Investment Rating - The investment rating for Beibu Gulf Port (000582) is "Accumulate" [2] Core Viewpoints - Beibu Gulf Port is the core port in Southwest China, actively responding to the trend of port industry consolidation and continuously expanding cargo sources and capacity. The long-term growth potential of throughput is expected to be released, driven by the Western Land-Sea New Corridor [10][11] - The company is the only operator of public terminals in the Beibu Gulf region, operating Beihai Port, Qinzhou Port, and Fangcheng Port. The throughput scale and profitability are at the upper level of the industry [6][12] - The company achieved a cargo throughput of 328 million tons in 2024, with a CAGR of 6.76% from 2021 to 2024, and a container throughput of 9.0152 million TEUs, with a CAGR of 14.46% during the same period [6][16] - Financially, the company reported revenue of 4.902 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.13%, and a net profit attributable to the parent company of 916 million yuan, up 8.06% year-on-year. The ROE for 2023 was 8.50%, exceeding the average level of the port sector by 1.52 percentage points [6][19][24] Summary by Sections 1. Beibu Gulf Port: Core Port in Southwest China - Beibu Gulf Port operates three ports and has a total cargo throughput capacity of 392 million tons and a container throughput capacity of 9.8 million TEUs [12] - The company has a clear division of labor among its ports, with Qinzhou Port contributing nearly 80% of container throughput [12][22] 2. Port Industry: Trend of Regional Consolidation - The port industry in China is mature, with cargo handling as the core business. The economic hinterland determines the business scale, while capacity, throughput, and handling fee rates determine profit margins [27][28] - The industry is experiencing a trend of consolidation due to past overcapacity and intensified competition, leading to a gradual return to rational pricing [27][35] 3. Long-term Growth Potential Supported by the Western Land-Sea New Corridor - The Western Land-Sea New Corridor is expected to enhance the existing capacity of western regions and promote regional collaboration, with significant strategic implications for throughput growth [10][11] - The company is well-positioned to benefit from the growing import and export demands of regions like Guangxi, Yunnan, and Guizhou, especially with the implementation of RCEP [11][18] 4. Continuous Capacity Expansion Reflects Confidence - The company is actively investing in capacity expansion, supported by policies related to the Western Land-Sea New Corridor, indicating confidence in long-term throughput growth [10][11] - The impact of depreciation on costs is manageable, as depreciation accounts for less than 30% of operating costs [10][11] 5. Profit Forecast and Valuation - The company is expected to achieve revenues of 7.32 billion yuan, 7.99 billion yuan, and 8.30 billion yuan from 2024 to 2026, with corresponding net profits of 1.167 billion yuan, 1.179 billion yuan, and 1.269 billion yuan [7][19] - The current valuation is considered low, leading to the "Accumulate" rating [7][19]

Investment Rating - The investment rating for Beibu Gulf Port (000582) is "Accumulate" [2] Core Viewpoints - Beibu Gulf Port is the only operator of public terminals in the Beibu Gulf region of Guangxi, actively responding to the trend of port industry consolidation and continuously expanding cargo sources and capacity. The long-term growth potential of throughput is supported by the regional synergy driven by the Western Land-Sea New Corridor [6][10] - The company is expected to achieve a cargo throughput of 328 million tons in 2024, with a CAGR of 6.76% from 2021 to 2024. The container throughput is projected to reach 9.0152 million TEUs, with a CAGR of 14.46% during the same period, placing throughput scale at the upper level of the industry [6][16] - Financially, the company achieved revenue of 4.902 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.13%, and a net profit attributable to shareholders of 916 million yuan, up 8.06% year-on-year. The company's ROE was 8.50% in 2023, exceeding the average level of the port sector by 1.52 percentage points [6][19][24] Summary by Sections Section 1: Beibu Gulf Port Overview - Beibu Gulf Port operates three ports: Beihai Port, Qinzhou Port, and Fangcheng Port, with a total of 89 coastal productive berths and an annual throughput capacity of 392 million tons [12] - The company has actively integrated provincial assets and responded to the trend of port consolidation, enhancing its operational efficiency and market position [14] Section 2: Port Industry Trends - The port industry in China is maturing, with a focus on cargo handling as the main business. The economic hinterland determines business scale, while capacity, throughput, and handling fee rates dictate profit margins [27] - The trend of regional consolidation is driven by the need to alleviate competition among peers, with a preliminary formation of "one province, one port" [35] Section 3: Long-term Growth Potential - The Western Land-Sea New Corridor is expected to enhance the existing channel capacity in the western region, driving regional collaboration and increasing throughput potential [11][10] - The company’s hinterland demand is expected to grow, benefiting from the construction of the Pinglu Canal, which is projected to significantly increase cargo transport volumes by 2035 and 2050 [11][10] Section 4: Capacity Expansion and Cost Management - The company is confident in its long-term throughput growth, as evidenced by its ongoing capital expenditures and capacity expansion projects [6][10] - The impact of depreciation on costs is manageable, as fixed asset depreciation remains below 30% of operating costs [6][10] Section 5: Profit Forecast and Valuation - The company is projected to achieve revenues of 7.32 billion yuan, 7.99 billion yuan, and 8.30 billion yuan from 2024 to 2026, with corresponding net profits of 1.167 billion yuan, 1.179 billion yuan, and 1.269 billion yuan [7][6] - The current valuation is considered undervalued, leading to the "Accumulate" rating [6][7]

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company has been deeply engaged in the e-commerce SaaS sector for fifteen years, building a comprehensive service ecosystem that covers various platforms such as Taobao, JD.com, Pinduoduo, Douyin, and WeChat [3][10]. - The company has achieved a positive cash flow starting in 2023, with expectations for a performance turning point in 2025 as it focuses on high-margin businesses and improves cost control [3][5]. - The e-commerce SaaS market in China is expected to continue expanding, with a projected market size exceeding 100 billion yuan by 2026, driven by new business models such as live e-commerce and cross-border e-commerce [3][34]. - The company employs a tiered strategy to enhance customer coverage, leveraging AI to upgrade its entire service chain, which has resulted in significant revenue growth from small and medium-sized merchants [3][38]. Summary by Sections 1. Deep Engagement in E-commerce SaaS - The company provides SaaS products and value-added services to e-commerce merchants, establishing a full-chain operational solution [3][10]. - It has a strong reputation and brand effect, with a young management team focused on delivering comprehensive solutions [3][12]. 2. Positive Cash Flow and Performance Turning Point - Revenue from 2018 to 2024 shows fluctuations, with a slight increase expected in 2024 [3][16]. - The company has reduced investment in low-margin businesses and is focusing on large merchants, leading to improved financial conditions and a projected cash flow of 27.05 million yuan in 2024 [3][30]. 3. Expanding E-commerce SaaS Market - The Chinese SaaS market grew from 14.52 billion yuan in 2018 to 70.28 billion yuan in 2024, with a compound annual growth rate of 30.2% [3][34]. - The market is characterized by a pyramid structure, with varying needs across different merchant tiers [3][35]. 4. Tiered Strategy and AI Empowerment - The company has over 1.2 million paying users and processes over 30 million packages daily, with significant revenue growth from small merchants on platforms like Douyin [3][38]. - AI technology is enhancing operational efficiency, with products like the Kuaimai Xiaozhi customer service robot improving gross merchandise volume by 20% [3][45]. 5. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 482 million yuan, 566 million yuan, and 682 million yuan, respectively, with expected growth rates of 1.5%, 17.3%, and 20.4% [4][5]. - The company is expected to achieve profitability in 2025, supported by a strong market position and effective cost management [5][47].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明康德(603259) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 相关研究 [Table_OtherReport] 维持全年指引不变，TIDES 业务逆势增 长 药明康德(603259)：高基数下稳定增 长，盈利能力持续提升 药明康德(603259)：业绩符合预期， 多业务协同稳健发展 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 [Table_Title] 业绩边际改善趋势明确，2025 年有望实现双 位数增长 [Table_ReportDate] 2025 年 03 月 18 日 [Table_S 事件：2025 ummar年y]3 月 17 日，公司发布《2024 年年度报告》。2024 年公司实 现营业收 ...

Investment Rating - The investment rating for the company is "Buy" [2][5] Core Views - The company has been deeply engaged in the e-commerce SaaS sector for fifteen years, building a comprehensive service ecosystem that covers various platforms such as Taobao, JD, Pinduoduo, Douyin, and WeChat, providing a full-chain solution for e-commerce operations [3][10] - The company has achieved positive cash flow starting in 2023, with expectations for a performance inflection point in 2025 as it focuses on high-margin businesses and improves cost control [3][30] - The e-commerce SaaS market is expanding, with the market size projected to exceed 100 billion yuan by 2026, driven by new business models such as live e-commerce and cross-border e-commerce [3][34] - The company employs a tiered strategy to deepen customer coverage, with AI technology enhancing operational efficiency and driving growth [3][38] Summary by Sections 1. Deep Engagement in E-commerce SaaS - The company has established itself as a leading provider of SaaS products for e-commerce merchants, offering additional hardware and operational services to create a full-service ecosystem [3][10] - The company has a strong reputation and brand effect, with a young management team providing comprehensive solutions for e-commerce operations [3][12] 2. Positive Cash Flow and Performance Inflection Point - From 2018 to 2024, the company reported revenues of 4.65, 4.65, 5.1, 5.45, 4.95, 4.75, and 4.82 billion yuan, with a year-on-year change of +29.89%, -0.18%, +9.75%, +6.94%, -9.42%, -3.74%, and +1.46% respectively [3][16] - The company is expected to achieve a profit turnaround in 2025, with a projected net profit of 8 million yuan [5][30] 3. E-commerce SaaS Market Expansion - The Chinese SaaS market grew from 14.52 billion yuan in 2018 to 70.28 billion yuan in 2024, with a CAGR of 30.2%, and is expected to exceed 100 billion yuan by 2026 [3][34] - The market is characterized by a pyramid competition structure, with different needs and price sensitivities among various tiers of merchants [3][35] 4. Tiered Strategy and AI Empowerment - The company has covered over 1.2 million paying users, processing an average of over 30 million packages daily, with significant revenue growth from small merchants on platforms like Douyin [3][38] - AI technology has been integrated into the company's operations, enhancing efficiency and customer service, with notable improvements in sales conversion rates [3][45] 5. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.82 billion, 5.66 billion, and 6.82 billion yuan from 2024 to 2026, with year-on-year growth rates of 1.5%, 17.3%, and 20.4% respectively [5][47] - The company is projected to maintain a competitive advantage in the e-commerce SaaS sector, with a target market value of 9.057 billion yuan and a target price of 21.27 yuan per share [5][47]

Investment Rating - The report maintains a positive outlook for WuXi AppTec, indicating a potential for double-digit growth in 2025 [2][3]. Core Insights - The company achieved a revenue of 39.24 billion yuan in 2024, a decrease of 2.7% year-on-year, but a 5.2% increase when excluding COVID-19 commercialization projects. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the adjusted net profit increased by 2.5% to 9.99 billion yuan [1][2]. - The revenue for Q4 2024 was 11.54 billion yuan, reflecting a quarter-on-quarter growth of 10.3% and a year-on-year growth of 6.9%. The adjusted net profit for Q4 was 3.24 billion yuan, up 20.4% year-on-year [2][3]. - The company expects revenue from continuing operations to return to double-digit growth in 2025, with a projected revenue of 41.5 to 43 billion yuan, representing a growth of 10% to 15% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported quarterly revenues of 7.98 billion yuan, 9.26 billion yuan, 10.46 billion yuan, and 11.54 billion yuan, with adjusted net profits of 1.91 billion yuan, 2.46 billion yuan, 2.97 billion yuan, and 3.24 billion yuan respectively [2]. - The total revenue for 2024 was 39.24 billion yuan, with a year-on-year growth rate of -2.7%. The adjusted net profit was 10.58 billion yuan, down 2.5% year-on-year [1][2]. Business Segments - The chemical business generated 29.05 billion yuan in 2024, a slight decline of 0.4%, but a growth of 11.2% when excluding specific commercialization projects. The TIDES business saw a significant revenue increase of 70.1% to 5.8 billion yuan [3][4]. - The testing business reported a revenue of 5.67 billion yuan, down 4.8% year-on-year, primarily due to a decline in order prices [4][5]. - The biological business achieved a revenue of 2.54 billion yuan, with a 29.9% growth in non-tumor-related areas [5][6]. Future Outlook - The company plans to increase capital expenditures to 7 to 8 billion yuan in 2025, focusing on expanding global D&M capacity [7]. - Revenue projections for 2025 to 2027 are 42.32 billion yuan, 47.08 billion yuan, and 52.24 billion yuan respectively, with net profits expected to reach 11.02 billion yuan, 12.50 billion yuan, and 14.09 billion yuan [8][9].

证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 海油工程(600583.SH) | | | 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@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] 24 年盈利能力增强，有望受益深海科技 [Table_ReportDate] 2025 年 3 月 18 日 [Table_S 事件： ummary] 2025 年 3 月 17 日 ，海油工程发布 2024 年度报告，2024 年，公司 实现营业收入 299.54 亿元，同比下降 2.59%，实现归母净利润 21.61 亿 元，同比上涨 33%；扣非后净利润 18.09 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown an increase in profitability in 2024, with a net profit of 2.16 billion yuan, up 33% year-on-year, despite a slight decline in revenue [1][2] - The company is expected to benefit from high capital expenditures from CNOOC and the ongoing recovery in the industry, with projected net profits for 2025-2027 showing consistent growth [6] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while the net profit attributable to shareholders was 2.16 billion yuan, an increase of 33% [1] - The company's gross margin for 2024 was 12.28%, up 1.53 percentage points from the previous year, and the net margin was 7.30%, up 2.00 percentage points [4] - For Q4 2024, the company reported a single-quarter revenue of 9.53 billion yuan, down 2.66% year-on-year but up 36% quarter-on-quarter [2] Business Segmentation - In 2024, the revenue breakdown by business segment was 72.33% from marine engineering total contracting, 18.00% from marine engineering non-total contracting, and 9.66% from non-marine engineering projects [4] - The gross margins for marine engineering and non-marine engineering projects were 11.90% and 15.60%, respectively, with marine engineering showing a significant improvement [4] Regional Performance - The company's domestic and overseas revenue proportions were 80.70% and 19.30%, respectively, with a notable increase in revenue from CNOOC-related transactions [4] - The gross margin for domestic operations was 13.04%, up 3.60 percentage points, while the overseas gross margin was 9.10%, down 7.05 percentage points due to early-stage construction impacts [4] Future Outlook - The company has secured new orders totaling 30.24 billion yuan in 2024, with an order backlog of approximately 40 billion yuan, providing strong support for future workloads [4] - The company is transitioning to an international engineering contractor and has signed significant contracts with Shell and Saudi Aramco, indicating a strategic shift towards renewable energy projects [4] Dividend Policy - The company maintains a dividend payout ratio of over 40%, proposing a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend yield of 3.65% based on the closing price on March 17, 2025 [6]

工程机械景气度回升，关注人形机器人催化标的 【机】械【】设[T备able_Industry] [Table_ReportDate] 2025 年 3 月 17 日 行业研究——周报 [T行ab业le_周Rep报ortType] 投资评级 看好 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 证券研究报告 [工Ta程ble机_Ti械tl景e] 气度回升，关注人形机器人催化标的 [Table_ReportDate] 2025 年 3 月 17 日 本期内容提要: 1）恒立液压： 恒立液压作为国内传动龙头，是工程机械行业领军企业，有望受益于 工程机械回暖。当前公司线性驱动器项目已完成厂房和部分产线建 设，已实现小批量生产和销售，此外我们看好公司在滚珠丝杠领域加 大投入布局，有望实现持续增长。 2）恒锋工具： 公司作为高效刀具领域生产制造公司，深耕精密机械制造，产品包括 精密复杂刃量具和精密高效刀具两大类，精密复杂刃量具细分为拉削 刀具、冷挤压刀具、齿轮刀具、花键量具四大系列，精密高效刀具细 分为高效钢板钻、高效钻铣刀具二大 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The industry is experiencing a recovery in demand for construction machinery, with a significant increase in excavator sales, indicating a positive trend for the sector [12][48] - The production and commercialization of humanoid robots are accelerating, presenting new investment opportunities in the robotics sector [12][46] Summary by Sections 1. Key Companies - **Hengli Hydraulic**: As a leading player in the domestic transmission sector, the company is expected to benefit from the recovery in the construction machinery industry. The linear actuator project has completed construction and is in small-scale production, with further investments in ball screw technology anticipated to drive growth [3][13] - **Hengfeng Tools**: This company specializes in high-efficiency cutting tools and is well-positioned to benefit from the expansion of the downstream market due to the acceleration of humanoid robot industrialization [4][14] - **Yizhiming**: As a leader in injection molding and die-casting machines, the company is expected to gain from the recovery of the macro economy and the expansion of the integrated die-casting market [5][15] - **Sande Technology**: The company is expected to achieve a significant profit increase in 2024, with a projected net profit of 138-152 million yuan, reflecting strong growth potential [6][16] - **Jiaocheng Ultrasonic**: Focused on ultrasonic equipment, the company anticipates a revenue of 580 million yuan in 2024, with a net profit growth of 27.37%, indicating a robust business model and growth prospects [7][17] 2. Industry Trends - In February 2025, excavator sales reached 19,270 units, a year-on-year increase of 52.84%, with domestic sales growing by 99.4%. This reflects a strong recovery in domestic demand for construction machinery [12][48] - The manufacturing PMI for February 2025 was reported at 50.2%, indicating a recovery in manufacturing activity, with production and new orders showing positive trends [27] - The industrial robot market is projected to grow significantly, with a cumulative production of 556,369 units in 2024, reflecting a 14.2% year-on-year increase [40] 3. Policy Support - Recent government policies are aimed at supporting the development of humanoid robots, with initiatives to enhance innovation and application scenarios in the robotics sector [46][47] - The construction machinery sector is expected to benefit from ongoing infrastructure investment and policies promoting the replacement of outdated equipment, which will support domestic sales growth [48]