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 ...

[Table_Title] Research Report 2 May 2025 壳牌 (SHEL US) 主要由上游业务带动的良好业绩增长；持续回购 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] Flash Analysis [（本报告为 Table_summary] 2025 年 5 月 1 日发布的英文报告的翻译版。） 要闻回顾以及最新动态 我们预计壳牌（HTI 未覆盖）的 25 年第一季度业绩的市场反应为积极 ，该公司报告的调整后净收入为 55.77 亿美 元，远高于共识，这主要得益于该公司除可再生能源以外的所有业务部门。该公司在最近的资本市场日上重申了 其 25 财年资本支出指南，即 200-220 亿美元。公司还宣布在 25 年第二季度实施 35 亿美元的回购计划。 点评 主要受上游业务推动，业绩大幅增长：壳牌公布的调整后净收入为 55.77 亿美元，而共识值为 49.63 亿美元，这主 要是受上游业务部门的推动。资本支出为 41.75 亿美元，约为 25 ...

Investment Rating - The report maintains an "Outperform" rating for Chart Industries, expecting a relative return exceeding 10% over the next 12-18 months [12]. Core Insights - Chart Industries reported slightly better-than-expected earnings for Q1 2025, driven by strong performance in specialty products and a solid backlog of orders, which reached a record high of $5.14 billion [2][3]. - The company reaffirmed its guidance for FY 2025, projecting revenues between $4.65 billion and $4.85 billion, with adjusted EBITDA expected to be between $1.175 billion and $1.225 billion [3]. - The company emphasized that the impact of tariffs is limited and can be offset by cost reductions, maintaining a positive outlook on liquefied natural gas contracts [2][3]. Summary by Sections Financial Performance - Adjusted net income for Q1 2025 was $84 million, slightly above the consensus estimate of $79 million, with revenues of $1.002 billion, close to the expected $1.01 billion [2]. - The adjusted EBITDA was $231 million, exceeding the consensus of $228 million, with a gross margin of 33.9%, aligning with the mid-point of the company's guidance [2][5]. Order Backlog - The backlog of orders reached a historic high of $5.14 billion, up from $4.85 billion in Q4 2024, with total orders for the quarter amounting to $1.32 billion [2][3]. Guidance Reaffirmation - The company reiterated its FY 2025 guidance, expecting adjusted earnings per share between $12 and $13, and free cash flow between $550 million and $600 million, compared to $388 million in FY 2024 [3]. - The net leverage ratio increased to 2.91 times, but the company remains confident in achieving its target leverage ratio of 2.0 to 2.5 times [3]. Mid-term Outlook - Chart Industries expects organic revenue growth to remain in the mid-teens, with gross margins maintaining in the mid-30% range and free cash flow conversion rates of 95%-100% [3].

PMI 虽有回落，政策积极发力 [Table_Authors] 侯欢(分析师) ——4 月全国 PMI 数据解读 本报告导读： 外部冲击影响加大，4 月 PMI 边际回落。接下来，或加力推动既定政策 落地见效，通过增强内需主动力作用应对外部不确定性。 投资要点： 登记编号 S0880525040074 证 券 研 究 报 告 宏观研究 /[Table_Date] 2025.04.30 2025-05-02 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 题 021-38676666 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 年 4 月，制造业 PMI 为 49.0%，比上月下降 1.5 个百分点；服 务业商务活动指数为 50.1%，比上月下降 0.2 个百分点；建筑业商务 活动指数为 51.9%，比上月下降 1.5 个百分点。 关税扰动，制造业 PMI 边际回落。制造业 PMI 由升转降，主因贸易 摩擦导致的外部环境急剧变化。不过，以内销为主的制造业经营相 对稳定，对 PMI 有所支撑。考虑到国内积极政策节奏加快，我 ...

Investment Rating - The report maintains a positive outlook on Clearway Energy, indicating strong performance and reaffirming its guidance for cash available for distribution (CAFD) [1][2]. Core Insights - Clearway Energy reported adjusted net income exceeding consensus expectations, with adjusted EBITDA of $252 million, surpassing the consensus estimate of $237 million. The company reaffirmed its CAFD guidance for fiscal year 2025 at $400 million to $440 million, with a long-term target of 5%-8%+ growth in CAFD per share post-2027 [1][2][3]. - The company is on track with its capacity expansion plans, maintaining guidance for 1.1 GW of commercial operation date (COD) capacity for fiscal year 2025 and 2.3 GW for fiscal years 2026-2027. All domestic equipment is in place, and funding for key projects has been secured [1][3]. Summary by Sections Financial Performance - Clearway Energy recorded revenue of $298 million for Q1 2025, aligning closely with consensus expectations. The company achieved a net income of $4 million, contrasting with a consensus loss of $30 million. The adjusted EBITDA margin was reported at 85% [2][4]. CAFD Guidance - The company reaffirmed its CAFD guidance for fiscal year 2025 at $400 million to $440 million, with a target of $2.40 to $2.60 per share by 2027, indicating no need for external equity financing to achieve this midpoint [2][3]. Capacity Expansion - Clearway Energy confirmed its capacity expansion plans, with 1.1 GW of COD capacity for fiscal year 2025 and ongoing progress on projects such as Rosamond South Phase I and Dan's Mountain. The company has also completed the acquisition of the Tuolumne project and signed a power purchase agreement for a 100 MW solar project in California [3].

[Table_Title] 研究报告 Research Report 1 May 2025 工业+能源 Industrials & Energy 国际工业+能源周报(04/26-05/02)：中国暂停波音交付引发产业链震荡； 俄罗斯拟重启美核军控谈判 Global industrials + Energy Updates: Global Supply Chains Rattled by China's Boeing Delivery Freeze; Russia Moves to Restart Nuclear Talks with US 杨斌 Bin Yang 明悦馨 Ella Ming 毛琼佩 Olivia Mao 杨钰其 Yuqi Yang bin.yang@htisec.com ella.yx.ming@htisec.com olivia.qp.mao@htisec.com yq.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 投 ...

[Table_Title] Research Report 1 May 2025 道达尔能源 (TTE FP) 盈利能力和股息稳健；持续回购 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] Flash Analysis [事件Table_summary] 道达尔能源（海通国际未覆盖该公司）2025 年第一季度调整后净收入为 41.92 亿美元，尽管其略低于市场共识预 期，受电力、炼油/化工和营销部门业绩影响，但息税折旧摊销前利润超出预期，我们预计市场将普遍对其第一季 度业绩持积极态度。该公司宣布第一期中期股息为每股 0.85 欧元，同比增长 7.6%。公司还重申了 2025 财年资本支 出指引在 170 - 175 亿美元左右，以及每季度 20 亿美元的股票回购计划。 点评 EBITDA 超出预期，但净利润略低于预期：道达尔能源公布的调整后净收入为 41.92 亿美元，而市场共识预期为 43.89 亿美元，这是由于油价下跌和炼油利润率下降影响了其下游部门。净现金流为 20 ...

中国电子 China (Overseas) Technology 国产开源模型千帆竞发，阿里 Qwen-3、小米 MiMo、DeepSeek Prover 集中发布 A surge of domestic open-source models 姚书桥 Barney Yao 吴叡霖 Louis Ng wo[Table_Title] Research Report 30 Apr 2025 barney.sq.yao@htisec.com louis.yl.ng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： 2025 年 4 月 28 日，阿里正式发布了新一代 Qwen-3 系列大语言模型（LLMs），包括从百亿参数到数十亿参数多个 量级的模型版本。2025 年 4 月 30 日，小米正式发布并开源了其首个专为推理任务设计的大语言模型——Xiaomi MiMo；DeepSeek 团队在 Hugging Face 平台发布了其最新的大语言模型——DeepSeek-Prover-V2-671B 点评： 阿里 Qwen-3： Qwen-3 系列具 ...