Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company is expected to see a performance recovery throughout the year, with a projected EPS of 0.54, 0.61, and 0.67 for 2025-2027, respectively [2][10]. - The target price is set at 12.42 CNY, based on a 23x P/E ratio for 2025 [2][6]. Financial Performance Summary - For 2023, the company reported a revenue of 7,980 million CNY, which is a decrease of 24.8% year-on-year. The revenue is expected to recover to 6,835 million CNY in 2025, reflecting a growth of 12.0% [4][10]. - The net profit attributable to the parent company for 2023 was 1,258 million CNY, down 42.9% year-on-year, with a forecasted recovery to 1,010 million CNY in 2025, representing a growth of 309.1% [4][10]. - The gross margin is projected to be 62.2% in 2025, slightly improving from 60.9% in 2024 [4][10]. Business Segment Performance - In 2024, the medical device segment generated revenue of 33.3 billion CNY, down 9.5% year-on-year, while the structural heart disease business showed strong growth with a 44.0% increase [10]. - The pharmaceutical segment's revenue in 2024 was 17.6 billion CNY, a decline of 42.3% due to price governance impacts [10]. - The company is focusing on innovation and internationalization, with new products in the cardiovascular field and ongoing clinical trials for innovative drugs [10].

业绩环比修复，海内外市场同步拓展 ——海泰新光 2024 年报&2025 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 2024 年报及 2025 年一季报，我们下调收入、毛利率假设，调整 2025-27 年每 股收益预测分别为 1.51/1.79/2.23（原预测 25-26 年为 2.09/2.58）元，根据可比公 司给予 25 年 30 倍 PE，对应的目标价为 45.30 元，维持"买入"评级。 风险提示 大客户依赖风险、地缘政治风险、国内市场拓展不及预期风险、下游需求波动风险 等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 471 | 443 | 565 | 691 | 868 | | 同比增长 (%) | -1.3% | -5.9% | 27.5% | 22.4% | 25.6% | | 营业利润(百万元) | 161 | 153 | 206 | 241 | 302 | | 同比增长 (%) | -22.0% | -5.0% ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.42 CNY based on a 23x P/E ratio for 2025 [2][6]. Core Insights - The company is expected to recover its performance throughout the year, with a projected EPS of 0.54 CNY for 2025, down from previous estimates of 0.75 CNY [2][10]. - The company’s revenue for 2024 is forecasted at 6.1 billion CNY, reflecting a year-on-year decline of 23.5%, but is expected to grow by 12.0% in 2025 [4][10]. - The medical device segment showed resilience, with structural heart disease revenue increasing by 44.0% in 2024, while the overall medical device revenue decreased by 9.5% [10]. Financial Performance Summary - **2023A**: Revenue of 7.98 billion CNY, net profit of 1.26 billion CNY, and EPS of 0.67 CNY. - **2024A**: Revenue expected to drop to 6.1 billion CNY, net profit to 247 million CNY, and EPS to 0.13 CNY. - **2025E**: Revenue projected to recover to 6.83 billion CNY, net profit to 1.01 billion CNY, and EPS to 0.54 CNY [4][10]. - The gross margin is expected to stabilize around 62.2% in 2025, with a net margin of 14.8% [4][10]. Business Strategy and Outlook - The company focuses on innovation, consumer engagement, and internationalization, particularly in the cardiovascular sector [10]. - New product approvals in the cardiovascular intervention space and ongoing clinical trials for innovative drugs indicate a strong pipeline for future growth [10].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 23.25 [3][7] Core Views - The company reported a revenue of CNY 36.22 billion for 2024, representing a year-on-year growth of 9%. However, the net profit attributable to the parent company decreased by 41% to CNY 1.15 billion, while the core net profit fell by 5% to CNY 2.23 billion [2][3][7] - The company's cyclical business showed steady growth, with a revenue of CNY 30.79 billion from cyclical operations, marking a 16% increase year-on-year, which now constitutes 85% of total revenue [7] - The report highlights a significant decline in the gross margin of developer-related businesses, which has dropped to 0%, indicating a potential bottoming out of core net profit [7] Financial Summary - For 2024, the company achieved a revenue of CNY 36.22 billion, with a year-on-year growth of 9.2%. The operating profit was CNY 1.70 billion, down 36.2% from the previous year. The net profit attributable to the parent company was CNY 1.15 billion, a decrease of 41.2% [4][9] - The earnings per share (EPS) for 2024 is projected at CNY 0.98, with future estimates of CNY 1.54, CNY 1.90, and CNY 2.10 for 2025, 2026, and 2027 respectively [4][9] - The gross margin is expected to decline to 13% in 2024, with a slight recovery projected in subsequent years [4][9] Business Segments - The community space, commercial city services, and technology segments generated revenues of CNY 20.9 billion, CNY 12.3 billion, and CNY 3.0 billion respectively, with year-on-year growth rates of 11.5%, 5.4%, and 8.6% [7] - The company has successfully reduced its reliance on related party transactions, with the proportion of revenue from related parties decreasing by 4 percentage points to 9.5% [7] Market Comparison - The report provides a comparison of the company's valuation metrics against peers, indicating an adjusted average PE of 14x for comparable companies in 2025 [3][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.77 CNY based on a 69 times price-to-earnings ratio for 2025 [2][5]. Core Views - The company's performance is under short-term pressure but is expected to grow in the medium to long term. The revenue forecast for 2025-2027 has been adjusted, with earnings per share projected at 0.33, 0.61, and 1.01 CNY respectively [1][2]. - The company reported a revenue of 721 million CNY for 2024, a decrease of 5.2% year-on-year, and a net profit of 108 million CNY, down 32.4% year-on-year. The first quarter of 2025 saw a revenue of 185 million CNY, a decline of 2.35% [9]. - The company is facing increased competition in the two-sex health sector, leading to a 20.87% decline in revenue from this segment. However, there is significant growth potential in the gastrointestinal medication market, with new product registrations expected to boost revenue [9]. Financial Summary - The company's financial performance shows a projected revenue increase from 721 million CNY in 2024 to 1.52 billion CNY in 2027, reflecting a compound annual growth rate of 31.9% [4][11]. - The gross margin is expected to improve from 56.7% in 2024 to 71.7% in 2027, while the net profit margin is projected to rise from 15.0% to 28.2% over the same period [4][11]. - The company's earnings per share are forecasted to increase from 0.25 CNY in 2024 to 1.01 CNY in 2027, indicating strong growth potential [4][11].

业绩环比修复，海内外市场同步拓展 ——海泰新光 2024 年报&2025 年一季报点评 风险提示 大客户依赖风险、地缘政治风险、国内市场拓展不及预期风险、下游需求波动风险 等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 471 | 443 | 565 | 691 | 868 | | 同比增长 (%) | -1.3% | -5.9% | 27.5% | 22.4% | 25.6% | | 营业利润(百万元) | 161 | 153 | 206 | 241 | 302 | | 同比增长 (%) | -22.0% | -5.0% | 34.7% | 17.2% | 25.3% | | 归属母公司净利润(百万元) | 146 | 135 | 183 | 216 | 269 | | 同比增长 (%) | -20.2% | -7.1% | 34.9% | 18.1% | 24.8% | | 每股收益（元） | 1.21 | 1.12 | 1.51 | 1. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.77 CNY based on a 69 times price-to-earnings ratio for 2025 [2][5]. Core Views - The company is experiencing short-term performance pressure but is expected to achieve long-term growth. The revenue forecast for 2025-2027 has been adjusted, with earnings per share projected at 0.33 CNY, 0.61 CNY, and 1.01 CNY respectively [1][2]. - The company reported a revenue of 721 million CNY for 2024, a decrease of 5.2% year-on-year, and a net profit of 108 million CNY, down 32.4% year-on-year. The first quarter of 2025 saw a revenue of 185 million CNY, a decline of 2.35% [9]. - The company is focusing on enhancing its product offerings and marketing strategies, particularly in the gastrointestinal and sexual health segments, while also making progress in R&D for new drugs [9]. Financial Summary - The company's financial performance shows a decline in revenue and net profit for 2024, with a projected recovery starting in 2025. The revenue is expected to grow by 24.0% in 2025, followed by 28.8% in 2026 and 31.9% in 2027 [4][11]. - Key financial metrics include: - Revenue (2023A: 761 million CNY, 2024A: 721 million CNY, 2025E: 894 million CNY) - Net profit (2023A: 160 million CNY, 2024A: 108 million CNY, 2025E: 140 million CNY) - Earnings per share (2023A: 0.38 CNY, 2024A: 0.25 CNY, 2025E: 0.33 CNY) [4][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.77 CNY based on a 69 times price-to-earnings ratio for 2025 [2][5]. Core Views - The company's performance is under short-term pressure but is expected to grow in the medium to long term. The revenue forecast for 2025-2027 has been adjusted, with earnings per share projected at 0.33 CNY, 0.61 CNY, and 1.01 CNY respectively [2][9]. - The company reported a revenue of 721 million CNY for 2024, a decrease of 5.2% year-on-year, and a net profit of 108 million CNY, down 32.4% year-on-year. The first quarter of 2025 saw a revenue of 185 million CNY, a decline of 2.35% [4][9]. - The company is facing increased competition in the two-sex health sector, leading to a 20.87% decline in revenue from this segment. However, there is significant growth potential in the gastrointestinal medication market, with new product registrations expected to boost revenue [9]. Financial Summary - The company’s revenue is projected to grow from 721 million CNY in 2024 to 1.52 billion CNY in 2027, reflecting a compound annual growth rate of 31.9% [4][11]. - The gross margin is expected to improve from 56.7% in 2024 to 71.7% in 2027, while the net profit margin is projected to increase from 15.0% to 28.2% over the same period [4][11]. - The company’s net profit is forecasted to rise from 108 million CNY in 2024 to 428 million CNY in 2027, indicating a strong recovery and growth trajectory [4][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.79 CNY, based on a 27x PE for 2025 [2][4]. Core Views - The company reported Q1 2025 revenue of 4.839 billion CNY, a year-on-year increase of 20.56%, but a net profit attributable to shareholders of 640 million CNY, down 14.78% [1][8]. - The decline in profitability is attributed to a lower proportion of military products, changes in product structure, and rising raw material costs, leading to a gross margin decrease to 28.44% (down 7.12 percentage points) and a net margin decrease to 13.91% (down 5.88 percentage points) [8]. - The company plans to repurchase shares worth between 150 million and 300 million CNY, representing 0.14%-0.28% of the total shares, to enhance investor confidence and internal motivation [8]. - The defense sector is expected to recover, and new industries such as civil aviation and satellite internet present growth opportunities, indicating potential for a return to high-quality growth [8]. Financial Information Summary - Revenue projections for 2025-2027 are 23.778 billion CNY, 27.536 billion CNY, and 31.978 billion CNY, respectively, with expected growth rates of 14.9%, 15.8%, and 16.1% [3]. - The net profit attributable to shareholders is projected to grow from 3.740 billion CNY in 2025 to 5.101 billion CNY in 2027, with growth rates of 11.5% and 17.5% [3]. - The company’s gross margin is expected to stabilize around 36.2% from 2025 to 2027, while the net margin is projected to be around 15.7% to 16.0% [3].

Investment Rating - The investment rating for Jiangsu Bank is "Buy (Maintain)" [8] Core Views - The core revenue has significantly improved, with a decrease in the non-performing loan ratio on a quarter-on-quarter basis [2] - The bank's performance growth has exceeded expectations, with notable improvements in net interest income and fee income growth [8] - The bank's total assets and loan amounts have shown strong growth, indicating a favorable lending environment [8] - The asset quality is stabilizing, with a slight decrease in the non-performing loan ratio and a robust provision coverage ratio [8] Financial Performance Summary - For 2023A, the operating income is projected at 74,293 million yuan, with a year-on-year growth of 5.3% [4] - The net profit attributable to the parent company is expected to reach 28,750 million yuan in 2023A, reflecting a year-on-year increase of 13.3% [4] - The earnings per share (EPS) for 2023A is estimated at 1.52 yuan [4] - The bank's total assets are projected to grow to 4,235,199 million yuan by 2025E, with a loan growth rate of 14% [10] Valuation Metrics - The target price for Jiangsu Bank is set at 12.62 yuan per share, with a current price of 10.13 yuan [5] - The price-to-earnings (P/E) ratio for 2025E is projected at 5.67, while the price-to-book (P/B) ratio is expected to be 0.72 [8][10] - The bank's average return on equity (ROE) is forecasted to be 13.31% in 2025E [10]