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].

2025 年 02 月 10 日 消费与医疗周报——2024 年度电商保健品市场 跟踪 华福证券 投资要点： ➢ 近期观点 1、医药指数本周关注的 6 个子行业均录得正收益，表现良好。 2、根据蝉魔方数据，2024 年电商保健品行业与女性保健、儿童保 健和中老年保健品相关的品类具有较高增长，其中儿童保健品 GMV 增速显著高于女性和老年保健品，展现出较强的发展潜力。 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 1、市场状态高频数据库——2 月第 1 周—— 2025.02.09 2、短期 A 股交易价值优于港股——产业经济周观 点——2025.02.09 3、大国崛起脉络下的资本市场高质量发展——吴 清主席《奋力开创资本市场高质量发展新局面》文 章学习——2025.02.05 | 图表 | 1： | 医药板块申万二级行业本周涨跌幅情况 3 | | --- | --- | --- | | 图表 | 2： | 医药板块申万二级行业本周收盘时估值水平（PE-TTM） 3 | | 图表 | 3： | 医药板块三级行业本周涨跌幅情况 4 | | 图表 | ...

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].