证券研究报告 医药生物 | 生物制品 港股|公司点评报告 hyzqdatemark 2025 年 04 月 10 日 | 基本数据 | 2025 | 年 04 | 月 | 09 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 42.20 | | | 一年内最高/最低（港 | | | 52.15/28.65 | | | | 元） | | | | | | | 总市值（百万港元） | | | | 69,552.86 | | | 流通市值（百万港元） | | | | 69,552.86 | | | 资产负债率（%） | | | | 39.28 | | | 资料来源：聚源数据 | | | | | | 信达生物(01801.HK) 投资评级： 买入（维持） ——超预期实现盈利，全球化布局加速推进 投资要点： 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） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 04 月 10 日 3 月理财规模季节性明显下降 ——理财规模跟踪月报（2025 年 3 月） 投资要点： 风险提示：财政政策大幅超预期；监管政策超预期；股市可能大幅走强等。 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 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 月理财规模季节性明显下降。我们测算，截至 2025 年 3 月末，理财规模合计 29.2 万亿元，较上年末下降 0.73 万亿元，较上月末下降 1.03 万亿元。2025 年 1 月理财 规模增量 0.17 万亿，2 月增量 0.13 万亿，3 月则下降 1.03 万亿。2025 年 3 月理财 规模下降 1.03 万亿元，2021-2024 年的 3 月理财规模平均下降 1.26 万亿。3 月理 财规模明显下降，主要是由于理财季末冲存款。 2025 年一季度四大行理财公司的理财规模下降明显，部分股份行增幅较高。截至 2025 年 3 月末，理财规模前三的机构为：招银理财、兴银理财和信银理财。截至 2 ...

证券研究报告 医药生物 | 医药商业 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 09 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 联系人 梁裕 liangyu@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 08 日 | | 月 | 04 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 29.60 | | | | | 一 年 / 最 | 最 | 高 | 内 | | | | 低 | 38.00/27.12 | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | 22,333.29 | | | 流通市值（百万元） | | | | | | | | 16,379.05 | | | 总股本（百万股） | | | | | | 754.50 | | | | | 资产负债率（%） | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve high growth driven by commercialization and milestone achievements, with smooth progress in overseas markets [5] - The company reported a narrowing net loss of 267 million RMB in 2024, a 53.5% year-on-year reduction, with total revenue of 1.933 billion RMB, reflecting a 25.5% increase [7] - The company is entering a commercialization phase with promising data and backing from Merck, indicating potential for increased global value [7] Financial Performance Summary - Revenue projections for 2025-2027 are 1.963 billion RMB, 3.007 billion RMB, and 5.363 billion RMB respectively, with growth rates of 1.55%, 53.18%, and 78.35% [6][8] - The company is expected to achieve a positive net profit of 877 million RMB by 2027, with a significant increase in earnings per share from -2.40 RMB in 2025 to 3.86 RMB in 2027 [6][8] - The company's reasonable equity value is estimated at 81 billion HKD, based on a DCF method with a perpetual growth rate of 2% and WACC of 8.58% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to important data catalyst nodes approaching and accelerated progress in the "new pipeline" [5] Core Views - The company is expected to experience significant revenue growth driven by the inclusion of its products in the medical insurance directory and the expansion of indications for its drugs [7] - The company has a strong innovation pipeline and increasing commercial clarity in overseas clinical trials, supporting the maintained "Buy" rating [7] Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 34.19 billion, 55.98 billion, and 85.77 billion RMB respectively, with growth rates of 60.98%, 63.71%, and 53.23% [6][8] - The net profit attributable to the parent company is forecasted to be 24 million, 587 million, and 1.343 billion RMB for 2025-2027, with corresponding growth rates of 104.71%, 2323.13%, and 128.90% [6][8] - The company's reasonable equity value is calculated at 100.3 billion HKD based on a DCF method with a perpetual growth rate of 3% and WACC of 8.67% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 74.38 billion yuan in 2024, a year-on-year decrease of 1.5%, and a net profit attributable to shareholders of 640 million yuan, down 59.8% year-on-year. The fourth quarter alone saw a revenue of 17.91 billion yuan, a decline of 5.2%, and a net loss of 420 million yuan, a drop of 203.3% year-on-year [4] - The distribution segment achieved a revenue of 52.98 billion yuan in 2024, an increase of 2.0% year-on-year, while the retail segment reported a revenue of 22.36 billion yuan, a decrease of 8.4% year-on-year, resulting in a net loss of 1.1 billion yuan [8] - The company is expected to recover its profitability, 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 - In 2024, the company had a total market capitalization of approximately 13.7 billion yuan and a circulating market capitalization of about 13.53 billion yuan [2] - The company's total assets were reported at 47.56 billion yuan, with a debt-to-asset ratio of 56.36% [2] - The earnings per share (EPS) for 2024 was 1.15 yuan, with a projected EPS of 2.39 yuan for 2025 [7][9]

证券研究报告 电子 | 半导体 非金融|公司深度报告 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 月 | 07 | 日 | 04 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 104.20 | | | | 年 / 最 低 | | | | | | | | 内 | 最 | | （元） | | | 147.56/64.13 | | | | | | | | 总市值（百万元） | | | | | | | 69,194.97 | | | | 流通市值（百万元） | | | | | | | 69,083.28 | | | | 总股本（百万股） | | | | | | | 664.06 | | | | 资产负债率（%） | | | | | | | 11.93 | | | | 每股净资产（元/股） | | | | | | | 24.02 | | | | 资料来源：聚 ...

证券研究报告 建筑装饰 | 基础建设 非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 08 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 投资评级： 买入（首次） ——深耕基建主业，数字化转型拓展增长空间 投资要点： 现金分红稳定，高股息提升投资吸引力。公司长期维持稳定的分红政策，2013-2023 年分红率长期保持 在 30%左右，现金分红金额从 4.09 亿元增长至 10.38 亿元，CAGR 达 9.76%。2024 年 8 月实施半年度 分红，合计分红 3.14 亿元，占当期归母净利润的 40.02%。截至 2025 年 4 月 7 日，2023 年股息率达 5.66%， 在 SW 建筑板块 164 只股票中排名第四，显现出稳健的股东回报能力。结合稳定的经营性现金流与盈利 能力，公司长期维持 30%左右的分红 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment in the stock [4][6]. Core Viewpoints - Shandong Expressway is a leading player in the toll road and bridge sector, focusing on the investment and operation of transportation infrastructure, with a robust expansion strategy in the upstream and downstream value chain [5][9]. - The company has a strong commitment to shareholder returns, maintaining an average dividend payout ratio of 65.37% from 2019 to 2023, with a commitment to not distribute less than 60% of net profit as dividends from 2020 to 2024 [5][26]. - The company is expected to see stable growth in revenue and profit, with projected net profits of 3,216 million, 3,378 million, and 3,561 million RMB for 2025, 2026, and 2027 respectively, reflecting a gradual recovery in traffic demand and operational efficiency [6][51]. Summary by Sections Company Overview - Shandong Expressway, established in 1999 and listed in 2002, has expanded its operational toll road mileage from 1,452 kilometers in 2010 to 2,864 kilometers by 2024, achieving a CAGR of 5.36% [13][18]. - The company is controlled by the state-owned Shandong Expressway Group, which holds 70.31% of the shares, providing a strong backing for its operations [13][14]. Financial Performance - The company reported a revenue CAGR of 17.09% and a net profit CAGR of 2.72% from 2014 to 2023, with total assets growing at a CAGR of 14.71% [18]. - For the first three quarters of 2024, the company achieved a revenue of 19,901 million RMB, a year-on-year increase of 10.94%, while net profit decreased by 5.70% to 2,516 million RMB due to adverse weather conditions and traffic diversions [18][20]. Business Segments - The toll road business is the core revenue driver, contributing 37.29% of total revenue in the first half of 2024, with a gross profit margin of 53.78% [15][21]. - The company has diversified its operations into various sectors, including construction services, electrical engineering, and railway transportation, with the latter contributing 9.50% to total revenue in the first half of 2024 [15][39]. Investment Strategy - The company employs an "investment + management" model to expand its national highway network, managing a total of 2,864 kilometers of toll road assets across multiple provinces [28][32]. - Shandong Expressway has made strategic investments in sectors such as finance, environmental protection, and smart transportation, enhancing its growth potential [34][35]. Profitability Forecast - The company anticipates stable revenue growth driven by a recovery in traffic demand and ongoing expansion of its toll road assets, with expected net profits showing modest growth from 2025 to 2027 [47][51].

建筑材料 | 装修建材 非金融|首次覆盖报告 证券研究报告 hyzqdatemark 2025 年 04 月 08 日 投资评级： 增持（首次） 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 市场表现： | 基本数据 | | 2025 | 月 | 日 | | | | | | | 07 | 年 | 04 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 28.34 | | | | | | | | | | | | | 一 | 高 | | 36.50/23.03 | | ...