证券研究报告 公用事业 行业定期报告 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 大唐与国能集团同日换帅 电价新政利好运营商 投资评级： 看好（维持） ——公用事业 2025 年第 7 周周报（20250216） 投资要点： （四）电力交易：交易规模持续扩大、交易效益重要性提升、交易完整性和复杂度提高都有 利于电力交易开展，分布式入市则带动聚合商模式发展。 风险提示：政策推进不及预期、新能源投资放缓、用电量增长不及预期等 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 一、大唐集团、国家能源集团同日换帅，期待行业继续高质量发展。2 月 14 日，大唐集团、 国家能源集团分别召开中层以上管理人员大会，中组部相关负责人宣布职务调整，大唐集团 董事长、党 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its robust operational performance and expansion plans in lower-tier cities [5][8]. Core Insights - The company is positioned as a leading player in the Western fast-food sector in China, with a strong brand presence through its subsidiaries, including KFC and Pizza Hut. It aims to expand its store count to 20,000 by 2026, focusing on lower-tier cities to capture market share [7][10]. - The company has demonstrated strong operational cash flow and is committed to enhancing shareholder returns, with a target of $4.5 billion in shareholder returns from 2024 to 2026 [7][35]. - The report highlights the company's strategic focus on expanding its KFC and Pizza Hut brands, leveraging their established market presence and adapting to consumer preferences in lower-tier cities [10][30]. Summary by Sections Company Overview - The company, Yum China, has a rich history, being the first foreign fast-food brand to enter the Chinese market with KFC in 1987 and Pizza Hut in 1990. It operates multiple brands, including Taco Bell and Lavazza, and has a significant number of stores across various cities [19][21]. - The governance structure is market-oriented, with major shareholders being institutional investors, ensuring a clear and professional management approach [24][25]. Industry Analysis - The Western fast-food industry in China is characterized by high chain rates and market concentration, with significant growth potential in lower-tier cities. The market size is projected to reach 330 billion yuan by 2025 [42][44]. - Consumer preferences are shifting towards affordable dining options, with a notable increase in the frequency of visits to fast-food outlets, particularly in lower-tier cities [48][52]. Financial Forecast and Valuation - The company is expected to achieve revenues of $11.99 billion in 2025, with a projected net profit of $959.51 million, reflecting a growth rate of 5.3% [6][8]. - The current price-to-earnings (P/E) ratio is lower than that of comparable companies, indicating potential for valuation upside as the company expands its footprint in the fast-food sector [8][10].

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The leadership changes at Datang Group and State Energy Group are expected to drive high-quality development in the industry [4][8] - The new mechanism electricity pricing policy has mixed market interpretations, but the report remains optimistic about the value of the wind power industry chain [4][20] Summary by Sections Leadership Changes - On February 14, Datang Group and State Energy Group held management meetings to announce leadership changes, with Zou Lei appointed as the chairman of State Energy Group and Lv Jun taking over as chairman of Datang Group [4][8] - State Energy Group ranks first among the five major power groups in terms of installed capacity, with a total installed capacity of approximately 350 million kilowatts, of which renewable energy accounts for over 40% [8][9] Mechanism Electricity Pricing Policy - The National Development and Reform Commission and the National Energy Administration issued a notice on February 9 to promote the market-oriented reform of renewable energy pricing [20] - The report highlights that while some view the new policy as a negative for project profitability, it is expected to stabilize green electricity operations and enhance project valuations [24][25] - Wind power is favored over solar power due to its higher market price and better operational conditions [27] Upstream Manufacturing Sector - The market-oriented pricing mechanism is expected to benefit leading manufacturers in the wind power sector, as it encourages the exit of less competitive firms [32] - The report suggests that the removal of non-market pricing will allow for better pricing strategies and improved profit margins for top manufacturers [32][33] Electricity Trading - The report anticipates an increase in trading scale and complexity, which will benefit the electricity trading sector [34] - The transition to market electricity pricing is expected to enhance the profitability of renewable energy operations and improve overall market efficiency [34] Investment Recommendations - For green electricity operators, the report recommends focusing on undervalued wind power operators and companies with strong management capabilities, such as Longyuan Power and China General Nuclear Power [35] - For wind power manufacturers, the report suggests monitoring leading firms like Goldwind Technology and Sany Renewable Energy [35] - The report also highlights the importance of the electricity trading sector and recommends companies like Guoneng Rixin and Langxin Group [35]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The construction sector is expected to see a market recovery driven by the resumption of work after the Spring Festival, with historical data indicating that the sector has achieved positive excess returns in 7 out of the last 10 trading days following the holiday from 2015 to 2024 [4][9] - As of February 14, 2025, the construction sector has recorded a cumulative increase of 3.3%, outperforming the CSI 300 and Shanghai Composite Index by 0.6% and 0.5% respectively [4][9] - The resumption of construction projects is accelerating, supported by ongoing policy measures, which is anticipated to enhance market performance [4][9] Summary by Sections Weekly Insights - The construction sector's performance is significantly influenced by the Spring Festival, with a historical trend of positive returns post-holiday [4][9] - As of February 13, 2025, the national construction site resumption rate is 23.5%, with labor utilization at 27.5% and funding availability at 35.0% [12][13] - The Eastern China region shows the fastest recovery, exceeding the national average resumption rate by 13 percentage points [12][13] Infrastructure Data Tracking - The issuance of special bonds this week reached 152.41 billion, with a cumulative issuance of 711.50 billion, reflecting a year-on-year increase of 79.92% [15] - Urban investment bonds issued this week totaled 49.38 billion, with a net financing amount of 33.18 billion, resulting in a cumulative net financing deficit of 61.94 billion [15] Industry News Summary - In January 2025, national railway fixed asset investment reached 43.9 billion, marking a year-on-year growth of 3.7%, indicating a strong start for railway construction [17] Company Dynamics Summary - Several construction-related companies announced new contracts, including a 3.5 billion project in Laos and a 3.137 billion contract in Zhengzhou [18][19] - China Metallurgical Group reported a new contract amount of 87.79 billion in January 2025, with a notable increase in overseas contracts [19] Weekly Market Review - The Shanghai Composite Index rose by 1.30%, while the construction decoration index increased by 1.28% during the same period [23] - A total of 103 construction stocks saw gains, with the top five performers showing increases of over 18% [23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is planning to acquire wind power assets from its major shareholder, which is expected to enhance both profitability stability and wind power growth [5][7] - The acquisition involves purchasing 60% and 75.51% stakes in two wind power companies, with a total installed capacity of 1.6 GW, which is projected to yield high returns due to favorable electricity pricing [7] - The company has a strong pipeline of renewable energy projects, with a total of 2 GW of approved capacity, primarily in wind energy, which is expected to provide stable returns under the new national pricing mechanism [7] Financial Summary - The company's revenue for 2022 was 23,066 million RMB, with a projected decline to 22,525 million RMB in 2023, followed by a slight recovery in subsequent years [6] - The net profit attributable to shareholders is forecasted to grow from 2,005 million RMB in 2023 to 3,008 million RMB by 2026, reflecting a compound annual growth rate of approximately 6.99% [6] - The earnings per share (EPS) is expected to increase from 0.31 RMB in 2023 to 0.46 RMB in 2026, indicating a positive growth trajectory [6] Market Performance - The company's closing price is reported at 4.13 RMB, with a market capitalization of approximately 26,956.05 million RMB [3] - The company's debt-to-asset ratio stands at 37.85%, indicating a moderate level of financial leverage [3] Profitability Metrics - The return on equity (ROE) is projected to improve from 10.94% in 2023 to 13.91% in 2026, showcasing enhanced profitability [6] - The price-to-earnings (P/E) ratio is expected to decrease from 13.45 in 2023 to 8.96 by 2026, suggesting that the stock may become more attractive over time [6]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 02 月 17 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 陆续开复工，期待市场回暖提升 投资评级： 看好（维持） ——建筑装饰行业周报（20250210-20250216） 投资要点： 本周观点： 基建数据跟踪： 市场回顾： 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水润泽中华大地 内容目录 | 1. 本周观点… | | --- | | 1.1. 本周专题：陆续开复工, 期待市场回暖提升 . | | 1.2. 基建数据跟踪. | | 2. 行业要闻简评… | | 3. 公司动态简评 | | 3.1. 订单类 | | 3.2. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its core products and innovative pipeline [5][11]. Core Views - The company is a leading domestic biopharmaceutical enterprise with a robust innovation strategy and a diverse product portfolio. It has over 40 marketed products across various therapeutic areas, including nephrology, oncology, autoimmune diseases, ophthalmology, and dermatology. Key products like Tevaz (rhTPO) and the Mandi series are expected to maintain steady growth. The company has a rich pipeline with competitive assets in IL-17 and IL-4R, as well as innovative dual antibodies like PD-1/VEGF, which are progressing well [6][13]. Summary by Sections Market Performance - As of February 14, 2025, the closing price is HKD 6.73, with a market capitalization of HKD 16,122.21 million. The stock has a one-year high of HKD 7.85 and a low of HKD 4.91. The debt-to-asset ratio stands at 29.53% [3]. Financial Forecast - The company is projected to achieve revenues of CNY 89.40 billion, CNY 98.38 billion, and CNY 109.26 billion for 2024-2026, with year-on-year growth rates of 14.4%, 10.0%, and 11.1% respectively. Net profits are expected to be CNY 17.69 billion, CNY 20.22 billion, and CNY 23.04 billion, with growth rates of 14.2%, 14.3%, and 13.9% respectively, resulting in a PE ratio of 8, 7, and 7 times [8][11]. Product Pipeline and Innovation - The company has a diverse pipeline focusing on high-potential products in key therapeutic areas. Notable candidates include: - SSS06 (long-acting rhEPO) with NDA acceptance in July 2024. - SSGJ-608 (IL-17 monoclonal antibody) with NDA acceptance in November 2024, expected approval in 2025-2026. - Several other candidates in Phase III clinical trials, including SSGJ-613 (IL-1β) and SSGJ-611 (IL-4R) [7][30]. Core Product Performance - Tevaz, the company's flagship product, achieved a revenue of approximately CNY 24.8 billion in the first half of 2024, reflecting a year-on-year growth of 22.6%. Other products like Mandi also showed positive sales growth, indicating a strong performance across the product portfolio [40][41]. Strategic Collaborations - The company has established multiple strategic collaborations to enhance its product offerings and market reach. Notable partnerships include collaborations for innovative products like HER2 ADC and FLT3 inhibitors, which are expected to contribute to future revenue growth [32][34][35].

证券研究报告 晨会 hyzqdatemark 2025 年 02 月 16 日 投资要点： 资料来源：聚源，华源证券研究所，截至 2025 年 2 月 14 日 华源晨会精粹 固定收益 1 月社融创单月新高，经济可能反弹——2025 年 1 月金融数据点评：2 月 14 日晚间央行披露了 2025 年 1 月金融数据：新增贷款 5.13 万亿元，社融 7.06 万 亿元。1 月末，M2 达 318.52 万亿，YoY+7.0%；M1YoY+0.4%；社融增速 8.0%。 1 月新增贷款 5.13 万亿元，同比小幅多增，创历史单月信贷增量新高。24Q4 以来 M1 增速大幅回升，经济活性有所提升。1 月份社融增量 7.06 万亿，同比大幅多增， 多增主要来自信贷及政府债券净融资。展望 2025 年，我们预计隐性债务置换导致新 增贷款同比小幅少增，而政府债券净融资同比扩大，社融增量同比小幅多增，社融 增速走势预计将相对平稳。经济可能迎来时长两年的反弹，中国债市或迎来中期的 拐点。1 月金融数据亮眼，资金可能流出债基及理财，2025 年境内纯债投资需要如 履薄冰，关注股票及转债机会。 风险提示：政府债券增发规模大幅 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Viewpoints - The company is positioned as a national team in the measurement and control sector, backed by the Chinese Academy of Sciences, and is expanding into commercial fields from its specialized domain [5][10]. - The report highlights the increasing competition in the aerospace industry, emphasizing that measurement and simulation are foundational for industry development [19][20]. - The company has developed proprietary technology and products, aiming to replace international mainstream aerospace analysis software with domestic alternatives [10][11]. Summary by Relevant Sections Market Performance - As of February 13, 2025, the closing price is CNY 58.50, with a market capitalization of CNY 6,676.31 million and a circulating market value of CNY 1,528.31 million [3]. Financial Forecast and Valuation - The company is projected to achieve revenues of CNY 287 million in 2024, with a year-on-year growth rate of 25.50%. The net profit attributable to shareholders is expected to be CNY 83 million, reflecting a year-on-year increase of 32.19% [6][8]. - The report forecasts net profits for 2024-2026 to be CNY 0.83 billion, CNY 1.06 billion, and CNY 1.39 billion, respectively, with corresponding P/E ratios of 80.6, 63.2, and 48.0 [8][10]. Industry Overview - The global commercial aerospace sector is rapidly expanding, with significant investments in satellite internet constellations. The Chinese satellite internet market is expected to reach CNY 450 billion by 2025, driving demand for measurement and simulation services [30][31]. - The report notes that the company has a strong order reserve and has successfully completed large, complex projects in the commercial sector, indicating a robust growth trajectory [10][11]. Business Development - The company has established a solid foundation in specialized aerospace fields and is now leveraging its experience to transition into commercial sectors. It has already secured significant revenue from commercial projects [10][11]. - The report emphasizes the company's commitment to developing a new generation of software platforms and service centers, funded through its IPO proceeds [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance exceeded expectations, with a focus on continuous empowerment from China Resources [7] - The strategic goal is to become a leader in the elderly health industry and a top player in traditional Chinese medicine [7] - The integration with China Resources is progressing steadily, with expectations for accelerated growth in 2025 [7] Financial Performance Summary - 2024 revenue reached 8.401 billion RMB, with a year-on-year growth of 9.07% [7] - The net profit attributable to shareholders for 2024 was 648 million RMB, reflecting a year-on-year increase of 45.81% [6][7] - The company forecasts revenue growth of 10.68% in 2025, reaching 9.299 billion RMB [6] - The projected net profit for 2025 is 751 million RMB, with a growth rate of 15.88% [6][7] Brand and Market Strategy - The company is increasing investment in the 777 brand, with expectations for rapid growth in the blood circulation product line [7] - The integration of resources post-acquisition of China Resources Shenghuo is expected to enhance market presence [7] - The company aims to strengthen its position in the elderly health and chronic disease management sectors [7] Valuation Metrics - The projected P/E ratios for 2025 and 2026 are 18.23 and 14.54, respectively [6][7] - The company’s return on equity (ROE) is expected to improve from 11.34% in 2025 to 13.83% in 2026 [6][7]