医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | 2025 | | 年 | 04 | 月 | 日 | | 29 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 20.33 | | | | | | 一 年 内 最 低 | | 高 | | | 21.99/11.92 | | / | | 最 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | 8,650.36 | | | | | | 流通市值（百万元） | | | | | 6,171.90 | | | | | | 总股本（百万股） | | | | | 425.50 | | | | | | 资产负债率（%） | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company, Guoyao Yizhi, reported a revenue of 18.29 billion yuan in Q1 2025, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 330 million yuan, down 15.6% year-on-year [5] - The distribution segment's revenue in Q1 2025 was 13.59 billion yuan, a decline of 2.6% year-on-year, while the retail segment generated 4.98 billion yuan, down 7.5% year-on-year, but turned profitable compared to previous quarters [8] - The company is expected to see improvements in profitability throughout 2025, with projected net profits of 1.33 billion yuan, 1.50 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 107.1%, 12.5%, and 11.7% [8] Financial Summary - As of April 29, 2025, the company's closing price was 24.53 yuan, with a total market capitalization of 13.65 billion yuan and a circulating market capitalization of 13.48 billion yuan [3] - The company's total assets are projected to grow from 50.08 billion yuan in 2025E to 56.78 billion yuan in 2027E, while total liabilities are expected to increase from 28.07 billion yuan to 31.76 billion yuan over the same period [9] - The company's return on equity (ROE) is forecasted to improve from 3.64% in 2024 to 7.91% in 2027 [7]

证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | 月 | 29 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 22.04 | | | | 一 年 内 高 / 低 | 最 | 最 | | | | | | | 30.48/19.46 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | 16,112.89 | | | | 流通市值（百万元） | | | | | | | 15,933.44 | | | | 总股本（百万股） | | | | | | | 731.07 | | | | 资产 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has successfully expanded its product boundaries through its dual subsidiaries, with the KAYO brand gaining recognition in potential markets such as the Far East and South America [5][7] - In 2024, the company achieved a revenue of 527 million yuan, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 56.14 million yuan, up 9.43% year-on-year [6] - The company’s export revenue accounted for 90.72% of total revenue in 2024, with significant growth in the Far East market due to strategic positioning amidst geopolitical changes [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 178 million yuan, a year-on-year increase of 264.24%, and a net profit of 11.52 million yuan, up 161.79% year-on-year [6] - The company plans to distribute a cash dividend of 5.95 yuan per 10 shares, totaling 33.37 million yuan [6] Market Expansion - The company has entered over 50 countries and regions, including North America, Europe, South America, and Oceania, with KAYO becoming a leading brand for youth off-road motorcycles in several markets [6] - The company has a diversified distribution strategy to mitigate risks from tariffs and price fluctuations, enhancing its market presence [6][7] Strategic Developments - The establishment of Huari Dynamic Technology and the acquisition of Chongqing Junchi Motorcycle aim to fill market gaps and expand the product matrix, particularly in the new energy sector [6][7] - Collaborations with Zhejiang University for developing competitive off-road motorcycle models have shown substantial progress in key technology research [6] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 72 million, 91 million, and 113 million yuan, respectively, with corresponding EPS of 1.28, 1.62, and 2.02 yuan per share [6][7] - The current price-to-earnings ratios for 2025, 2026, and 2027 are estimated at 26.5, 21.0, and 16.9, respectively [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has experienced improved water conditions in 2024, leading to record high performance in Q1 2025. The revenue for 2024 was CNY 24.882 billion, a year-on-year increase of 6.05%, while the net profit attributable to shareholders was CNY 8.297 billion, up 8.63% year-on-year. In Q1 2025, the company achieved revenue of CNY 5.385 billion, a year-on-year growth of 21.84%, and a net profit of CNY 1.508 billion, reflecting a 41.56% increase year-on-year [7][5]. Financial Performance Summary - The company’s projected net profits for 2025-2027 are CNY 8.848 billion, CNY 9.042 billion, and CNY 9.274 billion respectively, with corresponding PE ratios of 19.5, 19.1, and 18.6 times [5]. - The company’s 2024 dividend policy is set at CNY 0.2 per share, with a dividend payout ratio of 43.39%, resulting in a dividend yield of 2.2% based on the stock price as of April 28, 2025 [5]. - The company’s total revenue is expected to grow from CNY 24.882 billion in 2024 to CNY 28.287 billion in 2027, with a compound annual growth rate of approximately 3.31% [8]. Operational Highlights - The company’s total installed capacity reached 31,008.5 MW by the end of 2024, with hydropower accounting for 27,305.8 MW and renewable energy for 3,702.7 MW. The completion of the Toba power station in 2024 is expected to contribute additional generation capacity [7]. - The company’s hydropower generation in 2024 was 1,120 billion kWh, a year-on-year increase of 4.62%, with significant contributions from improved water conditions in the Lancang River basin [7]. Market Context - The report emphasizes the long-term investment value of hydropower as a stable asset class in a volatile market, highlighting the market's re-evaluation of low-covariance assets like hydropower due to their stable business models and predictable performance [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) due to relatively stable performance and good cost control [4]. Core Views - The company is expected to maintain steady growth in its core business, particularly in the distribution of narcotic and psychotropic drugs, benefiting from the increasing concentration in the pharmaceutical distribution industry [6]. - The company's revenue for Q1 2025 was 12.71 billion yuan, a year-on-year increase of 4.9%, while the net profit attributable to the parent company was 460 million yuan, a slight decrease of 0.1% year-on-year [6]. - The report highlights that the company's gross margin and expense ratios have remained stable, with a gross margin of 7% in Q1 2025, down 0.1 percentage points year-on-year [6]. Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 49.696 billion yuan - 2024: 50.597 billion yuan (1.81% growth) - 2025E: 54.668 billion yuan (8.04% growth) - 2026E: 58.472 billion yuan (6.96% growth) - 2027E: 62.448 billion yuan (6.80% growth) [5]. - Net profit attributable to the parent company is projected as follows: - 2023: 2.146 billion yuan - 2024: 2.000 billion yuan (-6.80% growth) - 2025E: 2.203 billion yuan (10.14% growth) - 2026E: 2.381 billion yuan (8.08% growth) - 2027E: 2.545 billion yuan (6.91% growth) [5]. - The company's earnings per share (EPS) is expected to be: - 2023: 2.84 yuan - 2024: 2.65 yuan - 2025E: 2.92 yuan - 2026E: 3.16 yuan - 2027E: 3.37 yuan [5]. Market Performance - The company's market capitalization is approximately 21.798 billion yuan, with a circulating market value of about 15.986 billion yuan [2]. - The stock price closed at 28.89 yuan, with a one-year high of 38.00 yuan and a low of 27.12 yuan [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in plasma collection, leading to stable long-term performance [5] - The company maintains a leading position in the domestic market with a projected plasma collection volume of approximately 2,781 tons in 2024, representing a year-on-year growth of 15.15% [7] - The introduction of new products, such as the fourth-generation chromatographic immunoglobulin, is anticipated to significantly enhance profit margins [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,180 million RMB - 2024: 6,032 million RMB (growth of 16.44%) - 2025E: 6,716 million RMB (growth of 11.35%) - 2026E: 7,633 million RMB (growth of 13.65%) - 2027E: 8,627 million RMB (growth of 13.02%) [6] - Net profit forecasts are as follows: - 2023: 1,110 million RMB - 2024: 1,549 million RMB (growth of 39.58%) - 2025E: 1,626 million RMB (growth of 4.93%) - 2026E: 1,859 million RMB (growth of 14.37%) - 2027E: 2,124 million RMB (growth of 14.25%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.56 RMB - 2024: 0.78 RMB - 2025E: 0.82 RMB - 2026E: 0.94 RMB - 2027E: 1.07 RMB [6] Market Performance - The closing price of the company's stock is 19.10 RMB, with a total market capitalization of approximately 37,767.79 million RMB [3]

晨会 hyzqdatemark 2025 年 04 月 29 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 | 3,286.65 | -0.05% | 0.74% | | 创业板指 | 1,931.94 | -0.13% | -6.24% | | 沪深 300 | 3,775.08 | -0.17% | -1.19% | | 中证 1000 | 5,903.38 | 0.45% | 1.83% | | 科创 50 | 1,003.87 | 0.10% | 5.08% | | 北证 50 | 1,292.80 | 1.24% | 26.76% | 资料来源：聚源，华源证券研究所，截至2025年04月29日 华源晨会精粹 医药 鱼跃医疗(002223.SZ)点评：收入回归稳健增长轨道，海外高速增长。24 年实 现收入 75.7 亿元，同比-5.1%，实现归母净利润 18.1 亿元，同比-24.6%；25Q1 实现收入 24.4 亿元，同比+9.2%，实现归母净利润 6.2 亿元，同比-5.3%。部分 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business shows steady growth, with emerging and overseas momentum accelerating [4] - The company achieved a revenue of 555.34 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 15.01 billion yuan, up 0.61% year-on-year [5] - The company continues to optimize its business structure, with strategic emerging industries achieving a revenue of 45.3 billion yuan, a year-on-year increase of 34.2% [5] - New contracts signed in Q1 2025 totaled 1,203.7 billion yuan, a year-on-year increase of 8.4%, with overseas contracts increasing significantly by 178.5% [5] - The company maintains a strong cash flow management, with a net cash outflow of 95.85 billion yuan in Q1 2025, a decrease of 7.43 billion yuan year-on-year [5] Financial Performance Summary - Revenue forecast for 2025 is 2,243.13 billion yuan, with a year-on-year growth rate of 2.56% [4] - Net profit attributable to shareholders for 2025 is projected at 47.54 billion yuan, with a growth rate of 2.93% [4] - The company's earnings per share (EPS) for 2025 is estimated to be 1.15 yuan [4] - The price-to-earnings (P/E) ratio for 2025 is projected at 4.79 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved impressive growth in 2024, with total revenue reaching 2.97 billion yuan, a year-on-year increase of 33.44%, and net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [7] - The dual-brand strategy of Marubi and PL Fire is showing positive momentum, with both brands contributing significantly to revenue [7] - The company is expected to maintain strong growth in the coming years, with projected net profits of 469 million yuan in 2025, 590 million yuan in 2026, and 724 million yuan in 2027, reflecting growth rates of 37.4%, 25.8%, and 22.7% respectively [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,226 million yuan in 2023, 2,970 million yuan in 2024, 3,832 million yuan in 2025, 4,735 million yuan in 2026, and 5,615 million yuan in 2027, with respective growth rates of 28.52%, 33.44%, 29.04%, 23.56%, and 18.59% [6] - The company's gross margin for 2024 is projected at 73.7%, an increase of 3.01 percentage points year-on-year, indicating effective cost control and product mix optimization [7] - The company’s net profit margin for 2024 is expected to be 11.50%, with a return on equity (ROE) of 10.11% [6][8]