行 业 报 告 半导体 2025 年 03 月 31 日 SEMICON China 2025 动态跟踪报告 新凯来携四类产品亮相，半导体设备国产化再上新台阶 强于大市（维持） 行情走势图 证券分析师 陈福栋 投资咨询资格编号 S1060524100001 CHENFUDONG847@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 事项： 新凯来携三十余款半导体设备亮相 SEMICON 展会，涵盖扩散、刻蚀、薄膜沉 积、量检测等领域，初步展示了其多品类、全系列的半导体设备产品矩阵。 平安观点： 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 行 业 动 态 跟 踪 报 告 证 新凯来携三十余款产品亮相 SEMICON，半导体设备国产化水平再上新台 阶。2025 年 3 月26 日-28 日，SEMICON China 2025 在上海举办。展会 期间，半导体设备新贵新凯来亮相，展出多达四大类、三十余款半导体设 备，引起业界广泛关注。新凯来本次展 ...

其 他 报 告 2025年04月01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 | 3336 | -0.46 | -0.40 | | 深证成份指数 | 10504 | -0.97 | -0.75 | | 沪深300指数 | 3887 | -0.71 | 0.01 | | 创业板指数 | 2104 | -1.15 | -1.12 | | 上证国债指数 | 223 | 0.00 | 0.20 | | 上证基金指数 | 6943 | -0.74 | -0.45 | 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 | 23120 | -1.31 | -1.11 | | 中国香港国企指数 | 8517 | -1.05 | -1.55 | | 中国台湾加权指数 | 20696 | -4.20 | -2.73 | | 道琼斯指数 | 42002 | 1.00 ...

Investment Rating - The report maintains a "Buy" recommendation for Yuexiu Property (0123.HK) [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure [1][7] - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, but the net profit attributable to shareholders decreased by 67.3% to 1.04 billion yuan [4][6] - The company aims for a sales target of 120.5 billion yuan in 2025, representing a year-on-year growth of 5.2% [7] Financial Performance - Revenue and profit projections for the upcoming years are as follows: - 2024: Revenue of 86.4 billion yuan, net profit of 1.04 billion yuan - 2025: Revenue of 94.2 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 102.2 billion yuan, net profit of 1.14 billion yuan - 2027: Revenue of 110.4 billion yuan, net profit of 1.18 billion yuan [6][9] - The gross margin is projected to decline to 10.5% in 2024, down from 15.3% in 2023 [6][10] Land Acquisition and Financial Strategy - In 2024, the company completed equity investments of 29.46 billion yuan, with 100% of new land reserves located in first-tier and key second-tier cities [7] - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7] Market Position and Outlook - As a local state-owned enterprise in the Greater Bay Area, the company is positioned to expand its market share during the industry downturn, leveraging its financing advantages and diversified land acquisition strategies [7] - The report suggests that despite the ongoing industry adjustments, the company has the potential for growth due to its financial strengths and land reserve optimization [7][8]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor equipment industry [1]. Core Viewpoints - The report highlights that the company showcased over thirty semiconductor equipment products at SEMICON China 2025, indicating a significant advancement in domestic semiconductor equipment localization [3][4]. - The exhibited products cover four major categories: diffusion, etching, thin film deposition, and measurement, demonstrating a comprehensive product matrix [3][7]. - The introduction of various advanced equipment is expected to stimulate the domestic semiconductor equipment industry, potentially alleviating supply constraints in advanced process expansion [4][37]. Summary by Sections 1. Overview of New Kailai's Showcase - New Kailai presented over thirty products at SEMICON China 2025, covering diffusion, etching, thin film deposition, and measurement, marking a significant step in the localization of semiconductor equipment [3][7]. 2. Diffusion Equipment - New Kailai launched six products in the diffusion category, including EPI and RTP devices, which support future advancements in semiconductor processes [10][12]. 3. Etching Equipment - The company introduced a range of etching devices, including CCP, ICP, and radical dry etching products, designed to meet the needs of advanced nodes [14][15]. 4. Thin Film Deposition Equipment - New Kailai's thin film deposition equipment includes PVD, CVD, and ALD series, which are capable of supporting future advanced nodes [17][20]. 5. Measurement Equipment - The report details various measurement devices, including wafer defect detection, overlay measurement, X-ray measurement, and electrical performance testing equipment, all showcasing high performance in yield, precision, and sensitivity [26][33][35]. 6. Investment Recommendations - The report suggests focusing on companies such as Zhichun Technology, Xinlai Materials, Fuchuang Precision, Xianfeng Precision, Xinyuan Micro, and SMIC, as they are expected to benefit from the advancements in semiconductor equipment [4][37].

Investment Rating - The report maintains a "Buy" recommendation for China Overseas Development (0688.HK) with a current stock price of HKD 13.9 [1]. Core Insights - The company has shown resilience in sales, ranking second in overall sales and first in equity sales within the industry, with a market share increase [5]. - The company focuses on key cities, with 85% of sales coming from first-tier and key second-tier cities, achieving significant sales records in high-end residential projects [5]. - The financial health of the company is strong, with a low average financing cost of 3.1% and a cash reserve of HKD 124.17 billion, which supports its market opportunities [5]. Financial Performance Summary - In 2024, the company reported revenue of HKD 185.15 billion, a decline of 8.6% year-on-year, and a net profit of HKD 15.64 billion, down 38.9% year-on-year, with a proposed final dividend of HKD 0.30 per share [3][5]. - The projected revenue for 2025 is HKD 194.41 billion, with a growth forecast of 5.0%, and net profit is expected to rise to HKD 16.01 billion, reflecting a 2.4% increase [4][10]. - The gross margin is projected to stabilize around 18% for the next few years, while the net margin is expected to be around 9% [10]. Sales and Market Position - The company achieved a record sales figure of HKD 387 billion for a single project, with an average selling price increase of 24.4% to HKD 33,810 per square meter [5]. - The company acquired 22 land parcels in 2024, with a total investment of HKD 80.6 billion, leading the industry in land acquisition [5]. Future Projections - The report projects a gradual recovery in sales and profitability, with EPS estimates adjusted to HKD 1.46 for 2025 and HKD 1.49 for 2026, reflecting a cautious outlook amid ongoing industry adjustments [5][10].

Investment Rating - The report maintains a "Recommended" investment rating for Poly Property (6049.HK) [1][3][12] Core Views - Poly Property's 2024 revenue is projected to be 16.34 billion yuan, representing a year-on-year growth of 8.5%, while the net profit attributable to shareholders is expected to reach 1.47 billion yuan, an increase of 6.8% [4][6] - The company plans to increase its dividend payout ratio to 50%, up by 10 percentage points from the previous year, reflecting a commitment to returning value to shareholders [6][7] Summary by Sections Financial Performance - In 2024, the company expects to achieve a revenue of 16.34 billion yuan, with a year-on-year growth rate of 8.5% [5] - The net profit for 2024 is forecasted at 1.47 billion yuan, which is a 6.8% increase compared to the previous year [5] - The gross margin is projected to be 18.3%, while the net margin is expected to be 9.1% [5][10] Business Operations - The total managed area for 2024 is estimated at 800 million square meters, with a contract area of 990 million square meters, indicating a strengthening of scale advantages [6] - The proportion of third-party projects and non-residential types in the managed area is 65.4% and 60.9%, respectively, showing an optimized business mix [6] Growth Strategy - The company is focusing on enhancing community value-added services and has launched the "Oriental Courtesy" brand for high-end services [6] - In 2024, the revenue from third-party property management services is expected to account for 42.7% of total revenue, an increase of 1.6 percentage points year-on-year [6] Financial Projections - The projected earnings per share (EPS) for 2024 is 2.66 yuan, with estimates for 2025 and 2026 at 2.84 yuan and 3.00 yuan, respectively [5][10] - The price-to-earnings (P/E) ratio is expected to be 10.8 for 2024, decreasing to 9.2 by 2027 [10]

Group 1: PMI Overview - The composite PMI output index for China in March 2025 is 51.4%, an increase of 0.3 percentage points from the previous month[1] - The manufacturing PMI index is 50.5%, up 0.3 percentage points, marking the highest level since April 2024[6] - The service sector's business activity index rose by 0.3 percentage points to 50.3%[3] Group 2: Manufacturing Sector Insights - Manufacturing production index increased by 0.1 percentage points to 52.6%, indicating a recovery in production[3] - New orders index rose by 0.7 percentage points to 51.8%, reflecting stronger demand compared to production[6] - The prices in the manufacturing sector are declining, with the raw material purchase price index and factory price index dropping by 1.0 and 0.6 percentage points, respectively[11] Group 3: Employment and Confidence - The employment index in manufacturing fell by 0.4 percentage points, indicating a decline in workforce levels[3] - Manufacturing confidence and expectations are weakening, with the production activity expectation index dropping by 0.7 percentage points[11] - The construction sector's business activity index improved by 0.7 percentage points to 53.4%, the highest since June 2024[13] Group 4: Service Sector Performance - The service sector's business activity index increased by 0.3 percentage points to 50.3%, showing signs of recovery[14] - New orders and business activity expectation indices in the service sector improved, with new orders rising by 1.2 percentage points to 47.1%[14] - AI-related service industries are performing well, with telecom and software services showing significant growth[14]

证券研究报告 金融行业周报 ——上市银行年报营收降幅持续收敛，精细化监管持续推进 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年3月31日 1 核心观点 上市银行年报营收降幅持续收敛，精细化监管持续推进 1、营收降幅持续收敛，拨备反哺平滑盈利。截至3月末，已有23家上市银行披露2024年年报，根据已披露年报23家上市银行口径， 24年全年上市银行实现净利润同比增长1.8%，增速较前三季度提升0.9pct。展望2025年，我们认为影响板块基本面的核心因素依 然来自国内经济修复进程，随着24年9月以来稳增长政策的密集出台，实体企业与个人有效需求的改善值得期待，但由于存量按 揭调降以及LPR的下行，预计25年行业资产端定价依旧承压，需要关注负债端存款利率调降后对于资产端的对冲幅度，整体而言 行业息 ...

聚力深耕，经营稳健 推荐（维持） 股价：11 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.chinagreentown.com;www.gree | | | ntownchina.com | | 大股东/持股 | | | 实际控制人 | | | 总股本(百万股) | 2534.27 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 2534.27 | | 总市值（亿元） | 257.26 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 14.33 | | 资产负债率(%) | 77.65 | 公 司 报 告 房地产 2025 年 03 月 31 日 绿城中国(3900.HK) 行情走势图 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@pingan ...

Investment Rating - The report maintains a "Recommendation" rating for Shanghai Pharmaceuticals [1][8][10] Core Views - The company achieved a revenue of 275.25 billion yuan in 2024, representing a year-on-year growth of 5.75%, and a net profit of 4.55 billion yuan, up 20.82% year-on-year [4][7] - The CSO business showed remarkable performance with a revenue increase of 177% to 8 billion yuan in 2024, highlighting its potential as a significant growth driver [7][8] - The pharmaceutical commercial segment is stable, with a projected revenue of 251.5 billion yuan in 2024, reflecting a growth of 7.5% [7] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 297.93 billion yuan, 322.69 billion yuan, and 349.44 billion yuan, respectively, with expected growth rates of 8.2% and 8.3% [6][8] - Net profit forecasts for the same years are 5.42 billion yuan, 6.18 billion yuan, and 6.62 billion yuan, with year-on-year growth rates of 19.1%, 13.9%, and 7.2% [6][8] - The gross margin is expected to stabilize around 11% from 2025 onwards, while the net margin is projected to improve gradually [6][8] Business Segment Performance - The pharmaceutical industrial segment is expected to generate 30.5 billion yuan in revenue in 2024, with a growth rate of 29.7%, driven by innovative drugs and traditional Chinese medicine [7] - The company has established over 300 SPD projects, serving 129 medical institutions, enhancing its distribution network across the country [7] - The company’s strong state-owned background and comprehensive industry chain layout are expected to support its future growth [7][8]