ia[Table_Title] 皖通高速(600012.SH)/安徽皖通高 速公路(00995.HK) 核心红利深植皖地，引流拓流并举发力 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5206 | 6631 | 6181 | 4208 | 4332 | | 增长率（ % ） | 32.8% | 27.4% | -6.8% | -31.9% | 3.0% | | EBITDA（百万元） | 3015 | 3349 | 3369 | 3742 | 3907 | | 归母净利润（百万元） | 1445 | 1660 | 1519 | 1747 | 1828 | | 增长率（ % ） | -4.6% | 14.9% | -8.5% | 15.0% | 4.6% | | EPS（元/股） | 0.87 | 1.00 | 0.92 | 1.05 | 1.10 | | 市盈率（P/E） | ...

ia[Table_Title] 皖通高速(600012.SH)/安徽皖通高 速公路(00995.HK) 核心红利深植皖地，引流拓流并举发力 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5206 | 6631 | 6181 | 4208 | 4332 | | 增长率（ % ） | 32.8% | 27.4% | -6.8% | -31.9% | 3.0% | | EBITDA（百万元） | 3015 | 3349 | 3369 | 3742 | 3907 | | 归母净利润（百万元） | 1445 | 1660 | 1519 | 1747 | 1828 | | 增长率（ % ） | -4.6% | 14.9% | -8.5% | 15.0% | 4.6% | | EPS（元/股） | 0.87 | 1.00 | 0.92 | 1.05 | 1.10 | | 市盈率（P/E） | ...

[Table_Page] 公司深度研究|计算机设备 证券研究报告 | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 54.94 元 | | 合理价值 | 78.77 元 | | 报告日期 | 2025-03-13 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 177.28/116.14 | | --- | --- | | 总市值/流通市值（百万元） | 9739.8/6380.7 | | 一年内最高/最低（元） | 58.70/25.46 | | 30 日日均成交量/成交额（百万） | 7.95/416.89 | | 近 3 个月/6 个月涨跌幅（%） | 18.87/69.16 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]刘雪峰 SAC 执证号：S0260514030002 SFC CE No. BNX004 021-38003675 -12% 15% 42% 68% 95% 122% 03-24 05-24 07-24 09-24 11-24 01-25 03-25 锐 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 1.50 HKD and a fair value of 2.41 HKD [2]. Core Views - The company is expected to experience a turning point in operations, driven by its comprehensive AIDD technology platform and strategic investments aimed at resolving debt issues [7]. - The company's revenue is projected to recover, with estimates of 2,053 million RMB in 2024, 2,393 million RMB in 2025, and 2,823 million RMB in 2026, reflecting growth rates of -4.8%, 16.6%, and 17.9% respectively [7]. - The introduction of strategic investors has improved governance and operational efficiency, facilitating a restructuring of the company's business model [7]. Summary by Sections 1. Strategic Investment and AIDD Technology Platform - The company has introduced strategic investors to alleviate debt crises and enhance governance, leading to improved operational synergy [7][30]. - The transition from SBDD/FBDD/ASMS platforms to a full-process AIDD technology platform has been established, integrating AI to enhance drug discovery capabilities [7][34]. 2. Industry Recovery and Project Advancement - The CRO business is gradually recovering due to cost reduction and efficiency improvements, with new orders expected to support future revenue growth [7][60]. - The company has expanded its client base to over 2,350, indicating a strong market presence and diversified revenue streams [7][56]. 3. Financial Projections and Investment Recommendations - The company is projected to achieve adjusted net profits of 257 million RMB in 2024, 323 million RMB in 2025, and 395 million RMB in 2026, with corresponding EPS of 0.12, 0.15, and 0.18 RMB per share [7]. - A PE valuation method suggests a target valuation of 2.41 HKD per share based on a 15X PE multiple for 2025 [7].

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the acceleration of "zero-carbon park" construction, with solid waste industrial parks being a key implementation scenario. The central government has highlighted the establishment of zero-carbon parks and factories, aiming to promote green and low-carbon economic development [14][15][19] - The integration of waste incineration with AIDC (Artificial Intelligence Data Center) is expected to become a preferred model for exploring zero-carbon parks in developed regions. This model can provide comprehensive energy supply and enhance resource utilization [7][14] - The Shanghai Pudong zero-carbon industrial park, which integrates waste incineration and AIDC, has achieved a solid waste resource utilization rate of 98.9% and a green energy ratio of 93.7% [7][27][28] Summary by Sections 1. Policy Acceleration for Zero-Carbon Parks - The construction of zero-carbon industrial parks is a crucial strategy for achieving China's dual carbon goals. The government has set clear targets and plans for the establishment of these parks [14][15] - The emphasis on stricter energy consumption indicators and the promotion of green electricity supply models are highlighted in the recent government work reports [20][21] 2. Waste Incineration's Role in Zero-Carbon Parks - The report details the successful implementation of the Pudong zero-carbon industrial park, showcasing the effective recycling of five major waste types and achieving a high resource utilization rate [27][28] - The park utilizes a variety of renewable energy sources, including distributed solar and wind power, to enhance local energy consumption and stability [7][27] 3. Recommended Companies to Watch - The report suggests focusing on companies with advantageous locations and solid waste industrial park layouts, including Wangneng Environment, Junxin Co., and Yongxing Co. These companies are expected to benefit from the revaluation of their carbon reduction value and location advantages [7][8][14]

[Table_Page] 深度分析|环保 证券研究报告 [Table_Title] 固废 AI+系列 [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 03/24 05/24 08/24 10/24 12/24 03/25 环保 沪深300 | [分析师： Table_Author]郭鹏 | | | --- | --- | | | SAC 执证号：S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | 分析师： | 陈龙 | | | SAC 执证号：S0260523030004 | | | 021-38003623 | | | shchenlong@gf.com.cn | | 分析师： | 荣凌琪 | | | SAC 执证号：S0260523120006 | | | 021-38003686 | | | ronglingqi@gf.com.cn | | 分析师： | 陈舒心 | | | SAC 执证号：S0260524030004 | | | 021- ...

[Table_Au 分析师：thor]糜韩杰 SAC 执证号：S0260516020001 SFC CE No. BPH764 021-38003650 mihanjie@gf.com.cn 分析师： 曹倩雯 SAC 执证号：S0260520110002 021-38003621 caoqianwen@gf.com.cn 分析师： 左琴琴 SAC 执证号：S0260521050001 SFC CE No. BSE791 021-38003540 zuoqinqin@gf.com.cn 分析师： 李咏红 SAC 执证号：S0260523100001 021-38003542 liyonghong@gf.com.cn 分析师： 李悦瑜 SAC 执证号：S0260524120002 021-38003784 liyueyu@gf.com.cn -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 纺织服饰 沪深300 请注意，曹倩雯,李咏红,李悦瑜并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Page] ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 1.50 and a fair value of HKD 2.41 [2]. Core Views - The company has a comprehensive AIDD technology platform that enhances its operational efficiency and competitive edge, with a significant recovery in its CRO business expected due to cost reduction and industry recovery [7]. - The introduction of strategic investors has helped the company address its debt crisis and improve governance and management [7]. - The company's revenue is projected to grow significantly, with expected main revenues of RMB 2,053 million in 2024, RMB 2,393 million in 2025, and RMB 2,823 million in 2026 [7]. Summary by Sections 1. Strategic Investment and AIDD Technology Platform - The company has introduced strategic investors to alleviate its debt crisis and has restructured its operations to enhance efficiency [7][30]. - The transition from SBDD/FBDD/ASMS platforms to a full-process AIDD technology platform has been pivotal, leveraging AI to improve drug discovery processes [7][34]. 2. Industry Recovery and Project Advancement - The CRO business is gradually recovering, with new orders increasing post-2024 Q2, supported by AI applications and cost efficiency measures [7][60]. - The company has expanded its client base to over 2,350, indicating a robust demand for its services [7][56]. 3. Financial Projections and Investment Recommendations - The company is expected to see a turnaround in profitability, with adjusted net profits projected to reach RMB 257 million in 2024 and RMB 323 million in 2025 [7]. - The report anticipates a PE ratio of 15x for 2025, leading to a fair value estimate of HKD 2.41 per share [7].