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华创医药投资观点、研究专题周周谈第129期:痛风用药蓝海大市场,关注在研新药进展-20250607
Huachuang Securities· 2025-06-07 07:56
www.hczq.com 证券研究报告 | 医药生物 | 2025年6月7日 | 华创医药团队: | | --- | | 首席分析师 郑辰 | | 联席首席分析师 刘浩 | | 医疗器械组组长 李婵娟 | | 中药和流通组组长 高初蕾 | | 分析师 王宏雨 | | 分析师 朱珂琛 | | 执业编号:S0360520110002 | 邮箱:zhengchen@hcyjs.com | | --- | --- | | 执业编号:S0360520120002 | 邮箱:liuhao@hcyjs.com | | 执业编号:S0360520110004 | 邮箱:lichanjuan@hcyjs.com | | 执业编号:S0360524070002 | 邮箱:gaochulei@hcyjs.com | | 执业编号:S0360523080006 | 邮箱:wanghongyu@hcyjs.com | | 执业编号:S0360524070007 | 邮箱:zhukechen@hcyjs.com | 华创医药投资观点&研究专题周周谈 · 第129期 痛风用药蓝海大市场,关注在研新药进展 本周专题联系人:朱珂琛 本报告由华 ...
痛风用药蓝海大市场,关注在研新药进展
Huachuang Securities· 2025-06-07 07:20
www.hczq.com 证券研究报告 | 医药生物 | 2025年6月7日 华创医药投资观点&研究专题周周谈 · 第129期 痛风用药蓝海大市场,关注在研新药进展 本周专题联系人:朱珂琛 | 华创医药团队: | | --- | | 首席分析师 郑辰 | | 联席首席分析师 刘浩 | | 医疗器械组组长 李婵娟 | | 中药和流通组组长 高初蕾 | | 分析师 王宏雨 | | 分析师 朱珂琛 | | 执业编号:S0360520110002 | 邮箱:zhengchen@hcyjs.com | | --- | --- | | 执业编号:S0360520120002 | 邮箱:liuhao@hcyjs.com | | 执业编号:S0360520110004 | 邮箱:lichanjuan@hcyjs.com | | 执业编号:S0360524070002 | 邮箱:gaochulei@hcyjs.com | | 执业编号:S0360523080006 | 邮箱:wanghongyu@hcyjs.com | | 执业编号:S0360524070007 | 邮箱:zhukechen@hcyjs.com | 本报告由华 ...
6月流动性月报:跨半年以呵护为主,资金压力可控-20250606
Huachuang Securities· 2025-06-06 15:19
综合资金缺口看,刚性因素中,6 月一般存款增长冻结的准备金规模或在 2256 亿元附近,货币发行及非金融机构存款或小幅消耗流动性 1152 亿元左右;工 具到期方面,1.2 万亿的买断式逆回购到期,6 月已前置操作 1 万亿,关注后 续是否有"加场"操作,MLF 到期量在 1820 亿元,规模相对有限,若月末资 金压力增大,或依旧是延续超额续作的思路。财政因素中,6 月财政支出有所 加大,但或主要体现在季末,叠加政府债券发行规模不小,政府存款对于流动 性的补充或在 4000 亿元附近,略低于去年水平。合计 6 月流动性缺口在 1.4 万亿附近,考虑 1 万亿买断式逆回购已经投放,整体资金缺口压力相对有限。 跨半年央行多以呵护为主,预计资金大幅收敛的风险相对可控。6 月初 DR007 中枢较利率的偏离度在 15bp 附近,DR001 接近 1.4%水平,买断式逆回购前置 操作,整体有利于稳定资金预期。从历史情况看,以往 6 月除 2020 年处于货 币政策收紧区间,资金价格明显走高;以及 2019 年 6 月包商银行接管事件爆 发后,央行为维稳大量投放流动性,DR007 资金价格有所下行外,其余年份 DR007 ...
重大事项点评并购预案超预期,华懋科技大股东认购配套募资,彰显公司业绩雄心
Huachuang Securities· 2025-06-06 13:30
Investment Rating - The report maintains a "Strong Buy" rating for Huamao Technology (603306) [1] Core Views - The acquisition plan exceeds expectations, with Huamao Technology's major shareholder subscribing to supporting funds, demonstrating confidence in the company's performance [1] - The company plans to acquire the remaining equity of Fuchuang Youyue, increasing its ownership from 42.16% to 100% [1] - Fuchuang Youyue is expected to achieve a net profit of 0.78 billion yuan from January to April 2025 [1] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,213 million, 2,908 million, 3,494 million, and 4,186 million yuan respectively, with year-on-year growth rates of 7.7%, 31.4%, 20.2%, and 19.8% [3] - Net profit attributable to the parent company is forecasted to be 277 million, 590 million, 748 million, and 934 million yuan for the same years, with growth rates of 14.6%, 112.7%, 26.8%, and 24.8% [3] - Earnings per share (EPS) are projected at 0.84, 1.79, 2.27, and 2.84 yuan for 2024A to 2027E [3] - The target price is set at 51.28 yuan, with the current price at 40.15 yuan [4] Business Insights - The company is positioned as a leader in the domestic automotive passive safety market, with significant overseas expansion plans [8] - The global airbag market exceeds 10 billion USD, and the increasing configuration rate of airbags per vehicle is expected to drive market growth [8] - The company has established a new base in Vietnam, which is expected to contribute significantly to revenue starting in 2025 [8] - The company is actively investing in the AI sector, with plans to enhance its capabilities in semiconductor and computing power manufacturing [8]
年报、一季报分析:回归基本面,产业债行业有哪些变化?
Huachuang Securities· 2025-06-06 11:15
证 券 研 究 报 告 【债券深度报告】 回归基本面,产业债行业有哪些变化? ——年报、一季报分析 ❖ 产业债发行主体 2024 年经营整体承压,行业表现分化。产业债主体营业总收 入、净利润整体水平同比均有所下降,亏损企业占比由 2023 年的 18%提升至 2024 年的 21%,其中少数行业营收与净利润正增长。今年中航产融事件进一 步凸显了宏观经济偏弱环境下对发债主体基本面研究的重要性,当前各项宏观 政策继续发力显效,外部环境仍复杂严峻,年内经济基本面预计将延续内需托 底、外需承压、政策护航的特征,关注稳增长政策发力下主体基本面改善情况。 ❖ 各行业年报与一季报表现如何? 1、整体情况分析:从 2024 年年报来看,产业债主体营收合计同比下降 2%, 净利润合计同比下降 4%,利润亏损企业占比提升,由 2023 年的 18%提升至 2024 年的 21%,近年来持续增长。从披露一季报主体情况来看,2025 年 Q1 产 业债主体营收整体水平同比下降 2%,净利润整体持平。 2、行业表现:2024 年营收实现正增长行业占比约三分之一;净利润实现正增 长行业占比约四成,略高于营收;近半数行业资产负债率有所增长 ...
华懋科技(603306):重大事项点评:并购预案超预期,华懋科技大股东认购配套募资,彰显公司业绩雄心
Huachuang Securities· 2025-06-06 09:43
Investment Rating - The report maintains a "Strong Buy" rating for Huamao Technology (603306) [1] Core Views - The acquisition plan exceeds expectations, with Huamao Technology's major shareholder subscribing to supporting funds, demonstrating confidence in the company's performance [1] - The company plans to acquire the remaining equity of Fuchuang Youyue, increasing its stake from 42.16% to 100%, with expected net profit of 0.78 billion yuan from Fuchuang Youyue in the first four months of 2025 [1] - The company is actively expanding its presence in the automotive passive safety market and accelerating overseas expansion, with significant revenue contributions expected from its new manufacturing base in Vietnam [8] Financial Summary - Total revenue is projected to grow from 2,213 million yuan in 2024 to 4,186 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.8% [3] - Net profit attributable to the parent company is expected to increase from 277 million yuan in 2024 to 934 million yuan in 2027, reflecting a CAGR of 24.8% [3] - Earnings per share (EPS) is forecasted to rise from 0.84 yuan in 2024 to 2.84 yuan in 2027 [3] - The target price for the stock is set at 51.28 yuan, indicating a potential upside from the current price of 40.15 yuan [4] Business Outlook - The company is positioned as a leader in the domestic automotive passive safety sector, with plans to leverage its overseas production capacity to capture more market share [8] - The report highlights the growing demand for AI-related infrastructure, with Huamao Technology's acquisition of Fuchuang Youyue aimed at establishing a second growth curve in the AI sector [8] - The company is expected to continue investing in semiconductor and computing manufacturing, enhancing its competitive edge in the market [8]
中国出口研判进阶手册:不止是“出口”
Huachuang Securities· 2025-06-06 09:15
❖ 核心观点:综合考虑关税不确定性下出口主要矛盾、数据可得性、跟踪及时性 等因素后,我们构建出口 6 大类别、16 大指标高频跟踪框架(图 1),这些指 标目前显示的出口叙事是:4 月美国新增关税对需求的压制似乎逐渐体现在 5 月出口数据上,用于跟踪出口"量"的主要高频指标均边际走弱。此外,5 月 12 日,中美签署日内瓦经贸会谈联合声明后,市场预期的"抢出口"潮目前 只从运价指标(北美航线运价暴涨)以及美国 Markit 制造业 PMI 新订单和 采购库存指数上看到一些端倪,出口"量"的高频似乎还看不到有"抢出口" 的迹象。 ❖ 一、把握关税不确定性对出口冲击的核心矛盾 特朗普关税反复无常,静态估算关税对中国整体出口冲击,误差可能较大。因 此,对市场而言更重要的可能是,从宏观层面把握关税对出口传导路径的核心 矛盾,抓住影响核心矛盾的关键变量,以及从客观高频或者同步指标层面密切 跟踪关键变量的变化。本文旨在构建一个关税不确定性背景下更加实用的出口 高频跟踪框架。 ❖ 二、关税不确定性下的出口高频跟踪框架 证 券 研 究 报 告 【宏观专题】 不止是"出口"——中国出口研判进阶手册 (一)如何跟踪全球贸易需求 ...
燕京啤酒(000729):2025年投资者交流会点评:务实赶超,势能强劲
Huachuang Securities· 2025-06-06 02:11
Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer, with a target price of 15.5 CNY [2][7]. Core Views - The company held an investor communication meeting on June 5, 2025, where management addressed strategic planning, product planning, and reform progress, providing guidance for investors [2]. - Yanjing Beer is focusing on the U8 product line, which has shown strong sales momentum, achieving over 400,000 tons in the first five months of 2025, representing a 45% completion of the annual target [7]. - The company is committed to optimizing its product structure and enhancing operational efficiency through digital systems and cost management reforms, which are expected to release profit elasticity [7]. - The management aims to catch up with leading companies in the industry during the 14th and 15th Five-Year Plans, emphasizing innovation and operational improvements [7]. Financial Summary - Total revenue is projected to grow from 14,667 million CNY in 2024 to 15,439 million CNY in 2025, reflecting a year-on-year growth rate of 5.3% [3]. - Net profit attributable to shareholders is expected to increase significantly from 1,056 million CNY in 2024 to 1,451 million CNY in 2025, with a growth rate of 37.4% [3]. - Earnings per share (EPS) is forecasted to rise from 0.37 CNY in 2024 to 0.51 CNY in 2025 [3]. Market Performance - The company has shown a strong performance compared to the CSI 300 index over the past 12 months, indicating a positive market sentiment towards Yanjing Beer [6].
0605央行操作点评:买断式逆回购前进一步
Huachuang Securities· 2025-06-05 15:38
债券研究 证 券 研 究 报 告 【债券日报】 买断式逆回购前进一步 ——0605 央行操作点评 2025 年 6 月 5 日,公开市场买断式逆回购招标公告[2025]第 1 号发布。公告显 示为保持银行体系流动性充裕,2025 年 6 月 6 日,中国人民银行将以固定数 量、利率招标、多重价位中标方式开展 10000 亿元买断式逆回购操作,期限 3 个月。 一、买断式逆回购前置操作 (1)操作规模延续小幅净回笼。2025 年 4 至 6 月连续三月买断式逆回购延续 净回笼状态,当前买断式余额在 4.2 万亿附近。6 月买断式逆回购前置操作, 或主要考虑下周起存单大量到期以及政府债券集中发行的影响。 (2)操作时间前置,到账节奏或加快。6 月买断式逆回购操作首次在操作前 日披露具体操作规模。后续月份或延续前一天发布公告的方式,与 MLF 操作 模式保持一致,有利于参与机构提前做好流动性安排。 (3)操作频次原则上 1 次,后续关注是否"加场"。2024 年 10 月 28 日,买 断式逆回购操作设立时显示,原则上每月开展一次操作。本次工具开展后,考 虑 6 月资金缺口压力依然偏大,且未进行 6 个月期限操作, ...
转债市场日度跟踪20250605-20250605
Huachuang Securities· 2025-06-05 13:45
证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250605 市场概况:今日转债增量上涨,估值环比抬升 指数表现:中证转债指数环比上涨 0.17%、上证综指环比上涨 0.23%、深证成 指环比上涨 0.58%、创业板指环比上涨 1.17%、上证 50 指数环比上涨 0.05%、 中证 1000 指数环比上涨 0.72%。 市场风格:小盘成长相对占优。大盘成长环比上涨 0.42%、大盘价值环比下降 0.25%、中盘成长环比上涨 0.28%、中盘价值环比下降 0.50%、小盘成长环比 上涨 0.73%、小盘价值环比下降 0.33%。 资金表现:转债市场成交情绪升温。可转债市场成交额为 673.96 亿元,环比 增长 4.69%;万得全 A 总成交额为 13169.62 亿元,环比增长 11.85%;沪深两 市主力净流出 3.59 亿元,十年国债收益率环比上升 0.37bp 至 1.67%。 转债价格:转债中枢提升,高价券占比提升。转债整体收盘价加权平均值为 119.78 元,环比昨日上升 0.22%。其中偏股型转债的收盘价为 163.72 元,环比 上升 2.22%;偏债型转债的收盘价为 111.02 ...