刘晓宁 liuxiaoning@huayuanstock.com 市场表现 -40% -20% 0% 20% 40% 60% 华光环能 沪深300 相关研究 | --- | --- | |-----------------------|------------| | 股票数据： 2024/4/30 | | | 收盘价（元） | 10.06 | | 一年内最高/最低（元） | 12.31/8.28 | | 总市值（百万元） | 9,493 | | 基础数据 2024/3/31 | | | 总资产（百万元） | 26,183 | | 资产负债率 % | 59.81 | | 净资产（百万元） | 10,522 | | 每股净资产（元） | 9.03 | | 市净率 PB | 1.11 | 请务必仔细阅读正文之后的免责声明 S1350523120003 证券研究报告 电力设备|其它电源设备 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 联系人 公司点评 华光环能(600475.SH) 2024 年 05 月 05 日 投资要点： ➢ 3 家热电企业完成并表 ...

证券研究报告 电力设备|其它电源设备 首次覆盖报告 2024年05月05日 东方电气 (600875.SH) 买入 ——扣非归母净利润稳步增长 传统电源订单高速增长 （首次覆盖） 投资要点： 证券分析师 ➢ 事件：4月29日东方电气发布24年一季报。24Q1实现营业总收入150.53亿元，同比增长 刘晓宁 2.28%；实现归母净利润9.06亿元，同比下滑11.12%；实现扣非归母净利润10.56亿元，同 S1350523120003 比增长10.61%。 liuxiaoning@huayuanstock.com ➢ 毛利率水平继续上行，费用率同比略有提高，经营现金流回正。公司 24Q1 整体毛利率水平为 18.69%，同比23Q1增长0.86pct，相比于23年全年提高约1.38pct，毛利率水平持续提升， 联系人 预计与火电板块收入规模扩大以及毛利率水平有关。但 4 项费用率均同比有所提高，整体费用 刘晓宁 率为11.22%（同比提高1.11pct）。此外24Q1公司经营现金流净额达到+12.41亿元，自16Q1 S1350523120003 以来首次一季度回正，主要由于销售商品收到的现金以及财务公司客户存 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][7]. Core Insights - The company reported a slight revenue decline of 15.09% year-on-year in Q1 2024, with revenues reaching 2.81 billion yuan. However, it achieved a significant net profit increase of 47.39% year-on-year, amounting to 237 million yuan, which exceeded expectations [6]. - The overall gross margin improved significantly to 18.27%, an increase of approximately 4.63 percentage points compared to the same period last year, attributed to changes in revenue structure [6]. - Cash flow showed substantial improvement, with net operating cash flow reaching 260 million yuan, marking the first positive Q1 cash flow since 2013. Contract liabilities also increased significantly to 1.95 billion yuan, a rise of about 43% from the end of 2023 [6]. - The report highlights a favorable outlook for the flexible direct current (DC) industry, driven by high demand for ultra-high voltage projects and the expected growth in flexible DC technology applications [6]. Summary by Sections Financial Performance - Q1 2024 revenue was 2.81 billion yuan, down 15.09% year-on-year, while net profit was 237 million yuan, up 47.39% year-on-year [6]. - The gross margin for Q1 2024 was 18.27%, up 4.63 percentage points year-on-year, indicating improved profitability despite revenue decline [6]. - The company expects to achieve net profits of 1.184 billion, 1.575 billion, and 1.758 billion yuan for the years 2024, 2025, and 2026, respectively [7]. Market Outlook - The report anticipates continued growth in the flexible DC sector, with significant projects expected to utilize this technology, enhancing the company's growth prospects [6]. - The company is positioned to benefit from the ongoing high demand for ultra-high voltage projects, with a total of 15.5 billion yuan in contracts secured in 2023 [6].

证券研究报告 公用事业|电力 公司点评 2024年04月30日 长江电力 (600900.SH) 买入 ——2023 年经营性现金流倍增 2024Q1 业绩逆势增长 （维持） 投资要点： 证券分析师 ➢ 事件：公司发布2023年年报与2024年一季报，2023年全年实现归母净利润272.39亿元， 刘晓宁 S1350523120003 同比增长14.81%，2024年一季度实现归母净利润39.67亿元，同比增长9.8%，超过我们此 liuxiaoning@huayuanstock.com 前预期的34亿元。每股分红0.82元，分红比例（以归母净利润为分母）73.66%，符合预期。 研究支持 ➢ 2023年长江流域来水持续偏枯，业绩低于年初预期，但是经营性现金流量净额同比翻倍，现 金流价值凸显。受拉尼娜现象影响，长江流域2023年来水持续偏枯，公司六座电站总发电量 2763亿千瓦时，同比增长5.34%，但是考虑到乌东德、白鹤滩2022年蓄水尚未完成，发电 联系人 刘晓宁 量基数较低，2023年实际发电量不及预期，全年业绩低于2023年初预期的300亿元量级。 S1350523120003 但是凭借乌白并表带来的 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's 2023 performance met expectations, with revenue reaching RMB 749.6 billion, a 5.2% YoY increase, and net profit attributable to shareholders of RMB 106.2 billion, a 17.9% YoY increase [1] - In Q1 2024, revenue was RMB 179.9 billion, a 0.5% YoY increase, and net profit attributable to shareholders was RMB 30.6 billion, a 1.2% YoY increase, slightly below expectations [1] - The company plans to distribute a cash dividend of RMB 0.195 per share (tax included) for 2023, with a dividend payout ratio of 35.2% [1] Financial Performance - In 2023, the company's new energy installed capacity increased significantly, with 6GW added (1.7GW wind, 4.2GW solar), contributing to a 67% YoY increase in net profit for CNNC Huineng to RMB 2.94 billion [1] - Management and financial expenses decreased by RMB 790 million and RMB 840 million respectively in 2023, while other income increased by RMB 600 million, boosting profitability [1] - In Q1 2024, new energy generation increased by 63% for wind and 58% for solar, offsetting a 3.1% decline in nuclear power generation due to increased maintenance [1] Growth Prospects - The company plans a capital expenditure of RMB 121.6 billion in 2024, with an estimated 8-10GW of new energy capacity additions [1] - As of Q1 2024, the company has 14.3GW of new energy capacity under construction (3.3GW wind, 11GW solar), with 4.5GW newly started in Q1 [1] - The company has 15 nuclear power units under construction or approved, with 1 unit expected to be operational in 2024, 1 in 2025, 2 in 2026, 4 in 2027, and 1 in 2028 [1] Valuation and Forecast - The company's net profit attributable to shareholders is forecasted to be RMB 114.15 billion in 2024, RMB 124.83 billion in 2025, and RMB 132 billion in 2026, with YoY growth rates of 7.5%, 9.4%, and 5.7% respectively [1] - The current PE ratios are 16x, 14x, and 13x for 2024, 2025, and 2026 respectively (excluding perpetual bonds) [1] - Assuming a 35% dividend payout ratio, the dividend yields for 2024-2026 are projected to be 2%, 2.2%, and 2.4% respectively [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7][38]. Core Insights - The company is positioned as a leading player in the domestic and international medical imaging equipment market, with a strong focus on ultrasound and endoscopy products, which are expected to drive significant growth [4][9]. - The ultrasound business is experiencing steady revenue growth, with a projected income of 13.45 billion, 15.47 billion, and 17.33 billion RMB for 2024-2026, reflecting growth rates of 10%, 15%, and 12% respectively [8][38]. - The endoscopy segment is anticipated to grow rapidly, with expected revenues of 11.90 billion, 16.78 billion, and 23.50 billion RMB for the same period, showing growth rates of 40%, 41%, and 40% [8][38]. Summary by Sections Company Overview - Established in 2002, the company has evolved from a single ultrasound product focus to a diversified medical device platform, including ultrasound, endoscopy, minimally invasive surgery, and cardiovascular intervention [12]. - In 2023, the company reported total revenue of 21.21 billion RMB, a year-on-year increase of 20.29%, with endoscopy revenue at 8.50 billion RMB (up 39%) and ultrasound revenue at 12.23 billion RMB (up 13.28%) [12][15]. Revenue and Profitability Forecast - The company forecasts net profits of 5.81 billion, 7.56 billion, and 9.84 billion RMB for 2024-2026, with growth rates of 27.84%, 30.07%, and 30.19% respectively [4][38]. - The projected price-to-earnings (PE) ratios for the upcoming years are 31, 23, and 18 [4][38]. Market Position and Competitive Landscape - The domestic soft endoscope market is expected to grow from 73.3 billion RMB in 2023 to 81.2 billion RMB by 2025, with a compound annual growth rate (CAGR) of 10.96% [20]. - The company holds a market share of approximately 6.65% in the domestic soft endoscope market, ranking just behind major competitors [20][22]. Product Development and Innovation - The company has made significant advancements in high-end ultrasound products, launching the P80/S80 ultra-high-end series and S60/P60 high-end products, which are expected to enhance its competitive edge in both domestic and global markets [4][37]. - The endoscopy product line has been expanded with the introduction of the HD-580 series, which is anticipated to further penetrate the high-end market [4][20]. International Expansion - The company has established a presence in nearly 170 countries, with overseas revenue reaching 9.39 billion RMB in 2023, accounting for 44.31% of total revenue [15][17].

证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 市场表现： -46% -34% -23% -11% 0% 11% 23% 34% 2023-04 2023-08 2023-12 国药一致 沪深300 相关研究 2024 年 04 月 29 日 国药一致 (000028.SH) 买入（首次覆盖） —— 批零一体协同发展，零售利润提升潜力大 投资要点： ➢ 投资逻辑：1）国大药房目前毛利率净利率较低，未来有望持续通过品类优化与提升运营效率 等举措，增强盈利能力，利润提升潜力大；2）公司为两广分销龙头，通过强化两广网络的广 覆盖与深布局，龙头地位有望持续得到稳固，维持稳健增长。 ➢ 国药一致为全国连锁药房龙头，盈利能力改善潜力大。从行业层面来看，随着 2023 年药店明 确纳入门诊统筹，处方外流得到进一步推动，龙头连锁凭借更为规范化的管理，较强的信息对 接能力等特点，在资质申请方面具备天然优势，有望率先受益。国大药房在全国连锁药房中规 模领先，截止 2023 年底已在全国 20 个省市自治区超 160 个城市拥有 10516 家药房。目前 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and valuation recovery [4]. Core Views - The company reported a significant increase in net profit for 2023, achieving 1.75 billion yuan, a 50% year-on-year growth, and a 71% increase in net profit after deducting non-recurring items [4]. - In Q1 2024, the company achieved a net profit of 780 million yuan, representing a 151% year-on-year increase, driven by favorable water conditions and declining coal prices [4][5]. - The company plans to maintain a minimum cash dividend payout of 30% of net profit for the 2024-2026 period, which is an increase of 15 percentage points compared to the previous cycle [4]. Financial Performance - The company's total revenue for 2023 was 18.7 billion yuan, a decrease of 9.3% year-on-year, primarily due to lower coal sales prices [4]. - The company’s total installed capacity reached 15.67 million kilowatts by the end of 2023, with significant contributions from hydropower, thermal power, and renewable energy sources [5]. - The average selling prices for various energy sources in 2023 were as follows: hydropower (domestic) at 0.3227 yuan/kWh, thermal power at 0.4314 yuan/kWh, and wind power at 0.5113 yuan/kWh [5]. Earnings Forecast and Valuation - The report projects the company's net profit for 2024 to be 3.1 billion yuan, up from a previous estimate of 2.89 billion yuan, with further increases expected in 2025 and 2026 [4][6]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 12 for 2024, 11 for 2025, and 10 for 2026, indicating a favorable valuation outlook [4][6].

证券研究报告 公用事业|电力 行业点评 2024年04月28日 能源局就绿证核发和交易规则征求意见 完善供给侧机制 看好 ——公用事业 2024 年第 17 周周报（24/04/22-24/04/28） （维持） 投资要点： 证券分析师  继续看好低协方差标的“四水两核”：长江电力、华能水电、国投电力、川投能源、中国核电、中国广核。 刘晓宁 推荐：黔源电力+湖北能源，黔源电力现金流强劲，有望享受低协方差扩散行情；湖北能源水火共振业绩大 S1350523120003 幅向好，央企改革估值有望提振。推荐：理工能科，现金流优秀且重视股东回报，油色谱更新换代量价齐 liuxiaoning@huayuanstock.com 升带动公司业绩快速提升。  涨幅回顾：本周推荐组合（等权配置）下跌2.2%，沪深300上涨1.2%，同花顺全A上涨2.0%，主动股 联系人 基上涨0.9%，推荐组合跑输沪深300 3.4个百分点，跑输主动股基3.09个百分点。2024年以来推荐组合 上涨16.1%，沪深300上涨4.5%，同花顺全A下跌2.9%，主动股基下跌4.1%，关注组合跑赢沪深300 11.6 刘晓宁 个百分点，跑赢主动股 ...

证券研究报告 医药生物 首次覆盖报告 2024年04月27日 和黄医药 (0013.HK) 买入 ——海外销售势头强劲，全球化布局创新管线 （首次覆盖） 投资要点： 证券分析师 ➢ 走向全球的小分子领军创新药企。和黄医药成立于2000年，专注于肿瘤和免疫系统疾病创新 刘闯 药的研发，已有13种创新药物正在临床试验阶段。三款药物（呋喹替尼、索凡替尼及赛沃替 S1350524030002 尼）均已在中国获得批准上市，呋喹替尼亦在美国获批。公司还与阿斯利康、武田制药等跨国 liuchuang@huayuanstock.com 巨头药企合作推进核心产品全球化进程。 市场表现： ➢ 呋喹替尼海外销售势头强劲，国内胃癌获批在即。1）国内：2018年9月国内获批3L CRC， 2023年国内销售1.075亿美元，市占率已近50%。针对二线胃癌适应症的NDA已于23年 和黄医药 恒生指数 23% 4月获CDE受理，有望24H2国内获批上市，带来新的销售增长动力，预计国内销售峰值5 11% 亿美元。2）海外：美国3L CRC于23年11月8日获批，23年销售1510万美元(~50天)， 0% -11% 商业化进度超预期，美国定 ...