Investment Rating - The report maintains an "Outperform" rating for BeiGene with a target price of HK$182.35, while the current price is HK$141.00 [2][6]. Core Insights - In Q1 2025, BeiGene achieved revenue of USD1.12 billion, a year-on-year increase of 48.6%, with product revenue at USD1.11 billion. The net income attributable to shareholders was USD1.27 million, marking the first quarterly recurring business profit under US GAAP [3][13]. - The management has maintained its full-year revenue guidance of USD4.9 billion to USD5.3 billion, indicating confidence in future performance [3][14]. Revenue and Profitability - The growth in overseas revenue, particularly from BRUKINSA, was a significant driver for the company's turnaround to profitability. BRUKINSA generated revenue of USD790 million in Q1 2025, reflecting a 62.1% year-on-year increase [4][14]. - The gross profit margin (GPM) reached 85.2%, an increase of 1.9 percentage points year-on-year, while operating profit was USD11.1 million, compared to a loss of USD261 million in Q1 2024 [5][15]. Financial Projections - Revenue projections for the upcoming years are as follows: USD5.01 billion in FY2025, growing to USD6.03 billion in FY2026, with a revenue growth rate of 31% and 20% respectively [11][14]. - The net profit is expected to turn positive in FY2025 with a forecast of USD34 million, and further increase to USD390 million in FY2026, reflecting a significant turnaround [11][14]. Valuation Methodology - The valuation is based on a Discounted Cash Flow (DCF) model using cash flows from FY25 to FY34, with a WACC of 9% and a perpetual growth rate of 4% [6][16].

Investment Rating - The report maintains an "Outperform" rating for the company [1][10]. Core Insights - In 2024, the company achieved revenue of RMB 1.83 billion, a decrease of 1.74%, with a net profit attributable to shareholders of RMB 465 million, down 23.43%. For Q1 2025, revenue was RMB 482 million, a decline of 1.92%, while net profit increased by 2.74% to RMB 143 million [10][11]. - The company has revised its EPS forecasts for 2025 and 2026 to RMB 4.07 and RMB 5.02, respectively, and introduced a new forecast for 2027 at RMB 6.22. The target price is set at RMB 143.10, corresponding to a 2025 PE of 35X [10][12]. Financial Summary - The company's revenue for 2024 is projected at RMB 2.22 billion, with a growth rate of 21.0% in 2025 and 22.0% in 2026. The net profit is expected to recover to RMB 583 million in 2025, with further growth anticipated in subsequent years [4][6]. - The company’s market share in the global digital X-ray detector industry reached 20.09% in 2023, indicating a solidified market position despite a decrease in sales revenue for detectors in 2024 [11][12]. Business Growth and Development - The new core components business saw a revenue increase of 45.49% in 2024, while integrated solutions and technical services revenue surged by 226.25% [12][13]. - The company is actively expanding its domestic and international markets, establishing sales and service platforms in various countries, including the USA, Germany, and India, which contributed to nearly RMB 100 million in revenue from new core components and solutions [13][12].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][13]. Core Views - The company has emerged from the impact of centralized procurement, achieving strong growth on a low base in its traditional orthopedic segment, and successfully expanding into new business areas [1][5]. - The forecasted EPS for 2025-2026 is RMB 1.24 and RMB 1.64, with a new forecast for 2027 at RMB 1.99. A target PE of 36X for 2025 is set, leading to a target price of RMB 44.64 [5][13]. Financial Summary - In 2024, the company is expected to achieve revenue of RMB 2.14 billion, a year-on-year increase of 39.3%, and a net profit attributable to shareholders of RMB 357 million, reflecting a 505% increase [5][14]. - For Q1 2025, revenue is projected at RMB 550 million, up 28.8%, with a net profit of RMB 103 million, an increase of 67% [5][14]. - The company’s revenue growth is attributed to the clearing of inventory adjustments from previous centralized procurement impacts, leading to a strong performance in 2024 [5][14]. Business Segments - The core orthopedic product lines, including trauma and spine products, have shown continued sales growth post-centralized procurement, with trauma sales revenue in 2024 expected to reach RMB 821 million, a 43.4% increase [5][15]. - Non-orthopedic consumables are also experiencing good growth, with the company aiming to become a medical equipment platform, investing heavily in R&D [5][16].

股票研究 /[Table_Date] 2025.05.03 2025-05-07 业绩持续复苏，Q1 发货量大幅增长 海泰新光 2024A & 2025Q1 业绩点评 本报告导读： 24 年前三季度下游客户去库影响发货节奏，24Q3 以来发货逐步恢复，25Q1 发货 量同比增长 40%以上，维持增持评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 471 | 443 | 556 | 681 | 826 | | (+/-)% | -1.3% | -5.9% | 25.5% | 22.6% | 21.2% | | 净利润（归母） | 146 | 135 | 179 | 223 | 275 | | (+/-)% | -20.2% | -7.1% | 31.9% | 24.8% | 23.5% | | 每股净收益（元） | 1.21 | 1.12 | 1.48 | 1.85 | 2.28 | | 净资产收益率(%) ...

Investment Rating - The report rates the pharmaceutical industry as "Outperform" [1] - Sub-industry ratings include "Add" for pharmaceutical manufacturing and pharmaceutical services [1] Core Insights - The report is optimistic about innovative drugs, CXO, and strong consumer performance in Q1 2025 [5][27] - In April 2025, the pharmaceutical sector performed similarly to the market, with the SHCOMP index down 1.7% and SW Pharma Bio down 2.1%, ranking 11th among Shenwan primary industries [9][28] - The premium of the pharmaceutical sector over all A-Shares is currently at a normal level of 81.01% [18][28] Summary by Sections 1. Focus on Innovative Drugs and CXO - Key A-share stocks recommended include Jiangsu Heng Rui Medicine, Betta Pharmaceuticals, Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical, Remegen, Huadong Medicine, WuXi AppTec, APT Medical, and AIER EYE HOSPITAL GROUP [5][27] - H-share top picks include Wuxi Biologics Cayman, PATEO, Innovent Biologics, and Zai Lab, with beneficiaries being CSPC Pharmaceutical Group, Gushengtang, and Angelalign [27] 2. April 2025 Pharmaceutical Sector Performance - The pharmaceutical sector's performance was on par with the market, with notable sub-sectors being chemical preparations (+2.8%), pharmaceutical commerce (+1.5%), and chemical raw materials (+0.7%) [12][28] - Top gainers included Apichope Pharmaceutical (+56.2%), Qianjiang Yongan Pharmaceutical (+55.9%), and Kexing Biopharm Co., Ltd. (+55.2%), while top losers were Hainan Poly Pharm (-71.9%), Landfar Bio-Medicine Co., Ltd (-40.0%), and Jiangsu Wuzhong Industrial (-39.5%) [17][28] 3. Performance Disparities in 2024 and Q1 2025 - In 2024, the pharmaceutical sector's overall revenue fell by 1.5% YoY, and net profit decreased by 12.5% YoY, with medical consumables, chemical preparations, and blood products showing positive growth [22][28] - In Q1 2025, the sector's revenue fell by 6.1% YoY, and net profit fell by 9.7% YoY, with medical R&D outsourcing, consumables, and hospitals performing well [22][28] 4. Profitability Metrics - The gross profit margin (GPM) for the pharmaceutical sector fell by 0.5pp YoY in 2024, while the net profit margin (NPM) fell by 0.8pp YoY [24][28] - In Q1 2025, GPM decreased by 1.6pp YoY, and NPM decreased by 0.4pp YoY, with medical R&D outsourcing showing improvements in both GPM and NPM [24][28]

Investment Rating - Investment rating: Outperform [1] - Target price: RMB 29.72 [1] Core Insights - The company reported a revenue of RMB 28.55 billion for 2024, a year-on-year decrease of 8.29%, while net profit attributable to shareholders was RMB 703 million, an increase of 39.05% [6][10] - The computing power business is experiencing rapid growth, with domestic revenue nearing RMB 6 billion and a compound annual growth rate (CAGR) exceeding 100% over the past two years [6][10] - The company has optimized its expense management, achieving a slight reduction in total expense ratio despite a decline in overall revenue [6][10] Financial Summary - Revenue forecast for 2025-2027: RMB 31.15 billion, RMB 32.97 billion, and RMB 34.57 billion respectively [4] - Net profit forecast for 2025-2027: RMB 1.01 billion, RMB 1.17 billion, and RMB 1.34 billion respectively [4][10] - Earnings per share (EPS) for 2025-2027: RMB 0.85, RMB 0.99, and RMB 1.13 respectively [4][10] Product Performance - Communication systems revenue: RMB 22.31 billion, down 6.19% year-on-year, with a gross profit margin of 19.46% [6][10] - Fiber and cable revenue: RMB 4.70 billion, down 12.77% year-on-year, with a gross profit margin of 25.35% [6][10] - Data network products revenue: RMB 1.14 billion, down 27.44% year-on-year, with a gross profit margin of 43.92% [6][10] Strategic Developments - The company has secured centralized procurement for 400G OTN, reinforcing its position as a core supplier [6][10] - Global expansion efforts include trial production at R&D and manufacturing bases in Thailand and Hungary, aimed at mitigating trade risks [6][10]

Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 45.47, down 8% from previous estimates [1][8]. Core Views - The company experienced a revenue decline of 5.09% in 2024, totaling RMB 7.57 billion, and a net profit drop of 24.63% to RMB 1.81 billion. However, Q1 2025 showed a revenue increase of 9.17% to RMB 2.44 billion, indicating a potential recovery [1][8]. - The report highlights the impact of high base effects on revenue, particularly in respiratory solutions, while noting strong growth in glucose management and emergency solutions [9][10]. - Strategic investment in Inogen is expected to enhance overseas expansion and brand strength, with export revenue growing by 30.42% in 2024 [11]. Financial Summary - Revenue for 2024 is projected at RMB 7.57 billion, with a forecasted increase to RMB 8.46 billion in 2025, representing an 11.9% growth [2]. - Net profit attributable to shareholders is expected to recover to RMB 1.98 billion in 2025, up from RMB 1.81 billion in 2024 [2]. - The company’s EPS forecast for 2025 is revised to RMB 1.98, with a new estimate for 2027 at RMB 2.64 [1][2]. Business Segments - Respiratory solutions revenue decreased by 22.42% in 2024 to RMB 2.60 billion, affected by fluctuations in public demand [9]. - Glucose management and POCT solutions saw a significant revenue increase of 40.20% to RMB 1.03 billion, driven by product upgrades and market expansion [10]. - Emergency solutions revenue grew by 34.05% to RMB 239 million, reflecting strong demand for newly certified products [10]. Strategic Initiatives - The strategic investment in Inogen aims to accelerate international market penetration and enhance the company's export capabilities [11]. - The company is focusing on building trust and cooperation with overseas clients, which is expected to yield comprehensive progress in key regions [11].

Investment Rating - The report maintains an "Outperform" rating for Shanghai Pharmaceuticals [2][16]. Core Insights - In Q1 2025, Shanghai Pharmaceuticals achieved revenue of CNY 70.76 billion, a year-on-year increase of 0.9%, while net profit attributable to shareholders was CNY 1.33 billion, down 13.6% year-on-year, primarily due to a decline in profit contributions from the Pharmaceutical Manufacturing segment and one-time losses [3][13]. - The Pharmaceutical Service segment demonstrated strong resilience, with revenue reaching CNY 64.88 billion, up 2.6% year-on-year, driven by innovative business initiatives [3][14]. - The report forecasts revenue growth of 8% for FY2025 and 7.3% for FY2026, with net profit growth expected to be 9.3% in FY2025 and 9.9% in FY2026 [11][16]. Financial Performance Summary - Revenue for FY2023 was CNY 260.3 billion, with a projected increase to CNY 275.3 billion in FY2024 and CNY 297.3 billion in FY2025, reflecting a growth rate of 12.2%, 5.7%, and 8.0% respectively [11][16]. - The gross profit margin for FY2025 is projected at 11.2%, with a slight decrease to 11.1% in FY2026 [11][16]. - The report indicates a P/E ratio of 7.4x for FY2025 and 6.7x for FY2026, suggesting the stock is undervalued compared to its earnings potential [5][16]. Segment Performance - The Pharmaceutical Service segment's revenue includes CNY 1.8 billion from Contract Sales Organization (CSO) services, up 9.9% year-on-year, and CNY 12.5 billion from innovative drug distribution, up 23.2% year-on-year [3][14]. - The Pharmaceutical Manufacturing segment reported revenue of CNY 5.89 billion, down 15.3% year-on-year, primarily due to a high base effect from the previous year [14][16]. Valuation - The target price for Shanghai Pharmaceuticals is set at HKD 13.73, based on a discounted cash flow (DCF) model with a WACC of 6.2% and a perpetual growth rate of 3% [5][16].

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Insights - The company reported strong product revenue growth in Q1 2025, exceeding RMB 2.4 billion, which represents a year-on-year increase of 41% and a quarter-on-quarter increase of 13% [3][14]. - The commercial product portfolio has expanded to 15 products, with four new drugs launched in Q1 2025 [14][15]. - Upcoming approvals for innovative products are expected to drive further revenue growth throughout 2025 [3][19]. Financial Performance - Revenue projections for 2025, 2026, and 2027 are RMB 11.86 billion, RMB 14.34 billion, and RMB 18.09 billion, respectively, indicating year-on-year growth rates of 31%, 20%, and 26% [9][19]. - The company is expected to turn profitable in 2025, achieving a net profit of RMB 380 million [19][12]. - Gross profit margins are projected to remain strong, with estimates of 83.7% in 2025 and increasing to 88.0% by 2027 [12][19]. Product and R&D Developments - The company has launched four new drugs in Q1 2025, including IBI-344 (ROS1) and Limertinib (EGFR TKI) [14][15]. - The R&D pipeline is robust, with expectations for at least five new assets to enter global multi-regional clinical trials by 2030 [16][19]. - Key upcoming events include data updates for various clinical trials at major conferences, which are anticipated to enhance the company's market position [17][18]. Valuation - The target price for the company's stock has been revised to HKD 62.5 per share, based on a DCF model with a WACC of 9.8% and a terminal growth rate of 3.5% [9][19].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of RMB 7.84, based on a current price of RMB 6.39 [2][10]. Core Views - The company's recurring net profit declined by 37.70% year-on-year in FY2024, attributed to increased rubber prices and significant depreciation from newly launched projects [6][10]. - The company achieved an operating income of RMB 2.713 billion in FY2024, a 4.64% increase year-on-year, while the net profit attributable to the parent company was RMB 154 million, down 36.49% year-on-year [6][10]. - The company is actively expanding its international market presence, with overseas revenue accounting for 19.87% of total income in 2024, reflecting a 19.81% year-on-year increase [8][10]. - Ongoing construction projects are progressing well, with future conveyor belt production capacity expected to reach 150 million square meters [9][10]. - The company plans to distribute a cash dividend of approximately RMB 82.32 million, which is 53.60% of the net profit attributable to the parent company for 2024 [7][10]. Financial Summary - Revenue projections for the company are as follows: RMB 3.218 billion in 2025, RMB 3.906 billion in 2026, and RMB 4.572 billion in 2027, with corresponding net profits of RMB 231 million, RMB 336 million, and RMB 410 million respectively [5][10]. - The company’s diluted EPS is expected to be RMB 0.56 in 2025, RMB 0.82 in 2026, and RMB 1.00 in 2027 [5][10]. - The gross profit margin is projected to improve from 17.6% in 2024 to 19.6% by 2027 [5][10].