Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company's flagship product, Furmonertinib, is rapidly gaining market share with multiple indications, including first-line and second-line treatments for non-small cell lung cancer (NSCLC), postoperative adjuvant therapy, and specific mutations such as PACC and exon 20 mutations [1][12]. - The company has shown significant revenue and profit growth, with projected revenues of 35.5 billion yuan in 2024, a 75.9% increase year-on-year, and a net profit of 14.3 billion yuan, reflecting a 122% increase [14][4]. - The company is expanding its product pipeline through both internal development and external partnerships, including collaborations for RET inhibitors and KRAS inhibitors [3][12]. Summary by Sections Company Overview - The company focuses on developing third-generation EGFR inhibitors, with Furmonertinib being a key player in the market [1][12]. - The company has a stable shareholding structure, with significant ownership by the founders [29]. Product Performance - Furmonertinib has demonstrated superior efficacy and safety compared to competitors like Osimertinib, with a median progression-free survival (mPFS) of 20.8 months in first-line treatment [2][43]. - The product is also being evaluated for postoperative adjuvant therapy, with clinical trials underway [48][49]. Market Potential - The NSCLC market is substantial, with over 1.06 million new cases in China in 2022, and the company is well-positioned to capture market share as existing patents for competitors expire [30][39]. - The report highlights the potential for Furmonertinib to address unmet medical needs in specific mutation types, such as PACC, where no effective treatments are currently available [60][61]. Financial Projections - The company is expected to achieve net profits of 14.3 billion yuan in 2024, 17 billion yuan in 2025, and 20 billion yuan in 2026, indicating strong growth prospects [4][5]. - The company's price-to-earnings (P/E) ratio is projected to decrease significantly, making it an attractive investment compared to peers [4][5].

华福证券 策略定期研究 2025 年 2 月 10 日 策 略 研 究 DeepSeek 热潮有望带动中国科技资产重估 投资要点： 本周市场表现强势，全 A 收涨 3.57%。从指数情况看，科创 50、创业 板指、中证 1000 领涨，仅中证红利下跌。从风格情况看，科技、先进制造 领涨，消费、金融地产涨幅靠后。本周 31 个申万行业涨多跌少，计算机、 传媒、汽车领涨，建筑材料、煤炭、银行领跌。 策 略 定 期 报 告 市场观察：市场情绪回暖，行业轮动强度上升。（1）市场估值：股债 收益差下降至 1.7%，位于+1 标准差、+2 标准差之间。估值分化系数有所 上升。（2）市场情绪：市场情绪提振，行业轮动强度上升。市场小盘风格 占优，微盘股指数跑赢市场，主题热度主要聚集在 DeepSeek、华为 HMS、 云计算(27.5%、16.6%、16.9%) 。（3）市场结构：市场量能环比上升，计 算机、国防军工、传媒多头个股占比居前，家用电器、通信、轻工制造内 部或存在α机会。（4）市场资金：本周陆股通周内日平均成交金额较上周 上升 373 亿元，本周陆股通周内日平均成交笔数较上周上升 128 万笔。陆 股通成交额排名 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][55]. Core Insights - The company has demonstrated strong strategic foresight and execution capabilities, establishing itself in the first tier of the custom furniture industry. It has evolved from a single-category kitchen cabinet business to a comprehensive whole-house customization provider, with a diverse product range [4][7]. - The company is expected to face a growth bottleneck in 2024 due to declining prices impacting revenue, but it is poised for a rebound in 2025 as consumer demand recovers and government subsidies for home furnishings are implemented [24][31]. - The company has a robust multi-channel and multi-category strategy, with a focus on cost reduction and efficiency improvements, which are expected to stabilize profit margins in the coming years [38][43]. Financial Data and Valuation - Revenue and net profit projections for 2024-2026 are as follows: - 2024: Revenue of 57.73 billion, net profit of 4.7 billion, a year-on-year decrease of 21.8% - 2025: Revenue of 62.25 billion, net profit of 5.12 billion, a year-on-year increase of 9.9% - 2026: Revenue of 67.16 billion, net profit of 5.57 billion, a year-on-year increase of 8.9% [51][55]. - The company's price-to-earnings (P/E) ratio for 2025 is projected at 10x, which is below the average of 12x for comparable companies [55][56]. Revenue Growth and Market Position - The company has achieved a compound annual growth rate (CAGR) of 22.7% in revenue and 20.7% in net profit from 2015 to 2023, with 2023 revenue reaching 61.16 billion [11][24]. - The company has maintained a stable customer base despite industry challenges, with a focus on enhancing customer value through a comprehensive product offering [24][34]. Strategic Development - The company is expanding its international presence, with retail stores established in several Southeast Asian countries and a focus on both B2B and B2C markets [28][34]. - The strategic shift towards whole-house customization and integrated service delivery is expected to enhance customer engagement and increase average transaction values [4][31].

Group 1 - The report highlights that the pharmaceutical index has shown positive returns across six sub-industries, indicating strong performance [2][8] - The e-commerce health supplement market is projected to grow significantly in 2024, particularly in categories related to women's health, children's health, and health products for the elderly, with children's health products showing notably higher GMV growth [2][7] - The dual focus on nutritional supplements and preventive care is driving growth in the health consumption sector, creating a promising growth trajectory for the pharmaceutical and health industries [7] Group 2 - The medical services and medical devices sectors have performed particularly well, with medical services increasing by 7.47% and medical devices by 3.81% during the observed period [8][12] - The report notes that the chemical pharmaceutical sector has the highest valuation at 61.20 times PE-TTM, followed by biological products at 48.72 times [8][12] - The approval of the first domestic transdermal patch for asthma treatment by Beijing Tide Pharmaceutical is expected to alleviate the shortage of asthma medications for children and adults in China, marking a significant development in the pharmaceutical market [14][17] Group 3 - The expansion of the national medical insurance personal account system to 14 provinces allows for cross-province use of personal accounts for medical expenses, enhancing accessibility to healthcare services [18] - The report emphasizes the growing trend of "active health" among consumers, leading to increased demand for health supplements and preventive healthcare products [7][14] - The children's health supplement market is particularly highlighted for its growth potential, driven by a focus on enhancing children's physical health through nutritional components [7][14]

Investment Rating - The report initiates coverage with a "Hold" rating for the company [5][52]. Core Views - The company, Qianyuan Power, is positioned as a regional leader in hydropower in Guizhou, focusing on stable profitability from hydropower operations [13][14]. - The company has shown strong performance in cash flow management and is expected to benefit from the ongoing state-owned enterprise reform, which may lead to the injection of additional hydropower assets [5][31][39]. - The diversification into photovoltaic (PV) energy has enhanced the company's operational flexibility and growth potential, with significant investments already made in PV projects [4][31]. Summary by Sections Company Overview - Qianyuan Power was established in 1993 and has focused on the development, construction, and management of hydropower stations, primarily in Guizhou Province [3][13]. - As of Q3 2024, the company is 22.21% owned by China Huadian Corporation, a central state-owned enterprise [3][13]. Financial Performance - The company reported a revenue of 1,990 million yuan in 2023, with a projected revenue of 17.71 billion yuan in 2024, and 25.96 billion yuan in both 2025 and 2026 [5][45]. - The net profit for 2023 was 265 million yuan, with forecasts of 252 million yuan in 2024, and 482 million yuan and 498 million yuan in 2025 and 2026, respectively [5][45]. Cash Flow and Investment Potential - The company has maintained strong cash flow, with an average available cash flow of 1.084 billion yuan per year from 2021 to 2023 [4][31]. - The ongoing state-owned enterprise reform is expected to create opportunities for asset injections, particularly in hydropower, enhancing the company's growth prospects [5][39]. Profitability Forecast - The report forecasts the company's earnings per share (EPS) to be 0.59 yuan in 2024, increasing to 1.13 yuan in 2025 and 1.17 yuan in 2026 [5][52]. - The projected net profit margins are expected to stabilize around 30% in the coming years, reflecting the company's operational efficiency [5][45]. Valuation Analysis - The report compares Qianyuan Power with other major hydropower companies, indicating an average price-to-earnings (P/E) ratio of 18.41 for comparable firms in 2024-2026 [46][47]. - The company's P/E ratios are projected to be 24.3 in 2024, decreasing to 12.7 in 2025 and 12.3 in 2026, suggesting potential undervaluation relative to peers [5][52].

行 业 研 华福证券 工程机械 2025 年 02 月 10 日 工程机械 究 国内主机厂开门红超预期，积极财政政策支撑工 程机械需求 投资要点： 2025 年，各大主机厂迎来开门红。 行 业 动 态 跟 踪 1、三一重工：2025 开年，三一泵路事业部斩获 11.2 亿元销售额， 海外市场同比增长 50%，路机板块强势冲高 60%。2、徐工机械：高端 露天矿山装备总价值 3.18 亿元，涵盖 90t、135t、400t 矿用挖掘机及 130t 级矿车等经典机型的系列高端露天矿山装备，集中交付各地客户。 全球最大吨位纯电动装载机 XC9108-EV、热销爆款 XC968-EV 齐排列， 驶出徐工绿色化、数字化装载机械制造基地，启程奔赴东南亚某矿区， 全面开启新年国际化征程的新篇章。3、中联重科：全国各园区开门红 活动期间，中联重科合计发车超 1 万台，总金额约 57 亿元，充分彰显 中联重科蓬勃向上的发展态势。其中，工程起重机械板块共发车超 850 台，总金额超 18 亿元；混凝土机械超 1200 台套、总金额超 10 亿元。 4、柳工：柳工 2025 年首批设备、服务万里行，装载机、挖掘机、平 地机、叉车、 ...

投资要点： 本周核心观点： 行 业 定 期 报 告 2 月 5 日，中央军委主席习近平日前签署命令，发布新修订的《军队装备 科研条例》，自 2025 年 3 月 1 日起施行；《条例》提到要"鲜明立起高质 量、高效益、低成本、可持续发展新理念"；《条例》的发布施行，为推 动军队装备科研工作高质量发展提供了制度保障，军队科研与生产效率有 望大幅提升，或会进一步加速催化军工行业基本面恢复。 本周，国防军工指数上涨 5.10% ，同期沪深 300 指数上涨 1.98%，相对超 额 3.12pct,或主要因：1）近一个季度（2024 年 11 月）以来，国防军工指 数下跌 12.06%，在 31 个申万一级行业中排名 30，作为近期超调幅度较大 的行业，在市场普涨的"红包行情"中估值修复动力较强；2）军工板块作 为成长型行业，在成长风格明显的情况下享有一定风格溢价；3）年前业绩 预告披露已结束，军工板块业绩风险已逐步释放。因此本周军工板块跑出 一定超额收益。 资金层面，本周融资买入额上周显著提升，或表明杠杆资金对军工板块信 心稳固；在指数上涨阶段，各军工 ETF 规模持续上升，被动资金呈现小幅 净流出，符合被动资金流 ...

行 华福证券 农林牧渔 2025 年 02 月 10 日 业 研 究 农林牧渔 节后猪价承压回落，短期或偏弱运行 投资要点： 行 业 定 期 报 告 生猪养殖：节后猪价承压回落，短期或偏弱运行。1）节后消费惯性回 落，猪价承压下跌。春节后消费惯性回落，叠加生猪出栏逐步恢复，供给 压力显现，生猪价格偏弱下调。2 月 7 日猪价 15.06 元/公斤，较 2 月 4 日-0.76 元/公斤。2）节后屠企宰量低位回升，冻品库存率微降。节后屠企宰量低 位回升，整体仍显著低于节前水平。2 月 7 日样本屠企宰杀量为 11.74 万头， 较 2 月 4 日增加 37.71%，2 月 4-7 日屠企日均宰量 10.40 万头，显著低于节 前一周日均 25.34 万头水平。上周行业冻品库存率为 14.47%，较春节前一 周微降 0.03pct。3）均重被动提升，肥标价差仍坚挺。受春节放假影响， 假期期间集团场和散户出栏减少，导致猪源有不同程度压栏，行业均重被 动增加。上周行业生猪出栏均重 124.18 公斤，周环比+2.67 公斤。节前散 户积极出栏肥猪，当前市场肥猪存栏量减少，肥标价差仍坚挺，上周 175/200 公斤生猪 ...

事件： 1 月份，CPI 同比小幅回升，PPI 同比与上月持平。1 月份，CPI 同比上 涨 0.5%，涨幅较去年 12 月份有所回升，且略高于市场预期；环比上涨 0.7%，相比上月持续回升。PPI 同比下降 2.3%，跌幅较前值持平，略弱于 市场预期，环比下降 0.2%，较前值有所回落。 华福证券 2025 年 02 月 09 日 通胀数据点评:CPI 同比小幅回升，PPI 同比与上 月持平 ➢ 从 CPI 主要分项来看，1 月月份环比正增长细分项增多。 环比来看，2024 年 12 月份生活用品及服务价格环比增长 0.3%，增速由负 转正。教育文化和娱乐价格环比持平，增速相比上月同样显著改善。食品 烟酒价格环比下降0.3%，跌幅较11月份大幅减少。衣着价格环比增长0.2%， 增幅放缓。同比来看，12 月份其他用品和服务价格同比上涨 4.9%，增速依 然维持较高位。交通和通信价格同比下降 2.2%，跌幅较前值继续收窄。 ➢ 2024 年 12 月份，食品细分项价格环比增长数量增加。 环比来看，1 月份交通和通信价格环比增长 1.7%，增速大幅提升。其他用 品和服务价格环比增长 1.6%，前值为 0%。教育文 ...

Investment Rating - The industry rating is "Outperform the Market" [4][53]. Core Insights - Honeywell announced plans to split into three companies by 2026, focusing on automation, aerospace, and advanced materials, with projected revenues of $18 billion, $15 billion, and $4 billion respectively by 2024 [24][25]. - The AI server applications are expected to drive MLCC demand growth by over 100% in 2025, as stated by Murata Manufacturing, indicating a strong recovery in the passive components industry [28][29]. - The semiconductor industry is projected to reach $626 billion in revenue in 2024, with a year-on-year growth of 18.1%, driven by AI demand [26][28]. Market Overview - The Wind New Materials Index closed at 3553.44 points, up 5.42% week-on-week [10]. - The semiconductor materials index rose to 6198.55 points, increasing by 3.59% [10]. - The organic silicon materials index reached 5811.08 points, with a 2.44% increase [10]. Key Company Highlights - Top gainers this week included Jinbo Co. (16.25%), Jinfat Technology (15.05%), and Kaisheng Technology (12.08%) [20][21]. - The passive components industry has seen a resurgence, with Murata reporting a 2% increase in revenue to 448 billion yen and a 43.8% rise in net profit to 71 billion yen [29]. Recent Industry Trends - The demand for high-performance materials is expected to grow as domestic manufacturing upgrades continue, with companies like Guocera Materials and Huate Gas being highlighted for their growth potential [6][24]. - The global tablet market is projected to see a total shipment of 147.6 million units in 2024, with Xiaomi ranking fifth in market share [30][32].