行业评级：看好（首次） 证券研究报告 | 行业专题 医药生物 2024年5月6日 底部拐点或已现，布局正当时 ...

证券研究报告 金属与材料|有色金属 行业定期报告 2024年05月06日 部分能源金属需求改善，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（24/04/29-24/05/05） 投资要点： 证券分析师 田源 ➢ 能源金属方面，短期事件扰动频繁，部分需求环比改善，中期静待周期拐点。锂：碳酸锂价格上涨 0.45% S1350524030001 至111750元/吨，氢氧化锂价格持平为100400元/吨，近期市场震荡运行。供给方面，锂盐企业逐渐上调 tianyuan@huayuanstock.com 出售报价。需求端，多数正极厂于前期价格较低时期已经进行散单采备库，当下补库行情或已接近尾声，综 项祈瑞 S1350524040002 合看碳酸锂采买观望情绪抬升，现货市场成交较为清淡。后续关注下游企业对锂盐企业售价接受度的变动 xiangqirui@huayuanstock.com 需求。建议关注：天齐锂业、赣锋锂业、中矿资源、永兴材料。 联系人 ➢ 钴：海外 MB 钴价持平为13.08 美元/磅，国内电钴价格下跌0.46%至21.60万元/吨，近期市场震荡偏 弱运行。海外金属钴价格继 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on the anticipated approval of its core product and the progress of its pipeline [4][6]. Core Insights - The company focuses on autoimmune and oncology sectors with a differentiated pipeline, aiming to advance multiple innovative products in clinical research [4][13]. - The core product, IL4Rα monoclonal antibody CM310, is expected to receive domestic approval this year, with other innovative pipelines progressing well [4][18]. - The company has established a commercial team to prepare for the upcoming commercialization phase, targeting dermatology and otolaryngology departments [15]. Summary by Sections 1. Autoimmune/Oncology Flagship Innovative Pharmaceutical Company - Founded in 2016 and listed on the Hong Kong Stock Exchange in 2021, the company has established R&D and clinical centers in multiple cities [13]. - The management team is experienced, with the founder having over 20 years in drug development and a history of leading successful projects [13]. 2. CM310: The First Domestic Product Approaching Commercialization - CM310 is a humanized monoclonal antibody targeting IL-4Rα, with its NDA accepted for priority review in December 2023, expected to be approved this year [18]. - The product has multiple indications in clinical trials, including atopic dermatitis and chronic rhinosinusitis with nasal polyps, with significant market potential [18][24]. 3. Differentiated Pipeline Progressing Well - The company has a robust pipeline with 10 candidate drugs in clinical or preclinical stages, including CMG901, a Claudin18.2 ADC for gastric and pancreatic cancers, which is in global clinical trials [28][30]. - CM326, targeting TSLP, is also in clinical trials for multiple indications, showcasing the company's diverse therapeutic focus [32]. 4. Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 1.19 billion, 5.78 billion, and 12.72 billion RMB respectively, with a DCF valuation suggesting a fair equity value of 16 billion RMB [6][4]. - The anticipated approval of core products and positive pipeline developments support the bullish rating [6].

证券研究报告 金属与材料|有色金属 行业定期报告 2024年05月06日 部分能源金属需求改善，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（24/04/29-24/05/05） 投资要点： 证券分析师 田源 ➢ 能源金属方面，短期事件扰动频繁，部分需求环比改善，中期静待周期拐点。锂：碳酸锂价格上涨 0.45% S1350524030001 至111750元/吨，氢氧化锂价格持平为100400元/吨，近期市场震荡运行。供给方面，锂盐企业逐渐上调 tianyuan@huayuanstock.com 出售报价。需求端，多数正极厂于前期价格较低时期已经进行散单采备库，当下补库行情或已接近尾声，综 项祈瑞 S1350524040002 合看碳酸锂采买观望情绪抬升，现货市场成交较为清淡。后续关注下游企业对锂盐企业售价接受度的变动 xiangqirui@huayuanstock.com 需求。建议关注：天齐锂业、赣锋锂业、中矿资源、永兴材料。 联系人 ➢ 钴：海外 MB 钴价持平为13.08 美元/磅，国内电钴价格下跌0.46%至21.60万元/吨，近期市场震荡偏 弱运行。海外金属钴价格继 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a net profit attributable to shareholders of 6.705 billion yuan in 2023, a year-on-year increase of 64.31%, and a net profit of 2.035 billion yuan in Q1 2024, a year-on-year increase of 26.14%, exceeding previous expectations [1] - The hydropower segment, particularly from the Yalong River, achieved a net profit of 8.66 billion yuan in 2023, a year-on-year increase of 17.7%, despite a 4.84% decrease in power generation due to low water levels [1] - The thermal power business turned profitable in 2023, with significant contributions to Q1 2024 performance, driven by declining coal prices [1] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 6.705 billion yuan, with a profit margin of 55% based on net profit [1] - Q1 2024 net profit reached 2.035 billion yuan, surpassing the expected 1.85 billion yuan [1] - The average on-grid electricity price increased by 11.1% in 2023, contributing to revenue growth despite lower hydropower generation [1] Hydropower Segment - The Yalong River hydropower generation decreased by 4.84% in 2023 and 8.21% in Q1 2024 due to continued low water levels [1] - The segment's profitability was supported by rising electricity prices in Sichuan and Jiangsu [1] Thermal Power Segment - The thermal power segment achieved profitability in 2023, with net profits from various plants totaling 13.5 million yuan [1] - The Q1 2024 performance was significantly boosted by the thermal power segment, contributing approximately 7.6 billion yuan to net profit [1] Future Outlook - The report forecasts net profits of 7.542 billion yuan for 2024, 8.503 billion yuan for 2025, and 9.088 billion yuan for 2026, with corresponding PE ratios of 15, 13, and 13 times [2]

证券研究报告 公用事业|电力 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 研究支持 联系人 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 相关研究 请务必仔细阅读正文之后的免责声明 2024 年 05 月 05 日皖能电力 (000543.SZ) 投资要点： | --- | --- | --- | --- | --- | --- | |----------------------------|-----------------------------|-------------------------------|---------------------|--------|--------| | 盈利预测与估值 | 2022 2023 2024E 2025E 2026E | | | | | | 营业总收入（百万元人民币） | | 24276 27867 28507 30315 31487 | | | | | 同比增长率（%） | 15.4% | 14.8% | 2.3% | 6.3% | 3.9 ...

证券研究报告 公用事业|电力 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 联系人 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 市场表现： -50% -40% -30% -20% -10% 0% 10% 中闽能源 沪深300 相关研究 公司点评 2024 年 05 月 05 日 中闽能源 (600163.SH ) 买入（维持） ——2023 年利润略超预期 期待福建海风持续增长 投资要点： ➢ 事件：1）公司发布 2023 年年报，2023 年公司实现营业收入 17.3 亿元，同比下滑 3.3%，实现归母净 利润 6.79 亿元，同比下滑 6.9%，超出我们的预期。2）公司发布 2024 年一季度报告，2024 年一季度 公司实现营业收入 4.65 亿元，同比下滑 16.1%，实现归母净利润 2.13 亿元，同比下滑 22.2%，符合我 们的预期。 ➢ 收入降幅好于发电量降幅，预计 2023 年利润超预期主要受益于发电量结构好于预期。2023 年公司实现 发电量 29.4 亿千瓦时，同比下降 8. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and valuation recovery [12][16]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 27.867 billion yuan, a year-on-year growth of 8.26%, and net profit attributable to shareholders of 1.43 billion yuan, up 186% [5]. - The first quarter of 2024 also showed strong performance, with revenue of 6.985 billion yuan, a 12.45% increase year-on-year, and net profit of 453 million yuan, reflecting a 188% growth [5]. - The company benefits from a decline in coal prices and the commissioning of new coal power units, which contributed to the substantial profit growth in 2023 and Q1 2024 [5]. - The company plans to distribute a cash dividend of 2.21 yuan per 10 shares, which represents 38.22% of the distributable profit for 2023, indicating a high dividend payout ratio compared to previous years [5]. Summary by Sections Market Performance - The closing price of the company's stock is 8.33 yuan, with a market capitalization of 18.883 billion yuan and a price-to-book ratio of 1.33 [3]. Financial Performance - The company achieved total revenue of 27.867 billion yuan in 2023, with a net profit of 1.43 billion yuan, and forecasts for 2024 and 2025 are 18.9 billion yuan and 23.5 billion yuan in net profit, respectively [13][14]. - The projected earnings per share for 2024, 2025, and 2026 are 0.63, 0.83, and 1.04 yuan, respectively [13]. Operational Highlights - The company has a total installed capacity of 11.38 million kilowatts, with 3.56 million kilowatts under construction, and plans to commission additional gas and coal power units in 2024 [5]. - The company is strategically positioned in Anhui province, where electricity supply is tight, allowing it to maintain resilient coal power pricing [5]. Future Outlook - The company is expected to benefit from ongoing coal power growth and the development of renewable energy projects, with a target of achieving 4 million kilowatts of renewable energy capacity by the end of the 14th Five-Year Plan [5].

证券研究报告 公用事业|电力 公司点评 2024年05月05日 国投电力 (600886.SH ) 买入 ——雅砻江以价补量逆势增长 火电盈利超预期 （维持） 投资要点： 证券分析师 ➢ 事件：公司发布2023年报及2024年一季报，2023年实现归母净利润67.05亿元，同比增 刘晓宁 S1350523120003 长64.31%；2024Q1实现归母净利润20.35亿元，同比增长26.14%，超过我们此前预期的 liuxiaoning@huayuanstock.com 18.5亿元。2023年每股分红0.4948元，分红比例（以归母净利润为分母）55%，符合预期。 ➢ 雅砻江水电 2023 年及 2024 年一季度来水持续偏枯，以价补量实现逆势增长。雅砻江水电 研究支持 2023年发电量同比减少4.84%，但是受益于四川省内电力供需趋紧、外送江苏电价上调以及 两河口电价超预期等因素，全年平均上网电价同比增长11.1%，超过市场预期。综合影响下， 联系人 雅砻江水电2023年实现净利润86.6亿元，同比增长17.7%。2024年一季度来水继续偏枯， 刘晓宁 雅砻江的水电发电量同比减少 8.21%，但是电价在 ...

证券研究报告 公用事业|电力 公司点评 2024年05月05日 申能股份 (600642.SH ) 买入 ——优质资产价值凸显 连续两季度业绩历史新高 （维持） 投资要点： 证券分析师 ➢ 事件：公司发布2023年年报及2024年一季报，2023年实现归母净利润34.59亿元，同比 刘晓宁 S1350523120003 增长220%；2024年一季度实现归母净利润11.59亿元，同比增长58%，超过我们此前预期 liuxiaoning@huayuanstock.com 的9亿元。2023年度分红每股0.4元，分红比例56.60%，符合预期。 ➢ 2023年煤电除吴泾二发和外高桥一发外（披露口径）全面扭亏，年底未计提减值损失，2023 研究支持 年四季度业绩创历史新高。从公司披露的参控股公司业绩来看，2023 年吴泾二发亏损 0.79 亿元（净利润口径，下同，上年同期亏损3.6亿元），外高桥三发盈利3.05亿元（上年同期 联系人 亏损1.71亿元）。外高桥一发、二发分别实现投资收益-2.13亿元和1.09亿元（上年同期分 刘晓宁 别为-3.0亿元和-0.97亿元），煤电参控股公司均实现减亏扭亏，年底未计提减值损 ...