Report Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - Short - term bullish steepening logic in the bond market is not sound. It is expected to fluctuate in the short - term. The main line of loose monetary policy remains unchanged in the medium - term. After the implementation of reserve requirement ratio cut and interest rate cut, the curve bullish steepening will open up further downward space for long - term bond yields [1][3][29]. Summary by Related Catalogs Why the short - term bullish steepening logic is not sound - From April 11th to April 16th, 2025, after the bond market priced in the hedging of tariff shocks by stable - growth policies, it turned to a fluctuating state. The yield curve showed a mixed flat trend. The yield of the 10 - year active treasury bond fluctuated between 1.63% - 1.67%. The yield of the 2 - year active treasury bond rose from 1.38% to 1.425%. The long - term and ultra - long - term bond buying sentiment was suppressed, and the gaps in treasury bond futures TL and T contracts were nearly filled. The money market rate started to rise on April 11th [10]. - **Difference 1: Central bank's attitude and policy implementation rhythm** - Under RMB exchange - rate pressure, the central bank's current attitude is restrained. In 2020, during the public health event, the central bank quickly used reserve requirement ratio and interest rate cut tools, resulting in a rapid decline in money market rates. This time, due to RMB depreciation pressure, the central bank has net - withdrawn liquidity in the open market in the past two weeks. The overnight and 7 - day money market rates are still above the policy rates, and the money market is in an overall balanced state [11]. - In the next stage, monetary policy may be more coordinated with fiscal policy, and the implementation rhythm of reserve requirement ratio and interest rate cut expectations may be slow. The central bank's restrained loosening restricts the downward space of short - term bond yields and also limits the downward space of long - term and ultra - long - term bond yields due to the low term spread and flat curve [11][12]. - **Difference 2: External environment and domestic economic situation** - The current external environment is more complex and severe, but China's ability to handle trade frictions has improved. The average contribution rate of domestic demand to economic growth in the past five years has exceeded 80%. The proportion of exports to the US in total exports has dropped from 19.2% in 2018 to 13.5% in the first three months of 2025. China's economic dependence on external demand and the dependence of external demand on US exports have both declined [17]. - The economy had a good start in Q1, with domestic demand continuously warming up under policy promotion. Many economic indicators such as social financing, consumption, and industrial added value exceeded market expectations. The impact of tariff negotiations on the Q2 economy needs further observation. Policies in Q2 are expected to focus on boosting consumption, expanding investment, and stabilizing employment [17][18]. - **Difference 3: Uncertainty of tariff policy** - In 2020, the impact of the public health event on the capital market showed a "double - bottom" feature. In this tariff shock, the US's counter - tariffs and China's counter - measures basically occurred at the same time, and the market on April 7th had fully reflected this expectation. However, due to the unpredictability of Trump's policies and the complexity of tariff negotiations, whether there will be a secondary impact of tariffs on asset prices remains to be seen [25]. - **Strategy thinking** - Considering the exchange - rate stability constraint, the central bank's operations are currently restrained. Before the implementation of reserve requirement ratio and interest rate cuts, the possibility of a significant loosening of the money market is low. The current long - term and ultra - long - term bond yields are close to their previous lows. The bond market may fluctuate in the short - term. In the medium - term, after the implementation of the double cuts, the curve bullish steepening will open up further downward space for long - term bond yields [3][29].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to face pressure in 2024, with a projected revenue of 2.014 billion yuan, a year-on-year decline of 5.02%, and a net profit of 142 million yuan, down 68.67%. However, growth is anticipated in 2025 as hospital tenders recover and new products are launched [1][10] Summary by Sections Growth Potential - The ultrasound segment is expected to recover in 2025 due to the resumption of domestic tenders and the launch of new products. In 2024, the ultrasound segment's revenue declined by 3.3% due to a high base and slow tender recovery. The company has made significant advancements in high-end products, including the launch of the S80 and P80 machines, which are expected to drive growth in 2025 [2] - The digestive endoscopy segment is projected to see high growth in 2025 as domestic tenders recover and domestic replacement accelerates. The company has seen significant revenue growth in this segment from 2018 to 2023, and new products like the HD-650 are expected to enhance market presence [3] - The surgical and vascular intervention products are expected to contribute to long-term revenue growth, with new products being commercialized and significant revenue growth anticipated in 2024 [4] Profitability - The company's gross margin for 2024 is projected at 63.8%, a decrease of 5.6 percentage points year-on-year. The net profit margin is expected to recover in 2025 as tenders resume and new products are launched, following a significant decline in 2024 [5][9] Financial Forecast and Valuation - Revenue forecasts for 2025-2027 are 2.393 billion yuan, 2.883 billion yuan, and 3.374 billion yuan, representing year-on-year growth rates of 18.83%, 20.46%, and 17.04%, respectively. Net profit forecasts for the same period are 335 million yuan, 537 million yuan, and 636 million yuan, with corresponding growth rates of 134.93%, 60.49%, and 18.48% [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report emphasizes a strategic shift for the bank, highlighting the potential for a "restart" in the banking sector due to declining risk-free rates and a relatively stable fundamental outlook, which may lower the opportunity cost for bank investments [1][2] - The bank is positioned to leverage artificial intelligence and financial technology to reshape its operational dynamics, aiming for performance that exceeds expectations and drives valuation recovery [2][5] - The chairman's vision includes transforming the bank's management approach from a departmental focus to a customer-centric model, enhancing collaboration across business lines to improve overall operational efficiency [3] - The bank aims to evolve from a digital banking model to a smart banking model, effectively utilizing vast amounts of financial data to enhance customer acquisition, asset allocation, and risk management [4] - The report identifies three revolutions—efficiency, risk control, and ecological service—as key drivers for the bank's performance and valuation recovery, with a focus on improving operational efficiency and reducing credit costs [5][10] Summary by Sections Financial Performance - The bank's revenue and net profit are projected to show slight declines and growth, respectively, with a forecasted revenue of 170,748 million in 2024, decreasing by 1.55%, and a net profit of 45,257 million, increasing by 23.31% [12] - The expected net profit growth rates for 2025-2027 are 12.08%, 6.19%, and 6.51%, respectively, with corresponding BPS values of 23.50, 24.69, and 25.96 [11] Valuation Metrics - The target valuation for the bank is set at 0.70x PB for 2025, corresponding to a target price of 16.45 per share, indicating a potential upside of 57% from the current price of 10.47 [11] - The report anticipates a recovery in ROE from 6.28% in 2024 to a potential 10.0% in the medium term, which could drive valuation improvements [10] Operational Strategy - The bank's strategy includes a shift towards a technology-driven operational model, aiming to enhance efficiency and reduce risks associated with human error [4] - The focus on building a smart banking ecosystem is expected to improve customer engagement and operational effectiveness, positioning the bank as a leader in the digital transformation of the banking sector [4][5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see accelerated revenue and profit growth in 2025, driven by a steady recovery in demand [1][2] - The company has made significant progress in overseas expansion, with a laboratory established in Japan and a network covering approximately 90 countries, leading to an increase in overseas revenue contribution [2] - Automation systems are expected to maintain high gross margins, with a projected gross margin of 43.7% for 2024 and a focus on cost reduction and efficiency improvements [3][4] Revenue and Profit Growth - In 2024, the company achieved revenue of 2.111 billion yuan (up 5.45% year-on-year) and a net profit of 197 million yuan (up 10.52% year-on-year) [1] - The first quarter of 2025 showed revenue of 502 million yuan (up 7.2% year-on-year) and a net profit of 34 million yuan (up 24.0% year-on-year), indicating a strong recovery [1] - Revenue projections for 2025-2027 are 2.270 billion, 2.554 billion, and 2.887 billion yuan, representing year-on-year growth rates of 7.50%, 12.52%, and 13.03% respectively [5] Profitability - The gross margin for 2024 is expected to be 43.7%, with a slight decrease to 39.5% in Q1 2025, attributed to ongoing automation and cost reduction efforts [3] - The net margin for 2024 is projected at 9.65%, with an increase to 7.19% in Q1 2025, reflecting continued efficiency improvements [4] Financial Forecast - The company is expected to achieve net profits of 222 million, 253 million, and 284 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.53, 0.61, and 0.68 yuan [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported strong operational performance in 2024, achieving total revenue of 1.438 billion yuan (YoY +21.21%) and a net profit attributable to shareholders of 401 million yuan (YoY +23.93%) [1][2] - The user ecosystem continues to grow, with monthly active users reaching 171 million (YoY +14.00%) and a total of 7.4392 million paying users (YoY +22.45%) by the end of 2024 [2] - The company is leveraging AI algorithms and big data technologies to enhance its C-end product capabilities and expand its B-end business, indicating potential for sustained high-quality growth [1][4] Financial Performance Summary - In 2024, the company's C-end products generated revenue of 1.141 billion yuan (YoY +22.78%) with a gross margin of 87.76% [3] - The B-end products and services achieved revenue of 74.8587 million yuan (YoY +11.32%) with a gross margin of 62.32% [3] - The commercial big data business saw significant gross margin improvement, with C-end products generating revenue of 64.1126 million yuan (YoY -9.32%) and a gross margin of 91.52% (YoY +6.06%) [3] - The B-end commercial big data products and services generated revenue of 150 million yuan (YoY +30.19%) with a gross margin of 65.93% (YoY +8.82%) [3] Future Earnings Forecast - The company is expected to achieve revenues of 1.766 billion yuan, 2.184 billion yuan, and 2.623 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 22.83%, 23.66%, and 20.06% [5] - The net profit attributable to shareholders is projected to reach 484 million yuan, 582 million yuan, and 708 million yuan for the same years, with growth rates of 20.73%, 24.22%, and 21.63% [5] - Corresponding EPS for these years is expected to be 4.84 yuan, 5.82 yuan, and 7.08 yuan [5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has shown a strong performance in its CDMO (Contract Development and Manufacturing Organization) business, with new orders for small molecule CDMO services increasing by over 35% [1] - The company's revenue for 2024 reached 12.276 billion yuan, representing a year-over-year increase of 6.39%, while the adjusted Non-GAAP net profit was 1.607 billion yuan, down 15.58% year-over-year [1] - The company expects new orders to grow by over 20% year-over-year in 2024, with laboratory services and CMC/CDMO services contributing significantly to this growth [1] Summary by Sections Business Performance - The company reported a strong revenue growth in Q4 2024, with laboratory services generating 7.047 billion yuan (up 5.81% year-over-year) and CMC/CDMO services achieving 2.989 billion yuan (up 10.24% year-over-year) [2] - The CMC/CDMO segment saw a significant increase in new orders, with 1,066 drug molecules or intermediates involved, including 19 projects in the process validation and commercialization stage [2] Clinical Research Services - The company generated 1.826 billion yuan from clinical research services in 2024, reflecting a year-over-year increase of 5.12% [3] - The number of ongoing clinical trial projects reached 1,062, including 94 Phase III trials, indicating a growing market share [3] Profitability - The overall gross margin for the company was 34.24%, a decrease of 1.51 percentage points year-over-year, with laboratory services and CMC/CDMO margins showing improvements in Q4 2024 [4] - The adjusted net profit margin for Q4 2024 was 14.43%, indicating a continued upward trend in profitability [4] Earnings Forecast and Valuation - The company forecasts EPS of 1.13, 1.31, and 1.52 yuan for 2025, 2026, and 2027 respectively, with a PE ratio of 20 times based on the closing price on April 15, 2025 [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 16 日 浙商早知道 2025 年 04 月 16 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 【浙商零售 汤秀洁】周大福（01929）公司点评：重整旗鼓，龙头新生——20250414 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：4 月 15 日上证指数上涨 0.15%，沪深 300 上涨 0.06%，科创 50 下跌 0.78%，中证 1000 下跌 0.41%，创业板 指下跌 0.13%，恒生指数上涨 0.23%。 行业：4 月 15 日表现最好的行业分别是美容护理（+2.27%)、银行（+1.5%)、家用电器（+1.35%)、纺织服饰（+1.16%)、 传媒（+0.96%)，表现最差的行业分别是国防军工（-1.78%)、商贸零售（-1.37%)、电子（-0.97%)、钢铁（-0.94%)、 社会服务（-0.91%)。 资金：4 月 15 日全 A 总成交额为 11102 亿元，南下资金 ...

证券研究报告 | 公司点评 | 医疗美容 ❑ 24 年年报：业绩符合预期，未来 3 年高分红+股权激励彰显发展信心。 24 年业绩符合预期。24 年收入/净利润 25.7/2.5 亿元，同比+19.9%/+9.7%。 24 年 毛利率/净利率 46.3%/9.8%，同比+0.7pp/-0.9pp。销售/管理/研发费用率同比 +0.3pp/+0.2pp/-0.2pp。 公司承诺，自公告日起未来三个完整财年期间将不少于 50%的归母净利用于分 红，也将充分利用管理层股权激励计划，考核指标涵盖未来三年营业收入及利润 提升。 ❑ 基石业务内生稳健增长，医美新客拓展持续，女性特护超预期增长。 24 年收入拆分：生美及保健 56%+医美 36%+亚健康医疗服务 8%。 1） 生美及保健：基石业务内生稳健增长，加码身体护理与智能美养。 24 年收入 14.4 亿（+21%，括号内为同比，下同），毛利率 40.7%（+1.1pcts），具 体来看：①量为主要驱动，全年到店人次/活跃会员人数同增 19.5%/45%。②直营 /加盟收入同增 21%/21%，门店数量分别为 239/276 家。③公司于 24H2 收购奈瑞 儿，新 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company reported a revenue of 1.515 billion yuan in 2024, representing a year-on-year increase of 28.38%, and a net profit attributable to shareholders of 548 million yuan, up 33.08% year-on-year [1] - The company has a high dividend payout ratio of over 80% for 2024, with an expected dividend yield of 5.7% for 2025 [4] - The railway investment in 2025 is expected to remain high, with a total fixed asset investment of 850.6 billion yuan in 2024, an increase of 11.26% year-on-year [3] Revenue Breakdown - The revenue from the train control system reached 886 million yuan in 2024, a growth of 25.89% year-on-year [2] - The railway security segment generated 238 million yuan in revenue, up 25.64% year-on-year [2] - The high-speed rail operation monitoring segment saw a revenue increase of 39.79%, totaling 358 million yuan [2] Financial Forecasts - The company is projected to achieve net profits of 680 million yuan, 830 million yuan, and 980 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24%, 22%, and 18% [5] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14, 12, and 10 respectively [5] Dividend Policy - The company plans to distribute a cash dividend of 11.8828 yuan per 10 shares for 2024, totaling 453 million yuan, which is approximately 83% of the net profit attributable to shareholders [4] - The company aims to maintain a dividend payout ratio of 80% during its mature development phase without significant capital expenditures [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business in baby pants has stabilized and is showing signs of recovery, while the acquisition of the Jieting brand is expected to drive growth [5] - The company reported a revenue of 2.93 billion yuan for 2024, a year-on-year increase of 6.3%, but a net profit of 390 million yuan, a decrease of 11.7% year-on-year [1][11] - The company continues to provide high dividend returns to shareholders, proposing a cash dividend of 8.5 yuan per 10 shares and a capital reserve transfer of 4 shares for every 10 shares [1] Revenue Breakdown - Baby hygiene products generated 2.06 billion yuan in revenue for 2024, up 4.3% year-on-year, with a sales volume of 3.04 billion pieces, an increase of 12.3% [2] - Adult hygiene products saw revenue of 550 million yuan, a slight decrease of 0.6% year-on-year, while other products experienced significant growth with a revenue of 230 million yuan, up 57.6% [2] - Domestic revenue in the second half of 2024 was 1.27 billion yuan, up 6.3% year-on-year, while overseas revenue reached 260 million yuan, a substantial increase of 67.2% [2] Profitability Analysis - The company's gross margin for 2024 was 27.91%, an increase of 0.97% year-on-year, primarily due to reduced material costs from increased in-house production [3] - The net profit margin for 2024 was 13.2%, down 2.7 percentage points year-on-year, with a significant decline in the fourth quarter [3] - Sales expenses increased significantly due to enhanced marketing for the company's own brands, with online promotion costs rising by 88.5% year-on-year [4] Future Outlook - The acquisition of Hubei Sibao Care is expected to significantly enhance the company's performance, with Sibao achieving a revenue of 680 million yuan in 2024, up 26% year-on-year [5] - The company is expanding production capacity and has acquired production lines from major brands to improve its market share [5] - Revenue projections for 2025-2027 are 3.74 billion, 4.20 billion, and 4.66 billion yuan, respectively, with corresponding net profits of 486 million, 547 million, and 617 million yuan [11]