Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company focuses on differentiated small molecule drug development, with its core asset, Pimicotinib, expected to be commercialized soon [6][12]. - The company achieved its first annual profit in 2024, with a net profit of 28.3 million yuan and total revenue of 504 million yuan, primarily from licensing agreements [6][23]. - The company has a robust pipeline with 19 oncology products, 12 of which are in clinical development, and has established partnerships with major pharmaceutical companies [6][12]. Summary by Sections Section 1: Commitment to Differentiated Small Molecule Development - The company is dedicated to developing differentiated small molecule therapies for oncology, with 12 clinical candidates in its pipeline [12]. - The management team has extensive experience in drug development, enhancing the company's innovation capabilities [19]. - A stock buyback plan of up to 200 million HKD is set to start in 2025, reflecting management's confidence in future growth [21]. - The company reported its first annual profit in 2024, with a cash reserve of 1.959 billion yuan [23]. - The core product, Pimicotinib, is expected to submit applications for market approval in China and the U.S. in 2025 [28]. Section 2: Pimicotinib for TGCT - Pimicotinib has reached the primary endpoint in its Phase 3 trial for treating TGCT and is expected to submit market applications in 2025 [30][33]. - The drug shows promising efficacy and safety in treating cGvHD, with a complete Phase 2 data disclosure expected in 2025 [39][45]. Section 3: FGFR Small Molecule Inhibitors - The company is advancing its FGFR4 inhibitor, ABSK011, into pivotal Phase 2/3 trials for liver cancer [7]. - ABSK061, a FGFR2/3 inhibitor, is set to enter clinical trials for achondroplasia in 2025 [7]. Section 4: Oral PD-L1 Inhibitor Development - The global PD-(L)1 market is projected to exceed 50 billion USD in 2024, with the company exploring the potential of its oral PD-L1 inhibitor [4]. Section 5: Early Pipeline and Dual-Antibody ADC Platform - The company maintains a rich early-stage pipeline, which is crucial for its long-term growth [7].

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [12] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.2%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.2% year-on-year [4][7] - The annualized weighted average ROE for 2024 was 13.59% [4] - The company has increased its cash dividend proposal to 5.943 billion yuan, accounting for 22.77% of the net profit attributable to shareholders [4][7] Summary by Sections Financial Performance - The company's net interest income grew by 17.3% year-on-year, while non-interest income saw a decline of 9.9% [7] - The net interest margin at the end of 2024 was 1.86%, showing a slight improvement compared to the previous quarter [7] - Total assets increased by 15.3% year-on-year, with loans and deposits growing by 17.8% and 17.2% respectively [7][11] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76% at the end of 2024, with a projected annualized NPL generation rate of 1.17% [8][10] - The company’s provision coverage ratio was 389%, indicating a strong buffer against potential loan losses [8][10] Future Projections - The company is expected to achieve earnings per share (EPS) of 4.38 yuan in 2025, 4.83 yuan in 2026, and 5.34 yuan in 2027, with corresponding profit growth rates of 6.5%, 10.3%, and 10.7% [7][11] - The projected growth rates for total assets, loans, and deposits are 13.3% to 17.0% over the next few years [11]

行 业 报 告 食品饮料 2025年04月10日 行业点评 《促进健康消费专项行动方案》发布，保健品行业迎来发 展机遇 强于大市( 维持) 行情走势图 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn 事项： 新华社报道，商务部、国家卫生健康委等12部门近日联合印发的《促进健康消 费专项行动方案》9日发布。 点 评 提升健康商品和服务供给质量，更好满足人民健康消费需求。 本次方案 提出提升10方面重点任务，其中与食品饮料板块直接相关的是：（1）提 升健康饮食消费水平，打击食品非法添加，开展有机食品认证有效性抽 查；强化餐饮营养健康工程建设，引导餐饮企业推广使用食养指南。 （2）优化特殊食品市场供给，深化特殊食品注册备案制度改革，完善保 健食品事前审评和事后评价机制，畅通保健食品新功能及产品审查注 册。鼓励企业加强工艺研发 ...

其 他 报 告 2025年04月09日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3146 | 1.58 | -0.28 | | 深证成份指数 | 9425 | 0.64 | -2.28 | | 沪深300指数 | 3651 | 1.71 | -1.37 | | 创业板指数 | 1840 | 1.83 | -2.95 | | 上证国债指数 | 224 | -0.02 | 0.34 | | 上证基金指数 | 6466 | 0.76 | -1.07 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 20128 | 1.51 | -2.46 | | 中国香港国企指数 | 7431 | 2.31 | -2.17 | | 中国台湾加权指数 | 18460 | -4.02 | -1.41 | | 道琼斯指数 | 37646 | ...

其 他 报 告 2025年04月10日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3187 | 1.31 | -0.28 | | 深证成份指数 | 9540 | 1.22 | -2.28 | | 沪深300指数 | 3687 | 0.99 | -1.37 | | 创业板指数 | 1858 | 0.98 | -2.95 | | 上证国债指数 | 224 | 0.01 | 0.34 | | 上证基金指数 | 6551 | 1.32 | -1.07 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 20264 | 0.68 | -2.46 | | 中国香港国企指数 | 7536 | 1.41 | -2.17 | | 中国台湾加权指数 | 17392 | -5.79 | -1.41 | | 道琼斯指数 | 37646 | - ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has shown good performance in profit margins, with a significant increase in net profit and a strong revenue growth forecast for the upcoming years [4][11] - The company is well-positioned to capitalize on the growth opportunities in the computing power industry, supported by its comprehensive infrastructure layout [8][11] - The launch of the DeepSeek AI integrated machine is a strategic move to seize opportunities in the large model industry, enhancing the company's competitive edge [9][11] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.586 billion yuan, a year-on-year increase of 4.34%, and a net profit of 185 million yuan, up 29.53% year-on-year [4][8] - The projected net profits for 2025-2027 are 2.439 billion yuan, 2.835 billion yuan, and 3.362 billion yuan respectively, with corresponding EPS of 1.67 yuan, 1.94 yuan, and 2.30 yuan [11][12] - The company’s gross margin is expected to remain stable, with a slight increase from 29.2% in 2024 to 29.9% in 2027 [13] Industry Outlook - The computing power industry is anticipated to grow significantly, with the Ministry of Industry and Information Technology aiming for a computing power scale exceeding 300 EFlops by 2025, and intelligent computing power accounting for 35% of the total [8] - The company has established a complete industrial chain layout in computing power infrastructure, which will support its long-term sustainable development [8][11]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has shown strong performance in profit margins, with a notable increase in net profit and a solid revenue growth in Q1 2025, achieving a revenue of 2.586 billion yuan, up 4.34% year-on-year, and a net profit of 185 million yuan, up 29.53% year-on-year [4][8] - The company is well-positioned to capitalize on the growth opportunities in the computing power industry, supported by its comprehensive infrastructure layout across the entire industry chain [8] - The launch of the DeepSeek AI integrated machine is a strategic move to seize opportunities in the large model industry, providing a low-cost and open-source solution that lowers the technical and cost barriers for AI applications across various sectors [9] Financial Summary - The company’s projected financial performance shows a net profit forecast of 2.439 billion yuan for 2025, with an expected EPS of 1.67 yuan, reflecting a P/E ratio of 38.8 times based on the closing price on April 9 [9][10] - Revenue is expected to grow from 13.148 billion yuan in 2024 to 20.622 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.6% [10][11] - The company maintains a healthy financial position with a debt-to-asset ratio of 41.8% and a projected improvement in profitability metrics, including a net profit margin increasing to 16.3% by 2027 [11][12]

策略深度报告 特朗普关税：政策脉络、影响及大类资产展望 证券分析师 魏伟 投资咨询资格编号：S1060513060001、BOT313 陈骁 投资咨询资格编号：S1060516070001 研究助理 校星 一般从业资格编号：S1060123120037 2025年4月9日 请务必阅读正文后免责条款 证券研究报告 1.1 特朗普关税政策力度超预期 对等关税针对国家及幅度 此前特朗普针对部分豁免行业的关税政策计划/表态 1 ※ 摘要 2 • 关税政策梳理："对等关税"整体幅度明显超出市场预期，特朗普关税2.0框架已初见雏形。4月2日，特朗普宣布关税政策细则：对所有商品 加征10%的基准关税，及针对不平等贸易国的"对等关税"，截至4月9日，所关税已生效并宣布对中国再额外加征50%。首先，从"对等关 税"计算公式看，其逻辑为通过关税减少进口，进而消除商品贸易逆差，最终公布关税幅度超市场预期。再结合特朗普上任以来的关税政策， 关税大致可以概括为针对部分国家、针对特定行业，以及普遍性的对等关税这三类，至此，特朗普关税2.0框架已初见雏形，主要服务于谈判、 增加关税收入、消除不公平贸易三大目标。关税政策颁布后引发美国民众不 ...

Core Insights - The report suggests that credit spreads may widen in the second quarter of 2025, while extending duration remains a favorable strategy [3][26] - The overall strategy for credit bonds indicates a potential decline in yields following government bonds, but increased supply and weakened demand may lead to passive widening of credit spreads [3][26] Market Review - Since the beginning of 2025, credit bond rates have generally increased, but the rise is less than that of government bonds, resulting in a compression of credit spreads, particularly in lower-rated bonds [5][8] - The first quarter of 2025 saw a significant increase in net financing of government bonds compared to credit bonds, with the latter remaining relatively stable [14][25] Sector Strategies City Investment Bonds - Focus on opportunities for spread compression in high-quality city investment bonds from good regions, as policies are favorable for mitigating credit risks [3][51] - The new regulations from the exchange may lead to a decrease in supply of lower-rated city investment bonds, while good regional city investment bonds may see a more significant decline in supply [3][50] Industrial Bonds - Attention is drawn to the opportunities in state-owned real estate and construction bonds due to debt resolution policies, which are expected to accelerate cash flow for state-owned enterprises [3][61] - The report highlights that the safety of state-owned enterprise bonds is assured under supportive policies [3][55] Financial Bonds - The report emphasizes the potential for overall opportunities in financial bonds due to reduced supply pressure from perpetual bonds and the consolidation of rural commercial banks [3][70] - The ongoing reforms in rural commercial banks are expected to lower credit risks associated with financial bonds [3][73]

海外市场进入收获期，高端化继续突围 推荐（维持） 股价：327.51 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.by dglobal.com | | 大股东/持股 | HKSCC NOMINEES | | | LIMITED/36.11% | | 实际控制人 | 王传福 | | 总股本(百万股) | 3,039 | | 流通 A 股(百万股) | 1,162 | | 流通 B/H 股(百万股) | 1,228 | | 总市值（亿元） | 9,294 | | 流通 A 股市值(亿元) | 3,807 | | 每股净资产(元) | 56.06 | | 资产负债率(%) | 74.6 | 行情走势图 汽车 2025 年 04 月 09 日 比亚迪(002594.SZ) 公 司 报 告 公 司 事 项 点 评 证 券 研 究 报 告 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格 ...