[Table_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年年报点评 中国通号（688009）机械设备 目标价：7.20 元（6 个月） 买入 （维持） 当前价：5.58 元 经营稳健，海外业务增速高 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 326.44 | 352.37 | 377.09 | 401.71 | | 增长率 | -11.98% | 7.94% | 7.02% | 6.53% | | 归属母公司净利润（亿元） | 34.95 | 38.60 | 42.19 | 46.08 | | 增长率 | 0.50% | 10.46% | 9.30% | 9.20% | | 每股收益 EPS（元） | 0.33 | 0.36 | 0.40 | 0.44 | | 净资产收益率 ROE | 8.07% | 8.65% | 8.78% | 8.87% | | PE | 17 | 15 | 14 | 13 | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 97.92 CNY over the next six months, while the current price is 81.05 CNY [1]. Core Insights - The company experienced a revenue decline of 25.8% in 2024, but excluding the impact of a large order from the previous year, there was a 7.4% year-on-year growth. The net profit attributable to the parent company fell by 58.2% [7]. - The small molecule CDMO (Contract Development and Manufacturing Organization) business is steadily growing, with a revenue of 45.7 billion CNY in 2024, showing an 8.9% increase when excluding large orders. The company has a robust order reserve for commercialized projects [7]. - Emerging businesses, particularly in chemical and biological macromolecules, are accelerating growth, with a 13.3% increase in revenue for the chemical macromolecule segment in 2024. The company expects significant growth in this area in 2025 [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 58.0 billion CNY, with a projected revenue of 66.7 billion CNY in 2025, reflecting a growth rate of 14.9%. The net profit is expected to rise to 11.1 billion CNY, marking a 16.4% increase [12]. - The earnings per share (EPS) for 2025 is projected at 3.06 CNY, with corresponding price-to-earnings (PE) ratios of 26, 23, and 20 for the years 2025, 2026, and 2027 respectively [12][10]. Business Segments - The small molecule CDMO segment is expected to see revenue growth of 10.7% in 2025, with a gross margin of 48.5%. The emerging business segment is projected to grow by 31.4% in 2025, with a gross margin of 26.7% [8][10]. - The company is focusing on expanding its capabilities in the production of GLP-1 peptide projects, with significant increases in production capacity expected in 2025 [7]. Valuation - The report compares the company to peers such as WuXi AppTec and Kanglong Chemical, noting that the average PE for comparable companies is 23, slightly lower than the company's valuation. The company is considered a leader in the small molecule CDMO space, justifying a premium valuation [12].

[ T able_StockInfo] 2025 年 03 月 31 日 证券研究报告•2024 年年报点评 龙湖集团（0960.HK）房地产 目标价：——港元 持有 （维持） 当前价：10.34 港元 聚焦核心区域，运营业务稳健增长 风险提示：销售或不及预期，利润率或不及预期，商业拓展或不及预期。 | 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元人民币) | 127475 | 104014 | 94242 | 89319 | | 增长率 | -29.5% | -18.4% | -9.4% | -5.2% | | 归属母公司净利润(百万元人民币) | 10401 | 7030 | 7137 | 7167 | | 增长率 | -19.1% | -32.4% | 1.5% | 0.4% | | 每股收益 EPS | 1.51 | 1.02 | 1.04 | 1.04 | | 净资产收益率 | 6.44% | 4.17% | 4.06% | 3.92% | | PE | 6.17 | 9.45 | ...

买入 （维持） 当前价：20.71 元 [ T able_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年报点评 天坛生物（600161）医药生物 目标价：——元（6 个月） 业绩快速增长，持续拓展新品 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6031.87 | 6734.35 | 7439.64 | 8319.21 | | 增长率 | 16.44% | 11.65% | 10.47% | 11.82% | | 归属母公司净利润（百万元） | 1549.16 | 1616.02 | 1686.26 | 1860.88 | | 增长率 | 39.58% | 4.32% | 4.35% | 10.36% | | 每股收益 EPS（元） | 0.78 | 0.82 | 0.85 | 0.94 | | 净资产收益率 ROE | 14.53% | 13.41% | 12.49% | 12.32% | | PE | ...

| [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3912.07 | 4063.28 | 4179.76 | 4263.36 | | 增长率 | -1.05% | 3.87% | 2.87% | 2.00% | | 归属母公司净利润（百万元） | 1262.39 | 1295.61 | 1325.94 | 1352.82 | | 增长率 | 0.25% | 2.63% | 2.34% | 2.03% | | 每股收益 EPS（元） | 1.25 | 1.29 | 1.32 | 1.34 | | 净资产收益率 ROE | 13.08% | 12.72% | 12.35% | 11.98% | | PE | 18.6 | 18.1 | 17.7 | 17.3 | | PB | 2.43 | 2.30 | 2.18 | 2.07 | 数据来源： Wind ，西南证券 [ T able_StockInfo] 2025 年 04 月 02 日 证券研究报告• ...

[ T able_StockInfo] 2025 年 04 月 02 日 证券研究报告•2024 年年报点评 中国国贸（600007）房地产 目标价：——元（6 个月） 持有 （维持） 当前价：23.25 元 经营表现平稳，维持高分红比例 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3912.07 | 4063.28 | 4179.76 | 4263.36 | | 增长率 | -1.05% | 3.87% | 2.87% | 2.00% | | 归属母公司净利润（百万元） | 1262.39 | 1295.61 | 1325.94 | 1352.82 | | 增长率 | 0.25% | 2.63% | 2.34% | 2.03% | | 每股收益 EPS（元） | 1.25 | 1.29 | 1.32 | 1.34 | | 净资产收益率 ROE | 13.08% | 12.72% | 12.35% | 11.98% | | PE | 18.6 ...

[Table_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年年报点评 国邦医药（605507）医药生物 目标价：28.20 元（6 个月） 买入 （维持） 当前价：21.09 元 医药与动保双轮驱动，盈利能力快速提升 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,891 | 7,072 | 7,908 | 8,848 | | 增长率 | 10.12% | 20.05% | 11.83% | 11.88% | | 归属母公司净利润（百万元） | 782 | 1,052 | 1,255 | 1,416 | | 增长率 | 27.61% | 34.63% | 19.23% | 12.88% | | 每股收益 EPS（元） | 1.40 | 1.88 | 2.25 | 2.53 | | 净资产收益率 ROE | 9.71% | 11.54% | 12.09% | 12.01% | | PE | 14.88 | 1 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) with a target price of —— yuan over the next six months [1]. Core Insights - The automotive electronics segment is experiencing rapid growth, with continuous breakthroughs in new products [1]. - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 10.16 billion yuan, up 42.3% year-on-year, and net profit of 651.36 million yuan, up 40.1% year-on-year [7]. - The gross margin for 2024 was 20.69%, a decrease of 1.67 percentage points year-on-year, while the net margin was 6.47%, down 0.12 percentage points year-on-year [7]. - The automotive electronics revenue for 2024 was 7.6 billion yuan, a year-on-year increase of 57.6%, accounting for 75% of total revenue [7]. - The company is expanding its customer base, with significant growth in revenue from major clients such as Geely, Chery, and NIO [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 10,157.54 million yuan, with a projected revenue of 13,162.17 million yuan for 2025, reflecting a growth rate of 29.58% [2]. - The net profit attributable to the parent company is expected to grow from 651.36 million yuan in 2024 to 876.21 million yuan in 2025, with a compound annual growth rate (CAGR) of 29.9% [2][9]. - Earnings per share (EPS) are projected to increase from 1.24 yuan in 2024 to 1.67 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 28 to 21 [2][9]. Business Segment Analysis - The automotive electronics segment is expected to maintain strong growth, with revenue projected to reach 9.86 billion yuan in 2025, growing at a rate of 29.74% [8]. - The precision casting business is also expected to grow steadily, with revenue projected to reach 2.57 billion yuan in 2025, maintaining a growth rate of 24.30% [8]. - The report highlights the company's continuous investment in research and development, with R&D expenses increasing by 28.9% year-on-year to 830 million yuan in 2024, representing 8.2% of total revenue [7].

[ T able_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年年报点评 郑 煤 机（601717）机械设备 目标价：——元（6 个月） 买入 （维持） 当前价：15.39 元 煤机板块利润高增，汽零业务加速转型 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 37052.04 | 39510.44 | 43662.71 | 50148.89 | | 增长率 | 1.73% | 6.63% | 10.51% | 14.86% | | 归属母公司净利润（百万元） | 3933.84 | 4282.83 | 4800.29 | 5525.07 | | 增长率 | 20.16% | 8.87% | 12.08% | 15.10% | | 每股收益 EPS（元） | 2.20 | 2.40 | 2.69 | 3.09 | | 净资产收益率 ROE | 18.55% | 17.08% | 16.57% | 16.46% ...

全年实现量价齐升，盈利能力提升显著 [ T able_StockInfo] 2025 年 03 月 28 日 证券研究报告•2024 年报点评 珠江啤酒（002461）食品饮料 目标价：——元（6 个月） 买入 （维持） 当前价：10.14 元 数据来源： Wind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [Table_Author] 分析师：朱会振 执业证号：S1250513110001 电话：023-63786049 邮箱：zhz@swsc.com.cn 分析师：舒尚立 执业证号：S1250523070009 电话：023-63786049 邮箱：ssl@swsc.com.cn [Table_QuotePic] 相对指数表现 -10% -1% 8% 17% 26% 35% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 珠江啤酒 沪深300 数据来源：聚源数据 风险提示：现饮场景恢复不及预期风险，高端化竞争加剧风险。 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- ...