Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company, Kailaiying, reported a revenue of 5.805 billion yuan for 2024, a year-on-year decrease of 25.82%. However, excluding the impact of large orders, revenue grew by 7.40% year-on-year, with a gross margin of 42% [3]. - The decline in revenue is primarily attributed to the high base from large orders delivered in 2023. The revenue from large pharmaceutical companies was 2.691 billion yuan, growing by 4.78% year-on-year after excluding large orders, while revenue from small and medium pharmaceutical companies was 3.114 billion yuan, growing by 9.78% [3]. - The company's small molecule CDMO business achieved a revenue of 4.571 billion yuan, with a year-on-year growth of 8.85% after excluding large orders, and a gross margin of 47.95% [3]. - Emerging businesses generated a revenue of 1.226 billion yuan, with a year-on-year growth of 2.25% and a gross margin of 21.67%, indicating room for improvement [3]. - The company has a total order backlog of 1.052 billion USD, with a year-on-year growth of over 20%, and significant growth in orders from European and American markets [3]. Financial Summary - For 2024, the company reported a net profit attributable to shareholders of 949 million yuan, a decrease of 58.17% year-on-year. The forecast for 2025 estimates a net profit of 1.141 billion yuan, reflecting a growth rate of 20.23% [4][6]. - The projected revenue for 2025 is 6.572 billion yuan, with a growth rate of 13.21% [4][6]. - The gross margin is expected to improve gradually, reaching 43.03% in 2025 and 44.51% by 2027 [4][6]. - The company's earnings per share (EPS) is projected to be 3.16 yuan in 2025, increasing to 4.46 yuan by 2027 [4][6].

北交所周报 交易活跃度回落,专精特新市场布局加速 2025 年 03 月 29 日 核心观点 分析师 范想想 ☎：010-8092-7663 @: fanxiangxiang _yj @chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 网: zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相关研究 1. 【银河北交所】2024 中期策略_新质生产力赋能 北证,关注国央企投资价值 2. 【银河北交所】深化国企改革,迈向高质量发展- 北交所国央企专题报告 3. 【银河北交所】2025 年度策略_并购重组助高质 发展,抓两新两重投资机遇 www.chinastock.com.cn 证券研究报告 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 2025-03-28 资料来源：iFinD，中国银河证券研究院 北证 50 指数周涨跌幅为 0.07%。本周,北证 50 涨跌幅为 0.07%。北交所 ● 265 家上市公司中,有 122 家公司周涨幅为正,新股开发科技(+150.36%) 涨 ...

策略研究 · 周度报告 美国关税政策扰动下,港股延续震荡走势 2025年03月30日 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 2025-02-21, 南向资金与国际资金结构同频还是分歧? 2025-02-13，地方两会对 A 股投资结构有哪些启示? 2025-02-04，春节假期热点跟踪：海外市场多变局，国 内消费掀热潮 2024-12-31, 2024年全球大类资产投资展望:变局·择 机 2024-12-27，2025年港股投资展望：潮涌·博弈 2024-12-26，2025年 A 股市场投资展望：重构·聚势 2024-12-19，美联储 12 月议息会议点评报告：美联储 传递节奏更换的渐进式降息信号 2024-12-13，中央经济工作会议对投资的启示 2024-11-19, 央国企改革助推市场估值结构重塑- 中 国企引领专题 2024-11-08,人大常委会后如何看市场? 2024-11-08, 特朗普当选后美联储降息或趋于谨慎 2024-11-06 ...

-40% -20% 0% 20% 40% 60% 80% 北证50 沪深300 ⚫⚫⚫⚫⚫⚫ 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 图1:北证成交额与换手率情况(截至2025.03.28) ■ 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 03-18 02-12 02-14 02-18 02-24 02-28 03-04 03-06 03-10 03-12 03-14 03-28 02-10 02-20 02-26 02-06 03-20 资料来源：iFinD，中国银河证券研究院 ■A股算数平均涨跌幅 ■ 北交所算数平均涨跌幅 6 4 2 0 -2 -4 -6 -8 -10 资料来源：iFinD，中国银河证券研究院 北交所日报 □国银河证券|CGS 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.03.28) 可证券|CGS 北交所日报 | | 序号 | 代码 | 简称 | 所属行业 | 今日涨跌幅 | 市值 | 营业收入 | 归母净利润 ...

策略分析师：蔡芳媛 把握波动中的机遇 —— 2025 年 4 月份投资组合报告 www.chinastock.com.cn 证券研究报告 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 投资组合报告 䪻䳣峒Ⲙ╚溸勨ꆱ —— 2025 年 4 月份投资组合报告 2025 年 3 月 29 日 l 2025 年 3 月 A 股震荡。截至 3 月 28 日，本月上证指数上涨 0.92%，深证成 指微跌 0.04%，创业板指下跌 1.94%。板块方面，有色、军工、煤炭、家电等 板块表现相对较好，计算机、电子、通信跌幅相对较大，投资者情绪趋于谨 慎。 l 2025 年 4 月十大月度金股（不分先后）包括： | 股票代码 | 股票名称 | 所属行业 | EPS | EPS | PE | PE | | --- | --- | --- | --- | --- | --- | --- | | | | | 2023A | 2024A/E | 2023A | 2024A/E | | 002281.SZ | 光迅科技 | 通信 | 0.78 | 1.02 | 59.17 | 45.29 | | 300750.SZ | 宁德时代 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%, while the net profit attributable to shareholders was 3.65 billion yuan, up 3.49% year-on-year [3] - The gypsum board business faced short-term pressure, but the overall business remains resilient, with the gypsum board revenue slightly declining by 4.79% to 13.11 billion yuan [3] - The company is focusing on internal and external growth strategies, with significant expansion in its waterproof and paint businesses, achieving revenue growth of 19.32% and 327.99% respectively in 2024 [3] - The company reported a strong operating cash flow of 5.13 billion yuan, an increase of 8.45% year-on-year, and a high dividend payout ratio of 40.07% [3] Financial Performance Summary - The company forecasts revenue growth rates of 14.30% in 2025, 11.58% in 2026, and 7.10% in 2027, with net profit expected to reach 4.48 billion yuan in 2025 [4][6] - The gross margin for the gypsum board and keel business was 38.51% and 18.98% respectively, showing slight improvements [3] - The company’s total assets are projected to grow from 35.14 billion yuan in 2024 to 47.69 billion yuan by 2027 [5] Business Strategy - The company is implementing a "One Body, Two Wings" strategy to enhance its core gypsum board business while expanding its waterproof and paint segments [3] - The international sales revenue reached 417 million yuan in 2024, marking an 87.59% increase, indicating successful international expansion efforts [3] - The company plans to invest in a new production line for gypsum fiberglass boards, which is expected to further strengthen its market position [3]

Investment Rating - The report maintains a "Buy" rating for Supor (stock code: 002032) [2][56] Core Views - The company focuses on stability and high dividend payouts, with a dividend payout ratio of 99.74% in 2024 [5] - The company has shown consistent revenue growth, with a projected revenue of 22.979 billion yuan in 2025, reflecting a growth rate of 2.46% [2][56] - The company's return on equity (ROE) remains high, projected at 36.13% in 2025, indicating strong profitability [56] Financial Performance Summary - **Revenue Forecasts**: - Total revenue for 2024 is expected to be 22.427 billion yuan, with a growth rate of 5.27% [2][56] - Projected revenues for 2025, 2026, and 2027 are 22.979 billion yuan, 23.686 billion yuan, and 24.573 billion yuan respectively [2][56] - **Net Profit Forecasts**: - The net profit attributable to the parent company for 2024 is forecasted at 2.244 billion yuan, with a growth rate of 2.97% [2][56] - Expected net profits for 2025, 2026, and 2027 are 2.328 billion yuan, 2.398 billion yuan, and 2.490 billion yuan respectively [2][56] - **Earnings Per Share (EPS)**: - The diluted EPS for 2024 is projected to be 2.80 yuan, with forecasts of 2.90 yuan, 2.99 yuan, and 3.11 yuan for the following years [2][56] - **Price-to-Earnings (P/E) Ratio**: - The P/E ratio is expected to be 19.10x in 2025, decreasing to 17.86x by 2027, indicating a potential for valuation improvement [2][56] Business Segmentation - **Revenue by Segment**: - The electrical appliances segment generated 15.3 billion yuan in 2024, while the cookware segment contributed 6.836 billion yuan [6] - **Sales Performance**: - Domestic sales in 2024 are projected at 14.925 billion yuan, with a slight decline of 1.2% year-on-year [7] - Export sales are expected to reach 7.502 billion yuan in 2024, reflecting a significant increase [7] Market Trends - The small home appliance market is experiencing weak demand, particularly in kitchen appliances, while cleaning and personal care appliances are performing better [5] - The company has improved its marketing efficiency on platforms like Douyin to boost sales [5] - The export market is recovering, with significant growth in orders from SEB, projected to reach 73.69 billion yuan in 2025, a 4.6% increase from 2024 [5][7]

Macro Insights - The report highlights that AI technology will drive China's economic transition from "large-scale advantages" to "global collaborative advantages" by 2035, leveraging its unique capabilities in knowledge reorganization and cross-domain collaboration [5][2] - AI is expected to contribute approximately 10% to GDP by 2035, with an average increase of 1.3% in total factor productivity (TFP) from 2025 to 2035, leading to an additional 14.8% increase in actual GDP [3][4] Company-Specific Insights China Guangke (003816) - The company reported a revenue of 868.04 billion yuan in 2024, a year-on-year increase of 5.2%, with a net profit of 108.14 billion yuan, reflecting a 0.8% increase [18] - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, resulting in a cash dividend ratio of 44.36% [18] - The upcoming commissioning of the Huizhou Unit 1 is expected to support the company's performance in 2025 [22] China Merchants Bank (600036) - The bank's net profit for 2024 is projected to grow by 1.22% year-on-year, with a revenue decline of 0.48% [6] - The bank's annualized weighted average ROE is 14.49%, with a significant improvement in non-interest income [6][7] - The bank's dividend payout ratio for 2024 is 35.32%, leading the industry [11] Zhongyu Technology (871694) - The company focuses on fluid transmission hoses and plans to expand its market presence in the Middle East [25] - In 2024, the company reported a revenue of 59.93 million yuan, a decrease of 10.23%, primarily due to reduced orders from the US and Middle East markets [25] - The company aims to enhance its product offerings in oil and gas extraction and mineral development [27] Morning Glory Co., Ltd. (603899) - The company achieved a revenue of 24.23 billion yuan in 2024, a year-on-year increase of 3.76%, but net profit decreased by 8.58% [29] - The company is focusing on optimizing its traditional core business and expanding its online and overseas operations [31] - The retail segment is expected to continue its growth trajectory, supported by the expansion of its retail stores [33] Fosun Pharma (600196) - The company reported a revenue of 41.07 billion yuan in 2024, a slight decrease of 0.80%, while net profit increased by 16.08% [35] - The pharmaceutical segment is focusing on high-margin innovative products, contributing to the overall profit growth [36] - The company plans to enhance its international presence and continue its innovation-driven growth strategy [39]

Investment Rating - The report maintains a "Recommended" rating for Yisheng Co., Ltd. (stock code: 002458.SZ) [1] Core Views - Yisheng Co., Ltd. is expected to see significant growth in chicken and pig production capacity by 2025, despite facing challenges in 2024 due to low chicken prices [4] - The company reported a revenue of 3.136 billion yuan in 2024, a decrease of 2.76% year-on-year, with a net profit of 504 million yuan, down 6.84% year-on-year [4] - The company is projected to benefit from rising chick prices in Q4 2024, leading to a notable increase in revenue and profitability [4] - The company maintains a leading position in the poultry industry, with a focus on high-generation livestock breeding as its core competitive advantage [4] Financial Performance Summary - In 2024, the company's revenue from chicken business was 2.697 billion yuan, accounting for 86% of total revenue, with a gross margin of 33.54% [4] - The company’s pig business revenue reached 224 million yuan in 2024, a significant increase of 320.39% year-on-year, contributing to 7.13% of total revenue [4] - The projected net profits for 2025-2027 are 655 million yuan, 756 million yuan, and 880 million yuan respectively, with corresponding EPS of 0.59 yuan, 0.68 yuan, and 0.79 yuan [5] Production Capacity and Market Position - The company is expected to enhance its breeding capacity for both chickens and pigs in 2025, with chicken breeding capacity projected to increase year-on-year [4] - The company has maintained its supply advantage in the breeding sector, with a historical high in parent stock and commodity chicken inventory expected in 2025 [4] - The company has successfully resumed imports of breeding stock from France, which had been disrupted due to avian influenza outbreaks [4] Financial Forecasts - The financial forecasts for 2024-2027 indicate a gradual recovery in revenue and profit margins, with a projected revenue growth rate of 13.87% in 2025 [5] - The company’s operating profit is expected to increase significantly, with a projected operating profit of 655 million yuan in 2025 [6] - The company’s total assets are projected to reach 7.800 billion yuan by 2027, with a debt-to-asset ratio decreasing to 17.48% [7]

Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Views - The strategic synergy effect with the controlling shareholder, Yunsen Electronics, is expected to gradually manifest, enhancing the company's competitiveness in smart cockpit products. The change in controlling shareholder is anticipated to strengthen collaboration and strategic alignment [1]. - The company reported a revenue of 5.902 billion yuan for 2024, a year-on-year increase of 1.97%, and a net profit attributable to shareholders of 155.26 million yuan, a year-on-year decrease of 3.67% [5]. - The decline in sales from luxury brand clients has impacted revenue growth, but the increase in shipments from self-owned brand clients has mitigated this effect, resulting in a slight revenue increase for the year [5]. - The company has seen a decrease in customer concentration, with the top five clients contributing 68.34% of revenue, down 5.32 percentage points year-on-year, which is expected to reduce the impact of single-client sales fluctuations on overall revenue [5]. - The company has invested significantly in R&D, with expenses rising by 26.97% to 429 million yuan in 2024, indicating a focus on new product development, particularly in the low-altitude economy sector [5]. Financial Summary - For 2024, the company achieved a gross margin of 24.17%, reflecting a year-on-year increase of 0.17 percentage points, indicating stable profitability despite market pressures [5]. - The company forecasts revenue growth to 6.512 billion yuan in 2025, with a projected net profit of 179.73 million yuan, representing a profit growth rate of 15.76% [7][8]. - The earnings per share (EPS) is expected to increase from 1.18 yuan in 2024 to 1.36 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 30.68 and 26.50, respectively [7][10].