Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company reported a total revenue of 40.727 billion yuan for 2024, reflecting a year-on-year growth of 2.99%. The net profit attributable to shareholders was 3.101 billion yuan, a slight increase of 0.50% year-on-year, while the net profit excluding non-recurring items was 3.235 billion yuan, up by 6.88% [3][5]. - The company demonstrated strong operational resilience with steady growth in core product categories, despite facing pressure in domestic demand for cultural and packaging paper in 2024 [4]. - The company is expected to see a gradual recovery in profitability driven by domestic demand recovery, with net profits projected to reach 3.48 billion yuan in 2025, representing a 12% year-on-year increase [5]. Financial Performance Summary - For 2024, the company achieved a gross margin of 16% and a net margin of 7.6%, with respective year-on-year changes of +0.12 and -0.2 percentage points. The gross margins for key product categories varied, with dissolving pulp achieving a margin of 24.4% [5]. - The company’s total liabilities decreased by 2.85 percentage points to 45.41% in 2024, indicating improved financial stability [5]. - The report forecasts revenue growth rates of 7% for 2025, 6% for 2026, and 6% for 2027, with net profit growth rates of 12%, 14%, and 12% respectively [7].

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company's 2024 performance was impacted by impairment losses, but it is expected to achieve recovery growth in 2025 [6] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46%, and a net profit attributable to shareholders of 642 million yuan, down 59.83% [2][3] - The report highlights the company's focus on high-quality development and innovation in its distribution and retail segments [4][5] Financial Performance - The company recognized a total impairment of 1.094 billion yuan, which significantly affected its net profit [3] - The distribution segment achieved a revenue of 53 billion yuan, an increase of 1.98%, while the retail segment generated 22.357 billion yuan, a decrease of 8.41% [4] - The gross profit margin for 2024 was 11.09%, down 0.9 percentage points, and the net profit margin was 0.86%, down 1.26 percentage points [5] Profit Forecast and Investment Suggestions - The profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 1.34 billion yuan, 1.46 billion yuan, and 1.59 billion yuan respectively [6] - The company is positioned as a leading pharmaceutical wholesale and retail platform, with significant potential for profit release in its retail business [6]

行 华福证券 电力设备 2025 年 04 月 10 日 业 研 究 行 业 动 态 跟 踪 电力设备 电网板块观点更新:高压等电网板块估值修复，逐 步关注非美出口板块 投资要点： 观点： 特高压板块前期调整较大，主要系市场风格和资金交易因素，多数公 司估值在底部区间，向下风险较小。临近业绩期和外部贸易风险爆发，资 金风格切换叠加 25 年高景气度，后续有估值修复和业绩超预期的可能。 1）建议优先关注业绩确定性高的主网标的：平高电气、国电南瑞、许 继电气、中国西电、四方股份； 2）同时逐步关注非美地区出口相关标的：思源电气、三星医疗、华明 装备、神马电力、威胜信息、海兴电力。 3）对美出口标的短期负面情绪可能砸出黄金坑，关注绝对收益机会！ 积极因素①投资： Q1 电网投资同比增长 27.7%，创一季度历史新高，在建特高压工程全 面复工并进入满负荷、高强度施工状态，国网累计完成特高压投资额达 172 亿元。积极扩大内需，电网投资是有效投资的重要路径，国网年初计划 25 年投资额有望首次超 6500 亿，今年景气度确定。 积极因素②开工： 今年将投产特高压线路"两交五直"，大同-怀来-天津南已开工，甘浙 柔直进入 ...

公 司 研 究 华福证券 通信工程及服务 2025 年 04 月 09 日 纵横通信（603602.SH） evtol 机载飞控稀缺标的，低空+AI 未来星辰大海 投资要点： 国家高新技术企业，深耕通信行业，拓展新质生产力赛道。 公 司 首 次 覆 盖 公司成立于 2006 年，在通信建设领域深耕近 20 年，累积了丰富 的客户资源和项目经验。2017 年公司于上交所主板上市，2020 年开始 数字业务转型，并逐步确立了以 5G 新基建业务为主体，以政企行业数 智化服务及全域数字营销服务为两翼的"一体双翼"发展格局，2024 年 前三季度实现营业收入 13.40 亿元，同比+52.5%。此外公司积极探索 新质生产力业务机会，结合自身通信行业经验、上市平台和品牌优势 抢抓低空经济、人工智能等赛道的产业机会，打造新的增长极。 聚焦新一代网络通信产业，主业"一体两翼"稳中求进。 公司目前形成了以 5G 新基建业务为主体，以政企行业数智化服务 及全域数字营销服务为两翼的"一体双翼"发展格局。5G 新基建方面， 公司未来有望受益于 5G-A、算力网络以及低空基建的发展。全域数字 营销服务方面，公司具备资源优势，未来随着 ...

Investment Rating - The investment rating for Ganfeng Lithium is "Buy" with a maintained rating [2][6]. Core Views - Ganfeng Lithium's 2024 annual report shows a significant revenue decline of 42.66% year-on-year, with total revenue of 18.906 billion yuan and a net loss attributable to shareholders of 2.074 billion yuan, reflecting a 141.93% decrease year-on-year [4][6]. - Despite the challenges posed by falling lithium prices, the company has increased its lithium salt production by 24.94% year-on-year, reaching 130,300 tons, and sales volume increased by 27.41% to 129,700 tons [5][6]. - The report highlights the company's strategic investments in lithium resources and production capacity, which are expected to support long-term growth [6][8]. Financial Performance Summary - In Q4 2024, Ganfeng Lithium reported revenue of 4.981 billion yuan, a decrease of 31.67% year-on-year, but a 14.87% increase quarter-on-quarter [4]. - The average price of lithium concentrate in 2024 was $940 per ton, down 74% year-on-year, while the average price of lithium carbonate and lithium hydroxide also saw significant declines of 65.6% and 68.1%, respectively [5]. - The company anticipates a gradual recovery in net profit, projecting net profits of 490 million yuan in 2025, 1.553 billion yuan in 2026, and 2.967 billion yuan in 2027, with corresponding P/E ratios of 121, 38, and 20 [6][7].

Table_First|Table_Summary 固定收益专题 2025 年 4 月 9 日 【华福固收】头部城农商行的二永债怎么看 ➢ 头部城农商行的二永债怎么看 金融债市场里面，大型城农商行的二永债流动性强、市场认可度高，往往是除国股行二 永债之外的主要交易品种。因此本文主要聚焦头部城农商行的二永债，观察这些银行的 债券在不同债市行情下的表现，以及哪些个券的性价比相对更高。由于市场对"头部城 农商行"缺乏统一的界定标准，常见的划分通常基于银行资产规模，但在本文我们主要 以商金债的市场隐含评级为AAA-作为核心筛选依据，最终选定8家城农商行（北京银行、 上海银行、南京银行、江苏银行、宁波银行、徽商银行、杭州银行和上海农商银行）。 从调整的绝对幅度来看，这8家城农商行二永债的估值在不同行情下的调整和修复幅度 差距不大，或是因为整体资质较为相近的缘故。具体到各个银行的二永债来看，二永收 益率上行期，上海银行、上海农商行、杭州银行的二级资本债抗跌性更强；二永收益率 下行期，上海农商行、徽商银行的二级资本债，以及南京银行、徽商银行和宁波银行永 续债的领涨性更强。具体来看，例如在2022/10/31-2022/12 ...

华福证券 固收定期研究 2025 年 4 月 8 日 固 收 研 究 【华福固收】关税影响下资金面如何演 投资要点： 研 风险提示 政府债供给超预期、货币政策超预期、经济表现超预期。 分析师: 徐亮 执业证书编号：S0210524040003 邮箱：xl30484@hfzq.com.cn 研究助理： 黄紫仪 邮箱：hzy30614@hfzq.com.cn 相关报告 究 报 告 绎？ 团队成员 Table_First|Table_Author 诚信专业 发现价值 1 请务必阅读报告末页的重要声明 Table_Firs3 t r o p e R e p y T _ e l b a T | t s r i F _ e l b a T Table_First|Table_Summary Table_First|Table_ReportDate Table_First|Table_Contacter Table_First|Table_RelateReport 固收定期研究 华福证券 流 动 性 周 报 美国宣布将于4月9日征收"对等关税"，我国可能被加征34%的关税， 作为反制我国也宣布于4月10日对原产于美国的商品 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [4][18]. Core Insights - The company reported a revenue of 3.73 billion (up 18.9% year-on-year) and a net profit of 530 million (up 19.1% year-on-year) for 2024, with a significant increase in non-recurring net profit by 45% [1][4]. - The fourth quarter of 2024 saw a revenue of 940 million (up 35.6% year-on-year) and a net profit of 70.59 million (up 183.8% year-on-year) [1][4]. - The adjustments in the pharmaceutical channel have shown effectiveness, with the pharmaceutical industry segment achieving a revenue of 2.16 billion (up 17.8% year-on-year) and a gross margin of 71.4% [2][3]. Revenue Breakdown - The company's revenue from hemorrhoid treatment products reached 1.59 billion (up 23.2% year-on-year) with a gross margin of 74% [3]. - The medical commercial segment generated 1.25 billion (up 14.8% year-on-year) with a gross margin of 8.7% [2]. - The healthcare services segment achieved a revenue of 450 million (up 30.2% year-on-year) [2]. Product Development - The company has made progress in multiple research projects, including obtaining clinical approval for a new hemorrhoid treatment and registration for eye care medications [3]. - A total of 60 health products have been developed, covering various categories such as cosmetics and medical devices, laying a solid foundation for future market expansion in the health sector [3]. Financial Forecast - The revenue projections for 2025, 2026, and 2027 are 4.21 billion, 4.73 billion, and 5.27 billion respectively, with growth rates of 13%, 12%, and 11% [4]. - Net profit forecasts for the same years are 680 million, 760 million, and 840 million, with growth rates of 29%, 12%, and 10% [4].

Group 1: Fixed Income Plus Funds Tracking - The performance of various Fixed Income Plus funds shows significant differentiation, with stock-type and mixed-type funds experiencing considerable net value fluctuations due to stock market influences, while convertible bond products exhibit more stable net value performance [1][2][14] - From a performance perspective, mixed-type and convertible bond products have increased by 0.5% and 0.48% respectively this year, outperforming stock-type products which have only increased by 0.22% [2][14] - Fixed Income Plus funds have reduced their exposure to growth styles in equity assets while increasing investments in large-cap styles, resulting in a slight overall increase in equity positions [4][21] Group 2: Pure Bond Funds Tracking - The mid-to-long-term pure bond fund index has decreased by 0.29% this year, while the short-term pure bond fund index has increased by 0.13%. In March, pure bond funds consistently increased their exposure to convexity, focusing on a barbell maturity strategy while overall duration and credit risk exposure were reduced [6][37] - The pure bond fund selection strategy has outperformed the mid-to-long-term pure bond fund index, with the selected combination showing a 0.09% excess return this year [7][48] - The risk exposure analysis indicates that pure bond funds have reduced their duration and credit exposure while increasing convexity exposure, reflecting a more risk-averse operational logic [44]

Group 1 - The total IPO financing scale in the A-share market for March 2025 was 54.08 billion yuan, a decrease of 16% month-on-month. The main board raised 16.47 billion yuan, the ChiNext raised 22.25 billion yuan, and the Sci-Tech Innovation Board raised 3.66 billion yuan [2][5][6] - A total of 10 new stocks were issued in March, representing an 11% increase month-on-month, with 3 from the main board, 5 from the ChiNext, and 1 from the Sci-Tech Innovation Board [2][6] - As of the end of March, there were 46 IPO projects approved but not yet issued across all A-share boards, with a total proposed fundraising scale of 776.9 billion yuan [11] Group 2 - The average winning rate for A/B class accounts on the main board in March was 0.0082% and 0.0070%, down 33% and 31% respectively month-on-month. For the ChiNext, the rates were 0.0117% and 0.0100%, down 49% and 52% respectively [17][22] - The average winning rate for A/B class accounts on the Sci-Tech Innovation Board in March was 0.0412% and 0.0407% [23] - The contribution of new stocks to funds with a scale of 1-2 billion yuan was +0.206%, while for those with a scale of 2-3 billion yuan, it was +0.138%. The annualized return for funds in the 8-9 billion yuan range was 0.447% [29][30] Group 3 - In March 2025, a total of 2,963 funds participated in new stock subscriptions, with a total scale of 5.9 trillion yuan. The most numerous were equity mixed funds, totaling 1,165, followed by passive index funds with 664 [31][32] - The distribution of offline subscription limits for new stocks in the past three months was primarily in the [1,2) billion yuan range across various boards [12][14]