Investment Insights - The pharmaceutical sector shows positive momentum with a 1.27% increase in the pharmaceutical index, outperforming the CSI 300 index by 0.16% [3][6] - Long-term growth potential is highlighted for Changchun High-tech, which has maintained a revenue scale above 10 billion despite industry pressures [8][9] - The report suggests focusing on innovative drugs and companies with low valuations, such as Changchun High-tech and Kunming Pharmaceutical [11] Pharmaceutical Sector - The pharmaceutical index saw 345 stocks rise and 138 fall, with notable gainers including Tuoxin Pharmaceutical (+45.03%) and Yong'an Pharmaceutical (+32.05%) [7] - The report emphasizes the importance of innovation in the pharmaceutical industry, with significant R&D investments expected to yield results [9][10] - Key recommended stocks include Xintai, Yipin Hong, and Huana Pharmaceutical, among others [11] Media and Internet Sector - The media sector is experiencing a shift with major companies like Tencent and Alibaba revealing stable core business performance while integrating AI into their operations [13][14] - The report highlights the expansion of IP and trendy toy companies, suggesting a focus on high-growth areas such as card games and collectibles [15] - The overall media industry remains in a phase of adjustment, with recommendations to continue exploring new channels and content [22] Agriculture and Livestock Sector - The report indicates a weak trend in pig prices, with current prices at 14.58 RMB/kg, and a cautious sentiment in the market [23][24] - The outbreak of avian influenza in Brazil is expected to boost domestic chicken prices, with current prices showing signs of recovery [25] - The focus is on high-quality livestock breeding companies, with recommendations for leading firms like Muyuan Foods and Wens Foodstuffs [24][32] Metals and New Materials Sector - The aluminum market is experiencing price increases due to supply-side factors and the easing of US-China tariffs, with prices expected to rebound to around 20,500-21,000 RMB/ton [4] - The report notes that copper prices are expected to remain stable, influenced by macroeconomic factors and trade negotiations [4] Public Utilities and Environmental Sector - The report suggests increasing allocations to public utilities and power equipment, with improvements in energy storage profitability expected [5] - The energy sector is poised to benefit from new regulations and a stable profit model for grid companies [5] North Exchange Sector - The electrolyte beverage market is projected to grow significantly, driven by an increase in sports participation rates in China [35] - Companies like Kangbiter are highlighted for their innovative products in the electrolyte drink segment, which is expected to see substantial growth [35]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company focuses on the high-precision small parts market for aluminum die-casting and has acquired German company Dico to develop the European market [5]. - The company is expected to achieve a year-on-year net profit growth of 33% in 2024, with revenues projected to reach 577 million yuan, a 25.97% increase [5]. - The automotive parts segment is anticipated to generate 332 million yuan in revenue in 2024, reflecting a 32.06% year-on-year growth, driven by the increasing demand for lightweight aluminum components in electric vehicles [5][9]. Financial Performance - In 2024, the company is projected to achieve revenues of 577 million yuan and a net profit of 57 million yuan, with respective year-on-year growth rates of 25.97% and 32.63% [7]. - The company’s earnings per share (EPS) are expected to grow from 0.30 yuan in 2024 to 0.60 yuan by 2027, indicating a strong upward trend [7]. - The return on equity (ROE) is forecasted to increase from 11.72% in 2024 to 17.09% in 2027, showcasing improved profitability [7]. Market Dynamics - The global automotive market is projected to grow by 2.10% in 2024, with electric vehicle sales expected to rise by 24.40% [5]. - The company is strategically positioned to benefit from the increasing demand for electric vehicle components, with significant partnerships established with major clients such as Huawei and Geely [5][9]. - The electric tool market is also showing signs of recovery, with a projected revenue increase of 41.94% in 2024, driven by rising consumer demand [5][6]. Strategic Initiatives - The company has expanded its international presence by establishing operations in Mexico and Thailand, and successfully completed the acquisition of Dico to enhance its market reach in Europe [9]. - The focus on research and development is evident, with the company holding 201 patents, including 11 invention patents, which supports its competitive edge in technology [5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is expected to decrease from 69.92 in 2024 to 34.89 by 2027, indicating a more attractive valuation over time [7]. - The projected revenue growth rates for the next few years are 25.97% for 2024, 22.21% for 2025, and gradually declining to 19.60% by 2027, reflecting a robust growth trajectory [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve stable performance in 2024, with a reported revenue of 29.619 billion yuan, reflecting a year-on-year growth of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year. However, the first quarter of 2025 saw a decline in revenue to 7.337 billion yuan, down 9.09% year-on-year, and a net profit of 1.011 billion yuan, down 12.82% year-on-year [8] - The company benefits from a tight power supply-demand balance in East China, with coal-fired power generation increasing by 3.5% in 2024, reaching 416.05 billion kWh. The utilization hours for coal-fired power reached 4,953 hours, an increase of 150 hours year-on-year [8] - The company’s long-term performance is stable and predictable, with significant advantages in large-scale, low coal consumption coal-fired units located in Shanghai, which enjoys resilient electricity prices and tight supply-demand dynamics [8] Financial Forecast and Valuation - Revenue projections for the company are as follows: 29.164 billion yuan in 2025, 30.222 billion yuan in 2026, and 30.577 billion yuan in 2027, with corresponding year-on-year growth rates of -1.54%, 3.63%, and 1.18% respectively [7] - The net profit attributable to shareholders is forecasted to be 4.066 billion yuan in 2025, 4.250 billion yuan in 2026, and 4.355 billion yuan in 2027, with growth rates of 3.10%, 4.52%, and 2.47% respectively [7] - The company is expected to maintain a stable dividend policy, with a proposed dividend of 4.5 yuan per 10 shares for 2024, resulting in a payout ratio of 56.27% [8]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 05 月 19 日 板块表现： 长春高新，涅槃重生？ 投资评级： 看好（维持） ——医药行业周报（25/5/12-25/5/16） 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 证券分析师 本周医药市场表现分析：5 月 12 日至 5 月 16 日，医药指数上涨 1.27%，相对沪深 300 指数 超额收益为+0.16%。本周题材性个股表现较好，拓新药业、川宁生物、华大基因等。建议关 注：1）创新药作为产业趋势，近期盘整较为充分，继续重点推荐 A 股信立泰、科伦药业、热 景生物、一品红、科兴制药、恒瑞医药；港股三生制药、科伦博泰、康方生物、中国生物制 药；2）业绩落地、估值较低的个股，建议关注长春高新（创新药）、昆药集团、开立医疗、 迈瑞医疗、鱼跃医疗、海泰新光等；3）Ai/科技+医疗，建议关注华大智造、麦澜德、三友医 疗、润达医疗、塞力医疗、乐心医疗等。 联系人 医药指数和各细分领域表现、涨跌幅：本周医药指数上涨 1.27%，上涨个股数量 345 家，下 跌个股 138 家，涨幅居前为拓新药业（+45.03%）、永安药业 ...

证券研究报告 | 北交所定期报告 | | --- | AI+发展驱动鸿蒙全场景智效跃升，关注北交所 AI+产业企业 ——北交所科技成长产业跟踪第二十六期（20250518） 投资要点： hyzqdatemark 2025 年 05 月 19 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 鸿蒙旨在通过"一次开发、多端部署"架构实现跨终端智能协同与资源共享。参考中关村在线信息，2025 年 5 月 8 日，华为在鸿蒙电脑技术与生态沟通会上正式发布了首款鸿蒙电脑，详细介绍了 HarmonyOS 5 鸿蒙电脑操 作系统的设计，并官宣将于 2025 年 5 月 19 日 14 点半举办发布会，届时将正式发布鸿蒙电脑硬件产品。华为终 端 BG 平板与 PC 产品线总裁朱懂东宣布，华为终端全面进入鸿蒙时代。鸿蒙电脑是华为首款搭载 HarmonyOS 5 的笔记本电脑，从内核开始重构操作系统，构筑鸿蒙办公新体验。物联网 ...

证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 05 月 19 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 关注港股公司财报披露，重视 IP 潮玩企业扩容 投资评级： 看好（维持） ——传媒互联网行业周报（2025.5.12-2025.5.18） 投资要点： 本周观点：腾讯、阿里巴巴、京东等港股互联网公司陆续披露财报，基础业务稳健 性凸显的同时，AI 业务在估值框架中纳入更深的思考。建议持续关注内部组织架构 主动调整的业务战略价值，以及 AI+平台优势下的业务效能优化。同时，更多公司 在关注"谷子经济"，并加强自身产品与谷子的结合，或开始进入潮玩赛道，产业 链相关公司持续扩容，我们建议持续重视卡牌、潮玩等线下高景气度产业发展。 联系人 板块表现： 互联网方向：腾讯、阿里巴巴等公司陆续披露财报，多项业务模块展 ...

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 05 月 19 日 投资评级： 看好（维持） 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 板块表现： 生猪价格走弱，巴西爆发禽流感 ——农林牧渔行业周报（20250512-20250516） 证券分析师 投资要点： 生猪：猪价短期维持震荡，4 月第三方产能震荡略增。 联系人 本周涌益数据最新猪价为 14.58 元/kg，出栏均重为 129.71kg，15Kg 仔猪报价 630 元/头，175kg 标肥价差降至 0.36 元/kg。近期二育入场情绪谨慎，猪价展现弱势， 短期猪价或维持震荡；中长期看全年总体供给偏多，猪价弱势较为确定。产能方面， 3 月统计局全国能繁母猪存栏量 4039 万头，同比增长 1.2%，环比 24 年底降 0.96%， ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 05 月 18 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 体育锻炼人数比例提升打开电解质饮料长尾市场空间，关注康比特等运动营养公司 ——北交所消费服务产业跟踪第十四期（20250518） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 功能饮料 2019-2024 年市场规模 CAGR 达 8.3%，电解质饮料长尾市场空间广阔。中国是全 球第二大的软饮市场，软饮的核心品类包括功能饮料、茶饮料、果汁类饮料、包装饮用水、 咖啡饮料、碳酸饮料、蛋白饮料及其他。软饮已逐渐成为日常消费产品之一。随着经济的发 展，市场稳定增长。其中，功能饮料是中国软饮行业中增长较快的细分品类。2019 年功能饮 料按销售额计市场规模为 1119 亿元，2024 年已增长至 1665 亿元，2019-202 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 05 月 18 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 联系人 陈轩 板块表现： 中美关税"降级"催化，成本支撑叠加库存去化，铝价大涨 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/5/12-2025/5/16） 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 铜：铜价维持震荡，等待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 +0.86%/+0.89%/-1.34%，本周一中美发布经贸会谈联合声明，实现对等关税"降级"， 受此催化全球商品价格反弹，沪铜一度反弹至 7.9 万元/吨，后续逐步回落至 7.8 万 元/吨。基本 ...

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The public utility sector is expected to benefit significantly from new trends, particularly due to the recent changes in fund management regulations that emphasize the importance of the "return-risk ratio" [10][12] - The demand for flexible resources in the new power system is driving the growth of energy storage installations, supported by continuous improvements in revenue mechanisms for energy storage stations [6][25] - The report highlights the strong performance of hydropower companies in terms of return-risk ratios, with major players like Yangtze Power and Huaneng Hydropower ranking in the top percentiles of the A-share market [11][12] Summary by Sections Public Utilities - The report suggests increasing allocation to public utilities and power equipment due to the new fund regulations [4][9] - The public utility sector is identified as a major beneficiary of the recent policy changes, which are expected to enhance valuation trends [10][12] Energy Storage - Domestic energy storage utilization is improving, with a total installed capacity of 2.55 GW/5.72 GWh added in Q1 2025 [18] - The report notes that energy storage export orders have surged, with a year-on-year increase of 756.72% in Q1 2025, approaching a total of 100 GWh [25] - Key measures in Shandong province aim to enhance energy storage profitability, including widening the price difference for charging and discharging, and reducing operational costs [5][22] Investment Recommendations - The report recommends focusing on resilient hydropower companies and undervalued thermal power operators benefiting from declining coal prices [13] - Specific companies highlighted for investment include: - Hydropower: Guotou Power, Yangtze Power, ChuanTou Energy - Wind Power: Longyuan Power, Goldwind Technology, Datang Renewable - Thermal Power: Anhui Energy, Shanghai Electric, Huaneng International [13]