速端侧落地 加密 ETF 流入强势反弹 ——海外科技周报（24/05/13-24/05/17） 投资要点： 证券分析师 ➢ 海外AI：本周 OpenAI与谷歌分别举行春季发布会和2024年I/O大会。OpenAI最新的GPT-4o相较 郑嘉伟 于 GPT4 延迟显著降低，对于语音的理解能力大幅提升，能够直接观察音调、多个说话者或背景噪音，能 S1350523120001 够输出笑声、歌唱或表达情感，实现更加自然的人机交互，响应时间的优化大幅提升实用度，使用需求有 zhengjiawei@huayuanstock.com 望进一步提升。GPT-4o对于PC/手机等终端人机交互产生重大变革，加速AI的端侧落地，实用性大幅提 联系人 升，同时对于使用者免费开放有望大幅增加使用需求。美国时间5月13日OpenAI举行春季发布会，5 郑嘉伟 月14日谷歌举行2024年I/O大会，大模型迭代更新，加速端侧应用落地。谷歌I/O大会围绕AI进行展 S1350523120001 开，以Gemini作为中心，宣布对于Gemini系列大模型的更新。在大模 ...

证券研究报告 海外科技 行业定期报告 2024年05月21日 AI 巨头推新加速端侧落地 加密 ETF 流入强势反弹 ——海外科技周报（24/05/13-24/05/17） 投资要点： 证券分析师 ➢ 海外AI：本周 OpenAI与谷歌分别举行春季发布会和2024年I/O大会。OpenAI最新的GPT-4o相较 郑嘉伟 于 GPT4 延迟显著降低，对于语音的理解能力大幅提升，能够直接观察音调、多个说话者或背景噪音，能 S1350523120001 够输出笑声、歌唱或表达情感，实现更加自然的人机交互，响应时间的优化大幅提升实用度，使用需求有 zhengjiawei@huayuanstock.com 望进一步提升。GPT-4o对于PC/手机等终端人机交互产生重大变革，加速AI的端侧落地，实用性大幅提 联系人 升，同时对于使用者免费开放有望大幅增加使用需求。美国时间5月13日OpenAI举行春季发布会，5 郑嘉伟 月14日谷歌举行2024年I/O大会，大模型迭代更新，加速端侧应用落地。谷歌I/O大会围绕AI进行展 S1350523120001 开，以Gemini作为中心，宣布对于Gemini系列大模型的更新。在大模 ...

证券研究报告 金属与材料|有色金属 行业定期报告 2024年5月20日 电解钴止跌反弹，软磁和铜合金材料持续景气 看好 （维持） ——有色金属 能源金属＆新材料周报（24/5/13-24/5/19） 投资要点： 证券分析师 田源 ➢ 能源金属方面，价格整体呈震荡运行趋势，电解钴止跌反弹。锂：碳酸锂价格下跌3.69%至107000元/吨， S1350524030001 氢氧化锂价格下跌 1.80%至 98250元/吨，近期市场震荡偏弱运行。需求端，多数正极厂于前期价格较低 tianyuan@huayuanstock.com 时期已经进行散单采备库，当下补库行情或已接近尾声，综合看碳酸锂采买观望情绪抬升，现货市场成交较 田庆争 S1350524050001 为清淡，后续关注下游企业对锂盐企业售价接受度的变动需求。建议关注：天齐锂业、赣锋锂业、中矿资 tianqingzheng@huayuanstock.com 源、永兴材料。 项祈瑞 S1350524040002 ➢ 钴：本周海外 MB 钴价下跌0.58%至12.85 美元/磅，国内电钴价格上涨6.83%至21.90万元/吨，近期 xiangqirui@huayu ...