Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company benefits from the high demand for GLP-1 peptide drugs, leading to sustained high growth in performance [2][3] - The company is one of the few domestic leaders focusing on peptide drugs, with a strong growth trend expected to continue into 2025 [3] - The company has established numerous strategic partnerships, enhancing its customer resource base [4] Financial Performance - In 2024, the company achieved revenue of 1.625 billion yuan, a year-on-year increase of 57.21%, and a net profit attributable to shareholders of 404 million yuan, up 148.19% [1] - For Q1 2025, the company reported revenue of 566 million yuan, a growth of 58.96%, and a net profit of 153 million yuan, an increase of 130.10% [1] - The company's gross margin improved to 67.78% in 2024, up 6.81 percentage points year-on-year [4] Business Segmentation - Revenue from self-selected products in 2024 was 1.129 billion yuan, growing by 79.49%, while customized products and technical services generated 494 million yuan, up 22.34% [4] - The CDMO/CMO segment generated 473 million yuan, while raw materials and intermediates accounted for 944 million yuan in revenue [4] - The company’s international sales reached 1.026 billion yuan in 2024, a significant increase of 129.10% year-on-year [4] Capacity and Production - The company has modern production bases in Lianyungang and Jiande, with a total capacity of 1.47 million liters [6] - The new 601 workshop for large-scale peptide production has commenced operations, with an expected capacity of 5 tons per year [6] - The company has passed international quality certifications, including EU GMP and US FDA inspections, enhancing its production credibility [6] Profit Forecast - Revenue projections for 2025-2027 are 2.175 billion yuan, 2.768 billion yuan, and 3.424 billion yuan, respectively, with net profits of 562 million yuan, 740 million yuan, and 936 million yuan [8] - The expected EPS for 2025 is 2.56 yuan, with corresponding P/E ratios of 21.36 times [8]

非银需求释放缓解银行负债压力 杠杆率季节性回升但仍处低位 —— 2025 年 3 月债券托管数据点评 [Table_ReportTime] 2025 年 4 月 24 日 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 债券研究 [T专题able_ReportType] 报告 | ] [Table_A 李一爽 uthor固定收益 首席分析师 | | | --- | --- | | 执业编号：S1500520050002 | | | 联系电话：+86 18817583889 | | | 箱： liyishuang@cindasc.com | 邮 | [非银需求释放缓解银行负债压力 Table_Title] 杠杆率季节性回升但仍处低位 [Table_ReportDate] 2025 年 4 月 24 日 ➢ 风险因素：杠杆率估算存在偏差、资金面波动超预期。 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 请阅读最后一页免责声明及信息披露 http://www.ci ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company benefits from the high demand for GLP-1 peptide drugs, leading to sustained high growth in performance [2][3] - The company is one of the few domestic leaders focusing on peptide drugs, with a strong growth trend expected to continue into 2025 [3] - The company has established numerous strategic partnerships, enhancing its customer resource base [4] Financial Performance - In 2024, the company achieved revenue of 1.625 billion yuan, a year-on-year increase of 57.21%, and a net profit attributable to shareholders of 404 million yuan, up 148.19% [1] - For Q1 2025, the company reported revenue of 566 million yuan, a growth of 58.96%, and a net profit of 153 million yuan, an increase of 130.10% [1] - The company's gross margin improved to 67.78% in 2024, up 6.81 percentage points year-on-year [4] Business Segmentation - Revenue from self-selected products in 2024 was 1.129 billion yuan, growing by 79.49%, while customized products and technical services generated 494 million yuan, up 22.34% [4] - The CDMO/CMO segment generated 473 million yuan, while raw materials and intermediates brought in 944 million yuan [4] - Domestic revenue reached 597 million yuan, a 2.05% increase, while international revenue soared to 1.026 billion yuan, up 129.10% [4] Capacity and Production - The company has modern production bases in Lianyungang and Jiande, with a total capacity of 1.47 million liters [6] - The new 601 workshop for large-scale peptide production has been put into operation, with an expected capacity of 5 tons per year [6] - The company has passed international quality certifications, including EU GMP and US FDA inspections, enhancing its production credibility [6] Profitability Forecast - The company is projected to achieve revenues of 2.175 billion yuan, 2.768 billion yuan, and 3.424 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 562 million yuan, 740 million yuan, and 936 million yuan [8] - The expected EPS for 2025, 2026, and 2027 is 2.56 yuan, 3.37 yuan, and 4.26 yuan respectively, with corresponding P/E ratios of 21.36, 16.21, and 12.81 [8]

电子持仓占比继续提升，机构加仓自主可控 ——电子行业 2025Q1 基金持仓分析 [Table_ReportDate] 2025 年 4 月 24 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） [Table_StockAndRank] 电子 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] 电子持仓占比继续提升，机构加仓自主可控 [Table_ReportDate] 2025 年 4 月 24 日 本期内容提要: [Table_S [Table_Summary ummary] ] ➢ 电子行业超配比例达 7.3%，持仓占比仍居第一。以申万行业分类 （2021）为依据，我们选取了普通股票型基金、偏股混合型基金、平 衡混合型基金及灵活配置型基金作为样本分析 2025 年第一季度末 ...

[Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 04 月 24 日 菲莫国际：HNB 稳健增长，口含烟延续高增 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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] 菲莫国际：HNB 稳健增长，口含烟延续高增 [Table_ReportDate] 2025 年 04 月 24 日 本期内容提要: [Table_S [事件： Table_Summary 公司发布 ummary] ]2025 年一季报。2025Q1 收入为 93.01 亿美元（同比+5.8%， 经调整后同比+10.2%），其中新型烟草收入为 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 23.343 billion yuan for 2024, representing a year-on-year growth of 18.79%. However, the net profit attributable to shareholders decreased by 14.78% to 560 million yuan. The non-GAAP net profit increased by 59.36% to 188 million yuan [1][2] - The core business segments showed strong growth, with smart education revenue increasing by 29.94% to 7.229 billion yuan, smart healthcare by 28.18% to 0.692 billion yuan, and the open platform by 31.33% to 5.172 billion yuan. New revenue growth points included smart automotive and enterprise AI solutions, which grew by 42.16% and 122.56% respectively [2] - The company has significantly increased its R&D investment, with total R&D expenses reaching 3.892 billion yuan in 2024, up 11.79% year-on-year. The operating cash flow reached a historical high of 2.495 billion yuan, a 613% increase, due to improved collection mechanisms [2] - The company has established three major AI commercialization systems, including industry applications, an open platform, and consumer products, which are driving business growth through a data-driven model [2][3] - The company’s deep learning model, X1, has achieved breakthroughs in reasoning and text generation, positioning it as a leading player in the AI field [5] Financial Summary - In 2024, the company achieved total revenue of 23.343 billion yuan, with a projected growth rate of 20.9% for 2025, reaching an estimated 28.212 billion yuan. The net profit attributable to shareholders is expected to recover to 775 million yuan in 2025, reflecting a growth rate of 38.4% [4] - The gross margin for 2024 was 42.63%, remaining stable compared to the previous year. The projected EPS for 2025 is 0.34 yuan, with corresponding P/E ratios of 134.52 for 2025, 105.33 for 2026, and 84.30 for 2027 [4][5]

蓄劲待时：华菱钢铁的"弹"与"韧" [Table_CoverStock] —华菱钢铁(000932)公司首次覆盖报告 证券研究报告 [Table_ReportDate] 2025 年 4 月 24 日 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 华菱钢铁(000932) 投资评级 买入 上次评级 [Table_Chart] -60% -40% -20% 0% 20% 40% 24/04 24/08 24/12 25/04 华菱钢铁 沪深300 资料来源：聚源，信达证券研发中心 [公司主要数据 Table_BaseData] | 收盘价（元） | 4.83 | | --- | --- | | 52 周内股价波动区间 | 5.78-3.39 | | (元) | | | 最近一月涨跌幅(％) | -10.08 | | 总股本(亿股) | 69.09 | | 流通 A 股比例(％) | 100% | | 总市值(亿元) | 326.78 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 ...

菲莫国际：HNB 稳健增长，口含烟延续高增 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 04 月 24 日 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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] 菲莫国际：HNB 稳健增长，口含烟延续高增 [Table_ReportDate] 2025 年 04 月 24 日 本期内容提要: [Table_S [事件： Table_Summary 公司发布 ummary] ]2025 年一季报。2025Q1 收入为 93.01 亿美元（同比+5.8%， 经调整后同比+10.2%），其中新型烟草收入为 ...

蓄劲待时：华菱钢铁的"弹"与"韧" [Table_CoverStock] —华菱钢铁(000932)公司首次覆盖报告 [Table_ReportDate] 2025 年 4 月 24 日 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 华菱钢铁(000932) 投资评级 买入 上次评级 [Table_Chart] -60% -40% -20% 0% 20% 40% 24/04 24/08 24/12 25/04 华菱钢铁 沪深300 资料来源：聚源，信达证券研发中心 [公司主要数据 Table_BaseData] | 收盘价（元） | 4.83 | | --- | --- | | 52 周内股价波动区间 | 5.78-3.39 | | (元) | | | 最近一月涨跌幅(％) | -10.08 | | 总股本(亿股) | 69.09 | | 流通 A 股比例(％) | 100% | | 总市值(亿元) | 326.78 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 23.343 billion yuan for 2024, representing a year-on-year growth of 18.79%. However, the net profit attributable to shareholders decreased by 14.78% to 560 million yuan. The non-GAAP net profit increased by 59.36% to 188 million yuan [1][2] - The core business segments showed strong growth, with smart education revenue increasing by 29.94% to 7.229 billion yuan, smart healthcare by 28.18% to 0.692 billion yuan, and the open platform by 31.33% to 5.172 billion yuan. New revenue growth points included smart automotive and enterprise AI solutions, which grew by 42.16% and 122.56% respectively [2] - The company has significantly increased its R&D investment, with a total of 740 million yuan in new R&D spending for 2024, up 410 million yuan from the previous year. The operating cash flow reached a historical high of 2.495 billion yuan, a 613% increase year-on-year [2] - The company has established a commercialized AI application system across various sectors, including education, healthcare, automotive, and enterprise solutions, with significant market penetration [2][3] - The company’s deep learning model, X1, has achieved breakthroughs in reasoning and text generation, positioning it as a leading player in the AI field [5] Financial Summary - In 2024, the total revenue was 23.343 billion yuan, with a projected growth rate of 20.9% for 2025, reaching 28.212 billion yuan. The net profit is expected to rebound to 775 million yuan in 2025, reflecting a growth rate of 38.4% [4] - The gross margin for 2024 was 42.63%, remaining stable compared to the previous year. The company’s return on equity (ROE) is projected to improve from 3.1% in 2024 to 6.2% by 2027 [4] - The earnings per share (EPS) for 2025 is estimated at 0.34 yuan, with a price-to-earnings (P/E) ratio of 134.52 [5]