医药 公 司 报 告 2025年03月31日 博腾股份(300363.SZ) 经营否极泰来，有望年内实现扭亏 推荐 ( 维持) 股价:19.21元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.portonpharma.com | | 大股东/持股 | 重庆两江新区产业发展集团有限公 | | | 司/14.48% | | 实际控制人 | 居年丰,陶荣,张和兵 | | 总股本(百万股) | 545 | | 流通A股(百万股) | 500 | | 流通B/H股(百万股) | | | 总市值(亿元) | 105 | | 流通A股市值(亿元) | 96 | | 每股净资产(元) | 9.53 | | 资产负债率(%) | 38.6 | 行情走势图 24Q4单季公司实现营收8.87亿元，实现归母净利润-0.81亿元，扣非后归 母净利润-0.59亿元，相比上年同期收入有所增长且亏损收窄。24Q4单 季形成资产减值损失1.13亿元，是亏损环比扩大的主要因素。 全年：小分子剔大订单后稳健增长，海外产能、新业务仍处投入期 相关研究报告 【平安证券】博腾股份（300363.SZ）*季报点 ...

Investment Rating - The report maintains a "Recommended" investment rating for China Duty Free Group (601888.SH) [1] Core Views - The macro consumption environment has impacted operations, but the company continues to strengthen its competitive advantages [10] - Despite a challenging environment, the company has maintained its market position and is expected to recover in the coming years [10] Financial Summary - In 2024, the company achieved total operating revenue of 56.474 billion yuan, a year-on-year decrease of 16.38%, and a net profit attributable to shareholders of 4.267 billion yuan, down 36.44% year-on-year [5] - The gross profit margin for 2024 was 32.03%, an increase of 0.21 percentage points, while the net profit margin was 8.61%, a decrease of 2.15 percentage points [5] - The company reported a net cash flow from operating activities of 7.939 billion yuan, a year-on-year decrease of 47.51% [5] - The company plans to distribute a cash dividend of 1.05 yuan per share, with a total dividend payout of 2.172 billion yuan, maintaining a payout ratio of 50.91% [5] Revenue Breakdown - In 2024, sales revenue from duty-free goods was 38.666 billion yuan, a decrease of 12.58% year-on-year, accounting for 68.45% of total revenue [9] - Sales revenue from taxable goods was 17.095 billion yuan, down 23.49% year-on-year [9] - Revenue from Hainan region was 28.892 billion yuan, a decline of 27.13% year-on-year, while Shanghai region revenue was 16.035 billion yuan, down 10.02% year-on-year [9] Future Projections - The company is projected to achieve net profits of 5.015 billion yuan in 2025, 5.925 billion yuan in 2026, and 6.582 billion yuan in 2027 [10] - The estimated P/E ratios for the upcoming years are approximately 25.4 for 2025, 21.5 for 2026, and 19.4 for 2027 [10] Competitive Positioning - The company has introduced over 200 well-known international and domestic brands and has strengthened its online and offline collaboration [10] - It has secured operating rights for 10 airport and port duty-free projects, contributing to significant growth in domestic duty-free sales [10]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [11]. Core Views - The company achieved a revenue of 5.805 billion yuan in 2024, a year-over-year decrease of 25.82%, and a net profit of 949 million yuan, down 58.17% year-over-year. The company plans to distribute a dividend of 11 yuan per 10 shares (including tax) [3]. - The company’s core small molecule chemistry business generated revenue of 4.571 billion yuan in 2024, with a year-over-year growth of 8.85% when excluding large orders. The gross margin for this segment was 47.95% [6]. - The company has signed new orders that are expected to grow by approximately 20% year-over-year, with a total order backlog of 1.052 billion USD, which is expected to significantly cover revenue for 2025 [6][7]. - The company is expanding its global footprint with the opening of the Sandwich base in the UK, which is expected to enhance its ability to meet overseas customer needs and mitigate geopolitical risks [7]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 5.805 billion yuan, with a net profit of 949 million yuan. The revenue is projected to increase to 6.700 billion yuan in 2025, with a net profit forecast of 1.126 billion yuan [5][8]. - The gross margin is expected to improve from 42.4% in 2024 to 43.7% in 2025, while the net margin is projected to rise from 16.3% to 16.8% [9]. Business Segments - The small molecule chemistry segment is expected to continue its growth trajectory, with a projected revenue increase to 6.700 billion yuan in 2025 [5][6]. - Emerging businesses, particularly in the chemical macromolecule sector, are anticipated to accelerate, with 13 new projects expected by 2025 [7]. Market Position and Strategy - The company is strategically positioning itself to capture opportunities in the peptide and small nucleic acid markets, enhancing its competitive edge [7]. - The establishment of overseas bases is aimed at attracting clients who prefer not to outsource offshore, thereby maintaining a cost advantage over local competitors [7].

Investment Rating - The report maintains a "Recommended" rating for the company [8][10] Core Views - The company achieved a revenue of 1.009 billion yuan in 2024, with its core product, Aobutini, reaching sales of over 1 billion yuan, representing a year-on-year growth of 49% [4] - The gross margin for 2024 is reported at 86.3%, an increase of 3.7 percentage points year-on-year [4] - The company has a strong cash position with a cash balance of 7.76 billion yuan, which supports the acceleration of clinical trial development [4] - The revenue forecasts for 2025, 2026, and 2027 have been adjusted to 1.403 billion yuan, 1.702 billion yuan, and 1.994 billion yuan respectively, with growth rates of 39%, 21.3%, and 17.2% [8] Financial Summary - The company reported a significant reduction in losses, with an overall loss of 450 million yuan in 2024 compared to 650 million yuan in the same period of 2023 [4] - The operating expenses for 2024 are detailed as follows: sales expenses of 420 million yuan, R&D expenses of 815 million yuan, and management expenses of 169 million yuan, with respective year-on-year growth rates of 14.5%, 7.6%, and a decrease of 8.5% [4] - The projected net profit for 2025 is estimated at -413 million yuan, improving to -346 million yuan in 2026 and -237 million yuan in 2027 [6] Pipeline Progress - The company has made significant advancements in its pipeline, with Aobutini's NDA for 1L CLL/SLL accepted in August 2024, expected to be approved in 2025 [7] - The company is also advancing its ADC platform, with the ICP-B794 (B7H3 ADC) expected to submit an IND application in the first half of 2025 [7]

Investment Rating - The report maintains a "Recommended" rating for the company [1][8]. Core Views - The company demonstrates steady operational growth, with expectations for international growth. Despite a market environment change affecting performance in the second half of the year, the overall business remains robust. The company has maintained stable growth in product admissions and implant volumes, although sales and profit growth were impacted by pricing and promotional strategy adjustments [4][8]. - The company continues to focus on technological innovation and has enhanced its integrated solutions. A total of 12 new products have been approved domestically and internationally since 2024, with significant advancements in the development of integrated solutions for aortic, peripheral vascular, and tumor diseases [5][7]. - The company is accelerating its globalization strategy, achieving nearly 100% growth in overseas sales revenue in 2024, expanding its international business into 40 countries and regions [7][8]. Financial Summary - For 2024, the company is projected to achieve revenue of 1.206 billion yuan, a year-on-year increase of 1.61%, and a net profit of 502 million yuan, up 1.96% year-on-year [3][4]. - The company’s revenue and profit forecasts for 2025-2027 have been adjusted to 5.92 billion yuan, 7.24 billion yuan, and 8.79 billion yuan respectively, reflecting the ongoing growth potential of innovative products and the rapid expansion of international business [8]. - Key financial metrics include a gross margin of 73% for 2024, with a projected decline to 67.4% by 2027, and a net profit margin of 41.6% for 2024, decreasing to 36.5% by 2027 [11]. Market Position - The company is a leading player in the domestic aortic and peripheral vascular intervention market, with a strong product lineup and increasing market share. As of the end of 2024, its products are present in over 2,500 hospitals in China [7][8]. - The company has successfully acquired Lombard Medical, enhancing its presence in the European and Japanese medical device markets, which is expected to further boost its brand influence [7][8].

公 司 报 告 2025年03月31日 电子 时代电气(688187.SH) 轨道交通领域夯基拓新，产业经营再创新高 推荐 ( 维持) 股价:47.85元 行情走势图 证券分析师 事项： 公司公布2024年年报，2024年，公司实现销售收入249.09亿元，同比增长 13.42%；实现归母净利润37.03亿元，同比增长21.77%；实现扣非归母净利 润32.26亿元，同比增长24.28%（注：公司于2024年12月收购湖南中车商用 车动力科技有限公司100%股权，将其纳入合并财务报表范围，此为追溯调整 后数据）。公司拟向全体股东每10股派发现金股利人民币10元（含税）。 平安观点： 证 券 公 司 年 报 点 评 XUYONG318@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 21,799 | 24,909 | 27,597 | 31,662 | 36,384 | | YOY(%) | 20.9 | 14.3 | 10.8 | 14.7 ...

Group 1 - The report highlights that the Hong Kong stock market is expected to become a financing hub and investment value high ground for technology innovation industries due to the upgrade of the US-China technology competition and favorable domestic policies [2][5][28] - Since the beginning of the year, the technology innovation boom has not only led the Hong Kong stock market to outperform globally but has also resulted in a recovery in Hong Kong IPOs, with a significant increase in refinancing scale driven by leading technology companies like BYD and Xiaomi [2][5][12] - The report notes that the number of companies waiting to go public in Hong Kong has surged, particularly among leading A-share companies, with technology and overseas expansion sectors being the main forces driving this trend [2][6][28] Group 2 - The report indicates that the Hong Kong stock market has more flexible and lower listing requirements compared to the A-share market, particularly benefiting companies with high market value but relatively insufficient technology attributes [2][14][27] - The report identifies three major trends among Chinese companies that have recently listed in Hong Kong: an increase in market capitalization, a rise in the number of technology companies, and accelerated overseas expansion [2][20][28] - The report emphasizes that the performance of "A+H" companies in the Hong Kong market has been superior, indicating a positive outlook for companies that have listed in Hong Kong [2][23][28] Group 3 - The report outlines that the tightening of IPO regulations in the A-share market and increased scrutiny of Chinese companies seeking to list in the US have contributed to the recovery of Hong Kong IPOs [2][14][17] - The Hong Kong Stock Exchange has continuously optimized its listing system to attract companies, while domestic policies have expanded the channels for companies to list overseas, further facilitating the trend of Chinese companies going public in Hong Kong [2][14][27] - The report states that the number of Chinese companies listed in Hong Kong has significantly increased, with these companies gradually becoming the main force in Hong Kong IPOs [2][28]

证券研究报告 如何看待核心城市土拍升温 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年3月30日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：成交环比提升，深圳探索房票制度。随着供给端逐步放量，本周重点50城新房成交环比增长27.1%，3月前28天日均成交同 比降8.4%，但受制于2024年主流房企补货不足及工期影响，优质供给不足仍是制约新房成交重要因素。本周深圳出台关于规范城市更 新的若干意见，涉及房票补偿、容积率灵活调整、加大融资支持等方面，有望解决市场化主导下资金平衡问题，但后续仍需观察资金 落地、居民拆迁意愿等。 土拍升温，侧面印证"好房子+一二线核心区"率先止跌回稳。近期杭州、成都等地土拍市场升温，多宗土地楼面地价创新高。我们认 为房企年初补地一方面为应对2024年补货不足带来的可售货值下降；另一方面正如"春江水暖鸭先知"，核心城市优质地块升温正侧 面印证我们持续强调的"好房子+一二线核心区"率先止跌回稳逻辑。部分投资者担忧地价上升带来毛利率下滑，但我们认为核心地块 "去化流速"保障更为重要，同时"好房子"带来的产品溢价也将利于项目保持较高毛利率，实现毛 ...

证券研究报告 基金双周报：ETF市场跟踪报告 证券分析师 陈 瑶 投资咨询资格编号：S1060524120003 郭子睿 投资咨询资格编号：S1060520070003 高 越 一般从业资格编号：S1060124070014 任书康 一般从业资格编号：S1060123050035 胡心怡 一般从业资格编号：S1060124030069 研究助理 2025年3月31日 报告摘要 2 ETF市场回顾： • 收益表现与资金流向：近两周除QDII外ETF产品表现整体不佳。主要宽基ETF中，跟踪中证A50的产品跌幅最小，行业与主题产品中，医药行业ETF涨幅最大。 近两周，大部分宽基ETF资金净流出，沪深300ETF资金净流出额最大。累计资金流向方面，3月以来各类宽基ETF资金均有所流出，沪深300和A系列指数出量 较大，近两周资金仍流出但流出速度有所减慢，科创、创业ETF资金净流入；近两周科技ETF资金流入速度放缓，金融地产和消费ETF资金净流入；受债市反 弹影响，3月以来国债ETF加速流入抄底，近两周国债、信用债、政金债ETF资金净流入，短融ETF资金流出速度放缓。 • 产品结构分布：截至3月28日，近两周市场新成立 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][4][7] Core Views - The company achieved a total revenue of 821.8 billion yuan in 2024, a year-on-year decrease of 2.5%, while the net profit attributable to shareholders was 365.9 billion yuan, reflecting a slight increase of 0.5% year-on-year [4][7] - The annualized weighted average ROE was reported at 9.9% [4] - The company’s total asset size reached 48.8 trillion yuan, growing by 9.2% year-on-year, with loans increasing by 8.8% and deposits by 3.9% [4][7] - The profit distribution plan for 2024 includes a dividend of 1.646 yuan per 10 shares (before tax), resulting in a dividend payout ratio of 30% [4] Financial Performance Summary - The company’s net interest margin for 2024 was 1.42%, down 19 basis points year-on-year, with a loan yield decrease of 41 basis points to 3.4% [7][9] - Non-interest income saw a decline of 1.9% year-on-year, while other non-interest income increased by 9.3% [7][9] - The company’s asset quality remains stable, with a non-performing loan (NPL) ratio of 1.34%, down 2 basis points year-on-year [8][10] - The provision coverage ratio stood at 215%, indicating a strong risk-bearing capacity [8][10] Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.03 yuan, 1.06 yuan, and 1.09 yuan respectively, with corresponding profit growth rates of 0.7%, 2.4%, and 3.4% [7][11] - The company’s total assets are expected to grow at a rate of 9.2% in 2024, with loan growth projected at 8.7% [11][12]