Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 20.8 CNY per share [6]. Core Views - The report highlights a positive outlook on the company's profit improvement trend due to increased production and efficiency in electrolytic aluminum [1][9]. - The company achieved a revenue of 54.45 billion CNY in 2024, representing a year-on-year increase of 27.61%, and a net profit of 4.41 billion CNY, up 11.52% year-on-year [1]. - The report anticipates a growth in electrolytic aluminum production to approximately 3.01 million tons in 2025, an increase of 310,000 tons compared to the 2024 target [8][9]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 15.27 billion CNY, a quarter-on-quarter increase of 5.00%, but a net profit of 592 million CNY, which is a significant decrease of 59.21% quarter-on-quarter [1][2]. - The average price of aluminum in 2024 was 19,972 CNY per ton, a 6.7% increase year-on-year, while the average price of alumina rose by 39.7% to 4,053 CNY per ton [8]. Production and Efficiency - The company's aluminum production for 2024 was 2.9383 million tons, a year-on-year increase of 22.45%, with Q4 production remaining stable at 790,300 tons [8]. - The report indicates that the company is focusing on increasing production efficiency and optimizing its asset structure, having made a provision for asset impairment of 327 million CNY in 2024 [8][9]. Dividend Policy - The company plans to distribute a cash dividend of 1.8 CNY per 10 shares (including tax), totaling 624 million CNY, with an annual cumulative dividend reaching 1.42 billion CNY, resulting in a dividend payout ratio of 32% [4].

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a 6-month target price of HKD 57.32 [5][4]. Core Insights - The company reported a revenue of HKD 94.2 billion for 2024, representing a year-on-year growth of 51.8%, with product revenue reaching HKD 82.3 billion, up 43.6% [1]. - The company is advancing its PD-1/IL-2 dual antibody IBI363, which is expected to showcase updated proof-of-concept data at the 2025 ASCO conference and initiate multiple registration clinical studies in 2025 [2]. - The company aims to achieve product revenue of HKD 20 billion by 2027, demonstrating strong confidence in the growth of its innovative drug portfolio [3]. Financial Projections - Revenue projections for the company are estimated at HKD 118.96 billion, HKD 157.49 billion, and HKD 199.78 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 6.50 billion, HKD 17.75 billion, and HKD 28.78 billion [4][10]. - The company anticipates that five of its pipelines will enter global multi-center phase 3 clinical trials by 2030, indicating a robust pipeline for future growth [3]. Market Position and Strategy - The company is focusing on internationalization, with IBI363 positioned as a cornerstone drug for next-generation immuno-oncology therapies, highlighting its potential for overseas licensing [2]. - The company plans to launch several key products, including IBI311 and a GLP-1R/GCGR dual-target peptide product, which are expected to contribute significantly to revenue growth [3].

策略定期报告 2025 年 03 月 30 日 4 月：要防一把！ 本周上证指数跌 0.16%，沪深 300 涨 0.01%，恒生指数跌 1.11%，价值风格表 现强于成长风格。本周全 A 日均交易额 12608 亿，环比上周有所下降。本周指 数呈现缩量震荡的走势，资金谨慎观望的情绪浓厚。 面向 4 月大盘指数：1、国内方面，我们观察到今年 1-2 月的财政收支数据则再 度转弱，1-2 月公共财政收入同比增长-1.6%，其中税收同比-3.9%，非税收入同 比 11%。从支出的角度，1-2 月的央地财政支出增速的差距开始扩大，地方一般 公共预算支出增速下滑至 2.7%（前值 11.71%），从趋势上我们独家大势研判 指标——央地财政支出增速差环比回落，最新下滑至-4.4pct，这或将形成对大 盘指数上涨的压制，意味着要审慎评估国内经济在二季度边际走弱的概率。2、 海外方面，4 月 2 日对等关税出台是近期全球投资市场关注的头等大事，可以 看到高度的关税政策不确定性也导致在靴子落地之前，黄金价格冲高而全球股 市回落。目前看美元指数在 104 左右震荡，我们需要跟踪美元指数是否能够由 强转弱带来全球资产配置由美元向 ...

2025 年 03 月 30 日 生物医药Ⅱ 新药周观点：创新药 2 月进院数据更 新，多个新纳入医保创新药快速进院中 本周新药行情回顾： 2025 年 3 月 24 日-2025 年 3 月 28 日，新药板块涨幅前 5 企业： 友芝友（37.30%）、迈博药业（33.33%）、科济药业（26.44%）、 宜明昂科（18.68%）、智翔金泰（18.34%），跌幅前 5 企业：开 拓药业（-23.84%）、腾盛博药（-16.32%）、药明巨诺（-15.17%）、 永泰生物（-12.56%）、云顶新耀（-11.41%）。 本周新药行业重点分析： 近日国家医保局更新了已纳入医保目录创新药截止 2025 年 2 月底的 进院数据，多个 2025 年新纳入医保国产创新药产品正在快速进院中， 部分药物进院速度较快，其中： 进院已超过 100 家的新纳入医保创新药：包括康方生物的卡度尼利 单抗、云顶新耀的布地奈德肠溶胶囊、百济神州/绿叶的戈舍瑞林微 球、信达生物的托莱西单抗、海思科的考格列汀和克利加巴林、信立 泰的苯甲酸福格列汀、京新药业的地达西尼。 相对 2024 年 12 月底进院速度较快且进院数量超过 50 家的新 ...

2025 年 03 月 30 日 美的集团(000333.SZ) 资产负债表质量高，为后续经营奠定较好基础 事件：公司发布 2024 年年报。公司 2024 年实现收入 4090.8 亿 元，YoY+9.5%，实现归母净利润 385.4 亿元，YoY+14.3%；经折算， 公司 2024Q4 单季度实现收入 887.3 亿元，YoY+9.1%，实现归母净 利润 68.4 亿元，YoY+13.9%。公司 2024 年资产负债表质量较高， 蓄水池较深，我们预计美的能够较好地应对 2025 年外部环境的挑 战，继续保持稳健增长态势。 公司外销维持较快增长，内销逐渐受益国补：公司 2024H2 海外 主营业务收入 YoY+10.8%，外销保持高景气。展望后续，我们认为 公司通过内生+外延的方式，持续加强海外 OBM 业务投入，海外收 入有望保持较快增长。2024H2 公司国内主营业务收入 YoY+6.9%。 根据国家统计局数据，2024H2 我国限额以上家用电器和音像器材 类商品零售额 YoY+31%；奥维数据显示美的空调 2024H2 线上/线 下零售额 YoY+41%/+58%。我们预计公司国内业务零售增速高于收 ...

事件：公司发布 2024 年年报。公司 2024 年实现收入 2859.8 亿 元，YoY+4.3%，实现归母净利润 187.4 亿元，YoY+12.9%；经折算， 公司 2024Q4 单季度实现收入 732.4 亿元（因口径调整，同比增长 数据暂无法计算），实现归母净利润 35.9 亿元，YoY+4.0%。公司 持续推进内生增长与外延并购，收入、利润再创历史新高，对股 东的回馈力度持续加大。在风险机遇并存的市场环境下，公司积 极应对关税风险，加速面向未来的 AI 领域布局，我们看好海尔智 家在全球家电市场实现穿越周期的增长。 Q4 国内高端业务在国补刺激下实现高速增长：在内生增长与外 延并购共同驱动下，公司收入再创新高。2024 年海尔智家国内收 入 YoY+3.2%（家电主业收入 YoY+4.9%），海外收入 YoY+5.4%。我 们估算公司 Q4 国内家电主业收入 YoY+10%+，海外业务收入 YoY+10%+（CCR 及 Kwikot Q4 贡献海外收入约 21 亿元人民币，贡 献 Q4 海外收入增速约 6pct）。国内高端业务在国补刺激下明显提 速，卡萨帝 Q4 收入增速超过 30%。分地区来看， ...

公司与 Quanterix 开展战略合作，深化 AD 检测布局 2025 年 03 月 28 日 英诺特(688253.SH) 事件：3 月 22 日，公司与 Quanterix 举办了战略签约发布会。 Quanterix 是一家数字化生物标志物分析公司，Simoa 作为该公司研 发的重要检测技术，能够检测到传统方法无法识别的极低浓度生物标 志物，为疾病早期诊断、治疗监测和药物研发提供了极大可能性，目 前正被应用于多个治疗领域，包括肿瘤学、神经学、心脏病学、炎症 和传染病等。Simoa 平台在神经领域的优势主要包括覆盖广泛的疾病 类型和广泛的神经因子。脑源性 Tau 蛋白等一系列新的生物标志物， 也在阿尔茨海默病（AD）等神经退行性疾病中具有重要价值及应用潜 力。本次战略合作，有利于双方发挥各自优势，推动技术在 AD 检测 等领域的未来应用和商业化。 AD 检测早诊曙光初现，加快布局有望催生长期成长新动能。 根据《2023 中国阿尔茨海默病数据与防控策略》数据，预计 2030 年 我国 60 岁以上 AD 患者将达到 1911 万人，在社会和家庭层面产生了 严重的健康和经济负担，国家卫健委决定 2023—20 ...

2025 年 03 月 28 日 华新水泥(600801.SH) Q4 业绩同比高增，全年海外业务亮眼 事件：公司发布 2024 年年报，2024 年实现营收 342.17 亿元 （yoy+1.36%），实现归母净利润 24.16 亿元（yoy-12.52%）；2024Q4 实现营收 94.98 亿元（yoy-0.98%），实现归母净利润 12.78 亿元 （yoy+43.94%）。拟按每 10 股派息 4.6 元（含税），现金分红比例 达 40%。 需求不足致国内水泥营收承压，境外营收同比高增。2024 年公 司实现营业收入 342.17 亿元（yoy+1.36%），Q1、Q2、Q3、Q4 各季 度公司营收增速分别为 6.87%、-0.54%、1.78%和-0.98%。2024 年， 公司主营水泥业务营收 180.31 亿元（yoy-1.64%），其中，销量约 5702 万吨（yoy-1.99%），水泥销售均价约 316.21 元/吨（同比 +1.12 元/吨），成本约 241.11 元/吨（同比+10.34 元/吨），吨毛 利约 75.10 元（同比-9.22 元），毛利率约 23.75%（同比-3.01 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.5 CNY per share [6]. Core Views - The company achieved a revenue of 13.585 billion CNY in 2024, representing a year-on-year increase of 67.6%, and a net profit of 2.173 billion CNY, up 52.57% year-on-year [1][10]. - The company has significant growth potential in gold production, with a target of at least 8 tons for 2025 and plans to increase production to 28 tons by 2028 [4][10]. - The company has successfully reduced production costs while increasing sales prices, leading to a substantial rise in gross profit margins [2][10]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.514 billion CNY, a year-on-year increase of 49.81%, but a quarter-on-quarter decrease of 72.80% [1]. - The average selling price of gold increased to 549.60 CNY per gram, up 22.23% year-on-year, while the unit cost decreased to 145.40 CNY per gram, down 17.58% [2]. Production and Resources - Gold production increased by approximately 15% year-on-year, with a total production of 8.04 tons in 2024, and sales volume reached 8.05 tons, up 9.67% year-on-year [2][13]. - The company significantly increased its gold resource reserves, with a total of 277.23 tons, reflecting an increase of 89% year-on-year [2][4]. Future Growth Potential - The company plans to continue its growth trajectory with a strategic focus on expanding its mining operations and resource acquisitions [4][10]. - The company has acquired new mining rights and is actively working on the resumption of operations at the Huasheng gold mine [4]. Dividend Policy - The company plans to distribute a cash dividend of 3.65 CNY per 10 shares, totaling 1.014 billion CNY, with a cash dividend payout ratio of 46.6% [10].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 13.77 yuan for the next six months, based on a dynamic price-to-earnings ratio of 25 times for 2025 [2][4]. Core Views - The company reported a revenue of 8.85 billion yuan for 2024, a year-over-year decrease of 7.9%, and a net profit attributable to shareholders of 120 million yuan, down 68.6% year-over-year. However, the revenue decline in Q4 narrowed to 5.8% compared to a 27.1% decline in Q3, indicating a potential recovery driven by government subsidies for small appliances [1][2]. - The report highlights that the Q4 revenue decline was mitigated by the implementation of old-for-new subsidy policies, which positively impacted the consumption of small household appliances. Online sales for the company showed a year-over-year increase of 16.9% in Q4 [1][2]. - The company has effectively managed its expenses, resulting in a stable net profit margin of 0.9% in Q4, despite a decrease in gross margin by 3.3 percentage points year-over-year [2]. Financial Summary - The company's revenue is projected to recover to 9.61 billion yuan in 2025, with net profit expected to rise to 420 million yuan, reflecting a significant rebound from 2024 [4][12]. - Earnings per share (EPS) are forecasted to be 0.55 yuan in 2025, increasing to 0.84 yuan by 2027, indicating a positive growth trajectory [2][4]. - The report notes that the company’s cash reserves are robust, with a cash balance of 2.82 billion yuan at the end of the reporting period, up 16.1% year-over-year, despite a net cash outflow from operating activities of 240 million yuan in Q4 [2][4].