Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Views - The company is positioned to enter a significant growth phase in the civil explosives sector, driven by recent structural changes and acquisitions [7] - The Xinjiang region, where the company operates, is experiencing robust demand for civil explosives, with production value and industrial explosive output expected to grow significantly [8] - The company has a strong competitive advantage in the region, benefiting from favorable supply-demand dynamics and expected increases in explosive demand [8] Financial Summary - The company's total market capitalization is approximately 9,645.23 million yuan, with a circulating market value of 8,766.68 million yuan [4] - The company’s total share capital is 1,071.69 million shares, with a debt-to-asset ratio of 28.57% and a net asset value per share of 4.52 yuan [4] - Revenue projections for 2024-2026 are 6,255 million yuan, 6,694 million yuan, and 7,516 million yuan respectively, with corresponding net profits of 736 million yuan, 794 million yuan, and 936 million yuan [10][11] - The company is expected to achieve a compound annual growth rate (CAGR) of 24.60% in production value by 2024, ranking first nationally in the civil explosives sector [8] Market Performance - The company has historically lagged in capacity expansion but is now poised for significant growth following the acquisition by Guangdong Hongda, which plans to inject all civil explosive assets into the company within five years [11] - The company’s chemical business, which includes the production of ammonium nitrate, is expected to support its explosive business and enhance profitability [11] - The projected price recovery in the chemical market could lead to substantial earnings potential for the company [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance met expectations, with insurance capital gaining a board seat, indicating recognition of the company's long-term value by state-owned insurance capital [5][7] - The company reported a revenue of 12.576 billion RMB for 2024, a decrease of 1.77% year-on-year, and a net profit of 2.378 billion RMB, down 13.63% year-on-year, aligning with previous expectations [7] - The company plans to distribute a total dividend of 0.09 RMB per share for 2024, which represents 52% of the total distributable profit [7] Financial Performance Summary - Revenue Forecasts: - 2023: 12,802 million RMB - 2024: 12,576 million RMB (down 1.8%) - 2025E: 14,304 million RMB (up 13.7%) - 2026E: 15,085 million RMB (up 5.5%) - 2027E: 15,793 million RMB (up 4.7%) [6][8] - Net Profit Forecasts: - 2023: 2,753 million RMB - 2024: 2,378 million RMB (down 13.6%) - 2025E: 3,006 million RMB (up 26.4%) - 2026E: 3,145 million RMB (up 4.6%) - 2027E: 3,209 million RMB (up 2.0%) [6][8] - Earnings Per Share (EPS): - 2023: 0.31 RMB - 2024: 0.26 RMB - 2025E: 0.35 RMB - 2026E: 0.37 RMB - 2027E: 0.38 RMB [6][8] - Return on Equity (ROE): - 2023: 8.59% - 2024: 7.16% - 2025E: 8.56% - 2026E: 8.47% - 2027E: 8.81% [6][8] - Price-to-Earnings Ratio (P/E): - 2025E: 6.9 - 2026E: 6.6 - 2027E: 6.4 [6][8] Operational Highlights - The company experienced a decline in wind power generation due to weaker wind resources and market-driven electricity price reductions, with a reported wind power generation of 28.65 billion kWh in 2024, down 1.83% from 2023 [7] - The company added 3.43 GW of new capacity in 2024, a significant increase from 1.23 GW in 2023, with total installed capacity reaching 18.85 million kW [7] - The company has receivables exceeding 20 billion RMB, primarily from subsidies, which is approximately 1.4 times its current market value [7]

Group 1: Market Overview - The 2024 Chinese consumer electronics market size increased from 1,658.7 billion CNY in 2018 to 1,977.2 billion CNY[11] - In 2024, the total retail sales of consumer goods reached 4,878.95 billion CNY, a year-on-year growth of 3.5%[12] - In January and February 2025, the total retail sales of consumer goods amounted to 837.31 billion CNY, with a year-on-year increase of 4.0%[15] Group 2: Industry Performance - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service sector decreased from 42.1X to 41.8X[23] - The total market capitalization of the North Exchange's consumer service sector rose from 85.801 billion CNY to 89.013 billion CNY, with the median market capitalization increasing from 1.794 billion CNY to 1.840 billion CNY[26] - The median P/E ratio for the food, beverage, and agriculture sector increased by 4.77% to 34.4X[32] Group 3: Notable Companies and Trends - The top five companies with the highest stock price increases included Yizhi Moyu (+18.46%), Dayu Biological (+14.69%), and Qudongli (+12.27%)[22] - The North Exchange includes 26 companies in the consumer electronics industry, covering various segments such as batteries, glass materials, and integrated circuits[19] - Taipeng Intelligent plans to invest an additional 150 million THB in its Thai subsidiary for land, equipment, and working capital needs[39]

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 03 月 30 日 投资评级： 看好（维持） 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 李冉 liran02@huayuanstock.com 生猪标肥价差继续收窄，关注美国农 业部种植面积报告 ——农林牧渔行业周报（20250324-20250328） 投资要点： 生猪：标肥价差收窄，肥猪供应压力或显现。 联系人 标肥价差收窄，肥猪供应压力或显现。本周涌益数据最新猪价 14.59 元/kg，出栏均 重增至 128.64kg，15Kg 仔猪涨至 647 元/头，175kg 标肥价差为 0.5 元/kg。短期看， 市场对后市价格及肥标价差持续强势预期不足，加之饲料原料涨价拉升增重成本， 二育群体出栏意愿增强，延后的供应压力开始显现，猪价或有下行压力；中长期看 全年总体供给偏多，猪价弱势 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 03 月 30 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 陈轩 chenxuan01@huayuanstock.com 板块表现： 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：供给端扰动频发，铜价高位运行。本周美铜/伦铜/沪铜分别上涨 0.08%/-0.45%/-0.20%， 本周铜价在供给端扰动下冲高回落。供给端，据 smm，嘉能可暂停智利 Altonorte 冶炼厂运营 ， 并启动不可抗力条款，Altonorte 工厂的年产铜约 35 万吨，受此催化影响，沪铜 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][36][48] Core Views - The pharmaceutical sector is experiencing a significant transformation with a focus on innovation, commercialization, and business development opportunities. The performance of innovative drug companies has exceeded market expectations, indicating a shift towards a commercial phase for Chinese innovative drugs [3][9][19] - The report highlights the robust growth in revenue and profits for traditional pharmaceutical companies, particularly for firms like Hansoh Pharmaceutical and China Biologic Products, which have shown double-digit growth in both revenue and profit [10][12][13] - The report emphasizes the importance of overseas market expansion for Chinese pharmaceutical companies, as they increasingly become a source of innovation for multinational corporations [17][39] Summary by Sections Market Performance - The pharmaceutical index rose by 0.98% from March 24 to March 28, outperforming the CSI 300 index by 0.97% [6][19] - A total of 236 stocks in the sector increased in value, while 244 stocks decreased, with notable gainers including Yihua Jiaye (+29%) and Rundu Shares (+22%) [19][20] Company Performance - Hansoh Pharmaceutical reported a total revenue of 12.26 billion CNY, a year-on-year increase of 21.3%, with net profit rising by 33.4% [11] - China Biologic Products achieved a revenue of 28.87 billion CNY, reflecting a 10.2% growth, with innovative products contributing significantly to this growth [12] - Innovators like BeiGene and Innovent Biologics have turned losses into profits, indicating a positive trend in the biopharmaceutical sector [9][10] Investment Opportunities - The report suggests focusing on innovative drugs and medical devices, particularly those with potential for overseas licensing and commercialization [36][39] - Key companies to watch include Hansoh Pharmaceutical, China Biologic Products, and innovative drug firms like Kintor Pharmaceutical and Zai Lab [36][40] - The report also highlights the growing demand driven by an aging population and the increasing importance of AI in the pharmaceutical sector [36][39] Valuation and Market Trends - The overall PE valuation for the pharmaceutical sector is currently at 31.27X, indicating a relatively low historical position, suggesting potential for valuation recovery [29][36] - The report notes that the pharmaceutical sector has shown resilience despite recent policy changes and market challenges, with expectations for a rebound in 2025 [36][37]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a projected revenue growth for the company, with expected revenues increasing from 25,799 million RMB in 2024 to 30,229 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.19% [5] - The net profit attributable to the parent company is forecasted to grow significantly, from 5,107 million RMB in 2024 to 7,993 million RMB in 2027, indicating a robust growth trajectory with a peak growth rate of 26.03% in 2025 [5] - The report emphasizes the company's improving profitability metrics, with the return on equity (ROE) projected to reach 15.40% by 2026, showcasing enhanced operational efficiency [5] Financial Summary - The company's total market capitalization is reported at 51,957.48 million RMB, with a closing price of 6.38 RMB per share [3] - The company's total assets are expected to grow from 70,619 million RMB in 2024 to 83,003 million RMB by 2027, indicating a solid asset base for future operations [7] - The debt-to-asset ratio stands at 42.16%, reflecting a moderate level of financial leverage [3] - Earnings per share (EPS) is projected to increase from 0.63 RMB in 2024 to 0.98 RMB in 2027, demonstrating strong earnings growth potential [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The new revision of the "No. 3 Guideline" adds requirements for the verification and information disclosure of the issuer's trading business, which helps to eliminate "financing trade" and guide funds to flow into effective areas of the real economy [2]. - The new revision adds information disclosure requirements for urban investment indicators, which may further strengthen the boundary of subject nature identification and help issuers re - position themselves [2]. - The new revision pays more attention to the issuer's solvency. By setting relevant indicators, it restricts the bond financing of entities with poor asset liquidity, heavy interest - payment burdens, and diversified businesses, which is conducive to the clearance of weak platforms in the capital market [2]. - The new revision broadens the verification scope of intermediary institutions and refines their verification responsibilities, which helps to strengthen the "gatekeeper" role of intermediary institutions and improve the verification quality [2][3]. 3. Summary According to the Directory 3.1 Newly Added Provisions in 2025 - For issuers with inventory and receivables accounting for more than 70% of total assets, they should disclose relevant information and be cautious in determining bond issuance plans [5]. - Issuers with trading business meeting certain conditions should disclose details about the trading business, and underwriters should conduct necessary verifications [5]. - Issuers with EBITDA less than the annual interest of all interest - bearing debts at the end of the reporting period should disclose relevant information and formulate debt - repayment measures, and be cautious in determining bond issuance plans [6]. - Local state - owned enterprises involved in urban construction should disclose information about asset composition, revenue, and profit composition, and evaluate their solvency and be cautious in determining bond issuance plans [6][7]. - For issuers with government - related receivables accounting for more than 30% of net assets, they should disclose relevant information and be cautious in determining bond issuance plans [7]. - Issuers with diversified businesses should explain the synergy of business segments and its impact on profitability and solvency [8]. - Overseas - registered enterprises with main operations in China should disclose relevant information, and underwriters should evaluate their operating capabilities and the rationality of bond issuance plans [8]. - Underwriters and lawyers should verify whether intermediary institutions and related personnel have bribed in the past three years [9]. - Underwriters should verify and compare important information of relevant entities in the application documents with publicly disclosed information [9]. - Underwriters should comment on the impact of relevant entities' illegal or default situations on the issuer's operations and solvency [9]. 3.2 Revised Provisions in 2025 - The scope of disclosure of illegal and default situations of the issuer and its related parties is expanded, and more attention is paid to bribery situations [14]. - When the issuer has an inter - guarantee situation, it should disclose relevant information, and underwriters should evaluate the cross - conduction risk of debt [16]. - The requirements for the issuer to optimize the debt structure and determine the bond issuance plan are refined [16][17]. - The requirements for the issuer to maintain a reasonable debt - term structure are refined, and the disclosure requirements for short - term debt situations are increased [17]. - For the issuer's special accounting treatment, more detailed disclosure and verification requirements are added [18]. - For the issuer's abnormal financial indicators such as "high deposits and high loans", detailed disclosure and verification requirements are added [18]. - For the issuer's bond investment projects, more detailed requirements for income disclosure and project compliance verification are added [18][21]. 3.3 Deleted Provisions in 2025 - The provisions on the conditions for urban construction enterprises to issue bonds and the requirements for repaying non - bond存量 debts are deleted [24]. - The provisions on the issuer's government - related receivables accounting for more than 50% of net assets and the corresponding requirements are deleted [24].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown impressive performance in 2024, with strong growth in high-end cosmetics, indicating that domestic brands are becoming increasingly competitive [4][7] - The company is expanding its high-end retail channels and has successfully entered several prestigious department stores, enhancing its market presence [7] - The product portfolio has been significantly enriched, with over 100 new items developed in 2024, reflecting a commitment to innovation and brand elevation [7] Financial Performance Summary - Revenue for 2024 is projected at RMB 3,884.69 million, representing a year-on-year growth of 34.6% [6] - Net profit for 2024 is expected to reach RMB 880.6 million, with a year-on-year increase of 33.0% [6] - The company anticipates continued growth in net profit, with projections of RMB 1,298.2 million in 2025, RMB 1,665.9 million in 2026, and RMB 2,044.5 million in 2027, reflecting growth rates of 47.4%, 28.3%, and 22.7% respectively [6][7] Market Performance - The company has successfully established over 378 self-operated counters and 31 dealer counters across more than 120 cities in China, enhancing its distribution network [7] - The loyalty program has attracted a total of 10.3 million online and 15.1 million offline registered members, with improved repurchase rates [7] Profitability Metrics - The gross margin for 2024 is projected at 84.4%, with a slight decrease of 0.5 percentage points year-on-year [7] - The return on equity (ROE) is expected to be 25.2% in 2024, indicating strong profitability [6][9]

Group 1 - 26 companies have disclosed their 2024 annual reports, with 16 companies showing positive revenue growth, and 14 companies reporting positive net profit growth [3][6][7] - Among the 26 companies, 23 have announced dividend plans, representing nearly 90% of the total [3][7][8] - Notable companies with significant growth include Langhong Technology, Tianma New Materials, and Audiwei, with revenue growth exceeding 30% [3][6][7] Group 2 - The overall market performance of the North Exchange A-shares has been relatively stable, with a weekly increase of 0.07% and an average daily trading volume of 281 billion [3][10][12] - The North Exchange A-shares' overall PE ratio has decreased to 44X, while the daily turnover rate has dropped to 7.79% [12][16] - The North Exchange has seen a high-quality expansion, with the recent listing of Kaifa Technology raising 1.169 billion, marking it as the "fundraising king" since the exchange's inception [3][10][19] Group 3 - The report highlights the importance of focusing on companies with stable dividends and potential earnings surprises in Q1 2025, as well as trading opportunities in hot themes like semiconductors and consumer electronics [10][12] - The North Exchange 50 index has shown a slight increase, closing at 1,306.50 points, while the overall market sentiment remains cautious due to recent stock reduction behaviors [10][14][18] - The report indicates that 4 companies have updated their review status to "inquired," while one company has had its review status updated to "suspended" [28]