Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see a turning point in its domestic business in 2025 due to the anticipated recovery in local special bonds and monthly bidding for various medical devices, despite short-term impacts from tight local finances and delays in regular tenders [1] - The international market is projected to grow significantly, driven by the company's continued penetration into high-end customer segments and balanced revenue distribution across major global regions, particularly in developing countries and Europe [1] - The company is expected to maintain steady long-term growth, supported by the global medical infrastructure wave and expansion into high-end markets [5] Business Segmentation and Highlights - **Life Information and Support Segment**: Revenue decreased by 11.1% in 2024, with minimally invasive surgery business growing over 30%. Internationally, this segment achieved double-digit growth [2] - **In Vitro Diagnostics Segment**: Revenue grew by 10.8% in 2024, surpassing the Life Information and Support segment for the first time. Internationally, this segment saw growth exceeding 30% [3] - **Medical Imaging Segment**: Revenue increased by 6.6% in 2024, with international business growing over 15%. The high-end ultrasound system Resona A20 generated over 400 million yuan in its first year [3] Profitability Analysis - The company's gross margin for 2024 was 63.1%, a decrease of 3.0 percentage points year-on-year, while the net profit margin was 32.0%, down 1.2 percentage points [4] - Operating cash flow for 2024 was 12.43 billion yuan, a year-on-year increase of 12.4%, representing 102.8% of net operating income [4] - Profitability is expected to improve slightly from 2025 to 2027, driven by an increase in high-end product sales and stable operating expense ratios [4] Financial Forecast and Valuation - The company is projected to maintain stable growth from 2025 to 2027, with expected revenues of 40.33 billion yuan in 2025, 45.76 billion yuan in 2026, and 52.50 billion yuan in 2027, reflecting growth rates of 9.82%, 13.46%, and 14.72% respectively [12] - The estimated earnings per share (EPS) for 2025 is 10.61 yuan, with a price-to-earnings (P/E) ratio of 21.86 [10][12]

Group 1 - The core viewpoint highlights the significant growth and investment potential in the green power sector, particularly through the green power ETF, which has seen substantial increases in both trading volume and scale [2][3] - The green power ETF has recorded a trading turnover of 2.21% and a transaction volume of 7.5783 million yuan, with an average daily transaction volume of 21.192 million yuan over the past month [2] - The ETF's scale has increased by 76.5056 million yuan over the past three months, ranking first among comparable funds, with a share increase of 58 million units during the same period [2] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.88, which is below the historical average, indicating a low valuation compared to the past three years [2] - The top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like China Yangtze Power and China Nuclear Power [2] - The recent approval of five nuclear power projects by the State Council, featuring ten new units, is expected to boost the nuclear power sector, which is anticipated to benefit from the demand for AI and self-controlled technology [2]

行业报告 | 行业研究周报 建筑装饰 证券研究报告 继续看好中西部基建及重点产业投资，关注后续实物工作量落 地 核心观点 本周 CS 建筑板块下跌 1.11%，跑输沪深 300 1.04pct，转型标的涨幅居前。 25M1-4 基建投资维持较高增长，地产仍维持弱势，单 4 月来看，基建和制 造业投资增速环比有所回落但仍保持较高水平，西部基建景气度突出。建 议继续关注中西部基建（建筑，水泥，民爆）和煤化工、核电等重点产业 领域的投资机会，以及中小市值建筑转型标的。 4 月制造业、地产投资数据下滑，基建投资仍是未来政策发力的重要方向 4 月制造业、地产投资数据下滑，基建投资仍是未来政策发力的重要方向 25M1-4，全国固定资产投资同比+4%，其中，地产开发/狭义基建/广义基 建/制造业同比分别-10.3%/+5.8%/+10.9%/+8.8%，基建投资高增长对冲了地 产投资下滑的影响，有利于稳投资、稳经济。狭义基建增速比全部投资高 1.8%，对全部投资增长的贡献率为 32.6%，比 Q1 提高 2.3pct。4 月单月地产 开发投资/狭义基建/广义基建/制造业同比分别-11.5%/+5.8%/+9.6%/+8.2 ...

Core Viewpoint - The company, originally established in 2008 as a leading cleanroom system integrator, is expanding its business from medical applications to laboratory integration and electronic cleanroom services, aiming to create a second growth curve and enhance its market position in the semiconductor ecosystem [1][2]. Group 1: Business Expansion and Market Position - The company has transitioned from focusing solely on medical cleanrooms to include laboratory integration and electronic cleanroom services, having served over 800 clients including public hospitals and industrial electronics firms [1]. - The company announced a name change from "Huakang Medical" to "Huakang Clean" in March 2025, and plans to issue 750 million yuan in convertible bonds to support new business initiatives [1]. - A joint venture named "Wuhan Guanggu Huafeng Operation Technology Co., Ltd." was established with partners to strengthen future growth in the cleanroom technology sector [1]. Group 2: Market Dynamics and Financial Performance - The medical purification system market in China is valued at approximately 31.27 billion yuan annually, with the company holding orders worth 2.753 billion yuan for 2024, indicating a robust order book [2]. - The company has achieved positive operating cash flow of 150 million yuan in 2024, indicating a balance between orders and cash flow, which supports sustainable growth in its core business [2]. - The electronic cleanroom sector, which accounted for 54% of the cleanroom industry in 2022, is expected to see continued demand growth, with the company entering this market through strategic partnerships and service capabilities [2]. Group 3: Revenue and Profit Forecast - Revenue projections for the company from 2025 to 2027 are estimated at 2.8 billion, 3.6 billion, and 4.8 billion yuan, representing year-on-year growth rates of 61%, 32%, and 33% respectively [3]. - The net profit attributable to the parent company is forecasted to be 170 million, 220 million, and 300 million yuan for the same period, with growth rates of 156%, 30%, and 35% respectively [3]. - The company is expected to maintain a solid growth trajectory based on its established experience in the medical cleanroom sector and its expansion into the semiconductor cleanroom market [3].

华福证券 医疗设备 2025 年 05 月 23 日 公 司 研 究 华康洁净（301235.SZ） 头部医疗洁净厂商，高景气电子洁净第二曲线 投资要点： 头部医疗洁净室厂商，外延发力电子洁净大市场 公 司 首 次 覆 盖 公司成立于 2008 年，为头部洁净室系统集成化解决方案服务商， 参与火神山医院项目建设。公司业务范围由医疗扩大至实验室集成服 务、电子洁净等多个领域，构建第二增长曲线，现已服务过 800 余家 公立医院、高等院校、工业电子企业等客户。2025 年 3 月，公司公告 由"华康医疗"更名为"华康洁净"，24 年 12 月发行 7.5 亿元可转债 支持新业务布局，构建半导体生态战略合作，4 月 24 日，九峰山实验 室、武汉光谷金融控股集团与武汉华康世纪洁净科技股份有限公司联 合宣布，三方拟共同组建"武汉光谷华峰运维技术有限公司"，背靠光 谷、生态共建、夯实未来成长空间。 主业医疗端在手订单充足，持续稳健 疫后医疗新基建加速，洁净手术室增量建设+存量改造，根据公司 可转债募投说明书数据，我国医疗净化系统市场规模每年约为 312.68 亿元。行业集中度较低，华康洁净于资质、人员、行业地位与项目经 ...

Core Insights - The implementation of the "Private Economy Promotion Law" marks a new phase of legal development for China's private economy, introducing innovative mechanisms like "data credit replacing collateral" to address financing bottlenecks and stimulate innovation [1][2][3] - Fintech, particularly through companies like Fintech One Account, is positioned as a key driver for financing innovation in the private sector, leveraging technology to provide efficient financial services [1][4] Financing Innovation - Fintech One Account has proactively explored full-process solutions for financing challenges faced by small and micro enterprises, addressing issues such as credit assessment difficulties and high financing costs [2][3] - The company has developed a digital SME credit system utilizing AI to create credit profiles, reducing approval time by 30% [2] - The introduction of the Jin Jie Ying AI housing collateral solution has enabled financial institutions to automate approval processes and diversify customer acquisition, with one bank achieving a 92% online process rate for housing loans [2][5] Technological Advancements - Fintech One Account's approach combines data credit, AI-driven credit processes, and innovative credit endorsement methods to help small and micro enterprises overcome financing challenges [3][4] - The company has achieved significant efficiency improvements in the insurance sector, with a 30% reduction in risk loss rates and over 20% decrease in operational costs for certain insurance companies [4][5] Global Expansion - Since 2018, Fintech One Account has expanded its operations internationally, serving 197 foreign financial institutions across 20 countries, including Southeast Asia and the Middle East [7][8] - The company aims to enhance the capabilities of local financial institutions in serving innovative enterprises through its intelligent risk control systems and data value reconstruction frameworks [7][8] Future Outlook - With the guidance of the "Private Economy Promotion Law," Fintech One Account is expected to become a core technological engine for the globalization of the private economy, facilitating cross-border financial cooperation and enhancing the international competitiveness of private enterprises [10]

%% %% research.95579.com 行业研究丨深度报告丨建筑与工程 [Table_Title] 数读基建深度 2025M4：基建投资增速波动，关 注后续资金落地 %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 1）投资&订单：固定投资增速下滑，PMI 回落；2）实物工作量：水泥出库同比下滑，基建水 泥需求相对平稳；3）项目资金：政府债逐步下发，关注项目资金后续改善。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 龚子逸 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 建筑与工程 cjzqdt11111 [Table_Title 数读基建深度2] 2025M4：基建投资增速波动，关 注后续资金落地 [Table_Summary2] 投资&订单：固定投资增速下滑，PMI 回落 4 月制造业 PMI 环比回落至 50 以下，建筑业 PMI 环比亦有下降，建筑业细分项中，各项指标 均有下降，其中新 ...

国家统计局最新数据显示，今年前4个月，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长5.8%。 国家统计局投资司首席统计师罗毅飞称，这一增速比全部投资高1.8个百分点；对全部投资增长的贡献率为32.6%，比一季度提 高2.3个百分点。其中，水利管理业投资增长30.7%，水上运输业投资增长26.9%，航空运输业投资增长13.9%。 根据粤开证券首席经济学家罗志恒测算，如果包含电力、热力、燃气及水生产和供应业，今年前4个月广义基础设施投资同比增 长10.9%，明显高于同期固定资产投资增速（4%）。 多位接受第一财经采访的专家认为，今年以来基建投资保持较快增长，得益于地方政府专项债券等资金到位较快，地方加大力 度推动重大项目落地。基建投资较快增长对冲了房地产投资下滑影响，有利于稳投资稳经济。 如果包含电力、热力、燃气及水生产和供应业，今年前4个月广义基础设施投资同比增长10.9%，明显高于同期固定资产投资增 速（4%）。 复杂外部形势下，中国经济顶住压力稳定增长，基础设施投资稳定增长显然是一个重要因素。 光大证券首席宏观经济学家高瑞东认为，今年以来财政积极发力，前4个月地方新增专项债发行规模完成全年4 ...

【环球网科技报道 记者 李文瑶】5月22日，菜鸟对外宣布，进一步深化西班牙与葡萄牙本地快递网络建设，新增葡萄牙里斯本及西班牙五个主要城市出 发揽收，西葡全境配送线路，并升级伊比利亚半岛揽派全链路物流能力，以更好地满足当地电商卖家的物流需求，为商家提供更高效、灵活的物流解决 方案。 目前菜鸟已在葡萄牙的里斯本、波尔图、布拉加、塞图巴、莱里亚及科英布拉设有末端配送站点。其中，位于葡萄牙首都里斯本近郊的菜鸟自营配送站 距离市区车程15分钟，可高效辐射里斯本及周边地区，保障配送时效。得益于稳定的自营配送网络，此次开通的里斯本揽收覆盖西葡全境配送的物流线 路，将进一步满足本地电商卖家日益多元化的物流需求，助力其拓展西葡市场。 除葡萄牙里斯本外，菜鸟西班牙也同步升级本地快递服务，新增塞维利亚、马拉加、加的斯、萨拉戈萨、格拉纳达5城揽收服务。结合此前已开通的马德 里、巴塞罗那、瓦伦西亚、穆尔西亚、阿利坎特揽收线路，目前菜鸟在伊比利亚半岛的揽收城市已达11个。 菜鸟西葡负责人表示，未来菜鸟计划进一步拓展伊比利亚半岛自营物流网络，深化本地化运营，为电商卖家和消费者提供更优质的电商物流体验。 菜鸟近年来持续加码西班牙及葡萄牙的物 ...

全年目標進度理想 - 展望未來，管理層維持全年收入指引112.9-115.9 億元人民幣及經調整EBITDA 51.9-53.9億元人民幣。中國AI基建需求持 續強勁，但監管風險及潛在晶片供應限制可能影響短期增長。ABS交易及 計劃中的REIT上市提供財務靈活性，惟資產分拆將令全年EBITDA減少約 1.3億元人民幣。透過持股35.6%的DayOne推進國際擴張，現已鎖定530兆 瓦產能，並於泰國及芬蘭啟動新項目。 我們認為 - 公司在中國數據中心需求旺盛的市場佔據領先地位，同時透 過國際佈局捕捉全球商機。其成功完成中國首單數據中心ABS，更展示卓 越融資能力。萬國數據現時市場共識預測EV/EBITDA為14.6倍。 滙富快訊 香港及中國市場日報 今日焦點: ►萬國數據（9698 HK，28.00港元，423億港元） 2025年第一季度業績 萬國數據公佈2025年第一季強勁財務表現，淨收入按年增長12%至27.2億 元人民幣。公司成功扭虧為盈，錄得淨利潤7.64億元人民幣（去年同期 淨虧損3.45億元人民幣），主要受惠於中國首單數據中心資產證券化（ ABS）交易帶來的10.6億元人民幣一次性收益。經調整EBI ...