Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [34]. Core Insights - The pharmaceutical and biotechnology sector showed a positive market performance, with an overall increase of 0.98% from March 24 to March 28, 2025, ranking first among 31 industries in the Shenwan index and outperforming the CSI 300 index by 0.97 percentage points [11][30]. - Year-to-date, the sector has risen by 3.53%, ranking 12th among the 31 industries, and has outperformed the CSI 300 index by 4.03 percentage points [16][30]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 27.11 times, which is at a historically low level, with a valuation premium of 126% compared to the CSI 300 index [21][30]. - Notable sub-sectors that performed well include chemical pharmaceuticals and biological products, with increases of 4.04% and 1.17%, respectively [11][30]. Market Performance - The report highlights that 226 stocks (47.68% of the sector) increased in value last week, with the top five performers being Yihe Jiaye (28.58%), Rundu Co. (21.83%), Zhixiang Jintai-U (18.34%), Hehua Co. (16.22%), and Rongchang Bio (15.38%) [28][30]. - Conversely, 235 stocks (49.58% of the sector) experienced declines, with the largest drop being ST Xiangxue at -40.82% [28][30]. Industry News - A significant policy change was announced by six government departments, including the National Health Commission and the Ministry of Finance, which will eliminate outpatient prepayment fees in public medical institutions starting March 31, 2025, and standardize inpatient prepayment management [30][31]. Investment Recommendations - The report suggests that the pharmaceutical and biotechnology sector currently presents significant investment opportunities, particularly in innovative drugs, medical services, chain pharmacies, medical devices, and branded traditional Chinese medicine [5][32]. - Recommended stocks include Beida Pharmaceutical, Laobaixing, Lingrui Pharmaceutical, Huaxia Eye Hospital, and Nuotai Bio, while stocks to watch include Tebao Bio, Kelun Pharmaceutical, International Medical, Kaili Medical, and Baipusais [5][32].

Investment Strategy and Key Stock Portfolio - The report indicates that the effects of policies are becoming evident, with a gradual shift in the internal and external demand pattern expected to manifest in the second quarter of 2025. Domestic retail sales and fixed asset investment are showing steady improvement, while export growth is declining more significantly than imports, suggesting continued support for GDP from net exports in the first quarter [4][9]. - The report highlights that the performance verification period is underway, with corporate profit growth showing a year-on-year decline in January-February. Revenue growth is also slowing, and profit margins are experiencing seasonal declines. However, profit growth is expected to continue its recovery trend, influenced by the pace and intensity of policy implementation [4][10]. - The report notes an increased risk of stagflation in the U.S., which may affect global market risk appetite. The impending implementation of reciprocal tariffs could have significant impacts on regions outside of China, potentially escalating trade tensions and increasing the likelihood of U.S. stagflation or recession [4][10]. Key Stock Recommendations - The report lists a portfolio of recommended stocks for April 2025, including companies such as Satellite Chemical (002648.SZ), Hengli Petrochemical (600346.SH), and Betta Pharmaceuticals (300558.SZ), among others. Each company is selected based on its industry position and growth potential [3][11]. - Satellite Chemical is highlighted for its integrated industrial chain advantages and its leading position in domestic high-end new materials, with expectations for performance improvement as raw material costs stabilize and market demand recovers [12]. - Hengli Petrochemical is noted for maintaining high growth in the first three quarters of 2024, with strong profitability under high oil prices and a favorable dividend rate, indicating its long-term cash flow stability [12][13]. - Betta Pharmaceuticals is recognized for its innovative drug pipeline and market share growth, particularly in the non-small cell lung cancer sector, with several products gaining rapid market acceptance [12][13]. - The report emphasizes the importance of focusing on sectors with strong certainty in structural market conditions, such as consumer and high-tech industries, while also considering high-dividend sectors in the short term [10]. ETF Recommendations - The report includes recommendations for ETFs, such as Huatai-PB CSI 300 ETF (510300.OF) and Haitong CSI Major Consumer ETF (159928.OF), which are expected to track their respective indices effectively [14]. - The report suggests that these ETFs may provide exposure to sectors that are likely to benefit from the ongoing economic recovery and structural shifts in the market [14].

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [34]. Core Insights - The pharmaceutical and biotechnology sector showed a positive market performance, with an overall increase of 0.98% from March 24 to March 28, 2025, ranking first among 31 industries in the Shenwan index and outperforming the CSI 300 index by 0.97 percentage points [11][30]. - Year-to-date, the sector has risen by 3.53%, ranking 12th among the 31 industries, and has outperformed the CSI 300 index by 4.03 percentage points [16][30]. - The current price-to-earnings (PE) ratio for the sector is 27.11, which is at a historically low level, with a valuation premium of 126% compared to the CSI 300 index [21][30]. - Notable sub-sectors that performed well include chemical pharmaceuticals and biological products, with increases of 4.04% and 1.17%, respectively [11][30]. Market Performance - The pharmaceutical and biotechnology sector's performance is highlighted by the fact that 226 stocks (47.68% of the total) increased in value last week, with the top five performers being Yihe Jiaye (28.58%), Rundu Co., Ltd. (21.83%), Zhixiang Jintai-U (18.34%), Hehua Co., Ltd. (16.22%), and Rongchang Biological (15.38%) [28][30]. - Conversely, 235 stocks (49.58% of the total) experienced declines, with the largest drop being ST Xiangxue at -40.82% [28][30]. Industry News - A significant policy change was announced by six government departments, including the National Health Commission and the Ministry of Finance, which will eliminate outpatient prepayment fees in public medical institutions starting March 31, 2025, and standardize inpatient prepayment management [30][31]. - The policy aims to improve the efficiency of hospital billing and enhance the role of medical insurance funds, which is expected to positively impact the industry [30][31]. Investment Recommendations - The report suggests that the pharmaceutical and biotechnology sector currently presents significant investment opportunities, particularly in innovative drugs, medical services, chain pharmacies, medical devices, and branded traditional Chinese medicine [5][32]. - Recommended stocks include Beida Pharmaceutical, Laobaixing, Lingrui Pharmaceutical, Huaxia Eye Hospital, and Nuotai Biological, while stocks to watch include Tebao Biological, Kelun Pharmaceutical, International Medical, Kaili Medical, and Baipusais [5][32].

[Table_Reportdate] 2025年03月31日 [table_invest] 超配 行 业 周 报 非 银 金 融 [证券分析师 Table_Authors] 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 ➢ 行情回顾：上周非银指数下跌0.1%，相较沪深300超跌0.1pp，其中券商与保险指数表现有 所分化，分别为-0.51%和0.63%，保险指数有一定超额收益。市场数据方面，上周市场股 基日均成交额14950亿元，环比上一周降低16.5%；两融余额1.92万亿元，环比上一周小 幅降低0.8%；股票质押市值2.79万亿元，环比上一周降低1.5%。 ➢ 券商：投资改善驱动2024年报业绩改善，券商+金融科技开启跨界组合新路径。1）中证协 披露2024年证券行业数据，全年实现净利润1673亿元，同比增长21.3%，其中经纪、投行、 资管、利息、自营分别同比+17%、-36%、+7%、-6%、+43%，权益市场改善推动经纪、 资管、自营收入高增，而一二级市场逆周期调节下的投行收入大幅压缩也较符合预期；2） 截至上周末，已有28家 ...

[Table_Reportdate] 2025年3月31日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 国内厂商AI投入持续高增，华为 发布全面搭载鸿蒙的首款阔折叠 Pura X——电子行业周报 （2025/3/17-2025/3/23） 2. 北方华创拟取得芯源微控制权， 关注GTC大会带来的AI产业链机遇 ——电子行业周报（2025/3/10- 2025/3/16） 3. AI Agent产品Manus亮相，AI眼 镜驱动消费电子新一轮增长——电 子行业周报（2025/3/3-2025/3/9） [Table_NewTitle] Semicon展会中国半导体设备产业光彩 四溢，存储龙头释放涨价预期 ——电子行业周报2025 ...

公 司 简 评 买入（维持） 报告原因：业绩点评 ——公司简评报告 [Table_Reportdate] 2025年03月31日 [table_main] 投资要点 ➢ 事件：公司发布2024年年度报告，受下游需求疲软影响、公司主营产品市场价格走低，年 度业绩承压，四季度盈利端环比有所改善。2024年全年公司实现营收132.09亿元，同比- 8.1%；归母净利润2.85亿元，同比-73.0%；毛利率7.6%，同比-6.8pct；净利率2.2%，同 比-5.3pct。2024Q4单季度公司实现营收27.35亿元，同比-15.2%、环比-17.5%；归母净利 润1.02亿元，同比-45.9%、环比+122.0%；毛利率10.3%，同比-4.9pct、环比+4.1pct；净 利率3.6%，同比-2.5pct、环比+2.2pct。 电 力 设 备 与 新 能 源 [数据日期 Table_cominfo] 2025/03/28 收盘价 2.89 总股本(万股) 929,497 流通A股/B股(万股) 929,060/0 资产负债率(%) 16.08% 市净率(倍) 2.10 净资产收益率(加权) 1.50 12个月内最 ...

[Table_Reportdate] 2025年3月31日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [Table_NewTitle] Semicon展会中国半导体设备产业光彩 四溢，存储龙头释放涨价预期 ——电子行业周报2025/3/24-2025/3/30 [table_main] 投资要点： 电 子 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 国内厂商AI投入持续高增，华为 发布全面搭载鸿蒙的首款阔折叠 Pura X——电子行业周报 （2025/3/17-2025/3/23） 2. 北方华创拟取得芯源微控制权， 关注GTC大会带来的AI产业链机 ...

[Table_Reportdate] 2025年3月31日 [晨会纪要 Table_NewTitle] 20250331 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王洋 S0630513040002 wangyang@longone.com.cn [table_main] 重点推荐 财经要闻 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 [Table_Report] ➢ 1.劲仔食品（003000）：鱼制品势能强劲，线下渠道稳健增长——公司简评报告 ➢ 2.AI大模型竞赛方兴未艾，OpenAI与DeepSeek引领行业生态重构——半导体行业深度报 告（十二） ➢ 1.国家主席习近平：中国对外开放的大门只会越开越大，利用外资的政策没有变也不会变。 ➢ 2.国常会审议通过《加快加力清理拖欠企业账款行动方案》 ➢ 3.证监会修改《证券发行与承销管理办法》 ➢ 4. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [9][11]. Core Insights - The company has demonstrated strong revenue growth, with total revenue for 2024 reaching 48.30 billion yuan, a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.14 billion yuan, reflecting a 4.1% increase [9]. - The report highlights the company's strategic focus on technology-driven growth, with significant advancements in oil technology services contributing to a revenue increase of 7.4% in this segment [9]. - The international market strategy has proven effective, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase year-on-year, showcasing the company's competitive edge in global markets [9]. Summary by Sections Financial Performance - Total revenue for 2022 was 35.66 billion yuan, increasing to 44.11 billion yuan in 2023, and projected to reach 52.97 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 22.11% from 2022 to 2023 [8]. - The net profit for 2022 was 2.36 billion yuan, expected to grow to 4.23 billion yuan by 2025, indicating a robust growth trajectory [8]. - Earnings per share (EPS) are projected to increase from 0.49 yuan in 2022 to 0.89 yuan in 2025, reflecting strong profitability [8]. Business Segments - Drilling services generated 13.21 billion yuan in revenue for 2024, a 9.4% increase, despite a slight decrease in gross margin [9]. - Vessel services saw a significant revenue increase of 20.9%, reaching 4.77 billion yuan, driven by enhanced operational efficiency [9]. - Geophysical services reported a revenue of 2.67 billion yuan, up 14.1%, with substantial increases in operational capacity [9]. Strategic Initiatives - The company is committed to a technology-driven strategy, with notable advancements in oil technology services leading to increased revenue and improved profit margins [9]. - The international strategy has been successful, with a focus on expanding overseas contracts and enhancing market presence, contributing to a diversified revenue stream [9].

[Table_Reportdate] 2025年03月28日 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：原材料价格大幅波动；宏观需求不及预期；新品推广进度不及预期。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,411.94 | 2,788.68 | 3,251.67 | 3,752.26 | | 同比增速(%) | 16.79% | 15.62% | 16.60% | 15.39% | | 归母净利润(百万元) | 291.33 | 320.94 | 370.31 | 442.30 | | 同比增速(%) | 39.01% | 10.16% | 15.38% | 19.44% | | EPS（元/股） | 0.65 | 0.71 | 0.82 | 0.98 | | 市盈率（P/E） | 18.56 | 16.85 | 14.60 | 12.22 | | 市净率（P/B） | 3.80 | 3.50 | 3.20 ...