证券研究报告 相关研究： [Table_OtherReport] 24H1 业务稳中有进+中期经营现金流 净额首次为正，期待 24H2 经营改善 2023 年达成股权 激励 业绩 目标， 2024Q1 业绩符合预期 广西医药批发龙头多元化发展，零售& 工业塑造第二增长曲线 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 [三方合作推进 Table_Title]"AI+医疗"全场景应用方案落地，院内&院外或有新应用 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 柳药集团(603368) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | | [Table_Author] 唐爱金 | 医药行业首席分析师 | | 执业编号：S1500523080002 | | | 邮 | 箱：tangaijin@cindasc.com | | 章钟涛 | 医药行业分析师 | | 执业编号：S1500524030003 | | 邮 箱：zhangzho ...

科技板块若高位退潮，市场短期风格或向顺周期红利切换 —— 红利风格投资价值跟踪（2025W9） [Table_ReportTime] 2025 年 3 月 2 日 [于明明 Table_ First 金融工程与金融产品首席 Author] 分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品分析师 执业编号：S1500523050003 联系电话：+86 18511558803 邮 箱：zhoujinming@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [TableReportType] 金工专题报告 [Table_A 于明明 uthor 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 | 图 1：美国 10 年期国债收益率及其均线（单位：%） 4 | | --- | | 图 2：国内 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | [Table_StockAndRank] 思摩尔国际(6969.HK) | | --- | | 投资评级 无评级 | | 上次评级 无评级 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 相关研究 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] 砥砺前行，长期主义铸造价值成长 [Table_ReportDate] 2025 年 3 月 12 日 [Table_S 事件：近日公司旗下科技护肤品牌 ummary] MOYAL 岚至取得二类医疗器械证书，并 于 2 月 26 日在广西贺州高新区产业开发区举行"无创雾化高端医疗器械项 目投产仪式"，公司副总裁、美容事业部总裁吴俊兰表示新工厂将全面承接 MOYAL 岚至 TPS 技术平台的医疗器械生产与制造。公司预计 25 年产值有 望达 1.5 亿元，3 年 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | [Table_StockAndRank] 思摩尔国际(6969.HK) | | --- | | 投资评级 无评级 | | 上次评级 无评级 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 相关研究 IQOS 有望发力美国地区，美国或将成为核心 HNB 市场。2024 年 IQOS 已 解决专利纠纷、重返美国，目前仍处于消费者教育阶段，我们预计新品 ILUMA 在 25H2 通过 PMTA 后，菲莫将正式发力美国市场。2023 年美国总 烟民人数为 4340 万人（卷烟+雾化），根据我们测算，美国消费能力强、新 型烟草教育程度高，假设美国 2030 年 HNB 渗透率达到 30%（HNB 烟民/ 卷烟+雾化+HNB），每年烟弹消耗量有望增长至 800-900 亿支（2023 年全 球烟弹消耗量为 1600 亿支），或将成为比肩日本的核心市场。 英美新品放量可期，全球化进展加速。公司 24 年底已在塞尔维亚推出全新 产品 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has recently achieved a Class II medical device certification for its skincare brand MOYAL, with expectations of generating a revenue of 150 million yuan in 2025 and surpassing 1 billion yuan in revenue within three years [1] - The shift towards new tobacco products is compelling leading companies to accelerate their transformation, with a projected 8.4% decline in traditional cigarette sales in the U.S. in 2024 [2] - The U.S. is expected to become a core market for heated non-combustible tobacco (HNB) products, with an estimated annual consumption of 800-900 billion pods by 2030 [3] - The company is positioned as a key supplier in the compliant market, with expectations of revenue recovery in its disposable products despite regulatory pressures [4] - Profit forecasts indicate a net profit of 1.342 billion yuan in 2024, increasing to 2.551 billion yuan by 2026, with corresponding P/E ratios of 49.8X and 30.5X respectively [5] Summary by Sections Recent Developments - The company launched a new factory for MOYAL's medical device production, aiming for significant revenue growth in the coming years [1] Market Trends - The new tobacco landscape is reshaping consumer habits, leading to a decline in traditional cigarette sales and an increased focus on HNB product development [2][3] Financial Performance - The company anticipates a recovery in revenue and profitability, with projected net profits showing a significant increase from 1.342 billion yuan in 2024 to 2.551 billion yuan in 2026 [5] Operational Insights - The company is adapting to regulatory changes and market demands, positioning itself as a core supplier in the compliant market while navigating challenges in disposable product revenues [4]

证券研究报告 华安事件驱动量化策略—— 多策略驱动下的偏股混基指数增强 2025 年 3 月 12 日 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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 基金研究 基金专题报告 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 华安事件驱动量化策略——多策略驱动下的 偏股混基指数增强 2025 年 3 月 12 日 华安事件驱动量化策略（A：002179；C：016491）在行业轮动策略和基 本面选股策略的指导下，以偏股混合型基金指数为基准，在不同统计区间 内均展现出了明显的业绩优势： 基金采用"行业轮动+精选个股"的量化策略，并结合基本面分析进行优 化，同时在实盘中不断迭代策略，以实现收益与风险的更好平衡： 基金经理张序，近 9 年基金从业经验，近 5 年公募产品管理经历，在管公 募基金 4 只、专户产品 2 只。截至 2024 年 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in its oral medication segment, while the injection segment experienced a significant decline [3] - The construction of the Kun Pharmaceutical business model is showing significant results in channel reform, which is expected to improve product accessibility and market coverage [5][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, and a net profit attributable to shareholders of 648 million yuan, reflecting a year-on-year growth of 19.86% [2] - The company’s oral medication revenue reached 3.693 billion yuan in 2024, marking an 8.15% increase year-on-year, while the injection segment revenue fell by 49.09% to 539 million yuan [3] - The company anticipates a double-digit revenue growth in 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [8] Business Segment Analysis - The blood clotting series products showed robust growth, with the sales volume of blood clotting soft capsules increasing by 11.27% to 1.584 billion capsules in 2024 [3] - The company’s wholesale and retail business generated 3.655 billion yuan in revenue, reflecting a 6.07% year-on-year increase [3] - The company is focusing on enhancing its distribution channels through the Kun Pharmaceutical business model, which aims to improve the coverage of core products in retail terminals [5][6]

Investment Rating - The report assigns a "Buy" rating to the company [2][6]. Core Views - The company is a leading player in the waste incineration industry, backed by the Nanhai District State-owned Assets Supervision and Administration Commission, with a stable profit model and a complete industrial chain [5]. - The company has shown a significant increase in free cash flow and plans to increase dividends by 66.7% in 2024, reflecting confidence in shareholder returns [5]. - The acquisition of Yuefeng Environmental is expected to enhance both the quantity and quality of operations, positioning the company as the largest waste treatment operator among A-share listed companies [5]. - The company's valuation has decreased despite profit growth, indicating potential for valuation recovery [5]. Summary by Sections 1. Company Overview - The company has expanded through acquisitions over 20 years, evolving from a water supply business to a comprehensive environmental service provider, focusing on waste incineration, energy, and water services [13][15]. - The company is strategically positioned for national expansion, with a strong backing from state-owned entities [13][15]. 2. Financial Performance - The company reported a net profit of 1.385 billion yuan in Q3 2024, a year-on-year increase of 18.82% [5]. - Revenue for 2024-2026 is projected to be 132.77 billion, 134.19 billion, and 139.71 billion yuan respectively, with net profits of 1.708 billion, 1.724 billion, and 1.813 billion yuan [5][7]. 3. Business Segments - The waste incineration business is the core, with operational capacity of approximately 31,000 tons/day and a project pipeline that will increase capacity significantly [5][39]. - The water and energy segments provide stable cash flow, with potential for price adjustments benefiting profitability [5][24]. 4. Acquisition of Yuefeng Environmental - The planned acquisition of Yuefeng Environmental for up to 11.3 billion HKD will increase operational capacity to 74,300 tons/day and enhance profitability by an estimated 418 million yuan in 2025 and 433 million yuan in 2026 [5][6]. - The acquisition is expected to create synergies that will reduce financial costs and improve operational efficiency [5][6]. 5. Valuation and Market Potential - The company's current PE ratio is 10.49x, below the industry average of approximately 12x, indicating room for valuation recovery [5][6]. - If the acquisition is successful, the target market capitalization could reach 26.7 billion yuan, representing a 54.3% upside potential [5][6].

Investment Rating - The report assigns a "Buy" rating to the company [2][6]. Core Insights - The company, Hanlan Environment (600323.SH), is a leading player in the waste incineration industry, backed by the Nanhai District State-owned Assets Supervision and Administration Commission. It has a stable profit model and a complete industrial chain [5]. - The company has shown a significant increase in net profit, with a 18.82% year-on-year growth in Q3 2024, reaching 1.385 billion yuan [5]. - The company has turned positive in free cash flow in 2023, with a 66.7% increase in dividends per share for 2024, reflecting confidence in shareholder returns [5]. - The acquisition of Yuefeng Environmental is expected to enhance both the quantity and quality of operations, positioning Hanlan Environment as the largest waste treatment company in the A-share market [5]. - The company's valuation has decreased from around 15x to about 10x, despite a 43.7% increase in net profit from 2021 to 2024, indicating potential for valuation recovery [5]. Summary by Sections 1. Company Overview - Hanlan Environment has expanded its business through acquisitions since its establishment, evolving from a water supply company to a comprehensive environmental service provider [13]. - The company has a strong shareholder background, with significant support from the Nanhai State-owned Assets Supervision and Administration Commission [15]. 2. Financial Performance - The company reported total revenue of 12.875 billion yuan in 2022, with a projected revenue of 13.277 billion yuan in 2024, reflecting a compound annual growth rate of 19.5% from 2019 to 2023 [7]. - The net profit attributable to the parent company is expected to grow from 1.142 billion yuan in 2022 to 1.708 billion yuan in 2024, with a compound annual growth rate of 11.9% [7]. 3. Business Segments - The waste incineration business is the core of the company's operations, with a current operational capacity of approximately 31,000 tons per day, expected to increase significantly post-acquisition of Yuefeng Environmental [39]. - The water and energy segments are also contributing stable cash flows, with the water supply prices in Foshan having not been adjusted for nine years, indicating potential for future increases [5]. 4. Acquisition of Yuefeng Environmental - The planned acquisition of Yuefeng Environmental for up to 11.3 billion HKD will increase Hanlan's operational capacity to 74,300 tons per day, making it the largest in the A-share market [5]. - The acquisition is expected to enhance profits by approximately 418 million yuan in 2025 and 433 million yuan in 2026 [5]. 5. Dividend Policy - The company has committed to a minimum annual dividend growth of 10% from 2024 to 2026, with a proposed cash dividend of 0.8 yuan per share for 2024, reflecting a 66.7% increase [5][34].

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in oral medications, while injections saw a significant decline due to policy adjustments [3] - The construction of the Kun Pharmaceutical business model is expected to yield significant results, improving channel efficiency and market reach [5][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, while the net profit attributable to shareholders was 648 million yuan, reflecting a 19.86% increase [2][3] - The company forecasts a double-digit revenue growth for 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [8] - Key financial metrics for 2024 include a gross margin of 43.5% and a return on equity (ROE) of 12.3% [7] Business Segment Performance - The oral medication segment generated 3.693 billion yuan in revenue, marking an 8.15% year-on-year increase, while the injection segment saw a 49.09% decline, with revenues of 539 million yuan [3] - The blood-activating series products, particularly the oral formulations, showed robust growth, with sales of blood-activating soft capsules reaching 1.584 billion units, a year-on-year increase of 11.27% [3] Strategic Initiatives - The company is actively participating in national and provincial centralized procurement initiatives, which is expected to stabilize product supply prices and enhance market penetration [4] - The Kun Pharmaceutical business model aims to improve the efficiency of distribution channels and increase product accessibility across various medical institutions [5][6]