Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Insights - The report highlights that the landscape for power batteries is expected to optimize, with profitability in the sector likely to recover. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point for the oversupply of lithium batteries, and a decrease in lithium carbonate prices which may lower battery costs and stimulate downstream demand. Additionally, advancements in fast charging technology and new materials are expected to enhance the penetration rate of new energy vehicles [2][3] - The report emphasizes that 2025 is anticipated to be a significant year for grid investment, with the electric grid becoming a bottleneck for new energy development. The demand for electric equipment is expected to rise due to increased electricity consumption from emerging industries like AI, and the rapid development of new energy sources is expected to drive the construction and upgrade of power grids globally [2][3] Summary by Sections New Energy Vehicles - The lithium battery sector has experienced a long-term correction, but a recovery in profitability is anticipated. The report notes a 40.1% year-on-year increase in new energy vehicle sales in March 2025, with a total of 1.237 million units sold [11] - The report suggests focusing on companies involved in fast charging technology and new materials, including CATL, BYD, and others [2][3] Electric Power Equipment and Energy Storage - The report indicates that the energy storage sector is expected to maintain high growth in 2025, with large-scale energy storage benefiting from improved market structures and business models. The commercial energy storage sector is also highlighted as having promising investment opportunities [3] - Key companies to watch include Sanyou Electric, Sunshine Power, and others involved in energy storage systems and components [3] Photovoltaics - The report notes sustained high demand in Europe and strong domestic demand for ground-mounted power stations. The reduction in costs is expected to accelerate the installation of photovoltaic systems [3][15] - Recommended companies include Trina Solar, LONGi Green Energy, and others [3] Industrial Control and Humanoid Robots - The report suggests that a new industrial control cycle is approaching, with a PMI of 50.5% in March 2025 indicating a recovery in manufacturing. The humanoid robot sector is also highlighted, with significant advancements expected in the coming years [5][6] - Companies such as Huichuan Technology and others are recommended for investment [5][6] Low-altitude Economy - The report discusses the rapid development of the low-altitude economy, with policies supporting the establishment of a national low-altitude traffic network [5] - Key companies in this sector include CATL and others [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 89.175 billion yuan in 2024, representing a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [1][3] - The company is focusing on stabilizing prices in a challenging market environment, leading to a strategic decision to slow down growth to match demand changes [2] - The brand's strength is highlighted during industry adjustments, with expectations for continued growth in high-priced product segments [5] Financial Performance Summary - In 2024, the company's liquor revenue reached 83.127 billion yuan, a year-on-year increase of 8.74%, with the flagship product contributing 67.875 billion yuan, up 8.07% [2] - The gross profit margin for the company improved by 1.26 percentage points year-on-year, primarily due to price increases in flagship products [2] - For Q1 2025, the company reported a revenue of 36.94 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.86 billion yuan, up 5.8% [3] Future Projections - The company is projected to achieve diluted earnings per share of 8.59 yuan, 9.17 yuan, and 9.87 yuan for the years 2025, 2026, and 2027 respectively [5] - Revenue forecasts for the upcoming years are 93.689 billion yuan in 2025, 99.138 billion yuan in 2026, and 105.469 billion yuan in 2027, with growth rates of 5.1%, 5.8%, and 6.4% respectively [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Credit bond yields have followed the upward trend, and credit spreads have slightly widened again. This week, interest rates have generally fluctuated upward, and credit bond yields have generally followed suit. Except for the AA- credit bonds with 1Y and 5Y tenors, the spreads of other varieties have rebounded [2][5]. - The spreads of urban investment bonds have increased, with higher-grade varieties showing a relatively larger increase. This week, the spreads of urban investment bonds have generally increased, with the spreads of external subject-rated AAA platforms increasing by 3BP, and those of AA+ and AA platforms increasing by 1BP [2][9]. - The spreads of industrial bonds have diverged, and the spreads of private real estate bonds have continued to rise. This week, the spreads of central and state-owned enterprise real estate bonds have slightly increased by 2 - 3BP, the spreads of mixed-ownership real estate bonds have significantly decreased by 124BP, and the spreads of private real estate bonds have increased by 44BP [2][18]. - The spreads of secondary perpetual bonds have adjusted slightly upward, with a slightly higher increase in the 3 - 5Y tenors. This week, secondary perpetual bonds have adjusted, and their spreads have slightly increased, with a relatively higher increase in the 3 - 5Y tenors [2][27]. - The excess spreads of industrial perpetual bonds have basically remained flat, while the excess spreads of urban investment perpetual bonds have increased. This week, the excess spreads of industrial AAA3Y perpetual bonds have slightly increased by 0.01BP to 9.21BP, and those of urban investment AAA3Y and AAA5Y perpetual bonds have increased [2][29]. Summary According to Relevant Catalogs I. Credit Bond Yields Follow the Upward Trend, and Credit Spreads Slightly Widen Again - Interest rates have generally fluctuated upward. The yields of 3Y, 5Y, 7Y, and 10Y China Development Bank bonds have increased by 2BP, 3BP, 1BP, and 2BP respectively, while the yield of 1Y bonds has remained basically the same as last week [5]. - Credit bond yields have generally followed the upward trend. The yield of 1Y AA- credit bonds has decreased by 1BP, while the yields of other varieties have increased by 2BP; the yields of 3Y credit bonds of all grades have increased by 5 - 6BP; the yields of 5Y AAA and AA- credit bonds have increased by 1 - 3BP, and those of AA+ and AA varieties have increased by 5 - 6BP; the yields of 7Y credit bonds of all grades have increased by 3 - 4BP; the yields of 10Y bonds of all grades have increased by 5 - 6BP [5]. - Credit spreads have shown a mixed trend. Except for the slightly decreased spreads of 1Y and 5Y AA- credit bonds, the spreads of other varieties have rebounded. The spreads of 1Y AA- credit bonds have decreased by 1BP, while those of other varieties have increased by 2BP; the spreads of 3Y credit bonds of all grades have increased by 3 - 4BP; the spreads of 5Y AA- varieties have decreased by 2BP, while those of other varieties have increased by 1 - 3BP; the spreads of 7Y bonds of all grades have increased by 2 - 3BP; the spreads of 10Y bonds of all grades have increased by 3 - 4BP [5]. - Rating spreads and term spreads have shown a divergent trend. Most rating spreads have slightly decreased, and term spreads have shown different trends among different grades and tenors [5]. II. The Spreads of Urban Investment Bonds Increase, with Higher-Grade Varieties Showing a Relatively Larger Increase - Overall, the spreads of urban investment bonds have increased. The spreads of external subject-rated AAA platforms have increased by 3BP, and those of AA+ and AA platforms have increased by 1BP [9]. - Provincial AAA platform spreads: Most have increased by 1 - 3BP, with Tianjin, Xinjiang, and Shanxi increasing by 4 - 5BP [9]. - AA+ platform spreads: Most have increased by 0 - 1BP, with Jilin and Guizhou increasing by 8BP, and Yunnan, Heilongjiang, and Shaanxi decreasing by 5BP, 2BP, and 1BP respectively [9]. - AA platform spreads: Most have increased by 0 - 2BP, with Hunan and Liaoning increasing by 3BP, and Shaanxi and Shandong decreasing by 7BP and 3BP respectively [9]. - By administrative level: The spreads of provincial, municipal, and district-level platforms have increased by 3BP, 2BP, and 1BP respectively. Most provincial platform spreads have increased by 1 - 3BP, with Shanxi increasing by 8BP, and Shaanxi and Tianjin increasing by 5BP; most municipal platform spreads in various regions have increased by 1 - 2BP, with Jilin increasing by 7BP, and the spreads in Shanxi, Heilongjiang, Yunnan, and Guizhou decreasing by 1 - 5BP; most district-level platform spreads in various regions have remained flat or increased by 1 - 2BP, with Liaoning increasing by 3BP, Guizhou decreasing by 9BP, and Shaanxi decreasing by 4BP [15]. III. The Spreads of Industrial Bonds Diverge, and the Spreads of Private Real Estate Bonds Continue to Rise - The spreads of industrial bonds have shown a divergent trend. The spreads of central and state-owned enterprise real estate bonds have slightly increased by 2 - 3BP, the spreads of mixed-ownership real estate bonds have significantly decreased by 124BP (Vanke's spreads have decreased by 278BP), and the spreads of private real estate bonds have increased by 44BP (Longfor's spreads have decreased by 27BP, Midea Real Estate and Huafa Co., Ltd.'s spreads have remained flat, and CIFI's spreads have increased by 563BP) [18]. - The spreads of coal and steel bonds of all grades have increased by 1 - 2BP; the spreads of AAA-grade chemical bonds have decreased by 5BP, and those of AA+ have decreased by 13BP. The spreads of Shaanxi Coal have increased by 3BP, those of Jinkong Coal Industry have increased by 2BP, and those of HBIS have increased by 2BP [18]. IV. The Spreads of Secondary Perpetual Bonds Slightly Increase, with a Slightly Higher Increase in the 3 - 5Y Tenors - This week, secondary perpetual bonds have adjusted, and their spreads have slightly increased, with a relatively higher increase in the 3 - 5Y tenors. Specifically, the yields of 1Y medium- and high-grade commercial bank secondary capital bonds and perpetual bonds have increased by 0 - 1BP, the yield of AA-grade secondary capital bonds has increased by 2BP, and the spreads of 1Y secondary perpetual bonds have generally increased by 0 - 2BP. The yields of 3Y secondary capital bonds have increased by 5 - 6BP, and the spreads have increased by 3 - 4BP; the yields of 3Y AAA- and AA+-grade perpetual bonds have increased by 4BP, and that of AA has increased by 2BP, with the spreads of 3Y perpetual bonds increasing by 0 - 2BP. The yields of 5Y secondary capital bonds have increased by 4 - 5BP, and the spreads have increased by 1 - 2BP; the yields of 5Y perpetual bonds have increased by 2 - 4BP, and the spreads have increased by 0 - 2BP [27]. V. The Excess Spreads of Industrial Perpetual Bonds Basically Remain Flat, while the Excess Spreads of Urban Investment Perpetual Bonds Increase - This week, the excess spreads of industrial AAA3Y perpetual bonds have slightly increased by 0.01BP to 9.21BP, at the 9.83% quantile since 2015; the excess spreads of industrial AAA5Y perpetual bonds have remained the same as last week at 8.72BP, at the 6.53% quantile since 2015; the excess spreads of urban investment AAA3Y perpetual bonds have increased by 0.75BP to 8.99BP, at the 9.68% quantile; the excess spreads of urban investment AAA5Y perpetual bonds have increased by 1.19BP to 10.92BP, at the 10.12% quantile [29]. VI. Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial bank secondary perpetual spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium- and short-term notes and ChinaBond perpetual bond data, with historical quantiles since the beginning of 2015; the credit spreads related to urban investment and industrial bonds are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [36]. - The credit spreads of industrial and urban investment individual bonds are calculated as the individual bond's ChinaBond valuation (exercise) minus the yield to maturity of the same-term China Development Bank bond (calculated by linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic mean method [36]. - The excess spreads of bank secondary capital bonds/perpetual bonds are calculated as the credit spreads of bank secondary capital bonds/perpetual bonds minus the credit spreads of bank ordinary bonds of the same grade and term; the excess spreads of industrial/urban investment perpetual bonds are calculated as the credit spreads of industrial/urban investment perpetual bonds minus the credit spreads of medium-term notes of the same grade and term [37]. - Sample selection criteria: Industrial and urban investment bonds both select medium-term notes and public corporate bond samples, and exclude guaranteed bonds and perpetual bonds; if the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample; industrial and urban investment bonds are both externally subject-rated, while commercial banks use ChinaBond implicit bond ratings [38].

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Insights - The report highlights that the landscape for power batteries is expected to optimize, leading to a potential recovery in profitability within the sector. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point for the oversupply of lithium batteries, and a decrease in lithium carbonate prices which may lower battery costs and stimulate downstream demand [2][3] - The report emphasizes the importance of the charging pile industry and related companies, as well as the rapid growth of the energy storage sector, which is projected to maintain a high growth trajectory in 2025 [3][4] - The report also notes that the photovoltaic industry is experiencing sustained high demand in Europe, with inventory pressures expected to ease and new technologies like TOPCON entering mass production, which will inject new momentum into the development of renewable energy [3][4] Summary by Sections New Energy Vehicles - The report indicates that in March 2025, new energy vehicle sales reached 1.237 million units, a year-on-year increase of 40.1% and a month-on-month increase of 38.7%. The installed capacity of power batteries was 56.6 GWh, up 214.4% year-on-year and 45.9% month-on-month [11][13] - It suggests focusing on companies such as CATL, BYD, and others involved in lithium battery production and related technologies [2][3] Power Equipment and Energy Storage - The report anticipates a significant year for grid investment, with the global grid entering a growth cycle. The demand for power equipment is expected to rise due to increased electricity consumption from emerging industries like AI and the pressure on grids from rapid renewable energy development [2][3] - Investment targets include companies like Sifang Co., XJ Electric, and others involved in power equipment and energy storage solutions [3][4] Photovoltaic Industry - The report notes that the photovoltaic industry is benefiting from strong demand in Europe and a robust domestic market for ground-mounted power stations. The reduction in costs is expected to accelerate installations [3][4] - Recommended companies include Trina Solar, LONGi Green Energy, and others involved in the photovoltaic supply chain [3][4] Industrial Control and Humanoid Robots - The report indicates a new industrial control cycle is approaching, with a PMI of 50.5% in March 2025, suggesting a recovery in manufacturing and inventory replenishment [5][6] - It highlights the rapid progress in humanoid robots, with companies like Xpeng showcasing their humanoid robot IRON, aiming for mass production by 2026 [6][5] Low-altitude Economy - The report discusses the acceleration of low-altitude economy projects, with policies supporting the development of eVTOL (electric vertical takeoff and landing) vehicles [6][5]

Investment Rating - The report maintains an investment rating of "Positive" for the environmental protection sector [2]. Core Viewpoints - The report highlights a significant increase in the issuance and trading volume of green certificates in 2024, with a focus on how waste incineration power companies can leverage green certificate revenue to offset the decline in national subsidies [2][15]. - The average trading price of green certificates in 2024 is noted to be 5.59 yuan per certificate, indicating low market activity and limited short-term profit contribution for companies [2][30]. - The report emphasizes the potential for increased demand for green certificates as policies encourage high-energy-consuming industries to purchase green electricity certificates [2][22]. Summary by Sections Market Performance - As of April 25, the environmental protection sector rose by 1.02%, outperforming the broader market, with specific sub-sectors like waste incineration and resource recovery showing notable gains [8][10]. Industry Dynamics - The report discusses the recent announcement from the National Energy Administration regarding the upgrade of green certificate cancellation functions, enhancing the trading system's efficiency [31]. - It also mentions the implementation of low emission technology guidelines for waste incineration plants in Zhejiang Province [31][34]. Special Topic - The report details the explosive growth in green certificate issuance and trading volume in 2024, with a total issuance of 4.955 billion certificates, a year-on-year increase of 21 times, and a trading volume of 553 million certificates, a fourfold increase [15][19]. - The report notes that the manufacturing sector accounts for nearly 70% of green certificate purchases, with data centers emerging as a new growth area for green certificate consumption [19][20]. Investment Recommendations - The report suggests that the "14th Five-Year Plan" will continue to drive high demand for energy-saving and environmental protection initiatives, particularly in the water and waste incineration sectors, which are expected to maintain robust profitability and cash flow [40]. - Key recommendations include companies like Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies such as Wangneng Environment and Junxin Co., Ltd [40]. Company Announcements - The report includes financial performance highlights from various companies in the sector, indicating growth in revenue and net profit for several firms, such as Lankun Environment and Junxin Co., Ltd [36][37][38].

Investment Rating - The investment rating for the company is "Buy" based on the potential of its innovative drug AR882 and its strategic focus on pediatric and chronic disease medications [20]. Core Viewpoints - The company has a clear development strategy focusing on pediatric and chronic disease medications, which positions it well in the market [3]. - AR882, a first-in-class small molecule innovative drug for treating gout/hyperuricemia, shows significant efficacy and safety advantages over existing therapies, with ongoing Phase III clinical trials both domestically and internationally [4][6]. - The prevalence of hyperuricemia and gout is high, with projections indicating a substantial increase in patient numbers, suggesting AR882 could become a blockbuster product [8][9]. - The company has launched a new stock incentive plan aimed at motivating key employees, which is expected to support its growth trajectory in the coming years [10][11]. Financial Performance Summary - In 2024, the company reported total revenue of 1.45 billion yuan, a decrease of 42.07% year-on-year, and a net loss attributable to shareholders of 540 million yuan, a decrease of 392.52% year-on-year [2]. - For Q1 2025, the company achieved revenue of 377 million yuan, down 39.48% year-on-year, with a net profit of 57 million yuan, down 43.70% year-on-year [2]. - The company expects revenue growth in the coming years, projecting 1.796 billion yuan in 2025, 2.018 billion yuan in 2026, and 2.268 billion yuan in 2027 [13]. Product Pipeline and Market Potential - The company has a robust pipeline with 26 registered pediatric drugs and 65 chronic disease drugs, addressing a wide range of common diseases in children and adults [5]. - AR882 has received Fast Track Designation from the FDA, which will expedite its clinical trial and registration process [6]. - The company is actively pursuing new drug applications, with performance targets set for the next three years to drive innovation and growth [11].

证券研究报告 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] 正裕工业（603089.SH）：产能爬坡带动业绩增 长，2024 全年业绩同比+21% 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 正裕工业（603089.SH） 投资评级 上次评级 [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 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 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 [Table_ReportDate] 2025 年 4 月 26 日 [Table_S 事 ...

Investment Rating - The investment rating for Harbin Pharmaceutical Group Co., Ltd. is "Buy" [2] Core Views - The report indicates that the company has reached a performance inflection point in 2024, with significant growth driven by operational improvements that are expected to be sustainable [6] - The company achieved a revenue of 16.176 billion yuan in 2024, a year-on-year increase of 4.65%, and a net profit attributable to shareholders of 629 million yuan, up 59.1% year-on-year [3][6] - The report maintains a positive outlook for 2025, projecting continued operational improvements and sustained growth [9] Financial Performance Summary - In 2024, the company reported total revenue of 161.76 billion yuan, with industrial revenue contributing 62.77 billion yuan, a 19.09% increase year-on-year [6] - The company's net profit for 2024 was 6.29 billion yuan, with a non-recurring net profit of 5.86 billion yuan, both exceeding previous forecasts [6][7] - For Q1 2025, the company achieved revenue of 41.74 billion yuan, a 0.78% increase year-on-year, and a net profit of 2.13 billion yuan, up 20.48% year-on-year [3][7] Product and Segment Performance - Key products such as zinc gluconate oral solution and Harbin brand calcium iron zinc oral solution have shown rapid growth [5] - The nutrition supplement segment generated 37.53 billion yuan in revenue, a 30.96% increase year-on-year, while the cardiovascular segment saw a 48.88% increase [6] - The e-commerce segment also performed well, with revenue from Harbin Pharmaceutical Hong Kong reaching 1.458 billion yuan, a 36.4% increase year-on-year [6] Future Projections - The company is expected to achieve revenues of 172.59 billion yuan, 184.88 billion yuan, and 197.9 billion yuan for the years 2025, 2026, and 2027, respectively, with a consistent growth rate of approximately 7% [9] - Projected net profits for the same years are 740 million yuan, 882 million yuan, and 1.045 billion yuan, reflecting year-on-year growth rates of 18%, 19%, and 19% [9]

Investment Rating - The investment rating for Harbin Pharmaceutical Group Co., Ltd. is "Buy" [2] Core Views - The report indicates that the company has reached a performance inflection point in 2024, with significant growth driven by operational improvements that are expected to be sustainable [6] - The company achieved a revenue of 16.176 billion yuan in 2024, a year-on-year increase of 4.65%, and a net profit attributable to shareholders of 629 million yuan, up 59.1% year-on-year [3][6] - The report maintains a positive outlook for 2025, projecting continued operational improvements and maintaining the "Buy" investment rating [9] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 161.76 billion yuan, with industrial revenue contributing 62.77 billion yuan, a year-on-year increase of 19.09% [6] - The net profit attributable to shareholders for 2024 was 6.29 billion yuan, reflecting a 59.1% increase year-on-year, while the non-recurring net profit was 5.86 billion yuan, up 80.08% [3][6] - For Q1 2025, the company achieved a revenue of 4.174 billion yuan, a 0.78% increase year-on-year, and a net profit of 213 million yuan, up 20.48% year-on-year [3] Business Segments - Key products such as zinc gluconate oral solution and Harbin brand calcium iron zinc oral solution have shown rapid growth [5] - The nutrition supplement business generated 37.53 billion yuan in revenue, a year-on-year increase of 30.96% [6] - The industrial segment's net profit margin improved significantly, reaching approximately 11.85% in Q1 2025, an increase of 4.2 percentage points year-on-year [7] Future Projections - The company is expected to achieve revenues of 172.59 billion yuan, 184.88 billion yuan, and 197.9 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of approximately 7% [9] - The projected net profit attributable to shareholders for the same years is 740 million yuan, 882 million yuan, and 1.045 billion yuan, with respective growth rates of about 18% [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [2] - In Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year [2] - The company is entering a rapid expansion phase, with the number of personalized learning centers increasing from over 240 to over 300 in the second half of 2024, marking a 25% expansion [3] - The company’s net profit forecast for 2025-2027 has been adjusted to 252 million yuan, 304 million yuan, and 363 million yuan respectively, with current valuations at 26x, 22x, and 18x [3] Financial Performance Summary - Total revenue is projected to grow from 2.21 billion yuan in 2023 to 4.93 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.2% [4] - The net profit attributable to shareholders is expected to increase significantly from 154 million yuan in 2023 to 363 million yuan in 2027, reflecting a growth rate of 19.5% [4] - The gross margin is projected to decline from 36.5% in 2023 to 32.1% in 2027, indicating a potential impact from the expansion phase [4] Financial Ratios - The return on equity (ROE) is expected to decrease from 25.5% in 2023 to 21.6% in 2027 [4] - The earnings per share (EPS) is projected to rise from 1.26 yuan in 2023 to 2.98 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 42.95 in 2023 to 18.19 in 2027, indicating a potential increase in valuation attractiveness over time [4]