Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company plans to raise approximately HKD 2.7 billion by issuing 4.31 million shares at a price of HKD 630 per share, which will be used primarily for expanding and optimizing its store network [7] - The company has completed the expansion of 12 stores and the renovation of 7 stores since its listing, indicating a strong focus on enhancing its retail presence [7] - The company is expected to achieve significant revenue growth, with projected revenues of RMB 19.59 billion, RMB 28.40 billion, and RMB 36.92 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 130.3%, 45.0%, and 30.0% [6][8] - The net profit attributable to the parent company is forecasted to be RMB 3.50 billion, RMB 5.30 billion, and RMB 7.19 billion for the years 2025, 2026, and 2027, with corresponding growth rates of 137.4%, 51.7%, and 35.6% [6][8] - The company is positioned as a leader in the traditional gold market, leveraging high-quality products, differentiated designs, and superior store service to enhance its luxury brand attributes [7] Financial Summary - The company's total market capitalization is approximately HKD 115.33 billion, with a circulating market capitalization of HKD 92.59 billion [3] - The company's debt-to-asset ratio stands at 38.13% [3] - Earnings per share are projected to increase from RMB 3.0 in 2023 to RMB 42.7 by 2027 [6] - The return on equity (ROE) is expected to be 27.5% in 2023, peaking at 47.1% in 2025 before declining to 36.1% by 2027 [6]

证券研究报告 电子 | 消费电子 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 王硕 SAC：S1350524120002 wangshuo@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 05 | 月 07 | | | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 77.48 | | | | | | 年 最 | 最 | 高 | / | | | | | 内 | 低 | | 一 | | （元） | | | | | | | | | | | | | 资料来源：聚源数据 | | | | | | | | | | | | | | | | | | | | 151.49/71.00 | | | | | | 总市值（百万元） | | | | | | | 88,354.36 | ...

行业评级：看好（维持） 证券研究报告|行业专题报告 医药生物 2025年5月8日 业绩持续探底，Q2有望企稳回升 --医药行业：2024年&2025Q1总结 证券分析师 姓名：刘闯 资格编号：S1350524030002 邮箱：liuchuang@huayuanstock.com 姓名：李强 资格编号：S1350524040001 邮箱：liqiang01@huayuanstock.com 证券分析师 姓名：林海霖 资格编号：S1350524050002 邮箱：linhailin@huayuanstock.com 姓名：孙洁玲 资格编号：S1350524120004 邮箱：sunjieling@huayuanstock.com 联系人 姓名：陶宸冉 邮箱：taochenran@huayuanstock.com 姓名：梁裕 邮箱：liangyu@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 总结：行业持续分化，创新药+原料药+CXO表现较好 行业总结：2024年及2025Q1医药业绩承压、分化显著，消费类疲弱，创新药+原料药+CXO表现较好 ◼ 行业整体：2024年，453家医药 ...

证券研究报告 房地产 行业点评报告 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com hyzqdatemark 2025 年 05 月 08 日 公积金利率下调，稳楼市股市意义重大 投资评级： 看好（维持） ——国新办新闻发布会点评 本报告是机密文件，仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司客户。本报告是基于本公司认为可靠的已公开信 息撰写，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工具、意见及推测等只提供给客户作参考之用，并非作为或被视为 出售或购买证券或其他投资标的的邀请或向人作出邀请。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以及特定需求， 在任何时候均不构成对任何人的个 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The overall performance of the company is stable as expected, with a financial cost reduction exceeding market expectations [5] - The company reported a net profit attributable to shareholders of 32.496 billion yuan for 2024, representing a year-on-year growth of 19.28% [8] - The company achieved a total power generation of approximately 295.904 billion kWh in 2024, a year-on-year increase of 7.11% [8] - Financial expenses decreased by 1.425 billion yuan in 2024, surpassing market expectations, while investment income grew steadily [8] - The company announced a record high dividend amount, maintaining a payout ratio of 71% [8] - The report emphasizes the long-term investment value of hydropower, highlighting its stability and low correlation with market volatility [8] Financial Performance and Forecast - Revenue for 2023 is projected at 78.112 billion yuan, with a year-on-year growth rate of 50.04% [7] - The net profit attributable to shareholders for 2025 is estimated at 34.169 billion yuan, with a growth rate of 5.15% [7] - The company’s earnings per share (EPS) for 2025 is expected to be 1.40 yuan [7] - The return on equity (ROE) for 2025 is projected at 15.29% [7] - The price-to-earnings (P/E) ratio for 2025 is estimated at 21.02 [7]

证券研究报告 建筑材料 | 装修建材 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 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 东方雨虹(002271.SZ) 投资评级： 增持（维持） ——业绩仍在承压，静待底部出现 投资要点： 风险提示：新开工增速大幅下滑、基建增速低于预期、沥青价格大幅上行 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 32,823 | 28,056 | 26,714 | 27,955 | 30,841 | | 同比增长率（%） | 5.15% | -14.52% | -4.78% | 4.64 ...

证券研究报告 非银金融 | 多元金融 金融|公司点评报告 hyzqdatemark 2025 年 05 月 07 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com | | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 5.18/2.06 | 营业收入（百万元） | 33,675 | 38,431 | 47,621 | 47,969 | 49,959 | | | 同比增长率（%） | 5.49% | 14.12% | 23.91% | 0.73% | 4.15% | | | 归母净利润（百万元） | 1,2 ...

查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com | 基本数据 | | | | 年 | | 07 日 | 05 | | | 2025 | 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 15.17 | | | | | | | | | 年 最 | / | 最 | 高 | | | | | | 内 | | | 一 | 低 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 121,428.18 | | | | | | | 流通市值（百万元） | | | | | | | | 113,079.91 | | | | | | | ...