Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.75 CNY based on a 21x PE valuation for 2025 [2][5]. Core Insights - The company has shown stable performance, with a slight decline in revenue for 2024 but a projected recovery in the following years. The revenue is expected to grow from 8.498 billion CNY in 2024 to 10.248 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 5.4% [4][9]. - The company is focusing on product innovation and has a robust pipeline with 98 products under development, including two classic traditional Chinese medicine formulations that are in the production application stage [9]. - The acquisition by China Resources Sanjiu is anticipated to enhance the company's competitive edge through improved management and marketing resources [9]. Financial Summary - Revenue for 2023 was 8.674 billion CNY, with a slight decrease to 8.498 billion CNY in 2024, followed by an increase to 9.069 billion CNY in 2025 [4]. - The net profit attributable to the parent company is projected to recover from 956 million CNY in 2024 to 1.423 billion CNY by 2027, with a significant growth rate of 17.6% in 2025 [4]. - The company's gross margin is expected to remain stable around 66.5% to 66.7% from 2025 to 2027, indicating consistent profitability [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.75 CNY based on a 21x PE valuation for 2025 [2][5]. Core Insights - The company has shown stable performance, with a slight decline in revenue in 2024 but a projected recovery in the following years. The revenue for 2024 is expected to be 8.498 billion CNY, down 2.0% year-on-year, while the net profit is projected at 956 million CNY, a decrease of 10.8% [9]. - The company is focusing on product innovation and has a robust pipeline with 98 products under development, including two classic traditional Chinese medicine formulations that are in the production application stage [9]. - The acquisition by China Resources Sanjiu is expected to enhance the company's competitive edge through improved management and marketing resources [9]. Financial Performance Summary - **Revenue Forecast**: - 2023: 8.674 billion CNY - 2024: 8.498 billion CNY - 2025: 9.069 billion CNY (6.7% growth) - 2026: 9.723 billion CNY (7.2% growth) - 2027: 10.248 billion CNY (5.4% growth) [4][11] - **Net Profit Forecast**: - 2023: 1.071 billion CNY - 2024: 0.956 billion CNY - 2025: 1.124 billion CNY (17.6% growth) - 2026: 1.325 billion CNY (17.9% growth) - 2027: 1.423 billion CNY (7.4% growth) [4][11] - **Earnings Per Share (EPS)**: - 2023: 0.72 CNY - 2024: 0.64 CNY - 2025: 0.75 CNY - 2026: 0.89 CNY - 2027: 0.95 CNY [4][11] - **Profitability Ratios**: - Gross Margin: 66.8% in 2023, projected to be around 66.5% in 2025 - Net Margin: 12.3% in 2023, expected to improve to 12.4% in 2025 - Return on Equity (ROE): 8.6% in 2023, projected to be 9.1% in 2025 [4][11].

核心观点 盈利预测与投资建议 ⚫ 根据股权激励考核方案，上调 25、26 年收入；根据 24 年年报，对 25-26 年下调毛 利率，上调费用率。我们预测公司 2025-2027 年每股收益分别为 2.66、3.21、3.64 元（原预测 25-26 年为 3.31、3.80 元）。结合可比公司，我们认为目前公司的合理 估值水平为 2025 年的 23 倍市盈率，对应目标价为 61.18 元，维持买入评级。 风险提示：消费需求不及预期、夜郎古业绩增速不及预期、市场竞争加剧风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,087 | 5,357 | 6,457 | 7,253 | 7,995 | | 同比增长 (%) | 17.0% | -24.4% | 20.5% | 12.3% | 10.2% | | 营业利润(百万元) | 2,302 | 568 | 1,189 | 1,457 | 1,655 | | 同比增长 (%) | 3.0% | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 9.20 CNY [1] Core Views - The report highlights that the company's performance is expected to improve in the coming quarters, supported by cost advantages and a strong market position in the industry [4][5] - The company is anticipated to benefit from its integrated layout, particularly in the upstream raw materials for spandex production, which will enhance its cost competitiveness [9] Financial Summary - The company reported a revenue of 26,298 million CNY in 2023, with a projected revenue of 26,931 million CNY in 2024, and a slight decline to 26,114 million CNY in 2025, followed by growth in subsequent years [7] - The net profit attributable to the parent company is expected to decrease from 2,478 million CNY in 2023 to 2,220 million CNY in 2024, before recovering to 2,282 million CNY in 2025 [7] - The earnings per share (EPS) are projected to be 0.46 CNY in 2025, with a gradual increase to 0.58 CNY by 2027 [5][7] Industry Insights - The report indicates that the industry is currently at a low point in terms of profitability, but the company is positioned to expand during this period, potentially leading to greater profit elasticity in the next economic cycle [9] - The report notes that the price differentials for spandex and adipic acid have been narrowing, which has impacted margins, but the company’s cost advantages may allow it to navigate these challenges effectively [9]

24 年实现净开店，继续高分红回馈股东 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整盈利预测并引入 2027 年的盈利预测，预计 2025-2027 年每股收 益分别为 0.46、0.53 和 0.61 元（原 25-26 年 0.56 和 0.62 元），参考可比公司，给 予 2025 年 17 倍 PE 估值，对应目标价 7.82 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费复苏不及预期等 森马服饰 002563.SZ 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年04月01日） | 7.24 元 | | 目标价格 | 7.82 元 | | 52 周最高价/最低价 | 7.48/4.34 元 | | 总股本/流通 A 股（万股） | 269,409/220,169 | | A 股市值（百万元） | 19,505 | | 国家/地区 | 中国 | | 行业 | 纺织服装 | | 报告发布日期 | 2025 年 04 月 02 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.80 CNY based on a 58 times price-to-earnings ratio for 2025 [5][8]. Core Views - The company has shown a return to growth with significant improvements in gross margin and cash flow, achieving a revenue of 4.012 billion CNY in 2024, a year-on-year increase of 19.22%, and a net profit of 602 million CNY, up 3.71% [11]. - The growth in the formulation and medical device segments is accelerating, driven by channel expansion and new product launches, with the formulation revenue reaching 3.192 billion CNY, a 20.43% increase [11]. - The company is advancing its R&D pipeline, with several projects nearing completion, including four in the NDA stage and three in Phase III clinical trials, indicating a strong innovation trajectory [11]. Financial Summary - Revenue for 2023 was 3.365 billion CNY, with a projected increase to 4.012 billion CNY in 2024, reflecting a 19.2% growth [7]. - The gross margin improved to 72.64% in 2024, up 4.06 percentage points from the previous year [11]. - The net profit margin for 2024 is projected to be 15.0%, with net profit expected to reach 666 million CNY by 2025, a 10.7% increase from 2024 [7][11].

威高骨科 688161.SH 公司研究 | 年报点评 业绩向好，集采扰动逐步出清 ——威高骨科 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 根据 2024 年报，由于骨科各品类集采均逐步出清，我们调整收入、毛利率、费用率 假设，调整预测公司 2025-2027年每股收益分别为 0.73/0.83/0.85元（原2025-2026 年 EPS 为 0.82/1.01 元），参照可比公司，我们给予公司的合理估值水平为 2025 年 的 44 倍市盈率，对应目标价为 32.12 元，维持增持评级。 风险提示 ⚫ 骨科集采政策超预期、渠道拓展不及预期、新业务拓展不及预期等风险。 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 6.24 | 6.97 | 16.81 | 9.26 | | 相对表现% | 7.37 | 7.03 | 18.01 | 1.14 | | 沪深 300% | -1.13 | -0.06 | -1.2 | 8.12 | 伍云飞 wuyunfei1@orientsec.com.cn 执业证书编号 ...

银行行业 行业研究 | 深度报告 业绩改善，扩表放缓，不良平稳 ——23 家 A 股上市银行 2024 年年报综述 核心观点 投资建议与投资标的 风险提示 国家/地区 中国 行业 银行行业 报告发布日期 2025 年 04 月 02 日 看好（维持） | 屈俊 | qujun@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523060001 | | 于博文 | yubowen1@orientsec.com.cn | | | 执业证书编号：S0860524020002 | | | | | 5200 亿元溢价定增拟落地，增厚资本、未 | 2025-03-30 | | --- | --- | | 雨绸缪：四家国有行注资公告点评 | | | 政府债支撑社融增速企稳回升，化债扰动 | 2025-03-15 | | 贷款增长：——2 月金融数据点评 | | | 如何估测债券收益率波动对银行业绩的影 | 2025-03-09 | | 响？ | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一 ...

24 年业绩有所承压，持续强化新兴产业布 局 核心观点 中航机载 600372.SH 公司研究 | 年报点评 盈利预测与投资建议 ⚫ 根据 24 年年报调整营收增速和毛利率，下调 25、26 年 EPS 为 0.26、0.29 元（前 值为 0.49、0.55 元），新增 27 年 EPS 为 0.33 元，参考可比公司 25 年 47 倍 PE， 给予目标价 12.22 元，维持增持评级。 风险提示：军工订单和收入确认进度不及预期；科研院所改制进度等不及预期。 事件：公司发布 2024 年年报，2024 年全年实现营收 238.80 亿元（-17.68%）；实现归 母净利润 10.41 亿元（-44.83%）。单季度看，2024Q4 实现营收 73.13 亿元（- 11.64%），归母净利润-1.62 亿元（-168.62%）。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 29,007 | 23,880 | 25,842 | 28,407 | ...

24 年业绩有所承压，持续强化新兴产业布 局 核心观点 事件：公司发布 2024 年年报，2024 年全年实现营收 238.80 亿元（-17.68%）；实现归 母净利润 10.41 亿元（-44.83%）。单季度看，2024Q4 实现营收 73.13 亿元（- 11.64%），归母净利润-1.62 亿元（-168.62%）。 风险提示：军工订单和收入确认进度不及预期；科研院所改制进度等不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 29,007 | 23,880 | 25,842 | 28,407 | 31,239 | | 同比增长 (%) | 4.6% | -17.7% | 8.2% | 9.9% | 10.0% | | 营业利润(百万元) | 2,230 | 1,286 | 1,602 | 1,797 | 1,990 | | 同比增长 (%) | 15.6% | -42.3% | 24.5% | 12.2% | 10.7% | | ...