证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 06 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | 年 | 04 | | | 2025 | 月 | | | | | 30 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 9.70 | | | | | | | | | | | 一 年 内 高 最 | | | | | | | 低 | 最 | / | 13.08/7.27 | | | | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | 4,010.52 | | | | | | | | | | | | 流通市值（百万元） | | | | | ...

证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 05 月 06 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 重视新内容产品周期，关注港美股季报披露 投资评级： 看好（维持） ——传媒互联网行业周报（2025.4.28-2025.5.4） 投资要点： 魏桢 weizhen@huayuanstock.com 营销方向：2025 年 4 月 9 日，分众传媒发布公告，拟通过发行股份及支付现金的方 式购买重庆京东、张继学、百度在线等 50 个交易对方持有的新潮传媒 100%的股权。 一方面，分众传媒媒体资源覆盖的密度和结构可以得到进一步优化，线下品牌营销 网络覆盖范围得到扩大，进而增强广告主客户开发和服务方面的综合竞争力；另一 方面，双方可实现在市场、开发渠道、经销管理等方面的业务协同，提升综合服务 能力并有效降低 ...

证券研究报告 建筑材料 行业定期报告 hyzqdatemark 2025 年 05 月 06 日 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 风险偏好回升，但顺周期依然为盾 投资评级： 看好（维持） ——建筑材料行业周报（25/04/28-25/05/04） 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 板块表现： 风险偏好回升，但顺周期依然为盾。今年市场交易的本质是由去年的"弱现实、弱 预期"向"稳现实、强预期"切换，现实的背后是 EPS，而预期的背后则是 PE，因 此今年 A 股的交易逻辑其实是典型的"戴维斯双击"逻辑。但结构上讲，从政治局 会议的表述"稳字当头"就可以看出，EPS 在今年并非是股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Yichang Renfu shows steady growth, and the major shareholder's increase in holdings reflects confidence in long-term development [5] - The company reported a significant decline in profits for 2024, primarily due to credit impairment losses of 283 million and asset impairment losses of 394 million [7] - The company has set a revenue target of over 27 billion for 2025, with a product gross margin target of over 45% [7] - The R&D pipeline is continuously expanding, indicating potential for long-term growth [7] - The projected net profit for 2025-2027 is expected to be 2.38 billion, 2.61 billion, and 2.88 billion respectively, with corresponding growth rates of 78.91%, 9.84%, and 10.08% [7] Financial Summary - As of April 30, 2025, the closing price is 20.87 yuan, with a total market value of approximately 34.06 billion [3] - The company’s revenue for 2024 is reported at 25.44 billion, with a year-on-year growth of 3.71% [7] - The projected earnings per share (EPS) for 2025 is 1.46 yuan, with a price-to-earnings (P/E) ratio of 14.32 [6][8] - The company’s total assets are estimated at 36.51 billion for 2024, with total liabilities of 15.82 billion [8]

证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 06 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 市场表现： | 基本数据 | | | 30 | 年 | 04 | | 日 | 月 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 40.45 | | | | | | 一 最 低 | | 高 | | | | | | | / | ...

证券研究报告 机械设备 | 工程机械 北交所|公司点评报告 hyzqdatemark 2025 年 05 月 05 日 市场表现： | 基本数据 | 月 | 2025 | 年 | 04 | 30 | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 32.06 | | | | | 一 年 内 最 高 / | | | | | | | 46.11/14.38 | 低 | 最 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 2,885.68 | | | | | 流通市值（百万元） | | | | | | 2,781.26 | | | | | 总股本（百万股） | | | | | | 90.01 | | | | | 资产负债率（%） | | | | | | 26.44 | | | | | 每股净资产（元/股） | | | | | | 8.86 | | | | | 资料来源：聚源数据 | | | | | | | | | | 五新隧装 ...

证券研究报告 有色金属 | 小金属 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 05 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com | 基本数据 | 2025 | 年 | 04 | 月 30 | | | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 9.55 | | | 一 年 内 最 低 | | | | | 高 | / | | 最 | | 12.99/7.30 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The nuclear power business remains prosperous, while traditional engineering faces pressure [6] - The company is expected to benefit from the acceleration of nuclear power approvals and the expansion of long-term installation plans in China [8] - The company is exploring advanced technologies such as nuclear fusion while maintaining its traditional nuclear power business advantages [8] Financial Summary - For 2023, the company achieved operating revenue of 109,385 million RMB, with a year-on-year growth rate of 10.34% [7] - The net profit attributable to the parent company for 2023 was 2,063 million RMB, reflecting a year-on-year increase of 17.57% [7] - The earnings per share (EPS) for 2023 was 0.68 RMB [7] - The company’s total market capitalization is approximately 25,677.87 million RMB [4] - The company’s debt-to-asset ratio stands at 82.33% [4] Revenue and Profit Forecast - Projected operating revenue for 2024 is 113,541 million RMB, with a growth rate of 3.80% [7] - The forecasted net profit for 2024 is 2,064 million RMB, with a minimal growth of 0.07% [7] - The expected EPS for 2025 is 0.72 RMB, with a projected net profit of 2,174 million RMB [8] Business Performance - In 2024, the nuclear power engineering segment is expected to generate revenue of 322.12 billion RMB, a year-on-year increase of 34.63% [8] - The industrial and civil engineering segment is projected to see a revenue decline of 7.73% to 693.19 billion RMB [8] - New contracts signed in the nuclear power sector for 2024 are expected to reach 551.44 billion RMB, a year-on-year increase of 43.61% [8] Market Position - The company is positioned as a leader in nuclear power construction in China, with a strong outlook for future orders [8] - The company is increasing its research and development investment in the nuclear power sector, reflecting its commitment to technological innovation [8]

hyzqdatemark 2025 年 05 月 05 日 证券研究报告 计算机 | 软件开发 非金融|公司点评报告 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： 请务必仔细阅读正文之后的评级说明和重要声明 | 基本数据 | | 年 | 月 30 | 04 | | 日 | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 62.06 | | | 年 内 最 / 最 | 高 | | 66.06/29.86 | | 一 | | | | 低 | | （元） | | | | | | | | | | | 总市值（百万元） | | | 6,217.46 | | | | | | | | 流通市值（百万元） | ...

证券研究报告 基础化工 | 化学制品 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 05 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 市场表现： | | | | 基本数据 | | | | | 2025 | 年 | 04 | 月 | 30 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 11.20 | | | | 一 年 内 | 最 | 高 | / | 最 | 低 | | | 13.93/7.98 | ...