Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Viewpoints - The company has received its third Class III medical device registration certificate for "Injectable Recombinant Type III Humanized Collagen Gel," solidifying its monopoly in the recombinant collagen aesthetic medicine industry in China [2][3]. - The new product is the first of its kind internationally to utilize self-assembly and self-crosslinking technology, expanding the application of recombinant collagen in aesthetic medicine, particularly in filling and supporting roles [3]. - The company is expected to see significant revenue growth, with projected revenues of 1.446 billion RMB in 2024, reflecting an 85.35% growth rate compared to the previous year [4]. Financial Projections - The company forecasts net profits of 734 million RMB in 2024, with a compound annual growth rate (CAGR) of 144.67% from 2023 to 2024 [4]. - Earnings per share (EPS) are projected to increase from 4.40 RMB in 2023 to 8.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 42 and 28 for 2024 and 2025, respectively [4][10]. - The company’s gross margin is expected to improve from 90.2% in 2023 to 92.6% in 2024, indicating strong profitability [12]. Market Position - The company holds all three Class III medical device certificates for recombinant collagen in China, reinforcing its leading position in the domestic and global recombinant collagen market [2][3]. - The report highlights the rapid growth of the collagen market, with a notable increase in sales of animal-derived collagen in mainland China, suggesting a favorable market environment for the company's new products [4].

2025 年 4 月 11 日 ——燕京啤酒（000729.SZ）2024 年度业绩快报及 25Q1 业绩预告点评 要点 事件：根据公司 2024 年业绩快报，24 年实现营业收入 146.7 亿元，同比+3.2%； 归母净利润 10.6 亿元，同比+63.7%；扣非归母净利润 10.4 亿元，同比+108%。 其中，24Q4 实现营业收入 18.2 亿元，同比+1.3%；归母净利润-2.3 亿元，同比 亏损缩小；扣非归母净利润-2.2 亿元，同比亏损缩小。 25Q1 公司预计实现归母净利润 1.6-1.72 亿元，同比增长 55.96%-67.66%；预 计实现扣非归母净利润 1.48-1.6 亿元，同比增长 44.19%-55.88%。 燕京 U8 销量增速持续远超行业平均水平，带动收入利润实现高增。24 年公司 实现啤酒销量 400.44 万千升，同比增长 1.57%，在 24 年行业整体产量下滑的 背景下，公司实现逆势增长。其中 24 年大单品燕京 U8 实现销量 69.6 万千升， 同比增长 31.4%。公司持续进行市场精耕与扩张，完成销售渠道的结构升级， 其中燕京 U8 实现全国化布局与销量双突破 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a turnaround in profitability, with a net profit of 1.07 billion RMB, driven by improved gross margins in development business and reduced inventory impairment [2] - The company has made significant progress in its commercial layout and property management business, with non-development revenue growing by 1.3% year-on-year [3] - The company’s industry position has improved, ranking 12th in sales with a total sales of 98.3 billion RMB, despite a year-on-year decline of 30.4% [4] - Financially, the company remains stable with a decrease in interest-bearing debt and a net debt-to-adjusted capital ratio of 67% [4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 59.05 billion RMB, a decrease of 18% year-on-year, with a gross margin of 14.6%, up by 2.1 percentage points [2] - The core net profit for 2024 is projected at 1.33 billion RMB, marking a significant recovery from losses in 2023 [5] Business Development - The company has successfully listed its commercial REIT, enhancing asset liquidity, although its commercial leasing and retail revenue fell by 6% to 1.7 billion RMB [3] - The property management segment achieved revenue of 2.97 billion RMB, reflecting a 10% year-on-year growth [3] Market Position and Land Acquisition - The company acquired 22 new land parcels primarily in first and second-tier cities, with a total land acquisition cost exceeding 42.9 billion RMB [4] - The sales performance in Q1 2025 showed a 4.5% year-on-year increase, indicating a stabilization in sales [4] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 1.13 billion RMB and 1.27 billion RMB respectively, with a new forecast for 2027 at 1.4 billion RMB [5] - The current stock price corresponds to a PE ratio of 13.3 for 2025, indicating a stable operational outlook [5]

2025 年 4 月 11 日 行业研究 无惧扰动，坚定看好能源安全和国产替代主线 ——石化化工交运行业日报第 49 期（20250410） 要点 美国加征"对等关税"，我国坚决对美国进行关税反制。当地时间 4 月 2 日，美国总统特朗普在白宫签署关于所谓"对等关税"的行政令，宣布美国 对贸易伙伴加征 10%的"最低基准关税"，并对某些贸易伙伴征收更高关 税。美东时间 8 日对中国额外再征收的 50%关税，美国对华累计加征关税达 104%。我国坚决对美国进行关税反制，4 月 4 日，国务院关税税则委员会发 布公告称，拟自 2025 年 4 月 10 日 12 时 01 分起，对原产于美国的所有进 口商品加征 34%关税。4 月 10 日，据海关总署公告，自今日 12 时 01 分 起，我国对原产于美国的所有进口商品，在现行适用关税税率基础上加征 84％关税。由于"对等关税"的执行，部分原产于美国的化工品价格将进一 步提高，同时叠加前期美国政府有关政策，一系列进口化工品供应将持续趋 紧。与此同时，国产化工品凭借更高的性价比、更及时的技术响应服务等将 更受下游客户的青睐。 在能源安全方面，"三桶油"提升油气产量， ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company achieved a total revenue of 10.622 billion yuan in 2024, representing a year-on-year increase of 49.30%, with a net profit attributable to shareholders of 408 million yuan, up 85.51% year-on-year [1] - The company is expanding its distribution business and product categories, with e-commerce platforms contributing 74.07 billion yuan, accounting for 70% of total revenue [2] - The gross profit margin for the year was 24.25%, with a slight increase in Q4, driven by scale effects and an increase in self-produced nuts [3] - The company plans to increase its self-production ratio and reduce production costs by establishing new snack factories [3] - The profit forecast for 2025-2026 has been adjusted downwards, with net profit estimates of 541 million yuan and 701 million yuan respectively [4] Revenue and Profitability - In 2024, the company reported revenues from various product categories: nuts (5.366 billion yuan), baked goods (1.501 billion yuan), meat products (961 million yuan), dried fruits (582 million yuan), and others (2.017 billion yuan), with significant year-on-year growth across all categories [2] - The company’s net profit margin for 2024 was 3.84%, with a slight decrease in Q4 compared to the previous year [3] Future Outlook - The company plans to launch over 100 new SKUs in 2024 and aims to expand into the beverage category in 2025 [2] - The forecast for net profit in 2027 is set at 866 million yuan, with corresponding EPS estimates of 2.16 yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a total revenue of 2.451 billion yuan for 2024, a decline of 10.66% year-on-year, with a net profit attributable to shareholders of 98 million yuan, down 15.03% year-on-year. In the second half of 2024, revenue was 1.192 billion yuan, a decrease of 10.34%, but net profit increased significantly by 371.96% to 65 million yuan [1]. - The company is focusing on optimizing store efficiency by closing underperforming locations and enhancing the quality of its stores. The total number of stores at the end of 2024 was 3,031, with a net closure of 785 stores. The average revenue per store increased by 6.7% for self-operated stores and 13.7% for franchised stores [2]. - The gross profit margin improved to 56.79%, an increase of 4.37 percentage points year-on-year, primarily due to reduced raw material costs and a higher proportion of self-operated stores, which have a better gross margin [3]. - The company plans to expand into new channels, including supermarkets, membership stores, and convenience stores, with a focus on differentiated product offerings. The introduction of a proprietary beverage brand and new product lines aims to enhance consumer experience and sales [3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2.451 billion yuan, with a year-on-year decline of 10.66%. The net profit attributable to shareholders was 98 million yuan, down 15.03% [1]. - The revenue breakdown shows that duck and duck-related products generated 1.956 billion yuan, down 7.79%, while other products and franchise fees saw declines of 21.34% and 5.93%, respectively [2]. Store Operations - The company closed 785 stores in 2024, focusing on improving store quality rather than quantity. The total number of self-operated and franchised stores was 1,591 and 1,440, respectively [2]. - The average revenue per self-operated store increased by 6.7%, while franchised stores saw a 13.7% increase [2]. Profitability and Cost Management - The gross profit margin for 2024 was 56.79%, an increase of 4.37 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of self-operated stores [3]. - The sales expense ratio increased to 40.34%, up 4.52 percentage points, due to increased investment in high-potential self-operated stores [3]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 130 million yuan and 158 million yuan, respectively, reflecting a significant downward revision of 53.57% and 50.25% from previous estimates [4]. - The company aims to enhance its store performance and expand into new channels, which is expected to provide additional revenue streams [3].

2025 年 4 月 11 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】关税冲突下，国内通胀如何演绎？——2025 年 3 月价格数据点评 当前国内物价恢复动能偏弱，价格改善的领域集中在"两新"政策范畴，而经济内生 动能相对乏力。未来中美关税互搏带来的需求侧冲击占主导，这将进一步加深工业品 通缩压力、拖累企业盈利，并从收入和预期渠道，影响消费者信心，加大国内物价回 升的难度。但我国政策储备充足，后续等待供需两端政策进一步发力予以对冲。 【宏观】关税互搏，中美经济韧性谁更强？——《大国博弈》系列第八十二篇 特朗普发起全球关税"懦夫游戏"，意图通过高关税逼迫全球就范。关税对决短兵相 接，实则考验双方经济韧性与宏观对冲政策的腾挪空间。从 4 月 2 日关税冲击的来看， 中国方面，我们测算美国 4 月 2 日对等关税落地后，将拖累中国出口同比增速约 11 个百分点，拖累 GDP 同比增速约 1.3 个百分点，但是无论是中国的货币政策，还是 财政政策均有对冲空间。 行业研究 【基化】大股东增持彰显"三桶油"发展信心，看好油价波动期公司经营韧性——石 化化工交运行业日报第 48 期（20250409）(增持) ...

2025 年 4 月 10 日 公司研究 24 年业绩符合预期，完善产业链及海内外区域布局 ——华特气体（688268.SH）2024 年报点评 要点 事件：公司发布 2024 年年报。2024 年，公司实现营收 13.95 亿元，同比减少 7.02%；实现归母净利润 1.85 亿元，同比增长 7.99%；实现扣非后归母净利润 1.74 亿元，同比增长 8.65%。2024Q4，公司单季度实现营收 3.37 亿元，同比 减少 9.32%，环比减少 1.17%；实现归母净利润 5211 万元，同比增长 5.27%， 环比增长 42.67%。 点评： 氢化物气体营收下滑，原材料价格降低毛利率提升。2024 年，公司特种气体业 务实现营收 9.31 亿元，同比减少 8.9%。其中，公司氟碳类气体、光刻及其他混 合气体等产品营收仍保持稳步增长，对应营收同比分别增长 14.9%和 9.2%。然 而，受下游需求放缓影响，2024 年公司以硅烷为代表的氢化物气体营收同比减 少 48.4%。其他业务方面，2024 年公司普通工业气体业务实现营收 2.43 亿元， 同比增长 7.2%；设备及工程业务实现营收 1.74 亿元，同 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's finished drug segment continues to grow, with revenue reaching 2.522 billion yuan in 2024, a year-on-year increase of 8.42% [2] - The innovative drug, Dazatinib, successfully entered the medical insurance directory, which is expected to drive rapid commercialization in 2025 [4] - The raw material drug segment experienced a revenue decline of 8.37% to 876 million yuan due to market fluctuations, while the medical device segment grew by 7.84% to 687 million yuan [3] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.159 billion yuan, a year-on-year increase of 3.99%, and a net profit of 712 million yuan, up 15.04% [1] - The basic EPS for 2024 was 0.83 yuan, with operating cash flow of 726 million yuan, down 8.41% year-on-year [1] Revenue Breakdown - Finished drug revenue was 2.522 billion yuan, contributing significantly to overall growth [2] - Raw material drug revenue decreased to 876 million yuan, while medical device revenue increased to 687 million yuan [3] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised to 903 million yuan and 1.072 billion yuan, respectively, reflecting a 20% and 13% increase from previous estimates [4] - The company is positioned to enter a new development phase combining innovation and generics, supported by its strong product pipeline and market influence [4] Market Data - The current stock price is 13.37 yuan, with a total market capitalization of 11.512 billion yuan [6] - The company has a total share capital of 861 million shares [6]

2025 年 4 月 10 日 行业研究 大股东增持彰显"三桶油"发展信心，看好油价波动期公司经营韧性 ——石化化工交运行业日报第 48 期（20250409） 要点 "三桶油"发布大股东增持股份公告，彰显发展信心。4 月 8 日，中国石 油、中国石化、中国海油均发布控股股东增持计划公告。中国石油集团拟增 持中国石油股份，金额不少于人民币 28 亿元（含本数），不超过人民币 56 亿元（含本数）。中国石化集团拟增持中国石化股份，金额不少于人民币 20 亿元（含本数），不超过人民币 30 亿元（含本数）。中国海油集团拟增持 中国海油股份，金额不少于人民币 20 亿元（含本数），不超过人民币 40 亿 元（含本数）。本次"三桶油"的增持基于大股东对旗下上市公司未来发展 前景的信心和对资本市场长期投资价值的认可，将有助于提振投资者信心， 支持"三桶油"上市公司持续、健康、稳定发展，维护公司股价稳定。 增量降本叠加一体化优势，"三桶油"在油价波动期业绩韧性凸显。近期受 OPEC+增产和特朗普政府加征关税等因素影响，油价快速下行，截至 4 月 8 日布油、WTI 原油相较月初分别下跌 17.3%、18.1%。2024 ...