股票数据 | 03[Table_StockInfo 月 19 日收盘价（元）] | 31.21 | | --- | --- | | 52 周股价波动（元） | 15.83-42.10 | | 总股本/流通 A 股（百万股） | 235/235 | | 总市值/流通市值（百万元） | 5934/5934 | | 相关研究 | | [Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 八方股份（603489）公司研究报告 2025 年 03 月 20 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 市场表现 [Table_QuoteInfo] -41.63% -29.63% -17.63% -5.63% 6.37% 2024/3 2024/6 2024/9 2024/12 八方股份 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 10.5 -3.8 2.1 相对涨幅（%） 8.5 -1.5 1.7 资料来源：海通证券研究所 | 分析师:郭庆龙 | | --- | | Email:gql13820@haitong.com | | 证书:S085052 ...

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 药明康德（603259）公司年报点评 2025 年 03 月 20 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 19日收盘价（元）] | 70.00 | | --- | --- | | 52 周股价波动（元） | 36.36-70.68 | | 总股本/流通 A 股（百万股） | 2888/2501 | | 总市值/流通市值（百万元 | 202159/202159 | 相关研究 [Table_ReportInfo] 《药明康德 2024 半年报点评：经营趋势保持 稳健，在手订单快速增长》2024.08.21 《药明康德 2023 年报点评：全年收入利润稳 健增长， TIDES 业 务 订 单 增 长 显 著 》 2024.03.26 市场表现 [Table_QuoteInfo] -24.91% -11.91% 1.09% 14.09% 27.09% 2024/3 2024/6 2024/9 2024/12 药明康德 海通综指 沪深 300 对比 1 ...

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 玖龙纸业（2689）公司研究报告 2025 年 03 月 20 日 [Table_InvestInfo] 股票数据 | 3[T月ab19le日_S收t盘oc价k(I港nf元o]) | 3.46 | | --- | --- | | 52 周股价波动（港元） | 4.10-7.35 | | 总股本（百万股） | 4692 | | 总市值（百万港元） | 16235 | | 相关研究 | | 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 2.7 12.0 7.8 相对涨幅（%） -5.3 -14.5 -17.6 资料来源：海通证券研究所 投资评级 优于大市 首次 覆盖 包装纸行业龙头，产能持续扩张 [Table_Summary] 投资要点： 分析师:郭庆龙 分析师:王文杰 Tel:(021)23185637 Email:wwj14034@haitong.com 证书:S0850523020002 | 主要财务数据及预测 | | | | | | | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company is a leading player in the domestic packaging paper industry, with a total production capacity of approximately 8.12 million tons, ranking second in China. It has established six major paper production bases across various provinces [6][10] - The company is expected to incur losses in 2024, with a projected net profit of -364 million yuan, but profitability is anticipated to recover in 2025 with a net profit of 601 million yuan [5][10] - The average price of boxboard paper is expected to recover in 2025, which will positively impact profitability as demand gradually rebounds [6][10] Financial Performance and Forecast - Revenue for 2022 was 34,014 million yuan, with a forecasted decline to 29,333 million yuan in 2023, followed by a recovery to 30,792 million yuan in 2024 and further growth to 33,370 million yuan in 2025 [6][10] - The net profit is projected to be -2,256 million yuan in 2022, recovering to 156 million yuan in 2023, and reaching 601 million yuan in 2025 [6][10] - The company’s earnings per share (EPS) are expected to be -0.41 yuan in 2022, improving to 0.03 yuan in 2023, and reaching 0.11 yuan in 2025 [6][10] Business Segments - The raw paper segment is expected to see sales revenue of 19,241.35 million yuan in 2023, with a growth rate of -11.75%, followed by a recovery in subsequent years [9] - The paper products segment is projected to generate sales revenue of 7,079.94 million yuan in 2023, with a growth rate of -7.78%, also expected to improve in the following years [9] Valuation - The estimated price-to-earnings (PE) ratio for 2025 is projected to be between 17 to 18 times, with a corresponding reasonable value range of 1.87 to 1.98 yuan per share [6][10]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company aims to become a leader in synthetic biology, with a focus on expanding its market share in amino acids and optimizing its product offerings [5][7] - The company has implemented various strategies to consolidate its leading position in the industry, including international expansion and digital transformation initiatives [7][10] Financial Performance and Forecast - The company reported a revenue of 250.69 billion yuan in 2024, a decrease of 9.69% year-on-year, with a net profit of 27.40 billion yuan, down 13.85% year-on-year [7] - The fourth quarter of 2024 saw a significant increase in net profit, with a 98.95% quarter-on-quarter rise, attributed to strong performance in core products [7] - Revenue projections for 2025-2027 are 280.88 billion yuan, 29.90 billion yuan, and 31.60 billion yuan respectively, with corresponding net profits of 32.00 billion yuan, 34.56 billion yuan, and 37.28 billion yuan [6][10] Business Segments - The animal nutrition segment showed a significant increase in sales volume, particularly in products like threonine, which saw a 25.31% increase year-on-year [7] - The food flavor optimization products segment experienced a decline in both production and sales volume, with revenues dropping by 19.19% year-on-year [7] - The human medical amino acids segment also faced challenges, with a revenue decrease of 15.35% year-on-year [7] Market Position and Strategy - The company is actively pursuing an internationalization strategy through acquisitions and expanding its production capacity to enhance operational efficiency [7][10] - The implementation of a Manufacturing Execution System (MES) is aimed at improving transparency and efficiency in production processes [7] Valuation - The report suggests a reasonable valuation range for the company at 11.20 to 13.44 yuan per share based on a price-to-earnings (PE) ratio of 10-12 times for 2025 [7][11]

[Table_MainInfo] 宏观研究 证券研究报告 宏观快报点评 2025 年 03 月 20 日 相关研究 ——美联储 3 月议息会议点评 [Table_Summary] 投资要点： 风险提示：美联储货币政策超预期。 请务必阅读正文之后的信息披露和法律声明 分析师:梁中华 Tel:(021)23219820 Email:lzh13508@haitong.com 证书:S0850520120001 分析师:李俊 Tel:(021)23154149 Email:lj13766@haitong.com 证书: S0850521090002 维持利率，放缓缩表 [Table_AuthorInfo] [Table_ReportInfo] 《财政发力：M1、M2 回升——2024 年 12 月金融数据点评》2025.01.14 《出口韧性的三大特征 ——2024 年外 贸数据点评》2025.01.13 《就业稳健，降息预期降温 ——2024 年 12 月美国非农数据点评》2025.01.11 利率不变，放缓缩表。美联储 3 月 FOMC 会议将联邦基金利率区间维持在 4.25%-4.50%。从 4 月开始，将每个 ...

邮箱：hwb10850@haitong.com 证书：S0850519030001 | [Table_Marketinfo] | 重要市场数据 | | | | --- | --- | --- | --- | | 名称 | 日涨跌% | 周涨跌% | 年涨跌% | | 海通风格指数 | | | | | 大盘 100 | 0.50 | 2.83 | -2.42 | | 小盘 200 | -0.76 | 0.43 | 12.00 | | 表现最好前五行业 | | | | | 公用事业 | 1.07 | 2.02 | -4.23 | | 金融指数 | 0.89 | 3.15 | 0.71 | | 汽车汽配 | 0.48 | 2.56 | 9.69 | | 有色金属 | 0.20 | 2.67 | 14.59 | | 家电器具 | -0.02 | 3.50 | 2.92 | | 表现最差前五行业 | | | | | 通讯服务 | -5.30 | -6.91 | 15.12 | | 信息设备 | -1.59 | -0.67 | 7.86 | | 传媒指数 | -1.36 | -1.80 | 9.77 | | 信息服务 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown significant improvement in manufacturing capacity utilization, achieving a 14-year high in operating profit margin (OPM) [6] - The overall revenue for 2024 is projected to increase by 3.7% to $8.182 billion, with a notable rise in manufacturing revenue by 11.1% [6] - The net profit for 2024 is expected to rise by 42.8% to $392 million, with a net profit margin improvement of 1.3 percentage points to 4.8% [6] - The company is facing a tax dispute in Indonesia, which has impacted the net profit margin by approximately 0.5 percentage points, but recovery of funds is anticipated [6] - The retail segment has maintained a good profitability level despite a revenue decline of 8% [6] Financial Data and Forecast - Key financial data for the company includes: - Revenue (million USD): 2023: 7,890; 2024: 8,182; 2025E: 8,470; 2026E: 8,720; 2027E: 8,976 [6][10] - Net Profit (million USD): 2023: 275; 2024: 392; 2025E: 449; 2026E: 468; 2027E: 496 [6][10] - Fully Diluted EPS (USD): 2023: 0.17; 2024: 0.24; 2025E: 0.28; 2026E: 0.29; 2027E: 0.31 [6][10] - Gross Margin (%): 2023: 24.40%; 2024: 24.35%; 2025E: 24.35%; 2026E: 24.53%; 2027E: 24.67% [6][10] - Return on Equity (%): 2023: 6.48%; 2024: 8.84%; 2025E: 9.86%; 2026E: 10.02%; 2027E: 10.32% [6][10] Market Performance - The company's stock closed at HKD 12.86 on March 19, 2025, with a market capitalization of HKD 20,635 million [2] - The stock has experienced a 52-week price fluctuation between HKD 7.75 and HKD 18.40 [2] - The company has shown resilience in a challenging market environment, with a significant increase in manufacturing output and profitability [6]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The recent policy to provide subsidies for the scrapping and updating of old heavy-duty trucks is expected to significantly boost the demand for heavy-duty truck replacements in 2025. The policy aims to accelerate the elimination of high-energy consumption and high-emission old trucks, with subsidies available for vehicles meeting the National III and IV emission standards [6][10] - The expected sales volume of domestic heavy-duty trucks in 2025 is projected to be 1.026 million units, representing a year-on-year growth of 13%. The penetration rate of new energy heavy-duty trucks is anticipated to reach 15% in 2025, driven by technological advancements and cost reductions [10] Summary by Sections Policy Implementation - The policy will be effective from January 1, 2025, to December 31, 2025, providing financial support for the scrapping and updating of old operational trucks [6] - Subsidy standards include scrapping and new purchase categories, with specific amounts allocated for medium and heavy trucks based on their emission standards and purchase types [7] Financial Support Structure - Funding will be allocated through long-term special national bonds, with a cost-sharing model between central and local governments. The central government will bear 85%, 90%, and 95% of the costs for eastern, central, and western regions, respectively [7] Recommended Companies - Recommended companies include Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, and Foton Motor. Additionally, FAW Jiefang is suggested for further attention [8]