证 券 研 究 报 告 行业周报 | 投资评级： | 推荐 | （ | 维持 | ） | | --- | --- | --- | --- | --- | | 报告日期： | 2025年04月07日 | | | | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 对美出口药品部分列入豁免清单，贸易冲突升级或影响供应格局 根据美国对等关税政策的附录豁免清单，大部分的原料药和制剂未被纳入，但大部分医疗器械未被豁免。药品之所以被豁 免，主要是目前美国仍高度依赖于全球药品供应链，尤其是仿制药，同时，因为监管原因制药产业链重建周期非常长，而 且目前美国仍面临药品供应紧缺的状况。未来是否针对药品另行加税或者针对中国原产地的药品器械仍存在不确定性，但 考虑中国企业已在全球药品和器械供应链占据优势地位，部分原料药品种掌握定价权，即使加税也能有效转移。4月4日中 国关税委员会公告对原产于美国的进口商品加征34%的关税，目前尚未有豁免清单。药品和医疗器械是美国出口到中国的 重要商品，占据重要比重，而且大部分被国产和欧洲企业所替代，我 ...

证 券 研 究 报 告 行业周报 贸易冲突加剧，关注供给变化 医药行业周报 | 投资评级： | 推荐 | （ | 维持 | ） | | --- | --- | --- | --- | --- | | 报告日期： | 2025年04月07日 | | | | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 对美出口药品部分列入豁免清单，贸易冲突升级或影响供应格局 根据美国对等关税政策的附录豁免清单，大部分的原料药和制剂未被纳入，但大部分医疗器械未被豁免。药品之所以被豁 免，主要是目前美国仍高度依赖于全球药品供应链，尤其是仿制药，同时，因为监管原因制药产业链重建周期非常长，而 且目前美国仍面临药品供应紧缺的状况。未来是否针对药品另行加税或者针对中国原产地的药品器械仍存在不确定性，但 考虑中国企业已在全球药品和器械供应链占据优势地位，部分原料药品种掌握定价权，即使加税也能有效转移。4月4日中 国关税委员会公告对原产于美国的进口商品加征34%的关税，目前尚未有豁免清单。药品和医疗器械是美国出口到中国的 重要商品，占据重要 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company has shown impressive growth in overseas markets, particularly in data centers and other downstream sectors, despite facing challenges in the domestic renewable energy segment [4][5] - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, and a net profit of 574 million yuan, which is a 13.82% increase compared to the previous year [3][4] - The company is expected to see significant revenue growth in the coming years, with projections of 8.435 billion yuan in 2025, 10.350 billion yuan in 2026, and 12.758 billion yuan in 2027 [7][9] Summary by Sections Revenue and Profitability - The company's main business revenue for 2024 was 6.843 billion yuan, a year-on-year increase of 3.27% [4] - Export revenue reached 1.981 billion yuan, growing by 68.26%, while domestic sales fell by 10.78% to 4.862 billion yuan due to a decline in renewable energy income [4] - The renewable energy segment generated 3.008 billion yuan, down 19.20%, while non-renewable sectors saw a 31.02% increase in revenue to 3.712 billion yuan [4] Orders and Capacity - The company secured sales orders totaling 8.900 billion yuan in 2024, a 13.63% increase year-on-year, with export orders growing by 66.92% to 3.324 billion yuan [5] - The company has a backlog of orders worth 6.509 billion yuan, up 35.49% year-on-year, which sets a solid foundation for 2025 [5] - The company is expanding its global production capacity, including the completion of a base in Mexico and preparations for a transformer factory in the United States [5] Earnings Forecast - The earnings per share (EPS) are projected to be 1.74 yuan in 2025, 2.33 yuan in 2026, and 2.96 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 21.9, 16.4, and 12.9 [7][9] - The company is expected to maintain a net profit growth rate of 38.9% in 2025 and 33.5% in 2026 [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported better-than-expected performance, with 2024 revenue reaching 2.659 billion yuan, a year-on-year increase of 27%, and net profit attributable to shareholders of 207 million yuan, up 59% [4][5] - The company is benefiting from a recovery in industry demand and a continuous release of brand effects, leading to an increase in market share in the MSG sector [5] - The company's high-margin computing power business is progressing steadily, with a focus on cost control and efficiency improvements [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 724 million yuan, a 49% increase year-on-year, and a net profit of 42 million yuan, an 18% increase [4] - For Q1 2025, the expected net profit is between 100 to 120 million yuan, representing a year-on-year growth of 103% to 144% [4] Market Position - The MSG market in 2024 grew by 13.7%, with the company holding over 25% market share, ranking first among top brands [5] - The company is the only one among the top five MSG brands to see a year-on-year increase in market share [5] Profitability Forecast - The report adjusts the EPS forecasts for 2024-2026 to 0.12, 0.22, and 0.29 yuan respectively, with corresponding PE ratios of 54, 28, and 21 times [7] - The company is expected to maintain strong growth in profitability due to internal reforms and expansion of the computing power business [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported better-than-expected performance, with a revenue of 2.659 billion yuan in 2024, representing a 27% year-on-year increase, and a net profit of 207 million yuan, up 59% year-on-year [4][5] - The company is benefiting from a recovery in industry demand and a strong brand effect, leading to an increase in market share in the seasoning industry [5] - The company's high-margin computing power business is progressing steadily, with a total collection of 2.7308 million yuan in March, optimizing the overall profitability structure [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.659 billion yuan, with a net profit of 207 million yuan, and a significant increase in net profit for Q1 2025 is expected to be between 100 to 120 million yuan, reflecting a year-on-year growth of 103% to 144% [4][10] Market Position - The company holds over 25% market share in the seasoning market, ranking first, and is the only brand among the top five to see a year-on-year increase in market share [5] Business Strategy - The company is committed to a "Brand Revival Strategy" to consolidate its leading position in the industry, benefiting from the overall market growth and increased market share [5] Profitability Forecast - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 0.12, 0.22, and 0.29 yuan respectively, with corresponding price-to-earnings (PE) ratios of 54, 28, and 21 times [7][10]

2025 年 04 月 07 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：31 分（较冷） 最近一年大盘走势 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 | 1、《双融日报》2025-04-03 | | --- | | 2、《双融日报》2025-04-02 | | 3、《双融日报》2025-04-01 | ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 31 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：医疗器械、脑机接口、AI 1、医疗器械主题：国家药监局公开征求《关于优化全生 命周期监管 支持高端医疗器械创新发展的举措（征求意见 稿）》意见。加快发布医用外骨骼机器人、放射性核素成像 设备等相关标准。加快推进医用机器人、人工智能医疗器 械、高端医学影像设备等领域的基础、通用标准和方法标准 等制修订工作。相关标的：联影医疗（688271）、迈瑞医疗 （300760） 2、脑机接口主题：3 月 3 ...

2025 年 04 月 06 日 铜矿投资收益持续增长，钾锂产能可期 —藏格矿业（000408.SZ）公司事件点评报告 （2）碳酸锂：2024 年产量为 11566 吨，同比-4.12%；销量 为 13582 吨，同比+31.66%。分季度来看，Q1、Q2、Q3、Q4 碳酸锂产量分别为 2385.5、3423.5、3468.5、2288.5 吨，其 中 Q4 产量同比-40.42%，环比-34.02%。Q1、Q2、Q3、Q4 碳 酸锂销量分别为 3970、3660、2580、3372 吨，其中 Q4 销量 同比+31.96%，环比+30.70%。 售价及成本方面，2024 年碳酸锂营业收入 10.22 亿元，同比 -48.40%，单位平均售价 7.52 万元/吨，同比-60.81%。2024 年平均单位销售成本为 4.10 万元/吨，同比+9.72%。 ▌ 巨龙铜矿投资收益进一步增长，二期项目仍然可 期。 2024 年，巨龙铜业产铜 16.63 万吨，公司持有巨龙铜业 30.78%的股权，报告期内公司确认投资收益 19.28 亿元,占公 司归母净利润的 74.72%。巨龙铜矿投资收益同比增加 6.31 亿元， ...

2025 年 04 月 06 日 研 中国资产在全球比较中仍更有利 究 报 —定量策略周观点总第 157 周 投资要点 ▌本周建议一览 核心观点：美国关税超预期，短期固然带来资产配置上的 扰动，中长期来看反而拨开迷雾，将 2025 年宏观交易确 立为衰退和放水双主线。在这个双主线进程中，人民币资 产不管作为"美元资产系统外变量"提供避险价值，还是 考虑到中国可能的政策后手，带动下半年自然复苏，在全 球资产比较中都占据了更为有利的位置。从仓位、资金和 汇率数据看，二季度经过调整，我们认为 AH 股、国内债券 都同时具备配置和交易价值。 相关研究 1、《首批 12 只科创板综指 ETF 上 全天候多资产风险平价策略新 美股：流动性来看，上周继续回升，4 月 QT 开始放缓，但 注 意 TGA 账 户 收 税 带 来 的回 落 。 美 元 真 实 流 动 性 本 周 6.137 万亿→6.237 万亿，边际小幅上升。其中美联扩表 本周缩表 168.01 亿美元（上周缩表 157.29 亿美元）； TGA 账户变动-143.46 亿美元（上周-998.29 亿美元）， 余 额 小 幅 下 降 ； 隔 夜 逆 回 购 ...

2025 年 04 月 06 日 关税靴子落地，白酒韧性凸显 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 -30 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：业绩密集 披露期，关注结构性机会》2025- 03-30 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | 3.4 | 5.9 | -8.3 | | 沪深 300 | -2.4 | 2.5 | 8.2 | 市场表现 -10 0 10 20 30 (%) 食品饮料 沪深300 ▌ 一周新闻速递 2、《食品饮料行业周报：春糖会反 馈符合预期，政策端持续加码消 费》2025-03-24 3、《食品饮料行业周报：地方促生 育 ...

2025 年 04 月 06 日 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) -4.2 14.7 24.3 沪深 300 -2.4 2.5 8.2 市场表现 -20 -10 0 10 20 30 40 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 Optimus 下一代执行器即将发布，自主车企 3 月 销量表现亮眼 推荐(维持) 投资要点 相关研究 1、《汽车行业周报：丝杠产能紧缺 之际，强调磨床设备投资机会》 2025-03-30 2、《汽车行业周报：Tesla 机器人 生产节奏进一步明确，多家车企密 集宣布 L3 级自动驾驶量产计划》 2025-03-23 3、《汽车行业周报：智元灵犀 X2 与 GO-1 大模型亮相，FigureBotQ 推 动机器人商业落地》2025-03-16 ▌下一代执行器即将发布，重点关注 T 链机器人标 的 事件：马斯克发推展示 Optimus 行走视频，并配文"精确的 执行器加速自动化"。 Optimus 强化学习效果显著，行走步态更为精细。Optimus 在视频行走过程 ...