Investment Rating - The report maintains a "Buy" rating for Geely Automobile [5] Core Views - Geely's March sales showed significant growth, with total sales reaching 232,200 units, a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. The sales of new energy vehicles reached 119,700 units, up 167.2% year-on-year [7] - The report forecasts EPS for 2025-2027 to be 1.27, 1.50, and 1.84 RMB respectively, maintaining a target price of 20.55 HKD based on a PE ratio of 15 times [2] - The report highlights the launch of new models and the advancement in intelligent driving technology, which are expected to enhance sales performance [7] Financial Forecasts - Revenue is projected to grow from 179,204 million RMB in 2023 to 414,141 million RMB in 2027, with a compound annual growth rate (CAGR) of 16.5% [4] - Operating profit is expected to increase from 3,806 million RMB in 2023 to 17,395 million RMB in 2027, reflecting a CAGR of 23.3% [4] - Net profit attributable to the parent company is forecasted to rise from 5,308 million RMB in 2023 to 18,526 million RMB in 2027, with a notable increase of 213.3% in 2024 [4] Sales Performance - Geely's brand sales in March reached 191,500 units, a year-on-year increase of 62.0%, with the Galaxy series achieving a remarkable 290.3% growth [7] - The report indicates that Geely's sales growth is expected to outperform the industry average, which saw a 10% increase in March [7] Model Launches and Innovations - The report details the launch of several new models, including the Galaxy series and the Zeekr brand, which are expected to contribute significantly to sales in 2025 [7] - The introduction of the L3 level intelligent driving technology is highlighted as a strategic move to enhance Geely's competitive edge in the market [7]

力诺药包 301188.SZ 公司研究 | 动态跟踪 股价（2025年04月08日） 16.31 元 目标价格 18.60 元 52 周最高价/最低价 19.28/10.78 元 总股本/流通 A 股（万股） 23,245/23,245 A 股市值（百万元） 3,791 国家/地区 中国 行业 建材 报告发布日期 2025 年 04 月 09 日 买入 （维持） | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现 | -10.33 | -2.68 | 7.09 | -2.3 | | 相对表现 | -4.24 | 4.76 | 10.74 | -5.53 | | 沪深 300 | -6.09 | -7.44 | -3.65 | 3.23 | 冯孟乾 fengmengqian@orientsec.com.cn 执业证书编号：S0860523070003 股权激励指引方向，持续回购增强信心 ——力诺药包动态更新 核心观点 力诺药包动态跟踪 —— 股权激励指引方向，持续回购增强信心 盈利预测与投资建议 ⚫ 调整公司 2024-2026 ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [5] Core Views - Geely's March sales showed significant growth, with total sales reaching 232,200 units, a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. The sales of new energy vehicles reached 119,700 units, up 167.2% year-on-year [7] - The company is expected to launch five new energy models in 2025, enhancing its product matrix across various segments [7] - The target price is set at 20.55 HKD, based on a 15x PE valuation for 2025 [2] Financial Forecasts - The forecasted EPS for 2025-2027 is 1.27, 1.50, and 1.84 CNY respectively, with a target price of 19.05 CNY [2] - Revenue is projected to grow from 179,204 million CNY in 2023 to 414,141 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 16.5% [4][8] - Operating profit is expected to increase from 3,806 million CNY in 2023 to 17,395 million CNY in 2027, with a significant growth rate of 100.8% in 2024 [4][8] Sales Performance - Geely's brand sales in March reached 191,500 units, a year-on-year increase of 62.0% [7] - The Galaxy series saw a remarkable sales increase of 290.3% year-on-year in March [7] - Lynk & Co's sales also grew by 28.6% year-on-year, with the Lynk 900 model set to launch soon [7] Market Position - Geely's market capitalization is approximately 140,685 million HKD, with a total share capital of 1,007,770,000 shares [5] - The company is positioned within the automotive and components industry in China [5]

力诺药包 301188.SZ 公司研究 | 动态跟踪 股价（2025年04月08日） 16.31 元 目标价格 18.60 元 52 周最高价/最低价 19.28/10.78 元 总股本/流通 A 股（万股） 23,245/23,245 A 股市值（百万元） 3,791 国家/地区 中国 行业 建材 报告发布日期 2025 年 04 月 09 日 买入 （维持） | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现 | -10.33 | -2.68 | 7.09 | -2.3 | | 相对表现 | -4.24 | 4.76 | 10.74 | -5.53 | | 沪深 300 | -6.09 | -7.44 | -3.65 | 3.23 | 冯孟乾 fengmengqian@orientsec.com.cn 执业证书编号：S0860523070003 股权激励指引方向，持续回购增强信心 ——力诺药包动态更新 核心观点 新点火产能效益不及预期，原材料成本上涨超预期，海外需求重新承压 公司主要财务信息 | | 2022A | 202 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company has shown steady revenue growth, with a reported revenue of 1.283 billion yuan in 2024, reflecting an 8.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 6.57% to 189 million yuan due to increased expenses [11] - The company is advancing its BGM0504 project into Phase III clinical trials, with promising results in Phase II for both glycemic control and weight loss [11] Financial Performance Summary - Revenue is projected to grow from 1.283 billion yuan in 2024 to 1.960 billion yuan in 2027, with year-on-year growth rates of 8.7%, 23.2%, 12.2%, and 10.6% respectively [9] - The gross margin is expected to improve from 57.5% in 2024 to 59.8% in 2027, indicating a positive trend in profitability [9] - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.61, 0.71, and 0.81 yuan respectively, reflecting an upward revision from previous estimates [3][9] Segment Performance Summary - The raw material drug segment achieved revenue of 988 million yuan, a year-on-year increase of 11.57%, driven by strong demand for antifungal and immunosuppressive products [11] - The formulation segment reported revenue of 161 million yuan, up 16.77% year-on-year, primarily due to increased sales of specific products [11] Valuation Summary - Based on comparable companies, a target price of 37.21 yuan is set for 2025, corresponding to a price-to-earnings (P/E) ratio of 61 times [3][12]

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company has shown steady revenue growth, with a reported revenue of 1.283 billion yuan in 2024, reflecting an 8.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 6.57% to 189 million yuan due to increased expenses [11] - The company is advancing its BGM0504 project into Phase III clinical trials, with promising results in Phase II for both glycemic control and weight loss [11] Financial Performance Summary - Revenue is projected to grow from 1.283 billion yuan in 2024 to 1.960 billion yuan in 2027, with year-on-year growth rates of 8.7%, 23.2%, 12.2%, and 10.6% respectively [9] - The gross margin is expected to improve from 57.5% in 2024 to 59.8% in 2027, indicating a positive trend in profitability [9] - The earnings per share (EPS) forecast for 2025-2027 is 0.61 yuan, 0.71 yuan, and 0.81 yuan respectively, up from the previous estimate of 0.58 yuan for 2025 [3][9] Market Comparison - The target price for the company is set at 37.21 yuan based on a price-to-earnings (P/E) ratio of 61 times for 2025, which is derived from comparable companies [3][12] - The company's current stock price is 36.05 yuan, with a 52-week high of 43.67 yuan and a low of 22.82 yuan [5]

上汽集团 600104.SH 公司研究 | 动态跟踪 | | 买入 （维持） | | --- | --- | | 股价（2025年04月08日） | 14.62 元 | | 目标价格 | 21.40 元 | | 52 周最高价/最低价 | 21.3/11.49 元 | | 总股本/流通 A 股（万股） | 1,157,530/1,157,530 | | A 股市值（百万元） | 169,231 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2025 年 04 月 08 日 | 1 周 1 月 3 月 12 月 绝对表现% -7 -10.85 -18.28 -1.81 相对表现% -0.91 -3.41 -14.63 -5.04 沪深 300% -6.09 -7.44 -3.65 3.23 | 姜雪晴 | jiangxueqing@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860512060001 | | 袁俊轩 | yuanjunxuan@orientsec.com.cn | | | 执业证书编号：S086052307 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.65 CNY, based on a 15x PE for 2025 [2][4]. Core Insights - The company has shown steady performance with a revenue of 4.16 billion CNY in 2024, reflecting a year-on-year growth of 3.99%. The net profit attributable to the parent company reached 712 million CNY, up 15.04% year-on-year [9]. - The sales structure adjustment is complete, and both commercialization and R&D are expected to make progress. The company has successfully entered nearly 600 hospitals with its product, Didasyn, and has conducted over 160 academic promotion activities [7][9]. - The company has achieved significant growth in finished drugs and medical devices, with finished drug revenue increasing by 8.42% to 2.52 billion CNY, driven by marketing reforms [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 7.81 billion CNY, 8.91 billion CNY, and 10.49 billion CNY respectively, with an upward adjustment in gross margin [2]. - The company’s gross margin is projected to improve from 50.0% in 2024 to 52.9% by 2027, while net profit margin is expected to rise from 17.1% to 19.6% over the same period [7][12]. - The company’s earnings per share (EPS) is forecasted to grow from 0.83 CNY in 2024 to 1.22 CNY in 2027 [12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve an EPS of 1.06/1.17 CNY for 2025-26, with a new forecast of 1.42 CNY for 2027. The target price is set at 56.18 CNY based on a PE ratio of 53 for 2025 [2] - The company reported a significant revenue increase of 22.63% year-on-year for 2024, reaching 27.985 billion CNY, and a net profit increase of 47.28%, totaling 6.337 billion CNY [9] - The company is actively advancing its internationalization efforts, with several products receiving FDA approval and significant licensing agreements contributing to revenue growth [9] Financial Information Summary - Revenue (in million CNY): - 2023A: 22,820 - 2024A: 27,985 (22.6% YoY growth) - 2025E: 31,684 (13.2% YoY growth) - 2026E: 35,553 (12.2% YoY growth) - 2027E: 40,900 (15.0% YoY growth) [4] - Net Profit (in million CNY): - 2023A: 4,302 - 2024A: 6,337 (47.3% YoY growth) - 2025E: 6,759 (6.7% YoY growth) - 2026E: 7,477 (10.6% YoY growth) - 2027E: 9,060 (21.2% YoY growth) [4] - EPS (in CNY): - 2023A: 0.67 - 2024A: 0.99 - 2025E: 1.06 - 2026E: 1.17 - 2027E: 1.42 [4] - Gross Margin: - 2023A: 84.6% - 2024A: 86.2% - 2025E: 84.5% - 2026E: 84.9% - 2027E: 85.4% [4] - Net Margin: - 2023A: 18.9% - 2024A: 22.6% - 2025E: 21.3% - 2026E: 21.0% - 2027E: 22.2% [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.38 CNY based on a PE valuation method, reflecting a 23x earnings multiple for 2025 [3][12]. Core Insights - The company achieved a revenue of 12.276 billion CNY in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to the parent company of 1.793 billion CNY, up 12.0% year-on-year [12]. - The company experienced a significant increase in new orders, with a growth rate exceeding 20% in 2024, particularly in laboratory services and CMC services, which saw increases of over 15% and 35% respectively [12]. - The report highlights the resilience of the company's integrated platform, which supports its ability to meet global pharmaceutical innovation demands and ensures long-term stable growth [12]. Financial Performance Summary - Revenue projections for the company are as follows: 13.809 billion CNY in 2025, 15.721 billion CNY in 2026, and 17.988 billion CNY in 2027, with respective year-on-year growth rates of 12.5%, 13.8%, and 14.4% [9]. - The company's gross profit margin is expected to stabilize around 36.0% in 2025 and 36.3% in 2026 and 2027, while the net profit margin is projected to be 13.7% in 2025 and improve to 15.1% by 2027 [9]. - The earnings per share (EPS) forecast is 1.06 CNY for 2025, 1.29 CNY for 2026, and 1.53 CNY for 2027, indicating a steady increase in profitability [9].