Investment Rating - The investment rating for the company is "Accumulate" [2][5] - The previous rating was also "Accumulate" [2] Core Views - The company's net profit attributable to shareholders decreased by 47.45% year-on-year in 2024, with revenue dropping by 7.52% [10] - The price increase of EVA particles is expected to boost the company's performance, and new production facilities coming online in 2025 will provide additional momentum [5][10] - The company maintains an "Accumulate" rating due to anticipated profit improvements from new capacity and product launches [7] Financial Summary - The company reported a total revenue of RMB 6,268 million in 2024, down from RMB 6,778 million in 2023, reflecting a decline of 7.52% [11] - The net profit attributable to shareholders for 2024 was RMB 234 million, a decrease of 47.45% compared to RMB 446 million in 2023 [11] - The projected earnings per share (EPS) for 2025 is RMB 0.24, down from the previous estimate of RMB 0.37, with a corresponding price-to-earnings (P/E) ratio of 56.7 [7][9] - The company expects to achieve a revenue of RMB 6,679 million in 2025, with a growth rate of 6.6% [9] Production and Capacity Expansion - In 2025, the company plans to launch multiple new production facilities, including 200,000 tons of EVA particles and 100,000 tons/year of POE particles [10] - The company has successfully developed new materials for solid-state batteries and is progressing with the production of silicon-carbon anode binders [10] Market Performance - The company's stock has shown a relative performance of 7.2% against the Shenzhen Composite Index year-to-date [3] - The market capitalization of the company is approximately RMB 18,030.17 million [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown significant growth in its charging pile business and is a leader in the low-voltage power quality sector, which is expected to become a new growth point for performance [3][8] - The company's 2024 annual report indicates a year-on-year revenue growth of 14.53%, reaching RMB 3,036 million, and a net profit growth of 6.49%, totaling RMB 429 million [8][9] - The charging pile business generated RMB 1,216 million in revenue, a 43.04% increase year-on-year, although the gross margin slightly decreased by 1.46 percentage points to 38.15% [8][9] - The industrial power supply business also showed steady growth, with revenue of RMB 603 million, up 13.11% year-on-year, and an improved gross margin of 54.23% [8][9] Financial Summary - The company forecasts revenue growth from RMB 2,651 million in 2023 to RMB 4,091 million in 2025, representing a growth rate of 34.7% [7][10] - The projected net profit for 2025 is RMB 522 million, with a growth rate of 21.6% [7][10] - The updated earnings per share (EPS) estimates for 2025-2027 are RMB 1.68, 2.29, and 2.91 respectively, with corresponding price-to-earnings ratios of 16.9, 12.4, and 9.7 [5][10]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The report indicates that the company's inventory has shown a declining trend, which is expected to lead to a recovery in gross margin. The company is actively exploring opportunities in emerging fields such as automotive, robotics, and AI with its MCU and BMS products [3][8] - The company's revenue for 2024 is projected to be RMB 1.343 billion, reflecting a year-on-year growth of 3.3%. However, the gross margin is expected to decrease slightly to 33.6% [8] - The report maintains the "Buy" rating despite a downward adjustment in the EPS forecast for 2025 and 2026 to RMB 0.51 and RMB 0.72 respectively, with an estimated EPS of RMB 0.93 for 2027 [5][8] Summary by Sections Stock Performance - The company's stock price as of April 8, 2025, is RMB 20.07, with a total market capitalization of approximately RMB 6.85 billion [1] Financial Projections - The company’s projected revenues and net profits for the upcoming years are as follows: - 2025E Revenue: RMB 1.515 billion, Net Profit: RMB 174 million - 2026E Revenue: RMB 1.671 billion, Net Profit: RMB 247 million - 2027E Revenue: RMB 1.827 billion, Net Profit: RMB 319 million [7][8] Business Strategy - The company is focusing on upgrading smart appliance chips and expanding its market share in the variable frequency motor control chips for major appliances. It aims to enter the automotive sector with its MCU and BMS products [8] - The company is also advancing its AMOLED driver chips for smartphones and wearable devices, with plans for mass production expected in the second half of 2025 [8]

Core Insights - The report highlights the significant clinical progress of KC1036, an innovative drug developed by the company, which has successfully completed the first patient enrollment in a Phase II clinical trial for treating advanced Ewing sarcoma in adolescents aged 12 and above [3][6][7] - The potential market for KC1036 is substantial, with ongoing clinical studies for multiple indications, including esophageal cancer, where the first patient was enrolled in February 2024. The estimated number of esophageal cancer patients in China was 742,000 in 2022, indicating a large potential market [7] - The company is undergoing a marketing transformation in 2024, aiming to enhance its sales capabilities through a digital marketing team, which is expected to strengthen sales for existing products and lay the groundwork for future sales of KC1036 [7] Market Performance - The Shanghai Composite Index closed at 3145.55, up by 1.58%, while the Shenzhen Component Index rose by 0.64% to 9424.68. The CSI 300 Index increased by 1.71% to 3650.76, and the ChiNext Index saw a rise of 1.83% to 1840.31 [4] - In the industry performance, the Agriculture, Forestry, Animal Husbandry, and Fishery sector led with a 7.81% increase, followed by Retail with 3.44% and Food & Beverage with 3.37%. Conversely, the Electronics sector declined by 1.69% [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Views - The company's oil transportation revenue is under pressure, but its profitability remains resilient. The dry bulk segment shows significant profit growth driven by both volume and price increases, while the container shipping segment benefits from structural optimization leading to improved profit margins [4][9] - For 2024, the company reported a slight decline in revenue to RMB 25.799 billion, down 0.32% year-on-year, while net profit increased by 5.59% to RMB 5.107 billion. The performance in the fourth quarter showed a significant rebound, with net profit reaching RMB 1.738 billion, a 99.31% increase quarter-on-quarter [9][10] - The outlook for 2025 suggests a tightening supply-demand balance in the oil tanker market, with expectations for VLCCs to regain leadership due to accelerated scrapping of older vessels and trade restructuring. The dry bulk segment is expected to see steady demand growth, while container shipping may face short-term oversupply pressures but is projected to maintain stable growth in trade volume [9][10] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of RMB 257.99 billion, a slight decrease of 0.32% year-on-year, and a net profit of RMB 51.07 billion, an increase of 5.59%. The breakdown by business segments shows net profits of RMB 26.35 billion for oil transport, RMB 15.48 billion for dry bulk, RMB 13.14 billion for container shipping, and RMB 3.37 billion for roll-on/roll-off services [4][9] - The company expects net profits for 2025-2027 to be RMB 59.10 billion, RMB 70.72 billion, and RMB 78.46 billion, representing year-on-year growth rates of 15.7%, 19.7%, and 10.9% respectively [6][10] Valuation Metrics - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to RMB 0.73, RMB 0.87, and RMB 0.96, with corresponding price-to-earnings (PE) ratios of 8.0, 6.7, and 6.0 [6][10] - The company maintains a strong outlook for profitability driven by the dual cycles of oil and dry bulk markets, which are expected to provide earnings elasticity [6][9]

Investment Rating - The report suggests a positive outlook for the real estate sector, indicating a potential recovery in the market with a focus on demand stimulation and policy support [5][6]. Core Insights - The report highlights that new home transaction volumes have shown a mixed performance, with a decrease in week-on-week transactions but an increase year-on-year, indicating a potential recovery trend [17][18]. - The inventory of new homes has decreased both month-on-month and year-on-year, suggesting improved absorption rates in the market [40][29]. - The land market has experienced a rise in transaction volumes and prices, indicating increased developer interest despite a year-on-year decline in volume [62][65]. Summary by Sections 1. Key City New Home Market, Second-hand Market, and Inventory Tracking - New home transaction volume in 40 cities was 24,000 units, down 25.4% week-on-week but up 20.3% year-on-year. The transaction area was 2.774 million square meters, down 25.8% week-on-week but up 22.1% year-on-year [18][26]. - The inventory of new homes in 12 cities was 790,000 units, down 44.6% month-on-month and down 15.8% year-on-year, indicating a tightening market [29][37]. - The second-hand home market saw a transaction volume of 19,000 units, down 24.2% week-on-week but up 48.8% year-on-year, with a transaction area of 170,000 square meters, down 25.3% week-on-week but up 33.2% year-on-year [45][52]. 2. Land Market Tracking - The total land transaction area across 100 cities was 17.867 million square meters, up 33.4% month-on-month but down 22.2% year-on-year. The total land transaction price was 79.09 billion yuan, up 113.4% month-on-month and up 62.5% year-on-year [62][65]. - The average land price was 4,426.87 yuan per square meter, up 60.0% month-on-month and up 108.8% year-on-year, indicating strong demand for land despite fluctuations in volume [64][66]. 3. Policy and Investment Recommendations - The report emphasizes the importance of demand-side policies to stabilize the real estate market, suggesting that the recovery will depend on further easing measures and the pace of urban renewal projects [5][6]. - Recommended investment targets include companies with strong fundamentals in core cities, smaller firms showing significant breakthroughs, and those benefiting from the recovery in the second-hand market [5][6].

强于大市 交通运输行业周报 交通运输 | 证券研究报告 — 行业周报 2025 年 4 月 8 日 中美关税博弈升级，航运市场短期或迎来抢运 潮 行业高频动态数据跟踪： ①航空物流：3月中旬至3月下旬期间，中国至亚太航线运力整体稳定。 ②航运港口：集运运价指数上升，干散货运价下降。③快递物流：2025 年 2月快递业务量同比上升 58.75%，快递业务收入同比增加 30.43%。④ 航空出行：2025 年 4 月第一周国际日均执飞航班 1708.29 次，环比 +1.12%，同比+23.51%。⑤公路铁路：根据交通运输部数据显示，3 月 24 日-3 月 30 日，全国高速公路累计货车通行 5468.1 万辆，环比增长 0.09%。⑥交通新业态：2024 年 Q4，联想 PC 电脑出货量达 1690 万台， 同比上升 4.8%，市场份额环比下降 0.3pct。 ◼ 投资建议： 建议关注设备与制造业工业品出口链条，推荐中远海特、招商轮船、华 贸物流，建议关注东航物流、中国外运。 关注低空经济赛道趋势性投资机遇。建议关注中信海直。 关注邮轮及水上轮渡主题性投资机会。建议关注渤海轮渡、海峡股份。 关注电商快递投资机 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 4 月 8 日 强于大市 化工行业周报 20250406 国际油价大幅下跌，美国对中国加征 34%" 对等 关税 " 行业动态 投资建议 风险提示 ◼ 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20250330》20250331 《化工行业周报 20250323》20250324 《化工行业周报 20250316》20250317 中银国际证券股份有限公司 具备证券投资咨询业务资格 qiyan.fan@bocichina.com 一般证券业务证书编号：S1300123030023 ◼ 本周（03.31-04.06）均价跟踪的 100 个化工品种中，共有 29 个品种价格上涨，40 个品种价 格下跌，31 个品种价格稳定。跟踪的产品中 29%的产品月均价环比上涨，40%的产品月均价 环比下跌，另外 31%产品价格持平。周均价涨幅居前的品种分别是 DMF（华东）、液氨（河 北新化）、高效氯氟氰菊酯、丙烯腈、多氟多氟化铝；而周均价跌幅居前的品种分别是 WTI 原油、轻质纯碱（华东）、天然橡胶（上海地区）、离子膜烧碱 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 27.21 and a sector rating of "Outperform" [1]. Core Views - The company has successfully completed the first patient enrollment in the Phase II clinical trial of its self-developed innovative drug KC1036 for treating advanced Ewing sarcoma in adolescents aged 12 and above, indicating positive long-term development prospects [3][7]. - The potential market for KC1036 is significant, with multiple indications entering clinical trials, including esophageal cancer, which has a large patient population in China [7]. - The company is undergoing a marketing transformation aimed at enhancing sales capabilities, which is expected to strengthen the sales of existing products and support the future sales of KC1036 [7]. - The earnings forecast has been adjusted due to goodwill impairment from the acquisition of Tailin Pharmaceutical and the impact of marketing reforms, with EPS projections for 2024-2026 set at RMB 0.32, 1.12, and 1.34 respectively [7]. Financial Summary - The company's main revenue is projected to grow from RMB 867 million in 2022 to RMB 1,209 million by 2026, with a CAGR of 12.9% [6]. - EBITDA is expected to increase significantly from RMB 154 million in 2022 to RMB 316 million in 2026 [6]. - The net profit attributable to the parent company is forecasted to rise from RMB 101 million in 2022 to RMB 213 million in 2026, reflecting a substantial growth rate of 19.5% in 2026 [6]. - The company’s PE ratio is projected to decrease from 85.6 in 2024 to 20.4 in 2026, indicating improved valuation over time [6].

证券研究报告——晨会聚焦 2025 年 4 月 8 日 | 中银晨会聚焦-20250408 | | --- | ■重点关注 【电子】歌尔股份*苏凌瑶。公司发布 2024 年年报，全年营收同比微增，但 归母净利润大幅增长，主要各项业务的毛利率均出现提升。展望未来，AI/AR 眼镜产业有望在 AI 技术驱动下快速增长，公司布局充分，有望深度受益。 【电子】蓝思科技*苏凌瑶。公司发布 2024 年年报，营收/归母净利润均实 现较快增长。公司产业链垂直整合取得有效成果，在"消费电子+智能汽车+ 人形机器人"的多轮驱动战略指引下，新增长点多。 【石油石化】中国石化*徐中良。2024 年公司实现营业收入 30,745.62 亿元， 同比降低 4.29%；归母净利润 503.13 亿元，同比降低 16.79%。2024 年四季 度单季，公司实现营业收入 7,080.21 亿元，同比减少 4.61%；实现归母净利 润 60.66 亿元，同比减少 19.09%。2024 年年度每股合计派息为 0.29 元（含 税），股利支付率为 69.06%,分红比例达到 73.3%。 【石油石化】中国海油*徐中良。2024 年公司实现营业收 ...