股票研究 /[Table_Date] 2025.03.11 平台费率正优化，小家电利润率有望改善 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 [table_Authors] 蔡雯娟(分析师) 樊夏俐(分析师) 李汉颖(分析师) 021-38031654 021-38676666 010-83939833 caiwenjuan024354@gtjas.com fanxiali@gtjas.com lihanying026725@gtjas.com 本报告导读： 对电商平台内卷行为的监管趋严有望大幅度改善小家电企业的费用率水平，从而提 升其盈利能力，增持。 投资要点： 家用电器业《3000 亿特别国债支持以旧换新，楼 市回稳奠基》2025.03.09 家用电器业《楼市健康发展奠基，国补拉动内销 稳增》2025.03.06 家用电器业《厨电告别成长股模式，转型价值股 新征程》2025.03.04 家用电器业《楼市企稳厨电受益，周度零售数据 强改善》2025.03.02 家用电器业《Neo gamma 问世，开启机 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][30]. Core Insights - The company focuses on lung cancer treatment, with its core product, Furmetinib, experiencing rapid growth. It targets rare EGFR mutations and expands into overseas markets. The pipeline is rich, and the company continues to enhance its presence in the lung cancer sector [3][19]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated at 3.17, 3.87, and 4.72 yuan, respectively. The target price is set at 104.74 yuan based on absolute and relative valuation methods [3][30]. Financial Summary - Revenue is expected to grow from 791 million yuan in 2022 to 5,618 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 49.2% to 21.9% [5]. - Net profit attributable to the parent company is projected to increase from 131 million yuan in 2022 to 2,125 million yuan in 2026, with a significant growth rate of 614.2% in 2023 [5]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 268.92 in 2022 to 16.52 in 2026, indicating improving profitability [5]. Product and Market Positioning - Furmetinib is positioned as a potential best-in-class EGFR-TKI, with significant advantages in efficacy and safety, particularly for patients with brain metastases. The product has shown rapid market uptake since its launch [3][19]. - The company is expanding its focus on rare EGFR mutations, with ongoing clinical trials for Exon20ins and PACC mutations, aiming for global market penetration [3][19]. Pipeline Development - The company has a diverse pipeline, including partnerships for the development of RET inhibitors and KRAS inhibitors, which are expected to enhance its competitive positioning in the lung cancer treatment market [3][19][38]. - The collaboration with ArriVent for global expansion of Furmetinib's indications is a strategic move to capture a larger market share [3][19].

规模效应助力全年盈利，机器人雷达快速放量 禾赛(HSAI.O) 登记编号 S0880523110003 本报告导读： 盈利能力大超预期。智驾平权快速推进，ADAS 雷达下探至 10 万级别车型，ATX 系列加速渗透；机器人雷达快速放量，开启第二增长曲线。 投资要点： [Table_PicQuote] -50% 0% 50% 100% 150% 200% 250% 300% 2024-03-11 2024-04-01 2024-04-19 2024-05-09 2024-05-30 2024-06-20 2024-07-11 2024-07-31 2024-08-20 2024-09-10 2024-09-30 2024-10-18 2024-11-07 2024-11-27 2024-12-18 2025-01-10 2025-01-31 2025-02-21 52周股价走势图 HSAI 纳斯达克综指 ——禾赛科技 FY24Q4 业绩点评 [Table_Industry] 海外信息科技 [Table_Invest] 评级： 增持 | [table_Authors] 秦和平(分析师) | | | | --- | ...

Group 1 - The REITs market experienced a V-shaped trend over the past week, with most sectors achieving profitability, while the consumer sector underperformed, possibly due to concentrated unlocking expectations [5][9]. - After a round of adjustments, the REITs distribution rate and IRR indicators showed slight recovery, with market sentiment remaining relatively strong in the first half of the week [9]. - The overall market trend since the end of 2024 has been driven by a decline in the asset denominator, leading to a comparative advantage, while support from the numerator remains limited [9]. Group 2 - In the past week (February 28 to March 7, 2025), five REITs updated their issuance status, with a total of 63 REITs listed in the domestic market, having a total market capitalization of 179.8 billion yuan and a circulating market value of 78.6 billion yuan [7][8]. - The REITs index overall declined, with the operating rights REITs performing relatively well. Specifically, the CSI REITs (closing) and CSI REITs (total return) changed by 1.14% and 1.19%, respectively [8]. - The trading volume of the REITs market decreased marginally, with the weekly trading volume dropping to 3.665 billion yuan. The average turnover rates for rental housing and energy REITs were relatively high at 1.75% and 1.54%, respectively [22].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 339.60, up from the previous forecast of 318.90 [2][14]. Core Insights - The company is expected to achieve a net profit growth of 145% year-on-year in 2024, driven by the strong momentum of its flagship product, Wei Yi Mei. The launch of the new ColNet collagen product in Q1 2025 is anticipated to further enhance growth prospects [3][14]. - The report highlights the company's robust revenue growth, with projected revenues increasing from 780 million in 2023 to 1.447 billion in 2024, representing an 85.4% increase [5][15]. - The company has a strong market position in the medical aesthetics sector, with its core product, Wei Yi Mei, expected to generate significant sales, reaching approximately 1 billion in 2025 [14]. Financial Summary - Revenue is projected to grow from 390 million in 2022 to 2.415 billion by 2026, with a compound annual growth rate (CAGR) of 23.9% [5][15]. - Net profit attributable to the parent company is expected to rise from 109 million in 2022 to 1.265 billion in 2026, reflecting a CAGR of 26.3% [5][15]. - The company's earnings per share (EPS) is forecasted to increase from 1.23 in 2022 to 14.29 in 2026 [5][15]. Market Data - The company's current market capitalization is approximately 24.341 billion, with a current share price of 275.00 [6]. - The stock has shown a 52-week price range of 143.39 to 275.00 [6]. - The company has a net asset return rate of 31.4% in 2023, projected to reach 45.9% in 2024 [5][15]. Product Development - The company plans to launch the Wei Yi Mei ColNet collagen product in February 2025, which is expected to complement its existing product line and enhance market competitiveness [14]. - The report indicates a rich pipeline of new products, including various types of collagen products that are anticipated to receive regulatory approval in 2025 [14].

股权激励锚定高增长，业务扩张加速 盈趣科技(002925) 股票研究 /[Table_Date] 2025.03.11 耐用消费品[Table_Industry] /可选消费品 | 股东权益（百万元） | 4,725 | | --- | --- | | 每股净资产（元） | 6.08 | | 市净率（现价） | 2.7 | | 净负债率 | -11.60% | [Table_PicQuote] 52周股价走势图 | | | —盈趣科技公司更新报告 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | --- | --- | --- | | [table_Authors] 刘佳昆(分析师) | | 毛宇翔(分析师) | [Table_Target] | 上次评级: | 增持 | | 021-38038184 | 021-38038672 | | 目标价格： | | 19.07 | | liujiakun029641@gtjas.com | | maoyuxiang029547@gtjas.com | | 上次预测: | 19.25 | | 登记编号S08805240 ...

煤价见底回升，预计 4 月进入上升通道 [Table_Industry] 煤炭 ——煤炭行业周报 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 黄涛(分析师) | 王楠瑀(研究助理) | | --- | --- | | 021-38674879 | 021-38032030 | | huangtao@gtjas.com | wangnanyu028176@gtjas.com | | 登记编号 S0880515090001 | S0880123060041 | 本报告导读： 3 月底非电煤需求见底，预计 4 月开启上升趋势，叠加 6 月迎峰度夏旺季驱动，价 格有望回升至 770 元/吨以上 投资要点： [投资建议： Table_Summary] 我们认为随着 3 月底煤价领先需求触底，非电煤需求（如化 工领域）逐步恢复，叠加 6 月迎峰度夏旺季驱动，价格有望回升至 770 元/吨以上。从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、 中煤能源；在政策端后续有望加码背景下焦煤板块是核心，推荐龙头淮 北矿业、平煤股份。 预计 3 月底见需求底部，4 月正式进 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 24.21 CNY, reflecting a potential upside based on current market conditions [1][12]. Core Insights - The company's annual report exceeded expectations with a cash dividend of 4.42 billion CNY, combined with a mid-year dividend of 1.46 billion CNY, totaling 5.88 billion CNY, which corresponds to an 18% dividend yield. This high dividend is expected to alleviate concerns regarding share pledges [12][13]. - The report highlights improvements in corporate governance through effective asset disposals and channel adjustments, indicating a strengthening execution capability [2][12]. - The company experienced a revenue decline of 14.5% year-on-year, with a reported revenue of 28.06 billion CNY for 2024, and a significant drop in net profit to 108 million CNY, down 95.2% [12][13]. Financial Summary - Revenue for 2023 was 32.82 billion CNY, with projections of 28.06 billion CNY for 2024, followed by a recovery to 30.77 billion CNY in 2025 [4][13]. - The net profit attributable to the parent company for 2023 was 2.27 billion CNY, with a drastic forecasted drop to 108 million CNY in 2024, before rebounding to 2.02 billion CNY in 2025 [4][13]. - The earnings per share (EPS) for 2023 was 0.93 CNY, expected to fall to 0.04 CNY in 2024, and recover to 0.83 CNY in 2025 [4][13]. Market Data - The company's stock price has fluctuated between 9.86 CNY and 17.85 CNY over the past 52 weeks, with a total market capitalization of 32.5 billion CNY [5][12]. - The company has a total equity of 24.93 billion CNY, with a book value per share of 10.23 CNY and a price-to-book ratio of 1.3 [6][12]. Future Outlook - The report anticipates continued focus on retail and new product categories, with expectations for revenue growth and profit recovery in 2025 [12][13]. - The company is expected to accelerate asset disposals in the first half of 2025, which may lead to further improvements in financial health [12][13].

公司延续双轮驱动战略，但核心增长驱动力逐步由并购增收转向内生产品增收，叠 加降本增效及子公司融合协同增利，未来有望持续赋能业绩高速增长。 投资要点： 风险提示：市场及政策变动风险，原材料价格及供应风险 | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,885 | 4,390 | 4,435 | 4,826 | 5,331 | | (+/-)% | 35.2% | 13.0% | 1.0% | 8.8% | 10.5% | | 净利润（归母） | 598 | 708 | 785 | 882 | 998 | | (+/-)% | 18.3% | 18.4% | 10.8% | 12.4% | 13.1% | | 每股净收益（元） | 0.95 | 1.13 | 1.25 | 1.40 | 1.59 | | 净资产收益率(%) | 15.3% | 18.5% | 20.1% | 21.8% | 23.1% | | 市盈率(现价&最 ...