证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 05 月 20 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 重点关注基建央企，相对沪深 300 低配 投资评级： 看好（维持） ——建筑装饰行业周报（20250512-20250518） 投资要点： 本周观点： 联系人 证监会发布《推动公募基金高质量发展行动方案》，推动行业回归"重回报"本质。2025 年 5 月 7 日，中国证监会印发《推动公募基金高质量发展行动方案》，围绕优化收费机 制、强化利益绑定、提升行业服务能力、促进长期投资稳定性和强化监管等六大方向提出 25 条具体举措，旨在推动行业从"重规模"向"重回报"转变。方案明确提出， ...

证券研究报告 煤炭 | 煤炭开采 非金融|首次覆盖报告 市场表现： | 基本数据 | | | | 2025 | 年 | | | 日 | | | 月 | 19 | 05 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 20.20 | | | | | | | | | 年 最 最 | 低 | 高 | / | | | 29.87/18.59 | | | | 内 | | | | 一 | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 195,839.00 | | | | | | | 流通市值（百万元） | | | | | | | | | 195,839.00 | | | | | | | 总股本（百万股） | | | | | | | 9,695.00 | | | | | | | | | 资产负债率（%） | | | | | | | 41.80 | | | ...

证券研究报告 公用事业 | 电力 hyzqdatemark 2025 年 05 月 20 日 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 3,412 | 3,509 | 3,506 | 3,591 | 3,672 | | 同比增长率（%） | -1.12% | 2.87% | -0.11% | 2.44% | 2.25% | | 归母净利润（百万元） | 859 | 659 | 817 | 853 | 874 | | 同比增长率（%） | -9.00% | -23.29% | 24.00% | 4.43% | 2.43% | | 每股收益（元/股） | 0.38 | 0.29 | 0.36 | 0.38 | 0.39 | | ROE（%） | 7.78% | 6.11% | 7.30% | 7.34% | 7.25% | | 市盈率（P/E） | 16.12 | 21.01 | 16.95 | 16.23 | 15 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The decline in coal prices is expected to improve the company's performance, while long-term factors will determine its investment value [6] - The company reported a decrease in revenue but an increase in net profit in Q1 2025, indicating resilience amid market challenges [8] - The company is positioned to benefit from the ongoing transition in the energy market, with a focus on both coal and renewable energy sources [8] Financial Performance Summary - In Q1 2025, the company achieved revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders was 4.973 billion yuan, an increase of 8.19% [8] - The company's coal power segment saw a profit increase of 40.96% year-on-year, driven by falling coal prices [8] - The company’s revenue projections for 2023 to 2027 show fluctuations, with expected revenues of 254.397 billion yuan in 2023, decreasing to 242.266 billion yuan in 2025, and then slightly increasing to 244.067 billion yuan in 2027 [7] Profitability and Valuation - The forecasted net profit for 2025-2027 is 110 billion yuan, 117 billion yuan, and 126 billion yuan respectively, with corresponding P/E ratios of 14, 13, and 12 [8] - The company's return on equity (ROE) is projected to improve from 7.38% in 2024 to 8.12% in 2027 [7] - The average settlement price for electricity in Q1 2025 was 488.19 yuan per megawatt-hour, a decrease of 1.96% year-on-year [8]

证券研究报告 海外 行业定期报告 hyzqdatemark 2025 年 05 月 19 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 板块表现： 穆迪下调美国主权信用评级，对风险资产继续谨慎 投资要点： 风险提示：大模型技术发展不及预期、PC/手机等终端需求复苏不及预期、美国联邦基金利率剧烈波动。 投资评级： 无 ——海外科技周报（25/5/12-25/5/16） 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 海外 AI：本周 Coreweave 发布 1Q25 财报，Q1 营收同比大增 420%，超出市场预期。Q1 收入达到 9.82 亿美元， 同比增长 420%，Q2 营收指引为 10.6-11 亿美元，2025 年全年收入指引为 49-51 亿美元，超出市场预期。在 手订单方面，公司披露截至季度末在手订单达 259 亿美元，其 ...

晨会 hyzqdatemark 2025 年 05 月 19 日 投资要点： 证券研究报告 | 市场数据 | | | | | --- | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | 上证指数 | 3,367.58 | 0.00% | 3.22% | | 创业板指 | 2,032.76 | -0.33% | -1.34% | | 沪深 300 | 3,877.15 | -0.31% | 1.49% | | 中证 1000 | 6,095.34 | 0.45% | 5.14% | | 科创 50 | 995.25 | 0.00% | 4.18% | | 北证 50 | 1,456.19 | 2.37% | 42.78% | 资料来源：聚源，华源证券研究所，截至2025年05月19日 华源晨会精粹 20250519 医药 长春高新，涅槃重生？——医药行业周报：本周医药指数上涨 1.27%，相对沪 深 300 指数超额收益为+0.16%。生长激素承压多年、有望维持百亿体量，提供稳定 现金流，2020 年后研发投入快速提升，创新管线已经初具规模，建议重点关注长春 高新 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company focuses on the high-precision small parts market for aluminum die-casting and has acquired German company Dico to develop the European market [5]. - The company is expected to achieve a year-on-year net profit growth of 33% in 2024, with revenues projected to reach 577 million yuan, a 25.97% increase [5]. - The automotive parts segment is anticipated to generate 332 million yuan in revenue in 2024, reflecting a 32.06% year-on-year growth, driven by the increasing demand for lightweight aluminum components in electric vehicles [5][9]. Financial Performance - In 2024, the company is projected to achieve revenues of 577 million yuan and a net profit of 57 million yuan, with respective year-on-year growth rates of 25.97% and 32.63% [7]. - The company’s earnings per share (EPS) are expected to grow from 0.30 yuan in 2024 to 0.60 yuan by 2027, indicating a strong upward trend [7]. - The return on equity (ROE) is forecasted to increase from 11.72% in 2024 to 17.09% in 2027, showcasing improved profitability [7]. Market Dynamics - The global automotive market is projected to grow by 2.10% in 2024, with electric vehicle sales expected to rise by 24.40% [5]. - The company is strategically positioned to benefit from the increasing demand for electric vehicle components, with significant partnerships established with major clients such as Huawei and Geely [5][9]. - The electric tool market is also showing signs of recovery, with a projected revenue increase of 41.94% in 2024, driven by rising consumer demand [5][6]. Strategic Initiatives - The company has expanded its international presence by establishing operations in Mexico and Thailand, and successfully completed the acquisition of Dico to enhance its market reach in Europe [9]. - The focus on research and development is evident, with the company holding 201 patents, including 11 invention patents, which supports its competitive edge in technology [5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is expected to decrease from 69.92 in 2024 to 34.89 by 2027, indicating a more attractive valuation over time [7]. - The projected revenue growth rates for the next few years are 25.97% for 2024, 22.21% for 2025, and gradually declining to 19.60% by 2027, reflecting a robust growth trajectory [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve stable performance in 2024, with a reported revenue of 29.619 billion yuan, reflecting a year-on-year growth of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year. However, the first quarter of 2025 saw a decline in revenue to 7.337 billion yuan, down 9.09% year-on-year, and a net profit of 1.011 billion yuan, down 12.82% year-on-year [8] - The company benefits from a tight power supply-demand balance in East China, with coal-fired power generation increasing by 3.5% in 2024, reaching 416.05 billion kWh. The utilization hours for coal-fired power reached 4,953 hours, an increase of 150 hours year-on-year [8] - The company’s long-term performance is stable and predictable, with significant advantages in large-scale, low coal consumption coal-fired units located in Shanghai, which enjoys resilient electricity prices and tight supply-demand dynamics [8] Financial Forecast and Valuation - Revenue projections for the company are as follows: 29.164 billion yuan in 2025, 30.222 billion yuan in 2026, and 30.577 billion yuan in 2027, with corresponding year-on-year growth rates of -1.54%, 3.63%, and 1.18% respectively [7] - The net profit attributable to shareholders is forecasted to be 4.066 billion yuan in 2025, 4.250 billion yuan in 2026, and 4.355 billion yuan in 2027, with growth rates of 3.10%, 4.52%, and 2.47% respectively [7] - The company is expected to maintain a stable dividend policy, with a proposed dividend of 4.5 yuan per 10 shares for 2024, resulting in a payout ratio of 56.27% [8]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 05 月 19 日 板块表现： 长春高新，涅槃重生？ 投资评级： 看好（维持） ——医药行业周报（25/5/12-25/5/16） 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 本周医药市场表现分析：5 月 12 日至 5 月 16 日，医药指数上涨 1.27%，相对沪深 300 指数 超额收益为+0.16%。本周题材性个股表现较好，拓新药业、川宁生物、华大基因等。建议关 注：1）创新药作为产业趋势，近期盘整较为充分，继续重点推荐 A 股信立泰、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）业绩落地、估值较低的个股，建议关注长春高新（创新药）、昆药集团、开立医疗、 迈瑞医疗、鱼跃医疗、海泰新光等；3）Ai/科技+医疗，建议关注华大智造、麦澜德、三友医 疗、润达医疗、塞力医疗、乐心医疗等。 联系人 医药指数和各细分领域表现、涨跌幅：本周医药指数上涨 1.27%，上涨个股数量 345 家，下 跌个股 138 家，涨幅居前为拓新药业（+45.03%）、永安药业 ...

证券研究报告 | 北交所定期报告 | | --- | AI+发展驱动鸿蒙全场景智效跃升，关注北交所 AI+产业企业 ——北交所科技成长产业跟踪第二十六期（20250518） 投资要点： hyzqdatemark 2025 年 05 月 19 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 鸿蒙旨在通过"一次开发、多端部署"架构实现跨终端智能协同与资源共享。参考中关村在线信息，2025 年 5 月 8 日，华为在鸿蒙电脑技术与生态沟通会上正式发布了首款鸿蒙电脑，详细介绍了 HarmonyOS 5 鸿蒙电脑操 作系统的设计，并官宣将于 2025 年 5 月 19 日 14 点半举办发布会，届时将正式发布鸿蒙电脑硬件产品。华为终 端 BG 平板与 PC 产品线总裁朱懂东宣布，华为终端全面进入鸿蒙时代。鸿蒙电脑是华为首款搭载 HarmonyOS 5 的笔记本电脑，从内核开始重构操作系统，构筑鸿蒙办公新体验。物联网 ...