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]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 03 月 30 日 信贷与社融有望同比多增 ——2025 年 3 月金融数据预测 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 核心预判：依据过往信贷投放规律及行业观察等，我们预测 2025 年 3 月新增贷款 3.15 万亿元，社融 5.1 万亿元。3 月末，M2 达 326.0 万亿，YoY+7.0%；M1（新口径） YoY +0.5%；社融增速 8.2%。 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 月新增贷款或同比略微多增。类似于 1 月份，3 月信贷投放情况较好，我们预计 3 月新增贷款 3.15 万亿，同比略微多增。3 月下旬，1M 转贴现利率显著走高，反映当 月信贷投放情况较好。1、3 月份通常是信贷投放大月。我们预计 3 月个贷增量 9000 亿，对公信贷增量 2.35 万亿，非银同业贷款-1000 亿。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。尽管 隐性债务置换对 3 月对公信贷数 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company, Langhong Technology, is a leading supplier of electronic device anti-theft display products, focusing on solutions for smartphones and wearable devices, with partnerships with major brands like Huawei, OPPO, and Xiaomi [6]. - The company is expected to achieve a revenue of 159 million yuan and a net profit of 58 million yuan in 2024, reflecting a year-on-year growth of 36.63% and 28.17% respectively [8]. - The expansion into the smart IoT industry is anticipated to unlock significant growth potential, driven by advancements in AI technology and increasing market demand for innovative electronic products [6]. Summary by Sections Market Performance - The closing price of the stock is 17.93 yuan, with a total market capitalization of 2,287.04 million yuan and a circulating market value of 1,557.18 million yuan [3]. Financial Forecast - The company is projected to achieve revenues of 184 million yuan in 2025, with a net profit of 64 million yuan, corresponding to an EPS of 0.50 yuan per share [7]. - The expected growth rates for revenue and net profit from 2025 to 2027 are 15.75% and 10.96% respectively, indicating a stable growth trajectory [8]. Profitability Metrics - The gross margin is expected to remain around 56% over the forecast period, with a net margin of approximately 36% in 2024 [8]. - The return on equity (ROE) is projected to increase from 27.78% in 2025 to 40.18% by 2027, reflecting improved profitability [8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage, highlighting its potential as a hidden champion in the automotive off-road modification sector [5][8]. Core Views - The company is expected to experience a new growth cycle driven by the release of new products alongside the expansion of production capacity from fundraising projects. The projected net profits for 2024-2026 are estimated at 63 million, 80 million, and 101 million RMB, corresponding to P/E ratios of 27.8, 21.8, and 17.3 respectively [5][8]. Summary by Sections Market Performance - The closing price is 16.70 RMB, with a total market capitalization of 1,747.09 million RMB and a circulating market value of 1,354.44 million RMB. The company has a debt-to-asset ratio of 13.92% and a net asset value per share of 3.93 RMB [3]. Company Overview - Tianming Technology specializes in the design, research and development, production, and sales of automotive off-road modification parts, including winches and electric pedals. The company has established long-term partnerships with major clients such as Great Wall Motors and Dongfeng Motors [7][19]. Financial Forecast and Valuation - The company anticipates achieving a revenue of 253 million RMB in 2024, reflecting a year-on-year growth of 12.10%. The net profit is projected to be 63 million RMB, with a year-on-year increase of 8.55% [27][36]. The revenue for 2025 and 2026 is expected to reach 314 million and 391 million RMB, respectively [36]. Market Trends - The global automotive modification market is projected to grow from approximately 74.8 billion USD in 2023 to 152.6 billion USD by 2032, with a CAGR of about 8.25%. The domestic market for automotive modifications in China reached 1,090.70 billion RMB in 2023, indicating significant growth potential driven by consumer demand for customization [30][33]. Investment Logic - The company has developed a dual-driven sales model targeting both the aftermarket and the original equipment manufacturer (OEM) market. The North American market is mature, while the domestic off-road modification market is in its early stages, presenting substantial growth opportunities [10][24]. The company’s fundraising projects are expected to enter trial production in the second half of 2025, which will further enhance its growth potential [28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The upcoming presidential election is expected to drive traffic growth, leading to revenue increases in Q4, supported by decentralization, cloud ecosystem, and cryptocurrency initiatives for long-term value [5] - The company reported a total revenue of $95.49 million for 2024, an 18% year-over-year increase, with Q4 revenue reaching $30.2 million, a 48% increase year-over-year [8] - The company is focusing on optimizing costs, with a notable reduction in service costs and general administrative expenses, while investing in research and development for video content recommendation algorithms and advertising matching technology [8] Financial Performance and Projections - The company is projected to achieve revenues of $183.3 million, $423.2 million, and $1.1936 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of -$33.2 million, $6.5 million, and $160.6 million [7][9] - The company’s total market capitalization is $3.5 billion, with a closing price of $8.03 as of March 25, 2025 [3] - The company’s operating loss for 2024 was $340.4 million, primarily impacted by changes in the fair value of derivative instruments [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant results in its innovative transformation, with internationalization accelerating. The revenue from innovative products is growing rapidly, and the core product, Amivantamab, is expected to reach peak sales of 8 billion yuan. The company continues to benefit from overseas licensing agreements, contributing positively to its performance [5][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 12.261 billion yuan, a year-on-year increase of 21.3%. Product sales revenue was 10.688 billion yuan, while collaboration and licensing income was 1.573 billion yuan. The net profit attributable to shareholders was 4.372 billion yuan, reflecting a year-on-year growth of 33.4% [6]. - The company’s operating income and profit both achieved double-digit year-on-year growth, with product sales revenue increasing by 13.65% compared to 9.403 billion yuan in 2023 [6]. Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 13.604 billion yuan, with a projected growth rate of 10.95%. The net profit attributable to shareholders is expected to be 4.421 billion yuan, with a growth rate of 1.14% [7]. - The earnings per share (EPS) for 2025 is projected to be 0.74 yuan, with a return on equity (ROE) of 13.4% [7]. Innovative Product Performance - The revenue from innovative drugs grew by 38.1% year-on-year, reaching 9.477 billion yuan in 2024, accounting for 77.3% of total revenue. The sales of innovative drugs, excluding licensing income, are expected to reach approximately 8 billion yuan, reflecting a year-on-year increase of 28.5% [8]. - The company has a rich pipeline of innovative products, with several expected to be approved soon, providing long-term support for its innovative transformation [8]. Market Position and Future Outlook - The company is well-positioned for future growth, with expectations that the proportion of revenue from innovative drugs will exceed 80% by 2025. The sales of Amivantamab are projected to reach 6 billion yuan, with an upward revision of peak sales to 8 billion yuan [8].

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： 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 03 月 28 日 | 基本数据 | | | | | 年 | | 月 27 日 | 2025 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 49.55 | | | | | 年 最 | 最 | 高 | / | 低 | | 内 | | | | 一 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | 34,076.30 | | | | | 流通市值（百万元） | | | | | | | 34, ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company's performance meets expectations, with a focus on the elasticity of coal prices [5] - The significant increase in net profit for 2024 is attributed to the decline in coal prices, with an estimated elasticity of approximately 20% for coal price changes [7] - The company plans to distribute a dividend of 0.0621 yuan per share, which accounts for 56% of the undistributed profits [7] Financial Performance Summary - For 2023, the company reported a revenue of 122.404 billion yuan, with a year-on-year growth of 4.77% [6] - The net profit attributable to shareholders for 2024 is projected at 45.06 billion yuan, representing a year-on-year increase of 230.09% [6] - The earnings per share (EPS) for 2024 is estimated at 0.24 yuan, with a projected price-to-earnings (P/E) ratio of 11.87 [6] - The company’s total assets are expected to reach 333.818 billion yuan by 2025, with a debt-to-asset ratio of 71.02% [3][8] Profitability and Growth - The company anticipates a net profit of 49.16 billion yuan in 2025, with a projected growth rate of 8.72% for the following years [7] - The gross profit margin is expected to improve to 17.08% by 2025 [8] - The company is focusing on expanding its clean energy capacity, with a target of 10GW of new installations during the current five-year plan [7] Market Position and Strategy - The company benefits from its coal-fired power generation, primarily located in northern coal-producing regions, which positions it well to capitalize on falling coal prices [7] - The company has a significant investment in nuclear power and coal mining, contributing stable cash flows and potential dividends for future projects [7] - The company is cautious in its project development, emphasizing quality over quantity in its expansion strategy [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve impressive performance in 2024, with a revenue growth of 57.2% and a net profit growth of 42.1% [6] - The company's flagship brands are showing strong momentum, with significant contributions from key products like collagen sticks and new launches in the skincare segment [6] - The company is well-positioned in a high-growth sector, with a clear growth path and strong medium to long-term earnings visibility [6] Financial Performance Summary - Revenue for 2024 is projected at 55.4 billion RMB, with a year-on-year growth of 57.2% [6] - Net profit for 2024 is expected to be 20.6 billion RMB, reflecting a 42.1% increase [6] - The company anticipates continued growth in net profit for 2025-2027, with estimates of 27.5 billion RMB, 34.1 billion RMB, and 40.4 billion RMB respectively, representing growth rates of 33.4%, 23.9%, and 18.6% [6][7] Revenue and Profit Forecast - Revenue projections for the next few years are as follows: - 2025: 7,477.13 million RMB (35.0% growth) - 2026: 9,170.26 million RMB (22.6% growth) - 2027: 10,731.91 million RMB (17.0% growth) [5][7] - The company's gross margin is expected to remain high, around 81.8% in 2025 [7] Brand Performance - The brand "可复美" contributed 45.4 billion RMB in revenue for 2024, with a growth of 62.9%, accounting for 82% of total revenue [6] - The brand "可丽金" generated 8.4 billion RMB in revenue, growing by 36.3% and representing 15% of total revenue [6] Market Strategy - The company employs a multi-channel strategy, combining online and offline sales to effectively reach consumers [6] - It has expanded its presence in both public and private healthcare institutions, with products available in approximately 1,700 public hospitals and 3,000 private clinics [6]