2025 年 03 月 31 日 双融日报 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：28 分（较冷） 今日热点主题：算力、家电、深海经济 1、算力主题：据媒体报道，我国全面启动"东数西算" 工程已满 3 年，三大运营商、数据中心服务商以及相关产业 链企业积极跟进，多领域发力，各地新型数字基础设施加速 建设，全国一体化算力体系加快形成。据 2024 中国算力大会 数据，我国在用算力中心机架总规模超 830 万标准机架，算 力总规模达 246EFLOPS，位居全球第二。据统计，2024 年我 国数字经济增加值占 GDP 比重已超过 45%，其中算力相关产 业 贡 献 了 约 三 分 之 一 的 增 量 。 相 关 标 的 ： 众 合 科 技 (000925)、首都在线(300846) 2、家电主题：2025 年 3 月 22 日，全国家电消费季启动 仪式在上海举行。商务部副部长盛秋平表示，家电以旧换新 工作利当前、促长远，稳增长、助转型，惠民生、利产业。 商务部将以此次活动为契机，统筹线上线下渠道，开展系列 活动，优化"政策+活动"驱动机制，鼓励厂商出新、平台 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The report highlights the strengthening of leading advantages for Chinese biotech companies through early strategic collaborations with multinational corporations (MNCs), indicating a growing trust in their R&D capabilities [3] - Novo Nordisk's recent collaborations and the competitive landscape in the weight loss and diabetes treatment sectors are emphasized, showcasing opportunities for Chinese companies [4] - The optimization of drug procurement policies is expected to alleviate price pressures on traditional pharmaceutical companies, providing them with more time for operational adjustments [6] - Progress in CAR-T therapies and the potential for universal CAR-T treatments are noted, with significant sales growth projected in this area [8] - The report discusses the evolving landscape for Contract Research Organizations (CROs) and the potential for increased orders and profitability due to changes in the external environment [10] - The expansion of raw material applications, particularly in the nicotine sector, is highlighted as a new direction for raw material pharmaceutical companies [12] - The integration of AI in healthcare is accelerating, with major hospitals launching specialized AI models, indicating a transformative wave in the industry [14] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.97% over the past week, ranking first among 31 primary industry indices [26] - Over the past month, the pharmaceutical industry also outperformed the CSI 300 index by 1.75%, ranking 12th [29] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has a current PE (TTM) of 31.27, which is below the historical average of 32.98 [49] 3. Recent Research Achievements - The report includes various deep-dive studies on the pharmaceutical industry, highlighting trends in supply and demand, regulatory support, and market opportunities [54] 4. Recent Industry Policies and News - Recent policy changes by the National Medical Products Administration aim to optimize the medical device standard system and enhance the quality of the medical device industry [56] - Significant collaborations and approvals in the pharmaceutical sector are reported, including licensing agreements and new drug approvals by major companies [58][59]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Views - The company has experienced rapid growth in new orders, with a significant increase in overseas market penetration, indicating a positive outlook for profitability recovery [7][8]. - The wind power industry is witnessing improved supply-demand dynamics, which is expected to enhance the company's profitability [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 22.198 billion yuan, a year-on-year increase of 18.54% - The net profit attributable to shareholders was 465 million yuan, up 12.24% year-on-year, with a non-recurring net profit of 353 million yuan, reflecting a 13.50% increase [6][7]. Business Segments - Wind turbine revenue reached 18.053 billion yuan, growing by 12.76%, with an export capacity of 11.62GW, a 37.22% increase year-on-year [7]. - The company also reported revenue from new energy engineering contracting services of 1.213 billion yuan and from new energy power station development and transfer of 1.689 billion yuan [7]. Order Growth - The company secured 30.89GW of new wind power equipment orders in 2024, representing a 96.65% year-on-year increase, with total orders on hand reaching 39.87GW [8]. - The overseas order volume has more than doubled, with significant breakthroughs in markets such as the Middle East and North Africa [8]. Profitability Forecast - Revenue projections for 2025, 2026, and 2027 are 25.912 billion yuan, 28.881 billion yuan, and 31.932 billion yuan, respectively, with corresponding EPS of 0.89 yuan, 1.21 yuan, and 1.45 yuan [9][11]. - The current stock price corresponds to PE ratios of 13.4, 9.9, and 8.3 for the years 2025, 2026, and 2027, respectively [9].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company faces short-term performance pressure due to declining photovoltaic glass prices, with a 13.20% year-on-year decrease in revenue to 18.683 billion yuan and a 63.52% drop in net profit to 1.007 billion yuan in 2024 [5] - Despite the challenges, the company's leading position in the photovoltaic glass industry remains solid, with a market share exceeding 50% when combined with a competitor [6] - The company is expected to see gradual improvement in profitability starting in 2025, with projected revenues of 21.067 billion yuan and earnings per share (EPS) of 0.74 yuan [7] Summary by Sections Financial Performance - In 2024, the company's core product revenue from photovoltaic glass was 16.816 billion yuan, down 14.54% year-on-year, leading to a gross margin of 15.50%, a decrease of 6.30 percentage points [5] - The company sold approximately 1.265 billion square meters of photovoltaic glass in 2024, a 3.70% increase year-on-year [5] Market Position - The company has a total production capacity of 19,400 tons per day as of the end of 2024, with plans to expand operations in Indonesia [6] - Revenue from the North American market reached 1.114 billion yuan in 2024, a significant increase of 231.64% year-on-year, indicating enhanced international influence [6] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 21.067 billion yuan, 23.854 billion yuan, and 26.479 billion yuan, respectively, with corresponding EPS of 0.74 yuan, 1.08 yuan, and 1.31 yuan [7][9]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 3% year-on-year, with a net profit of 799 million yuan, also down by 3% [4][9] - The decline in performance is attributed to adjustments in the purchasing rhythm of distributors [4] - The company is focusing on product and channel structure optimization to improve performance [4][5] Summary by Sections Market Performance - The company's stock price is currently at 13.82 yuan, with a total market capitalization of 15.9 billion yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 425 million yuan, down 15% year-on-year, and a net profit of 129 million yuan, down 23% [4] - The gross margin decreased by 7 percentage points to 43.38% in Q4 2024, primarily due to price discounts on terminal products [5] - The company expects a marginal recovery in gross margin in 2025 due to stable terminal sales and sufficient low-cost raw material reserves [5] Product Performance - Revenue from the main product, pickled vegetables, was 2.044 billion yuan, down 2%, while the revenue from pickled radish was 46 million yuan, down 24% [6] - The company saw a 2% increase in revenue from pickled cabbage, reaching 230 million yuan, driven by a 16% increase in sales volume [6] Channel Strategy - Revenue from direct sales and distribution channels was 151 million yuan and 2.232 billion yuan, respectively, both showing a decrease [7] - The company is expanding its restaurant channel and optimizing its internal assessment methods to better align with market demands [7] Earnings Forecast - The company anticipates EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 17, and 16 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company plans to continue increasing its investment in expenses, which is expected to enhance its profitability in the future [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, up 4% year-on-year, and the net profit was 82 million yuan, up 39% year-on-year [4] - The gross margin for Q4 2024 increased by 1 percentage point to 27.51%, with a net profit margin increase of 5 percentage points to 18.05% [5] Product and Channel Analysis - Food revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company has closed 143 stores in Q4 2024, but the single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan, 1.13 yuan, and 1.20 yuan for 2025, 2026, and 2027, respectively [8][10] - The company’s dividend payout ratio increased to 69% in 2024 from 47% in 2023, indicating a commitment to returning value to shareholders [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company achieved a revenue of 3.476 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 625 million yuan, which is a 37% increase compared to the previous year [1] - The company is focusing on optimizing its product structure and controlling costs, leading to a gross margin increase of 1 percentage point to 40.84% in Q4 2024 [2] - The company is leveraging its brand in hot pot products and continuously developing its product categories, with hot pot seasoning revenue reaching 471 million yuan in Q4 2024, a 25% increase year-on-year [3] - The company is enhancing its market presence through team configurations and acquisitions, with offline channel revenue growing by 19% to 907 million yuan in Q4 2024 [4] Financial Performance - The company forecasts EPS of 0.67, 0.75, and 0.83 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21, 19, and 17 times [8] - The projected revenue for 2025 is 3.943 billion yuan, reflecting a growth rate of 13.4% [10] - The company expects a net profit of 710 million yuan in 2025, indicating a growth rate of 13.7% [10]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][12]. Core Views - The company has a solid order backlog and is expected to see a recovery in profitability due to favorable market conditions and demand for wind energy [7][8]. - The company achieved a revenue of 566.99 billion yuan in 2024, representing a year-on-year growth of 12.37%, and a net profit of 18.60 billion yuan, up 39.78% year-on-year [6][7]. - The company holds a leading position in the wind turbine market, with a domestic market share of 22% and a global market share of 15.9% in 2024 [8][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 566.99 billion yuan, a 12.37% increase year-on-year, and a net profit of 18.60 billion yuan, which is a 39.78% increase year-on-year [6][7]. - The gross margin was 13.80%, down 3.34 percentage points year-on-year, while the net margin improved by 0.25 percentage points to 3.27% [7]. Market Position - The company maintained its leading position in the wind turbine sector, with a total installed capacity of 18.67 GW in 2024, ranking first in the domestic market [8]. - The company’s sales of wind turbine units reached 16.05 GW, reflecting a year-on-year increase of 16.56% [8]. Order Backlog and Future Outlook - As of the end of 2024, the company had an order backlog of 47.40 GW, a 55.93% increase year-on-year, with external orders accounting for 45.08 GW [9]. - The company is expected to benefit from the domestic "14th Five-Year Plan" and the global offshore wind market entering a favorable cycle, with projected revenues of 628.69 billion yuan, 699.31 billion yuan, and 780.17 billion yuan for 2025, 2026, and 2027 respectively [12][14].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 3% year-on-year, with a net profit of 799 million yuan, also down by 3% [4] - The decline in performance is attributed to adjustments in the purchasing rhythm of distributors [4] - The company is focusing on optimizing product and channel structures to improve performance [5][6] Summary by Sections Market Performance - The company's stock price is currently at 13.82 yuan, with a total market capitalization of 15.9 billion yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 425 million yuan, down 15% year-on-year, and a net profit of 129 million yuan, down 23% [4] - The gross margin decreased by 7 percentage points to 43.38% due to price discounts on terminal products [5] - The company expects a marginal recovery in gross margin in 2025, supported by sufficient low-cost raw material reserves [5] Product Performance - Revenue from the main product, pickled vegetables, was stable, while the sales of pickled cabbage increased significantly [6] - The company is optimizing packaging, quality, and taste for new products, with a focus on improving cost-performance ratios [6] Channel Strategy - The company is enhancing its restaurant channel layout and expanding its team, with direct sales and distribution channel revenues showing slight declines [7] - The company is transitioning to a results-oriented assessment approach for its internal teams to better align with market demands [7] Earnings Forecast - The company anticipates EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 17, and 16 times [9] - Revenue is projected to grow to 2.578 billion yuan in 2025, reflecting an 8% increase [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company is expected to continue benefiting from scale effects, with a projected net profit margin increase to 18.05% in 2024, up 5 percentage points year-on-year [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, a 4% increase year-on-year, and the net profit was 82 million yuan, a 39% increase year-on-year [4] - The gross profit margin for Q4 2024 increased by 1 percentage point to 27.51% [5] - The company plans to increase its expense investments, with a sales expense ratio of 3.96% and a management expense ratio of 6.37% [5] Product and Channel Performance - Food product revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company closed 143 stores in Q4 2024, leading to a 2% decrease in franchise sales revenue to 333 million yuan, but single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan in 2025, corresponding to a PE ratio of 17 times [8] - Revenue growth rates are forecasted at 8.4% for 2025, 6.5% for 2026, and 5.5% for 2027 [10]