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|2024 1 25 Q4 2023 证券分析师：张佳博021-S0980523050001证券分析师：陈曦炳0755-S0980521120001证券分析师：马千里010-S0980521070001证券分析师：张超0755-S0980522080001证券分析师：彭思宇0755-S0980521060003联系人：凌珑021-证券分析师：陈益凌021-S09805190100021 A 60 2023 23Q4 2024 2024+23 12 24 2024/CXO 5-10 60 24 C 2024Q1 23Q3 23Q3 24H1 1 A H-B-B 2ZXBYxOsPoNqRsMoNtOrOmN9PdN6MmOrRpNrNfQrRqRjMpNqO9PnNxOxNrQmMuOmNpP 23 01 021 031 043 23 2023 2023 100%4 50100%3 3050%8 2030%5 1020%10 010%6 21 3-U-U Wind A 60 2023 2023 100%4(741%816%(140165%)(170230%)(234281%)2023 50%100%3(8489%)(5356%)(7080%)2023 30%50%8(3040%)(3954%)(3742%)(3742%)(3540%)(3540%)(3035%)(3035%)2023 20%30%5(2336%)(2227%)(2134%)(2021%)(2025%)2023 10%20%10(1921%)(1822%)(1730%)(1530%)(1525%)(1520%)(1224%)(1020%)(1020%)(1015%)2023 0%10%6(819%)(815%)(519%)(510%)(05%)(030%)2023 21 2023 3-U-U 4 23 01 021 031 045 23/2023 2023Q4 2023()600276.SH 56.061.3 5%15%8.210.2 12%39%226.0231.0 6%9%43.044.9 10%15%license-out 600380.SH 36.344.9-12%9%4.24.9-9%30%163.0171.0-5%0%14.315.0-5%0%23 24 300723.SZ 6.59.0-2%35%0.40.7 54%175%25.027.5 10%20%3.23.5 10%20%AR882 688428.SH-U 1.71.8-10%0%7.07.2 12%15%23H2 24 TYK2Bcl2 688331.SH 3.33.8 64%89%11.011.5 42%49%23H2 RC18 688062.SH-U 0.30.5 311%585%1.31.5 369%441%23 Wind 23H2 23Q4 biotech 12 license-out 23 24 Q3 25%AR882 23H2 24 TYK2 Bcl2 RC18 RC48 23 6 23 RSV HPV 2025 2023 4/9 HPV 43/149-27%/+129%)PCV13 HDCV 4/5 Ph3 7 2023 2023Q4 2023()300122.SZ 104.7123.8 0%19%21.425.2 11%30%497.4516.6 30%35%86.790.5 15%20%2023 4/9 HPV 43/149-27%/+129%)300601.SZ 11.713.2 97%124%1.52.5 146%175%36.337.9 15%20%8.59.5 741%816%PCV13 HDCV 4/5 688319.SH 1.41.7-21%(-5%)-0.06(-0.04)-73%(-53%)4.95.2-10%(-5%)0.20.3-10%0%Ph3 Wind 23 PE OTC OTC 2023 2023 2023 2023 2023 2023 2023 OTC 2023 8 2023 2023Q4 2023()000999.SZ 77.686.5 30%45%4.26.6-16%33%263.7272.6 46%51%28.230.6 15%25%OTC 2023 002603.SZ 16.122.9-65%(-50%)1.42.4-85%(-75%)101.8108.7-19%(-13%)23.225.6-2%8%2023 600129.SH 45.654.4 30%55%0.60.8-42%-20%167.4176.2 19%25%8.49.3 140%165%2023 300026.SZ 15.717.5-10%0%1.41.7-10%10%65.066.7-2%0%6.67.5 5%19%2023 600329.SH 24.226.9-10%0%1.31.5-5%15%82.184.8 0%3%10.611.7 23%36%2023 2023 600557.SH 11.013.5-10%10%1.31.5-15%0%46.048.4 6%11%5.35.8 21%34%2023 600285.SH 8.39.1 15%25%0.70.8 10%30%33.434.1 11%14%5.25.8 12%24%OTC 2023 Wind 23 1 2023 Q4 9 2023 2023Q4 2023()300760.SZ 76.279.2 8%12%16.917.9 13%19%349.2352.2 15%16%115.3116.3 20%21%688271.SH 41.041.5 21%23%9.09.4 19%24%115.3115.824.8%25.4%19.620.0 19%21%Q4 688114.SH 7.69.7-20%3%-0.41.4-29.631.7-30%(-25)%-2.4(-0.6)300633.SZ 6.57.4 27%44%1.21.4 0%14%21.222.1 20%25%4.44.6 20%25%2023 40%688212.SH 2.32.6 41%59%0.30.4 109%186%6.66.8 48%55%0.70.8 234%281%2023 AQ300 688677.SH 1.11.2-20%(-13%)0.380.42-11%(-2%)4.95.0 2%4%1.561.60-14%(-12%)Q4 688358.SH 1.31.4 381%418%0.40.5 295%346%5.35.4 39%42%1.81.9 70%80%2023 301363.SZ 3.03.4-14%(-2%)0.70.8-7%(-6%)13.413.8-5%(-2%)3.73.8-8%(-6%)300049.SZ 2.54.0-13%39%0.20.5-33%46%10.612.1 5%20%1.01.3 0%30%2023 688626.SH 1.82.0 35%50%0.50.6 57%77%7.27.4 47%51%2.32.4 84%89%2023 688576.SH 1.31.5 31%57%0.40.6 26%76%3.43.7 30%40%1.11.2 39%61%2023 30%+688410.SH 0.71.4-39%18%-0.20.2-186%(-27%)6.57.2 70%88%1.62.0 170%238%CRRT Wind 23 2 23Q4 24 OK 22Q4 Q4 Q4 10 2023 2023Q4 2023()688161.SH 3.04.0-33%(-13%)00.4-98%(-60%)13.914.8-25%(-20%)1.21.6-77%(-70%)002901.SZ 3.13.8 54%90%0.10.2 14.315.1 0%5%1.11.2 15%30%22Q4 688236.SH 3.74.5-16%1%0.71.0-27%(-2%)11.712.4-3%3%2.52.8-18%(-10%)22Q4 688085.SH 1.01.3-43%(-24%)0.10.3-87%(-57%)4.54.9-30%(-25%)0.81.0-61%(-50%)688016.SH 11.812.2 27%42%0.80.9 35%67%11.812.2 32%36%4.64.8 30%35%688050.SH 1.92.2 37%58%0.70.8 98%133%8.68.9 48%53%3.23.3 37%42%OK 22Q4 688029.SH 6.06.2 28%33%1.21.3 16%25%23.523.7 18%20%5.15.2 53%56%Q4 603301.SH 9.510.0-51%-48%-1.1-0.9 41.042.0-33%-32%2.02.1-71%-69%Q4 1.7605369.SH 2.93.8 0%30%0.30.4 50%100%10.010.9-32%(-26%)1.82.0-46%(-38%)2023 Wind 23 3/+IVD&IVD 23 22Q4 11 IVD 2023 2023Q4 2023()300832.SZ 9.09.6 20%28%3.84.3-6%7%38.138.7 25%27%15.716.2 18%22%603658.SH 11.112.9-4%11%2.73.3-1%21%43.545.3-2%2%11.712.3 0%5%688575.SH 4.55.7-48%(-34%)0.61.1-61%(-25%)19.921.1-50%(-47%)3.43.9-66%(-61%)688389.SH 3.54.0 13%29%3.33.4 24%37%11.612.1 18%23%3.33.4 30%35%IVD 300482.SZ 7.28.4-27%(-15%)0.81.1-359%(-277%)27.328.4-52%(-50%)4.85.1-60%(-57%)300463.SZ 7.48.4-17%(-5%)0.71.3-34%19%28.529.6-21%(-18%)3.44.0-52%(-44%)23 300396.SZ 5.76.2 37%49%0.91.0 27%46%16.216.7 33%37%3.23.3 22%27%300685.SZ 3.13.3 28%35%0.60.8 61%94%10.210.4 21%23%2.42.5-10%(-5%)22Q4 Wind 23 24 DRG/DIP DRGs ICL&22Q4 22Q4 12 2023 2023Q4 2023()300015.SZ 40.949.0 34%60%2.33.5 36%111%201.4209.4 25%30%34.135.3 35%40%22Q4 301267.SZ 9.110.4 28%49%1.31.6 17%39%40.041.4 24%28%6.97.2 35%40%22Q4 603882.SH 22.026.7-33%(-18%)1.12.0-63%(-36%)85.090.0-45%(-42%)6.97.7-75%(-72%)600763.SH 6.78.1 16%39%0.81.2 143%259%28.629.9 5%10%5.96.3 8%15%688315.SH 5.96.9 6%23%0.70.9 8%36%20.221.2 5%10%2.02.1 10%20%22Q4 Wind 23 CXO CXO 1 CXO 2 CGT CXO 3 CRO CRO/CXO 2023 2023 2023 2023 CDMO 2023 2023 13 CXO 2023 2023Q4 2023()603259.SH CXO 99.7109.6-9%0%18.720.1 30%40%395.2405.0 0%3%95.1105.1 8%19%2023 603127.SH CXO 6.89.1-31%(-8%)-0.20.9-104%(-80%)22.725.0 0%10%8.211.2-24%4%2023 002821.SZ CXO 17.120.0-30%(-18%)3.55.2-40%(-10%)80.983.9-21%(-18%)23.225.7-30%(-22%)2023 000739.SZ CXO 31.434.4 5%15%3.03.7-10%10%116.4119.4 10%13%11.612.8 17%30%2023 CDMO 301096.SZ CXO 2.42.9 27%53%0.60.9 32%81%9.510.0 56%65%2.72.9 37%49%2023 688621.SH CXO 2.13.1 15%70%0.40.7 66%155%9.010.0 33%48%2.22.4 39%54%2023 Wind 23 CGT CAPEX/Q4 Q4 14 2023 2023Q4 2023()301080.SZ 1.31.6 9%29%0.50.6 37%63%5.55.7 15%20%1.81.9-12%(-7%)688046.SH 1.71.9 27%47%0.550.63 51%74%6.26.5 20%25%1.71.8 5%10%688131.SH 4.65.3 18%35%0.30.4-24%3%18.319.0 35%40%1.51.6-25%(-20%)Q4 688293.SH 0.60.8-10%10%0.250.31 14%37%2.42.5-20%(-15%)0.680.74-35%(-30%)Q4 Wind 23 01 021 031 0415 1 1 1 2024+23 12 24 2024/CXO 5-10 60 24 C 2024Q1 23Q3 23Q3 24H1 1 A H-B-B 16 1 2 1 IVD 2 3 24 DRG/DIP DRGs ICL CGT CAPEX/CXO 1 CXO 2 CGT CXO 3 CRO CRO CXO OTC 1 OTC 2 3 17 23 01 021 031 0418 2023 1 19 2023 1 PE 22A 23E 24E 25E 22A 23E 24E 25EA 300760.SZ 3354 96.1 115.4 139.0 167.1 34.9 29.1 24.1 20.1 603259.SH 2201 88.1 101.3 121.3 158.0 25.0 21.7 18.2 13.9 300122.SZ 1188 75.4 91.0 113.1 141.8 15.8 13.1 10.5 8.4 603882.SH 256 27.5 7.6 12.1 15.6 9.3 33.8 21.2 16.4 688236.SH 73 3.1 2.8 3.6 4.7 23.8 26.6 20.2 15.5 688212.SH 69 0.2 0.8 1.4 2.0 319.0 85.5 49.5 34.5 301096.SZ 76 1.9 2.8 3.9 5.2 39.1 26.7 19.3 14.7 301080.SZ 59 2.0 1.8 2.4 3.0 29.0 32.4 25.1 19.6 6990.HK-B 182(6.2)(2.5)(5.5)(6.4)9926.HK 317(11.7)19.8(2.6)6.4 16.1 49.6 2162.HK-B 81(3.1)(2.7)(6.0)(6.6)1789.HK 46 2.0 2.7 3.5 4.6 22.7 17.3 13.4 10.1 Wind 2024/1/24 6 12 6 12 A 300 000300.SH 899001.CSI(HSI.HI)500(SPX.GI)IXIC.GI 20%10%-20%10%10%10%10%10%20 125 36 518046 0755-82130833 1199 1 12 200135 6 9 100032
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