Investment Rating - The report gives a "Buy" rating for the company, Ruipubio (stock code: 300119.SZ) [1] Core Views - The company has shown steady growth in the poultry sector and significant growth in the pet sector, which is seen as a new growth engine [3][5] - The company is expected to have a promising growth potential due to its competitive advantages in poultry vaccines and pharmaceuticals, along with the early advantages and channel barriers in the pet sector [52] Financial Performance - In 2024, the company achieved a revenue of 3.07 billion yuan, a year-on-year increase of 13.32% [3][5] - The net profit attributable to shareholders was 301 million yuan, a decrease of 33.7% year-on-year [3][5] - The company’s comprehensive gross margin was 41.38%, down 8.31 percentage points year-on-year [3] - The company’s R&D expenses were 197 million yuan, an increase of 13.64% year-on-year, representing 6.4% of revenue [3][14] Business Segments - The revenue from poultry biological products was 1.08 billion yuan, up 15.9% year-on-year, while the revenue from pet products saw a significant increase of 849.09% [3][7] - The company’s pet pharmaceutical products achieved revenue of 19.02 million yuan, while the pet biological products generated 37.44 million yuan [3][7] - The company’s livestock vaccine business generated 211 million yuan, a year-on-year increase of 49.78% [3][27] Future Projections - The company is projected to have revenues of 3.33 billion yuan in 2025 and 3.74 billion yuan in 2026, with growth rates of 8.54% and 12.30% respectively [4][53] - The net profit attributable to shareholders is expected to reach 415 million yuan in 2025 and 538 million yuan in 2026, with growth rates of 38.12% and 29.59% respectively [4][53] - The expected EPS for 2025 and 2026 is 0.89 yuan and 1.16 yuan, respectively, with corresponding PE ratios of 20 times and 16 times [52][53] Strategic Initiatives - The company is actively expanding its strategic partnerships with major breeding groups to enhance its market presence and product offerings [3][35] - The company has successfully launched the first domestic cat trivalent vaccine, filling a gap in the market [46] - The company is focusing on international expansion, with product registrations completed in countries like Indonesia and Sri Lanka [15]

Investment Rating - The report maintains a "Recommended" rating for the communication industry, indicating an expected relative performance increase of over 10% compared to the benchmark index [3]. Core Insights - The implementation of equal tariffs is expected to significantly impact the domestic computing power sector, marking a transformative era for domestic computing capabilities [1]. - Domestic telecom operators and related companies are well-positioned with technological and cost advantages, leading to an optimistic outlook for market share and profit growth as they expand into emerging markets [5]. - The report emphasizes the importance of domestic computing power as a core accelerator for China's AI economy, with long-term high growth trends anticipated [5]. Summary by Sections Industry Overview - The report highlights the increasing overseas business share of communication-related companies, which is expected to optimize their global layout [5]. - Major domestic manufacturers have shifted their focus from Europe and the U.S. to emerging markets, leveraging cost advantages for market expansion [5]. Technological Advancements - The report notes that domestic optical module manufacturers are enhancing their R&D capabilities, accelerating the process of achieving self-sufficiency in core components like optical chips [5]. - The integration of AI applications is expected to be driven by telecom operators, who possess significant data advantages and are actively promoting the development of domestic AI [5]. Investment Recommendations - The report suggests that the demand for domestic computing power will continue to grow, becoming a key driver for the transition from scale expansion to global competitiveness in the AI sector [5]. - The investment in computing infrastructure by domestic internet giants and telecom operators is anticipated to create a positive feedback loop, enhancing the scalability and profitability of AI applications [5].

Group 1 - Huawei's financial structure is improving, driven by three major business segments, with expectations for continued growth into 2025 due to advancements in AI, hardware, and cloud services [2][5] - In 2024, Huawei achieved global sales revenue of 862.1 billion yuan, a year-on-year increase of 22.4%, with net profit of 62.6 billion yuan, a decrease of 28% [3][4] - The terminal business has returned to a growth trajectory, with significant increases in smart automotive solutions and cloud services, contributing to overall revenue growth [4][5] Group 2 - Nocere Pharmaceutical reported a 36.68% increase in revenue to 1.009 billion yuan in 2024, with a narrowing net loss of 440 million yuan [8][9] - The core product, Obutinin, has seen rapid commercialization, with sales surpassing 1 billion yuan and multiple indications approved for national insurance coverage [9][10] - The company is expanding its pipeline in autoimmune diseases and solid tumors, with several clinical trials underway [10][11] Group 3 - Yunnan Baiyao achieved revenue of 40.033 billion yuan in 2024, a 2.36% increase, with a net profit of 4.749 billion yuan, up 16.02% [15][16] - The pharmaceutical segment experienced double-digit growth, particularly in aerosol products, which grew by over 26% [16][17] - The company maintains a high dividend payout ratio of 90.09%, reflecting strong financial health and strategic clarity [15][18] Group 4 - Aerospace Electric reported a revenue decline of 19.08% to 5.025 billion yuan in 2024, with a net profit decrease of 53.75% [24][25] - The company is strategically increasing its focus on emerging sectors, anticipating a recovery in defense demand in 2025 [25][27] - Despite challenges, the company is investing in new product development and maintaining a stable gross margin [25][26] Group 5 - China Construction Bank's revenue decreased by 2.54% in 2024, but net profit increased by 0.88%, indicating gradual improvement [30][31] - The bank's interest income showed signs of recovery, with a net interest margin of 1.51% [31][32] - The bank is focusing on expanding its retail and investment business, with a projected dividend payout ratio of 30% [33][34] Group 6 - Shengda Resources, a leading silver producer, is set to increase silver and gold production significantly in 2025 due to ongoing projects and acquisitions [35][36] - The company has a strong resource base, with high-grade silver mines and plans to enhance its gold production capabilities [35][37] - The outlook for precious metals remains positive, supported by macroeconomic factors and increasing industrial demand for silver [37][39]

Group 1 - The report indicates that the company achieved a revenue of 29.32 billion yuan in 2024, representing a year-on-year increase of 4.62%, and a net profit of 5.81 billion yuan, up 0.84% year-on-year [2] - The fourth quarter showed significant recovery with a revenue of 7.36 billion yuan, a year-on-year increase of 21.1%, and a net profit of 1.45 billion yuan, up 97.9% year-on-year, indicating a rebound in downstream aviation equipment demand [3] - The company is focusing on the civil aviation market and has signed a long-term framework contract worth 2.1 billion yuan for titanium alloy parts with an international client, expected to contribute an average of 350 million yuan annually over the next six years [4] Group 2 - The company reported a revenue of 300.6 billion yuan for 2024, a year-on-year increase of 9.2%, with a net profit of 13.27 billion yuan, up 52.9% year-on-year [7] - The company’s strategic emerging business, particularly in the mining machinery sector, saw revenue growth exceeding 60%, with domestic and overseas market shares increasing [8] - The company’s overseas revenue reached 137.6 billion yuan, a year-on-year increase of 20%, with the overseas revenue proportion rising to 45.77% [9] Group 3 - The company reported a revenue of 67.6 billion yuan in 2024, a year-on-year increase of 1.13%, but a net profit decline of 48.11% to 2.9 billion yuan [12] - The company achieved a record high production of 21,600 tons of high-performance rare earth permanent magnets, with significant revenue contributions from the new energy vehicle sector [14] - The company is expanding its production capacity, with plans to reach 60,000 tons of high-performance rare earth permanent magnets by 2027 [15] Group 4 - The company achieved a revenue of 279.85 billion yuan in 2024, a year-on-year increase of 22.63%, with a net profit of 63.37 billion yuan, up 47.28% year-on-year [19] - The company’s innovative drug sales reached 138.92 billion yuan, a year-on-year increase of 30.60%, driven by strong performance from newly approved drugs [20] - The company is actively expanding its international presence, licensing its GLP-1 class innovative drugs to foreign companies for global commercialization [20] Group 5 - The company reported a revenue of 94.22 billion yuan in 2024, a year-on-year increase of 51.8%, with a significant reduction in net loss to 0.95 billion yuan [22] - The company’s product portfolio expanded to 15 commercialized products, with strong sales performance from its core product, leading to a notable increase in revenue [23] - The company is focusing on differentiated pipelines in oncology, with several drugs entering advanced clinical stages [24] Group 6 - The company achieved a revenue of 321 billion yuan in 2024, a year-on-year decrease of 5.3%, but a net profit increase of 1.8% to 43.5 billion yuan [28] - The company’s beer sales volume decreased by 5.9% in 2024, but there are signs of improvement in the fourth quarter with a 5.4% increase in sales volume [29] - The company plans to increase its dividend payout to 30.01 billion yuan, reflecting a commitment to returning value to shareholders [30] Group 7 - The company reported a revenue of 65.81 billion yuan in 2024, a year-on-year decline of 9.62%, with a net profit decrease of 26.75% to 10.43 billion yuan [33] - The decline in revenue was attributed to reduced spending by downstream financial institutions and a slowdown in technology investments [34] - The company is focusing on AI technology integration to enhance product development and operational efficiency [36] Group 8 - The company achieved a revenue of 2,844.20 billion yuan in 2024, a year-on-year increase of 10.07%, with a net profit of 101.70 billion yuan, up 23.51% [39] - The company’s express delivery business revenue reached 1,222.06 billion yuan, a year-on-year increase of 5.80%, contributing significantly to overall revenue [40] - The company is expanding its international logistics capabilities, with a notable increase in international flight operations and a growing number of cross-border e-commerce clients [41] Group 9 - The company reported a revenue of 10,671.71 billion yuan in 2024, a year-on-year decrease of 6.22%, with a net profit decline of 14.87% to 222.15 billion yuan [43] - The company’s new contract signings in the mining and power sectors showed strong growth, particularly in overseas markets [45]

行业点评报告 · 通信行业 华为公司财务结构向好. 三大业务带动增长 2025 年 04 月 02 日 核心观点 建议关注:运营商中国移动、中国联通、中国电信等;光模块中际旭创、新易 盛、天孚通信、光迅科技、华工科技等;光芯片源杰科技、仕佳光子等;AIDC 相关光环新网、数据港、润建股份等。 ● 风险提示:AI发展不及预期的风险,全球地缘政治不确定性的风险,算力发 展不及预期的风险等。 2025-04-02 相对沪深 300 表现图 20% 资料来源:中国银河证券研究院 资料来源：中国银河证券研究院 1. 【银河通信】深度报告:DeepSeek 冲击波,通信 第力降本增效, Deepseek 变与不变 2. 【银河通信】2025年度策略报告: 高成长高景气, 科技变革创长牛 | 通信行业 | | --- | 推荐 维持评级 分析师 赵良毕 ☎：010-8092-7619 网:zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S0130522030003 3. 【银河通信】科技行业专题报告：大拐点，大机 遇,创新变革,拥抱科技新动能 4. 【银河通信】运营商行业 2024年中报专 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company achieved a significant revenue growth of 51.8% in 2024, with product revenue increasing by 43.6%, primarily driven by strong sales of its core product, Sintilimab, and the commercialization of new products [3][4]. - The company reported a narrowed net loss of 0.95 billion yuan, a 90.79% improvement year-on-year, and achieved Non-IFRS net profit of 0.33 billion yuan, marking a milestone in profitability [3][4]. - The product portfolio expanded to 15 commercialized products, including three new lung cancer targeted therapies and the world's first non-covalent BTK inhibitor [3][4]. - The company is accelerating its global expansion in the oncology field, with several clinical trials underway for innovative therapies [3][4]. - The report forecasts revenue growth for the company to reach 108.18 billion yuan in 2025, 143.06 billion yuan in 2026, and 200.22 billion yuan in 2027, with corresponding net profits of 1.87 billion yuan, 15.17 billion yuan, and 41.06 billion yuan respectively [4][6]. Financial Summary - In 2024, the company reported total revenue of 94.22 billion yuan, with a gross margin of 84.0% and a sales expense ratio of 46.1% [3][4]. - Research and development expenses amounted to 26.81 billion yuan, with cash reserves of 102.21 billion yuan [3][4]. - The projected earnings per share (EPS) are expected to improve from -0.06 yuan in 2024 to 2.51 yuan in 2027 [4][6]. - The company's estimated market value range is between 929.56 billion yuan and 1,232.13 billion yuan, translating to approximately 1,007.41 billion to 1,335.31 billion Hong Kong dollars [3][4].

3 PMI 50.5% 国银河证券|CGS 每日晨报 银河观点集锦 宏观:扩张的 PMI 背后蕴含什么? ——2025 年 3 月 PMI 分析 核心观点 国家统计局 3 月 31 日发布数据：2025 年 3 月份,制造业采购经理指数（PMI）为 50.5% （前值 50.2%）。建筑业 PMI 53.4%（前值 52.7%），服务业 PMI 50.3%（前值 50%）。春节 因素影响逐步消退，企业生产经营活动加快，三大指数均处于扩张区间。 一、 供需继续回暖,政府支出、以旧换新和枪出口是需求主线。3月生产指数 52.6%(前 值 52.5%）。新订单指数 51.8%,新出口订单 49%,分别上升 0.7和 0.4pct。新订单指数恢复 到扩张区间展现了以旧换新政策带来的内需拉动效果还在延续;同时伴随国债和化债资金发行 前置对基建增速也有一定带动作用,3月水泥发运率明显改善。外需方面,新出口订单的超预期 上行证明抢出口效应仍在持续。从分行业新订单 PMI 上来看,消费制造业相关的纺织服装、化 学纤维和计算机电子均环比上行且处在扩张区间；设备更新利好的通用设备和专用设备分别上 涨 10.7 和 5.4pct ...

-40% -20% 0% 20% 40% 60% 80% 北证50 沪深300 图1:北证成交额与换手率情况(截至2025.03.31) ■ 成交金额（合计/亿元) -换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 03-05 02-13 02-19 02-21 02-25 03-03 03-07 03-13 03-17 03-19 02-17 02-27 03-11 02-11 03-31 02-07 03-21 03-27 ■A股算数平均涨跌幅 ■ 北交所算数平均涨跌幅 4 N 0 -2 -4 -6 -8 -10 -12 北交所日报 □国银河证券|CGS 资料来源：iFinD,中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.03.31) 资料来源：iFinD，中国银河证券研究院 ⚫⚫⚫⚫⚫⚫ 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 河证券|CGS 北交所日报 表1：涨幅前十股票的市场数据（2025.03.31/财务数据为 2024O3) | | ...

业绩与股息双升,CAPEX 新周期迎大空间 — 运营商行业 2024 年报点评 2025 年 03 月 30 日 核心观点 行业点评报告 · 通信行业 ● 通信业务基本盘持续巩固,数智化新业务加大投入,收入结构持续优化。 三大运营商云业务持续向好,截止 2024 全年,天翼云收入达 1139 亿元 /+17.1%;移动云收入达到 1004 亿元/+20.4%;联通云收入达到 686 亿元 /+17.1%。在算力方面,2024 年中国移动上线投产了呼和浩特、哈尔滨两大 万卡级超大规模智算中心,智能算力规模达到 29.2EFLOPS;中国联通在上海、 广东、内蒙古、宁夏、贵州等地建设大规模智算中心,智算规模超过 17EFLOPS, 并建成算力智联网 AINet;中国电信建成京津冀、长三角两个全液冷万卡池, 智能算力资源达到 35EFLOPS。此外,运营商上在物联网、车联网、安全、数 智服务等其他领域的收入都保持增长,亦为第二曲线上扬提供助力。 通信行业 评级 维持评级 分析师 赵良毕 ☎：010-8092-7619 网: zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S0130 ...

公司点评报告 ·房地产行业 归母净利润正增长,商业运营持续领先 2024 年报点评 2025年3月30日 新城控股(股票代码:601155) 推荐 维持评级 分析师 胡孝宇 2: huxiaoyu_yj @chinastock.com.cn 分析师登记编码： S0130523070001 | 市场数据 | 2025-3-28 | | --- | --- | | 股票代码 | 601155 | | A 股收盘价(元) | 13.06 | | 上证指数 | 3,351.31 | | 总股本(万股) | 225562 | | 实际流通 A 股(万股) | 225562 | | 流通 A 股市值(亿元) | 295 | 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相对沪深 300 表现图 2025-3-28 100% 新城控股 沪深300 50% 0% -50% 相关研究 1. 【银河地产】公司点评_坚持双轮驱动经营,商业 收入稳定增长_新城控股 2024年半年报点评 2. 【银河地产】_公司 2024 一季报点评_新城控股_ 减值影响业绩,商业收入稳步抬升 3. 【银河地产】双轮驱动优势凸显, 商业运营稳 ...