公 司 报 告 食品饮料 2025年04月15日 东鹏饮料(605499.SH) 强者恒强，Q1表现亮眼 推荐 ( 维持) 股价:267.58元 行情走势图 证券分析师 | 张晋溢 | 投资咨询资格编号 | | --- | --- | | | S1060521030001 | | | ZHANGJINYI112@pingan.com.cn | | 王萌 | 投资咨询资格编号 | | | S1060522030001 | WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 事项： 公司发布2025年一季报，25Q1公司实现营业收入48.48亿元，同比增加 39.23%；实现归母净利润9.80亿元，同比增加47.62%。 平安观点： 证 券 研 究 报 告 wangxingyun937@pingan.com.cn 季 报 点 评 主要数据 行业 食品饮料 公司网址 www.szeastroc.com 大股东/持股 林木勤/49.74% 实际控制人 林木勤 总股本(百万股) 520 流通A股(百万股) 520 流通B/H股(百万股) 总市值(亿元) 1,391 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][4][12] Core Views - The company achieved a revenue of 23.882 billion yuan in 2024, representing a year-on-year growth of 7.24%, and a net profit attributable to shareholders of 678 million yuan, a significant increase of 299.90% [4][7] - The company is positioned among the top ten global outsourced packaging and testing companies, maintaining its industry ranking [7][8] - The semiconductor industry is entering an upward cycle, and the company is capitalizing on the recovery in communication terminals, achieving substantial growth in key areas such as SOC, WIFI, PMIC, and display drivers [7][8] Financial Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 23.882 billion yuan, 2025E: 26.728 billion yuan, 2026E: 29.658 billion yuan, 2027E: 32.682 billion yuan [6][9] - 2024 Net Profit: 678 million yuan, 2025E: 1.189 billion yuan, 2026E: 1.516 billion yuan, 2027E: 1.841 billion yuan [6][9] - **Profitability Ratios**: - Gross Margin: 14.8% in 2024, expected to increase to 15.7% by 2027 [10] - Net Margin: 2.8% in 2024, projected to reach 5.6% by 2027 [10] - Return on Equity (ROE): 4.6% in 2024, expected to grow to 9.9% by 2027 [10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 57.8 in 2024, decreasing to 21.3 by 2027 [10] - Price-to-Book (P/B) ratio: 2.7 in 2024, expected to decline to 2.1 by 2027 [10] Market Position and Growth Drivers - The company has established significant partnerships with major clients in the mobile phone sector, achieving a 46% growth in mid-to-high-end mobile SOCs [7][8] - In the RF sector, collaboration with leading clients resulted in a 70% growth [7][8] - The company is expanding its presence in automotive applications, with a year-on-year increase of over 200% in automotive product performance [7][8]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report suggests that with the upcoming Politburo meeting in April and the introduction of "reciprocal tariffs," there may be an acceleration in the implementation of policies to stabilize the real estate market. The introduction of "good houses" in the government work report for 2025 and the definition of specific construction standards by the Ministry of Housing and Urban-Rural Development may lead to a new wave of demand for improved housing [3][4] - The report highlights potential investment opportunities in real estate companies with lighter historical burdens, optimized inventory structures, and strong product capabilities, such as China Overseas Development, China Resources Land, and Greentown China. It also suggests focusing on companies undergoing valuation recovery like Vanke A and Jindi Group [3][4] Policy Insights - The report indicates that the "reciprocal tariffs" policy has been introduced, and there is an expectation for further easing of real estate policies. This includes potential loosening of purchase restrictions in core cities, further interest rate cuts, and measures to expand housing demand [3][9] - The report notes that 17 housing-related policies were introduced in March 2025, primarily leaning towards easing measures, with a focus on stabilizing the market [8] Market Dynamics - In March, the average daily transaction volume of new homes in 50 key cities decreased by 1.1% year-on-year but increased by 52.5% month-on-month. The report anticipates gradual improvement in transactions as the supply of high-quality residential properties increases [3][22] - The average premium rate for land transactions in 100 cities reached a new high in nearly a year at 13.2%, indicating a concentration of land sales in core first- and second-tier cities [29][31] Company Performance - The report states that the sales amount of the top 100 real estate companies in March 2025 decreased by 12.1% year-on-year, with a cumulative decline of 7.3% for the first three months. The report emphasizes that future sales volume will largely depend on the supply of high-end quality residential properties [37][32] - The report highlights that the real estate sector's PE (TTM) is currently at 34.9 times, which is at the 90.2 percentile of the past five years, indicating a relatively high valuation [46]

息差降幅优于同业，资产质量夯实 银行 2025 年 4 月 15 日 北京银行(601169.SH) 推荐（维持） 股价：6.06 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bankof beijing.com.cn | | 大股东/持股 | ING BANK N.V./13.03% | | 实际控制人 | | | 总股本(百万股) | 21,143 | | 流通 A 股(百万股) | 21,143 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1,281 | | 流通 A 股市值(亿元) | 1,281 | | 每股净资产(元) | 12.73 | | 资产负债率(%) | 91.5 | 行情走势图 相关研究报告 【平安证券】北京银行（601169.SH）*季报点评*业绩 表现符合预期，零售转型持续推进*推荐20241031 证券分析师 | 袁喆奇 | 投资咨询资格编号 | S1060520080003 | | --- | --- | --- | | YUANZHEQI052@pingan.com.cn | 许淼 | 投资咨询资格编号 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a current stock price of 19.59 yuan [1]. Core Views - The company has shown steady performance with a product structure upgrade, achieving a revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year growth of 3.0%, and a net profit of 230 million yuan, up 5.8% year-on-year [5][9]. - The company is focusing on upgrading its product structure, with high-end products (priced above 300 yuan) accounting for 22.1% of revenue, an increase of 4.3 percentage points year-on-year [9]. - The company is expanding its market presence outside its home province, with revenue from provincial and non-provincial markets reaching 860 million yuan and 240 million yuan respectively, showing growth of 1.0% and 9.5% year-on-year [9]. - The gross margin improved to 66.8% in Q1 2025, up 1.4 percentage points year-on-year, indicating enhanced profitability due to product structure upgrades [9]. - The report forecasts steady growth in net profit for 2025-2027, estimating profits of 410 million yuan, 450 million yuan, and 480 million yuan respectively [9]. Financial Summary - The company is projected to achieve revenues of 3.021 billion yuan in 2024, 3.281 billion yuan in 2025, and 3.560 billion yuan in 2026, with year-on-year growth rates of 18.6%, 8.6%, and 8.5% respectively [8][12]. - The net profit is expected to be 388 million yuan in 2024, 409 million yuan in 2025, and 445 million yuan in 2026, with growth rates of 18.0%, 5.3%, and 8.8% respectively [8][12]. - The company's return on equity (ROE) is projected to be 11.7% in 2024, 11.4% in 2025, and 11.5% in 2026, indicating stable profitability [13].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [6]. Core Views - The company is experiencing robust growth in the domestic insulin market, with both volume and price increasing due to successful participation in centralized procurement [5][6]. - The company is actively advancing its innovative research and development pipeline, with promising data from its GLP-1 receptor agonist GZR18 and long-acting insulin GZR4 [5][6]. - The company is expanding its international presence, with increasing overseas sales and successful entry into emerging markets [5][6]. Summary by Sections 1. Market Position and Growth - The company is a leading player in the diabetes market, with a comprehensive insulin product pipeline and significant market share growth due to centralized procurement [9][12]. - In 2024, the company achieved a revenue of 22.45 billion yuan, a year-on-year increase of 17.81%, and a net profit of 5.07 billion yuan, up 90.36% [5][12]. 2. Research and Development - The company has a complete insulin research pipeline, including both marketed products and innovative drugs in development, such as GZR18 and GZR4 [34][39]. - GZR18 has shown significant weight loss results in clinical trials, indicating its potential as a best-in-class (BIC) treatment [36][37]. 3. International Expansion - The company is actively pursuing international markets, with successful product registrations and sales in regions such as Latin America and Asia-Pacific [43][44]. - The company’s overseas revenue reached 2.27 billion yuan in 2023, reflecting a year-on-year growth of 13.31% [44]. 4. Financial Projections and Valuation - The company is projected to achieve net profits of 6.52 billion yuan in 2024, 11.50 billion yuan in 2025, and 14.97 billion yuan in 2026, with corresponding P/E ratios of 40, 23, and 17 [6][12]. - The company's P/E valuation for 2025 is estimated at 23 times, which is lower than the average of comparable companies at 32 times [6].

道通科技(688208.SH) 中标北美大额订单，全面拥抱AI赋能业务发展 推荐 ( 维持) 股价:35.06元 公 司 报 告 计算机 2025年04月15日 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 根据道通科技公司官网信息，近日，北美最大商用停车场运营商LAZ Parking 宣布加速旗下停车场充电桩部署，正式选择道通科技作为充电桩独家供应商。 第一阶段，道通中标北美地区5万个商用交流充电桩，合计金额2.38亿元。 平安观点： 券 研究助理 | | S1060123070023 | | --- | --- | | 王佳一 | 一般证券从业资格编号 WANGJIAYI446@pingan.com.cn | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

Group 1 - The Free Cash Flow Index has significantly outperformed the market and dividend indices, showing a strong absolute return attribute and benefiting from market downturns [6][8][10] - The Free Cash Flow Index exhibits a notable large-cap value style, with similar exposure to market, value, and large-cap styles compared to dividend indices [11][12][18] - The Free Cash Flow Index can effectively expand value style investment tools, with Sharpe ratios higher than market and dividend indices [18][21] Group 2 - The Free Cash Flow strategy performs well in environments of rising U.S. Treasury rates or tightening credit conditions, with a strong relative performance during these periods [24][25][26] - The Free Cash Flow Index and dividend style indices have similar periods of outperformance, generally outperforming the market during value style dominance [27][28] - A timing strategy based on U.S. Treasury rates, credit conditions, and style momentum has yielded an annualized return of 19.1% since 2015, surpassing the CSI Cash Flow Index by 4.7 percentage points [30][31] Group 3 - The Free Cash Flow Index focuses on financial quality, excluding financial and real estate sectors, and has a higher turnover rate, making it more sensitive to fundamental changes compared to the dividend index [33][36] - The Free Cash Flow Index has a higher concentration of individual stocks, with the top 10 stocks accounting for over 65% of the index, leading to greater exposure to large-cap value styles [36][37] - The alpha source of the Free Cash Flow Index is significantly driven by industry allocation and timing capabilities, with annualized excess returns of 9.0% and 8.9% for different indices [39][42]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's 2024 annual report shows a revenue of 69.9 billion yuan, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of 25.8 billion yuan, a year-on-year increase of 0.8% [4][7] - The annualized weighted average ROE is reported at 8.65% [4] - The company has maintained a resilient net interest margin of 1.47%, with a slight year-on-year decline of 7 basis points, which is considered better than peers [7][10] - Total assets grew by 12.6% year-on-year, with loans increasing by 9.6% and deposits by 18.3% [4][7] Financial Performance Summary - The company achieved a net interest income of 51.9 billion yuan in 2024, reflecting a year-on-year growth of 3.1% [8][11] - Non-interest income increased by 10.1% year-on-year, with a notable growth in bond investment-related income [7][10] - The company’s total assets reached 4.22 trillion yuan by the end of 2024, with a loan total of 2.21 trillion yuan [11] Asset Quality Summary - The non-performing loan (NPL) ratio remained stable at 1.31%, with a year-on-year decrease of 1 basis point [10] - The provision coverage ratio was reported at 209%, indicating a stable risk mitigation capacity [10][11] - The company’s asset quality indicators show a trend of improvement, with a focus on retail and small micro-business risks [10] Future Outlook - The company is expected to continue benefiting from the economic recovery and the clearing of historical risks, leading to improved performance in the coming years [10] - Earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.23, 1.26, and 1.32 yuan respectively, with corresponding growth rates of 0.7%, 2.5%, and 5.0% [10][11]

2025 年 04 月 15 日 甘李药业(603087.SH) 国内胰岛素续约量价齐升，创新出海加速推进 推荐（首次） 股价：43.46 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.ganlee.com.cn | | 大股东/持股 | 甘忠如/34.21% | | 实际控制人 | 甘忠如 | | 总股本(百万股) | 601 | | 流通 A 股(百万股) | 554 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 261 | | 流通 A 股市值(亿元) | 241 | | 每股净资产(元) | 18.65 | | 资产负债率(%) | 8.3 | | 行情走势图 | | 证券分析师 | 张梦鸽 | 一般证券从业资格编号 | | --- | --- | | | S1060124120037 | | | ZHANGMENGGE752@pingan.com.cn | 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | ...