证券研究报告 航运港口 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 投资评级： 看好（维持） 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 海外港口资产"高价"交易，关注价值重估 行业点评报告 hyzqdatemark 2025 年 03 月 25 日 ——长江和记海外港口资产交易点评 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 源引金融活水 润泽中华大地 图表 1：和记港口集团资产覆盖全球 资料来源：和记港口官网，华源证券研究所 图表 2：和记港口资产分布 资料来源：和记港口官网，华源证券研究所 源引金融活水 润泽中华大地 图表 3：交易完成后，MSC 或将成为全球第一大港口运营商 资料来源：Linerlytica，华源证券研究所 图表 4：港口上市公司估值对比 | 证券代码 | 证券简称 | ...

Investment Rating - The investment rating for the company is "Buy" (Maintain) [1] Core Views - The report highlights a significant decline in revenue and profit for 2023, with a projected revenue of 175,448 million RMB, representing a year-on-year decrease of 55.14% [6] - A recovery is expected in 2024, with revenue forecasted to increase by 33.29% to 233,859 million RMB, and a substantial rise in net profit to 49,100 million RMB, reflecting a year-on-year growth of 105.78% [6] - The company is projected to face challenges in 2025, with revenue expected to drop by 19.09% to 189,223 million RMB and net profit declining by 45.62% to 26,702 million RMB [6] Financial Summary - The company's total market capitalization is approximately 233,040.62 million RMB, with a closing price of 14.60 RMB per share [4] - The total assets are projected to grow from 497,472 million RMB in 2024 to 542,838 million RMB by 2027 [8] - The company's debt-to-asset ratio stands at 42.70%, indicating a moderate level of leverage [4] - Earnings per share (EPS) is expected to fluctuate, with a forecast of 3.08 RMB in 2024, dropping to 1.67 RMB in 2025, and stabilizing around 1.36 RMB by 2027 [6][8]

证券研究报告 传媒 行业点评报告 hyzqdatemark 2025 年 03 月 25 日 投资评级： 看好（维持） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 魏桢 weizhen@huayuanstock.com | 维度 | | 内容 | | --- | --- | --- | | 职责划分 | 战略定位 | 以习近平新时代中国特色社会主义思想为指导，将全民阅读上升为国家战略，遵循政府主 | | | | 导、部门协同、社会力量参与的原则（第 2 条、第 3 条） | | | | 国家新闻出版主管部门承担综合协调具体职责（第 4 条） | | | 责任体系 | 地方各级人民政府应当加强全民阅读促进工作统筹协调（第 4 条） | | | | 工会、共青团等组织协同推进（第 5 条） | | | 资金支持 | 要求县级以上政府将全民阅读经费纳入本级预算（第 7 条） | | 阅读推广和服务 | 阅读推广 | 设立每年 4 月第四周为 ...

证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 24 日 投资评级： 增持（维持） 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 事件：海通发展（603162.SH）发布 2024 年报，公司全年实现营业收入 36.59 亿元， 同比增长 114.55%；归母净利润 5.49 亿元，同比增长 196.70%；扣非净利润为 5.04 亿元，同比增长 186.65%。 联系人 2024 年航运市场景气度阶段回升，公司运力扩大营收增长。2024 年全球航运市场 景气度阶段性回升，波罗的海干散货指数（BDI）全年均值达到 1752，同比上涨 26%， 全球干散货海运贸易量同比增长 3.1%。公司境外航区业务表现亮眼，全年营收同比 增 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次) [1] Core Views - The report highlights that Dongfang Yuhong is a leader in the waterproofing industry in China, undergoing a new transformation phase. The company has a history of adapting and growing through adversity, establishing a strong brand presence and market position [4][6]. - The strategic shift towards retail and away from real estate and construction is emphasized, with a focus on long-term sustainable development. The company is expected to see significant growth in its C-end business, with revenue projected to reach 9.37 billion yuan in 2024, a year-on-year increase of 14.58% [6]. - The report anticipates that the company's net profit will rebound significantly, with projections of 1.525 billion yuan in 2025, 2.130 billion yuan in 2026, and 2.771 billion yuan in 2027, reflecting a strong recovery trajectory [5][6]. Financial Summary - The closing price of the stock is 13.41 yuan, with a total market capitalization of approximately 32,032.47 million yuan and a circulating market value of 25,676.53 million yuan [3]. - The company’s revenue is projected to be 28,056 million yuan in 2024, with a year-on-year growth rate of -14.52%, followed by a recovery to 29,587 million yuan in 2025, representing a growth rate of 5.46% [5][7]. - The earnings per share (EPS) is expected to be 0.05 yuan in 2024, increasing to 0.64 yuan in 2025 and further to 0.89 yuan in 2026 [5][7].

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is a leading player in infrastructure and construction, benefiting from policy support and overseas market expansion [4][7] - The company has shown steady growth in revenue and profit, with a compound annual growth rate (CAGR) of 12.8% in revenue and 10.3% in net profit from 2013 to 2023 [7] - The company is expected to maintain robust growth driven by fiscal expansion and the Belt and Road Initiative [7] Financial Performance Summary - Revenue for 2022 was 2,055,052 million RMB, with a projected increase to 2,371,844 million RMB by 2025, reflecting a growth rate of 3.59% [5] - The net profit for 2022 was 50,950 million RMB, expected to rise to 54,620 million RMB by 2025, with a growth rate of 4.33% [5] - Earnings per share (EPS) is projected to increase from 1.23 RMB in 2022 to 1.32 RMB in 2025 [5] Business Segments - The construction segment has seen a new contract value of 4.08 trillion RMB in 2024, a year-on-year increase of 5.4% [7] - The infrastructure business has benefited from fiscal expansion, with a revenue growth of 11.7% in the first half of 2024 [7] - The real estate development segment is strategically acquiring quality land in first-tier cities, with a leading sales amount in the industry [7] Market Position and Strategy - The company is ranked 14th in the Fortune Global 500 and operates in over 100 countries, showcasing its global reach [7] - The company has a strong focus on high-end construction, particularly in industrial facilities, which has seen a significant increase in demand [7] - The company has maintained a consistent dividend policy, with a dividend payout ratio of 20.82% in 2023, ranking 5th among 164 companies in the industry [7] Valuation and Future Outlook - The company is expected to have a price-to-earnings (P/E) ratio of 4.3 in 2024, which is lower than the average P/E of 5.93 for comparable companies [7] - The ongoing international expansion and participation in the Belt and Road Initiative are expected to provide substantial long-term growth opportunities [7]

证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 24 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | 21 | | 2025 | 年 | 03 | 月 | 日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 27.52 | | | | | 一 年 内 高 / 低 | | 最 | | | | 41.98/26.68 | | | 最 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 13,876.93 | | | | | 流通市值（百万元） | | | | | | 13,876.93 | | | | | 总股本（百万股） | | | | | | 504.25 | | | | | 资产 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a record revenue of over 70 billion RMB, focusing on a multi-brand strategy for stable long-term growth [5][7] - The company's revenue for 2024 reached 70.826 billion RMB, representing a year-on-year growth of 13.6%, with a gross profit of 44.032 billion RMB, up 12.8% year-on-year [7] - The net profit attributable to shareholders for 2024 was 15.596 billion RMB, a significant increase of 52.4% year-on-year [7] - The multi-brand strategy continues to support stable growth, with the main brand achieving a revenue of 33.52 billion RMB, up 10.6% year-on-year [7] - The online and overseas channels are expected to continue driving growth, with online revenue increasing by 21.8% year-on-year [7] Financial Forecasts - Revenue projections for the company are as follows: 62.661 billion RMB in 2023, 70.826 billion RMB in 2024, 78.945 billion RMB in 2025, 87.796 billion RMB in 2026, and 96.557 billion RMB in 2027 [6] - The net profit attributable to shareholders is forecasted to be 13.500 billion RMB in 2025, 15.561 billion RMB in 2026, and 17.150 billion RMB in 2027, with a year-on-year growth of -13.44%, 15.27%, and 10.21% respectively [6][7] - The company's return on equity (ROE) is projected to be 25.27% in 2024, decreasing to 17.93% in 2025, and further to 17.12% in 2026 [6]

板块表现： 证券研究报告 商贸零售 行业点评报告 hyzqdatemark 2025 年 03 月 21 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 《提振消费专项行动方案》解读 投资评级： 看好（首次） ——《提振消费专项行动方案》发布，多项举措提升消费能力 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 促消费政策发布，多维度提升居民消费能力。近日，中共中央办公厅、国务院办公 厅印发了《提振消费专项行动方案》，依照"增收减负"、"高质量供给"、"优 化消费环境"等方向部署了多项重点任务，从多维度全方位提升居民消费意愿。 联系人 "增收减负"，从育儿到养老的全方位政策补贴。国家发展改革委副主任李春临介 绍，此前更多消费政策从供给侧入手，强调以供给引领创造需求，但此次方案则在 需求端加大政策力度，着力助居民增收减负。从减负角度，政策致力于提高育儿补 贴，从扩大住房公积金使用范围、农村低收入群体增收等方式入手，削减育儿成本， 提升家庭消费能力。从惠民政策看，针对老年人的出行及用餐，将提供更多如加装 电梯、便民餐等服务，针对年轻人，则给予更多 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The professional sports segment is experiencing rapid revenue growth, with net profit attributable to the parent company increasing by 20% [5] - The company has completed the strategic divestiture of KP Global, with a revenue growth of 6.5% year-on-year for 2024 [7] - The company focuses on the running segment, enhancing resource allocation to optimize operations [7] Financial Performance Summary - Revenue for 2024 is projected at RMB 135.77 billion, a year-on-year increase of 6.5%, with gross profit of RMB 58.65 billion, up 10.0% [7] - The net profit attributable to the parent company for 2024 is expected to be RMB 12.38 billion, reflecting a 20.2% increase [7] - The gross margin and net profit margin for 2024 are projected to be 43.2% and 9.1%, respectively, improving by 1.36 percentage points and 1.04 percentage points compared to 2023 [7] Brand and Product Analysis - The company’s main brand, Xtep, shows steady growth with 2024 revenue of RMB 123.27 billion, up 3.2%, driven by strong online channel performance [7] - The professional sports segment (including Saucony and Merrell) is growing rapidly, with 2024 revenue of RMB 12.50 billion, a 57.2% increase [7] - The footwear segment achieved revenue of RMB 80.54 billion in 2024, a 15.9% increase, and accounted for 59.3% of total revenue [7] Earnings Forecast and Valuation - The company’s projected net profit for 2025 is RMB 13.63 billion, with a year-on-year growth of 10.07% [6][7] - The projected earnings per share for 2025 is RMB 0.49, with a price-to-earnings ratio of 10.46 [6] - The company is expected to maintain a strong return on equity (ROE) of 13.54% in 2025 [6]