Investment Rating - The investment rating for the company is "Hold" [2] Core Views - The company is experiencing continuous expansion in photovoltaic installations and maintains stable dividends, with an active and comprehensive plan for 2025 [3] - The company's 2024 annual report shows a revenue of 1.933 billion yuan, a decrease of 2.89% year-on-year, and a net profit attributable to shareholders of 218 million yuan, down 17.59% year-on-year [4] - The company's total installed capacity reached 4.1056 million kilowatts by the end of 2024, with hydropower accounting for 3.2335 million kilowatts and photovoltaic power accounting for 872,100 kilowatts [5] - The average on-grid electricity price for hydropower in 2024 was 0.3052 yuan per kilowatt-hour, a decline of 3.6% year-on-year [5] - The company plans to distribute a cash dividend of 0.06 yuan per share for 2024, maintaining a stable dividend level [6] - The company is actively planning for green electricity trading in 2025, with expected related transactions amounting to 50 million yuan [6] Financial Summary - The company's revenue for 2024 is projected at 1.933 billion yuan, with a growth rate of -2.9% [9] - The net profit for 2024 is expected to be 218 million yuan, with a growth rate of -17.6% [9] - Earnings per share (EPS) for 2024 is estimated at 0.51 yuan [9] - The price-to-earnings (P/E) ratio for 2024 is projected at 30.2 [9] - The company anticipates net profits of 405 million yuan, 423 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.2, 15.6, and 14.8 [7]

Group 1 - The artificial joint orthopedic market is experiencing steady growth, with the market size in China reaching approximately 45 billion RMB in 2022 and projected to exceed 180 billion RMB by 2030, driven by demographic changes and increased prevalence of joint diseases [3][4]. - The aging population in China is a significant factor for market growth, with the proportion of individuals aged 65 and above expected to rise from 10.5% in 2015 to 15.64% in 2024, leading to increased demand for joint surgeries and related products [4]. - The introduction of centralized procurement policies has led to a significant increase in the domestic market share of Chinese brands, with local brands capturing 68% of the market after two rounds of procurement, compared to over 70% held by foreign brands before [8][12]. Group 2 - Major domestic companies in the artificial joint sector include Weigao Orthopedics, Aikang Medical, and Chunzhi Medical, all of which have faced challenges due to procurement policies but are adapting by focusing on innovation and market share expansion [13][18]. - The average prices for hip and knee joints have drastically decreased due to centralized procurement, with hip joint prices dropping from 35,000 RMB to around 7,000 RMB, and knee joints from 32,000 RMB to 5,000 RMB, resulting in an average price reduction of 82% [12]. - Despite short-term impacts on revenue and profit margins due to procurement policies, the long-term strategy of "price for volume" is expected to help companies expand market share and drive domestic replacement of imported products [18][21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [23]. Core Views - The company reported a revenue of 750 million yuan for 2024, reflecting a year-on-year growth of 10.5%, while the net profit attributable to shareholders was 21 million yuan, down 63.7% year-on-year [3][4]. - The domestic market is expected to see steady growth in 2025, driven by improved bidding activities and the introduction of new products [4][6]. - The company is focusing on enhancing its product offerings and marketing efforts, which has led to increased expenses, impacting short-term profitability [6][7]. Financial Performance - In 2024, domestic revenue reached 586 million yuan (up 4% year-on-year), while overseas revenue was 160 million yuan (up 43% year-on-year), showcasing strong growth in international markets [5]. - The company anticipates revenue growth of 821 million yuan in 2025, 1.094 billion yuan in 2026, and 1.462 billion yuan in 2027, with net profits projected at 88 million yuan, 124 million yuan, and 191 million yuan respectively [7][8]. - The sales expense ratio for 2024 is projected at 33.4%, while the management expense ratio is expected to be 14.5% [6]. Product Development and Market Strategy - The introduction of high-end products like the AQ-3004K ultra-high-definition endoscope is expected to drive sales growth in tier-three hospitals [7]. - The company has launched several new products, including electronic percutaneous cholangioscopes and electronic bladder scopes, which are anticipated to contribute to revenue recovery as bidding activities improve [7][8]. Market Outlook - The report indicates that the overall domestic bidding environment is expected to improve, which will support the company's revenue growth in the coming years [5][6]. - The company is positioned as a leading domestic player in the flexible endoscope market, with innovative products that enhance clinical capabilities [8].

华福证券 公 司 研 究 普门科技（688389.SH） 试剂占比持续提升，国际市场增长稳健 投资要点： 公 事件：公司发布 2024 年年报，2024 年实现收入 11.5 亿（同比+0.20%）， 归母净利润 3.5 亿（同比+5.1%），扣非归母净利润 3.3 亿（同比+4.7%）； 2024Q4 实现收入 2.9 亿（同比-13.5%），归母净利润 8798 万（同比-28.9%）， 扣非归母净利润 8482 万（同比-32.1%）； 司 财 报 点 评 试剂占比提升带动毛利率增长，国际市场增长稳健。分业务来看，24 年体外诊断实现收入 9.1 亿（同比+10%），其中试剂占比由 23 年的 63% 提升至 24 年的 72%，拉动公司整体毛利率提升至 67%（+1.4pct）。治疗 康复实现收入 2.2 亿（同比-28%），其中皮肤医美收入 8238 万（同比-12.2%）， 临床医疗业务收入 1.2 亿（同比-40.6%），临床康复同期高基数及医院招投 标影响，拖累收入增速。从区域维度来看，国内收入 7.8 亿（同比-5.58%）， 国际收入 3.7 亿（同比+14.9%），国际市场保持稳健增长。 ...

Investment Rating - The investment rating for the company is "Buy" [19] Core Views - The company's overall performance in 2024 is under pressure due to reduced hospital procurement activities and increased strategic investments, leading to a 5% year-on-year decline in revenue. The net profit attributable to the parent company is expected to drop by 68.7% year-on-year [2][3] - The company is focusing on increasing R&D and marketing investments, with a significant rise in management and sales expense ratios, indicating a commitment to high-end product promotion and innovation [3] - The introduction of high-end ultrasound and endoscope products is anticipated to drive growth in 2025, with expectations of a recovery in procurement activities [4][3] Financial Performance Summary - In 2024, the company achieved revenue of 2.01 billion, a decrease of 5% year-on-year, and a net profit of 142 million, down 68.7% year-on-year. The fourth quarter of 2024 saw revenue of 615 million, a decline of 5.6% year-on-year, with a net profit of 33.41 million, down 75% year-on-year [2][3] - The company expects net profits for 2025-2026 to be 401 million, 485 million, and 612 million respectively, indicating a recovery trend [4][6] - The revenue growth rate is projected to rebound to 21% in 2025 and maintain a growth rate of 20% in the following years [6] Product and Market Development - The company has launched several high-end products in 2024, including the S80 and P80 ultrasound machines, and the HD-580 series endoscope platform, which are expected to contribute to revenue growth in 2025 [4][3] - The domestic revenue from tier-three hospitals has reached a peak, while international revenue has shown a 3% increase, indicating successful market penetration and brand influence [4][3] Strategic Outlook - The company maintains a unique competitive advantage in minimally invasive procedures and is well-positioned for performance improvement once procurement policies are implemented and market conditions stabilize [4][3]

策 华福证券 2025 年 04 月 17 日 略 研 究 消费与医疗周报——CT 球管制造：突破不断， 国产化势在必行 投资要点： 近期观点 1、医药指数本周（4.7-4.11）关注的 6 个子行业均录得负收益， 表现不佳。 策 略 定 期 报 告 2、商务部于 2025 年 4 月 4 日发布第 19 号、第 20 号公告，决定 对原产于美国、印度的进口相关医用 CT 球管发起反倾销立案调查，同 时对进口医用 CT 球管进行产业竞争力调查。CT 球管是 CT 设备的核 心部件，对图像质量影响极大，生产难度高。我国 CT 球管市场存在巨 大需求，但长期依赖进口。近年来，我国企业在 CT 球管制造技术上取 得突破，国产替代进程加速。智束科技、微睿科技、昆山医源等企业 在技术研发和市场推广方面取得了显著成果，推动了国产 CT 球管向高 端化发展。此次反倾销调查及产业竞争力调查，将为国产 CT 球管产业 的发展提供重要机遇，有助于提升我国在该领域的自主可控能力。 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 1、乱云飞渡仍从容：关税反击与稳市决心——" ...

华福证券 eR 固 Table_First|Table_Summary 固定收益专题 2025 年 4 月 17 日 收 研 究 【华福固收】超长期特别国债发行启动， 后续怎么看？ 投资要点： 团队成员 Table_First|Table_Author 分析师: 徐亮 执业证书编号： S0210524040003 邮箱：xl30484@hfzq.com.cn Table_First|Table_Contacter 研究助理： 黄紫仪 邮箱：hzy30614@hfzq.com.cn 相关报告 诚信专业 发现价值 1 请务必阅读报告末页的重要声明 Table_First e p yT tro p _ e lb aT |ts r iF _ e lb aT Table_First|Table_ReportDate Table_First|Table_RelateReport 根据财政部公布的发行计划，从策略维度有三个关注点： 固 定 1.随着超长期特别国债发行计划推出，发行时间集中于4月底至9月底，这一时期 会相对增加超长期国债供给，使得目前较高的地方债-国债利差回落，也可能会有 投资者运用国债期货套保而使得TL表现 ...

Investment Rating - The industry rating is "Outperform the Market" [8][69] Core Viewpoints - The report highlights that the recent increase in tariffs on Chinese goods by the US and corresponding adjustments by China are expected to boost domestic demand for building materials. The urgency to expand domestic demand and promote investment has intensified due to the escalating global trade war [3][13]. - Short-term factors include the real estate policy window period before the April Politburo meeting, and the gradual alleviation of risks associated with major real estate companies, which is favorable for the building materials sector. In the medium to long term, the opening of the interest rate cut channel in Europe and the US is expected to provide more room for monetary and fiscal policies in China [3][6]. - The report anticipates that the real estate market will stabilize, driven by policies aimed at restoring homebuyer willingness and ability, which will also alleviate credit risks for companies in the industry [6][20]. Summary by Sections Recent Developments - On April 10, the US government announced an increase in tariffs on Chinese imports to 125%, prompting China to respond with similar measures. Additionally, various local governments are implementing policies to support urban renewal and housing market stability [3][13]. - In the first quarter, high-end residential transaction prices in Shanghai increased by 0.5% to 144,600 CNY per square meter, while Shenzhen saw a 67.7% year-on-year increase in new and second-hand residential transactions [3][13]. High-frequency Data - As of April 11, 2025, the national average price of bulk P.O 42.5 cement is 399.0 CNY per ton, showing a 1.2% decrease week-on-week but a 15.0% increase year-on-year. The average price of glass (5.00mm) is 1272.9 CNY per ton, reflecting a 0.3% increase week-on-week but a 26.5% decrease year-on-year [4][21]. Sector Review - From April 7 to April 11, the Shanghai Composite Index fell by 3.11%, while the building materials index decreased by 2.42%. Among sub-sectors, cement manufacturing saw a slight increase of 1.01%, while glass manufacturing declined by 6.21% [5][54]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock reform, undervalued stocks with long-term alpha attributes, and leading cyclical building material companies showing signs of bottoming out [6][60].

华福证券 公 司 研 究 五芳斋（603237.SH） 毛利改善盈利稳定，增质提效修炼内功 事件：公司披露 24 年年报，报告期内，公司实现营收 22.51 亿元，同比-14.57%； 归母净利润 1.42 亿元，同比-14.24%；扣非归母净利润 1.30 亿元，同比-9.66%。 其中，24Q4 实现营收 2.03 亿元，同比-7.61%；归母净亏损 0.68 亿元，同比 +9.64%，扣非归母净亏损 0.69 亿元，同比+19.99%，同比亏损均有所收窄。 研 究 报 告 盈利预测与投资建议:考虑到 24 年公司业绩不及此前预期，我们下调盈利 预测，预计 25-26 年归母净利润为 1.73/1.95 亿元（原 25-26 年为 1.99/2.19 亿元）， 并引入 27 年归母净利润预测为 2.17 亿元，对应 25-27 年 EPS 为 0.87/0.99/1.10 元，当前股价对应 P/E 为 22/20/18 倍，维持"买入"评级。 公 司 财 报 点 评 Q4 淡季需求弱恢复，粽子及经销渠道恢复正增长。分产品看，24 年粽子 系列/月饼系列/餐食系列/蛋制品、糕点及其他实现收入 15.8/2. ...

Investment Rating - The investment rating for the company is "Buy" [7][21]. Core Views - The company reported a revenue of 2.026 billion yuan in 2024, a year-on-year decrease of 4.31%, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year [2][4]. - The company's gross margin and net margin for 2024 were 44.54% and 13.40%, respectively, reflecting a decline of 1.06 percentage points and 4.02 percentage points year-on-year due to increased market competition and rising costs [4][5]. - The company is focusing on improving equipment utilization in traditional sectors while exploring new fields such as commercial aerospace and aviation [5][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 619 million yuan, representing a year-on-year increase of 4.93%, while the net profit attributable to shareholders was 83.02 million yuan, down 11.64% year-on-year [4]. - The revenue from testing equipment was 623 million yuan, down 17.25% year-on-year, while revenue from environmental and reliability testing services was 1.009 billion yuan, up 0.64% year-on-year [4]. - The company anticipates a gradual recovery in net profit, projecting 292 million yuan for 2025 and 371 million yuan for 2026, with a further increase to 454 million yuan by 2027 [7][9]. Market Position and Strategy - The company has established a unique advantage by integrating testing equipment and services, enhancing its competitive edge in the market [6]. - The company has expanded its capabilities in integrated circuit testing services through acquisitions and is continuously enhancing its laboratory testing capabilities to capture new market opportunities [6][7].