Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown stable revenue growth, with opportunities arising from high-demand sectors such as rail transit, nuclear power, marine engineering, and data centers [5] - In 2024, the company achieved operating revenue of 529 million yuan (up 4.06% year-on-year) and a net profit attributable to shareholders of 54.66 million yuan (down 9.76% year-on-year) [5] - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, totaling an expected distribution of 29.36 million yuan [5] - The company’s cooling systems and ventilation business generated revenues of 109.52 million yuan (up 5.54% year-on-year) and 40.87 million yuan (up 3.59% year-on-year) respectively in 2024 [5] - The company has a strong order backlog, with 507 million yuan in hand as of December 31, 2024, including 141 million yuan in the nuclear power sector [5] Summary by Sections Market Performance - The closing price as of April 29, 2025, was 37.50 yuan, with a market capitalization of 2,752.50 million yuan and a circulating market value of 1,422.40 million yuan [3] Financial Forecast and Valuation - The company’s projected operating revenue for 2025 is 600 million yuan, with a year-on-year growth rate of 13.57% [6] - The estimated net profit attributable to shareholders for 2025 is 61 million yuan, with an EPS of 0.83 yuan per share [7] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 45.11, 36.86, and 29.77 respectively [7] Business Opportunities - The company is expected to benefit from the growing wind turbine market, projected to reach 136.6 billion yuan by 2030 [5] - The company’s products have been recognized in national energy-saving and carbon reduction technology equipment directories, enhancing its market position [5] - The establishment of a new factory in Mexico is part of the company’s strategy to accelerate overseas expansion [5]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 市场表现： | 基本数据 | | | 2025 | 年 | 04 | | 日 | | 月 | 29 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | 5.89 | | 一 年 高 最 低 | 最 | / | | | | 7.42/4.86 | | 内 | | | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | 60,240.34 | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown impressive growth in overseas business and has made significant breakthroughs in high-end products [5] - Revenue forecasts for 2025-2027 are projected at 126.04 billion, 151.57 billion, and 182.24 billion yuan, with year-on-year growth rates of 22.37%, 20.25%, and 20.24% respectively [6] - The net profit attributable to the parent company for the same period is expected to be 18.71 billion, 22.87 billion, and 27.87 billion yuan, with growth rates of 48.26%, 22.23%, and 21.85% respectively [6] Financial Performance Summary - In 2024, the company achieved a revenue of 103.00 billion yuan (down 9.73% year-on-year) and a net profit of 12.62 billion yuan (down 36.09% year-on-year) [8] - For Q1 2025, the company reported a revenue of 24.78 billion yuan (up 5.42% year-on-year) and a net profit of 3.70 billion yuan (up 1.87% year-on-year) [8] - The company's main business gross margin for 2024 was 49.40%, an increase of 1.85 percentage points year-on-year [8] Market Position and Product Development - The company has seen a steady increase in domestic market share, with a rise of over 3 percentage points, and a nearly 5 percentage point increase in high-end product market share [8] - The company launched over 140 innovative products by the end of 2024, with 49 products receiving FDA registration [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's container shipping profits have significantly increased, demonstrating strong performance resilience, while the oil shipping business shows potential for flexibility [4][7] - The company is expected to benefit from a dual business resonance due to the upward fundamentals in oil and bulk shipping [5] Financial Summary - The projected net profits for the company from 2025 to 2027 are estimated at 6.437 billion, 7.450 billion, and 7.993 billion RMB, with year-on-year growth rates of 26.03%, 15.75%, and 7.28% respectively [5] - The current price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 7.40, 6.39, and 5.96 respectively [5] - The company's revenue for Q1 2025 was 5.595 billion RMB, a year-on-year decrease of 10.53%, while the net profit was 0.865 billion RMB, down 37.07% year-on-year [7] - The container shipping segment saw a net profit increase of 222.12% year-on-year in Q1 2025, while the oil tanker segment experienced a net profit decline of 44.02% [7] Market Performance - The oil and bulk shipping markets are gradually recovering, with container shipping profits showing significant growth [7] - The company has expanded its container shipping capacity by 35% year-on-year in Q1 2025 and is developing high-value-added services [7] - The OPEC+ production increase is expected to positively impact oil shipping rates, while the dry bulk market is anticipated to see demand growth due to new mining projects [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with a focus on the positive progress of key pipelines [5] - The company reported a revenue of 533 million RMB in 2024, a year-on-year increase of 37.91%, and a net profit attributable to shareholders of -138 million RMB [7] - The company has successfully commercialized existing products and is advancing two products towards market launch [7] - The company is developing multiple innovative drugs with promising clinical trial results expected to be announced in 2025 [7] Financial Summary - Revenue projections for 2025-2027 are 864 million RMB, 1.471 billion RMB, and 2.387 billion RMB respectively, with growth rates of 62.12%, 70.23%, and 62.33% [6][8] - The net profit attributable to shareholders is projected to be -11 million RMB in 2025, followed by 313 million RMB in 2026 and 734 million RMB in 2027 [6][8] - The company’s gross margin is expected to remain high, with estimates of 95.69% in 2025 and 94.46% in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights strong electricity prices and volumes, with expectations for continued recovery in wind resources [5] - The company's Q1 2025 revenue was 6.911 billion RMB, a year-on-year decline of 12.60%, while net profit attributable to shareholders was 0.954 billion RMB, an increase of 14.71% year-on-year [7] - The report anticipates that the company's performance in 2025 will be driven primarily by wind resource improvements, with a focus on maintaining stable value from existing wind assets [7] Financial Summary - The company's projected revenue for 2025 is 24.426 billion RMB, with a year-on-year growth rate of 14.3% [6] - The net profit attributable to shareholders for 2025 is expected to be 2.720 billion RMB, reflecting a significant year-on-year growth of 62.6% [6] - The earnings per share (EPS) for 2025 is projected at 0.65 RMB, with a price-to-earnings (P/E) ratio of 5.8 [6][8] - The company’s total market capitalization is approximately 17.454 billion HKD, with a circulating market capitalization of about 7.632 billion HKD [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see continuous growth from new channels and new business initiatives, which are anticipated to become new growth drivers [5] - The company's core business profitability has improved, with a gross margin of 46.07% in 2024, up by 0.21 percentage points year-on-year [7] - The company has successfully launched new businesses, including partnerships with JD.com and Adidas, which are expected to drive revenue growth [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 21,528 million RMB - 2024: 20,957 million RMB (YoY change: -2.65%) - 2025E: 23,353 million RMB (YoY change: 11.43%) - 2026E: 25,373 million RMB (YoY change: 8.65%) - 2027E: 26,909 million RMB (YoY change: 6.06%) [6] - Net profit projections are as follows: - 2023: 2,952 million RMB - 2024: 2,159 million RMB (YoY change: -26.88%) - 2025E: 2,624 million RMB (YoY change: 21.57%) - 2026E: 2,890 million RMB (YoY change: 10.12%) - 2027E: 3,172 million RMB (YoY change: 9.75%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.61 RMB - 2024: 0.45 RMB - 2025E: 0.55 RMB - 2026E: 0.60 RMB - 2027E: 0.66 RMB [6] Business Growth Drivers - The company is focusing on expanding its online business, which is expected to contribute significantly to revenue, with online revenue reaching 44.19 billion RMB in 2024, up by 35.63% year-on-year [7] - The partnership with JD.com and the expansion into the outlet market are anticipated to be key growth engines for the company [7] - The company’s core men's wear business remains solid, with expectations for revenue and profit growth driven by increased online and direct sales channel contributions [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The long-term landscape for large-volume infusion and intermediates is stable, and the innovative drugs have market potential overseas [5] - The company has a strong competitive position in the large-volume infusion market and is expected to achieve significant cost reductions in 2025 [7] - The company has a leading global ADC research platform, with substantial potential in overseas markets [7] - The company is transitioning successfully from generics to innovation, with significant R&D investments expected to yield results [7] - The forecasted net profit for 2025-2027 is 27.4 billion, 33.7 billion, and 39.6 billion RMB, with corresponding growth rates of -6.7%, 23.2%, and 17.5% [7] Financial Summary - The company's revenue for 2023 is projected at 21,454 million RMB, with a year-on-year growth rate of 13.44% [6] - The net profit for 2023 is estimated at 2,456 million RMB, reflecting a year-on-year growth of 43.74% [6] - The earnings per share (EPS) for 2023 is expected to be 1.54 RMB [6] - The company’s total market capitalization is approximately 57,865.51 million RMB, with a closing price of 36.21 RMB [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to fully benefit from the rising gold prices, leading to high-speed growth in performance [6] - The first quarter of 2025 saw significant increases in revenue and profit, with total operating income reaching 2.407 billion yuan, a year-on-year increase of 29.85%, and net profit attributable to shareholders reaching 483 million yuan, a year-on-year increase of 141.1% [8] - The report highlights a substantial increase in unit selling prices for various minerals, with gold priced at 658.44 yuan per gram, up 40.25% year-on-year [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 7,221 million yuan - 2024: 9,026 million yuan (24.99% YoY growth) - 2025E: 12,523 million yuan (38.75% YoY growth) - 2026E: 13,828 million yuan (10.42% YoY growth) - 2027E: 14,780 million yuan (6.89% YoY growth) [7] - Net profit attributable to shareholders is projected as follows: - 2023: 804 million yuan - 2024: 1,764 million yuan (119.46% YoY growth) - 2025E: 3,516 million yuan (99.29% YoY growth) - 2026E: 3,921 million yuan (11.50% YoY growth) - 2027E: 4,446 million yuan (13.39% YoY growth) [7] - The company's return on equity (ROE) is expected to be 31.73% in 2025E and 26.84% in 2026E [7] Cost and Production Insights - The report notes a slight decline in production volumes for gold, with production at 3.34 tons, down 6.89% year-on-year, while sales were 3.33 tons, down 7.04% year-on-year [8] - The cost of gold sales increased to 355.09 yuan per gram, up 11.51% year-on-year, while the total sustaining cost was 349.09 yuan per gram, up 28.09% year-on-year [8] - Domestic mining costs have significantly decreased, while overseas mining costs have increased due to lower ore grades and equipment updates [8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are as follows: - 2025E: 14.20 - 2026E: 12.73 - 2027E: 11.23 [7] - The report indicates that the company is likely to continue releasing performance elasticity during the rising gold price cycle, maintaining the "Buy" rating [8]

证券研究报告 机械设备 | 通用设备 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 基本数据 | | | | | | 04 | 29 | 日 | 月 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 11.52 | | | | | | | | | 年 内 最 | 最 | 高 | / | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 2,5 ...