Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see significant growth in its innovative segment, particularly with the upcoming realization of a major product for gout treatment [5][6] - The projected net profit for the company from 2025 to 2027 is estimated to be 200 million, 270 million, and 330 million RMB respectively, with year-on-year growth rates of 136.2%, 37.2%, and 22.4% [6] Financial Performance Summary - The company reported a revenue of 1.45 billion RMB in 2024, a decrease of 42.07% year-on-year, and a net loss of 540 million RMB, a decline of 392.52% year-on-year [8] - For Q1 2025, the revenue was 377 million RMB, down 39.48% year-on-year, with a net profit of 57 million RMB, a decrease of 43.70% year-on-year [8] - The company has a total market capitalization of approximately 17.7 billion RMB and a circulating market capitalization of about 16.36 billion RMB [3] Business Segments - In 2024, the children's medicine segment generated revenue of 936 million RMB, while the chronic disease medicine segment brought in 370 million RMB [8] - The company has 26 registered children's medicine products covering over 70% of childhood diseases [8] Research and Development - The company is advancing its AR882 product, which has shown promising results in reducing uric acid levels and dissolving gout stones, indicating a potential competitive edge in the market [8] - The company has received several new product registrations in the chronic disease segment, enhancing its product portfolio [8] Financial Projections - The projected revenue for 2025 is 1.82 billion RMB, with a year-on-year growth rate of 25.31% [9] - The estimated net profit for 2025 is 195 million RMB, with a significant recovery from the previous year's loss [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - Short-term profitability is under pressure, but overseas expansion opens new opportunities [6] - The company has a strong order backlog, which supports future revenue growth despite current performance challenges [8] Financial Performance - In Q1 2025, the company achieved revenue of 248.564 billion yuan, a year-on-year decrease of 6.21%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.46% year-on-year [8] - The company’s gross margin for Q1 2025 was 8.46%, a decrease of 0.13 percentage points year-on-year [8] - The company’s total uncompleted contract amount reached 7.234 trillion yuan, an increase of 5.1% compared to the end of the previous year, indicating a solid order book [8] Business Segments - Revenue from infrastructure construction, design consulting, equipment manufacturing, and real estate development for 2024 was 216.796 billion, 4.670 billion, 6.246 billion, and 6.671 billion yuan respectively, with year-on-year changes of -7.99%, -2.21%, -5.77%, and +59.48% [8] - The company signed new contracts worth 560.1 billion yuan in Q1 2025, a year-on-year decrease of 9.9%, with domestic contracts down 13.6% and overseas contracts up 33.4% [8] Profitability and Valuation - The company’s projected net profit for 2025-2027 is 28.7 billion, 29.7 billion, and 30.9 billion yuan respectively, with year-on-year growth rates of +2.88%, +3.70%, and +3.94% [8] - The current price-to-earnings ratio (P/E) is projected to be 4.78, 4.61, and 4.43 for 2025, 2026, and 2027 respectively [8]

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | 29 | | | | 2025 | 年 | 04 | | 日 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 8.91 | | | | | 一 年 / 低 | | 最 | 高 | 内 | | | | 9.12/5.19 | | | 最 | | （元） | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The domestic production of "Hewei Zhengchang Wan" is imminent, and the clinical progress of the innovative drug for vitiligo is steady [5] - The company reported a revenue of 721 million yuan for 2024, a decrease of 5.23% year-on-year, and a net profit of 108 million yuan, down 32.45% year-on-year [7] - The company expects significant improvement in profitability following the domestic launch of gastrointestinal medications [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023: 761 million yuan, 2024: 721 million yuan, 2025E: 902 million yuan, 2026E: 1,083 million yuan, 2027E: 1,296 million yuan [6] - The expected growth rates for revenue are -2.90% in 2023, -5.23% in 2024, 25.15% in 2025, 20.06% in 2026, and 19.60% in 2027 [6] - The projected net profit for 2025 is 176 million yuan, with a year-on-year growth of 62.37% [6] - The earnings per share (EPS) are forecasted to be 0.41 yuan in 2025, 0.56 yuan in 2026, and 0.71 yuan in 2027 [6] Business Segmentation - In 2024, the revenue breakdown is as follows: gastrointestinal medications: 206 million yuan (up 1.04% year-on-year), ophthalmic medications: 185 million yuan (up 0.13%), sexual health: 178 million yuan (down 20.87%), traditional Chinese medicine and external medications: 95 million yuan (down 10.03%) [7] - The company has made progress in its R&D pipeline, with the II phase clinical trial for CKBA ointment for vitiligo fully enrolled [7] - The company has received acceptance for the domestic listing application of "Hewei Zhengchang Wan" and is progressing with other innovative drugs [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company, Guoyao Yizhi, reported a revenue of 18.29 billion yuan in Q1 2025, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 330 million yuan, down 15.6% year-on-year [5] - The distribution segment's revenue in Q1 2025 was 13.59 billion yuan, a decline of 2.6% year-on-year, while the retail segment generated 4.98 billion yuan, down 7.5% year-on-year, but turned profitable compared to previous quarters [8] - The company is expected to see improvements in profitability throughout 2025, with projected net profits of 1.33 billion yuan, 1.50 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 107.1%, 12.5%, and 11.7% [8] Financial Summary - As of April 29, 2025, the company's closing price was 24.53 yuan, with a total market capitalization of 13.65 billion yuan and a circulating market capitalization of 13.48 billion yuan [3] - The company's total assets are projected to grow from 50.08 billion yuan in 2025E to 56.78 billion yuan in 2027E, while total liabilities are expected to increase from 28.07 billion yuan to 31.76 billion yuan over the same period [9] - The company's return on equity (ROE) is forecasted to improve from 3.64% in 2024 to 7.91% in 2027 [7]

证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | 月 | 29 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 22.04 | | | | 一 年 内 高 / 低 | 最 | 最 | | | | | | | 30.48/19.46 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | 16,112.89 | | | | 流通市值（百万元） | | | | | | | 15,933.44 | | | | 总股本（百万股） | | | | | | | 731.07 | | | | 资产 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has successfully expanded its product boundaries through its dual subsidiaries, with the KAYO brand gaining recognition in potential markets such as the Far East and South America [5][7] - In 2024, the company achieved a revenue of 527 million yuan, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 56.14 million yuan, up 9.43% year-on-year [6] - The company’s export revenue accounted for 90.72% of total revenue in 2024, with significant growth in the Far East market due to strategic positioning amidst geopolitical changes [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 178 million yuan, a year-on-year increase of 264.24%, and a net profit of 11.52 million yuan, up 161.79% year-on-year [6] - The company plans to distribute a cash dividend of 5.95 yuan per 10 shares, totaling 33.37 million yuan [6] Market Expansion - The company has entered over 50 countries and regions, including North America, Europe, South America, and Oceania, with KAYO becoming a leading brand for youth off-road motorcycles in several markets [6] - The company has a diversified distribution strategy to mitigate risks from tariffs and price fluctuations, enhancing its market presence [6][7] Strategic Developments - The establishment of Huari Dynamic Technology and the acquisition of Chongqing Junchi Motorcycle aim to fill market gaps and expand the product matrix, particularly in the new energy sector [6][7] - Collaborations with Zhejiang University for developing competitive off-road motorcycle models have shown substantial progress in key technology research [6] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 72 million, 91 million, and 113 million yuan, respectively, with corresponding EPS of 1.28, 1.62, and 2.02 yuan per share [6][7] - The current price-to-earnings ratios for 2025, 2026, and 2027 are estimated at 26.5, 21.0, and 16.9, respectively [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has experienced improved water conditions in 2024, leading to record high performance in Q1 2025. The revenue for 2024 was CNY 24.882 billion, a year-on-year increase of 6.05%, while the net profit attributable to shareholders was CNY 8.297 billion, up 8.63% year-on-year. In Q1 2025, the company achieved revenue of CNY 5.385 billion, a year-on-year growth of 21.84%, and a net profit of CNY 1.508 billion, reflecting a 41.56% increase year-on-year [7][5]. Financial Performance Summary - The company’s projected net profits for 2025-2027 are CNY 8.848 billion, CNY 9.042 billion, and CNY 9.274 billion respectively, with corresponding PE ratios of 19.5, 19.1, and 18.6 times [5]. - The company’s 2024 dividend policy is set at CNY 0.2 per share, with a dividend payout ratio of 43.39%, resulting in a dividend yield of 2.2% based on the stock price as of April 28, 2025 [5]. - The company’s total revenue is expected to grow from CNY 24.882 billion in 2024 to CNY 28.287 billion in 2027, with a compound annual growth rate of approximately 3.31% [8]. Operational Highlights - The company’s total installed capacity reached 31,008.5 MW by the end of 2024, with hydropower accounting for 27,305.8 MW and renewable energy for 3,702.7 MW. The completion of the Toba power station in 2024 is expected to contribute additional generation capacity [7]. - The company’s hydropower generation in 2024 was 1,120 billion kWh, a year-on-year increase of 4.62%, with significant contributions from improved water conditions in the Lancang River basin [7]. Market Context - The report emphasizes the long-term investment value of hydropower as a stable asset class in a volatile market, highlighting the market's re-evaluation of low-covariance assets like hydropower due to their stable business models and predictable performance [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) due to relatively stable performance and good cost control [4]. Core Views - The company is expected to maintain steady growth in its core business, particularly in the distribution of narcotic and psychotropic drugs, benefiting from the increasing concentration in the pharmaceutical distribution industry [6]. - The company's revenue for Q1 2025 was 12.71 billion yuan, a year-on-year increase of 4.9%, while the net profit attributable to the parent company was 460 million yuan, a slight decrease of 0.1% year-on-year [6]. - The report highlights that the company's gross margin and expense ratios have remained stable, with a gross margin of 7% in Q1 2025, down 0.1 percentage points year-on-year [6]. Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 49.696 billion yuan - 2024: 50.597 billion yuan (1.81% growth) - 2025E: 54.668 billion yuan (8.04% growth) - 2026E: 58.472 billion yuan (6.96% growth) - 2027E: 62.448 billion yuan (6.80% growth) [5]. - Net profit attributable to the parent company is projected as follows: - 2023: 2.146 billion yuan - 2024: 2.000 billion yuan (-6.80% growth) - 2025E: 2.203 billion yuan (10.14% growth) - 2026E: 2.381 billion yuan (8.08% growth) - 2027E: 2.545 billion yuan (6.91% growth) [5]. - The company's earnings per share (EPS) is expected to be: - 2023: 2.84 yuan - 2024: 2.65 yuan - 2025E: 2.92 yuan - 2026E: 3.16 yuan - 2027E: 3.37 yuan [5]. Market Performance - The company's market capitalization is approximately 21.798 billion yuan, with a circulating market value of about 15.986 billion yuan [2]. - The stock price closed at 28.89 yuan, with a one-year high of 38.00 yuan and a low of 27.12 yuan [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in plasma collection, leading to stable long-term performance [5] - The company maintains a leading position in the domestic market with a projected plasma collection volume of approximately 2,781 tons in 2024, representing a year-on-year growth of 15.15% [7] - The introduction of new products, such as the fourth-generation chromatographic immunoglobulin, is anticipated to significantly enhance profit margins [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,180 million RMB - 2024: 6,032 million RMB (growth of 16.44%) - 2025E: 6,716 million RMB (growth of 11.35%) - 2026E: 7,633 million RMB (growth of 13.65%) - 2027E: 8,627 million RMB (growth of 13.02%) [6] - Net profit forecasts are as follows: - 2023: 1,110 million RMB - 2024: 1,549 million RMB (growth of 39.58%) - 2025E: 1,626 million RMB (growth of 4.93%) - 2026E: 1,859 million RMB (growth of 14.37%) - 2027E: 2,124 million RMB (growth of 14.25%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.56 RMB - 2024: 0.78 RMB - 2025E: 0.82 RMB - 2026E: 0.94 RMB - 2027E: 1.07 RMB [6] Market Performance - The closing price of the company's stock is 19.10 RMB, with a total market capitalization of approximately 37,767.79 million RMB [3]