[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 双林股份（300100）公司研究报告 2025 年 03 月 26 日 [Table_InvestInfo] 投资评级 无评级 首次 覆盖 股票数据 | 03[Table_StockInfo 月 25 日收盘价（元）] | 62.31 | | --- | --- | | 52 周股价波动（元） | 7.98-77.77 | | 总股本/流通 A 股（百万股） | 401/387 | | 总市值/流通市值（百万元） | 24972/24118 | 市场表现 风险提示。原材料价格波动，竞争加剧，人形机器人&丝杠业务开拓不及预期。 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4185 | 4139 | 4925 | 5458 | 5923 | | (+/-)YoY(%) | 13.7% | -1.1% | 19.0% | 10.8% | ...

[Table_MainInfo] 公司研究/医药与健康护理 证券研究报告 诺泰生物（688076）公司研究报告 2025 年 03 月 26 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 03[Table_StockInfo 月 25 日收盘价（元）] | 57.69 | | --- | --- | | 52 周股价波动（元） | 47.48-81.50 | | 总股本/流通 A 股（百万股） | 220/220 | | 总市值/流通市值（百万元） | 12679/12679 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -15.59% -3.59% 8.41% 20.41% 32.41% 2024/3 2024/6 2024/9 2024/12 诺泰生物 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 17.3 18.9 11.5 相对涨幅（%） 17.1 16.3 12.8 资料来源：海通证券研究所 分析师 [Table_AuthorInfo] :贺文斌 Tel:(010)68067998 Email:hwb10850@h ...

[Table_MainInfo] 每日报告精选 证券研究报告 最新研究与资讯 2025 年 03 月 26 日 | | | | 名称 | 日涨跌% | 周涨跌% | 年涨跌% | | --- | --- | --- | --- | | 海通风格指数 | | | | | 大盘 100 | 0.76 | -0.16 | -3.13 | | 小盘 200 | -1.11 | -3.63 | 7.92 | | 表现最好前五行业 | | | | | 有色金属 | 1.35 | 0.25 | 13.16 | | 旅游服务 | 1.34 | -0.42 | -2.02 | | 家电器具 | 1.05 | -0.53 | 2.05 | | 金融指数 | 0.73 | -0.68 | -0.79 | | 煤炭指数 | 0.72 | 0.06 | -11.28 | | 表现最差前五行业 | | | | | 综合行业 | -1.70 | -2.79 | -3.80 | | 信息服务 | -1.61 | -6.01 | 7.13 | | 造纸指数 | -1.60 | -4.10 | -2.15 | | 纺织服装 | -1.53 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company achieved a revenue of 45.648 billion yuan in 2024, representing a year-on-year growth of 10.03%, and a net profit attributable to the parent company of 6.072 billion yuan, which is a year-on-year increase of 26.77% [7] - The company has successfully launched new projects, including a 100,000-ton ethanolamine production facility, enhancing its downstream chemical product layout and forming a complete industrial chain for ethylene oxide derivatives [7] - The company is increasing its R&D investment, with plans to invest 10 billion yuan in the coming years to build a global "1+N" chemical new materials R&D innovation platform [7] - The establishment of a global company aims to accelerate the expansion into overseas markets, with products already recognized by customers in over 160 countries [7] - Profit forecasts for the company indicate net profits of 7.449 billion yuan, 11.059 billion yuan, and 12.640 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.21 yuan, 3.28 yuan, and 3.75 yuan [7] Financial Data and Forecast - The company’s revenue is projected to reach 60 billion yuan in 2026 and 73.211 billion yuan in 2027, with a net profit of 11.059 billion yuan in 2026 and 12.640 billion yuan in 2027 [6][10] - The gross margin is expected to improve from 23.6% in 2024 to 27.6% in 2026, while the net asset return rate is projected to be 22.6% in 2026 [6][10] - The company’s earnings per share (EPS) are forecasted to grow from 1.80 yuan in 2024 to 3.75 yuan in 2027 [6][10]

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 比亚迪（002594）公司年报点评 2025 年 03 月 26 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 25日收盘价（元）] | 369.59 | | --- | --- | | 52 周股价波动（元） | 201.17-403.40 | | 总股本/流通 A 股（百万股） | 3039/1162 | | 总市值/流通市值（百万元） | 1123208/883399 | 相关研究 [Table_QuoteInfo] -13.12% 6.88% 26.88% 46.88% 66.88% 2024/3 2024/6 2024/9 2024/12 比亚迪 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | -0.8 | 32.4 | 29.3 | | 相对涨幅（%） | -1.0 | 29.8 | 30.6 | | 资料来源：海通证券研究所 | | | | 分析师 ...

[Table_MainInfo] 行业研究/商业贸易 证券研究报告 行业信息点评 2025 年 03 月 25 日 Tel:(021)23154125 市场表现 [Table_QuoteInfo] -11.85% -1.56% 8.74% 19.04% 29.33% 39.63% 2024/3 2024/6 2024/9 2024/12 商业贸易 海通综指 Email:lhk11523@haitong.com 资料来源：海通证券研究所 证书:S0850517040002 相关研究 | [Table_ReportInfo] 《1-2 月社零增 4%稳中向好，促消费政 | | --- | | 策出台提振信心》2025.03.18 | | 《全年维度看珠宝板块投资机会》 | | 2025.03.17 | | 《生育补贴政策密集出台，看好母婴相关 | | 产业链》2025.03.16 | 分析师:李宏科 零售&社服行业 2025 年一季报前瞻 [Table_InvestInfo] 投资评级 优于大市 维持 （1）黄金珠宝：1-2M25 限额以上金银珠宝零售额同比+5.4%，结束 24 年 4 月以 来的同比下滑趋势； ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - In February 2025, European new energy vehicle (NEV) sales reached 174,462 units, a year-on-year increase of 19.1% and a month-on-month increase of 2.1% [2][4] - In the United States, NEV sales in February 2025 were 120,000 units, reflecting a year-on-year increase of 4.9% and a month-on-month increase of 0.8% [2][3] - Emerging markets saw NEV sales of 78,000 units in January 2025, marking a year-on-year increase of 22.3% but a month-on-month decrease of 27.6% [2][3] Summary by Region Europe - February 2025 NEV sales: 174,462 units, year-on-year +19.1%, month-on-month +2.1% [4][5] - Cumulative sales for January-February 2025: 156,000 units, year-on-year -45.3% [4] - February 2025 penetration rate: 24.0%, year-on-year +4.3 percentage points [4][5] United States - February 2025 NEV sales: 120,000 units, year-on-year +4.9%, month-on-month +0.8% [2][3] - Cumulative sales for January-February 2025: 239,000 units, year-on-year +8.2% [2] - February 2025 penetration rate: 9.6%, year-on-year +0.7 percentage points [2] Emerging Markets - January 2025 NEV sales: 78,000 units, year-on-year +22.3%, month-on-month -27.6% [2][3] - Penetration rate: 5.1%, year-on-year +0.9 percentage points [2] Investment Recommendations - The report suggests focusing on companies such as Leap Motor, BYD, CATL, EVE Energy, Guoxuan High-Tech, Zhongxin Aviation, Funeng Technology, Zhongwei Co., Huayou Cobalt, Greeenme, Betterray, New Era, and Xingyuan Material, as they are expected to benefit from the growth in overseas markets [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to significantly enhance its profitability in 2024 driven by its professional sports segment, with a retail transformation for its main brand commencing in 2025 [5][6] - The company plans to recover 400-500 distribution rights for its stores, focusing on direct-to-consumer (DTC) strategies to optimize retail channel structure and improve operational efficiency [6][8] Financial Data and Forecasts - Revenue is projected to grow from 13,577 million HKD in 2024 to 17,005 million HKD by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.86% [6][9] - Net profit is expected to increase from 1,238 million HKD in 2024 to 1,607 million HKD in 2027, with a net profit margin improvement from 9.1% to 9.5% over the same period [6][9] - The company’s gross margin is forecasted to rise from 43.2% in 2024 to 44.7% in 2027, indicating improved cost management and pricing power [6][9] Market Performance - The company's stock closed at 5.27 HKD on March 24, 2025, with a market capitalization of 14,622 million HKD [2][5] - The stock has experienced a price fluctuation range between 3.70 HKD and 7.13 HKD over the past year [2] Strategic Developments - The company has completed a strategic divestment of its fashion sports business, allowing it to focus on running and optimizing operations in the professional sports segment [6][8] - The company is expanding its product offerings and enhancing its brand strategy, particularly in high-end urban areas, with plans for new flagship and concept stores [6][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][13]. Core Views - The core local business segment's profit exceeded expectations, and Keeta is building a second growth curve [6][13]. - In Q4 2024, the company reported revenue of 88.5 billion yuan, a year-on-year increase of 20.1%, and adjusted EBITDA of 11.5 billion yuan, a year-on-year increase of 207.7% [6][10]. - As of December 31, 2024, the company had cash and cash equivalents of 70.8 billion yuan [6][12]. Summary by Sections Business Overview - The company is expanding its multi-category supply and increasing support for merchants in its takeaway and instant retail businesses. New models like "Pin Hao Fan" and "Brand Satellite Stores" are being introduced to help merchants increase sales and attract new customers [7]. - The company launched a 1 billion yuan "Merchant Support Plan" in Q4 2024 to optimize merchant efficiency and innovation through cash and subsidies [7]. Performance Metrics - The core local business generated revenue of 65.6 billion yuan, a year-on-year increase of 18.9%, with operating profit of 12.9 billion yuan, up 60.9%, and an operating margin of 19.7% [9]. - New business revenue in Q4 2024 was 22.9 billion yuan, a year-on-year increase of 23.5%, with operating losses narrowing to 2.2 billion yuan, a 55.0% improvement [9]. Financial Data and Forecasts - The company forecasts revenues of 337.6 billion yuan for 2024, 394.2 billion yuan for 2025, and 455.4 billion yuan for 2026, with year-on-year growth rates of 21.99%, 16.76%, and 15.53% respectively [10]. - The net profit for 2024 is projected at 35.8 billion yuan, with a year-on-year growth of 158.43% [10]. - The estimated reasonable market value for 2025 is between 1.09 trillion and 1.27 trillion Hong Kong dollars, translating to a reasonable share price range of 179 to 209 Hong Kong dollars [13][15].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 越秀服务（6626）公司年报点评 2025 年 03 月 25 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b2le4_日S收to盘ck价（In港fo元] ） | 2.87 | | --- | --- | | 周股价波动（港元） 52 | 2.48-3.94 | | 总股本（百万股） | 1509 | | 总市值（亿港元） | 43 | | 相关研究 | | [《Ta越b秀le服_R务e（p0o6r6t2In6.fHoK] ）2024 年中期业绩公 告点评：收入净利双增，市场拓展成效显著》 2024.08.25 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 1.78 4.63 11.74 | 绝对涨幅（%） | 1.78 | 4.63 | 11.74 | | --- | --- | --- | --- | | 相对涨幅（%） | -5.44 | -3.40 | 1.14 | | 资料来源：海通证券研究所 | | | | 分析师:涂力磊 Tel:021-2318 ...