Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The total passenger volume shows an increase in international flights and a decrease in domestic flights, with a reduction in total flights [3][4] - Domestic flights are boosted by regional infrastructure development, leading to a significant increase in regional flight numbers [8] - International flights have recovered to 85% of pre-pandemic levels, with an improvement in the share of foreign carriers [13][18] - Major airlines such as Huaxia, Spring Airlines, and Air China have significantly increased their market shares [22][23] - Airport expansions and renovations are facilitating the release of mainline resources [32][34] - Cargo flights have decreased both year-on-year and quarter-on-quarter, while international flights have increased [43] Summary by Sections Passenger Transport - In the summer of 2025, the total weekly passenger flight volume is 130,000 flights, which is a 15% increase compared to summer 2019, but a 3.3% decrease compared to summer 2024 [5] - Domestic flights account for 113,000 flights weekly, showing a 22.4% increase from summer 2019 but a 3.8% decrease from summer 2024 [5][12] - International flights total 15,000 weekly, reflecting a 16.4% decrease from summer 2019 but a 4% increase from summer 2024 [5][18] Domestic Market - The domestic passenger flight volume for summer 2025 is 112,569 flights per week, with a breakdown of 57.1% mainline to mainline, 36.3% mainline to regional, and 6.6% regional to regional [12] - The introduction of regional airports and the large-scale deployment of domestic regional aircraft have significantly expanded regional connectivity [12] International Market - The international passenger flight volume for summer 2025 is 14,780 flights weekly, recovering to 85% of the levels seen in summer 2019 [18] - The share of international carriers has improved to 42%, recovering to 81% of the levels seen in summer 2019 [18][20] Airline Performance - Among listed airlines, only Huaxia Airlines has seen an increase in passenger flight volume year-on-year, while others like Juneyao, Hainan, and China Southern have experienced declines [23] - Huaxia, Spring Airlines, and Air China have shown significant growth in flight volumes compared to summer 2019, with increases of 48%, 39%, and 17% respectively [23][28] Airport Developments - Major airports such as Haikou, Wuhan, Hangzhou, and Shenzhen have seen flight volume increases exceeding 15% compared to summer 2019 [34] - The expansion and renovation of airports have led to significant growth in flight capacity, particularly in Guangzhou and Shanghai [34] Cargo Transport - The total weekly cargo flight volume for summer 2025 is 7,561 flights, which is a 66.7% increase compared to summer 2019 but a 4.8% decrease compared to summer 2024 [44]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights a projected decline in revenue for 2025, with an estimated revenue of 6,195 million RMB, representing a decrease of 4.33% compared to 2024 [5] - The net profit attributable to the parent company is expected to decrease significantly to 1,513 million RMB in 2025, down 21.26% from 2024 [5] - The report anticipates a recovery in net profit growth in 2027, with a projected increase of 1.62% [5] Financial Data Summary - As of March 25, 2025, the closing price of the stock is 3.05 RMB, with a one-year high of 4.11 RMB and a low of 2.73 RMB [3] - The total market capitalization is approximately 14,645.66 million RMB, with a circulating market value equal to the total market value [3] - The company has a debt-to-asset ratio of 15.08% and a net asset value per share of 2.25 RMB [3] - The forecasted operating income for 2024 is 6,475 million RMB, with a growth rate of 4.50% [5] - The projected earnings per share (EPS) for 2025 is 0.32 RMB, reflecting a decrease from 0.40 RMB in 2024 [5] - The return on equity (ROE) is expected to decline to 12.26% in 2025 from 17.75% in 2024 [5] - The price-to-earnings (P/E) ratio is projected to be 9.68 for 2025 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights a projected decline in revenue for 2025, with an estimated revenue of 6,195 million RMB, representing a decrease of 4.33% compared to 2024 [5] - The net profit attributable to the parent company is expected to decrease to 1,513 million RMB in 2025, reflecting a year-on-year decline of 21.26% [5] - The report anticipates a recovery in net profit growth in 2027, with an estimated net profit of 1,463 million RMB, indicating a slight increase of 1.62% from 2026 [5] Financial Data Summary - As of March 25, 2025, the closing price of the stock is 3.05 RMB, with a one-year high of 4.11 RMB and a low of 2.73 RMB [3] - The total market capitalization is approximately 14,645.66 million RMB, with a circulating market capitalization also at 14,645.66 million RMB [3] - The company has a total share capital of 4,801.86 million shares and a debt-to-asset ratio of 15.08% [3] - The earnings per share (EPS) for 2025 is projected to be 0.32 RMB, with a price-to-earnings (P/E) ratio of 9.68 [5] - The return on equity (ROE) is expected to decrease to 12.26% in 2025, down from 17.75% in 2024 [5] Profit Forecast and Valuation - The company's revenue is forecasted to be 6,475 million RMB in 2024, with a growth rate of 4.50% compared to 2023 [5] - The operating profit is projected to decline to 1,765 million RMB in 2025, down from 2,244 million RMB in 2024, indicating a significant drop of 21.31% [7] - The report provides a detailed financial forecast, including operating income, costs, and net profit for the years 2024 to 2027, highlighting the expected trends in profitability and revenue growth [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a mixed recovery in passenger traffic, with international flights increasing while domestic flights are decreasing, leading to an overall reduction in total flights [5][6] - Domestic flights are seeing significant growth in regional routes due to infrastructure development, while international flights have recovered to 85% of pre-pandemic levels, with improvements in the market share of foreign carriers [4][14] - Major airlines such as Huaxia, Spring Airlines, and Air China have shown notable increases in market share [23][24] - Airport expansions and renovations are facilitating the release of mainline resources, although the overall flight volume is decreasing compared to last year [33][35] - Cargo flights have decreased both year-on-year and quarter-on-quarter, despite an increase in international flights [44][45] Summary by Sections Passenger Traffic - Total weekly passenger flights for the summer of 2025 are projected at 130,000, reflecting a 15% increase compared to summer 2019 but a 3.3% decrease compared to summer 2024 [6][7] - Domestic flights account for 113,000 weekly flights, up 22.4% from summer 2019 but down 3.8% from summer 2024 [6][7] - International flights are at 15,000 weekly, down 16.4% from summer 2019 but up 4% from summer 2024 [6][7] Domestic Market - The domestic market is experiencing a clear increase in regional flights due to infrastructure investments, with a notable rise in the number of regional flights [9][13] - The distribution of domestic flights shows a significant share for mainline flights, with a 57.1% share for mainline to mainline routes [13] International Market - The international market has seen a recovery rate of 85%, with foreign carriers' market share improving to 42%, recovering to 81% of the levels seen in summer 2019 [19][21] - Regional recovery rates vary, with East Asia at 90% and North America at only 27% [21][22] Airline Performance - Among listed airlines, Huaxia, Spring Airlines, and Air China have significantly increased their flight volumes compared to 2019, with growth rates of 48%, 39%, and 17% respectively [24][29] - Conversely, airlines like Hainan and China Southern have seen declines in their flight volumes [24][29] Airport Developments - Major airports such as Guangzhou and Shanghai have seen flight volume increases exceeding 10% due to renovations and expansions [35] - However, only a few airports maintained positive growth compared to summer 2024, indicating a trend towards capacity saturation at major hubs [35] Cargo Operations - The total weekly cargo flights for summer 2025 are projected at 7,561, reflecting a 66.7% increase compared to summer 2019 but a 4.8% decrease compared to summer 2024 [45][46]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, slightly exceeding expectations, indicating financial self-sufficiency [7] - The core product, Furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] Financial Performance Summary - Revenue projections for 2025 are estimated at $694 million, with a year-on-year growth rate of 10.17% [6][11] - The net profit for 2025 is projected to be $393 million, reflecting a significant year-on-year increase of 942.79% [6][11] - The company expects comprehensive revenue from its oncology/immunology business to be between $350 million and $450 million in 2025 [7] Future Catalysts - Continued overseas sales growth for Furmonertinib in Europe and Japan is anticipated to drive new growth [7] - The company plans to submit a New Drug Application (NDA) for Savolitinib for NSCLC in 2025 [7] - The antibody-drug conjugate ATTC platform is expected to start clinical trials in the second half of 2025 [7] Pipeline Overview - The company has a diversified and validated late-stage product pipeline, including several drugs with positive clinical data and upcoming NDA submissions [8]

林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 事件：公司发布 2024 年年报，实现收入 910.30 亿元，同比下降 35.51%，归母净利 润 76.96 亿元，同比下降 26.19%；其中单四季度实现收入 228.79 亿元，同比下滑 45.53%，归母净利润 24.98 亿元，同比增长 42.27%。业绩符合预期。公司 2024 年 年度权益分配预案拟每 10 股派发现金红利人民币 7.10 元，合计派发现金红利人民 币 37.47 亿元，对应股息率 2.86%。 联系人 市场表现： 行业低景气致使 ...

证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 基本数据 | | | 2025 | 年 | | 24 | 月 | 03 | | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 24.75 | | | | | | | / 最 低 | 最 | 高 | | | | | | | 内 | | | | （元） | | | | | | | | | | | | | 总市 ...

债市可能阶段性震荡 ——MLF 招标方式改革点评 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 证券研究报告 固收点评报告 hyzqdatemark 2025 年 03 月 25 日 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 第 2页/ 共 5页 25Q1 债市明显调整，Q2 可能震荡。由于 25Q1 债市明显调整，债市单边快速调整 的阶段可能接近尾声了，10Y 国债到 1.9%之后我们对债市的看法由看空转为看阶段 性震荡。目前，1Y 左右的债券定价已经反映 0 降息预期，安全边际较高。10Y 国债 收益率到 1.9%以上亦有配置价值。10Y 国债收益率年内虽可能到 2.0%，但到 1.9% 以上，银行有动力扩大配置。10Y 国债收益率 1.9%以上建议逐步配置，1.8%以下建 议大幅减仓；5Y 国股二级资本债 2.3%以上建议配置，2.1%以下则建议减仓，做小 波段。我们依然认为，2025 年债市没有趋势性机会，但也没有大熊市。债牛不再， 每涨卖机。 风险提示：政府债券增发规模大幅 ...

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 | 基本数据 | 2025 | 年 | 03 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.00 | | | 一年内最高/最低（港 | | | | 4.27/2.81 | | | 元） | | | | | | | 总市值（百万港元） | | | | 37,110.45 | | | 流通市值（百万港元） | | | | 37,110.45 | | | 资产负债率（%） | | | | 68.42 | | | 资料来源：聚源数据 | | | | | | 中国电力(02380.HK) 投资评级： 买入（维持） ——拟派息 60% 股息率具吸引力 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsip ...