公 华福证券 司 研 究 固生堂（02273.HK） 2024 年报点评：业绩增长强劲，整体符合预期 公 事件：公司公布 2024 年报，报告期内公司实现收入 30.2 亿元（+30.1%）， 归母净利润 3.07 亿元（+21.6%），经调净利润 4 亿元（+31.4%），整体符 合预期。 其中，24H2 实现收入 16.6 亿元（+24%），经调净利润 2.52 亿元（+24.4%）。 线下业务持续高速增长，业务量价齐升。 司 财 报 点 评 2024 年公司线下业务实现收入 27.4 亿元（+34.5%），我们认为主要系 新收购机构和现有机构业务增长贡献；线上实现收入 2.82 亿元（-1.5%）。 报告期内，公司实现就诊人次 541.1 万人次（+25.9%），实现客单价 559 元（+3.3%），客户回头率由 23 年的 65.2%提升至 24 年的 67.1%。 财务分析：盈利能力持续增强，费用率控制得当。 2024 年公司销售/管理/财务费用率分别为 12.2%/6.1%/0.6%，分别同比 变化+0.1/-0.6/-0.5pct，实现毛利率 30.1%，同比持平，实现归母净利率 10.2% （ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [8][18]. Core Insights - The company achieved a record high production output in 2024, leading to better-than-expected financial performance, with a revenue of 213.03 billion yuan, up 14.37% year-on-year, and a net profit of 13.53 billion yuan, up 64.03% year-on-year [3][4]. - The cobalt segment is expected to see positive profit growth in 2025, despite a projected decline in sales volume due to policy changes in the Democratic Republic of Congo [5][6]. Financial Performance - In 2024, the company reported a revenue of 213,029 million yuan and a net profit of 13,532 million yuan, with a significant increase in net profit margin [3][7]. - The company’s copper production reached 650,000 tons, a 55% increase year-on-year, positioning it among the top ten global producers [4]. - The average copper price in 2024 reached a historical high of 9,268.9 USD/ton, reflecting an 8.7% increase year-on-year [5]. Production and Inventory - The company successfully ramped up production at major projects, achieving a total copper production capacity of 600,000 tons in the Democratic Republic of Congo [4]. - As of the end of 2024, the company held significant inventories, including 100,000 tons of copper and 42,000 tons of cobalt [4]. Profit Forecast - The profit forecast for 2025-2027 anticipates net profits of 14,875 million yuan, 17,150 million yuan, and 19,942 million yuan respectively, with corresponding EPS of 0.69, 0.80, and 0.93 yuan per share [6][12].

可选消费 2025 年 04 月 01 日 行 业 研 究 家用电器 影石 Insta360：记录光影，突破边界——影石创 新招股书梳理 证 券 智能相机份额居前，核心竞争优势几何？公司在全球智能影像设备领 域地位突出，全景相机领域：根据招股书援引 Frost & Sullivan数据显示 2023 年公司品牌"Insta360 影石"在全球全景相机市场占有率达 67%，稳居行 业第一；在运动相机领域打破欧美、日本品牌的垄断，份额跻身全球第二。 另外公司在国内市场优势地位更为突出，Frost & Sullivan 数据显示 2023 年 公司品牌在国内全景相机份额高达 87%，明显领先日本理光（6%）、GoPro （3%）。公司在研发渠道端均积累丰富经验，具备领先优势，研发产品端： 掌握多项核心技术，持续迭代升级产品。公司成立之处便深耕全景技术， 目前已通过自主研发掌握全景图像采集拼接技术、全景防抖技术、AI 影像 处理技术、计算摄影技术、软件开发技术框架等，且在相关技术领域获得 多项专利，截至 2024 年 6 月 30 日公司及子公司拥有的境内外专利达 800 项。公司深耕智能影像设备领域，持续迭代推出新 ...

华福证券 策略定期研究 2025 年 3 月 31 日 国内宏观和产业政策周观察（0324-0330） 消费金融新政—宏观政策与产业风口跟踪 投资要点： 本周行业政策聚焦工业智能化升级、绿色转型、消费提振与金融创新， 推动经济高质量发展。国家层面密集出台行业专项规划，如轻工业数字化转 型、铝产业能效提升、人工智能标准体系构建等，强化科技赋能与低碳转 型。资本市场表现分化，医药、消费等防御性板块走强，科技成长板块承 压，热门概念中工业气体、稀土、创新药领涨，AI算力、数据基建等前期热 点回调显著，反映出政策驱动与市场风险偏好变化的双重逻辑。 本周下跌行业居多，Wind二级行业中仅有三个行业上涨。其中，上涨的 行业分别是医药生物 (+1.80%)、家电Ⅱ (+0.66%)、食品饮料 (+0.38%)。跌 幅前五的是软件服务 (-5.06%)、国防军工 (-4.34%)、机械 (-3.31%)、日常 消费零售 (-3.30%)、耐用消费品 (-3.26%)。 本周热门概念中，涨幅排名前十的为鸡产业 (+5.84%)、工业气体 (+4.17%)、稀土 (+3.85%)、抗生素 (+3.16%)、动物保健精选 (+2. ...

Group 1 - The report highlights the dual impact of economic stagnation expectations and tariff uncertainties on the U.S. stock market, with all three major indices declining this week [1][7][28] - Key economic indicators show rising stagnation risks, including the February core PCE price index year-on-year at +2.8% and month-on-month at +0.4%, both exceeding expectations [1][8][28] - The announcement of a 25% tariff on all imported cars by Trump, effective April 2, has negatively affected stock indices, particularly in the automotive sector, leading to lowered profit expectations [1][7][28] Group 2 - The report notes that the U.S. labor market remains resilient, with initial jobless claims for the week ending March 22 recorded at 224,000, slightly below the previous week's figure [8][9] - The manufacturing PMI for March is reported at 49.8, below both the previous and expected values, indicating potential contraction in the manufacturing sector [8][9] - The service sector PMI for March stands at 54.3, indicating expansion, and is above both previous and expected values [8][9] Group 3 - The report indicates mixed performance across global asset classes, with CBOT soybean oil showing the largest increase at +7.57%, while the Nasdaq Composite Index experienced a decline of -2.59% [28][31] - In the equity market, the consumer discretionary sector in the U.S. saw a gain of +1.36%, while the information technology sector faced the largest decline at -4.10% [36][31] - The report also highlights that the Australian dollar and Canadian dollar appreciated against the Chinese yuan, while the Japanese yen and New Zealand dollar depreciated [37][31]

华福证券 医疗设备 2025 年 03 月 31 日 公 司 研 究 怡和嘉业（301367.SZ） 发布 25 年股权激励草案，夯实成长确定性 投资要点： 公 司 动 态 跟 踪 事件：公司发布 2025 年股权激励草案，本激励计划拟向激励对象授予 的限制性股票总量不超过 70.40 万股，约占本公告时公司股本总额 8,960.00 万股的 0.79%。本激励计划拟授予的激励对象总人数共计 54 人，包括公司 公告本激励计划时在公司（含控股子公司，下同）任职的高级管理人员及 核心技术（业务）人员。 设定 26 年同比 20%增长目标，夯实增长确定性。本激励计划限制性 股票归属考核年度为 2025-2026 年两个会计年度，每个会计年度考核一次， 各年度业绩考核目标为 2025、2026 年营业收入不低于 10.10 亿元、12.10 亿元，对应 26 年同比增速 20%，夯实未来持续增长确定性。 美国呼吸机市场逐步回归稳态，25 年有望修复性高增：美国呼吸机市 场逐步回归稳态，2024 年第三季度营业收入较第二季度环比增长 15.70%， 经营拐点确立，25 年随后续订单恢复公司业绩有望逐季度持续改善。此前 ...

Investment Rating - The industry rating is "Outperform the Market" [8][16] Core Insights - The CMI index for March 2025 is 128.56, indicating a year-on-year increase of 18.28% and a month-on-month increase of 20.51%, suggesting a stable development phase for the domestic construction machinery market [3][4] - The total import and export trade value of construction machinery in China for January to February 2025 is $8.426 billion, with exports amounting to $8.009 billion, reflecting a year-on-year growth of 7.17% [3][4] - Domestic demand is expected to improve due to equipment upgrades and environmental policies, with excavator sales projected to reach 100,543 units in 2024, a year-on-year increase of 11.7% [5][6] Summary by Sections Industry Dynamics - The construction machinery market is showing signs of recovery, with the CMI index approaching expansion values and exports continuing to grow [2][3] - The market is entering a stable development phase, with expectations of increased activity as the year progresses [3][4] Domestic and International Demand - Domestic demand is driven by equipment upgrades and environmental regulations, with a projected increase in excavator sales [5] - The global market is three times larger than the domestic market, with a stable competitive landscape dominated by major players like Caterpillar and Komatsu [5] Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, Liugong, and Shantui, as they are expected to benefit from the improving domestic and international demand [6]

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Insights - The small nucleic acid drug industry is entering a critical period of sales and clinical validation, with significant technological advancements and expanding indications [3][4] - 2025 is identified as a pivotal year for investment in small nucleic acid drugs due to the maturity of delivery platforms like GalNac, the potential for expanded indications, and a surge in catalytic developments [3] Summary by Sections Investment Logic - 2025 is expected to be a crucial year for small nucleic acid drugs due to the maturity of the GalNac delivery platform, potential for further indication expansion, and a concentration of catalysts for small nucleic acid drugs [3] Technological Breakthroughs - The GalNac delivery system has significantly advanced small nucleic acid drug development by providing efficient liver targeting and reduced toxicity compared to previous systems like LNP [3][4] Indication Breakthroughs - Small nucleic acid drugs are transitioning from rare diseases to chronic diseases and larger disease areas, with successful clinical data emerging for conditions like hyperlipidemia and hepatitis [3][4] Catalysts for Small Nucleic Acid Drugs - Major products are expected to launch in 2025, including Novartis' Inclisiran and Alnylam's Vutrisiran and Fitusiran, with several key clinical data readouts anticipated [3] Recommended Companies - Domestic companies to watch include Heng Rui Medicine, Zhengda Tianqing, and Xinlitai, while international companies include Alnylam, Ionis, and Arrowhead [3] Market Growth - The small nucleic acid drug market has grown from $2 billion in 2018 to $3.8 billion in 2022, with significant potential in treating common diseases [29] Regulatory Framework - The regulatory framework for small nucleic acids is more developed in Europe and the US, with China gradually emphasizing the importance of small nucleic acid technology development in various policy documents [65][66] Industry Chain Analysis - The small nucleic acid industry chain includes upstream nucleoside and reagent manufacturers, midstream research and drug production companies, and downstream commercialization [69]

电子 2025 年 03 月 31 日 行 业 研 究 SEMICON 亮点纷呈，国产半导体迎黄金发展周期 投资要点： 行 业 定 期 报 告 2025 年 3 月 26 日-28 日，中国规模最大、最全面的半导体行业展览会 之一 SEMICON China 于上海召开。今年展会汇聚了全球约 1400 多家知名 企业，涵盖芯片设计、晶圆制造、封装测试、EDA/IP、半导体设备及材料 等全产业链，同时国际厂商参与更为深度、本土企业新品发布琳琅满目、 并围绕前沿技术密集讨论，展现出我国半导体产业蓬勃的生机与加速发展 的势头。 半导体设备：国产设备厂商正通过技术差异化和产品平台化战略，重 构全球半导体市场话语权。 设备蓬勃推出直接拉动上游零部件供应链进入黄金周期。半导体设备 新品蓬勃发布的背后，是半导体零部件的深度协同，除了先进设备与制程 电子 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 分析师： 杨钟(S0210522110003) YZ3979@hfzq.com.cn 研究助理： 詹小瑁(S0210123120002) zxm30169@hfzq.com.cn 相关报告 1、【华福电子】行业专题报告 ...