美国关税政策落地， 半导体产业链重构利好国产替代 [Table_ReportDate] 2025 年 4 月 7 日 证券研究报告 行业研究 [行业专题研究（普通） Table_ReportType] | [Table_StockAndRank] 半导体 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 莫文宇 电子行业首席分析师 | | | 执业编号：S1500522090001 | | | 邮 箱：mowenyu@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] 美国关税政策落地，半导体产业链重构 利好国产替代 [Table_ReportDate] 2025 年 04 月 07 日 ➢ 风险提示：半导体国产替代进程不及预期，下游需求发展不及预 期。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 本期内容提要: 请阅读最后一页免责声明及信息披露 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [9]. Core Insights - The company achieved total revenue of RMB 2.306 billion in 2024, representing a year-on-year increase of 17.3%, and a net profit attributable to shareholders of RMB 272 million [1]. - Total order value for 2024 reached approximately RMB 3.506 billion, a significant increase of about 49.3% compared to the previous year, with a paid user base growing to 181,000, up approximately 149.4% [1]. - The company has enhanced its research and operational capabilities, leveraging AI technologies to improve investment advisory services and operational efficiency [1]. - R&D investment amounted to approximately RMB 319 million, a 10.9% increase year-on-year, accounting for about 13.8% of total revenue [1]. - The company has expanded its presence on various social media platforms, achieving over 49,800 hours of live streaming and attracting approximately 50.05 million followers [1]. Financial Summary - The company forecasts revenues of RMB 3.429 billion, RMB 3.960 billion, and RMB 4.460 billion for 2025, 2026, and 2027, respectively, with expected growth rates of 49%, 16%, and 13% [3]. - Net profit is projected to reach RMB 764 million in 2025, RMB 792 million in 2026, and RMB 874 million in 2027, reflecting growth rates of 181%, 4%, and 10% [3]. - Earnings per share (EPS) are expected to be RMB 1.70, RMB 1.77, and RMB 1.95 for 2025, 2026, and 2027, respectively [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated stable annual performance, with a revenue of 9.139 billion yuan in 2024, reflecting a year-on-year growth of 6.02%. The net profit attributable to the parent company reached 1.092 billion yuan, up 9.60% year-on-year, while the net profit excluding GDR exchange losses grew by 20.26% to 1.012 billion yuan [1] - The company's market share in core business has improved, with a DCS market share of 40.4% in 2024, an increase of 2.6 percentage points from the previous year. In the chemical sector, the DCS market share reached 62.6%, up 6.3 percentage points, and in the petrochemical sector, it reached 56.2%, up 6.9 percentage points [1] - The company has successfully expanded its international business and achieved breakthroughs in its robotics business, with export revenue accounting for 8.25% of total revenue, growing by 118.27% year-on-year [1] Financial Performance Summary - Total revenue for 2024 was 9.139 billion yuan, with a year-on-year growth rate of 6.0%. The net profit attributable to the parent company was 1.117 billion yuan, with a growth rate of 1.4% [2] - The gross profit margin for 2024 was 33.9%, slightly up from 33.2% in 2023. The return on equity (ROE) for 2024 was 10.8% [2] - Earnings per share (EPS) for 2024 is projected at 1.41 yuan, with a price-to-earnings (P/E) ratio of 37.07 [2] Business Segment Performance - In the chemical industry, the company achieved revenue of 3.366 billion yuan in 2024, with a gross margin of 35.28%, an increase of 3.47 percentage points year-on-year. The petrochemical sector generated 1.854 billion yuan, with a gross margin of 40.11% [1] - The pharmaceutical and food industry saw a revenue increase of 17.38% to 741 million yuan, while the oil and gas sector, as a new focus area, achieved a revenue of 885 million yuan, growing by 47.84% [1] Future Earnings Forecast - The company is expected to continue expanding its product offerings and integrating technology, with projected EPS of 1.61 yuan, 1.91 yuan, and 2.32 yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 32.47, 27.40, and 22.55 [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue increase of 30.62% year-on-year in 2024, reaching 12.711 billion yuan, but the net profit attributable to shareholders decreased by 21.35% to 5.322 billion yuan, with a non-recurring net profit decline of 4.66% to 4.858 billion yuan [1][2] - The investment operation segment saw significant revenue growth of 52.85% year-on-year, contributing 96.86 billion yuan, which accounted for 76.20% of total revenue [2] - The smart transportation segment faced challenges, leading to a revenue drop of 46.97% to 4.37 billion yuan, negatively impacting overall performance [3] - The company’s overall gross margin decreased to 34.09%, down 2.87 percentage points year-on-year, primarily due to increased expenses from the consolidation of China Merchants Railway [4] - The company plans to distribute cash dividends amounting to 28.44 billion yuan, with a dividend payout ratio of approximately 53.44% [6] - The company is positioned as a leading highway operation platform, with a focus on both core highway assets and the development of the transportation industry chain [7] - Profit forecasts for 2025-2027 estimate net profits of 5.886 billion yuan, 6.311 billion yuan, and 6.646 billion yuan, respectively, with corresponding P/E ratios of 15.0, 14.0, and 13.3 [8] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 12.711 billion yuan, a 30.6% increase from 2023, while the net profit attributable to shareholders was 5.322 billion yuan, reflecting a 21.3% decrease [9] - The gross margin for 2024 was 34.1%, down from 37.0% in 2023 [9] Segment Analysis - The investment operation segment generated 96.86 billion yuan in revenue, with a gross profit of approximately 40.56 billion yuan, despite a decline in gross margin due to adverse weather and increased free passage days [2] - The smart transportation segment's revenue fell to 4.37 billion yuan, with a gross loss of 0.48 billion yuan, significantly impacting overall performance [3] Dividend Policy - The company has maintained a high dividend payout, with a proposed cash dividend of 4.17 yuan per 10 shares, resulting in a total distribution of 28.44 billion yuan [6] Future Outlook - The company is expected to continue its growth trajectory, with a focus on expanding its highway assets and enhancing its transportation technology capabilities [7] - The projected net profits for the next three years indicate a steady growth pattern, reinforcing the positive outlook for the company's financial health [8]

新能源电量全面入市，月度电价上浮比例继续收窄 [Table_Industry] —电力行业 1-2 月月报 [Table_ReportDate] 2025 年 4 月 7 日 证券研究报告 行业研究 [行业Table月报_ReportType] 电电力行业 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：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 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 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 北京市西城区闹市口大街9号院1号楼 邮编：110031 [电 ...

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] 美国关税政策落地，半导体产业链重构 利好国产替代 证券研究报告 行业研究 [行业专题研究（普通） Table_ReportType] | [Table_StockAndRank] 半导体 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 莫文宇 电子行业首席分析师 | | | 执业编号：S1500522090001 | | | 邮 箱：mowenyu@cindasc.com | | 美国关税政策落地， 半导体产业链重构利好国产替代 [Table_ReportDate] 2025 年 4 月 7 日 [Table_ReportDate] 2025 年 04 月 07 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S [➢Table_Summary 事件：ummar美东时间 y] ] 4 月 2 日， ...

Report Industry Investment Rating Not provided in the content Core Viewpoints - The shock pattern of China's domestic bond market was broken by the escalation of trade frictions last week. After the introduction of the US's so - called "reciprocal tariffs", the global risk - aversion sentiment has increased, and the yields of domestic bonds have declined significantly. The direction of interest rate decline has been re - established, and the probability of reserve requirement ratio cuts and interest rate cuts in Q2 has increased significantly [2][3][6]. - Although the final implementation of short - term tariffs remains to be observed and the market may fluctuate, in the next quarter, long - term interest rates may hit new lows. At present, it is recommended to pay more attention to the duration strategy and appropriately lengthen the duration of the portfolio [3][36]. Summary by Directory 1. US Reciprocal Tariff Rates Significantly Exceed Expectations, and the Overseas Market Enters a Risk - Aversion Mode - After Trump took office in January, the US imposed tariffs on imports from China, Canada, and Mexico on the grounds of "fentanyl" and immigration issues, and also imposed tariffs on specific products such as steel, aluminum, and automobiles. On February 13, Trump signed a memorandum to impose reciprocal tariffs on trading partners. The market originally thought this would reduce the possibility of a significant increase in overall US tariffs [2][6][7]. - On April 2, the announced reciprocal tariffs first imposed a 10% tariff on all US imports. For economies with large trade deficits, additional differential tariffs were imposed. This greatly exceeded market expectations, bringing high uncertainty to the global economy, potentially pushing up US inflation in the short term and reducing economic growth, and thus increasing global risk - aversion sentiment [2]. - After the reciprocal tariffs were introduced, most economies said they would negotiate with the US. China announced a series of counter - measures on April 4, showing more preparedness for potential tariff risks and enhanced economic resilience. There is still room for negotiation between China and the US, and the final tariff rate is likely to be lower than the current level, but the impact on the fundamentals may exceed previous expectations [2]. 2. The Implementation of Tariffs is Expected to Accelerate the Relaxation of Aggregate Policies. Pay Attention to the Decline of the Central Level of Funding Rates - After the end of the cross - quarter period last week, the funding became looser, and on Thursday, the central bank's open - market operations turned to net injection, pushing DR007 below 1.7%, the lowest level since mid - January. The central bank may re - evaluate the economic and financial situation due to the escalation of global trade frictions, and the decline of the central level of funding rates may accelerate [18]. - Although the funding rate dropped below 1.7% on Thursday, the bank's rigid net financing scale declined, indicating that the central bank may not be ready to lower the central level of funding rates to 1.5% or lower. However, if there is greater pressure on the equity market or external demand, the time for reserve requirement ratio cuts and interest rate cuts may be advanced, and the central level of funding rates may decline further [21]. - The scale of 91 - day discounted Treasury bonds issued last week was lower than expected, leading to a downward revision of the forecast for the April Treasury bond issuance scale. It is expected that the central financial institution capital injection special Treasury bonds will be publicly issued, and the overall government bond issuance scale in April is expected to be about 2.23 trillion yuan, with a net financing of about 86 billion yuan, a decrease of about 61 billion yuan compared with March [3][24][30]. 3. The Direction of Interest Rate Decline is Re - established, and the Rhythm and Magnitude Depend on the Central Bank's Follow - up Actions - Before the implementation of the tariff measures last week, it was believed that the bond market rally driven by the revision of fundamental expectations in the second quarter might repeat in 2025. After the escalation of trade frictions, the yields of bonds at all maturities declined significantly, and investors were concerned about the downward space of interest rates [35]. - If priced at a funding rate of 1.65% - 1.7%, the downward space for short - and medium - term interest rates may be limited. However, due to the increased uncertainty in the domestic fundamental environment, the central bank may be more inclined to reduce costs, and the probability of reserve requirement ratio cuts and interest rate cuts in Q2 has increased significantly. In the short term, long - term interest rates may be more certain, and 3 - 5 - year credit bonds also have strong allocation value [36].

Investment Rating - The report maintains a "Positive" investment rating for the power industry, consistent with the previous rating [2]. Core Insights - The report highlights the comprehensive market entry of renewable energy, marking a transition from the previous "guaranteed quantity and price" model to a market-driven pricing mechanism [3][9]. - The introduction of a "mechanism price" aims to ensure reasonable returns for existing projects while allowing new projects to participate in market pricing [9][10]. - The report anticipates a surge in renewable energy installations before the end of May 2025, driven by the unclear details of the mechanism price and the potential for increased investment enthusiasm in the long term [11][12]. Monthly Sector and Key Listed Company Performance - In March, the power and utilities sector rose by 1.9%, outperforming the broader market, while the Shanghai and Shenzhen 300 index fell by 0.1% [14]. - Key companies in the power sector saw significant stock price increases, with Jiangsu Xinneng leading at 27.54% [17]. Monthly Power Demand Analysis - Total electricity consumption in January and February 2025 reached 15,564 billion kWh, with a year-on-year growth of 1.30%, indicating a notable decline compared to December [20]. - The report notes a significant drop in electricity consumption in the secondary and tertiary industries, attributed to a warm winter affecting residential electricity use [22][28]. Monthly Power Supply Analysis - National power generation in January and February 2025 decreased by 1.30% year-on-year, with thermal power generation declining by 5.80% [46]. - Renewable energy sources showed varied performance, with solar power generation increasing by 27.40% and wind power by 10.40% [46]. Monthly Power Market Data - The average purchase price of electricity in April was 389.19 yuan/MWh, reflecting a decrease of 0.58% month-on-month and 4.69% year-on-year [46]. Investment Perspective - The report suggests that the power sector is poised for profit improvement and value reassessment following several rounds of supply-demand tensions [46]. - Companies that are likely to benefit include coal-electricity integrated firms and national coal-electricity leaders, as well as hydropower operators and equipment manufacturers [46].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [3] Core Viewpoints - The chemical pharmaceutical sector has shown the highest growth among sub-sectors, driven by expectations around "centralized procurement optimization discussions" and the "Class B medical insurance catalog" [8] - The trade war environment is expected to enhance the market share of domestic blood products and high-end medical devices due to increased costs of foreign imports [8] - The report suggests a cautious approach for April, focusing on specific segments that may benefit from the trade war, such as domestic blood products and high-end medical devices [8] Summary by Sections Industry Weekly Viewpoints - The pharmaceutical and biotechnology sector's weekly return was 1.20%, outperforming the CSI 300 by 2.57%, ranking 3rd among 31 primary sub-indices [7] - The chemical pharmaceutical sub-sector had the highest weekly growth of 3.45%, while the medical services sector saw the largest decline of 2.12% [7][8] Industry Performance and Valuation - The pharmaceutical and biotechnology sector's recent one-month return was 2.94%, with a relative return of 3.63% against the CSI 300, ranking 10th among 31 primary sub-indices [9][18] - The current PE (TTM) for the pharmaceutical and biotechnology sector is 26.88 times, which is below the historical average of 30.99 times [14][15] Market Tracking - The chemical pharmaceutical sector has shown the largest growth over the past year, with a 16.51% increase, while the biological products sector has seen a decline of 11.36% [24][25] - The report highlights the potential for price increases in blood products due to supply and demand changes, particularly for domestic manufacturers [8] Focus on Individual Stocks - The report recommends focusing on specific companies in the blood products and high-end medical device sectors, such as Palin Bio, Tian Tan Bio, and Mindray Medical [8] - In the consumer healthcare sector, companies like Aier Eye Hospital and Yifeng Pharmacy are highlighted as potential beneficiaries of government stimulus policies [8] Industry and Company Dynamics - Recent policy developments include the approval of new medical service pricing for brain-computer interface technologies, indicating a growing focus on innovative medical solutions [40] - The report notes significant recent approvals for various pharmaceutical products, including those from companies like Jingxin Pharmaceutical and Antu Bio [41]

市场不确定性加强， [Table_ReportTime] 2025 年 4 月 3 日 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 红利与消费板块或相对占优 —— 量化市场追踪周报（2025W14） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W14)：市场不确定性加 强，红利与消费板块或相对占优 [Table_ReportDate] 2025 年 ...