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]

投资要点： 资料来源：聚源，华源证券研究所，截至2025年04月01日 华源晨会精粹 固定收益 制造业扩张加快——2025 年 3 月 PMI 点评：3 月 PMI 扩张速度加快，环 比上升 0.3pct 至 50.5%。春节因素影响逐步消退，价格指数略有回落，中小型企业 景气水平明显回升。整体而言，一季度我国经济平稳起步。3 月制造业 PMI 指数在 扩张区间上行，服务业商务活动指数和建筑业商务活动指数均回暖，或因增量政策 和季节性回升的双重作用。供需两端持续回暖，但价格指数回落或表明利润持续被 抑制，居民消费依旧有待改善。2 月起美国对我国持续加征关税，对美出口或影响。 综合来看，25Q1 经济延续 24Q4 以来的企稳态势，二季度需关注消费复苏情况及美 国关税的影响，国内需求和价格的改善仍需观察。2025Q1 债市明显调整，Q2 可能 震荡。债牛不再，每涨卖机。 证券研究报告 晨会 hyzqdatemark 2025 年 04 月 02 日 风险提示：财政大幅发力，导致债市调整；理财及债基等监管政策可能超预期，带 来债市扰动；股市可能大幅走强，对债市情绪有冲击等。 新消费 李宁(02331.HK)点评： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in core products in 2024, with new drugs potentially providing flexibility in revenue generation [5][7] - The company reported a total revenue of 9.108 billion RMB in 2024, representing a year-on-year growth of 16.5%, with drug sales contributing 8.928 billion RMB, also up by 16.8% [7] - The net profit attributable to shareholders reached 2.09 billion RMB, marking a significant increase of 34.9% year-on-year [7] - Key products such as Tevizo and Mandi are experiencing robust growth, with Tevizo sales projected at 5.06 billion RMB in 2024, reflecting a 20.4% increase [7] - The company has a promising pipeline of innovative drugs, including the PD1/VEGF dual antibody, which shows potential for high returns from overseas markets [7] Financial Summary - Revenue projections for the company are as follows: 10.102 billion RMB in 2025, 11.164 billion RMB in 2026, and 12.430 billion RMB in 2027, with growth rates of 10.9%, 10.5%, and 11.3% respectively [6][8] - The net profit attributable to shareholders is forecasted to be 2.343 billion RMB in 2025, with a growth rate of 12.1% [6][8] - The company's price-to-earnings ratio (P/E) is projected to be 12.42 in 2025, decreasing to 9.68 by 2027 [6][8] - The company aims for a target market value of 40 billion RMB, supported by steady growth in core business and innovative products [7]

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 01 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 03 | 31 日 | | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 9.25 | | | | | 一 年 内 最 低 | 最 | 高 | | | 10.74/7.91 | / | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 26,054.88 | | | | | 流通市值（百万元） | | | | | 24,208.77 | | | | | 总股本（百万股） | | | | ...

hyzqdatemark 2025 年 04 月 01 日 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 方皓 fanghao@huayuanstock.com 市场表现： 证券研究报告 国防军工 | 航空装备Ⅱ 非金融|首次覆盖报告 | 基本数据 | | | 年 | 03 | | | 日 | | 2025 | 月 | 31 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 46.35 | | | | | | | 一 年 内 / 最 低 | 最 | 高 | | | 55.70/32.11 | | | | | | ...

市场表现： 证券研究报告 汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2025 年 04 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com | 基本数据 | | | 年 | 03 | 28 | 日 | 2025 | 月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 17.27 | | | 一 年 内 最 | 最 | 高 | | | | | | | | 25.45/9.17 | 低 | | （元） | | | | | | | | | | | | | | | | | | | | | | 2,053.92 | | | | 流通市值（百万元） | | | | | | | | | | 898.60 | | | 总股本（百万股） | | | | | | | | ...

证券研究报告 固收点评报告 hyzqdatemark 2025 年 04 月 01 日 制造业扩张加快 ——2025 年 3 月 PMI 点评 投资要点： 联系人 3 月 PMI 扩张速度加快。3 月制造业 PMI 环比上升 0.3pct 至 50.5%。春节因素影响 逐步消退，价格指数略有回落，中小型企业景气水平明显回升。3 月制造业 PMI 多 数分项指标环比回升，年后恢复持续好于上年同期。3 月非制造业商务活动指数为 50.8%，环比上升 0.4pct。3 月服务业商务活动指数和建筑业商务活动指数分别为 50.3%和 53.4%，较上月分别上升 0.3pct 和 0.7pct。3 月综合 PMI 产出指数为 51.4%， 较上月上升 0.3pct，持续位于扩张区间，整体而言 3 月企业生产经营活动进一步改 善。 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 3 月制造业 PMI 回升，供需两端改善，价格指数回落。3 月制造业 PMI 中的生产指 数和新订单指数分别为 52.6%和 51.8% ...

查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 联系人 证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 04 月 01 日 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 28 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.98 | | | 一年内最高/最低（港 | | | | 8.30/5.12 | | | 元） | | | | | | | 总市值（百万港元） | | | | 49,991.70 | | | 流通市值（百万港元） | | | | 19,840.93 | | | 资产负债率（%） | | | | 66.66 | | | 资料来源：聚源数据 | | | | | | 龙源电力(00916.HK) 投资评级 ...

证券研究报告 晨会 hyzqdatemark 2025 年 04 月 01 日 投资要点： 风险提示：新电影上线表现不及预期、新技术发展不及预期、行业竞争加剧、新产 品研发上线及表现不及预期。 | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,335.75 | -0.46% | 2.24% | | 创业板指 | 2,103.70 | -1.15% | 2.10% | | 沪深 300 | 3,887.31 | -0.71% | 1.75% | | 中证 1000 | 6,226.65 | -0.66% | 7.41% | | 科创 50 | 1,022.71 | -0.66% | 7.05% | | 北证 50 | 1,271.14 | -2.71% | 24.64% | 资料来源：聚源，华源证券研究所，截至2025年03月31日 华源晨会精粹 固定收益 利差继续收敛，关注结构性机会——信用分析周报：本周资金面延续上周 整体宽松态势，虽短期市场交易情绪有所回落，但市场热情不减，信用债收益率本 周整体下行，利差继续小幅收窄 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is experiencing significant growth in the honeycomb core material sector, with a year-on-year increase of over 50%, establishing a dual platform of "technological moat + innovation incubator" [5] - The company is accelerating domestic substitution in its core business, with a forward-looking layout in flash-spun non-woven fabrics, RO membrane substrates, and wet multifunctional materials, which are expected to contribute to a second growth curve [6] - The company has increased its R&D expenditure to 27.02 million yuan in 2024, accounting for 6.6% of revenue, reflecting a year-on-year increase of 35% [6] - The company aims to become a global leader in high-performance functional paper-based materials through the development of new products [6] Financial Performance - In 2024, the company achieved an operating income of 408 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 101 million yuan, up 23% year-on-year [7] - The company’s revenue from aramid paper reached 397 million yuan in 2024, with a year-on-year growth of 17% [7] - The company’s gross margin improved by 4.93 percentage points to 39% due to business structure optimization [7] - The projected net profits for 2025, 2026, and 2027 are 130 million yuan, 169 million yuan, and 209 million yuan, respectively, with corresponding EPS of 0.89 yuan, 1.16 yuan, and 1.43 yuan per share [8] Market Position - The company has successfully broken DuPont's global monopoly in aramid paper, becoming the first domestic manufacturer with a market share of 1st in China and 2nd globally [7] - The company’s products are widely used in aerospace, rail transportation, and new energy vehicles, with significant growth expected in these sectors [7] - The honeycomb core material sector is projected to grow over 50% year-on-year, driven by demand in new energy vehicles and electrical insulation applications [7]