证券研究报告 海外 行业定期报告 hyzqdatemark 2025 年 04 月 06 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 zhengbingqian@huayuanstock.com 关税战风波未平 继续建议谨慎 投资评级： 无 ——海外科技周报（25/3/31-25/4/4） 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 证券分析师 联系人 海外 AI：本周，美国 50 位两党参议员联合提出对俄罗斯的新一轮严厉制裁法案，核心在于对从俄罗斯进口石油、 天然气与铀等资源的国家征收高达 500%的惩罚性关税，旨在迫使俄方重回和平谈判桌。我们认为该法案若正式 实施，将对全球铀产业格局产生重大影响：一方面或切断俄罗斯对美铀供应，推高美国核电运营成本，迫使其加 快供应链"去俄罗斯化"；另一方面将利好加拿大、澳大利亚、哈萨克斯坦等非俄铀供应国，同时推动美本土铀 矿企业和战略储备体系重启，全球铀价有望维持强势上行。此外，本周特朗普签 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 04 月 06 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 联系人 陈轩 投资要点： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜：美国对等关税超预期，衰退预期交易再起，铜价大幅下跌。本周美铜/伦铜/沪铜分别下跌 14.09%/9.54%/1.98%，本周特朗普对等关税落地大超市场预期，并且中国采取 34%关税反制 措施，美股和铜金油等资产价格均大幅下跌，美债上涨，各类资产价格走势显示出市场在交 易美国衰退预期，铜价大幅下跌，其中美铜溢价大幅回落。需求端，铜价回落下游 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 03 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 | 基本数据 | | | | | 年 | 04 | 月 | 03 | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 4.47 | | | | | | 一 年 内 | 最 | 高 | / | 低 | | | 5.70/3.04 | | | 最 | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 6,551.73 | | | | | | 流通市值（百万元） | | | | | ...

证券研究报告 请务必仔细阅读正文之后的评级说明和重要声明 固收专题报告 hyzqdatemark 2025 年 04 月 03 日 鉴往知来，C-REITS 初探及启示 ——REITs 系列专题报告 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 联系人 我国基础设施公募 REITs 已进入常态化发行的新阶段。2020 年 4 月，证监发〔2020〕 40 号的发布标志着我国公募 REITs 试点工作正式拉开序幕。2021 年 6 月，首批 9 支公募 REITs 上市，底层资产类型覆盖产业园区、仓储物流、生态环保和高速公路 等。随后，相关部委及部门针对发行审核、信息披露、投资准入等各方面陆续出台 REITs 相关配套政策。2024 年 7 月，发改投资〔2024〕1014 号文发布，标志着我 国公募 REITs 进入常态化发行的新阶段。 C-REITs 市场不断扩容，底层资产类型日益丰富。从 2021 年 6 月首批 9 只 C-REITs 上市以来，经过三年多的发展，截至 2025 年 3 月 26 日，全市场已有 63 只 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has abundant orders on hand, with expectations for a peak in coal and nuclear power deliveries in 2025 [3] - The company achieved a total revenue of 69.695 billion yuan in 2024, a year-on-year increase of 14.9%, while the net profit attributable to shareholders was 2.922 billion yuan, a year-on-year decrease of 17.7% [5] - The company’s order backlog reached 101.1 billion yuan, a year-on-year increase of 16.9%, ensuring future performance stability [5] Financial Performance Summary - Revenue projections for 2024-2026 are as follows: 68.593 billion yuan in 2024, 69.642 billion yuan in 2025, and 73.279 billion yuan in 2026, with growth rates of 15.15%, 1.53%, and 5.22% respectively [4][6] - The net profit attributable to shareholders is forecasted to be 2.922 billion yuan in 2024, 4.065 billion yuan in 2025, and 4.673 billion yuan in 2026, with growth rates of -17.70%, 39.10%, and 14.96% respectively [4][6] - The company’s earnings per share (EPS) are projected to be 0.94 yuan in 2024, 1.30 yuan in 2025, and 1.50 yuan in 2026 [4][6] Order and Delivery Outlook - The company aims to achieve a power generation equipment output of 73 million kilowatts in 2025, a 26% increase compared to the actual output of 58.09 million kilowatts in 2024 [5] - The clean and efficient energy equipment segment generated revenue of 28.36 billion yuan in 2024, a year-on-year increase of 37.7% [5] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 17 for 2024, 12 for 2025, and 10 for 2026 [4][6] - The company maintains a strong return on equity (ROE) forecast of 9.81% in 2025 and 10.56% in 2026 [4][6]

Investment Rating - The investment rating for the company is upgraded to "Buy" due to significant growth in main business profits despite a decline in investment income [5]. Core Insights - The report highlights that the company's main business profits have increased significantly, while investment income has decreased year-on-year. The expected net profits for 2025-2027 are projected to be 65.3 billion, 71.6 billion, and 77.4 billion RMB respectively, with corresponding PE ratios of 9, 8, and 7 times [6][9]. Financial Performance Summary - The company achieved a revenue of 112.99 billion RMB in 2024, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders was 5.703 billion RMB, an increase of 26.11% year-on-year [9]. - The average on-grid electricity price was approximately 511.7 RMB/MWh, down 1.01% year-on-year, and the total fuel cost decreased by 6.49% due to lower coal prices [9]. - The company’s coal-fired power generation hours decreased significantly, primarily due to the impact of renewable energy and electricity demand [9]. Profit Forecast and Valuation - The forecasted operating income for 2025 is 106.639 billion RMB, with a projected net profit of 6.529 billion RMB, reflecting a growth rate of 14.48% [8]. - The report suggests that the company’s stock is currently undervalued, and if coal prices continue to decline, there is potential for greater earnings elasticity [6][9]. Dividend Information - The company plans to distribute a cash dividend of 0.21 RMB per share for 2024, with a payout ratio of approximately 45.7% [9].

证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 02 日 | 基本数据 | | 2025 | | 年 04 | | | 日 | 月 02 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 100.35 | | | | | | | 年 内 最 高 最 低 | / | | 131.50/58.18 | | | 一 | | | | （元） | | | | | ...

Investment Rating - The investment rating for China General Nuclear Power Corporation is "Buy" (maintained) [4] Core Views - The company's performance was below expectations, with the Daya Bay unit completing capacity expansion [4] - The company reported a revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, a year-on-year increase of 0.83% [6] - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, corresponding to a dividend payout ratio of 44.36% [6] Financial Summary - Revenue projections for the upcoming years are as follows: 87.604 billion yuan in 2025, 90.547 billion yuan in 2026, and 95.866 billion yuan in 2027, with growth rates of 0.92%, 3.36%, and 5.87% respectively [5] - Net profit attributable to shareholders is projected to be 10.823 billion yuan in 2025, 11.299 billion yuan in 2026, and 11.999 billion yuan in 2027, with growth rates of 0.09%, 4.39%, and 6.20% respectively [5] - The company has 16 units under construction, ensuring long-term growth in installed capacity [6] Operational Highlights - The Daya Bay nuclear power plant has increased its capacity by 42,000 kilowatts, which may enhance profitability if it can increase electricity supply to Hong Kong [6] - The average selling price of nuclear power in 2024 was 0.4162 yuan per kilowatt-hour, a decrease of 0.0785 yuan compared to 2023 [6] - The company managed to achieve an on-grid electricity generation of 227.284 billion kilowatt-hours in 2024, a year-on-year increase of 6.13% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The manufacturing sector's profit has turned positive, and there is optimism regarding the continued recovery of profitability [5] - The company achieved a revenue of 56.699 billion RMB in 2024, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.86 billion RMB, up 39.8% year-on-year [7] - The company maintains its leading market share in the global wind power equipment sector, with a sales capacity of 16.05 GW, a year-on-year increase of 16.6% [7] - The average selling price of wind power equipment has slightly increased, with a sales price of 2,425 RMB/kW, up 33 RMB/kW year-on-year [7] - The company expects net profits for 2025-2027 to be 2.58 billion, 3.33 billion, and 3.88 billion RMB respectively, with growth rates of 38.4%, 29.2%, and 16.5% [7] Financial Summary - The company's total market capitalization is approximately 20.914 billion HKD, with a closing price of 4.95 HKD [3] - The company's debt-to-asset ratio stands at 73.96% [3] - The projected revenue for 2025 is 72.661 billion RMB, with a year-on-year growth rate of 28.6% [6] - The projected net profit for 2025 is 2.575 billion RMB, with a year-on-year growth rate of 38.4% [6] - The company’s return on equity (ROE) is expected to improve from 3.5% in 2023 to 7.9% in 2027 [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported impressive performance in 2024, with revenue reaching 8.51 billion RMB, a year-on-year increase of 167.5%, and net profit of 1.47 billion RMB, up 253.9% [7] - The significant growth in net profit is attributed to three main factors: the expanding brand influence leading to substantial revenue growth from existing stores, continuous product optimization and innovation, and the addition of 7 new stores along with the optimization of 4 existing stores [7] - The company achieved the highest average revenue and sales efficiency among domestic jewelry brands in individual shopping malls, with same-store revenue growth exceeding 120.9% in 2024 [7] - The company has demonstrated superior channel expansion capabilities, opening 36 self-operated stores across 15 cities, including 7 new stores and optimizing 4 existing ones [7] - Profitability has significantly improved, with gross margin and net margin increasing to 41.2% and 17.3%, respectively, while the expense ratios for sales, management, and R&D have all been optimized [7] Financial Forecasts - Revenue projections for the company are as follows: 19.59 billion RMB in 2025, 28.40 billion RMB in 2026, and 36.92 billion RMB in 2027, with growth rates of 130.3%, 45.0%, and 30.0% respectively [6][8] - Net profit forecasts are 3.50 billion RMB for 2025, 5.30 billion RMB for 2026, and 7.19 billion RMB for 2027, with year-on-year growth rates of 137.4%, 51.7%, and 35.6% respectively [6][8] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, decreasing to 36.1% by 2027 [6][8]