2025 年 03 月 21 日 公司点评 买入/维持 汇顶科技(603160) 昨收盘:77.38 经营情况持续改善，盈利能力大幅提升 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/3/21 24/6/1 24/8/12 24/10/23 25/1/3 25/3/16 ◼ 股票数据 | 总股本/流通(亿股) | 4.62/4.62 | | --- | --- | | 总市值/流通(亿元) | 357.39/357.39 | | 12 个月内最高/最低价 | 100.5/55.03 | | (元) | | 相关研究报告 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-汇顶科技 （603160）：24H1 扭亏为盈，新产品 批量导入未来可期>>--2024-10-23 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 深耕四大核心技术领域，持续提升全球化战略布局与品牌影响力。公司全 力投入"传感、AI 计算、连接、安全 ...

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 1.21 HKD [1][10]. Core Views - The report highlights that the company has accelerated its overseas expansion, which is expected to enhance operational efficiency [1][6]. - The company achieved a revenue of 11.58 billion HKD in 2024, representing a year-on-year growth of 20.5%, while the net profit attributable to shareholders was 0.90 billion HKD, down 6.9% year-on-year [4][7]. - The average Return on Equity (ROE) was 8.1%, a decrease of 2.9% compared to the previous year [4]. Financial Performance - Revenue breakdown for the reporting period includes operating leasing services at 4.62 billion HKD, engineering technical services at 3.75 billion HKD, and asset management and other services at 3.21 billion HKD, with respective year-on-year changes of -10.1%, +26.5%, and +113.0% [5]. - The overall gross margin decreased by 6.5 percentage points to 32.6%, primarily due to a decline in equipment utilization and rental prices [5]. - The company’s capital expenditure reached 7.10 billion HKD, a significant increase of 249.5% year-on-year, with net capital expenditure after sales of second-hand equipment at 4.83 billion HKD, up 847.3% [5]. Strategic Initiatives - The company is diversifying its product matrix and expanding into non-construction sectors, including mining machinery leasing and oil and chemical industries [6]. - The overseas asset management scale has exceeded 2.1 billion HKD, with overseas revenue increasing over 27 times to 0.39 billion HKD, achieving breakeven [6]. - The company is pursuing an "operationally driven" transformation and advancing its "3+3+3" globalization strategy, which is expected to improve operational quality and efficiency [6]. Earnings Forecast - Projected revenues for 2025-2027 are 12.27 billion HKD, 13.46 billion HKD, and 14.84 billion HKD, with net profits of 0.96 billion HKD, 1.07 billion HKD, and 1.20 billion HKD respectively [7]. - The estimated earnings per share (EPS) for the same period are 0.30 HKD, 0.33 HKD, and 0.38 HKD, with corresponding price-to-earnings (PE) ratios of 3.76, 3.37, and 2.99 [7].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of a relative increase in stock price over the next six months [1][19]. Core Insights - The company reported a slight increase in revenue for 2024, achieving 178.95 billion yuan, a year-on-year growth of 2.25%. However, the net profit attributable to shareholders decreased by 36.09% to 4.04 billion yuan, primarily due to a decline in gross margin and increased impairment losses [3][4]. - The company remains among the top five in the industry in terms of sales scale, with a total contracted sales area of 9.36 million square meters, down 23.5% year-on-year. The total sales amount reached 219.3 billion yuan, a decrease of 25.3% [5]. - The company focuses on acquiring land in core cities, with 90% of its investment in the "Core 10 Cities," and 59% of the investment in first-tier cities [6]. Financial Performance - The company reported a gross margin of 15.58% for its development projects, which is a decline of 1.53 percentage points compared to the previous year. The total impairment losses and credit impairment losses for 2024 amounted to 6.03 billion yuan, an increase of 3.62 billion yuan year-on-year [4]. - The financial management remains robust, with a debt-to-asset ratio of 62.37% and a net debt ratio of 55.85% as of the end of 2024. The comprehensive funding cost decreased to 2.99%, down 0.48 percentage points from 2023 [7]. - The asset operation and property service segments are growing rapidly, with property service revenue reaching 7.47 billion yuan, a year-on-year increase of 9.89% [11]. Future Projections - The company is expected to achieve net profits of 4.56 billion yuan, 5.56 billion yuan, and 5.00 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 18.85X, 15.44X, and 17.17X [12][17].

2025 年 03 月 21 日 公司点评 买入/维持 汇顶科技(603160) 昨收盘:77.38 经营情况持续改善，盈利能力大幅提升 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/3/21 24/6/1 24/8/12 24/10/23 25/1/3 25/3/16 ◼ 股票数据 | 总股本/流通(亿股) | 4.62/4.62 | | --- | --- | | 总市值/流通(亿元) | 357.39/357.39 | | 12 个月内最高/最低价 | 100.5/55.03 | | (元) | | 相关研究报告 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-汇顶科技 （603160）：24H1 扭亏为盈，新产品 批量导入未来可期>>--2024-10-23 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S11905240 ...

医药 沪深300 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 2025 年 03 月 20 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20250320）：诺华 OAV101 IT 三期临床成功 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/20 24/6/1 24/8/13 24/10/25 25/1/6 25/3/20 报告摘要 市场表现： 2025 年 3 月 20 日，医药板块涨跌幅-0.82%，跑赢沪深 300 指数 0.06pct，涨跌幅居申万 31 个子行业第 23 名。各医药子行业中，线下药 店(+0.47%)、血液制品(-0.67%)、体外诊断（-0.79%）表现居前，医疗设 备（-1.64%)、医院(-1.47%)、疫苗（-1.20%)表现居后。个股方面，日涨 幅榜前 3 位分别为爱朋医疗(+12.94%)、开立医疗(+6.34%)、多瑞医药 (+6.23%)；跌幅榜前 3 位为华大 ...

2025 年 03 月 19 日 行业日报 中性/维持 钢铁 钢铁 太平洋钢铁日报（20250319）唐山钢铁企业实现绿色工厂全覆盖 ◼ 走势比较 | 普钢 | 中性 | | --- | --- | | 其他钢铁 | 中性 | | 特材 | 中性 | ◼ 推荐公司及评级 相关研究报告 <<钢铁行业日报（20250317）煤钢焦 产业链数字化持续升级>>--2025- 03-17 <<钢铁行业日报（20250314）发改委 持续实施粗钢产量调控>>--2025- 03-15 证券分析师：张庚尧 电话： E-MAIL：zhanggy@tpyzq.com 分析师登记编号：S1190521010002 报告摘要 市场行情： 2025 年 3 月 19 日，今日钢铁行业相关板块整体下跌，上证指数（- 0.10%）；深证成指（-0.32%）；创业板指（-0.28%）；科创 50（-1.18%）； 沪深 300（+0.06%）。 个股表现： 钢铁行业个股涨幅前三名为：甬金股份（+2.95%）；华达新材（+2.71%）； 中信特钢（+1.95%）。 个股跌幅前三名为：宏海科技（-14.01%）；拾比佰（-12.45%）；贵绳 ...

Investment Rating - The report assigns a rating of "Buy" for the company, expecting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [19][18]. Core Views - The company's beer business is steadily progressing towards high-end products, while the white liquor segment is experiencing counter-cyclical growth [1][10]. - The company achieved total revenue of 38.635 billion yuan in 2024, a year-on-year decrease of 0.8%, and a net profit of 4.739 billion yuan, down 8% year-on-year [3][9]. - The high-end beer sales grew by over 9% year-on-year, with Heineken seeing close to 20% growth, and the overall product structure is upgrading with mid-range and above beer sales exceeding 50% for the first time [4][5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 38.635 billion yuan and a net profit of 4.739 billion yuan, with EBIT at 4.567 billion yuan, reflecting a slight increase of 0.2% year-on-year [3][9]. - The overall gross margin improved to 42.6%, up 1.3 percentage points year-on-year, with the beer segment's gross margin at 41.1% [6][9]. Sales and Growth - The beer sales volume in 2024 was 10.874 million tons, with a price of 3,355 yuan per ton, showing a decrease of 2.5% in volume but an increase of 1.5% in price year-on-year [4][5]. - The white liquor business generated revenue of 2.149 billion yuan, up 4% year-on-year, with a gross margin increase of 5.6 percentage points to 68.5% [5][6]. Future Projections - Revenue growth is projected at 6% for 2025, 5% for 2026, and 4% for 2027, with net profit growth expected at 9% for 2025 and 8% for the following years [9][12]. - The estimated earnings per share (EPS) are projected to be 1.59 yuan for 2025, 1.72 yuan for 2026, and 1.86 yuan for 2027 [9][12].

◼ 走势比较 2025 年 03 月 19 日 行业日报 中性/维持 钢铁 钢铁 太平洋钢铁日报（20250319）唐山钢铁企业实现绿色工厂全覆盖 | 普钢 | 中性 | | --- | --- | | 其他钢铁 | 中性 | | 特材 | 中性 | ◼ 推荐公司及评级 相关研究报告 <<钢铁行业日报（20250317）煤钢焦 产业链数字化持续升级>>--2025- 03-17 <<钢铁行业日报（20250314）发改委 持续实施粗钢产量调控>>--2025- 03-15 证券分析师：张庚尧 电话： E-MAIL：zhanggy@tpyzq.com 分析师登记编号：S1190521010002 报告摘要 市场行情： 2025 年 3 月 19 日，今日钢铁行业相关板块整体下跌，上证指数（- 0.10%）；深证成指（-0.32%）；创业板指（-0.28%）；科创 50（-1.18%）； 沪深 300（+0.06%）。 个股表现： 钢铁行业个股涨幅前三名为：甬金股份（+2.95%）；华达新材（+2.71%）； 中信特钢（+1.95%）。 个股跌幅前三名为：宏海科技（-14.01%）；拾比佰（-12.45%）；贵绳 ...

2025 年 03 月 19 日 行业点评 看好/维持 医药 医药 CRO 龙头业绩持续向好，全球医药投融资市场有望转暖 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/19 24/5/30 24/8/10 24/10/21 25/1/1 25/3/14 事件：近日，药明康德发布 2024 年年度报告：2024 年全年实现营收 392.41 亿元，剔除新冠商业化项目后同比增长 5.2%；经调整 non-IFRS 归 母净利润 105.83 亿元，经调整 non-IFRS 归母净利率达到 27.0%，创历史 新高。 药明康德的收入和利润逐季度稳步提升，第四季度收入和利润均创 历史新高。其中 Q4 整体收入达到 115.4 亿元，较第一季度高出了 45%， 经调整 non-IFRS 归母净利润达到 32.4 亿元，较第一季度提升了 70%。 图表1：药明康德业绩维持环比增长的态势 资料来源：药明康德官网，太平洋证券整理 CRO 龙头实力依旧，业绩有望持续向好 对于 2025 年的业绩展望，公司同样乐观：预计 2025 年持续经营业 务收入重回双位数增长，同比增长 10%-15%， ...

2025 年 03 月 19 日 行业点评 看好/维持 医药 三代 EGFR-TKI 赛道竞争升级，同源康加入战局 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/19 24/5/30 24/8/10 24/10/21 25/1/1 25/3/14 ◼ 推荐公司及评级 相关研究报告 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 证券分析师：郭广洋 电话：15601950558 E-MAIL：guoguangyang@tpyzq.com 分析师登记编号：S1190524100001 事件：近日，同源康宣布其自主研发的 TY-9591（商品名：卡塔尔沙 ®）对比奥希替尼（商品名：泰瑞沙®）作为一线治疗 EGFR 突变肺癌脑 转移的关键 II 期临床试验研究者数据显示达到研究预期，具有统计学显 著意义和重大临床获益。 • 各个亚组（包括颅内病灶个数和 ECOG 评分等）疗效分析，TY-9591 组均显示强阳性结果。 • 试验共入组 224 例受试者，其中 19 号外显子缺失和 21 ...