Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, slightly exceeding expectations, indicating financial self-sufficiency [7] - The core product, Furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] Financial Performance Summary - Revenue projections for 2025 are estimated at $694 million, with a year-on-year growth rate of 10.17% [6][11] - The net profit for 2025 is projected to be $393 million, reflecting a significant year-on-year increase of 942.79% [6][11] - The company expects comprehensive revenue from its oncology/immunology business to be between $350 million and $450 million in 2025 [7] Future Catalysts - Continued overseas sales growth for Furmonertinib in Europe and Japan is anticipated to drive new growth [7] - The company plans to submit a New Drug Application (NDA) for Savolitinib for NSCLC in 2025 [7] - The antibody-drug conjugate ATTC platform is expected to start clinical trials in the second half of 2025 [7] Pipeline Overview - The company has a diversified and validated late-stage product pipeline, including several drugs with positive clinical data and upcoming NDA submissions [8]

林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 25 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 事件：公司发布 2024 年年报，实现收入 910.30 亿元，同比下降 35.51%，归母净利 润 76.96 亿元，同比下降 26.19%；其中单四季度实现收入 228.79 亿元，同比下滑 45.53%，归母净利润 24.98 亿元，同比增长 42.27%。业绩符合预期。公司 2024 年 年度权益分配预案拟每 10 股派发现金红利人民币 7.10 元，合计派发现金红利人民 币 37.47 亿元，对应股息率 2.86%。 联系人 市场表现： 行业低景气致使 ...

证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 25 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 | | | 2025 | 年 | | 24 | 月 | 03 | | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 24.75 | | | | | | | / 最 低 | 最 | 高 | | | | | | | 内 | | | | （元） | | | | | | | | | | | | | 总市 ...

债市可能阶段性震荡 ——MLF 招标方式改革点评 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 证券研究报告 固收点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 5页 25Q1 债市明显调整，Q2 可能震荡。由于 25Q1 债市明显调整，债市单边快速调整 的阶段可能接近尾声了，10Y 国债到 1.9%之后我们对债市的看法由看空转为看阶段 性震荡。目前，1Y 左右的债券定价已经反映 0 降息预期，安全边际较高。10Y 国债 收益率到 1.9%以上亦有配置价值。10Y 国债收益率年内虽可能到 2.0%，但到 1.9% 以上，银行有动力扩大配置。10Y 国债收益率 1.9%以上建议逐步配置，1.8%以下建 议大幅减仓；5Y 国股二级资本债 2.3%以上建议配置，2.1%以下则建议减仓，做小 波段。我们依然认为，2025 年债市没有趋势性机会，但也没有大熊市。债牛不再， 每涨卖机。 风险提示：政府债券增发规模大幅 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with an attractive dividend yield of 60% [5] Core Views - The company reported a revenue of 54.213 billion RMB for 2024, a year-on-year increase of 22.48%, but the profit attributable to equity holders was 3.862 billion RMB, a growth of 25.2%, which was below market expectations due to higher-than-expected depreciation in renewable energy and an impairment loss of approximately 500 million RMB [7] - The company aims to become a leading global clean energy supplier and is currently valued at a historically low level, with a price-to-book ratio of 0.63 [7] - The forecasted net profit for 2025-2027 is approximately 3.87 billion, 4.20 billion, and 4.57 billion RMB respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 [7] Summary by Sections Market Performance - Closing price as of March 24, 2025, was 3.00 HKD with a market capitalization of 37,110.45 million HKD [3] Financial Data - Revenue projections for 2023 to 2027 are as follows: 44.262 billion, 54.213 billion, 57.498 billion, 61.614 billion, and 68.380 billion RMB, with respective growth rates of 1.3%, 22.5%, 6.1%, 7.2%, and 11.0% [6][8] - The company’s return on equity (ROE) is projected to increase from 5.7% in 2023 to 8.1% in 2027 [6] Operational Highlights - The company’s installed capacity reached 49.39 million kilowatts by the end of 2024, with a clean energy share of 80% [7] - The total electricity sold in 2024 was 1280 billion kilowatt-hours, with significant year-on-year increases in hydropower and coal power sales [7]

Investment Rating - The report maintains a "Positive" investment rating for the environmental industry [5] Core Viewpoints - The Shenzhen Municipal Development and Reform Commission announced a public hearing on water price adjustments scheduled for April 11, 2025, proposing an increase from 3.449 CNY/m³ to 3.8991 CNY/m³, representing a 13.05% increase [5] - The adjustment is expected to enhance profitability for local water supply companies, as it is the first price adjustment in eight years [5][6] - Other cities in Guangdong province, such as Foshan and Zhongshan, which have not adjusted water prices for 8-14 years, may follow suit, potentially improving their profitability as well [5] - The report suggests monitoring several state-owned water companies in Guangdong, including Hanlan Environment and Zhongshan Public Utilities, as they may benefit from upcoming price adjustments [5] Summary by Sections Water Price Adjustment - Shenzhen's water price adjustment is part of a broader trend across the country, with multiple cities having initiated price hearings since 2021 [5] - The proposed price increase is structured to ensure that residential and non-residential users experience manageable increases, with specific adjustments detailed for different usage tiers [6] Company Valuation - The report includes a valuation table for key environmental companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios for the years 2023 to 2026 [7] - Companies such as China Water Affairs and North Control Water Group are listed with their respective ratings and financial metrics, indicating potential investment opportunities [7][8]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 中西部基建投资空间多大？ 投资评级： 看好（维持） ——建筑装饰行业周报（20250317-20250323） 投资要点： 本周观点： 市场回顾： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 1）政策赋能中西部基建提速，区域协调发展迎来新机遇。 中西部地区作为我国区域协 调发展的关键板块，既是国家能源、资源和生态屏障的重要区域，又在"一带一路" 建设中发挥支点作用。近年来，国家持续加大对西部地区的政策支持，出台"一带 一路"倡议、长江经济带发展战略、成渝地区双城经济圈等重 ...

证券研究报告 环保 行业点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 水价调整持续推进 企业盈利有望改善 投资评级： 看好（维持） ——深圳计划 4 月上旬举办水价调整听证会事件点评 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 | 板块 | 代码 | 简称 | 评级 | 收盘价 | | EPS | | | | PE | | | PB（lf） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025/3/21 | 23A | 24E | 25E | 26E | 23A | 24E | 25E | 26E | | | | 0855.HK | ...

证券研究报告 晨会 hyzqdatemark 2025 年 03 月 24 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,370.03 | 0.15% | 3.29% | | 创业板指 | 2,152.55 | 0.01% | 4.47% | | 沪深 300 | 3,934.85 | 0.51% | 3.00% | | 中证 1000 | 6,360.34 | -0.71% | 9.72% | | 科创 50 | 1,045.94 | 0.29% | 9.48% | | 北证 50 | 1,317.92 | 0.94% | 29.22% | 3）破损率下降至 11.5 件，同比-64.7%；4）投诉率减少至 41.6 票，同比-91.0%。 公司坚持货重结构及定价机制优化战略，聚焦盈利能力和服务质量，加盟商数量保 持增长。单吨收入基本持平，货重结构优化下增值服务收入实现较大增长。长期来 看，公司持续优化区域结构，完善渠道布局与网店建设，提升末端服务效率与品质， 单吨收入有望稳中有升。效率提升驱动成本 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 03 月 24 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 板块表现： 公用事业一季度前瞻 GTC 大会召开 投资评级： 看好（维持） ——大能源 2025 年第 12 周周报（20250323） 投资要点： 证券分析师 公用事业 2025 年一季度业绩前瞻：火电点火价差扩大 水电绿电区域分化 火电：受益于煤价加速下跌，预计一季度点火价差扩大。秦皇岛港口 5500 大卡动力煤价从 2024 年 10 月中旬开启下跌之路，从 855 元/吨下跌至年底的 765 元/吨，下跌 90 元/吨， ...