证券研究报告 医药生物 | 生物制品 港股|公司点评报告 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 月 11 | | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 43.85 | | | 一年内最高/最低（港 | | | 49.60/26.60 | | | | 元） | | | | | | | 总市值（百万港元） | | | | 12,266.40 | | | 流通市值（百万港元） | | | | 12,266.40 | | | 资产负债率（%） | | | | 34.28 | | | 资料来源：聚源数据 | | | | | | 康诺亚-B(02162.HK) 投资评级： 买入（维持） ——CM310 多点开花助力商业化放量，创新管线稳步推进 hyzqdatemark 2025 年 04 月 13 日 风险提示：竞争格局恶化风险、销售不及预期风险、行业政策风险等。 | 盈利预测与估值（人民币） | | | | | ...

纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 04 月 12 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 月 | | 日 | 11 | 04 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 83.85 | | | | | 一年内最高/最低（港 | | | 107.50/65.55 | | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | 235,384.82 | | | | | | 流通市值（百万港元） | | | 235,384.82 | | | | | | 资产负债率（%） | | | | 40.74 | | | | | 资料来源：聚源数据 | | | | | | | | 证券研究报告 安踏体育(02020.HK) 投资评级： 买入（维持） ——Q1 部分品牌流 ...

证券研究报告 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 12 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 市场表现： | 基本数据 | 年 | 04 | 2025 | | | 11 | 月 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 48.38 | | | 年 内 高 / 最 低 | | | | 最 | 一 | | 57.53/37.24 | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | 308,616.13 | | | 流通市值（百万元） | | | | | | | 308,616.13 | | | 总股本（百万股） | | | | | | | 6,379.00 | | | 资产负债率（%） | | | | | | | | 8.07 | | 每股净资产（元/股） | | | | | | | | 7.14 | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is steadily advancing its global layout and emphasizes its IP channel's capacity to capture demand [5] - The company achieved significant revenue growth in 2024, with a total revenue of 16.994 billion RMB, representing a year-on-year increase of 22.8% [7] - The company completed its annual store opening target, with a total of 7,780 stores by the end of 2024, including 6,504 Miniso stores [7] - The overseas store expansion is notable, with 631 new stores opened abroad, accounting for 58% of total new openings [7] - The company's gross margin reached a historical high of 44.9% in 2024, up 3.7 percentage points year-on-year, driven by an increase in overseas direct sales [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 11,473.21 million RMB - 2024: 16,994.03 million RMB - 2025E: 20,851.52 million RMB - 2026E: 24,818.06 million RMB - 2027E: 29,259.03 million RMB - The expected year-on-year growth rates for revenue are 13.76% in 2023, 48.12% in 2024, and 22.70% in 2025 [6] - The adjusted net profit for 2025 is projected to be 3,123.30 million RMB, with a year-on-year growth rate of 19.3% [6] - The earnings per share (EPS) are expected to increase from 1.42 RMB in 2023 to 2.50 RMB in 2025 [6] Store Expansion and Product Strategy - The company has successfully launched new products under the WAKUKU brand, with a recent release selling out within two hours, indicating strong consumer interest [7] - The TOPTOY brand has also seen rapid overseas expansion, achieving a revenue of 984 million RMB in 2024, a year-on-year increase of 44.7% [7] - The company is focusing on adjusting its revenue structure and IP product mix to enhance gross margin performance [7]

非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 11 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 证券研究报告 市场表现： | 基本数据 | | | | 2025 | 年 | 04 | | | 11 | | 月 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 35.18 | | | | | | | 一 年 内 最 低 | 最 | 高 | / | | | | | | | | | | | | （元） | | | | | | | 35.18/12.74 | | | | | | | | 总市值（百万元） | | | | | | | | | 15,890.55 | | | | | | 流通市值（百万元） | | | | | | | | | 14,874.7 ...

证券研究报告 传媒 | 广告营销 非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 11 日 证券分析师 从本土广告先锋到全域营销领航者。公司于 2005 年于北京创立，2020 年成立磁力 MCN 进军直播电商，2021 年建成全域营销能力体系并实现千家客户覆盖，2022 年 设立香港分公司拓展跨境电商和营销出海，2023 年全面整合 AI 技术并共建行业大 模型实验室，完成从传统广告代理向数据与内容双驱动的全域营销转型。 核心看点：综艺内容制作底蕴深厚，海外营销服务快速布局。 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 魏桢 weizhen@huayuanstock.com | 基本数据 | | 2025 | 年 | 04 | | 日 | | 10 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | ...

证券研究报告 投资评级： 增持（首次） ——铜基合金细分领域龙头，航天+医疗+半导体板块共振放量可期 有色金属 | 金属新材料 非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 11 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 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 联系人 方皓 fanghao@huayuanstock.com 市场表现： | 基本数据 | | | 日 | 月 | | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 年 | | | | | | （元） | | | | | | 总市值（百万元） | | | 8,706.23 | | | 流通市值（百万元） | | | 8,706.23 ...

赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 04 | | 10 | 日 | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 44.13 | | | | | 一 年 高 最 | 最 | 内 | / | | | | 低 | | | | | | （元） | | | | | | | | | | 61.75/13.01 | | | 总市值（百万元） | | | | | | | | 2,013.44 | | | | | 流通市值（百万元） | | | | | | | | 921.23 | | | | | 总股本（百万股） | | | | | | | | 45.63 | | | | | 资产负债率（%） | | | | | | | | 39.92 | | | ...

证券研究报告 计算机 | 计算机设备 港股|首次覆盖报告 hyzqdatemark 2025 年 04 月 10 日 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | 月 09 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 7.50 | | 一年内最高/最低（港 | | | | 13.60/6.57 | | | 元） | | | | | | | 总市值（百万港元） | | | | 93,034.94 | | | 流通市值（百万港元） | | | | 93,034.94 | | | 资产负债率（%） | | | | 86.27 | | | 资料来源：聚源数据 | | | | | | 联想集团(00992.HK) 投资评级： 增持（首次） ——PC 换机周期下的价值重估 投资要点： 风险提示。AIPC 出货量不及预期，服务器需求不及预期，全球消费不及预期的风险， 跨市场选择可比公司的风险。 | 盈利预测与估值（美元） | | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the investment analysis [4][8]. Core Insights - The company is a leading urban rail transit engineering consulting firm backed by the Guangzhou Metro Group, focusing on Guangdong while expanding nationally. Its stable operations are expected to drive continuous growth [4][10]. - The urban rail transit industry is experiencing steady growth, with new economic policies in Guangdong injecting new momentum into development [10][36]. - The company has a strong competitive edge due to its comprehensive engineering design qualifications and a robust incentive mechanism, alongside a commitment to research and development [10][46]. Summary by Sections Company Overview - The company, established in 1993, has evolved into a leading urban rail transit engineering consulting firm in China. It has shown steady growth in revenue and net profit, with plans to enhance its consulting capabilities through acquisitions [15][21]. - From 2016 to 2024, the company's revenue grew from 1.11 billion to 2.75 billion yuan, with a compound annual growth rate (CAGR) of 12%. Net profit increased from 0.14 billion to 0.49 billion yuan, with a CAGR of 16.7% [21][22]. Industry Growth - The urban rail transit industry has seen a CAGR of 12.58% from 2019 to 2024, with non-first-tier cities becoming new growth points. The total operational mileage of urban rail transit in China is expected to reach 12,168.8 kilometers by 2024 [36][39]. - Guangdong province is leading in urban rail transit development, with significant investments and a strong fiscal position supporting infrastructure projects [39][40]. Company Advantages - The company possesses a comprehensive Class A engineering design qualification, which is held by only 92 firms nationwide, establishing a significant competitive barrier [10][46]. - The company has a diversified incentive mechanism and a strong focus on R&D, with a record number of patents filed in 2024 [10][46]. - The company has a solid dividend policy, with a cumulative dividend of 1 billion yuan from 2020 to 2024, reflecting a commitment to shareholder returns [10][46]. Financial Analysis - The company is projected to achieve net profits of 5.41 billion, 5.99 billion, and 6.64 billion yuan from 2025 to 2027, with growth rates of 10.04%, 10.58%, and 10.96% respectively [8][9]. - The revenue from the core surveying and design business is expected to grow at rates of 8.00%, 9.00%, and 10.00% from 2025 to 2027 [9][10].