Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Views - The company's recurring net profit declined by 37.70% year-on-year in FY2024, with operating income of RMB 2.713 billion, up 4.64% year-on-year [6][10]. - The decline in profit is attributed to increased rubber prices and significant depreciation and amortization from newly launched projects [6][10]. - The company plans to distribute a cash dividend of approximately RMB 82.32 million, accounting for 53.60% of the net profit attributable to the parent company [7][10]. - The company is actively expanding its international market presence, with overseas revenue reaching RMB 539 million, a year-on-year increase of 19.81% [8][10]. - Ongoing projects are progressing well, with future conveyor belt production capacity expected to reach 150 million square meters [9][10]. - Profit forecasts have been adjusted downward, with expected net profits of RMB 231 million, RMB 336 million, and RMB 410 million for 2025-2027, respectively [10]. Financial Summary - For FY2024, the company reported a revenue of RMB 2.713 billion and a net profit of RMB 154 million [6][10]. - The projected revenue for 2025 is RMB 3.218 billion, with a corresponding net profit of RMB 231 million [5][10]. - The company’s gross profit margin is expected to improve from 17.6% in 2024 to 19.6% by 2027 [5][10]. - The company’s return on equity (ROE) is projected to increase from 7.1% in 2024 to 14.6% by 2027 [5][10].

阿布扎比国家石油天然气公司（ADNOCGAS UH） 营收超预期；良好的利润率；重申 2025 财年息税折摊前利润指引 【研究报告 Table_Title】 2025 年 5 月 5 日 Scott Darling Catherine Li Scott.darling@htisec.com Catherine.dy.li@htisec.com [Table_yemei1] 热点速评 【（本报告为 Table_summary 2025 年】 5 月 5 日发布的英文报告的翻译版，以原稿为准） 要闻回顾以及最新动态 我们预计，阿布扎比国家石油天然气公司 2025 年第一季度的业绩将得到市场的积极评价，公司录得经调净收入为 12.7 亿美元，大幅超出一致预期，这主要得益于国内天然气业务的强劲盈利能力，以及在计划维护期间通过优化运营 和成本管理实现的效益提升。公司重申了其 2025 财年息税折摊前利润率指引（约为 35%），同时将资本支出指引从 原先的 30-35 亿美元下调至 30 亿美元，并对各业务板块的产量及单位利润指引进行了部分调整。总体而言，阿布扎 比国家石油天然气公司仍是我们中东地区研究覆盖范围内的首选标 ...

[Table_Title] 研究报告 Research Report 5 May 2025 伯克希尔·哈撒韦 Berkshire Hathaway (BRK.A US) 60 周年伯克希尔超越周期的神话：持有股票犹如坐拥公司 Berkshire Hathaway's 60-Year Myth of Transcending Cycles: Holding Stocks is Like Owning the Company 3477 亿美元现金储备，耐心等待投资良机。自 1957 年创立巴菲特合伙基金以来，巴菲特始终秉持"持有股票如同拥 有公司"的投资哲学。在缺乏理想投资机会的情况下，伯克希尔在 2025 年一季度末持有的现金达到了创纪录的 3477 亿美元，占总资产近 30%，而股票投资则持续下降至 2637 亿美元。巴菲特表示"并不急于花掉这笔钱，预计在 5 年内 找到合适的投资机会"，并认为"找到好投资标的的概率会随着时间推移而上升"。尽管巴菲特的投资策略已从早期以 低廉价格收购合适公司，转向以合理价格买入优秀公司，但他寻找相对低估值的公司的核心原则从未改变（当然， 他也进行套利交易）。作为衡量股票市场估 ...

加快节奏，备足预案 [Table_Authors] 黄汝南(分析师) 登记编号 S0880523080001 宏观研究 /[Table_Date] 2025.04.26 2025-05-05 宏 观 研 究 证 券 研 究 报 ——2025 年 4 月政治局会议点评 本报告导读： 会议要求强化底线思维，备足预案，"稳就业"成为首要任务。预计二季度将加快落 实两会部署的财政货币政策，增加优质供给发展服务消费，加快解决拖欠企业账款 和加力实施城市更新将支撑投资，并加大对受关税影响较大企业的民生保障力度。 政策仍留有后手，密切关注下半年提高赤字率的可能性。 投资要点： 宏 观 专 题 告 021-38676666 刘姜枫(研究助理) 021-38676666 登记编号 S0880123070128 梁中华(分析师) 021-38676666 登记编号 S0880525040019 请务必阅读正文之后的免责条款部分 [Table_Summary] 在大国博弈不断升温的背景下，此次会议在对形势的研判和工作基 调的表述上有三点边际增量：一是要求强化底线思维，充分备足预 案；二是统筹国内经济工作和国际经贸斗争，坚定不移办好 ...

研究报告 Research Report 5 May 2025 三美股份 Zhejiang Sanmei Chemical Industry (603379 CH) 业绩保持增长，看好三代制冷剂景气周期 Growth Maintained, Positive with Three Generations of Refrigerant Boom Cycle [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 上调至优于大市 Upgrade to OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb44.10 目标价 Rmb59.40 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb26.92bn / US$3.71bn 日交易额 (3 个月均值) US$30.59mn 发行股票数目 610.48mn 自由流通股 (%) 33% 1 年股价最高最低值 Rmb46.48-Rmb26.07 注：现价 Rmb44.10 为 20 ...

[Table_Title] 研究报告 Research Report 5 May 2025 香港策略 Hong Kong Strategy 把握 5 月回调窗口，重点布局互联网和 AI 应用 Capitalizing on the May Dip: Internet & AI Application Focus 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周，市场似乎淡化了关税影响，转而聚焦于美股科技股积极的业绩展望，这主要得益于微软和Meta持续增加其 2026财年的资本支出。受此提振，纳斯达克指数涨3.4%，带动恒生指数涨2.4%；相比之下，由于仅交易了前三天， 上证综指下跌0.5%，而创业板指则维持在平盘。我们一直认为，贸易战整体风险相对可控，其主要支撑在于新技术 所创造的需求有望缓解不断累积的债务压力。 ...

[Table_Title] 研究报告 Research Report 5 May 2025 康鹏科技 (688602 CH): 归母净利润同比下降 143.95%，ETO 产线扩产 2027 年落地 Shanghai Chemspec: NPAtS Down 143.95% YOY, ETO Production Line Expansion to Be Implemented in 2027 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][5][16]. Core Views - The company experienced a revenue decline of 17.9% year-on-year in Q1 2025 due to a high base effect, with revenue reported at RMB 660 million. However, there was a slight quarter-on-quarter growth of 1.5% compared to Q4 2024 [3][11]. - The gross margin remained stable at 93.9%, while operating expenses increased due to higher sales, administrative, and R&D expense ratios, leading to an overall operating expense ratio increase of 3.9 percentage points [12]. - Non-recurring gains offset the revenue decline, resulting in a net profit attributable to shareholders of RMB 440 million, down 15.9% year-on-year, but with a net profit margin improvement to 66.9% [13]. - The company is planning to acquire 85% of South Korean company REGEN for USD 190 million, which is expected to significantly contribute to revenue and profits in 2026 [14][16]. - Revenue projections for 2025 and 2026 are RMB 3.30 billion and RMB 3.60 billion, respectively, with year-on-year growth rates of 9.2% and 9.1% [15][16]. Financial Summary - The company reported a revenue of RMB 3,026 million for 2024, with projections of RMB 3,304 million for 2025 and RMB 3,603 million for 2026, indicating a consistent growth trajectory [9]. - The net profit attributable to shareholders is expected to be RMB 2.02 billion in 2025 and RMB 2.18 billion in 2026, reflecting year-on-year growth of 3.1% and 7.7% [15][16]. - The company maintains a high gross profit margin of 94.6% for 2025, with a projected decline to 93.6% by 2026 [9].

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Views - The company is expected to achieve stable growth, with revenue projected to reach RMB 4.05 billion in 2024, reflecting a year-on-year increase of 4.86% [10]. - The diverse product matrix supports growth, with significant revenue increases in various segments, particularly in new energy materials and precision ceramics [11][12]. - The company is focusing on domestic substitution and overseas expansion to drive growth, particularly in the biomedical sector and precision ceramics [12]. Financial Summary - Revenue for 2023 was RMB 3.86 billion, with projections of RMB 4.05 billion for 2024, RMB 4.69 billion for 2025, RMB 5.62 billion for 2026, and RMB 6.79 billion for 2027, indicating a compound annual growth rate (CAGR) of approximately 20.8% from 2024 to 2027 [2][4]. - Net profit attributable to shareholders is expected to grow from RMB 605 million in 2024 to RMB 1.11 billion in 2027, with a notable increase of 27.2% in 2025 [2][4]. - The earnings per share (EPS) is projected to rise from RMB 0.61 in 2024 to RMB 1.11 in 2027, reflecting a strong growth trajectory [2][4]. Segment Performance - In 2024, revenue from electronic materials, catalytic materials, biomedical, new energy materials, precision ceramics, and digital printing showed varied growth rates, with new energy materials growing by 48.34% and precision ceramics by 41.68% [11]. - The company is expanding its product applications in automotive and AI sectors through its electronic materials segment, particularly in MLCC powder applications [11]. Valuation - The report assigns a target price of RMB 19.25 for 2025, based on a 25x price-to-earnings (PE) ratio, reflecting a decrease from the previous valuation due to external factors affecting demand [4][9].

4 May 2025 研究报告 Research Report 香港医疗 Hong Kong Health Care 医药行业周报（250428-0502），基本面主导上涨，外部政策影响逐渐改善 Weekly Report on the HK Stock Market Healthcare Industry: The rally is fundamentally driven, with external policy impacts gradually improving [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 京东健康 | Outperform 康宁杰瑞 | Outperform | | 药明生物 | Outperform 固生堂 | Outperform | | 阿里健康 | Outperform 复宏汉霖 | Outperform | | 康方生物 | Outperform 诺辉健康-B | Outperform | | 中国生物制药 ...