Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profitability is steadily improving, with rapid growth in testing and home products [5] - The company focuses on in vitro diagnostics, treatment, and rehabilitation, with significant revenue growth in testing reagents [6] - The company has a competitive advantage in the IVD sector and is experiencing rapid growth in its treatment and rehabilitation business [6] Financial Performance Summary - For 2024, the company achieved revenue of 1.148 billion yuan, a year-on-year increase of 0.20%, and a net profit attributable to shareholders of 345 million yuan, up 5.12% year-on-year [6] - The company expects revenues of 1.322 billion yuan in 2025, with a year-on-year growth rate of 15.14% [5] - The gross margin for 2024 was 67.21%, an increase of 4.21 percentage points year-on-year, while the net margin was 29.87%, up 1.29 percentage points year-on-year [6] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are 13.22 billion yuan, 15.20 billion yuan, and 17.44 billion yuan, with respective growth rates of 15.14%, 14.99%, and 14.74% [5] - Net profit forecasts for the same period are 396 million yuan, 455 million yuan, and 525 million yuan, with growth rates of 14.57%, 15.05%, and 15.30% [5] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 15x, 13x, and 11x respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to strong performance growth and continuous release of high-end product capacity [5]. Core Views - The company, 聚灿光电, reported a revenue of 731 million yuan in Q1 2025, representing a year-on-year growth of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [7]. - The company is transitioning to a full-spectrum LED chip supplier, with a focus on high-brightness, low-power, and long-lifespan red and yellow LED chips, which are expected to enhance its product offerings in high-end applications [7]. - The company is optimizing its product structure to target high-margin segments, particularly in Mini/Micro LED technology, which is anticipated to support premium pricing in the backlight and display chip markets [7]. - The company has maintained a stable operating expense ratio, with significant improvements in cash flow, achieving a net cash flow from operating activities of 176 million yuan, a year-on-year increase of 666.02% [7]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: 2,760 million yuan in 2024, 3,342 million yuan in 2025, and 3,749 million yuan in 2026, with corresponding year-on-year growth rates of 11.23%, 21.10%, and 12.20% respectively [6]. - The net profit attributable to shareholders is expected to reach 305 million yuan in 2025, reflecting a year-on-year growth of 56.04% [6]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 24.37 for 2025, 21.39 for 2026, and 18.55 for 2027, indicating a favorable valuation trend [6].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of domestic circulation as a more controllable option for China, suggesting that the focus should be on domestic demand and infrastructure investment as a response to the uncertainties brought by the "reciprocal tariffs" initiated by the U.S. [5][6] - The high-purity quartz sector is highlighted as a leading area, with domestic companies expected to benefit from the potential increase in import costs due to tariffs, making long-term domestic substitution promising [5][6] Summary by Sections 1. Sector Tracking - The construction materials index decreased by 2.4% while the overall market indices saw declines of 3.1% to 6.7% [9] - Notable stock performances included a 29.0% increase for Zhongqi New Materials and a 19.9% decrease for Jingxue Energy Saving [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement is 396.3 yuan/ton, a decrease of 0.8 yuan/ton week-on-week, but an increase of 39.2 yuan/ton year-on-year [15] - The national cement inventory ratio is 60.2%, up 3.3 percentage points week-on-week [15] 2.2 Float Glass - The average price of 5mm float glass is 1413.0 yuan/ton, with a slight increase of 6.3 yuan/ton week-on-week [33] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 14.3 yuan/square meter, remaining stable week-on-week [38] 2.4 Glass Fiber - The average price for non-alkali glass fiber yarn is 4745.0 yuan/ton, unchanged week-on-week [45] 2.5 Carbon Fiber - The average price for large tow carbon fiber is 72.5 yuan/kg, stable week-on-week [49] 3. Industry Dynamics - The report discusses the ongoing tariff disputes initiated by the U.S. and their implications for the construction materials sector, highlighting the potential for increased domestic production and substitution [14] - The discovery of high-purity quartz mines in China is noted as a significant development that could reduce reliance on imports [14]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 04 月 14 日 3 月金融数据亮眼 ——2025 年 3 月金融数据点评 投资要点： 事件：4 月 13 日下午央行披露了 2025 年 3 月金融数据：新增贷款 3.64 万亿元，社融 5.89 万亿元。3 月末，M2 达 326.06 万亿，YoY+7.0%；M1 YoY +1.6%；社融增速 8.4%。 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 3 月新增贷款 3.64 万亿，同比明显多增。3 月下旬，1M 转贴现明显走高，反映当月 信贷投放情况较好。一般而言，一季度的 1 及 3 月是信贷投放大月，2 月是信贷小 月。3 月新增贷款同比多增，一方面是信贷需求小幅改善，另外一方面，也有银行 3 月冲刺信贷的影响。存量按揭利率低及股市平稳缓解提前还贷压力，一二线城市二 手房成交活跃，按揭贷款需求阶段性好转。3 月个贷+9853 亿，其中，个贷短贷+4841 亿，个人中长期贷款+5047 亿，均较好。3 月对公短 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 04 月 14 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com "提振消费"是 2025 年国家重要任务，关注北交所特色消费产业链标的 ——北交所消费服务产业跟踪第十一期（20250413） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年我国针对"提振消费，优化消费环境"密集出台一系列政策。2025 年 4 月 7 日，商务部、国家 卫生健康委等 12 部门印发《促进健康消费专项行动方案》，旨在培育和发展健康消费领域新质生产力， 提升健康商品和服务供给质量，更好满足人民美好生活需要。2025 年 3 月 16 日，中共中央办公厅、国 务院办公厅印发《提振消费专项行动方案》，旨在大力提振消费，全方位扩大国内需求，以增收减负提 升消费能力，以高质量供给创造有效需求，以优化消费环境增强消费意愿，针对性解决制约消费的突出 矛盾问题。2025 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 1.076 billion yuan for 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 277 million yuan, reflecting a year-on-year increase of 12.8%, meeting expectations [5] - The company plans to distribute a cash dividend of 0.38 yuan per share, totaling approximately 136 million yuan, with a full-year dividend of 277 million yuan, achieving a dividend payout ratio of 100%, exceeding the promised 70% [5] - The electric power instrument business saw significant growth, with revenue reaching 157 million yuan, a year-on-year increase of 134%, and a gross margin improvement to 56.4%, up 14.7 percentage points [6] - The environmental protection business faced challenges, with revenue from operation services declining by 10% to 240 million yuan and revenue from intelligent instruments dropping by 57% to 68 million yuan [6] - The company has committed to a dividend payout ratio of no less than 70% for 2024-2026, with the actual payout for 2024 being 100% [7] - The company has repurchased shares worth 80 million yuan as of April 1, 2025, with a maximum potential repurchase amount of 100 million yuan [7] - The forecasted net profit for 2025-2027 is 354 million, 426 million, and 476 million yuan, with growth rates of 28%, 20%, and 12% respectively [7] Financial Summary - The company achieved a total revenue of 1.077 billion yuan in 2024, with a projected increase to 1.308 billion yuan in 2025, representing a growth rate of 21.47% [8] - The net profit for 2024 is projected at 277 million yuan, with expected growth to 354 million yuan in 2025, reflecting a growth rate of 27.63% [8] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, increasing to 0.93 yuan in 2025 [8] - The return on equity (ROE) is expected to rise from 9.27% in 2024 to 11.32% in 2025 [9]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of escalating tariffs on trade flows, particularly benefiting transshipment trade between Asia and Latin America. The report suggests focusing on shipping and port-related stocks due to the significant tariff increases imposed by the U.S. on Chinese imports [5] - The Shanghai Export Container Freight Index reported a slight increase of 0.1% week-on-week, indicating a mixed trend in shipping rates across different routes [6] - The report notes a decline in bulk shipping rates, with the Baltic Dry Index (BDI) dropping by 15.5% week-on-week, reflecting weaker demand in the dry bulk market [7] - The express delivery sector continues to show robust growth, with a projected year-on-year increase of 18% in March 2025, driven by seasonal demand and expanding service offerings [8] - The aviation sector is expected to benefit from macroeconomic recovery, with a significant increase in domestic flight operations and passenger numbers in the first quarter of 2025 [9][11] Summary by Sections Shipping and Maritime - The report indicates a tight supply in the oil tanker segment due to limited new orders and an aging fleet, with expectations of sustained demand growth driven by geopolitical factors [11] - The report emphasizes the ongoing green transition in shipping, with a focus on the need for fleet renewal and the potential for rising ship prices due to limited newbuilding capacity [11] Express Delivery - The express delivery market is experiencing strong demand, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [11] - The report identifies key players in the express delivery sector, including ZTO Express, YTO Express, and Shentong Express, highlighting their growth potential and market positioning [11] Aviation - The aviation sector is witnessing a significant rebound in passenger traffic, with a 2.1-fold increase in domestic flight operations in the first quarter of 2025 compared to the previous year [9][11] - The report notes the introduction of a new tax refund policy for international travelers, which is expected to enhance consumer spending and boost airport revenues [9] Logistics - The logistics sector is showing signs of improvement, with companies like Debon Logistics and Aneng Logistics benefiting from strategic transformations and operational efficiencies [11] - The report highlights the potential for growth in chemical logistics, driven by increasing demand and tightening industry regulations [11]

证券研究报告 ——信用分析周报（2025/4/7-2025/4/11） 投资要点： 3）负面舆情：南京世茂房地产开发有限公司所发行"H 希尔 01"隐含评级调低； 深圳市中装建设集团股份有限公司主体评级调低，其所发行的"中装转 2"债项评级 调低。 本周市场分析：本周资金面整体仍偏紧，公开市场共有 7634 亿元逆回购到期，共有 1500 亿元国库现金定存到期，央行累计开展 4742 亿元逆回购操作，实现全周净回 笼 4392 亿元。本周市场避险情绪不减，交易量和换手率较上周显著抬升。目前，加 征关税的最终结局仍难以预料，但进一步加征对债市的边际影响减弱。我们认为， 10 年期国债 1.65%定价了约 30BP 的降息预期，年内 10Y 国债收益率仍可能回到 1.7%上方。 投资建议：总体来看，本周各行业信用利差整体以压缩为主。城投债方面，本周 3-5Y 城投信用利差仍倒挂长端利差，处于期限结构凸点，且 3-5Y 信用利差处于较高历史 分位，建议可选取发达地区的优质城投主体，锁定票息资产并博取资本利得。产业 债方面，本周产业债信用利差较上周五整体走扩，且弱资质走扩幅度显著高于高评 级主体，建议关注期限结构上利 ...

证券研究报告 电力设备 | 电网设备 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 13 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： | 基本数据 | | | | | 2025 | 年 | 04 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 14.40 | | | 一 年 内 低 | 最 | 高 | / | 最 | | | | 22.83/13.17 | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | 12,905.65 | | | 流通市值（百万元） | | | | | | | | 12,90 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to benefit from high industry prosperity, leading to performance growth, with expectations for new customers and production capacity remaining strong [4] - The company achieved a revenue of 24.006 billion RMB in 2024, representing a year-on-year growth of 19.35%, and a net profit of 3.840 billion RMB, up 20.00% year-on-year [6] - The company’s core business remains in sports and leisure shoes, with revenue from this segment reaching 20.991 billion RMB, a year-on-year increase of 17.88% [6] Financial Summary - Revenue Forecast: - 2023: 20.114 billion RMB - 2024: 24.006 billion RMB (19.35% YoY growth) - 2025E: 27.664 billion RMB (15.24% YoY growth) - 2026E: 31.734 billion RMB (14.71% YoY growth) - 2027E: 36.258 billion RMB (14.25% YoY growth) [5] - Net Profit Forecast: - 2023: 3.200 billion RMB - 2024: 3.840 billion RMB (20.00% YoY growth) - 2025E: 4.355 billion RMB (13.40% YoY growth) - 2026E: 4.959 billion RMB (13.87% YoY growth) - 2027E: 5.731 billion RMB (15.58% YoY growth) [5] - Earnings Per Share (EPS): - 2023: 2.74 RMB - 2024: 3.29 RMB - 2025E: 3.73 RMB - 2026E: 4.25 RMB - 2027E: 4.91 RMB [5] - Return on Equity (ROE): - 2023: 21.18% - 2024: 22.03% - 2025E: 21.22% - 2026E: 20.63% - 2027E: 20.39% [5] Market Performance - The company sold 223 million pairs of sports shoes in 2024, a year-on-year increase of 17.53%, with a production capacity of 229 million pairs, up 3.32% year-on-year [6] - The company’s production capacity utilization rate reached 96.72% in 2024, an increase of approximately 10 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 23 RMB per 10 shares for the 2024 fiscal year, with an expected payout ratio of about 70% of net profit [6]