医药 2025 年 04 月 02 日 科兴制药(688136.SH) 出海业务有望保持高增长，创新药平台价值静待重估 推荐（维持） 股价：28.13 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kexing.com | | 大股东/持股 | 深圳科益医药控股有限公司/66.01% | | 实际控制人 | 邓学勤 | | 总股本(百万股) | 200 | | 流通 A 股(百万股) | 200 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 56 | | 流通 A 股市值(亿元) | 56 | | 每股净资产(元) | 8.09 | | 资产负债率(%) | 46.0 | 行情走势图 相关研究报告 【平安证券】科兴制药（688136.SH）*深度报告*多国 GMP验厂节奏符合预期，白紫出海欧盟确定性较强*推 荐20240509 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 研究助理 | ...

公 司 报 告 房地产 万科A(000002.SZ) 股东全方位积极支持，多措并举保稳定 推荐 ( 维持) 股价:7.11元 行情走势图 相关研究报告 【平安证券】万科A（000002.SZ）*季报点评*债务 压力减轻，多元业务稳增*推荐20241103 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 事项： 公司公布2024年年报，全年实现营业收入3431.8亿元，同比下降26.3%，归母 净利润-494.8亿元，同比下降506.8%，亏损额略高于业绩预告，拟不派发股 息，不送红股，也不进行资本公积转增股本。 平安观点： 证 券 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 465,739 | 343,176 | 268,707 | 209,054 | 156,791 | | YOY(%) | -7.6 | -26.3 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 20% within the next six months [1][13]. Core Views - The company continues to invest heavily in research and development, maintaining a high level of R&D expenditure to enhance its competitive edge in the market [1][9]. - Despite a decline in revenue and net profit for 2024, the company is expected to recover in the following years, with projected growth in net profit from 2025 to 2027 [5][9]. Financial Performance Summary - In 2024, the company reported a revenue of 6,581 million yuan, a decrease of 9.62% year-on-year, and a net profit of 1,043 million yuan, down 26.75% year-on-year [5][8]. - The company's gross margin for 2024 was 72.0%, reflecting a decline of 2.8 percentage points compared to the previous year, while the net margin was 15.9% [8][11]. - R&D expenses for 2024 were 2,458 million yuan, accounting for 37.4% of total revenue, indicating a commitment to innovation despite financial pressures [8][11]. Revenue Breakdown - The company's revenue from wealth technology services was 1,430 million yuan, down 17.50% year-on-year, which was the primary contributor to the overall revenue decline [8]. - Other revenue segments, including operational and institutional technology services, also experienced declines, with revenues of 1,289 million yuan and 1,568 million yuan, down 10.24% and 8.38% respectively [8]. Future Projections - The company anticipates a recovery in revenue, projecting 7,048 million yuan in 2025, followed by 7,691 million yuan in 2026 and 8,469 million yuan in 2027, with respective growth rates of 7.1%, 9.1%, and 10.1% [7][11]. - Net profit is expected to rise to 1,211 million yuan in 2025, 1,449 million yuan in 2026, and 1,756 million yuan in 2027, with growth rates of 16.0%, 19.7%, and 21.1% respectively [7][11]. Strategic Focus - The company is deepening its strategic focus by enhancing its core product competitiveness, launching new platforms in asset management, brokerage, and wealth management [9]. - The introduction of innovative systems such as the UF3.0 brokerage core system and the O45 asset management platform is aimed at optimizing client services and improving risk management capabilities [9].

出海业务有望保持高增长，创新药平台价值静待重估 医药 2025 年 04 月 02 日 推荐（维持） 科兴制药(688136.SH) 股价：28.13 元 相关研究报告 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kexing.com | | 大股东/持股 | 深圳科益医药控股有限公司/66.01% | | 实际控制人 | 邓学勤 | | 总股本(百万股) | 200 | | 流通 A 股(百万股) | 200 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 56 | | 流通 A 股市值(亿元) | 56 | | 每股净资产(元) | 8.09 | | 资产负债率(%) | 46.0 | 行情走势图 【平安证券】科兴制药（688136.SH）*深度报告*多国 GMP验厂节奏符合预期，白紫出海欧盟确定性较强*推 荐20240509 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 研究助理 | ...

证券研究报告 【平安固收】可转债二季度策略： 成长股行情下的投资机会 证券分析师 25Q1可转债普涨，主因DEEPSEEK突破后带动科技板块、小盘风格快速上涨，相关转债获益，其次下修亦有贡献。25Q1可转债表现好于预期，一是权 益市场科技板块、小盘风格上涨，大盘、价值股指收跌，可转债风格接近成长/小盘并体现出良好的弹性：Q1可转债涨幅为正股的60%，高于弹性 中位数（40%）。二是下修也有所贡献。 二季度我们讨论两个焦点，一是科技股行情的持续性，二是底仓品种规模压缩。相对而言，科技股行情对二季度可转债收益更为关键。对比12年以 来三轮科技股行情，本轮DeepSeek引领的科技、成长行情应尚未结束，但二季度或面临阶段性盘整：1）上涨幅度，至3月6日高点，本轮TMT、代表 性指数（人工智能指数）分别上涨23%、39%，未及前三轮涨幅区间下沿。2）上涨时长，本轮仅2个月，前三轮TMT领涨行情的持续时长约在4-8个 月。3）TMT行情开启后约1.5个月迎来阶段性调整压力，幅度约在15%左右，本轮上涨节奏更急促，需释放盘整压力。 可转债估值偏高，能否进一步上涨取决于正股，但向下的底部较坚实。此前无风险收益率大幅下行提升 ...

电力设备及新能源 2025 年 04 月 02 日 金风科技(002202.SZ) 在手风机订单大幅增长，盈利水平步入上行趋势 推荐（维持） 股价：8.89 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.goldwind.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.28% | | 实际控制人 | | | 总股本(百万股) | 4,225 | | 流通 A 股(百万股) | 3,355 | | 流通 B/H 股(百万股) | 774 | | 总市值（亿元） | 342 | | 流通 A 股市值(亿元) | 298 | | 每股净资产(元) | 8.65 | | 资产负债率(%) | 74.0 | 行情走势图 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 事项： 公司发布 2024 年报，实现营收 566.99 亿元，同比增长 12.37%，归母净利润 18.60 亿元，同比增长 39.78%，扣非后净利润 17.77 亿元，同比增长 38.26%。 ...

策略配置 2025 年 4 月 1 日 多元资产月报（2025 年 4 月） 国内交易逻辑回归基本面，关税政策搅动海外变局 证券分析师 | 魏伟 | 投资咨询资格编号 | | --- | --- | | | S1060513060001 | | | WEIWEI170@pingan.com.cn | | 陈骁 | 投资咨询资格编号 | | | S1060516070001 | | | CHENXIAO397@pingan.com.cn | | 刘璐 | 投资咨询资格编号 | | | S1060519060001 | | | LIULU979@pingan.com.cn | | 张亚婕 | 投资咨询资格编号 | | | S1060517110001 | | | ZHANGYAJIE976@pingan.com.cn | | 郭子睿 | 投资咨询资格编号 | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 张君瑞 | 投资咨询资格编号 | | | S1060519080001 | | | ZHANGJUNRUI748@pingan.com.cn | | ...

Group 1: Economic Outlook and Market Trends - The domestic economy is showing signs of seasonal recovery, with leading indicators indicating steady improvement in the economic fundamentals as of April [10][11] - A-shares are entering a period of concentrated earnings announcements, with the pricing power of fundamental factors increasing, which is expected to drive market differentiation [10][11] - The bond market is anticipated to see a slight decline in yields amidst fluctuations, influenced by adjustments in MLF bidding methods signaling a marginal easing from the central bank [10][11] Group 2: Company Performance - Inspur Information (000977.SZ) - Inspur Information reported a significant increase in revenue for 2024, achieving 114.77 billion yuan, a year-on-year growth of 74.24%, and a net profit of 2.29 billion yuan, up 28.55% [13][14] - The company is focusing on AI capabilities, launching platforms and products that support diverse computing chips, enhancing its position in the AI market [14][15] - The company has maintained a leading position in the global server market, with significant market shares in various segments, including cloud computing and AI [14][15] Group 3: Company Performance - Shanghai Bank (601229.SH) - Shanghai Bank reported a 4.79% year-on-year increase in revenue for 2024, with a net profit growth of 4.5% [18][19] - The bank's total assets reached 3.22 trillion yuan, reflecting a 4.57% increase year-on-year, with loans and deposits also showing steady growth [18][19] - The bank is focusing on differentiated competitive advantages in consumer finance, wealth management, and pension finance, with a current dividend yield of 4.67% [19] Group 4: Company Performance - Seres (601127.SH) - Seres achieved a remarkable revenue increase of 305.04% in 2024, reaching 145.18 billion yuan, and turned a profit with a net profit of 5.95 billion yuan [25][26] - The company’s sales of electric vehicles surged, with a significant contribution from the Wanjie series, which has become a market leader in its segment [26][27] - The upcoming new models are expected to further enhance sales and profitability, with strong competitive advantages in their price segments [29] Group 5: Company Performance - Digital China (000034.SZ) - Digital China reported a revenue of 128.17 billion yuan in 2024, a 7.14% increase, although net profit declined by 35.77% due to asset impairment and financial costs [31][32] - The company’s cloud services and software business showed strong growth, with a revenue increase of 18.75% [32][33] - Digital China is expanding its self-branded products and has secured significant contracts in various sectors, including finance and telecommunications [34]

汽车 2025 年 04 月 02 日 宇通客车(600066.SH) 出口盈利强劲，保持高分红 推荐（维持） 股价：26.19 元 主要数据 公司发布 2024 年财报，2024 年实现营业收入 372 亿元（同比+38%）,实现归 母净利润 41 亿元（同比+127%）,扣非归母净利润达 35 亿元（同比+145%）。 2024 年度分红预案为每 10 股派发现金股利 10 元（含税）。 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,042 | 37,218 | 42,253 | 46,818 | 51,187 | | YOY(%) | 24.1 | 37.6 | 13.5 | 10.8 | 9.3 | | 净利润(百万元) | 1,817 | 4,116 | 4,728 | 5,354 | 6,010 | | YOY(%) | 139.4 | 126.5 | 14.9 | 13.2 | 12.2 | | 毛利率(%) | 25.6 | 22. ...

汽车 2025 年 04 月 01 日 赛力斯(601127.SH) 2024年业绩扭亏为盈，2025年新车周期开启 推荐（维持） 股价：125.82 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.seres.com.cn | | 大股东/持股 | 重庆小康控股有限公司/24.52% | | 实际控制人 | 张兴海 | | 总股本(百万股) | 1,633 | | 流通 A 股(百万股) | 1,510 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 2,055 | | 流通 A 股市值(亿元) | 1,900 | | 每股净资产(元) | 7.51 | | 资产负债率(%) | 87.4 | 行情走势图 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 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI ...