Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a strong performance in Q1 2025, with revenue of 0.78 billion yuan (up 19% year-on-year) and a net profit attributable to shareholders of 19.56 million yuan (up 45% year-on-year) [6] - The company has a solid position in the water conservancy and energy sectors, benefiting from ongoing national infrastructure projects [6] - The company is expanding into the smart city sector, which is expected to provide new growth opportunities [6] Summary by Sections Market Performance - Closing price: 20.99 yuan - Market capitalization: 2,928.06 million yuan - Circulating market capitalization: 2,366.15 million yuan - Total shares: 139.50 million - Debt-to-asset ratio: 15.87% - Net asset value per share: 4.41 yuan [3] Financial Performance - Q1 2025 revenue: 0.78 billion yuan (yoy +19%) - Q1 2025 net profit: 19.56 million yuan (yoy +45%) - Q1 2025 net profit margin: 25.0% (yoy +4.5pcts) - Q1 2025 gross margin: 56.3% (yoy +4.7pcts) [6] Profit Forecast and Valuation - Revenue forecast for 2025: 400 million yuan (up 12.15% year-on-year) - Net profit forecast for 2025: 92 million yuan (up 19.20% year-on-year) - Earnings per share (EPS) forecast for 2025: 0.66 yuan - Price-to-earnings (P/E) ratio for 2025: 31.89 [7][8] Business Opportunities - The company is positioned to benefit from significant projects in the water conservancy sector, including major national water network construction projects [6] - The energy sector shows strong demand, particularly for pumped storage projects, with a projected total capacity of over 62 million kilowatts by 2025 [6] - The smart city initiative is expected to drive growth in the transportation sector, with increased demand for monitoring systems [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The logic of the shortage of urban investment bonds may continue due to factors such as the crowding - out effect of hidden debt replacement special bonds, the marginal tightening of review policies, concentrated maturities, and the significant lengthening of issuance terms [6]. - There are still opportunities to explore the spreads of urban investment bonds, but the risk of an upward trend in the risk - free interest rate in the future market should be vigilant [2]. - Suggestions for investment include short - end sinking strategies, 3 - 5Y term structure arbitrage opportunities, and paying attention to the catch - up opportunities and primary market bidding opportunities of urban investment bonds in regions with large maturity repayment pressures [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Urban Investment Bond Asset Shortage Logic May Continue - **Crowding - out effect of hidden debt replacement special bonds**: In 2024, 2 trillion yuan of hidden debt replacement special bonds were issued, and as of April 11, 2025, 1.39 trillion yuan had been issued. The interest rate of replacement bonds decreased by more than 2.5 percentage points on average in 2024, and the interest reduction in 5 years is expected to exceed 200 billion yuan. The crowding - out effect may remain significant in Q2 2025 [7][11]. - **Marginal tightening of review policies**: Both the exchange and the trading - dealer association encourage real industries to enter the market and accelerate the clearance of weak qualifications. The revised "No. 3 Guideline" may send a signal of marginal relaxation in the determination of the issuer's nature, and the EBITDA covering the annual interest of interest - bearing liabilities may become an important review indicator. The requirement for a letter from the municipal government may hinder the primary issuance progress [12][13][14]. - **Concentrated maturities of urban investment bonds**: The maturity and put - back amounts of urban investment bonds in Q2 and Q3 2025 are expected to remain high. The maturity repayment pressure in some regions is large, which may lead to a stronger shortage of assets and bring primary market bidding opportunities [17][20]. - **Significant lengthening of issuance terms and tight short - end supply**: Since 2023, the preference of urban investment entities for issuance terms has significantly lengthened. The weighted average issuance term of urban investment bonds has increased from 2.39 years in early 2023 to 4.11 years in April 2025, which may exacerbate the shortage of short - end urban investment bonds [25]. 3.2 Is There Still Room for Returns on Urban Investment Bonds? - **Four disturbing factors for the risk - free interest rate**: Fundamentally, the economy in Q1 2025 continued the stabilization trend since Q4 2024, and there is a probability of reaching an agreement on the tariff issue. Politically, fiscal policy is expected to continue to exert force, and interest rate cuts have limited effect on boosting domestic demand. In terms of funds, the central bank's OMO operations have had a net withdrawal for three consecutive months, and the funds are generally tight. In terms of short - term market sentiment, the spread between 10Y CDB bonds and 10Y treasury bonds reflects over - heated trading sentiment in the interest - rate bond market, and the risk of an upward trend in the risk - free interest rate should be vigilant [29][31][33]. - **How much room is there for the credit spread of urban investment bonds?**: Since early April 2025, the credit spread of urban investment bonds has fluctuated narrowly between 35 - 40BP. As of April 18, 2025, the historical quantile of the credit spread between 5Y AAA urban investment bonds and 10Y treasury bonds since 2022 was 40.80%. There may still be room for further exploration [39]. 3.3 Investment Analysis Opinions - **Short - end sinking strategy**: Moderately sinking short - end urban investment bonds have a coupon advantage compared with 10Y treasury bonds. Considering the significant lengthening of the issuance terms of new urban investment bonds, the supply of short - end urban investment bonds may further shrink. AA - level and above entities, with a remaining term of less than 1Y, a current coupon rate of more than 3.5%, and a ChinaBond行权 valuation of more than 2.6% are screened for reference [40]. - **3 - 5Y term structure arbitrage opportunities**: As of April 18, 2025, the 3 - 5Y urban investment credit spread was still inverted compared with the long - end spread, at the convex point of the term structure, and at a relatively high historical quantile. Institutions with stable liability ends can select high - quality urban investment entities in developed regions to lock in coupons and moderately sink to seek arbitrage opportunities [44]. - **Catch - up opportunities and primary market bidding opportunities in regions with large maturity repayment pressures**: In Q2 2025, attention should be paid to Shandong and Shaanxi regions, and in Q3 2025, attention should be paid to Sichuan, Hubei and other regions with large maturity amounts in the current quarter and large year - on - year increases [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year growth of 54% in Q1 2025, indicating a clear trend of continuous growth in performance [5] - The superconducting products segment is expected to benefit from increasing demand driven by nuclear fusion, semiconductors, and medical applications [9] - The high-end titanium alloy and high-temperature alloy markets are anticipated to experience a second growth phase due to increased demand from military aircraft [10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 4.612 billion yuan, a year-on-year increase of 10.91%, and a net profit of 801 million yuan, up 6.44% year-on-year [6] - The gross margin was 33.55%, an increase of 1.68 percentage points year-on-year, while the net margin was 18.99%, up 0.61 percentage points [6] - For Q1 2025, the company achieved revenue of 1.074 billion yuan, a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% [8] Product Segments - Superconducting products generated revenue of 1.304 billion yuan in 2024, a year-on-year increase of 32.41%, with a production volume of 2,899 tons, up 67.54% [6] - High-end titanium alloys achieved revenue of 2.752 billion yuan, a year-on-year increase of 9.87%, while high-temperature alloys saw a revenue decline of 31.02% to 327 million yuan [7] Market Outlook - The nuclear fusion sector is projected to see significant growth in demand for superconducting materials, with expectations of nuclear power's contribution to China's energy mix increasing by 10% by 2035 [9] - The military sector's demand for high-end titanium and high-temperature alloys is expected to rise due to new military aircraft orders and upgrades [10] Profit Forecast - The company is expected to achieve net profits of 1.024 billion yuan, 1.232 billion yuan, and 1.479 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 27.92%, 20.23%, and 20.11% [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The traditional business remains stable, and the overseas expansion of Continuous Glucose Monitoring (CGM) is expected to begin in 2025 [5] - The company is a leader in the blood glucose monitoring industry, with new products in CGM experiencing rapid growth and an expanding market ceiling [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 4,059 million RMB - 2024: 4,443 million RMB (growth of 9.47%) - 2025E: 4,927 million RMB (growth of 10.89%) - 2026E: 5,478 million RMB (growth of 11.19%) - 2027E: 6,102 million RMB (growth of 11.38%) [6] - Net profit attributable to the parent company is projected to grow from 284 million RMB in 2023 to 625 million RMB in 2027, with a notable increase of 27.55% in 2025 [6][7] - Earnings per share (EPS) is expected to rise from 0.50 RMB in 2023 to 1.11 RMB in 2027 [6] Business Segment Performance - In 2024, the company achieved a total revenue of 44.4 billion RMB, with a year-on-year increase of 9.5% and a net profit of 3.3 billion RMB, up 14.7% [7] - The blood glucose monitoring revenue for 2024 is projected at 33.2 billion RMB, reflecting a year-on-year growth of 15.6% [7] - The gross margin for the blood glucose monitoring system improved to 60.2% in 2024, an increase of 1.1 percentage points [7] Market Expansion and Product Development - The CGM product line has been launched domestically, with plans for further international registration in countries such as Singapore, Pakistan, Russia, and Saudi Arabia [7] - The company is in the substantive review stage with the FDA in the United States, indicating potential for overseas market penetration starting in 2025 [7]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company focuses on the printed circuit board (PCB) business, with production bases in Kunshan and Dongtai, and is well-positioned to benefit from trends in consumer and automotive electronics, as well as the growth in server and optical module markets driven by AI [5][10]. - The company has optimized its product structure, increasing the revenue share of multilayer boards from 24% in 2021 to 41% in 2024, which enhances profitability and market competitiveness [10][32]. - The company has established a strong customer base, including well-known domestic and international clients, which supports its revenue stability [10][52]. Summary by Sections 1. Business Overview - The company specializes in PCB production, offering single-sided, double-sided, and multilayer boards, with a focus on high-quality, flexible manufacturing to meet diverse customer needs [16]. - In 2023, the company generated revenues of 431.72 million yuan from consumer electronics and 283.77 million yuan from automotive electronics [31]. 2. Basic Business Foundation - The company has accumulated a strong client portfolio, including Delta Group, LG Group, and others, which enhances its market position [52]. - The global PCB market is expected to exceed 100 billion USD by 2026, with significant contributions from sectors like mobile phones, servers, and automotive electronics [10][52]. 3. Growth Potential - The AI boom is expected to drive demand for server and optical module PCBs, with the Chinese server PCB market projected to grow from 19.40 billion yuan in 2023 to 28.72 billion yuan by 2029 [10][11]. - The company is actively expanding into emerging applications such as storage/servers and communication, which are anticipated to be significant growth areas [10][11]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.043 billion yuan in 2024, with a year-on-year growth of 5.97%, and a net profit of 123.31 million yuan, reflecting a 4.45% increase [7][44]. - The expected net profits for 2025-2027 are 136 million, 150 million, and 171 million yuan, respectively, with corresponding P/E ratios of 34.7, 31.4, and 27.6 [8][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to experience high growth in its overseas formulation business, with innovative drugs in development showing potential for international markets [5][7] - The revenue forecast for 2024 is projected at 1.407 billion RMB, representing a year-on-year growth of 11.75%, with a significant increase in net profit expected in subsequent years [7][8] Financial Performance Summary - **Revenue Forecasts**: - 2023: 1.259 billion RMB - 2024: 1.407 billion RMB (11.75% YoY growth) - 2025E: 1.684 billion RMB (19.68% YoY growth) - 2026E: 2.071 billion RMB (22.98% YoY growth) - 2027E: 2.650 billion RMB (27.96% YoY growth) [6][8] - **Net Profit Forecasts**: - 2023: -190 million RMB - 2024: 31 million RMB - 2025E: 95 million RMB - 2026E: 193 million RMB - 2027E: 330 million RMB [6][8] - **Earnings Per Share (EPS)**: - 2023: -0.95 RMB - 2024: 0.16 RMB - 2025E: 0.48 RMB - 2026E: 0.97 RMB - 2027E: 1.65 RMB [6][8] - **Return on Equity (ROE)**: - 2023: -11.70% - 2024: 1.93% - 2025E: 5.51% - 2026E: 10.05% - 2027E: 14.63% [6][8] Business Growth Drivers - The overseas sales revenue is expected to reach 224 million RMB in 2024, marking a year-on-year increase of approximately 61.96% [7] - The company has made significant progress in registering new products in international markets, including the approval of albumin paclitaxel in the EU [7] - The innovative drug pipeline includes several candidates at various stages of development, indicating potential for future revenue growth [7]

丁一 SAC：S1350524040003 dingyi@huayuanstock.com 证券研究报告 商贸零售 行业点评报告 hyzqdatemark 2025 年 04 月 22 日 证券分析师 周宸宇 zhouchenyu@huayuanstock.com 王悦 wangyue03@huayuanstock.com 板块表现： 2025 年 3 月社零数据点评 投资评级： 看好（维持） ——3 月社零整体同增 5.9%，家具、家电等品类增速较快 投资要点： 分品类看： 请务必仔细阅读正文之后的评级说明和重要声明 3月中国社零增速整体回暖。3月社会消费品零售总额为40940亿元，同比增长5.9%， 除汽车外社会消费品零售总额为 36610 亿元，同比增长 6.0%。分区域来看，3 月城 镇/乡村消费品零售总额分别实现 35595/5345 亿元，分别同比+6.0%/+5.3%。 联系人 按消费类型看，商品增速快于餐饮。3 月限额以上单位消费品零售额为 17239 亿元， 同比增长 8.5%。分类型来看，3 月限额以上商品零售/餐饮收入总额分别为 15899/1340 亿 元 ， 同 比 +8.6%/+6 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][10]. Core Views - The company is recognized as a leading player in high-performance composite materials in the aviation sector, benefiting from the synergy between military and civilian markets, which is expected to accelerate its performance release [6][10]. - The company has shown steady growth in operating performance, with significant improvements in financial metrics over the past four years [8][32]. - The demand for high-end carbon fiber composites is anticipated to rise rapidly, driven by military aircraft, civil aviation, aerospace engines, and low-altitude economy sectors [9][56]. Summary by Sections 1. Company Overview - The company is a subsidiary of AVIC and is the only entity in China specializing in the research and engineering of composite materials for aviation, holding a strong competitive position in the industry [7][19]. - The company has a clear business structure with five subsidiaries focusing on different aspects of aviation new materials and advanced manufacturing technology [24][25]. 2. Financial Performance - From 2020 to 2024, the company's revenue and net profit have shown a compound annual growth rate (CAGR) of 14.88% and 27.89%, respectively [8][32]. - In 2024, the company achieved a revenue of 5.072 billion yuan, a year-on-year increase of 6.12%, and a net profit of 1.153 billion yuan, up 11.73% year-on-year [8][32]. 3. Market Demand - The application of composite materials in military aircraft enhances performance by reducing weight and improving stealth capabilities, with the J-20 fighter jet using 27% composite materials [9][56]. - In the civil aviation sector, the C919 aircraft has a composite material application ratio of approximately 12%, with expectations for increased domestic production and demand [9][18]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.371 billion yuan, 1.606 billion yuan, and 1.837 billion yuan for the years 2025 to 2027, with corresponding growth rates of 18.93%, 17.18%, and 14.35% [12][29]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 23.71, 20.23, and 17.69, respectively, indicating a favorable valuation compared to peers [12][29].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company, Xian Tongli, along with its Singapore subsidiary, is expanding globally with a nearly doubled R&D investment to enhance new product technology innovation [5] - In 2024, the company achieved a revenue of 6.145 billion yuan (up 4.85% year-on-year) and a net profit attributable to shareholders of 793 million yuan (up 29.03% year-on-year) [6] - The company is focusing on three main business segments: wide-body dump trucks, parts sales, and maintenance services, all of which showed stable growth in 2024 [6] - The domestic market is recovering, and the overseas market presents significant opportunities, particularly in open-pit coal mining [6] - The company is increasing its R&D expenses by 89% year-on-year, focusing on large-scale, intelligent, and new energy strategies [6] Financial Summary - The company forecasts revenues of 6.507 billion yuan in 2025, with a year-on-year growth rate of 5.90% [8] - The net profit attributable to shareholders is expected to be 803 million yuan in 2025, reflecting a growth rate of 1.28% [8] - The earnings per share (EPS) is projected to be 1.76 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.31 [9] - The company anticipates a steady increase in net profit to 1.007 billion yuan by 2027, with an EPS of 2.20 yuan [9]

证券研究报告 电子 行业定期报告 高端国产化浪潮起，消费电子性价比凸显 投资评级： 看好（维持） ——电子行业周报（20250414-20250420） 投资要点： hyzqdatemark 2025 年 04 月 21 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 板块表现： 风险提示：周期复苏不及预期风险、海外宏观环境持续震荡风险、AI 产品落地不及 请务必仔细阅读正文之后的评级说明和重要声明 联系人 本周电子板块行情回顾：参考中证行业指数，本周电子指数下跌 1.02%，其中消费 电子指数下跌 1.23%，半导体指数下跌 0.63%，中美关税冲突引发市场对于电子行 业景气度的担忧。我们认为从行业周期角度来看，当前产业链行业库存正常化进程 正在稳定推进，下游逐步改善，因此周期节奏有望稳健向上；同时中美关税冲突或 将再次引发产业链核心环节的国产化浪潮，重视波动中存在的投资机会。 景气度如何：参考全球半导体芯片销售额同比增速，经历了 2021 年下半年至 2023 年上半年产业链长达两年的去库存之后，于 2023 年下半年随着库存的出清及需求的 ...