煤价底部震荡趋稳，重视板块估值修复 [Table_ReportTime] 2025 年 4 月 13 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 煤价底部震荡趋稳，重视板块估值修复 [Table_ReportDate] 2025 年 4 月 13 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 ◆ 动 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 昊帆生物(301393) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 主业多肽合成试剂稳健增长，产品储备和客户资源 构建护城河 [Table_ReportDate] 2025 年 04 月 12 日 [Table_S 事件：2025 ummar年y]4 月 10 日，公司发布 2024 年年度报告。2024 年公司实现 营业收入 4.52 亿元，同比增长 16.22%；实现归母净利润 1.34 亿元，同比 增长 35.44%；实现扣非归母净利润 1.16 亿元，同比增长 23.79%。单季度 来看，2024 年 Q4 公司实现营业收入 1.24 亿元 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 肇民科技（301000.SZ） 投资评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100053 [Table_Title] 肇民科技（301000.SZ）：2024 业绩增长亮眼， 机器人业务快速推进 [Table_ReportDate] 2025 年 4 月 13 日 [Table_S 事件：公司发布 ummary] 2024 年度报告，2024 年公司实现营业收入 7.56 亿元，同 比增长 27.86%，实现归母净利润 1.42 亿元，同比增长 37.25%。扣非规模 净利润 1.29 亿元，同比增长 46.09%。公司全年销售毛利率 33.84%，净利 率 18.87%。 点评： ➢ 风险因素：原材料价格波动风险；机器人领域产品及订单推进不及预期。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 [Table_Author] 邓健全 汽车行业首席分析师 ...

南网明确 136 号文落实节奏，国际气价周环比下跌 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 4 月 13 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 南网明确 136 号文落实节奏，国际气价周环比下跌 2025 年 4 月 13 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://w ...

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.5 billion to 10 billion yuan in the first quarter of 2025, representing a year-on-year increase of 86.0% to 118.9% [2] - BYD's vehicle sales reached 1 million units in the first quarter of 2025, a year-on-year increase of 59.8%, with a single vehicle net profit of 8500 to 10,000 yuan, reflecting a year-on-year increase of 16.4% to 40.0% [2] - The company's overseas sales grew significantly, with 206,000 units sold in the first quarter of 2025, a year-on-year increase of 110% [2] - BYD's R&D investment exceeded 54.2 billion yuan in 2024, a year-on-year increase of 35.7%, focusing on smart and electric vehicle technologies [2] - The company forecasts net profits of 54.8 billion, 66.5 billion, and 79.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20x, 16x, and 14x, maintaining a "Buy" rating [2] Financial Summary - Total revenue for 2023 was 60.23 billion yuan, with projected revenues of 77.71 billion yuan in 2024 and 99.67 billion yuan in 2025, reflecting growth rates of 42.0%, 29.0%, and 28.3% respectively [3] - The net profit attributable to shareholders for 2023 was 30 billion yuan, with projections of 40.3 billion yuan in 2024 and 54.8 billion yuan in 2025, indicating year-on-year growth rates of 80.7%, 34.0%, and 36.1% respectively [3] - The gross profit margin is expected to improve from 18.6% in 2023 to 20.8% by 2027 [3] - The return on equity (ROE) is projected to remain stable around 24.5% from 2025 to 2027 [3]

Macro Perspective - Recent US Treasury yields have declined due to expectations of interest rate cuts by the Federal Reserve, with a 68.7% probability of a cut in June 2025 and 67.3% in July 2025[4] - Domestic M2 growth year-on-year was 7.0% in February 2025, unchanged from the previous value, while the M1-M2 differential was -6.9%, slightly down from -6.6%[4] Valuation Metrics - The absolute PETTM for the CSI Dividend Index is at the 90.25th percentile over the past three years, down from 95.59% a month ago, indicating a high absolute valuation[4] - The relative PETTM is at the 79.71st percentile, up from 58.88% a month ago, suggesting a moderately high relative valuation[4] Price and Volume Analysis - 46.48% of the CSI Dividend Index component stocks are above the six-month moving average, down from 55.61% a month ago, indicating a decrease in price congestion[4] - The absolute trading volume is at the 78.10th percentile over the past three years, up from 74.10% a month ago, suggesting a recovery in trading activity[4] Fund Flows - The net inflow into dividend ETFs this week was 34.90 billion CNY, with a total net inflow of 41.03 billion CNY over the past month, indicating strong investor interest in dividend strategies[4] - The exposure of equity mutual funds to dividend strategies has increased to 0.45 in Q4 2024, the highest level since 2019[4] Summary and Outlook - The macro model suggests that the dividend style may underperform relative to growth styles in the near term, but potential improvements in M2 and M1-M2 differential could enhance the outlook[4] - The report indicates a potential for absolute and excess returns in the dividend sector as the technology sector begins to correct and policies are gradually implemented[4]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 军比亚迪(002594.SZ) 投资评级 买入 上次评级 买入 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 武浩 电力设备与新能源行业首席分析 师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852266 邮 箱：dinghongjing@cindas.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 比亚迪(002594.SZ)：海外市场表现亮眼，盈 利超预期 [Table_S 事件：公司发布 umma ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [13]. Core Insights - The company's main business of peptide synthesis reagents shows steady growth, with a significant contribution from overseas markets [2][4]. - In 2024, the company achieved a revenue of 452 million yuan, a year-on-year increase of 16.22%, and a net profit attributable to the parent company of 134 million yuan, up 35.44% year-on-year [1]. - The company has a robust product reserve and customer base, which helps in building a competitive moat [4][5]. Financial Performance - In 2024, the sales of peptide synthesis reagents amounted to 354 million yuan, a year-on-year increase of 17.42%, while the sales of general molecular building blocks decreased by 22.02% to 58 million yuan [2]. - The company's gross margin for 2024 was 40.28%, an increase of 1.73 percentage points year-on-year, with the gross margin for peptide synthesis reagents at 41.55%, up 3.04 percentage points [3]. - The company expects revenues of 581 million yuan, 723 million yuan, and 871 million yuan for 2025, 2026, and 2027 respectively, with net profits projected at 173 million yuan, 216 million yuan, and 260 million yuan for the same years [7]. Product and Market Position - The company has developed over 160 types of novel peptide synthesis reagents and has a comprehensive product system with more than 800 types of general molecular building blocks [4]. - The company serves over 1,900 pharmaceutical R&D and production enterprises, with a significant increase in procurement from CDMO clients in 2024 [5]. - The company’s self-built production capacity is expected to enhance its production capabilities, with a project in Anhui expected to produce 1,002 tons of peptide reagents annually [5].

样本建筑工地资金到位率继续上升，有利于增加钢材需求 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 4 月 12 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [钢铁Table_StockAndRank] 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [样本建筑工地资金到位率继续上升，有利于增加钢材需 Table_Title] 求 [Table_ReportDate] 2025 年 4 月 12 日 本期内 ...

公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 开立医疗(300633) 证券研究报告 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 业绩增长承压，静待下半年招采回暖 内镜延续高增长趋势，盈利能力逐步 提升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩短期承压，新品放量+招采回暖有望提振 盈利能力 [Table_ReportDate] 2025 年 04 月 12 日 [Table_S 事件：公司发布 ummary] 2024 年年报，2024 年实现营业收入 20.14 亿元（yoy- 5.02%），归母净利润 1.42 亿元（yoy-68 ...