证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 03 月 30 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜：供给端扰动频发，铜价高位运行。本周美铜/伦铜/沪铜分别上涨 0.08%/-0.45%/-0.20%， 本周铜价在供给端扰动下冲高回落。供给端，据 smm，嘉能可暂停智利 Altonorte 冶炼厂运营 ， 并启动不可抗力条款，Altonorte 工厂的年产铜约 35 万吨，受此催化影响，沪铜 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][36][48] Core Views - The pharmaceutical sector is experiencing a significant transformation with a focus on innovation, commercialization, and business development opportunities. The performance of innovative drug companies has exceeded market expectations, indicating a shift towards a commercial phase for Chinese innovative drugs [3][9][19] - The report highlights the robust growth in revenue and profits for traditional pharmaceutical companies, particularly for firms like Hansoh Pharmaceutical and China Biologic Products, which have shown double-digit growth in both revenue and profit [10][12][13] - The report emphasizes the importance of overseas market expansion for Chinese pharmaceutical companies, as they increasingly become a source of innovation for multinational corporations [17][39] Summary by Sections Market Performance - The pharmaceutical index rose by 0.98% from March 24 to March 28, outperforming the CSI 300 index by 0.97% [6][19] - A total of 236 stocks in the sector increased in value, while 244 stocks decreased, with notable gainers including Yihua Jiaye (+29%) and Rundu Shares (+22%) [19][20] Company Performance - Hansoh Pharmaceutical reported a total revenue of 12.26 billion CNY, a year-on-year increase of 21.3%, with net profit rising by 33.4% [11] - China Biologic Products achieved a revenue of 28.87 billion CNY, reflecting a 10.2% growth, with innovative products contributing significantly to this growth [12] - Innovators like BeiGene and Innovent Biologics have turned losses into profits, indicating a positive trend in the biopharmaceutical sector [9][10] Investment Opportunities - The report suggests focusing on innovative drugs and medical devices, particularly those with potential for overseas licensing and commercialization [36][39] - Key companies to watch include Hansoh Pharmaceutical, China Biologic Products, and innovative drug firms like Kintor Pharmaceutical and Zai Lab [36][40] - The report also highlights the growing demand driven by an aging population and the increasing importance of AI in the pharmaceutical sector [36][39] Valuation and Market Trends - The overall PE valuation for the pharmaceutical sector is currently at 31.27X, indicating a relatively low historical position, suggesting potential for valuation recovery [29][36] - The report notes that the pharmaceutical sector has shown resilience despite recent policy changes and market challenges, with expectations for a rebound in 2025 [36][37]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a projected revenue growth for the company, with expected revenues increasing from 25,799 million RMB in 2024 to 30,229 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.19% [5] - The net profit attributable to the parent company is forecasted to grow significantly, from 5,107 million RMB in 2024 to 7,993 million RMB in 2027, indicating a robust growth trajectory with a peak growth rate of 26.03% in 2025 [5] - The report emphasizes the company's improving profitability metrics, with the return on equity (ROE) projected to reach 15.40% by 2026, showcasing enhanced operational efficiency [5] Financial Summary - The company's total market capitalization is reported at 51,957.48 million RMB, with a closing price of 6.38 RMB per share [3] - The company's total assets are expected to grow from 70,619 million RMB in 2024 to 83,003 million RMB by 2027, indicating a solid asset base for future operations [7] - The debt-to-asset ratio stands at 42.16%, reflecting a moderate level of financial leverage [3] - Earnings per share (EPS) is projected to increase from 0.63 RMB in 2024 to 0.98 RMB in 2027, demonstrating strong earnings growth potential [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The new revision of the "No. 3 Guideline" adds requirements for the verification and information disclosure of the issuer's trading business, which helps to eliminate "financing trade" and guide funds to flow into effective areas of the real economy [2]. - The new revision adds information disclosure requirements for urban investment indicators, which may further strengthen the boundary of subject nature identification and help issuers re - position themselves [2]. - The new revision pays more attention to the issuer's solvency. By setting relevant indicators, it restricts the bond financing of entities with poor asset liquidity, heavy interest - payment burdens, and diversified businesses, which is conducive to the clearance of weak platforms in the capital market [2]. - The new revision broadens the verification scope of intermediary institutions and refines their verification responsibilities, which helps to strengthen the "gatekeeper" role of intermediary institutions and improve the verification quality [2][3]. 3. Summary According to the Directory 3.1 Newly Added Provisions in 2025 - For issuers with inventory and receivables accounting for more than 70% of total assets, they should disclose relevant information and be cautious in determining bond issuance plans [5]. - Issuers with trading business meeting certain conditions should disclose details about the trading business, and underwriters should conduct necessary verifications [5]. - Issuers with EBITDA less than the annual interest of all interest - bearing debts at the end of the reporting period should disclose relevant information and formulate debt - repayment measures, and be cautious in determining bond issuance plans [6]. - Local state - owned enterprises involved in urban construction should disclose information about asset composition, revenue, and profit composition, and evaluate their solvency and be cautious in determining bond issuance plans [6][7]. - For issuers with government - related receivables accounting for more than 30% of net assets, they should disclose relevant information and be cautious in determining bond issuance plans [7]. - Issuers with diversified businesses should explain the synergy of business segments and its impact on profitability and solvency [8]. - Overseas - registered enterprises with main operations in China should disclose relevant information, and underwriters should evaluate their operating capabilities and the rationality of bond issuance plans [8]. - Underwriters and lawyers should verify whether intermediary institutions and related personnel have bribed in the past three years [9]. - Underwriters should verify and compare important information of relevant entities in the application documents with publicly disclosed information [9]. - Underwriters should comment on the impact of relevant entities' illegal or default situations on the issuer's operations and solvency [9]. 3.2 Revised Provisions in 2025 - The scope of disclosure of illegal and default situations of the issuer and its related parties is expanded, and more attention is paid to bribery situations [14]. - When the issuer has an inter - guarantee situation, it should disclose relevant information, and underwriters should evaluate the cross - conduction risk of debt [16]. - The requirements for the issuer to optimize the debt structure and determine the bond issuance plan are refined [16][17]. - The requirements for the issuer to maintain a reasonable debt - term structure are refined, and the disclosure requirements for short - term debt situations are increased [17]. - For the issuer's special accounting treatment, more detailed disclosure and verification requirements are added [18]. - For the issuer's abnormal financial indicators such as "high deposits and high loans", detailed disclosure and verification requirements are added [18]. - For the issuer's bond investment projects, more detailed requirements for income disclosure and project compliance verification are added [18][21]. 3.3 Deleted Provisions in 2025 - The provisions on the conditions for urban construction enterprises to issue bonds and the requirements for repaying non - bond存量 debts are deleted [24]. - The provisions on the issuer's government - related receivables accounting for more than 50% of net assets and the corresponding requirements are deleted [24].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown impressive performance in 2024, with strong growth in high-end cosmetics, indicating that domestic brands are becoming increasingly competitive [4][7] - The company is expanding its high-end retail channels and has successfully entered several prestigious department stores, enhancing its market presence [7] - The product portfolio has been significantly enriched, with over 100 new items developed in 2024, reflecting a commitment to innovation and brand elevation [7] Financial Performance Summary - Revenue for 2024 is projected at RMB 3,884.69 million, representing a year-on-year growth of 34.6% [6] - Net profit for 2024 is expected to reach RMB 880.6 million, with a year-on-year increase of 33.0% [6] - The company anticipates continued growth in net profit, with projections of RMB 1,298.2 million in 2025, RMB 1,665.9 million in 2026, and RMB 2,044.5 million in 2027, reflecting growth rates of 47.4%, 28.3%, and 22.7% respectively [6][7] Market Performance - The company has successfully established over 378 self-operated counters and 31 dealer counters across more than 120 cities in China, enhancing its distribution network [7] - The loyalty program has attracted a total of 10.3 million online and 15.1 million offline registered members, with improved repurchase rates [7] Profitability Metrics - The gross margin for 2024 is projected at 84.4%, with a slight decrease of 0.5 percentage points year-on-year [7] - The return on equity (ROE) is expected to be 25.2% in 2024, indicating strong profitability [6][9]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 03 月 30 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 已发年报公司中近 90%公司发布分红预案，20 家公司市值超 50 亿元 证券分析师 ——北交所周观察第十九期（20250330） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 26 家公司披露 2024 年年报，23 家公布分红预案。截至 2025 年 3 月 28 日，26 家 公司已经披露 2024 年年报，其中 16 家公司收入正增长（朗鸿科技、天马新材和奥 迪威增速超 30%），14 家公司归母净利润正增长（国航远洋和天马新材增速超 200%）。此外，12 家公司收入和归母净利润都为正增长，其中民士达、一致魔芋、 星图测控、朗鸿科技和天马新材 5 家公司 2024 年收入和归母净利润增速都达到 20% 及以上，整体业绩表现 ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 03 月 30 日 信贷与社融有望同比多增 ——2025 年 3 月金融数据预测 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 核心预判：依据过往信贷投放规律及行业观察等，我们预测 2025 年 3 月新增贷款 3.15 万亿元，社融 5.1 万亿元。3 月末，M2 达 326.0 万亿，YoY+7.0%；M1（新口径） YoY +0.5%；社融增速 8.2%。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 3 月新增贷款或同比略微多增。类似于 1 月份，3 月信贷投放情况较好，我们预计 3 月新增贷款 3.15 万亿，同比略微多增。3 月下旬，1M 转贴现利率显著走高，反映当 月信贷投放情况较好。1、3 月份通常是信贷投放大月。我们预计 3 月个贷增量 9000 亿，对公信贷增量 2.35 万亿，非银同业贷款-1000 亿。存量按揭利率低及股市平稳 缓解提前还贷压力，一二线城市二手房成交活跃，按揭贷款需求阶段性好转。尽管 隐性债务置换对 3 月对公信贷数 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company, Langhong Technology, is a leading supplier of electronic device anti-theft display products, focusing on solutions for smartphones and wearable devices, with partnerships with major brands like Huawei, OPPO, and Xiaomi [6]. - The company is expected to achieve a revenue of 159 million yuan and a net profit of 58 million yuan in 2024, reflecting a year-on-year growth of 36.63% and 28.17% respectively [8]. - The expansion into the smart IoT industry is anticipated to unlock significant growth potential, driven by advancements in AI technology and increasing market demand for innovative electronic products [6]. Summary by Sections Market Performance - The closing price of the stock is 17.93 yuan, with a total market capitalization of 2,287.04 million yuan and a circulating market value of 1,557.18 million yuan [3]. Financial Forecast - The company is projected to achieve revenues of 184 million yuan in 2025, with a net profit of 64 million yuan, corresponding to an EPS of 0.50 yuan per share [7]. - The expected growth rates for revenue and net profit from 2025 to 2027 are 15.75% and 10.96% respectively, indicating a stable growth trajectory [8]. Profitability Metrics - The gross margin is expected to remain around 56% over the forecast period, with a net margin of approximately 36% in 2024 [8]. - The return on equity (ROE) is projected to increase from 27.78% in 2025 to 40.18% by 2027, reflecting improved profitability [8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage, highlighting its potential as a hidden champion in the automotive off-road modification sector [5][8]. Core Views - The company is expected to experience a new growth cycle driven by the release of new products alongside the expansion of production capacity from fundraising projects. The projected net profits for 2024-2026 are estimated at 63 million, 80 million, and 101 million RMB, corresponding to P/E ratios of 27.8, 21.8, and 17.3 respectively [5][8]. Summary by Sections Market Performance - The closing price is 16.70 RMB, with a total market capitalization of 1,747.09 million RMB and a circulating market value of 1,354.44 million RMB. The company has a debt-to-asset ratio of 13.92% and a net asset value per share of 3.93 RMB [3]. Company Overview - Tianming Technology specializes in the design, research and development, production, and sales of automotive off-road modification parts, including winches and electric pedals. The company has established long-term partnerships with major clients such as Great Wall Motors and Dongfeng Motors [7][19]. Financial Forecast and Valuation - The company anticipates achieving a revenue of 253 million RMB in 2024, reflecting a year-on-year growth of 12.10%. The net profit is projected to be 63 million RMB, with a year-on-year increase of 8.55% [27][36]. The revenue for 2025 and 2026 is expected to reach 314 million and 391 million RMB, respectively [36]. Market Trends - The global automotive modification market is projected to grow from approximately 74.8 billion USD in 2023 to 152.6 billion USD by 2032, with a CAGR of about 8.25%. The domestic market for automotive modifications in China reached 1,090.70 billion RMB in 2023, indicating significant growth potential driven by consumer demand for customization [30][33]. Investment Logic - The company has developed a dual-driven sales model targeting both the aftermarket and the original equipment manufacturer (OEM) market. The North American market is mature, while the domestic off-road modification market is in its early stages, presenting substantial growth opportunities [10][24]. The company’s fundraising projects are expected to enter trial production in the second half of 2025, which will further enhance its growth potential [28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The upcoming presidential election is expected to drive traffic growth, leading to revenue increases in Q4, supported by decentralization, cloud ecosystem, and cryptocurrency initiatives for long-term value [5] - The company reported a total revenue of $95.49 million for 2024, an 18% year-over-year increase, with Q4 revenue reaching $30.2 million, a 48% increase year-over-year [8] - The company is focusing on optimizing costs, with a notable reduction in service costs and general administrative expenses, while investing in research and development for video content recommendation algorithms and advertising matching technology [8] Financial Performance and Projections - The company is projected to achieve revenues of $183.3 million, $423.2 million, and $1.1936 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of -$33.2 million, $6.5 million, and $160.6 million [7][9] - The company’s total market capitalization is $3.5 billion, with a closing price of $8.03 as of March 25, 2025 [3] - The company’s operating loss for 2024 was $340.4 million, primarily impacted by changes in the fair value of derivative instruments [9]