Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company has achieved steady revenue growth in its emerging business segments and maintains a strong order backlog, indicating a positive long-term development outlook [4][11] Summary by Sections Financial Performance - In 2024, the company's operating revenue was 5.805 billion yuan, a year-on-year decrease of 25.82%. Excluding the impact of large orders from the previous year, revenue grew by 7.40%. The net profit attributable to the parent company was 949 million yuan, down 58.17% year-on-year. In Q4 2024, operating revenue reached 1.664 billion yuan, a year-on-year increase of 15.41%, with net profit of 239 million yuan, up 306.48% [4][6] Business Segment Performance - Small molecule CDMO business generated revenue of 4.571 billion yuan, with an 8.85% year-on-year increase after excluding large orders. The gross margin for this segment was 47.95%. The company delivered 48 commercial projects and added 8 new commercial projects [7] - Emerging business revenue was 1.226 billion yuan, a 2.25% year-on-year increase. The gross margin for this segment was 21.67%, with an upward trend expected in the second half of 2024 [8] - Clinical CRO business saw a slight revenue decline, with 197 new projects initiated. The company is currently managing 269 clinical research projects [8] - The biopharmaceutical CDMO business focused on ADC projects, with a revenue increase of 13.91% and a significant order backlog [8] Order Backlog and Market Expansion - The company reported a 20% year-on-year increase in new orders, with a total order backlog of 1.052 billion USD, reflecting strong demand from the US and European markets [11] - The company is expanding its global production capacity, with new facilities in Europe and ongoing projects in the US, contributing to revenue growth from these regions [11] Financial Forecast - The company expects EPS of 3.03, 3.60, and 4.42 yuan for 2025, 2026, and 2027 respectively. The report suggests a reasonable valuation range of 90.87 to 106.01 yuan based on a PE ratio of 30-35 for 2025 [11][13]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7] Core Views - The company has achieved stable growth in operating revenue and net profit attributable to the parent company, with operating revenue of 3.157 billion yuan, a year-on-year increase of 12.14%, and a net profit of 720 million yuan, a year-on-year increase of 19.13% [7] - The company plans to distribute a cash dividend of 12 yuan for every 10 shares to all shareholders, amounting to an expected total of 343 million yuan [7] - The company is expanding its production capacity for lubricant additives, with a total designed capacity of 315,000 tons and ongoing projects expected to be operational by December 31, 2025 [7] - The company has increased its R&D investment and has developed various formulations for diesel and gasoline engine oils, achieving multiple OEM certifications [7] - The estimated net profit for 2025-2027 is projected to be 868 million, 1.076 billion, and 1.308 billion yuan respectively, with corresponding EPS of 2.97, 3.69, and 4.48 yuan [7] Financial Performance Summary - The company’s operating revenue and net profit are forecasted to grow significantly, with operating revenue expected to reach 3.989 billion yuan in 2025, a 26.3% increase year-on-year [6][10] - The gross profit margin is projected to remain stable around 35.9% from 2025 onwards [6][10] - The net asset return rate is expected to increase from 21.6% in 2024 to 23.9% in 2027 [6][10] - The company’s total assets are projected to grow from 4.302 billion yuan in 2024 to 6.940 billion yuan in 2027 [10] Market Performance - The company’s stock price has shown a strong performance, with a 52-week price range of 35.00 to 58.37 yuan [2] - The absolute increase in stock price over the last three months is 19.6% [4]

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 长飞光纤（601869）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 分析师:于一铭 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] 34.02 | | --- | | 52 周股价波动（元） 21.98-46.99 | | 总股本/流通 A 股（百万股） 758/406 | | 总市值/流通市值（百万元） 25784/25784 | | 相关研究 | | [Table_ReportInfo] 《Q3 收入同环比增长，期待国内需求拐点》 | | 2024.11.18 | | 《产品结构改善，Q2 毛利率有所提升》 | | 2024.09.10 | | 《需求短期承压，期待空芯光纤等新技术打开 | | 长期成长空间》2024.04.23 | | 市场表现 | | [Table_QuoteInfo] | | 长飞光纤 海通综指 | -22.58% -7.58% 7.42% 22.42% 37.42% 2024/4 2024/7 2024/10 ...

[Table_MainInfo] 基金研究 证券研究报告 基金月报 2025 年 4 月 2 日 [Table_Title] 相关研究 [Table_ReportInfo] 《海通证券 2 月基金表现回顾：重配 TMT、汽车、医药等相关行业和个股的基 金表现较优》2025.03.03 《海通证券-基金业绩排行榜（2025-04- 01）》2025.04.01 《海通证券 3 月基金投资策略：A 股市场 回 暖 ， 相 对 偏 向 成 长 配 置 风 格 》 2025.03.03 分析师:江涛 Tel:(021)23185672 Email:jt13892@haitong.com 证书:S0850522070004 首席分析师:倪韵婷 Tel:(021)23185605 Email:niyt@haitong.com 证书:S0850511010017 海通证券 4 月基金投资策略：A 股市场短 期回归震荡，相对偏向成长配置风格 [Table_Summary] 投资要点： 基金投资策略 关注基金 风险提示 ⚫ 基本面变化、货币政策和证券市场相关政策的不确定性、资金面大幅波动、 国内改革推进力度、中美关系变化。 请 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7][11] Core Views - The report emphasizes the company's leading position in rail transit control systems and highlights the acceleration of business expansion both domestically and internationally [7][11] - The company is expected to benefit from the recovery of railway investments and the stabilization of urban rail markets, focusing on optimizing its business structure and enhancing overseas operations [7][8] Financial Performance and Forecast - In 2024, the company achieved revenue of 32.644 billion yuan, a year-on-year decrease of 11.98%, with a net profit of 3.495 billion yuan, a slight increase of 0.50% [7][8] - The company anticipates revenues of 32.412 billion yuan in 2025, with a projected net profit of 3.607 billion yuan, reflecting a year-on-year growth of 3.22% [8][11] - The gross profit margin is expected to remain stable, with projections of 29.8% in 2025 and 29.7% in 2026 [6][8] Business Segments - Railway segment revenue is projected to be 19.457 billion yuan in 2025, with a slight growth of 3% [8][10] - Urban rail segment revenue is expected to decline slightly, with projections of 8.015 billion yuan in 2025 [8][10] - Overseas business is anticipated to grow significantly, with expected revenues of 3.662 billion yuan in 2025, reflecting a 50% year-on-year increase [8][10] - The engineering contracting segment is expected to see a substantial decline, with revenues projected at 0.672 billion yuan in 2025 [8][10] Valuation - The report estimates a reasonable valuation range for the company at 6.13 to 7.15 yuan per share, based on a PE ratio of 18-21 times for 2025 [11][12] - The estimated market capitalization is projected to be between 649 billion yuan and 758 billion yuan [11][12]

推荐关注创新药、CXO 与消费医疗复苏 [Table_MainInfo] 行业研究/医药与健康护理 证券研究报告 行业月报 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -16.76% -10.69% -4.62% 1.46% 7.53% 13.60% 2024/4 2024/7 2024/10 2025/1 医药与健康护理 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《2024 年医疗保障事业发展统计快报： 基本医保基金收入支出稳定增加，助力经 济社会发展，支持医药创新》2025.03.24 《DeepSeek 时刻，关注创新药和 AI 医 疗的机会》2025.03.03 《后疫情时期混合流行形成趋势，呼吸道 多联检市场有望持续扩容》2025.03.04 分析师:余文心 Tel:(8610)58067941 [Table_AuthorInfo] 请务必阅读正文之后的信息披露和法律声明 个股涨幅前三为润都股份(+53.8%)、金域医药(+50.3%)、热景生物(+41.9% ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 阳谷华泰（300121）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] | 11.90 | | --- | --- | | 52 周股价波动（元） | 6.66-20.78 | | 总股本/流通 A 股（百万股） | 449/433 | | 总市值/流通市值（百万元） | 5340/5147 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -21.12% 8.88% 38.88% 68.88% 98.88% 2024/4 2024/7 2024/10 2025/1 阳谷华泰 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） -8.3 3.8 -1.0 相对涨幅（%） -8.3 2.0 0.2 资料来源：海通证券研究所 分析师:刘威 Tel:(0755)82764281 证书:S0850518030001 24 年扣非归母净利润同比下降 36.38%， ...

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 1-2 月酒饮料茶行业营收同比-0.4% 市场表现 [Table_QuoteInfo] -25.54% -16.93% -8.33% 0.28% 8.88% 17.48% 2024/2 2024/5 2024/8 2024/11 食品 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《1-2 月社零同比+4.0%，餐饮同比 | | --- | | +4.3%》2025.03.24 | | 《中办、国办印发《提振消费专项行动 | | 方案》》2025.03.17 | | 《2 月 CPI 同比-0.7%》 | | 2025.03.10 | 分析师:颜慧菁 Tel:(021)23183952 Email:yhj12866@haitong.com 证书:S0850520020001 分析师:程碧升 Tel:(021)23185685 Email:cbs10969@haitong.com 证书:S085052 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][11] Core Insights - The company has sufficient orders in its main business and plans to acquire a stake in Diz Precision to enter the robotics sector [7][8] - The revenue from the new energy vehicle thermal runaway protection insulation components is expected to grow significantly, with a projected CAGR of 40.5% from 2023 to 2027 in the global mica material market [8][9] - The company is well-positioned in the mica insulation market, holding a 4.35% global market share, with 27.14% in the new energy vehicle sector [8][9] Financial Performance and Forecast - The company reported revenue of 667 million yuan in 2022, with a projected increase to 1,980 million yuan by 2026, reflecting a CAGR of 27.0% [7][15] - Net profit is expected to grow from 134 million yuan in 2022 to 442 million yuan by 2026, with a CAGR of 30.8% [7][15] - The fully diluted EPS is projected to rise from 0.37 yuan in 2022 to 1.21 yuan by 2026 [7][15] Product Segmentation and Growth - Revenue from new energy vehicle thermal runaway protection insulation components is expected to grow from 5.75 million yuan in 2023 to 16.21 million yuan by 2026, with a CAGR of 30% [9][10] - The small household appliance flame-retardant insulation components are projected to see revenue growth from 1.15 million yuan in 2023 to 1.91 million yuan by 2026 [9][10] - The cable flame-retardant insulation tape is expected to maintain steady growth, with revenue increasing from 0.52 million yuan in 2023 to 0.69 million yuan by 2026 [9][10] Market Position and Client Base - Major clients include Tesla, Volkswagen, BMW, and other leading automotive and appliance manufacturers, indicating a strong market presence [8][9] - The company has disclosed expected sales amounts for new energy industry projects ranging from 9.238 billion yuan to 9.963 billion yuan [8][9] Valuation and Price Target - The estimated price-to-earnings ratio for 2025 is projected to be between 40-45 times, leading to a target price range of 37.20 to 41.85 yuan [7][11][15]

[Table_MainInfo] 行业研究/公用事业 证券研究报告 市场表现 [Table_QuoteInfo] -10.69% -6.10% -1.50% 3.09% 7.69% 12.28% 2024/4 2024/7 2024/10 2025/1 公用事业 海通综指 资料来源：海通证券研究所 行业周报 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 业绩披露期，看好今年业绩持续修复 相关研究 | [Table_ReportInfo] 《煤价波动，新能源建设进度不减》 | | --- | | 2025.03.16 | | 《煤价短期企稳，开工预期待验证》 | | 2025.03.13 | | 《广东电价好转，继续看好电价、煤价双 | | 提振》2025.03.03 | 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 分析师:傅逸帆 Tel:(021)23185698 Email:fyf11758@haitong.com 证书:S0850519100001 联系人:阎石 ...