Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [14]. Core Views - The innovative value of KC1036 is expected to be reassessed, with the company preparing for a lighter load in 2025 after recognizing goodwill impairment in 2024. The report anticipates that the progress in innovation will support this reassessment [8][9]. - The company has made significant advancements in the clinical trials of KC1036, a first-in-class drug with independent intellectual property rights, targeting multiple indications including advanced esophageal squamous cell carcinoma and thymic cancer [8]. - The report highlights a substantial unmet clinical need in the treatment of advanced esophageal squamous cell carcinoma, suggesting a broad market opportunity given the high incidence of the disease in China [8]. Financial Summary - The company is projected to achieve a net profit of 44 million to 55 million yuan in 2024, a decline of 63% to 73% year-on-year, primarily due to goodwill impairment [8]. - Revenue forecasts for 2024, 2025, and 2026 are 868 million yuan, 990 million yuan, and 1,131 million yuan respectively, with a year-on-year growth of -5.7%, 14.1%, and 14.3% [7][12]. - The net profit for 2025 is expected to rebound to 133 million yuan, reflecting a significant recovery from the anticipated low in 2024 [7][12]. Clinical Development Progress - KC1036 has shown promising progress in clinical trials, with nearly 300 subjects enrolled across various studies. Key milestones include the completion of the first subject enrollment for the phase II trial in adolescents with advanced juvenile sarcoma [4][8]. - The report notes that the company is also advancing other projects, including KC1086 and KC3001, with potential IND submissions expected in 2025 [8].

公 司 报 告 食品饮料 2025年04月03日 重庆啤酒(600132.SH) 短期业绩承压，期待后续改善 推荐 ( 维持) 相关研究报告 【平安证券】重庆啤酒（600132.SH）*季报点评*需 求端承压，静待结构改善*推荐20241031 【平安证券】重庆啤酒（600132.SH）*半年报点评* 直面外部扰动，展现经营韧性*推荐20240815 证券分析师 事项： 重庆啤酒发布2024年年报，2024年实现营收146.4亿元，同比-1.1%，归母净 利11.1亿元，同比-16.6%，收入符合快报，利润低于快报（2024年收入146.4 亿元，归母净利12.5亿元）；4Q24实现营收15.8亿元，同比-11.5%，归母净 利-2.2亿元，去年同期亏损0.1亿元。 平安观点： 司 年 报 点 评 股价:59.4元 行情走势图 证 券 研 究 报 告 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 S10605231 ...

证券研究报告 1-2月逆变器出口数据月报：亚、非市场表现亮眼 证券分析师 张之尧 投资咨询资格编号：S1060524070005 皮 秀 投资咨询资格编号：S1060517070004 电力设备及新能源 强于大市（维持） 2025年4月2日 请务必阅读正文后免责条款 ※ 要点总结 2 逆变器1-2月出口金额同比略增。根据海关总署数据，2025年1-2月，我国逆变器出口金额共计77亿元，同比略增6.5%。2025年1-2月，国内 逆变器出口区域来看，亚洲、欧洲、拉丁美洲是我国出口逆变器的前三大市场，出口金额占比分别为38%/32%/13%。1-2月，我国出口亚洲/ 欧洲/拉美的逆变器金额分别为29/25/10亿元，同比分别+31%/-11%/-3%。亚洲取代欧洲，成为1-2月我国逆变器出口的第一大市场，出口金 额同比增长；欧洲、拉丁美洲分别为第二和第三大市场，需求规模同比有所下降。 亚洲：1-2月出口同比增长，南亚、中东、东南亚均表现亮眼。2025年1-2月，我国逆变器出口亚洲市场金额28.7亿元，同比增长31%。1-2月 累计出口规模来看，南亚的印度、巴基斯坦，中东的沙特阿拉伯、阿联酋是我国大陆逆变器出口亚洲 ...

Investment Rating - The report maintains a "Recommended" investment rating for Jiangbolong (301308.SZ) [1][9]. Core Views - Jiangbolong's enterprise-level storage continues to grow, and the recovery in storage prices has led to improved performance. In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit attributable to shareholders of 499 million yuan, up 160.24% year-on-year [4][8]. Summary by Sections Financial Performance - In 2024, Jiangbolong's revenue reached 17.464 billion yuan, with a year-on-year growth of 72.48%. The net profit attributable to shareholders was 499 million yuan, reflecting a significant increase of 160.24% year-on-year [4][8]. - The gross margin for 2024 was 19.05%, an increase of 10.86 percentage points year-on-year, while the net margin rose by 11.16 percentage points to 2.89% [8]. Business Growth - The enterprise-level storage segment saw a remarkable revenue increase of 666% year-on-year, reaching 922 million yuan. The company has launched multiple high-speed eSSD products, achieving compatibility with various domestic CPU platforms [8]. - The Brazilian subsidiary Zilia reported revenue of 2.312 billion yuan in 2024, a year-on-year growth of 120%, benefiting from Jiangbolong's market brand and technical resources [8]. - The Lexar brand continued its rapid growth, with global revenue increasing from 860 million yuan in 2019 to 3.53 billion yuan in 2024 [8]. Future Projections - The report projects net profits for 2025, 2026, and 2027 to be 639 million yuan, 887 million yuan, and 1.278 billion yuan, respectively. The estimates for 2025 and 2026 have been revised downwards due to expected fluctuations in net profit [9][11]. - The company is expected to benefit from a stable recovery in storage prices and strong demand for enterprise-level storage driven by AI and data center growth [9].

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating a positive outlook compared to the broader market [1]. Core Insights - The report highlights that the net profit of listed banks is expected to grow by 1.8% year-on-year for 2024, with a notable increase in growth rate compared to the first three quarters [4][10]. - Revenue decline is narrowing, with a projected revenue growth rate of -0.6% for 2024, an improvement from -1.6% in the previous quarters [11][14]. - The report emphasizes the importance of domestic economic recovery and the impact of recent growth-stabilizing policies on banking performance [14]. Summary by Sections 1. Profitability Breakdown - The net interest income for listed banks is expected to decline by 2.3% in 2024, an improvement from a 3.2% decline in the first three quarters [11][12]. - Non-interest income, particularly from investment gains, is projected to increase by 28% due to falling bond yields, partially offsetting revenue pressures [11][12]. - The report notes that the cost-to-income ratio has increased to 32.8%, reflecting a 0.5 percentage point rise year-on-year [7]. 2. Operational Analysis - Asset growth for listed banks has decreased to 7.2%, with loan growth at 7.7%, indicating stable overall growth despite a slight decline [22][23]. - The annualized net interest margin is projected to decrease to 1.43%, primarily due to asset pricing pressures [24]. - The report indicates that the quality of assets remains stable, with non-performing loan ratios showing slight fluctuations but overall stability [7][22]. 3. Dividend and Investment Recommendations - The report highlights a stable dividend payout ratio, with 9 banks increasing their dividend rates compared to the previous year [7]. - Investment recommendations focus on "pro-cyclical and high dividend" strategies, with an average dividend yield of 4.3% for the sector, which remains attractive compared to risk-free rates [7][8]. - Specific banks recommended for investment include Chengdu Bank, Suzhou Bank, and Ningbo Bank, which are expected to benefit from regional economic recovery [8][14].

Group 1: Macro Insights - Germany's new fiscal plan aims to break the "debt brake" mechanism, potentially increasing annual spending by approximately €100 billion, which could boost economic growth by 1-2 percentage points in the long term [7][8] - The EU's "rearmament of Europe" plan, amounting to €800 billion, includes a €1.5 billion loan tool backed by EU credit guarantees, which may increase defense spending by about €200 billion annually, contributing to a 1 percentage point increase in nominal GDP growth [8] - The positive shift in fiscal policy in Germany and the EU is expected to attract investment into Euro assets, particularly in defense and infrastructure sectors [9] Group 2: Inverter Export Data - In January-February 2025, China's inverter exports totaled ¥7.7 billion, a year-on-year increase of 6.5%, with Asia emerging as the largest market, accounting for 38% of exports [10][11] - The Asian market saw significant growth, with exports to India and Pakistan increasing by 74% and 63% respectively, while exports to the Middle East also showed strong growth [11][12] - European inverter exports declined by 11%, with Germany and the Netherlands being the main markets, indicating a shift in demand towards emerging markets [12][13] Group 3: Convertible Bond Strategy - The convertible bond market performed well in Q1 2025, driven by a surge in technology stocks, with convertible bonds gaining 60% compared to their underlying stocks [14][15] - The second quarter may face some consolidation pressure, but TMT convertible bonds are expected to have the highest elasticity and strong debt protection [15][16] - Investors are advised to accumulate positions in convertible bonds when the underlying technology stocks experience a decline of around 15% [16] Group 4: Company-Specific Insights - Vanke's 2024 annual report showed a revenue decline of 26.3% to ¥343.18 billion and a net loss of ¥49.48 billion, attributed to decreased settlement scale and gross margin in development business [22][23] - The company is actively restructuring and has achieved over 100% sales collection rate, with significant support from major shareholders to stabilize operations [24][25] - Hengsheng Electronics reported a revenue drop of 9.62% to ¥6.581 billion in 2024, with a net profit decrease of 26.75%, impacted by reduced technology investments from financial clients [27][28] Group 5: Pharmaceutical Sector Insights - Sinovac's international business is expected to grow significantly, with a target of 200%-400% increase in overseas sales by 2025 compared to 2023 [33] - The company is advancing its innovative drug pipeline, focusing on antibody drugs and utilizing AI for drug design, which may enhance its market position [34] - The forecast for Sinovac's revenue from 2024 to 2026 is projected at ¥1.568 billion, ¥2.071 billion, and ¥2.692 billion respectively, indicating strong growth potential [34]

宏观 2025 年 4 月 2 日 评《关于完善价格治理机制的意见》 新一轮供给侧改革思路渐明 证券分析师 钟正生 投资咨询资格编号 S1060520090001 ZHONGZHENGSHENG93 4@pingan.com.cn 2025 年 4 月 2 日，中共中央办公厅 国务院办公厅发布《关于完善价格治理 机制的意见》。对此，我们有以下理解： 第一，"稳物价"是 2025 年宏观政策的重点关注。2023 年以来，中国 GDP 平减指数持续承压，经济的量价背离已持续两年，这对居民信心、 企业利润 和政府收入都产生一定拖累，不利于经济内生活力的修复。2025 年《政府工 作报告》将 CPI 增速目标定在 2%左右，是 2003 年以来首次降到 3%以下， 且与此前日本"安倍经济学"的通胀目标和美联储的目标通胀率相 一致。更 加务实的 CPI 增速目标，体现出对名义经济增长更加重视。本次中共中央国 务院推出《关于推进价格机制改革的若干意见》，正是围绕"稳物价 "目标 的一项重要部署。 第二，本次价格机制改革与 2015 年有着相似韵脚。2015 年 10 月，《关于推 进价格机制改革的若干意见》发布，是第一次 ...

海外宏观 2025 年 4 月 2 日 宏观深度报告 从德国财政转向看欧洲"觉醒" 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 宏 观 报 告 宏 观 深 度 报 告 证 券 研 究 报 告 德国财政：打破紧缩教条。德国新政党推出新的财政计划，有三大核心内 容：1、打破国防开支约束，超过 GDP 1%的国防开支将排除在"债务刹 车"计算范围外。2、放宽地方债务限制，允许州举债至 GDP 的 0.35%。 3、设立 5000 亿预算外专项基金，将在 10 年内使用。初步估算，德国新 的财政计划之下，每年可能增加 1000 亿欧元的支出（占 GDP 的 2%左 右） ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - In the first two months of 2025, China's inverter export value reached 7.7 billion yuan, a slight increase of 6.5% year-on-year. Asia has overtaken Europe as the largest market for inverter exports, with significant growth in South Asia and the Middle East [2][13][16]. Summary by Sections Inverter Monthly Export Overview - The total inverter export value for January-February 2025 was 7.7 billion yuan, with Asia, Europe, and Latin America being the top three markets, accounting for 38%, 32%, and 13% of exports respectively [13][16]. Asia: Export Growth with Strong Performance in South Asia and the Middle East - In January-February 2025, inverter exports to Asia amounted to 2.87 billion yuan, a year-on-year increase of 31%. Key markets included India and Pakistan, with exports to India growing by 74% and to Pakistan by 63% [2][28][36]. Europe: Overall Decline in Exports - Exports to Europe totaled 2.46 billion yuan, a decrease of 11% year-on-year. The Netherlands and Germany were the main markets, with exports declining by 4% and 14% respectively [54][55]. Latin America & Africa: Mixed Performance - Exports to Latin America were 1.02 billion yuan, down 3% year-on-year, with Brazil being the largest market. In contrast, exports to Africa increased by 26%, totaling 660 million yuan, with South Africa and Nigeria showing significant growth [2][16][54]. Investment Recommendations - The report recommends focusing on leading companies in the overseas large storage and emerging market household storage sectors, highlighting companies like Sungrow Power Supply, Deye Technology, and Shuneng Electric as key players [2][9].

医药 2025 年 04 月 02 日 科兴制药(688136.SH) 出海业务有望保持高增长，创新药平台价值静待重估 推荐（维持） 股价：28.13 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kexing.com | | 大股东/持股 | 深圳科益医药控股有限公司/66.01% | | 实际控制人 | 邓学勤 | | 总股本(百万股) | 200 | | 流通 A 股(百万股) | 200 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 56 | | 流通 A 股市值(亿元) | 56 | | 每股净资产(元) | 8.09 | | 资产负债率(%) | 46.0 | 行情走势图 相关研究报告 【平安证券】科兴制药（688136.SH）*深度报告*多国 GMP验厂节奏符合预期，白紫出海欧盟确定性较强*推 荐20240509 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 研究助理 | ...