2025 年 05 月 05 日 招商银行(600036.SH) 事件：招商银行公布 2025 年一季报，营收同比增长-3.09%，拨 备前利润同比增长-4%，归母净利润同比增长-2.08%，各项业绩指 标增速较 2024 年报均略有下行，与 2024 年一季报情景较为类 似，我们点评如下： 招商银行 2025 年一季度业绩增长主要依靠规模扩张所驱动，而 净息差同比收窄、非息收入增长放缓则对利润增长形成拖累。 规模扩张速度与去年四季度大致相当。今年一季度，招商银行 生息资产（日均余额口径）同比增长 8.7%，较 2024Q4 增速基本 持平，仍处于去年初以来较快增长阶段，其中信贷增速基本平稳， 信贷扩张节奏仍偏低，而金融投资增速较 2024Q4 提升约 2 个百 分点，同业类资产增速略有放缓。从单季度新增生息资产规模（日 均余额口径）来看，今年 Q1 新增生息资产 1766 亿元，同比多增 84 亿元，其中新增信贷同比多增 62 亿元，而新增金融投资同比 多增 595 亿元。资产配置结构显示，当前有效信贷需求不足是资 产投放的核心矛盾。 进一步观察信贷结构，我们以招商银行本公司口径的期末时点数据进 行分析，一 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.79 CNY per share [4]. Core Views - The report indicates that the company has seen a recovery in sales, with April wholesale sales reaching 100,000 units, a year-on-year increase of 6% and a month-on-month increase of 2% [2]. - The company is entering a new growth phase, driven by new product launches and improved marketing strategies, which are expected to lead to an upward trend in sales [3]. - The report highlights the potential for significant profit elasticity due to the introduction of new models and advanced technologies [3]. Sales Performance - April sales were boosted by the accelerated delivery of the Tank 300 and the launch of the second-generation Xiaolong MAX, contributing to a year-on-year increase in sales [2]. - The company sold 29,000 new energy vehicles in April, representing a year-on-year increase of 28% and a month-on-month increase of 14% [2]. - The sales breakdown for April includes 57,000 units for Haval (up 21% year-on-year), 4,811 units for Wey (up 8% year-on-year), and 1,797 units for Ora (down 62% year-on-year) [2]. Financial Forecast - The company is projected to achieve net profits of 14.03 billion CNY, 17.40 billion CNY, and 20.96 billion CNY for the years 2025, 2026, and 2027, respectively [9]. - The expected price-to-earnings ratios for these years are 13.8, 11.1, and 9.2 times, indicating a favorable valuation trend [8][9]. - Revenue is forecasted to grow from 173.21 billion CNY in 2023 to 336.49 billion CNY by 2027, reflecting a compound annual growth rate [9][10]. Market Outlook - The mainstream market for new vehicles is expected to see an upward sales trend, supported by the successful launch of new models and enhanced marketing efforts [3]. - The company has a diverse product lineup and strong technological reserves, which position it well for future growth in both domestic and international markets [3]. - The report emphasizes the potential for the Hi4Z technology to expand the company's market share in the off-road segment, enhancing profitability [3].

4 月销量环比小幅下滑预计受终端需求与新老款交替影响，焕新版上市 在即、销量有望迎来向上拐点。 2025 年 05 月 05 日 理想汽车-W(02015.HK) 4 月销量符合预期，焕新版上市在即、销量拐点可期 事件：理想汽车发布公告，4 月交付量 3.4 万台，同比+32%，环比-7%。 1） 我们认为公司 4 月交付量同比提升主要系去年同期 L6 未开启大规模 交付；环比下滑预计系虽 4 月终端购车优惠及 3 年 0 息金融方案延续对销 量有拉动作用，但老款开始清库（L 系列老款部分配置、MEGA 老款下架）， 新老款交替对 4 月销量产生一定影响。 2） MEGA 焕新版销量有望持续突破：4 月 23 日，理想 MEGA Ultra 焕新版 &Home 家庭特别版正式上市，其中 Ultra 焕新版升级 ATL 全天候激光雷达、 Thor-U 芯片、副驾准零重力皇后座、21.4 英寸后舱娱乐屏等，Home 版在 此基础上升级了零重力旋转座椅、前排静音电关门等，产品力均有大幅提 升；同时随着超充站布局日益完善（截至 4 月底已布局超充站 2267 个、充 电桩 12340 个）、产品口碑逐渐积累、营销思路 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 263.83 CNY [4][10]. Core Views - The company reported a revenue of 36.726 billion CNY in 2024, representing a year-on-year growth of 5.14%, while the net profit attributable to shareholders was 11.668 billion CNY, a growth of 0.74% [1]. - The first quarter of 2025 showed a revenue of 8.237 billion CNY, a year-on-year decline of 12.12% but a quarter-on-quarter increase of 13.76% [1]. - The recovery in bidding activities since the end of 2024 is expected to gradually improve the company's performance [2]. - The company is positioned as a leader in industry digitalization, leveraging AI to enhance business expansion and innovate its business model [4][9]. Financial Performance Summary - In 2024, the company's revenue from life information and support business was 13.557 billion CNY, down 11.11% year-on-year, while the minimally invasive surgery segment grew over 30% [3]. - The in-vitro diagnostics business generated 13.765 billion CNY in 2024, marking a year-on-year increase of 10.82% [3]. - The medical imaging business achieved a revenue of 7.498 billion CNY in 2024, with international sales growing over 15% [3]. - The company expects revenue growth rates of 10.5%, 15.5%, and 14.6% for 2025 to 2027, respectively, with net profit growth rates of 9.7%, 15.3%, and 15.0% [10].

2025 年 05 月 05 日 生物医药Ⅱ 新药周观点：25Q1 创新药板块持仓环 比大幅提升 本周新药行情回顾： 2025 年 4 月 28 日-2025 年 5 月 2 日，新药板块涨幅前 5 企业：艾迪 药业（19.49%）、科伦博泰生物（17.02%）、乐普生物（16.09%）、 康诺亚（13.61%）、康宁杰瑞（13.60%）；跌幅前 5 企业：康方生物 （-11.22%）、宜明昂科（-10.03%）、东耀药业（-6.90%）、迈博药 业（-6.52%）、亚盛医药（-5.63%）。 本周新药行业重点分析： 根据最新披露的基金 2025 年第一季度报告，我们统计分析了全部所 有基金截止 2025 年 3 月 31 日对于创新药板块的最新重仓持仓情况 （注：在此仅统计了 A 股、港股 Biotech 创新药公司的基金重仓持 仓，对于以恒瑞医药为首的传统转型创新药企业未纳入统计；此外由 于基金季报仅披露重仓持仓情况，因此可能无法完全体现基金对创新 药板块的持仓情况）。 行业周报 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 资料来源：Wind 资讯 升幅% 1M 3M 12M 相 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 263.83 CNY [4][10]. Core Views - The company reported a revenue of 36.726 billion CNY in 2024, a year-on-year increase of 5.14%, and a net profit of 11.668 billion CNY, up 0.74% year-on-year [1]. - The first quarter of 2025 showed a revenue of 8.237 billion CNY, a year-on-year decrease of 12.12%, but a quarter-on-quarter increase of 13.76% [1]. - The recovery in bidding activities since the end of 2024 is expected to gradually improve the company's performance [2]. - The company is positioned as a leader in industry digitization, leveraging AI to enhance business expansion and innovate its business model [4][9]. Financial Performance Summary - In 2024, the company's revenue from life information and support business was 13.557 billion CNY, a decrease of 11.11%, while the minimally invasive surgery segment grew over 30% [3]. - The in-vitro diagnostics business generated 13.765 billion CNY in 2024, marking a year-on-year growth of 10.82% [3]. - The medical imaging business achieved a revenue of 7.498 billion CNY in 2024, with a growth of 6.60% year-on-year [3]. - The company expects revenue growth rates of 10.5%, 15.5%, and 14.6% for 2025 to 2027, respectively, with net profit growth rates of 9.7%, 15.3%, and 15.0% [10].

2025 年 05 月 05 日 生物医药Ⅱ 新药周观点：25Q1 创新药板块持仓环 比大幅提升 本周新药行情回顾： 2025 年 4 月 28 日-2025 年 5 月 2 日，新药板块涨幅前 5 企业：艾迪 药业（19.49%）、科伦博泰生物（17.02%）、乐普生物（16.09%）、 康诺亚（13.61%）、康宁杰瑞（13.60%）；跌幅前 5 企业：康方生物 （-11.22%）、宜明昂科（-10.03%）、东耀药业（-6.90%）、迈博药 业（-6.52%）、亚盛医药（-5.63%）。 本周新药行业重点分析： 根据最新披露的基金 2025 年第一季度报告，我们统计分析了全部所 有基金截止 2025 年 3 月 31 日对于创新药板块的最新重仓持仓情况 （注：在此仅统计了 A 股、港股 Biotech 创新药公司的基金重仓持 仓，对于以恒瑞医药为首的传统转型创新药企业未纳入统计；此外由 于基金季报仅披露重仓持仓情况，因此可能无法完全体现基金对创新 药板块的持仓情况）。 行业周报 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 资料来源：Wind 资讯 升幅% 1M 3M 12M 相 ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 14.8 CNY per share [6][4]. Core Views - The company reported a Q1 2025 revenue of 5.037 billion CNY, a year-on-year decrease of 4.73%, but achieved a net profit attributable to shareholders of 104 million CNY, a significant increase of 447.56% year-on-year, primarily due to improved performance from Grammer [1][4]. - The company is expected to see accelerated growth in its passenger car seat business, driven by popular models such as L8, Lynk & Co 900, and Volkswagen Tayron, with projected seat revenues of 4.5 billion CNY in 2025 and 8.5 billion CNY in 2026 [2][4]. - The overseas integration efforts have shown positive results, with a significant improvement in North American operations and a streamlined European business following layoffs, indicating a return to normal operations for Grammer [3][4]. Financial Summary - The company forecasts net profits of 640 million CNY, 930 million CNY, and 1.18 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25, 17, and 13 [4][10]. - The projected revenue growth rates for the years 2025 to 2027 are 10.5%, 11.6%, and 10.3% respectively, indicating a robust growth trajectory [11]. - The company has a total market capitalization of approximately 15.67 billion CNY, with a current share price of 12.38 CNY [6][4].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 135.84, which corresponds to a PE of 26x for 2025 [7]. Core Views - The company reported April delivery of 34,000 units, a year-on-year increase of 32% but a month-on-month decrease of 7%. The decline is attributed to the transition between old and new models, with the new MEGA Ultra version expected to boost sales [1][2]. - The upcoming launch of the L series smart refresh is anticipated to drive sales upward, with significant upgrades in technology and features [3]. - The company is positioned to enter a new product cycle with its pure electric series, supported by a robust charging infrastructure and positive market reception [4]. Summary by Sections Sales Performance - April sales showed a year-on-year increase of 32%, but a month-on-month decrease of 7%, influenced by the transition of models and ongoing promotions [1][2]. - The MEGA Ultra refresh and Home version are expected to enhance sales performance due to improved product features and marketing strategies [2]. Product Development - The L series smart refresh is set to launch in May, featuring significant technological upgrades that are likely to stimulate sales [3]. - The next-generation smart driving architecture, VLA model, is expected to enhance the company's competitive edge in the market [3]. Financial Projections - The company forecasts net profits of CNY 10.33 billion, CNY 16.03 billion, and CNY 17.74 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18.9, 12.2, and 11.0 [11][13]. - The projected revenue growth rates for the upcoming years are 15.8% for 2025, 40.4% for 2026, and 20.0% for 2027, indicating a strong growth trajectory [13].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.79 CNY per share, compared to the current price of 22.58 CNY per share [4]. Core Views - The report indicates that the company has shown a recovery in sales, with April wholesale sales reaching 100,000 units, a year-on-year increase of 6% and a month-on-month increase of 2% [2]. - The introduction of new models, such as the Tank 300 and the second-generation Haval Max, is expected to contribute positively to sales growth [2][3]. - The company is entering a new growth phase, with expectations of increased sales in the mainstream market and significant potential in the off-road vehicle segment [3]. Sales Performance - April sales included 29,000 units of new energy vehicles, a year-on-year increase of 28% and a month-on-month increase of 14%, while fuel vehicle sales were 71,000 units, showing a year-on-year decrease of 2% [2]. - The Tank brand sold 19,000 units in April, with the Tank 300 contributing significantly to this figure, achieving sales of 11,000 units, a year-on-year increase of 13% [2]. - Haval brand sales reached 57,000 units in April, a year-on-year increase of 21%, attributed to the launch of the second-generation Haval Max [2]. Financial Forecast - The company is projected to achieve net profits of 140.3 billion CNY, 174.0 billion CNY, and 209.6 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 13.8, 11.1, and 9.2 [8][9]. - Revenue is expected to grow from 1,732.1 billion CNY in 2023 to 3,364.9 billion CNY by 2027, indicating a strong growth trajectory [9][10]. Market Outlook - The report suggests that the mainstream market for new vehicles is entering a growth phase, with the company’s refined product offerings and marketing strategies likely to drive sales upward [3]. - The Hi4Z technology is expected to enhance the company's competitive edge in the off-road vehicle market, potentially leading to significant profit margins [3]. - The company has a diverse product lineup and strong technological capabilities, which are anticipated to boost export potential as new models are introduced [3].