证券研究报告 | 投资策略研究*动态点评 2025 年 03 月 14 日 投资策略研究 利好政策频出，助力价值板块估值修复——3 月 14 日市场点评 3 月 14 日，A 股放量上涨，A 股全天成交金额为 1.84 万亿。主要指数中，上 证指数涨 1.81%，创业板指涨 2.80%，沪深 300 涨 2.43%，科创 50 涨 1.72%， 北证 50 涨 3.17%。行业来看，大消费、大金融领涨全市场，涨幅靠前的申 万行业为食品饮料（+5.41%）、非银金融（+3.97%）、商贸零售（+3.18%）、 汽车（+2.91%）、社会服务（+2.87%）、传媒（+2.49%）、家用电器（+2.44%） 等。 从政策面来看，近期扩内需、促消费等利好政策频出，助力大消费、大金融 等价值板块上涨。 （1）3 月 13 日，中国人民银行党委召开扩大会议，再次强调实施好适度宽 松的货币政策。根据国内外经济金融形势和金融市场运行情况，择机降准降 息，综合运用公开市场操作等多种货币政策工具，保持流动性充裕，使社会 融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。 分析师 王 小琳 执业证书编号：S107052 ...

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The pharmaceutical sector has shown a recovery in valuation, with the pharmaceutical and biological sector rising by 1.77%, outperforming the CSI 300 index by 0.18 percentage points. This places it 15th among 31 primary industry sectors [6][4]. - The report highlights that favorable policies are emerging for the pharmaceutical sector, suggesting a steady recovery in industry sentiment. It recommends focusing on high-quality targets in the formulation sector and biotech companies with efficient management and strong product pipelines [4][24]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical sector's performance includes a 1.77% increase, with sub-sectors such as pharmaceutical commerce rising by 6.44% and traditional Chinese medicine II by 2.63% [6][4]. - Notable stock performances include: - **Top Gainers**: - Pharmaceutical commerce: Seer Medical (+34.47%), Lao Bai Xing (+22.47%) [17]. - Chemical pharmaceuticals: Jincheng Pharmaceutical (+42.43%), Kangzhi Pharmaceutical (+20.50%) [13]. - **Top Losers**: - Chemical pharmaceuticals: Shuangcheng Pharmaceutical (-16.56%), Haichuang Pharmaceutical (-12.21%) [11]. 2. Key Company Recommendations - The report recommends focusing on companies such as: - Aosaikang, which is advancing in the development of domestic CLDN18.2 targeted drugs [4]. - Cloudtop New Medicine-B, which is expected to see significant sales growth from its major product [4]. - Dizhe Pharmaceutical, which is poised for market expansion with its core products [4]. - Renfu Pharmaceutical, recognized as a leader in anesthesia [4]. 3. Industry News Highlights - Recent approvals include: - The approval of the fourth indication for the PD-1 inhibitor by Zhengda Tianqing/Kangfang Biotech for treating recurrent or metastatic nasopharyngeal carcinoma [24][25]. - Roche's PI3Kα inhibitor, Inavolisib, has been approved for use in combination therapy for hormone receptor-positive, HER2-negative breast cancer [26][27]. - The first domestic solid tumor cell therapy, Aikelong, is set for priority review for preventing postoperative recurrence of liver cancer [29][30]. 4. Market Trends - The report notes a positive trend in the pharmaceutical sector, with a focus on innovative therapies and domestic drug development, indicating a robust growth potential in both domestic and international markets [4][24].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - In February, the new social financing scale was 2.23 trillion yuan, an increase of 737.4 billion yuan year-on-year, with a year-on-year growth rate of 8.2%, up from 8.0% in the previous month [1][7] - The new RMB loans in February amounted to 1.01 trillion yuan, an increase of 201.6 billion yuan year-on-year [1][8] - M1 growth slowed to 0.1% year-on-year from 0.4% in the previous month, while M2 maintained a year-on-year growth rate of 7.0% [1][2] - Government bond financing was strong, with net financing of government bonds reaching 1.6967 trillion yuan in February, an increase of 1.0956 trillion yuan year-on-year [8][9] Summary by Sections Deposit Side - M1 decreased year-on-year, while M2 remained stable compared to the previous month, leading to a slight recovery in the M2/M1 ratio [2][7] - The M2 growth rate was maintained at 7%, while the (M2-M1)/M1 ratio increased from 1.83 in January to 1.93, indicating a continued loose monetary policy [2][7] Financing Side - Government bond financing was robust, with a projected broad deficit scale potentially reaching 12.5 trillion yuan this year, an increase from 11.3 trillion yuan in 2024 [8][9] - Corporate loan demand was weak, with new corporate loans in February at 1.04 trillion yuan, a decrease of 3.74 trillion yuan year-on-year, marking the lowest level for the same period in six years [8][9] - The balance of inclusive small and micro loans reached 33.43 trillion yuan, growing by 12.4% year-on-year, while medium to long-term loans in the manufacturing sector reached 14.48 trillion yuan, up 10.3% year-on-year [8][9] Resident Loans - In February, both medium to long-term and short-term resident loans decreased, with medium to long-term loans at their lowest level in nearly five years [9] - The decline in medium to long-term loans coincided with a recovery in the housing market, suggesting that early repayments or increased down payment ratios may have influenced this trend [9] Overall Economic Outlook - The financing data for February was primarily driven by government financing, with weak financing willingness from both residents and enterprises [9] - The current low interest rates may support a continued recovery in the real estate market, with a gradual improvement in consumer demand expected [9]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has acquired 85% of REGEN Biotech, Inc., a leading South Korean medical aesthetics company, which is expected to create synergies in research, production, and sales [1][3]. - The acquisition is a strategic move to enhance the company's international presence and strengthen its market position in the medical aesthetics sector [8]. - The company's revenue is projected to grow significantly, with expected revenues of 3,159 million yuan in 2024, 3,743 million yuan in 2025, and 4,495 million yuan in 2026, reflecting a growth rate of 10.1%, 18.5%, and 20.1% respectively [1][9]. Financial Summary - The company's revenue for 2022 was 1,939 million yuan, with a year-on-year growth rate of 33.9%. For 2023, the revenue is expected to reach 2,869 million yuan, representing a growth rate of 48.0% [1][9]. - The net profit attributable to the parent company is projected to increase from 1,264 million yuan in 2022 to 2,072 million yuan in 2024, with corresponding growth rates of 31.9% and 11.5% [1][9]. - The company's return on equity (ROE) is expected to remain strong, with values of 28.6% in 2023 and around 25% in the following years [1][9]. Product and Market Position - REGEN Biotech, Inc. has developed two key products, AestheFill and PowerFill, which are recognized for their safety and effectiveness in the medical aesthetics market. AestheFill has received approval in 34 countries, while PowerFill has been approved in 24 countries [2]. - The company plans to leverage the acquired company's products to enhance its international market presence, particularly with AestheFill now approved for sale in China [3][8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [5][21]. Core Views - The company has demonstrated significant growth over the past 15 years, with total sales revenue increasing by 300 times and tax contributions growing by 340 times since its restructuring in 2009 [2]. - The company aims to become a world-class liquor enterprise in the next 50 years, leveraging its strong brand heritage and innovative product offerings [2][3]. - The report highlights the company's strategic focus on dual-channel marketing, targeting both traditional and emerging markets to enhance brand influence among high-net-worth individuals [3]. Financial Summary - **Revenue Growth**: The company’s revenue is projected to grow from 5,856 million yuan in 2022 to 9,254 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 11.8% [1]. - **Net Profit**: The net profit is expected to fluctuate, with a peak of 2,327 million yuan in 2023, followed by a decline to 1,592 million yuan in 2024, before recovering to 2,414 million yuan by 2026 [1]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from 0.30 yuan in 2022 to 0.71 yuan in 2026, reflecting a positive trend in profitability [1]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to decrease from 24.9 in 2022 to 10.6 by 2026, indicating improved valuation attractiveness [1]. Industry Insights - The report notes a turning point in the liquor industry, particularly in the sauce-flavored liquor segment, with a projected reduction in overall production capacity by approximately 100,000 tons in the upcoming production seasons [4][9]. - Despite the overall adjustment in the liquor market, the sauce-flavored liquor segment is expected to continue growing, capturing a larger market share [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [5][20]. Core Views - The company is experiencing short-term pressure on revenue, but initial results from brand and channel empowerment are showing effectiveness [1]. - The acquisition of a 51% stake in China Resources Shenghuo has been integrated into the company's financials, leading to a projected revenue of 8.401 billion yuan for 2024, reflecting a year-on-year growth of 9.07% [1][2]. - The company is focusing on "chronic disease management" and aims to become a leader in the "silver health industry" and "chronic disease management" [9]. Financial Performance Summary - Revenue and Profit Projections: - 2023A: Revenue of 8,430 million yuan, net profit of 541 million yuan - 2024A: Revenue of 8,401 million yuan, net profit of 648 million yuan - 2025E: Revenue of 9,214 million yuan, net profit of 749 million yuan - 2026E: Revenue of 10,220 million yuan, net profit of 914 million yuan - 2027E: Revenue of 11,316 million yuan, net profit of 1,121 million yuan [1][9]. - Growth Rates: - Revenue growth rates are projected at 1.8% for 2023, -0.3% for 2024, and 9.7% for 2025 [1]. - Net profit growth rates are projected at 41.1% for 2023, 19.9% for 2024, and 15.6% for 2025 [1]. - Profitability Metrics: - Gross margin for 2024 is projected at 43.46%, with a net profit margin of 7.71% [3]. - Return on Equity (ROE) is expected to improve from 8.1% in 2023 to 14.0% by 2027 [1]. Segment Performance Summary - Revenue by Segment for 2024: - Oral preparations: 36.93 billion yuan, up 1.18% year-on-year - Injection preparations: 5.39 billion yuan, down 49.09% year-on-year - Pharmaceutical wholesale and retail: 36.55 billion yuan, up 6.07% year-on-year [2]. - Key Products: - The core products in the oral preparations segment, including "Kunchinese Medicine 1381" and others, have shown a combined growth of 20% [2]. - The company is enhancing its brand and channel strategies to solidify its market position [4].

证券研究报告 | 投资策略研究*周报 2025 年 03 月 13 日 投资策略研究 外部不确定性加剧，"两会"政策指引助力中国资产价值重估 外部不确定性加剧：美国主要股指自今年 2 月中旬以来持续调整。2 月 14 日 -3 月 11 日，纳斯达克指数、标普 500 指数、道琼斯指数分别调整-12.94%%、 -8.87%、-6.99%。近期海外不确定性因素有所加剧，包括特朗普关税政策的 巨大不确定性，美国政府债台高筑且物价下降缓慢，政府效率部工作进展可 能引发人事震动等。美股开启大幅调整的重要催化，主要在于近期美国公布 的多项经济数据指标都暗示了滞涨甚至衰退的潜在可能。 如何看待美股科技股回调：本轮美国科技股的 risk off 可能已经"蓄谋已久"。 如果观察 2023 年开启的 AI 行情的最大受益者英伟达，其股价在 2024 年 6 月 20 日突破 140 美元关口后，已经经历了一个较长周期的震荡行情，虽然 在今年年初一度创下历史新高，但动量较过去两年已经显著走弱。从中长期 来看，AI 叙事以及财政赤字大幅增长这两个美股过去两年大涨的主要驱动力 也正在松动。美股科技股的阵痛期可能仍未结束。 海外资 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a forecasted stock price increase of 5% to 15% relative to the industry index over the next six months [6]. Core Insights - The company is expected to achieve a revenue growth of 19% and a net profit growth of 20% in 2024, with projected revenues of 24.006 billion yuan and net profits of 3.841 billion yuan [1][4]. - The company has established a partnership with Adidas starting in 2024, which is anticipated to enhance its customer base and revenue streams [2]. - The company has expanded its production capacity with new factories in Vietnam and Indonesia, contributing to a 17.53% increase in sneaker sales in 2024, totaling 223 million pairs sold [3]. Financial Performance Summary - **Revenue**: The company reported revenues of 20.569 billion yuan in 2022, with a slight decline to 20.114 billion yuan in 2023, followed by a projected increase to 24.006 billion yuan in 2024 [1]. - **Net Profit**: The net profit was 3.228 billion yuan in 2022, slightly decreased to 3.200 billion yuan in 2023, and is expected to rise to 3.841 billion yuan in 2024 [1]. - **Earnings Per Share (EPS)**: The EPS is projected to increase from 2.77 yuan in 2022 to 3.29 yuan in 2024 [1][4]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to decrease from 23.4 in 2022 to 19.6 in 2024, indicating improved valuation [1][4]. Production and Market Expansion - The company has successfully launched three new factories in Vietnam and is expanding its production capabilities in Indonesia and China to mitigate geopolitical risks [3]. - The company is focusing on optimizing its customer structure and expanding production capacity in response to customer demand and growth plans [2].

证券研究报告 | 公司动态点评 2025 年 03 月 13 日 联科科技（001207.SZ） 2024 年公司利润快速增长，看好高压导电炭黑项目应用领域拓展 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,917 | 2,266 | 2,993 | 3,329 | 3,925 | | 增长率 yoy（%） | 4.4 | 18.2 | 32.1 | 11.2 | 17.9 | | 归母净利润（百万元） | 169 | 272 | 352 | 433 | 551 | | 增长率 yoy（%） | 51.3 | 61.5 | 29.3 | 23.0 | 27.3 | | ROE（%） | 9.7 | 14.5 | 16.3 | 17.2 | 18.3 | | EPS 最新摊薄（元） | 0.83 | 1.34 | 1.74 | 2.14 | 2.72 | | P/E（倍） | 26.1 | 16.2 | 12.5 | 10.2 | 8.0 | | P/B ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [3][17]. Core Views - The company has exceeded expectations in its closing performance, with a reported revenue of 18.56 billion yuan for 2024, a year-on-year decrease of 5.95%, and a net profit of 1.83 billion yuan, a slight increase of 0.46% year-on-year [1]. - The company focuses on differentiated operations, achieving a revenue of 11.07 billion yuan from photovoltaic products, despite a year-on-year decline of 13.36%, while shipments increased by 73% to 17.2 GW [2]. - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 20.91 billion yuan, 24.02 billion yuan, and 26.85 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 2.05 billion yuan, 2.27 billion yuan, and 2.54 billion yuan [7]. Financial Summary - For 2023, the company reported a revenue of 19.73 billion yuan and a net profit of 1.82 billion yuan, with a return on equity (ROE) of 19.9% [1]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.26 yuan, 1.40 yuan, and 1.56 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.0, 10.8, and 9.7 [7]. - The company’s magnetic materials segment contributed 4.58 billion yuan in revenue, with a gross margin of 27.32%, while the lithium battery segment achieved a revenue of 2.42 billion yuan, reflecting a year-on-year growth of 56% [2].