Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (02268) [1][9] Core Views - WuXi AppTec demonstrated strong annual performance with a revenue of 4.052 billion RMB, a year-on-year increase of 91%, and a net profit of 1.069 billion RMB, reflecting a 277% growth [1][9] - The company's strategy of "Empower, Follow, and Win Molecules" has successfully driven project growth, with a total of 194 iCMC projects, including 53 new comprehensive projects signed in 2024 [2][4] - The ADC (Antibody-Drug Conjugate) market continues to show robust growth, with WuXi AppTec positioned as a leading CRDMO service provider, benefiting from a significant increase in client and project numbers [2][7] Summary by Sections Financial Performance - For 2024, WuXi AppTec reported a gross profit of 1.239 billion RMB, up 122% year-on-year, and an adjusted net profit of 1.174 billion RMB, a 185% increase [1][9] - The gross margin improved by 4.3 percentage points to 30.6%, attributed to enhanced production efficiency and cost control [6][9] - The company has a backlog of 9.91 billion USD in orders, a 71% increase year-on-year, with North America showing over 100% growth in unfulfilled orders [6][9] Market Position and Strategy - WuXi AppTec has established itself as a key player in the ADC and XDC project markets, with approximately 700 ADC projects and 200 XDC projects completed [2][3] - The company has empowered clients to submit 85 IND applications, showcasing its strong client relationships and market presence [2][5] - The global ADC market is projected to grow, with WuXi AppTec's capabilities expected to meet increasing production demands, supported by new production facilities set to be operational by the end of 2025 [6][7] Future Projections - The report forecasts net profits for WuXi AppTec to reach 1.456 billion RMB in 2025, 1.997 billion RMB in 2026, and 2.704 billion RMB in 2027, with a compound annual growth rate (CAGR) of 34.16% [9][10] - The projected price-to-earnings (PE) ratio for 2024 is 34.16, with an estimated market capitalization of 57 billion HKD [9][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][11]. Core Insights - The company's performance aligns with expectations, with the core product, Lukan Satuzumab, anticipated to become a blockbuster drug due to its rapid sales growth potential and multiple approved indications [1][4][5]. - The company reported a revenue of 1.933 billion yuan for 2024, reflecting a year-on-year growth of 25.5%, with a significant reduction in annual losses [3][7]. Financial Summary - Revenue projections for 2025-2027 are estimated at 2.093 billion yuan, 4.046 billion yuan, and 6.451 billion yuan, respectively, with growth rates of 8%, 93%, and 59% [7]. - The company expects to reduce its net losses significantly, with projections of -582 million yuan in 2025, -485 million yuan in 2026, and a profit of 836 million yuan in 2027 [7]. - The diluted earnings per share (EPS) is projected to improve from -1.20 yuan in 2024 to 3.68 yuan in 2027 [7]. Product Development and Market Potential - Lukan Satuzumab has received approval for two indications and is expected to gain a third indication by late 2025, which will enhance its market potential [4][5]. - The company has established a sales team of over 400 personnel, targeting major hospitals and expanding into lower-tier markets, which is expected to drive rapid sales growth [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company achieved total revenue of 27.947 billion yuan in 2024, representing a year-on-year growth of 13.80%, with a net profit attributable to shareholders of 3.099 billion yuan, up 6.10% year-on-year [4][10] - In Q4 2024, the company reported revenue of 7.384 billion yuan, a significant increase of 32.29% year-on-year, and a net profit of 797 million yuan, reflecting a growth of 4.71% [5][6] - The domestic revenue growth outpaced international revenue, with domestic sales increasing by 15.24% to 15.447 billion yuan, while overseas sales grew by 12.07% to 12.501 billion yuan [5] Financial Performance - The company's gross margin for Q4 2024 was 26.84%, a decrease of 2.40 percentage points year-on-year, attributed to a high base in 2023 and changes in revenue structure [6] - The net profit margin for Q4 2024 was 10.73%, down 2.45 percentage points year-on-year, indicating short-term pressure on profitability [6] - The company expects net profits for 2025, 2026, and 2027 to be 3.776 billion yuan, 4.550 billion yuan, and 5.531 billion yuan respectively, with corresponding EPS of 1.01 yuan, 1.22 yuan, and 1.48 yuan [7][10] Business Segments - The revenue from the refrigeration and air conditioning parts business was 16.561 billion yuan, growing by 13.09%, while the automotive parts business revenue reached 11.387 billion yuan, up 14.86% [5] - The company is positioned to benefit from global clean energy initiatives and China's dual carbon goals, with expectations for continued growth in both the refrigeration and automotive sectors [7]

Investment Rating - The report maintains an "Add" rating for the company with a target price of 435 HKD, compared to the last closing price of 410.40 HKD [1][3]. Core Insights - The company, Mixue Group, reported a total revenue of 24.829 billion CNY for 2024, reflecting a year-on-year growth of 22.3%, and a net profit of 4.437 billion CNY, which is a 41.4% increase year-on-year [1][3]. - The company has over 46,479 stores, with a significant expansion in lower-tier cities, indicating strong store opening momentum [2][3]. - The gross margin improved to 32.46% in 2024, up by 2.9 percentage points, driven by enhanced supply chain efficiency and reduced raw material costs [3][5]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 24.829 billion CNY, with a growth rate of 22% [5]. - The net profit for 2024 was 4.437 billion CNY, showing a growth rate of 41% [5]. - The average revenue per store was 591,000 CNY, a decrease of 3.2% year-on-year [1][2]. Store Expansion - As of the end of 2024, the company had 46,479 stores, with a net increase of 8,350 stores year-on-year [2]. - The company opened 10,555 new franchise stores in 2024, with a closure rate of 3.8% [2]. Profitability and Margins - The gross margin for 2024 was 32.46%, an increase of 2.9 percentage points from the previous year [3]. - The net profit margin rose significantly to 19.94%, up by 2.2 percentage points [3]. Future Projections - Revenue growth is projected at 20% for 2025, 18% for 2026, and 16% for 2027 [3][5]. - Net profit growth is expected to be 15% in 2025, 19% in 2026, and 17% in 2027 [3][5].

2025 年 03 月 27 日 公司点评 买入/维持 歌尔股份(002241) 昨收盘:26.95 盈利水平显著提升，把握 AI 端侧创新机遇 ◼ 走势比较 (10%) 12% 34% 56% 78% 100% 24/3/27 24/6/7 24/8/18 24/10/29 25/1/9 25/3/22 歌尔股份 沪深300 ◼ 股票数据 总股本/流通(亿股) 34.91/30.84 总市值/流通(亿元) 940.75/831.02 12 个月内最高/最低价 (元) 30.63/14.57 相关研究报告 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 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公 司 研 究 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 事件：歌尔股份发布 2024 年报，2024 年公司实现营收 1009.54 亿元，同 比增长 2.41%，实现归母净利润 26.65 亿元，同比增长 114.93%；单 Q4 来 看，2024Q4 公司实现 ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [7][11]. Core Insights - Sanofi's BTK inhibitor tolebrutinib has received FDA priority review for treating non-relapsing secondary progressive multiple sclerosis (nrSPMS), with a PDUFA date set for September 28, 2025. This could potentially make it the first brain-penetrating BTK inhibitor for nrSPMS globally [3][4]. - The application for tolebrutinib is based on three Phase 3 studies, with the HERCULES study showing a 31% delay in the time to confirmed disability progression (CDP) compared to placebo. Safety data indicates that 4.1% of participants experienced elevated liver enzymes, with manageable liver toxicity [3][4]. - The market for PMS (progressive multiple sclerosis) shows significant unmet needs, with approximately 1.27 million MS patients in Europe and the US, where RMS, SPMS, and PPMS account for 72%, 18%, and 10% respectively. Current treatment options for PMS are limited [5][8]. Summary by Sections Company Ratings - The report suggests a focus on Sanofi and Roche's BTK inhibitors regarding regulatory decisions and data readouts, as well as the global Phase 3 clinical progress of AbbVie's drug [5][8]. Clinical Trials and Research - Tolebrutinib's Phase 3 studies were previously halted due to liver toxicity concerns but resumed after protocol adjustments. The HERCULES study achieved its primary endpoint, while the GEMINI studies did not [4][5]. - The upcoming data readout for Roche's Fenebrutinib in treating PPMS is expected in the second half of 2025, while Sanofi's PERSEUS study for PPMS is also anticipated [5][8].

2025 年 03 月 26 日 行业日报 中性/维持 钢铁 钢铁 太平洋钢铁日报（20250326）生态环境部宣布钢铁行业将纳入全国碳市场管理 ◼ 走势比较 20% 30% (20%) (10%) 0% 10% 24/3/26 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 ◼ 推荐公司及评级 相关研究报告 <<钢铁行业日报（20250325）钢企业 绩分化,协会建议建立产能治理新机 制>>--2025-03-25 <<钢铁行业日报（20250324）八一钢 铁 股 份 有 限 公 司 每 日 粗 钢 减 产 10%>>--2025-03-25 <<钢铁行业日报（20250321）钢铁行 业筹划建立落后产能退出补偿机 制>>--2025-03-23 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 26 日，今日钢铁行业相关板块整体下跌，上证指数（- 0.04%）；深证成指（-0.05%）；创业板指（-0.26%）；科创 50（-0.26%）； 沪深 300（- ...

2025 年 03 月 26 日 公司点评 买入/维持 中联重科(000157) 目标价: 9.84 昨收盘:7.82 盈利能力持续提升，看好公司全球化、多元化发展 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/3/26 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 ◼ 股票数据 | 总股本/流通(亿股) | 86.78/70.7 | | --- | --- | | 总市值/流通(亿元) | 678.62/552.91 | | 12 个月内最高/最低价 | 9.53/5.72 | | (元) | | 相关研究报告 <<2021 年业绩承压，看好公司长期发 展>>--2022-03-31 <<公司各产品线市场地位持续提升， 2021Q1 业绩取得高增长>>--2021- 03-31 <<受益行业需求保持高景气，核心业 务板块持续高增长>>--2021-01-21 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-613725 ...

Investment Rating - The report assigns a "Buy" rating for China Resources Beverage (02460) with a target price of 18.75 HKD, indicating an expected increase of over 15% relative to the market index in the next six months [1][6][12]. Core Insights - China Resources Beverage achieved a revenue of 13.521 billion CNY in 2024, a slight increase of 0.05% year-on-year, while the net profit attributable to shareholders rose by 23.12% to 1.637 billion CNY. The company declared a total cash dividend of 1.158 billion CNY, with a payout ratio of 70.77% [3][4][7]. - The company’s packaging water business recorded a revenue of 12.124 billion CNY, a decline of 2.6% year-on-year, while the second-line beverage business grew by 30.8% to 1.4 billion CNY, contributing 10.3% to total revenue [4][5]. - The gross margin improved by 2.6 percentage points to 47.3%, driven by increased self-owned production capacity and reduced outsourcing costs [5][6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 13.521 billion CNY and a net profit of 1.637 billion CNY, with respective growth rates of 0.05% and 23.12% [3][7]. - The projected revenues for 2025, 2026, and 2027 are 14.453 billion CNY, 15.261 billion CNY, and 16.075 billion CNY, with expected growth rates of 7%, 6%, and 5% respectively [6][7]. Business Segments - The packaging water segment accounted for 89.7% of total revenue, with a notable decline in small-sized products due to competitive pricing pressures, while larger-sized products saw an increase in revenue by 8.6% [4][5]. - The second-line beverage segment is expected to continue its growth trajectory, with new product launches aimed at expanding consumer reach [4][6]. Operational Efficiency - The company has improved its operational efficiency, leading to a significant reduction in production costs and an increase in net profit margin to 12.1% [5][6]. - The self-owned production capacity is projected to increase to over 60%, further enhancing profitability [6].

2025 年 03 月 25 日 投资策略 策略日报（2025.03.25）科技风紧，小盘扯呼！ 相关研究报告 <<不输为赢>>--2025-03-23 <<无人问津与人声鼎沸>>--2025- 03-03 <<策略日报（2025.03.24）>>--2025- 03-24 <<策略日报（2025.03.21）>>--2025- 03-21 <<策略日报（2025.03.20）>>--2025- 03-20 <<策略日报（2025.03.19）>>--2025- 03-19 证券分析师：张冬冬 国外：1）美国科技企业高管和外国领导人据悉敦促特朗普重新考虑 AI 芯片限制。2）特朗普表示会给很多国家提供关税优惠 3）美国宣布对 进口委内瑞拉石油的国家实施"关税制裁"。 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券研究助理：徐梓铭 E-MAIL：xuzm@tpyzq.com 一般证券从业编号：S1190123050005 大类资产跟踪 ...