证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 03 月 17 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 板块表现： 政府工作报告首推深海科技 能耗强度计划下降 3% 投资评级： 看好（维持） ——公用事业 2025 年第 11 周周报（20250316） 投资要点： 证券分析师 一、电力设备：政府工作报告首提深海科技 脐带缆有望受益 2025 年政府工作任务中，提出要壮大新兴产业、未来产业，推动商业航天、低空经济、深海科技等新兴 产业安全健康发展。这是《政府工作报告》中首次提出深海科技，与低空经济并列，可见其在新兴产业 发展中的重要地 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is positioned to become a leader in the silver-haired health industry, supported by ongoing empowerment from China Resources [5] - The company reported a slight decline in revenue for 2024, but net profit reached a historical high, indicating strong operational performance [7] - The company aims to enhance its market position in the aging health and chronic disease management sectors through strategic branding and product development [7] Financial Performance Summary - For 2023, the company achieved a revenue of 7,703 million RMB, with a projected growth to 8,996 million RMB in 2025, reflecting a year-on-year growth rate of 7.08% [6] - The net profit attributable to shareholders is expected to grow from 648 million RMB in 2024 to 751 million RMB in 2025, with a growth rate of 15.82% [6] - The earnings per share (EPS) is projected to increase from 0.86 RMB in 2024 to 0.99 RMB in 2025 [6] Business Segment Performance - The oral dosage segment generated revenue of 36.93 million RMB in 2024, showing a year-on-year increase of 1.18%, while the injection segment saw a significant decline of 49.09% [7] - The company is focusing on the "777" brand to strengthen its market presence in cardiovascular disease prevention and treatment [7] - The core products in the traditional Chinese medicine segment, such as "Shenling Baizhu Powder" and "Shu Gan Granules," have shown a sales growth of 20% in 2024 [7] Strategic Outlook - The company aims to achieve a net profit of 7.51 billion RMB by 2025, with a clear strategic goal to become a leader in the silver-haired health industry and premium traditional Chinese medicine [7] - The integration with China Resources is expected to enhance operational efficiency and market reach, particularly in the hospital and retail sectors [7]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and market positioning [4][47]. Core Insights - The company is a leading brand in the ready-to-drink beverage sector, benefiting from multiple competitive advantages that facilitate rapid growth [4][7]. - The Chinese ready-to-drink beverage market is experiencing significant growth, with a projected CAGR of 18% from 2023 to 2028, indicating substantial future potential [16][18]. - The company has established itself as the largest player in the domestic market, with a market share that has consistently increased over recent years [9][31]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 20,302 million RMB in 2023 to 34,344 million RMB by 2026, with year-on-year growth rates of 49.55%, 25.20%, 18.98%, and 13.56% respectively [5][47]. - The net profit attributable to shareholders is expected to reach 55.98 billion RMB by 2026, reflecting a growth of 42.58% in 2024, followed by 14.45% and 9.35% in subsequent years [5][47]. Competitive Advantages - The company maintains a high-quality and affordable product strategy, with an average price around 6 RMB, catering to a broad customer base [6][28]. - As of Q3 2024, the company has a total of 45,302 stores, making it the largest ready-to-drink beverage company globally by store count [6][35]. - The company emphasizes supply chain efficiency, achieving a high self-production ratio and maintaining lower procurement costs compared to competitors [6][37]. - The "Snow King" IP has significantly enhanced the company's marketing capabilities, contributing to a strong brand presence and customer engagement [6][38]. Market Outlook - The ready-to-drink beverage market in China is expected to grow from 5,175 billion RMB in 2023 to 11,634 billion RMB by 2028, with a market share increase from 36.3% to 49.2% of the beverage market [20][22]. - The company is well-positioned to capitalize on the growing demand for affordable ready-to-drink beverages, particularly in lower-tier cities where market growth is robust [20][28].

Investment Rating - Investment rating: Positive (maintained) [4] Core Insights - The government work report for 2025 emphasizes the development of emerging industries, including deep-sea technology, which is expected to benefit related sectors such as cable manufacturing [5][6][16] - The 2025 target for energy consumption intensity is a reduction of approximately 3%, while carbon emission intensity is progressing slowly [21][27] - The overseas market presents significant growth opportunities for waste-to-energy companies as domestic projects reach saturation [12][29][37] Summary by Sections 1. Deep-Sea Technology and Cable Industry - The government work report highlights deep-sea technology for the first time, indicating its importance alongside low-altitude economy and commercial aerospace [5][16] - The report suggests that specialized cables, known as tether cables, will be crucial for underwater operations, with only a few domestic manufacturers qualified to supply them [6][20] 2. Energy Consumption and Carbon Emission Targets - The 2025 government report sets a target to reduce energy consumption intensity by about 3%, with a cumulative reduction of 11.1% from 2021 to 2024 [21][22] - The carbon emission intensity target for the 14th Five-Year Plan is 18%, but progress has been slow, with a cumulative reduction of only 8% from 2021 to 2024 [27][28] 3. Overseas Expansion of Waste-to-Energy Companies - Domestic waste-to-energy companies are increasingly looking to overseas markets for growth, particularly in Southeast Asia and the Middle East, where waste management practices are still developing [12][29] - Companies like China Tianying and Veolia are actively investing in projects abroad, with favorable conditions such as longer concession periods and higher waste treatment fees compared to domestic projects [34][35][36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is positioned to become a leader in the silver-haired health industry, supported by ongoing empowerment from China Resources [5] - The company reported a slight revenue decline of 0.34% in 2024, but achieved record highs in net profit and non-recurring net profit [7] - The company is focusing on enhancing its product offerings in the health management sector, particularly through its 777 series of products [7] Financial Performance Summary - Revenue projections for 2025 are estimated at 8,996 million RMB, with a year-on-year growth rate of 7.08% [6] - The net profit for 2025 is projected to be 751 million RMB, reflecting a growth rate of 15.82% [6] - The earnings per share (EPS) for 2025 is expected to be 0.99 RMB, with a return on equity (ROE) of 12.85% [6] Business Segment Performance - The oral dosage segment achieved revenue of 3,693 million RMB in 2024, growing by 1.18% year-on-year, while the injection segment saw a significant decline of 49.09% [7] - The company is enhancing its product structure, with a focus on the 777 series and other key products, which are expected to drive future growth [7] Strategic Goals - The company aims to become a leader in the silver-haired health industry and a premium traditional Chinese medicine provider [7] - The strategic focus includes optimizing product channels and increasing brand recognition, particularly for its key products [7]

Group 1: Weight Management Industry - The National Health Commission of China has been actively promoting the "Weight Management Year" initiative, with a focus on companies in the weight management industry such as Kangbiter [2][8] - The meal replacement market in China has grown significantly, from 5.82 billion yuan in 2017 to 132.18 billion yuan in 2022 [2][8] - The sports nutrition food market in China reached 6 billion yuan in 2023, with a year-on-year growth of 25% [2][8] - The fitness equipment market is projected to reach 81.95 billion yuan in 2024, with an expected growth of 11.6% [2][8] - There are four companies listed on the Beijing Stock Exchange involved in the weight management industry: Kangbiter, Yizhi Konjac, Beiyikang, and Lude Medical [2][8] Group 2: Computer Industry - The computer industry experienced a slight decline of 1.4% this week, ranking last among all sectors [12][13] - There is a consensus in the market regarding the development of domestic AI this year, indicating potential opportunities [12][13] - Century Internet reported a significant increase in new orders, with a total capacity expected to grow by 161%-194% year-on-year in 2025 [12][13] - The focus of research will be on changes in large models and their applications, particularly in edge AI [12][14] Group 3: Agriculture, Forestry, Animal Husbandry, and Fishery - The number of breeding sows decreased by 0.05% in February, indicating a potential decline in pig prices due to increased supply pressure [16][17] - The price of broiler chickens has rebounded, with a notable increase in chick prices [16][18] - The USDA's March report indicates a continued upward trend in agricultural prices, with a reduction in corn imports expected [23][24] Group 4: Media and Internet Industry - Tencent's AI applications are rapidly evolving, with new features being integrated into its platforms [25][26] - The game "Whispers From The Star" has been announced, showcasing the potential of AI in gaming [25][27] - The media industry is expected to continue its upward trend, with a focus on new channels and content [31]

Group 1 - The report highlights that the acceleration of AI infrastructure is expected to benefit the diesel generator industry, particularly in the context of data centers where diesel generators account for 23% of the construction cost [3][24][27] - The investment scale in the AI computing center sector reached 87.9 billion yuan in 2023, showing a year-on-year growth of over 90%, with projections indicating the market size could exceed 288.6 billion yuan by 2028 [25][26] - The report identifies five companies in the diesel generator supply chain listed on the Beijing Stock Exchange, including Huayuan Co., Ltd. and Meixin Yishen, which are expected to benefit from the growing demand for backup power solutions [3][27][29] Group 2 - The median stock price change for technology growth stocks on the Beijing Stock Exchange was +5.87% from March 10 to March 14, 2025, with 72% of the companies experiencing an increase [31][32] - The mechanical equipment industry saw its price-to-earnings (P/E) ratio increase from 45.0X to 57.3X, indicating a positive trend in valuation [35][37] - The electronic equipment industry also experienced a rise in its P/E ratio from 59.3X to 63.0X, reflecting a growing market confidence [35][36] Group 3 - The report details that the information technology industry’s P/E ratio slightly decreased from 69.6X to 69.5X, while its total market value increased from 996.9 billion yuan to 1,059 billion yuan [42][43] - The automotive industry’s P/E ratio rose from 28.4X to 31.7X, with an overall market value increase from 569.5 billion yuan to 578.8 billion yuan [45][48] - The new energy sector's P/E ratio increased from 45.8X to 51.2X, with total market value rising from 507 billion yuan to 531 billion yuan [50][53]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive positioning and growth potential in the sequencing industry [5][8]. Core Views - The company is positioned as a global leader in sequencing technology, with a strong focus on autonomous control and AI integration to enhance growth opportunities [5][10]. - Revenue projections for 2024-2026 are estimated at RMB 32.10 billion, RMB 36.34 billion, and RMB 42.17 billion, reflecting year-on-year growth rates of 10.28%, 13.21%, and 16.03% respectively [5][8]. - The company is expected to achieve a turnaround in profitability by 2026, with projected net profits of RMB 1.10 billion after losses in the previous years [5][8]. Summary by Sections 1. Company Overview - Founded in 2016, the company specializes in the development and commercialization of sequencing instruments and related consumables, establishing itself as a key player in the life sciences sector [19]. 2. Market Performance - As of March 14, 2025, the company's closing price was RMB 89.61, with a market capitalization of RMB 37,324.01 million and a circulating market value of RMB 19,080.88 million [3]. 3. Financial Projections - The company anticipates revenues of RMB 32.10 billion in 2024, with a projected net loss of RMB 5.99 billion, followed by a gradual recovery in profitability [23][8]. - The report highlights a significant increase in the number of sequencing instruments sold, with a record of 454 units in the first half of 2024, indicating strong market demand [7]. 4. Competitive Landscape - The company is compared with leading peers in the medical device sector, such as Mindray Medical, United Imaging, and Huaitai Medical, emphasizing its competitive advantages in sequencing technology [5][8]. 5. Technological Advancements - The company has developed advanced sequencing technologies, including DNBSEQ and CycloneSEQ, which enhance accuracy and efficiency in genomic analysis [57][60]. - The integration of AI into laboratory automation is expected to further improve operational efficiency and expand the company's market reach [7][10]. 6. Regulatory Environment - Recent government policies have favored domestic sequencing technologies, potentially reducing reliance on foreign brands and enhancing the company's market position [45][49]. 7. Growth Drivers - The report identifies several growth drivers, including the increasing demand for genomic sequencing in clinical diagnostics and research, as well as the company's strategic initiatives to expand its product offerings [41][43].

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [2] Core Insights - Tencent's AI application product iteration cycle is accelerating after fully integrating DeepSeek, highlighting the importance of Tencent's top-level AI strategy shift. The first PV of the game "Whispers From The Star" has been officially announced, emphasizing the demonstration effect of leading companies in the AI + gaming paradigm exploration [2][4] - The report suggests continuous attention to leading companies like Tencent, Alibaba, and Bilibili, which exhibit resilience in their performance fundamentals and strategic value through proactive internal organizational adjustments [3][4] Summary by Sections Industry Performance - From March 10 to March 14, 2025, the Shanghai Composite Index increased by 1.39%, while the Shenzhen Component Index rose by 1.24%. The media sector ranked 14th among all industries with a growth of 1.78% [13] - In the media sub-sectors, the television broadcasting, film, and gaming sectors performed well, while publishing, advertising, and digital media lagged behind [14] Gaming Sector - The game "Whispers From The Star" by Anuttacon, which features real-time interactive gameplay, has been announced and is currently in closed testing. This game represents a new creative possibility in the AI + gaming space [4] - The report highlights the potential for innovative gameplay in simulation and nurturing games, suggesting that leading gaming companies like miHoYo should be closely monitored for their demonstration effects in AI + gaming [4] AI Applications - The report emphasizes the importance of companies that actively embrace new technologies and possess data, user, and application scenario advantages. Several companies have completed internal deployments of DeepSeek-R1, indicating a potential new paradigm in AI applications [5] Film and Television - The total box office from March 10 to March 15 reached 294 million yuan, with "Nezha: Birth of the Demon Child" leading with a box office of 156.29 million yuan, accounting for 53.1% of the total box office [38] - The report suggests that the demand for quality films is expected to adjust positively due to the supply of quality content, recommending attention to key film producers and cinema/ticketing companies [6] Market Trends - The report notes that the AI investment landscape remains active, with 17 AI-related financing events reported from March 10 to March 14, indicating strong investor interest in AI and frontier technology sectors [26]

Group 1 - The National Health Commission of China is intensifying policies related to weight management in 2024, emphasizing the need for continuous efforts in chronic disease prevention and weight management knowledge dissemination [2][7][10] - The weight management industry in China is segmented, with meal replacement products accounting for 50%, weight loss drugs for 20%, and exercise and equipment for 15% of the market [11][12] - The meal replacement market in China has shown significant growth, increasing from 5.82 billion yuan in 2017 to 132.18 billion yuan in 2022 [13][15] Group 2 - The median stock price change for consumer service stocks on the Beijing Stock Exchange was +13.43% from March 10 to March 14, 2025, with 33 out of 35 companies experiencing an increase [21][22] - The median price-to-earnings (P/E) ratio for consumer service companies rose from 42.8X to 48.5X during the same period, indicating a positive market sentiment [22][24] - The total market capitalization of consumer service companies increased from 86.832 billion yuan to 95.684 billion yuan, with the median market cap rising from 1.777 billion yuan to 2.053 billion yuan [25][28] Group 3 - The median P/E ratio for the broader consumer sector increased by 16.08% to 51.2X, reflecting strong investor interest [29][30] - The P/E ratio for the food and beverage sector rose from 35.3X to 38.6X, with notable stock performance from companies like Runpu Food and Knight Dairy [31][32] - The professional services sector also saw an increase in its median P/E ratio from 23.1X to 24.3X, indicating a positive trend in valuations [34][35] Group 4 - Four companies on the Beijing Stock Exchange are involved in the weight management industry: Kangbiter (sports nutrition and consulting), Yizhi Konjac (konjac products), Beiyikang (rehabilitation medical devices), and Lude Medical (medical devices and health care products) [18][19]