Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is experiencing steady growth in its vaping segment, while the future of Heat-Not-Burn (HNB) products looks promising, although increased expenses are impacting short-term profitability [1] - The company reported a net profit of 192 million yuan for Q1 2025, a decrease of 43.4% year-on-year, with total comprehensive income of 208 million yuan, down 32.9% year-on-year [1] - The report anticipates a stable revenue stream for Q1, with profit pressure primarily due to increased expenses and a higher tax rate compared to the previous year [1] Summary by Sections Market Environment - The report highlights regulatory changes affecting disposable vaping products in Belgium, France, and the UK, which are expected to pressure the company's performance in this segment [2] - The company is expected to see a recovery in its APV and refillable products overseas, with a trend of year-on-year improvement anticipated [2] HNB Product Development - The company is positioned to benefit from the expansion of HNB products in the US market, with expectations for the launch of new products by PMI [3] - The report notes that the US market is crucial for the company, with projected revenue and adjusted operating profit contributions of 44% and 54%, respectively [3] Financial Projections - The company is projected to achieve adjusted net profits of 1.41 billion yuan in 2025, 2.34 billion yuan in 2026, and 3.03 billion yuan in 2027, with corresponding P/E ratios of 39.9X, 24.1X, and 18.6X [4] - Total revenue is expected to grow from 11.8 billion yuan in 2024 to 17.1 billion yuan in 2027, with a compound annual growth rate of approximately 23% [5] - The report outlines a decrease in net profit for 2024, followed by a recovery in subsequent years, with growth rates of 8% in 2025 and 66% in 2026 [5][7] Key Financial Metrics - The company’s total assets are projected to increase from 27.65 billion yuan in 2024 to 35.85 billion yuan in 2027, indicating a strong growth trajectory [6][7] - The report provides detailed financial metrics, including operating income, net profit, and earnings per share (EPS), with EPS expected to rise from 0.21 yuan in 2024 to 0.49 yuan in 2027 [5][6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 9.139 billion yuan in 2024, representing a year-on-year growth of 6.02%. The net profit attributable to the parent company was 1.092 billion yuan, up 9.60% year-on-year, while the net profit excluding GDR exchange losses grew by 20.26% to 1.012 billion yuan [1] - The company's market share in core products, particularly DCS, has increased, with a domestic market share of 40.4% in 2024, up 2.6 percentage points from the previous year. In the chemical sector, the DCS market share reached 62.6%, an increase of 6.3 percentage points, and in the petrochemical sector, it reached 56.2%, up 6.9 percentage points [1] - The company has seen steady revenue growth in the chemical and petrochemical sectors, with revenues of 3.366 billion yuan and 1.854 billion yuan respectively, and notable growth in the pharmaceutical and food sectors, which saw a revenue increase of 17.38% to 741 million yuan. The oil and gas sector, a new focus area, achieved a revenue of 885 million yuan, growing by 47.84% [1] - The international business is progressing well, with export revenue accounting for 8.25% of total revenue, a growth of 118.27% year-on-year. The company has established a robotics product business system, generating revenue of 56.01 million yuan and securing new orders worth 167 million yuan [1] Financial Summary - The total revenue for 2023 was 8.620 billion yuan, with a projected increase to 10.025 billion yuan in 2025, reflecting a growth rate of 9.7% [2] - The net profit attributable to the parent company for 2023 was 1.102 billion yuan, expected to rise to 1.275 billion yuan by 2025, indicating a growth rate of 14.2% [2] - The gross margin for 2024 is projected at 33.9%, slightly up from 33.2% in 2023, while the return on equity (ROE) is expected to be 10.8% in 2024, increasing to 14.5% by 2027 [2] - The earnings per share (EPS) for 2023 was 1.39 yuan, with projections of 1.61 yuan in 2025 and 2.32 yuan in 2027 [2] Market Position - The company maintains a leading position in the DCS market across various sectors, ranking first in the chemical, petrochemical, building materials, and paper industries [1] - The SIS market share reached 31.2% in 2024, marking the third consecutive year of being the domestic leader [1]

证券研究报告 公司研究 点评报告 九方智投控股（9636.HK） 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 营口碑等优势，充分受益于市场走势回暖，业绩有望进一步改善。我 们预计 2025-2027 年 EPS 分别为 1.70/1.77/1.95 元。 风险因素：客群开拓发展不及预期；市场波动加剧；在手投资的资产 价格波动。 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 市场回暖预期充分兑现，研究及运营优势凸显 2025 年 4 月 7 日 事件：九方智投控股发布 2024 年度业绩公告，实现集团总收益 23.06 亿 元，同比增加 17.3%；实现集团股东应占溢利 2.72 亿元。订单侧，公司 2024 年度总订单金额约为 35.06 亿元，较上年同期增加约 49.3%；截止 2024 年年底公司合约负债为 14.89 亿元（2023 年同期为 6.89 亿元），将 主要于 2025 年确认收益。 总订单、用户规模等数据明显进 ...

美国关税政策落地， 半导体产业链重构利好国产替代 [Table_ReportDate] 2025 年 4 月 7 日 证券研究报告 行业研究 [行业专题研究（普通） Table_ReportType] | [Table_StockAndRank] 半导体 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 莫文宇 电子行业首席分析师 | | | 执业编号：S1500522090001 | | | 邮 箱：mowenyu@cindasc.com | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] 美国关税政策落地，半导体产业链重构 利好国产替代 [Table_ReportDate] 2025 年 04 月 07 日 ➢ 风险提示：半导体国产替代进程不及预期，下游需求发展不及预 期。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 本期内容提要: 请阅读最后一页免责声明及信息披露 ...

公司研究 点评报告 九方智投控股（9636.HK） 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 证券研究报告 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 市场回暖预期充分兑现，研究及运营优势凸显 2025 年 4 月 7 日 事件：九方智投控股发布 2024 年度业绩公告，实现集团总收益 23.06 亿 元，同比增加 17.3%；实现集团股东应占溢利 2.72 亿元。订单侧，公司 2024 年度总订单金额约为 35.06 亿元，较上年同期增加约 49.3%；截止 2024 年年底公司合约负债为 14.89 亿元（2023 年同期为 6.89 亿元），将 主要于 2025 年确认收益。 总订单、用户规模等数据明显进步。得益于市场活跃度、公司投研体 系、运营能力的多方面提升，公司总订单金额达约人民币 35.06 百 万元，较同期增长 49.3%，付费用户数量达 18.1 万名，较同期增加 约 149.4%。退款率方面，金融软件销售及 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated stable annual performance, with a revenue of 9.139 billion yuan in 2024, reflecting a year-on-year growth of 6.02%. The net profit attributable to the parent company reached 1.092 billion yuan, up 9.60% year-on-year, while the net profit excluding GDR exchange losses grew by 20.26% to 1.012 billion yuan [1] - The company's market share in core business has improved, with a DCS market share of 40.4% in 2024, an increase of 2.6 percentage points from the previous year. In the chemical sector, the DCS market share reached 62.6%, up 6.3 percentage points, and in the petrochemical sector, it reached 56.2%, up 6.9 percentage points [1] - The company has successfully expanded its international business and achieved breakthroughs in its robotics business, with export revenue accounting for 8.25% of total revenue, growing by 118.27% year-on-year [1] Financial Performance Summary - Total revenue for 2024 was 9.139 billion yuan, with a year-on-year growth rate of 6.0%. The net profit attributable to the parent company was 1.117 billion yuan, with a growth rate of 1.4% [2] - The gross profit margin for 2024 was 33.9%, slightly up from 33.2% in 2023. The return on equity (ROE) for 2024 was 10.8% [2] - Earnings per share (EPS) for 2024 is projected at 1.41 yuan, with a price-to-earnings (P/E) ratio of 37.07 [2] Business Segment Performance - In the chemical industry, the company achieved revenue of 3.366 billion yuan in 2024, with a gross margin of 35.28%, an increase of 3.47 percentage points year-on-year. The petrochemical sector generated 1.854 billion yuan, with a gross margin of 40.11% [1] - The pharmaceutical and food industry saw a revenue increase of 17.38% to 741 million yuan, while the oil and gas sector, as a new focus area, achieved a revenue of 885 million yuan, growing by 47.84% [1] Future Earnings Forecast - The company is expected to continue expanding its product offerings and integrating technology, with projected EPS of 1.61 yuan, 1.91 yuan, and 2.32 yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 32.47, 27.40, and 22.55 [1]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 招商公路(001965) | 投资评级 | | | --- | --- | | | 买入 | 上次评级 买入 [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 招商公路（001965.SZ）点评：多因素影响 24 年业绩承压，扣非利润下降 4.66% [Table_ReportDate] 2025 年 04 月 07 日 [Table_S 事件：招商公路 umm 发布 2024 年报：2024 年公司实现营业收入 127.11 亿元， 同比+30.62%，实现归母净利润 53.22 亿元，同比-21.35%，实现扣非归母 净利润 48.58 亿元，同比-4.66%。其中，24Q4 公司实现营业收入 36.34 亿 元，同比+ ...

新能源电量全面入市，月度电价上浮比例继续收窄 [Table_Industry] —电力行业 1-2 月月报 [Table_ReportDate] 2025 年 4 月 7 日 证券研究报告 行业研究 [行业Table月报_ReportType] 电电力行业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区闹市口大街9号院1号楼 邮编：110031 [电 ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] 美国关税政策落地，半导体产业链重构 利好国产替代 证券研究报告 行业研究 [行业专题研究（普通） Table_ReportType] | [Table_StockAndRank] 半导体 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 莫文宇 电子行业首席分析师 | | | 执业编号：S1500522090001 | | | 邮 箱：mowenyu@cindasc.com | | 美国关税政策落地， 半导体产业链重构利好国产替代 [Table_ReportDate] 2025 年 4 月 7 日 [Table_ReportDate] 2025 年 04 月 07 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S [➢Table_Summary 事件：ummar美东时间 y] ] 4 月 2 日， ...

利率下行方向重新确立——如何看待关税措施对债市的影响 [Table_ReportTime] 2025 年 4 月 7 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 证券研究报告 债券研究 [T专题able_ReportType] 报告 行，但 5 年期关键期限国债停发，上周发行的 91 天贴现国债的规模降至 400 亿，低于我们此前的预期，这意味着本月贴现国债的整体发行规模可能都 相对较低，我们对 4 月国债发行规模的预期进一步下修。我们预计 4 月国债 发行规模 1.31 万亿，国债净融资规模约 1100 亿元，相较于 3 月 5964 亿元 明显下降。地方债方面，上周有 6 个省份新公布了二季度地方债发行计划， 目前 26 省市公布的 Q2 发行计划显示 4 月计划发行规模达 7229 亿元，考虑 剩余未公布地方债发行计划的省份已经不多，我们对于 4 月地方债发行的假 设相较于 4 月 1 日并未调整。整体来看，我们预计 4 月政府债发行规模约 2.23 万亿，净融资约 8600 亿，较 3 月下降约 6100 亿元。本周政府债将净 偿还 3906 亿，这甚至会对流 ...