Investment Rating - The investment rating for WuXi AppTec (603259) is "Outperform the Market" and is maintained [2][13]. Core Insights - In 2024, WuXi AppTec reported a revenue of 39.24 billion yuan, a year-on-year decrease of 2.7%. Excluding COVID-19 commercialization projects, revenue increased by 5.2%. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the adjusted net profit was 10.58 billion yuan, a decrease of 2.5% year-on-year, with an adjusted net profit margin of 27.0%, reaching a historical high [6][13]. - The fourth quarter of 2024 saw a revenue of 11.54 billion yuan, a year-on-year increase of 6.9%, and an adjusted net profit of 3.24 billion yuan, up 20.4% year-on-year [6][13]. Business Segment Performance Chemical Business - Revenue reached 29.05 billion yuan, with an 11.2% year-on-year increase when excluding specific commercialization projects. The small molecule D&M business generated 17.87 billion yuan, with a 6.4% year-on-year increase [6][10]. - The TIDES business (oligonucleotides and peptides) experienced rapid growth, with revenue of 5.80 billion yuan, a 70.1% increase year-on-year, and a backlog of orders growing by 103.9% [6][10]. Testing Business - Revenue was 5.67 billion yuan, down 4.8%. Laboratory analysis and testing services generated 3.86 billion yuan, reflecting an 8.0% year-on-year decline [7][10]. Biological Business - Revenue was 2.54 billion yuan, remaining stable year-on-year. Non-tumor business revenue grew by 29.9% [10][11]. Financial Data and Forecast - For 2024, the total revenue is projected at 39.24 billion yuan, with a forecasted increase to 43.58 billion yuan in 2025, representing an 11.1% year-on-year growth [8][11]. - The net profit for 2024 is expected to be 9.45 billion yuan, increasing to 11.27 billion yuan in 2025, reflecting a 19.2% year-on-year growth [8][11]. Customer and Order Growth - By the end of 2024, the company had approximately 6,000 active customers, with a backlog of orders amounting to 49.31 billion yuan, a 47.0% year-on-year increase [13].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][8]. Core Insights - The company is a leading player in the packaging paper industry with continuous capacity expansion [6]. - For the fiscal year 2025, the company reported a revenue of 33.465 billion yuan, a year-on-year increase of 9.06%, and a net profit attributable to the parent company of 470 million yuan, a year-on-year increase of 60.57% [8]. - The sales volume of cardboard products increased by 14.0% to 11.4 million tons, with average selling prices decreasing by 4.1% [8]. - Gross profit increased by 18.1% to 3.194 billion yuan, with a gross margin improvement of 0.7 percentage points to 9.5% [8]. - The company has ongoing capacity expansion plans, including 3.05 million tons of wood pulp and 3.70 million tons of paper, which are expected to enhance market competitiveness and profitability [8]. Financial Data and Forecasts - Revenue projections for 2023 to 2027 are as follows: 56.884 billion yuan in 2023, 59.818 billion yuan in 2024, 69.203 billion yuan in 2025, 79.053 billion yuan in 2026, and 86.708 billion yuan in 2027, with year-on-year growth rates of -12.2%, 5.2%, 15.7%, 14.2%, and 9.7% respectively [7][11]. - Net profit forecasts for the same period are -2.383 billion yuan in 2023, 750 million yuan in 2024, 1.353 billion yuan in 2025, 1.882 billion yuan in 2026, and 2.499 billion yuan in 2027, with year-on-year growth rates of -172.8%, 131.5%, 80.2%, 39.1%, and 32.8% respectively [7][11]. - The company’s earnings per share (EPS) are projected to be -0.51 yuan in 2023, 0.16 yuan in 2024, 0.29 yuan in 2025, 0.40 yuan in 2026, and 0.53 yuan in 2027 [7][11]. Business Segment Performance - The packaging paper segment is expected to see revenue growth rates of 7.06%, 16.13%, 15.00%, and 10.00% from 2024 to 2027 [10]. - The cultural paper segment is projected to experience a decline in revenue by 12.05% in 2024, followed by a recovery with growth rates of 5.00% in 2026 and 5.00% in 2027 [10]. - Overall, the company anticipates a gross margin improvement to 10.11% in 2025, 10.50% in 2026, and 11.00% in 2027 [11].

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][24] Core Insights - In 2024, the company achieved operating revenue of 178.95 billion yuan, a year-on-year increase of 2.25%, while the net profit attributable to the parent company was 4.04 billion yuan, a decrease of 36.09% due to industry-wide downturns and increased impairment provisions [7][9] - The company has focused on product innovation and marketing, maintaining its position among the top five in the industry and ranking fourth in product strength among Chinese real estate companies [7][9] - The financial strategy has become more prudent, with a net cash flow from operating activities of 31.96 billion yuan and a year-end cash balance of 100.35 billion yuan [11][12] Financial Performance Summary - The company's total revenue for 2023 was 175.01 billion yuan, with a projected increase to 184.69 billion yuan in 2025, reflecting a compound annual growth rate [6][28] - The net profit for 2023 was 6.32 billion yuan, expected to decline to 4.45 billion yuan in 2025, before recovering to 5.36 billion yuan in 2026 [6][28] - The gross profit margin is projected to decrease from 15.9% in 2023 to 13.8% in 2025, indicating pressure on profitability [6][28] Sales and Market Strategy - In 2024, the company achieved a signed sales area of 9.36 million square meters, with a total sales amount of 219.30 billion yuan, focusing on core cities [16][20] - The company acquired 26 land parcels in 2024, with a total construction area of approximately 2.25 million square meters and a total land cost of about 48.6 billion yuan [20][21] - The establishment of a specialized company for construction management aims to enhance project management capabilities and expand the scale of construction services [21][22] Dividend Policy - The proposed profit distribution plan for 2024 includes a cash dividend of 1.9353 yuan per 10 shares, totaling 1.75 billion yuan, which represents 43.33% of the net profit attributable to shareholders [14][15] - The company has maintained a stable dividend payout ratio of around 40% in recent years, with an increase in the dividend payout ratio starting from 2023 [14][15]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The report highlights that the company is experiencing a strong product cycle and continuous cost reduction in technology, which is driving both volume and profit growth. The revenue for Q4 2024 reached a new high, with a year-on-year increase of 23% and a quarter-on-quarter increase of 59% [6][5] - The company is expected to maintain strong delivery momentum in 2025, with projected vehicle deliveries of 91,000 to 93,000 units in Q1 2025, representing a year-on-year increase of 317% to 326% [6] - The report emphasizes the company's commitment to technological innovation in smart driving and its global expansion strategy, aiming to increase overseas sales to 50% of total sales within the next ten years [6] Financial Performance and Forecast - The company's revenue for 2024 is projected to be 40.87 billion yuan, with a year-on-year growth of 33%. The net loss for 2024 is expected to narrow to 5.79 billion yuan [6][5] - The forecast for revenue in 2025 is 90.83 billion yuan, with a significant year-on-year increase of 122%. The net profit is projected to be -1.20 billion yuan, showing a substantial improvement [5][6] - The gross margin for 2024 is expected to be 14.3%, an increase of 12.8 percentage points year-on-year, indicating effective cost management [6][5] Market Performance - The company's stock has shown strong absolute and relative performance, with a 1-month increase of 42.9% and a 3-month increase of 97.5% compared to the market index [4][6] - The report notes that the company's market capitalization is approximately 180.73 billion yuan, with a circulating market value of about 147.57 billion yuan [2][6] Competitive Positioning - The report compares the company's valuation with peers, indicating a price-to-sales (P/S) ratio of 1.8 for 2025, which is competitive compared to other companies in the sector [7][6] - The company aims to expand its global footprint to over 60 countries and regions by the end of 2025, enhancing its overseas service network and fast-charging infrastructure [6][5]