Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2] Core Viewpoints - The demand in the life sciences supply chain is gradually recovering, with the tariff war further catalyzing domestic substitution [6][9] - The industry demand is believed to be at the bottom recovery stage after nearly three years of adjustment, driven by factors such as the Federal Reserve's interest rate cuts and the establishment of government industrial funds in China [6][9] - The tariff war has significantly benefited domestic companies as U.S. import brands face increasing market acceptance challenges [10] Summary by Sections Market Performance - The pharmaceutical and biotechnology sector index fell by 0.36% from April 14 to April 18, 2025, underperforming the CSI 300 index by 0.94% [16] - Year-to-date, the sector index has decreased by 1.45%, outperforming the CSI 300 index by 2.7% [16] Investment Strategy and Recommendations - The report recommends focusing on: 1. Scientific instruments with high barriers and low domestic substitution rates, suggesting companies like BGI Genomics, Jingguang Technology, and Haier Biomedical [14] 2. Consumables in the production sector that are cost-sensitive and critical for supply chain security, recommending companies like Nanwei Technology and Aopu Mai [14] 3. Domestic research reagents, highlighting companies such as Aladdin, Titan Technology, and Novozymes [14] Weekly Highlights - The top five performing stocks in the pharmaceutical sector for the week were: 1. Shuangcheng Pharmaceutical (up 56.38%) 2. Lifan Pharmaceutical (up 47.07%) 3. Shutaishen (up 30.27%) 4. Yuekang Pharmaceutical (up 21.40%) 5. Dongcheng Pharmaceutical (up 16.90%) [30]

Group 1: Demand Insights - U.S. consumer behavior changes are relatively slow, with personal consumption contribution remaining stable around 2% over decades[2] - Historical data shows that during economic recessions, essential consumption tends to increase while discretionary spending decreases, indicating a shift in consumer priorities[20] - The average consumption propensity has generally increased from 1999 to 2013, despite economic downturns, reflecting a strong consumer inertia[22] Group 2: Supply Challenges - The scale and efficiency of Chinese manufacturing are difficult to replace, making it a critical factor in U.S. supply chains[3] - The U.S. faces challenges in rebuilding its manufacturing base, with potential paths including the development of a "pro-American" supply chain or significant subsidies for domestic manufacturers[36] - The "AI + manufacturing" transformation in the U.S. is complex and faces significant hurdles, particularly in terms of implementation and efficiency[44] Group 3: Economic Implications - The implementation of "reciprocal tariffs" has led to significant market volatility, primarily reflecting changes in expectations rather than fundamental economic shifts[2] - If the U.S. economy does not enter a recession, the resilience of consumer demand may lead to a "stagflation-like" impact on trade and supply structures[36] - In a recession scenario, consumer purchasing power may decline, complicating efforts to fill supply gaps left by China and other countries[36] Group 4: Risk Factors - Potential risks include escalating global geopolitical conflicts, renewed inflationary pressures in the U.S., and uncontrolled government debt issues[4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant revenue growth driven by its biodiesel and bio-based products, with a 2024 revenue of 3.563 billion yuan, up 26.73% year-on-year, and a net profit of 149 million yuan, up 89.57% year-on-year [5][9] - The biodiesel segment has seen a sales volume increase of 6.83% and a price increase of 21.82%, contributing to overall revenue growth [6] - The company is expanding its production capacity with new projects, including a 50,000-ton natural fatty alcohol project and a 100,000-ton hydrocarbon-based biodiesel project, which are expected to enhance profitability [7][9] Financial Performance Summary - In 2024, the company achieved a gross margin of 7.11% and a net profit margin of 4.18%, with expectations for significant improvements in the coming years [6][10] - The projected net profits for 2025-2027 are 634 million yuan, 780 million yuan, and 863 million yuan, representing year-on-year growth rates of 325.2%, 23.2%, and 10.6% respectively [9][10] - The company’s earnings per share (EPS) are expected to rise from 1.24 yuan in 2024 to 7.19 yuan by 2027 [10]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant revenue growth driven by its biodiesel and related products, with a 26.73% year-on-year increase in revenue for 2024, reaching 3.563 billion yuan [5] - The net profit for 2024 increased by 89.57% year-on-year, amounting to 149 million yuan, indicating strong profitability [5] - The company is expanding its production capacity with new projects, including a 50,000-ton natural fatty alcohol project and a 100,000-ton hydrocarbon-based biodiesel project, which are expected to enhance future earnings [7][9] Financial Performance Summary - In 2024, the company reported a total revenue of 3.563 billion yuan, with a net profit of 149 million yuan, and a gross profit margin of 7.1% [8] - The projected revenue for 2025 is 4.783 billion yuan, with net profits expected to rise to 634 million yuan, reflecting a growth rate of 325.2% [9] - The earnings per share (EPS) is forecasted to increase significantly from 1.24 yuan in 2024 to 5.28 yuan in 2025 [10] Market Position and Strategy - The company is leveraging its sales network in Europe and Asia to enhance its market presence, particularly in biodiesel and high-value bio-based materials [6][9] - The strategic focus on cost-effective production through internal sourcing of raw materials is expected to improve profit margins [6][9] - The company is also exploring opportunities in the palm oil and waste oil price differential, which has seen significant increases recently [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected net profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The company's gross margin is expected to improve, with projections of 28.6% in 2025 and 26.0% in 2026 [7] Market Comparison - The company's stock has underperformed compared to the CSI 300 index, with absolute returns of -19.93% over the past month [4] - The report highlights the company's resilience in maintaining profitability despite market fluctuations, particularly in the alumina and electrolytic aluminum sectors [6] Production and Capacity - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - New mining projects in Guinea and Guangxi are expected to significantly boost the company's production capacity and resource availability [6]

[Table_Main] 证券研究报告 | 公司点评 天山铝业(002532.SZ) 2025 年 04 月 20 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：7.35 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 46% 57% 2024-04 2024-08 2024-12 天山铝业 沪深300 沪深300对比 1M 2M 3M 绝对涨幅(%) -19.93 -14.53 -15.71 相对涨幅(%) -14.07 -10.95 -14.67 资料来源：德邦研究所，聚源数据 相关研究 1.《天山铝业：量价齐升创佳绩》， 2025.1.22 2.《天山铝业（002532.SZ）：受益于 氧化铝价格走强，24H1 归母实现翻倍 增长》，2024.8.20 天山铝业：利润高企，成长性明显 投资要点 | [Table_Base] 股票数据 | | [Table_Finance ...

[Table_Main] 证券研究报告 | 行业周报 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《江南化工（002226.SZ）：外延 收购增厚业绩，海外拓疆助力成长》， 2025.4.18 2.《聚氨酯行业更新：万华收购康睿 HDI 工厂，关注行业格局优化》， 2025.4.13 3.《涤纶长丝行业更新：油价风险释 放&需求预期改善，龙头估值有望修 复》，2025.4.13 4.《春潮涌动！关注脂肪醇投资机 会》，2025.4.13 5.《宝丰能源（600989.SH）：一季 度业绩高增，烯烃量利齐升！》， 2025.4.10 基础化工 2025 年 04 月 20 日 外部环境扰动，重申民爆板块的 机遇性！ [Table_Summary] 投资要点： 本周基础化工板块表现弱于大盘。根据 Wind，本周（4/10-4/18）上证 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 有色金属 沪深300 资料来源：德邦研究所，聚源数据 2025 年 04 月 20 日 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 相关研究 1.《有色金属周报：避险资金狂飙， 黄金破新高后仍为主线》，2025.4.12 2.《关税政策变化，工业金属修复》， 2025.4.11 3.《有色金属周报：对美关税反制， 战略金属价值显现，黄金再迎布局良 机》，2025.4.7 4.《黄金：万里长征方起步》， 2025.4.1 5.《赤峰黄金：提产降本推动利润提 升》，2025.4.1 有色金属周报：特朗普连续喊话 美联储，关注贵金属表现 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 贵金属：周内金 ...

煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 17% 26% 2024-04 2024-08 2024-12 煤炭开采 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《煤炭行业月报：3 月进口同比转 负，静待后续需求改善》， 2025.4.18 2.《煤炭周报：煤价底部企稳，回 购增持彰显板块价值》，2025.4.12 3.《煤炭周报：成本支撑显现，煤 价止跌企稳》，2025.4.6 4.《中国旭阳集团（1907.HK）： 传统业务显韧性，新兴领域迎发 展》，2025.4.3 5.《兖矿能源（600188.SH）：成 本管控优异，成长空间广阔》， 2025.3.30 煤炭开采 2025 年 04 月 20 日 煤炭周报：煤价震荡寻底，关注 板块红利属性 [Table_Summary] 投资要点： 投资建议：2024 年 9 月政治局会议开启经济支持新篇章，结合近两年供给持续弱 化，煤炭板块基本面 ...

基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn [Table_Main] 证券研究报告 | 行业周报 2025 年 04 月 20 日 外部环境扰动，重申民爆板块的 机遇性！ 市场表现 -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《江南化工（002226.SZ）：外延 收购增厚业绩，海外拓疆助力成长》， 2025.4.18 2.《聚氨酯行业更新：万华收购康睿 HDI 工厂，关注行业格局优化》， 2025.4.13 3.《涤纶长丝行业更新：油价风险释 放&需求预期改善，龙头估值有望修 复》，2025.4.13 4.《春潮涌动！关注脂肪醇投资机 会》，2025.4.13 5.《宝丰能源（600989.SH）：一季 度业绩高增，烯烃量利齐升！》， 2025.4.10 基础化工 [Table_Summary] 投资要点： 本周基础化工板块表现弱于大盘。根据 Wind，本周（4/10-4/18）上证 ...