Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5]. Core Insights - The company is entering a new growth phase driven by innovation and international expansion, having successfully transitioned into a comprehensive innovation stage with a well-structured pipeline of innovative drugs [1][5]. - The pressure from centralized procurement has largely been alleviated, with only a few key generic drugs remaining outside of procurement, leading to a gradual decrease in reliance on generics [1][5]. - The company has a robust pipeline with over 20 innovative drugs in the late stages of development, expected to drive significant revenue growth in the coming years [1][5][23]. Summary by Sections Company Overview - Founded in 1970 and listed in 2000, the company has evolved into a leading innovative pharmaceutical enterprise focusing on high-quality drug development across various therapeutic areas [10][11]. Procurement Impact - The impact of centralized procurement has been mostly resolved, with only a few key products remaining outside of procurement, allowing for a gradual reduction in the company's reliance on generics [1][5][15]. Innovative Drug Portfolio - The company has launched 17 innovative drugs, with significant sales growth expected from key products that have recently entered the market [16][18]. - The innovative drug sales accounted for 44% of total sales in the first half of 2023, projected to reach 50% in 2024 [1][5]. Research and Development Pipeline - The company has over 20 innovative drugs in the NDA or Phase III stages, covering a wide range of diseases, with expectations to submit at least 25 new drug applications by 2025 [23][25]. - The pipeline includes drugs targeting oncology, metabolic diseases, autoimmune diseases, and chronic diseases, indicating a diversified approach to drug development [23][30]. International Expansion - The company is accelerating its international strategy, having initiated nearly 20 international clinical trials and formed strategic partnerships with global pharmaceutical giants [1][6][31]. - A significant milestone was achieved with a partnership with Merck in October 2023, marking the company's first collaboration with a multinational corporation [6][31]. Financial Projections - Revenue projections for 2023-2025 are estimated at 23.2 billion, 25.9 billion, and 29.7 billion yuan, with corresponding growth rates of 8.9%, 12.0%, and 14.6% [2][5]. - Net profit forecasts for the same period are 4.6 billion, 5.6 billion, and 7.0 billion yuan, with growth rates of 16.9%, 21.8%, and 26.7% [2][5].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [51]. Core Viewpoints - The company is positioned as a leader in the tungsten industry, with a complete industrial chain that includes mining, smelting, processing, and trading. The expected injection of tungsten resources is anticipated to enhance profitability significantly [47][48]. - The growth in the CNC tool market is driven by the increasing CNC rate of machine tools and domestic substitution, with the company being a key player in this sector [49]. - The photovoltaic tungsten wire market is projected to grow significantly, with the company’s new production capacity expected to contribute to profit growth [35][56]. Summary by Sections 1. Company Overview - The company has undergone significant restructuring since 2009 under the control of the Minmetals Group, leading to a stable growth trajectory [65][66]. - The company has a complete tungsten industrial chain, with major subsidiaries focusing on tungsten mining, hard alloy production, and precision tools [68]. 2. Tungsten Resource Injection - The company is expected to inject the Qizhu Garden tungsten mine, which could contribute over 530 million yuan to profits in 2024 [48][31]. - The company manages substantial tungsten resources, maintaining an annual production capacity of around 25,000 tons [48]. 3. Cutting Tools - The company is a leading manufacturer of CNC blades, with over 85% of its products being CNC tools. It has a competitive edge in the mid-to-high-end market [22][27]. - The PCB micro-drill segment, led by its subsidiary, holds a global market share exceeding 20%, indicating strong market positioning [38][49]. 4. Photovoltaic Tungsten Wire - The company’s new production line for photovoltaic tungsten wire is expected to generate significant profits, with projections estimating a net profit contribution of 59 million yuan [56][20]. - The market for photovoltaic tungsten wire is anticipated to grow rapidly, with a projected CAGR of 111% from 2022 to 2025 [20]. 5. Profit Forecast and Valuation - The company’s net profit is forecasted to be 468 million yuan in 2023, increasing to 581 million yuan by 2025, reflecting robust growth driven by its core businesses [31][52].

公用事业|电力 首次覆盖 2024年04月08日 许继电气 (000400.SZ) 买入 ——直流输电核心供应商 受益直流特高压及柔直发展 （首次覆盖） 投资要点： 证券分析师 ➢ 许继电气是我国行业地位领先的电力设备供应商，原控股股东为许继电气集团，由国家电网实际控制，后根 刘晓宁 S1350523120003 据国务院国资委公告，将其控股股东调整为中国电气装备集团。公司业务涵盖一二次设备。公司主要业务由 liuxiaoning@huayuanstock.com 6 大板块构成：智能变配电系统、智能电表、智能中压供用电系统、智能电源及应用系统、直流输电系统、 EMS加工服务。其中智能变配电系统是公司基础和核心业务，营收占比最高。智能电表、智能中压供用电系 联系人 统收入体量相当。EMS加工服务近两年收入增速显著，截止2022年底已成为公司第二大板块。 刘晓宁 S1350523120003 ➢ 公司历史盈利能力受直流板块影响较大，近年来其他板块持续发力补齐短板。公司近年来营收保持稳定增长， liuxiaoning@huayuanstock.com 从2015年营收73.5亿元稳步增长至2022年的149.2亿 ...

证券研究报告 电力设备|电网设备 公司点评 2024年04月13日 许继电气 (000400.SZ) 买入 ——业绩超出预期 静待柔直花开 （维持） 投资要点： 证券分析师 ➢ 事件：4月10日许继电气发布2023年年度报告。2023年公司实现营业收入170.61亿元，同 刘晓宁 比增长 13.51%，实现归母净利润 10.05 亿元，同比增长 28.03%。实现扣非归母净利润 8.68 S1350523120003 亿元，同比+21.82%。全年业绩超出预期（此前预测归母净利润为9.1亿）。 liuxiaoning@huayuanstock.com ➢ 毛利率水平有所下降，费用率水平控制良好。公司全年整体毛利率水平为 18.0%，同比去年下 降 1.35pct，略微下降。但费用率水平控制良好，销售/管理/研发/财务费用率分别为 联系人 2.88%/3.54%/3.30%/-0.32%，同比+0.01/-0.11/-0.24/-0.22pct，总期间费用率下降0.57pct。 刘晓宁 S1350523120003 ➢ 直流输电空档期导致对利润贡献占比缩小，智能电表毛利率继续上升。直流输电板块毛利率水平 liu ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's 2023 performance met expectations, with revenue of RMB 825.49 billion, a slight decrease of 0.33% YoY, and net profit attributable to shareholders of RMB 107.3 billion, an increase of 7.64% YoY [2] - The company announced a dividend of RMB 0.094 per share for 2023, with a dividend payout ratio of 44.3% [2] - The company's power generation business performed in line with expectations, with power sales revenue of RMB 625.17 billion, up 7.59% YoY, while other businesses (mainly construction and installation) saw revenue decline by 18.96% YoY to RMB 200.3 billion [2] - The company's financial expenses decreased by RMB 900 million in 2023 due to active replacement of high-cost loans, and the debt-to-asset ratio dropped to 60.19%, a decrease of 1.2 percentage points from 2022 [2] - The company's 2024 performance is expected to grow significantly due to the resumption of normal operations at the Taishan 1 unit and the expected commissioning of the Fangchenggang 4 unit within the year [2] - The company has 7 nuclear power units under construction and 4 approved for construction, with a stable growth in nuclear power installed capacity expected from 2024 to 2030 [2] - The company has committed to increasing its dividend payout ratio during the 14th Five-Year Plan period, with the dividend payout ratio for 2021, 2022, and 2023 being 43.58%, 44.09%, and 44.3%, respectively [2] Financial Forecasts and Valuation - The company's revenue is forecasted to be RMB 857.54 billion, RMB 882.98 billion, and RMB 918.72 billion for 2024, 2025, and 2026, respectively, with YoY growth rates of 3.88%, 2.97%, and 4.05% [3] - Net profit attributable to shareholders is forecasted to be RMB 118.72 billion, RMB 124.00 billion, and RMB 130.68 billion for 2024, 2025, and 2026, respectively, with YoY growth rates of 10.70%, 4.44%, and 5.39% [3] - Earnings per share are forecasted to be RMB 0.24, RMB 0.25, and RMB 0.26 for 2024, 2025, and 2026, respectively [3] - The company's gross margin is expected to increase from 36.0% in 2023 to 37.2%, 37.8%, and 38.5% in 2024, 2025, and 2026, respectively [3] - The company's ROE is expected to be 10.7%, 10.3%, and 10.1% for 2024, 2025, and 2026, respectively [3] - The company's PE ratio is forecasted to be 17, 16, and 15 for 2024, 2025, and 2026, respectively [3] Stock Data - The company's stock price as of March 28, 2024, was RMB 3.98, with a 52-week high/low of RMB 4.17/RMB 2.74 [4] - The company's market capitalization was RMB 201 billion as of March 28, 2024 [4] - The company's total assets were RMB 4.153 trillion as of December 31, 2023, with net assets of RMB 1.653 trillion [4] - The company's book value per share was RMB 2.24 as of December 31, 2023, with a PB ratio of 1.77 [4] Industry Outlook - The company is expected to maintain stable growth in nuclear power installed capacity from 2024 to 2030, with 1-2 nuclear power units expected to be commissioned each year [2] - The company's dividend payout ratio is expected to continue to increase during the 14th Five-Year Plan period, with a forecasted dividend yield of 2.7%, 2.8%, and 2.9% for 2024, 2025, and 2026, respectively [2]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, indicating a relative performance expectation of 5% to 20% above the market [1]. Core Insights - The company is a subsidiary of the Fujian Investment Group, focusing on renewable energy operations with a current installed capacity of 1GW, primarily in onshore and offshore wind power [2][59]. - The company has a strong project reserve of approximately 1GW in offshore wind, which is expected to be operational in the coming years, ensuring stable growth in installed capacity and profits [11][12]. - The offshore wind resources in Fujian province are of high quality, with a return on equity (ROE) exceeding 20% for projects commissioned before 2021, significantly higher than other provinces [9][47]. - The company is expected to achieve revenues of 1.653 billion, 1.738 billion, and 1.828 billion yuan from 2023 to 2025, with corresponding net profits of 607 million, 693 million, and 704 million yuan [1][48]. Summary by Sections Company Overview - The company has undergone significant transformation since 2015, shifting from paper production to wind power project development and operation, with a current installed capacity of 957,300 kW [59]. Project and Growth Potential - The company is set to add 100,000 kW of competitive offshore wind projects by 2025, with a tax-inclusive grid price of 0.25 yuan per kWh and an expected utilization of 4,500 hours [2][26]. - The Fujian Investment Group has committed to injecting additional offshore wind and pumped storage projects into the company, ensuring future growth [4][46]. Financial Projections - The projected financial performance indicates a revenue decline of 7.7% in 2023, followed by growth of 5.13% and 5.19% in 2024 and 2025, respectively [1][48]. - The company's price-to-earnings (PE) ratios are projected to be 14, 12, and 12 for the years 2023, 2024, and 2025, respectively, suggesting a valuation below comparable companies [1][48].

证券研究报告 医药生物 公司深度 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 市场表现： -29% -14% 0% 14% 29% 43% 2023-04 2023-08 2023-12 昆药集团 沪深300 相关研究 投资要点： ➢ 华润入主融合顺利，五年战略规划谱写新篇章。1）2023 年 1 月昆药集团正式完成董监事会 改组，华润三九成为公司控股股东，由原华润三九 OTC 事业部总经理颜炜担任副董事长、党 委书记及总裁。公司 2023 年 9 月启动营销组织变革、形成三大核心事业部（777/昆中药 1381/KPC1951），业务战略明晰。2）公司制定五年（2024 年-2028 年）战略发展规划， 昆药集团聚焦精品国药、老龄健康-慢病管理两大核心业务领域，致力于成为"老龄健康-慢病 管理领域领导者"和"精品国药领先者"。通过内生发展加外延扩张方式，力争 2028 年末实 现营业收入翻番，工业收入达到 100 亿元，致力于成为银发健康产业第一股。 ➢ 深耕三七产业链，战略定位银发经济。公司以三七产业链（血塞通）为核心，持续构建以中风 防治为核心的 ...

证券分析师 相关研究 ➢ 投资逻辑：1）核心产品洛索洛芬钠凝胶贴膏受益于外用贴膏渗透率提升+院内深耕+院外渠 道加大投入，有望继续快速增长；2）酮洛芬凝胶贴膏 2023 年底进入医保，格局好，2024 年预计开始贡献收入增量；3）贴膏/贴剂管线丰富，预计 2024-25 年将有约 4 个贴膏产品在 国内获批。 ➢ 风险提示：院外渠道拓展不及预期；竞争格局恶化风险；在研产品上市进展不及预期 源引金融活水 泽润中华大地 关键假设 3. 技术转让及服务/植物提取物及其他：目前整体收入规模较小，预计 2024-2026 年收入增速分别为 5%/5%/5%和 15%/13%/12%。 3）贴膏/贴剂管线丰富，预计 2024-25 年将有约 4 个贴膏产品在国内获批。 源引金融活水 泽润中华大地 第3页/ 共16页 表 1：公司产品情况 源引金融活水 泽润中华大地 资料来源：Wind，华源证券研究 资料来源：Wind，华源证券研究 资料来源：Wind，华源证券研究 源引金融活水 泽润中华大地 控费初见成效，盈利能力有望逐步提升。随着 2017 年公司重磅产品洛索洛芬钠凝胶贴 膏上市，带动整体毛利率提升，达到约 77%的水 ...

证券研究报告 公用事业|电力 公司点评 2024年04月12日 川投能源 (600674.SH ) 买入 ——雅砻江以价补量逆势增长 看好水电长期价值 （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年全年实现归母净利润44亿元，同比 刘晓宁 S1350523120003 增长 25.17%，每股分红 0.4 元，分红比例 44.31%。2024 年一季度实现归母净利润 12.73 liuxiaoning@huayuanstock.com 亿元，同比增长12.06%，符合预期。 ➢ 雅砻江水电2023年来水偏枯，以价补量实现逆势增长。结合国投电力公告，雅砻江水电2023 研究支持 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%。综合影响下，雅砻江水电2023年 联系人 实现净利润86.6亿元，同比增长17.7%，公司由此确认投资收益41.5亿元。 刘晓宁 ➢ 预计大渡河水电业绩整体持平，持股比例提升带动投资收益增长。公司2023年确认大渡河水 S135052312000 ...

证券研究报告 公用事业|电力 行业点评 2024年04月18日 用电需求延续高增长 两年复合增速中枢上移 看好 ——2024 年 1-3 月全社会发用电数据点评 （维持） 投资要点： 证券分析师 刘晓宁 ➢ 国家统计局公布 1-3 月能源生产情况，用电需求延续高增长，两年复合增速中枢上移。国家统计局公布 S1350523120003 1-3月能源生产情况，3月单月规模以上工业发电量同比增长2.8%，较1-2月的8.3%回落5.5个百分点， liuxiaoning@huayuanstock.com 1-3月同比增长6.7%。但是考虑到基数效应，2023年1-2月同比增长0.7%，1-3月同比增长2.4%；从 复合增速的角度看，1-2月两年复合增速为4.4%，1-3月为4.5%，中枢仍整体上移。 联系人 刘晓宁 ➢ 受光伏装机占比提升影响，全社会用电量与规上发电量的差值拉大，实际用电需求更高。根据国家统计局 S1350523120003 liuxiaoning@huayuanstock.com 新闻发布会披露，2024年1-3月全社会用电量同比增长9.6%，高出规上发电量增速2.9个百分点，两 年复合增速为6.6 ...