Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 1.076 billion yuan for 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 277 million yuan, reflecting a year-on-year increase of 12.8%, meeting expectations [5] - The company plans to distribute a cash dividend of 0.38 yuan per share, totaling approximately 136 million yuan, with a full-year dividend of 277 million yuan, achieving a dividend payout ratio of 100%, exceeding the promised 70% [5] - The electric power instrument business saw significant growth, with revenue reaching 157 million yuan, a year-on-year increase of 134%, and a gross margin improvement to 56.4%, up 14.7 percentage points [6] - The environmental protection business faced challenges, with revenue from operation services declining by 10% to 240 million yuan and revenue from intelligent instruments dropping by 57% to 68 million yuan [6] - The company has committed to a dividend payout ratio of no less than 70% for 2024-2026, with the actual payout for 2024 being 100% [7] - The company has repurchased shares worth 80 million yuan as of April 1, 2025, with a maximum potential repurchase amount of 100 million yuan [7] - The forecasted net profit for 2025-2027 is 354 million, 426 million, and 476 million yuan, with growth rates of 28%, 20%, and 12% respectively [7] Financial Summary - The company achieved a total revenue of 1.077 billion yuan in 2024, with a projected increase to 1.308 billion yuan in 2025, representing a growth rate of 21.47% [8] - The net profit for 2024 is projected at 277 million yuan, with expected growth to 354 million yuan in 2025, reflecting a growth rate of 27.63% [8] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, increasing to 0.93 yuan in 2025 [8] - The return on equity (ROE) is expected to rise from 9.27% in 2024 to 11.32% in 2025 [9]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of escalating tariffs on trade flows, particularly benefiting transshipment trade between Asia and Latin America. The report suggests focusing on shipping and port-related stocks due to the significant tariff increases imposed by the U.S. on Chinese imports [5] - The Shanghai Export Container Freight Index reported a slight increase of 0.1% week-on-week, indicating a mixed trend in shipping rates across different routes [6] - The report notes a decline in bulk shipping rates, with the Baltic Dry Index (BDI) dropping by 15.5% week-on-week, reflecting weaker demand in the dry bulk market [7] - The express delivery sector continues to show robust growth, with a projected year-on-year increase of 18% in March 2025, driven by seasonal demand and expanding service offerings [8] - The aviation sector is expected to benefit from macroeconomic recovery, with a significant increase in domestic flight operations and passenger numbers in the first quarter of 2025 [9][11] Summary by Sections Shipping and Maritime - The report indicates a tight supply in the oil tanker segment due to limited new orders and an aging fleet, with expectations of sustained demand growth driven by geopolitical factors [11] - The report emphasizes the ongoing green transition in shipping, with a focus on the need for fleet renewal and the potential for rising ship prices due to limited newbuilding capacity [11] Express Delivery - The express delivery market is experiencing strong demand, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [11] - The report identifies key players in the express delivery sector, including ZTO Express, YTO Express, and Shentong Express, highlighting their growth potential and market positioning [11] Aviation - The aviation sector is witnessing a significant rebound in passenger traffic, with a 2.1-fold increase in domestic flight operations in the first quarter of 2025 compared to the previous year [9][11] - The report notes the introduction of a new tax refund policy for international travelers, which is expected to enhance consumer spending and boost airport revenues [9] Logistics - The logistics sector is showing signs of improvement, with companies like Debon Logistics and Aneng Logistics benefiting from strategic transformations and operational efficiencies [11] - The report highlights the potential for growth in chemical logistics, driven by increasing demand and tightening industry regulations [11]

证券研究报告 ——信用分析周报（2025/4/7-2025/4/11） 投资要点： 3）负面舆情：南京世茂房地产开发有限公司所发行"H 希尔 01"隐含评级调低； 深圳市中装建设集团股份有限公司主体评级调低，其所发行的"中装转 2"债项评级 调低。 本周市场分析：本周资金面整体仍偏紧，公开市场共有 7634 亿元逆回购到期，共有 1500 亿元国库现金定存到期，央行累计开展 4742 亿元逆回购操作，实现全周净回 笼 4392 亿元。本周市场避险情绪不减，交易量和换手率较上周显著抬升。目前，加 征关税的最终结局仍难以预料，但进一步加征对债市的边际影响减弱。我们认为， 10 年期国债 1.65%定价了约 30BP 的降息预期，年内 10Y 国债收益率仍可能回到 1.7%上方。 投资建议：总体来看，本周各行业信用利差整体以压缩为主。城投债方面，本周 3-5Y 城投信用利差仍倒挂长端利差，处于期限结构凸点，且 3-5Y 信用利差处于较高历史 分位，建议可选取发达地区的优质城投主体，锁定票息资产并博取资本利得。产业 债方面，本周产业债信用利差较上周五整体走扩，且弱资质走扩幅度显著高于高评 级主体，建议关注期限结构上利 ...

证券研究报告 电力设备 | 电网设备 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 13 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： | 基本数据 | | | | | 2025 | 年 | 04 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 14.40 | | | 一 年 内 低 | 最 | 高 | / | 最 | | | | 22.83/13.17 | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | 12,905.65 | | | 流通市值（百万元） | | | | | | | | 12,90 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to benefit from high industry prosperity, leading to performance growth, with expectations for new customers and production capacity remaining strong [4] - The company achieved a revenue of 24.006 billion RMB in 2024, representing a year-on-year growth of 19.35%, and a net profit of 3.840 billion RMB, up 20.00% year-on-year [6] - The company’s core business remains in sports and leisure shoes, with revenue from this segment reaching 20.991 billion RMB, a year-on-year increase of 17.88% [6] Financial Summary - Revenue Forecast: - 2023: 20.114 billion RMB - 2024: 24.006 billion RMB (19.35% YoY growth) - 2025E: 27.664 billion RMB (15.24% YoY growth) - 2026E: 31.734 billion RMB (14.71% YoY growth) - 2027E: 36.258 billion RMB (14.25% YoY growth) [5] - Net Profit Forecast: - 2023: 3.200 billion RMB - 2024: 3.840 billion RMB (20.00% YoY growth) - 2025E: 4.355 billion RMB (13.40% YoY growth) - 2026E: 4.959 billion RMB (13.87% YoY growth) - 2027E: 5.731 billion RMB (15.58% YoY growth) [5] - Earnings Per Share (EPS): - 2023: 2.74 RMB - 2024: 3.29 RMB - 2025E: 3.73 RMB - 2026E: 4.25 RMB - 2027E: 4.91 RMB [5] - Return on Equity (ROE): - 2023: 21.18% - 2024: 22.03% - 2025E: 21.22% - 2026E: 20.63% - 2027E: 20.39% [5] Market Performance - The company sold 223 million pairs of sports shoes in 2024, a year-on-year increase of 17.53%, with a production capacity of 229 million pairs, up 3.32% year-on-year [6] - The company’s production capacity utilization rate reached 96.72% in 2024, an increase of approximately 10 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 23 RMB per 10 shares for the 2024 fiscal year, with an expected payout ratio of about 70% of net profit [6]

hyzqdatemark 2025 年 04 月 13 日 证券研究报告 医药生物 行业定期报告 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 板块表现： PD1/VEGF 重磅数据即将来临，继续推荐康方生物、三生制药 投资评级： 看好（维持） ——医药行业周报（25/4/7-25/4/11） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：4 月 7 日至 4 月 11 日，医药指数下跌 5.61%，相对沪深 300 指数超额收益为-2.73%。本周创新药板块先抑后扬、继续活跃，海思科、一品红、科兴 制药等表现亮眼、创阶段新高，出口产业链受美国关税影响表现较差，血制品等防御品 种表现较好。经过一周的中美"关税"对弈，情绪边际影响已显著减弱，建议关注：1） 创新药出海不受关税影响，继续重点推荐 A 股科伦药业、热景生物、一品红、科兴制药、 恒瑞医药；港股三生制药、科伦博泰、康方生物、中国生物制药；2）国产替代机会，建 议关注医疗器械（联影医疗、开立医疗、澳华内镜、惠泰医疗、微电生理、迈普医学）、 血制品（派林 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

Group 1 - The trend of public funds allocating to companies listed on the Beijing Stock Exchange (BSE) is increasingly prominent, with 440 funds holding BSE companies as of March 31, 2025 [3][7][23] - Among the top holdings in BSE, Jinbo Biological, Suzhou Axle, and Tongli Co. are the three largest by market value, with significant institutional interest [3][23][24] - The BSE 50 Index has shown a strong performance, leading the market with a year-to-date increase of 24% [3][28][34] Group 2 - The overall price-to-earnings (PE) ratio for BSE A-shares is currently at 44X, indicating a slight recovery in valuation [4][33] - The average daily trading volume for BSE A-shares has rebounded to 385 billion, reflecting improved market activity [4][36] - The number of companies listed on the BSE is steadily increasing, contributing to a more mature market ecosystem [3][29][21] Group 3 - The report highlights a focus on companies with stable dividends and potential for exceeding performance expectations in Q1 2025, such as Minshida and Wantong Hydraulic [3][29] - There is an emphasis on sectors like semiconductors, robotics, and consumer electronics as key areas for trading opportunities [3][29][19] - The investment strategy is centered around "valuation cost-effectiveness + performance certainty," with a focus on capturing growth opportunities while managing risks [3][13][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the core product CM310 is set for significant commercialization growth, with a strong pipeline of innovative products progressing steadily [5][7] - The company is expected to achieve substantial revenue growth, with projected revenues of RMB 696 million in 2025, RMB 1.157 billion in 2026, and RMB 2.247 billion in 2027, reflecting growth rates of 62.66%, 66.21%, and 94.13% respectively [6][8] Financial Performance Summary - For the year 2024, the company reported total revenue of RMB 428 million, a year-on-year increase of 20.9%, with a gross profit margin of 97.2% [7] - The company’s net profit attributable to shareholders for 2024 was a loss of RMB 515 million, with a projected loss of RMB 695 million in 2025, but expected to turn profitable with a net profit of RMB 102 million in 2027 [6][8] - The company’s cash position at the end of the year was approximately RMB 21 billion, indicating a strong liquidity position [7] Product Pipeline and Market Strategy - CM310 has received approvals for three indications, including moderate to severe atopic dermatitis, chronic sinusitis with nasal polyps, and seasonal allergic rhinitis, positioning it for rapid sales growth [7] - The collaboration with AstraZeneca (AZ) on CMG901 is expected to enhance the company’s global market presence, with multiple clinical trials underway [7] - The company is actively pursuing diverse business development (BD) strategies to unlock the value of its early-stage pipeline, which includes several promising candidates in various stages of clinical trials [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong performance in Q1, with several brands exceeding expectations, and the acquisition of Jack Wolfskin is expected to stabilize and enhance its multi-brand strategy [5][7] - The company is positioned as a leading player in the sportswear industry in China, with significant growth potential through multi-brand operations and overseas expansion [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 62,661 million RMB - 2024: 70,826 million RMB (growth of 16.37%) - 2025E: 78,944.69 million RMB (growth of 11.46%) - 2026E: 87,795.88 million RMB (growth of 11.21%) - 2027E: 96,556.82 million RMB (growth of 9.98%) [6] - Net profit attributable to the parent company is projected as follows: - 2023: 10,236 million RMB - 2024: 15,596 million RMB (growth of 52.36%) - 2025E: 13,500.18 million RMB (decline of 13.44%) - 2026E: 15,559.12 million RMB (growth of 15.25%) - 2027E: 17,142.09 million RMB (growth of 10.17%) [6] - Earnings per share (EPS) are expected to be: - 2023: 3.69 RMB - 2024: 5.55 RMB - 2025E: 4.81 RMB - 2026E: 5.54 RMB - 2027E: 6.11 RMB [6] Brand Performance - The Anta brand recorded high single-digit growth in Q1 2025, maintaining stable operations - The FILA brand also showed high single-digit growth, continuing the improvement trend from Q4 2024 - Other brands experienced a significant growth rate of 65-70% in Q1 2025, benefiting from a high demand in the outdoor sports sector [7] Acquisition Impact - The acquisition of Jack Wolfskin for USD 290 million is expected to enhance the company's outdoor product matrix and broaden its customer base - Jack Wolfskin's established presence in Europe is anticipated to support the company's global expansion strategy [7]