Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.47, down 8% from previous estimates [1][8]. Core Insights - The company experienced a revenue decline of 5.09% in 2024, totaling RMB 7.57 billion, with a net profit attributable to shareholders of RMB 1.81 billion, down 24.63% [1][8]. - In Q1 2025, the company reported a revenue increase of 9.17% to RMB 2.44 billion, while net profit decreased by 5.26% to RMB 625 million [1][8]. - The EPS forecast for 2025 and 2026 has been lowered to RMB 1.98 and RMB 2.28, respectively, with a new forecast for 2027 set at RMB 2.64 [1][8]. Financial Summary - The company’s revenue for 2024 is projected at RMB 7.57 billion, with a net profit of RMB 1.81 billion and a recurring net profit of RMB 1.39 billion [2]. - The revenue growth rates for the upcoming years are expected to be 11.9% in 2025, 13.2% in 2026, and 12.9% in 2027 [2]. - The net profit attributable to shareholders is expected to recover to RMB 1.98 billion in 2025, with a growth of 9.8% [2]. Business Performance - The respiratory solutions segment saw a revenue decline of 22.42% in 2024, totaling RMB 2.60 billion, primarily due to high base effects from 2023 [4][9]. - The glucose management and POCT solutions segment experienced significant growth, with revenue increasing by 40.20% to RMB 1.03 billion in 2024 [10]. - The company’s export revenue reached RMB 949 million in 2024, marking a year-on-year increase of 30.42%, supported by strategic investments and enhanced overseas channels [11].

Investment Rating - The report maintains a "Strong Buy" investment rating for Conch Cement [2][11]. Core Views - The cement industry is experiencing continued weakness, but Conch Cement is leveraging both organic growth and overseas expansion to create new opportunities [5][11]. - In 2024, Conch Cement's revenue is projected to be CNY 91.03 billion, a year-on-year decline of 35.44%, with a net profit attributable to shareholders of CNY 7.70 billion, down 26.21% [3][12]. - The company has seen a recovery in profit margins due to price increases since the third quarter of 2024, despite a decline in sales volume [3][4]. Summary by Sections Financial Performance - In 2024, Conch Cement's self-produced cement sales volume was 268 million tons, a decrease of 5.96% year-on-year [3]. - The average selling price of cement in 2024 was CNY 214.17 per ton, down 21.68% year-on-year [3]. - The company's comprehensive gross margin for Q1 2025 was 22.88%, an increase of 5.13 percentage points year-on-year, which helped offset the impact of declining sales volume [4]. Market Position - Conch Cement has maintained a market share increase despite a 9.50% decline in national cement production in 2024, showcasing its scale cost advantages [4]. - The company is actively pursuing regional capacity consolidation and overseas expansion, with new production lines in Uzbekistan and Cambodia [5]. Profit Forecast - The forecasted net profits for Conch Cement from 2025 to 2027 are CNY 9.36 billion, CNY 10.40 billion, and CNY 11.64 billion, respectively, with corresponding EPS of CNY 1.77, CNY 1.96, and CNY 2.20 [5][12].

Core Insights - Yongshun Bio achieved operating revenue of 269 million yuan and net profit of 40 million yuan in 2024, maintaining a steady operational trend [1] - The company has successfully expanded its overseas revenue, surpassing 20 million yuan for the first time [1] - In Q1 2025, Yongshun Bio reported operating revenue of 65.46 million yuan and net profit attributable to shareholders of 7.92 million yuan, continuing its stable performance [1] Product and Market Position - Yongshun Bio is a leading domestic veterinary biological product company, focusing on swine and poultry vaccines with over 30 product varieties [2] - The company holds a strong market position in core products, with significant market shares in swine vaccines, particularly the classical swine fever live vaccine and the three-in-one vaccine for swine [2] - Key products such as the pseudorabies live vaccine and the porcine circovirus type 2 inactivated vaccine saw substantial sales growth, with revenues of 14.91 million yuan (up 35.47%) and 8.12 million yuan (up 71.71%) respectively in 2024 [2] Financial and Operational Efficiency - Yongshun Bio has optimized its financial structure, reducing total liabilities by 16.35% compared to the beginning of the year, enhancing its balance sheet [2] - The company invested 23 million yuan in R&D in 2024, accounting for 8.54% of its operating revenue, and obtained new drug registration certificates and patents, enriching its product line [3] - The production system has undergone technological innovation and management upgrades, with successful GMP dynamic acceptance of its bacterial inactivated vaccine production line [3] International Expansion - Yongshun Bio has successfully registered new products in Egypt, adding to its international presence alongside Vietnam, with a total of 7 and 2 products registered in these countries respectively [4] - The company’s overseas revenue reached over 20 million yuan in 2024, marking a year-on-year growth of 34.31%, indicating an increasing contribution from international markets [4]

Group 1 - The core viewpoint emphasizes the optimistic outlook for platform enterprises driven by a diverse product matrix, with domestic substitution and overseas expansion as dual engines of growth [1][4] Group 2 - The investment rating is maintained at "Buy," with a downward adjustment of EPS for 2025 and 2026 to 0.77 and 0.93 yuan respectively, and a new EPS for 2027 set at 1.11 yuan. The target price is set at 19.25 yuan based on a 25x PE valuation for 2025 [2] - In 2024, the company is projected to achieve a revenue of 4.047 billion yuan, a year-on-year increase of 4.86%, and a net profit of 581 million yuan, a year-on-year increase of 7.05% [2] - The revenue for Q4 2024 is expected to be 1.08 billion yuan, with a year-on-year increase of 0.78% and a quarter-on-quarter increase of 6.67% [2] Group 3 - The diverse product matrix for platform enterprises includes significant revenue growth in electronic materials, catalytic materials, biomedical, new energy materials, and precision ceramics, with respective year-on-year growth rates of 4.22%, 10.01%, 6.53%, 48.34%, and 41.68% [3] - The company is focusing on domestic substitution and overseas expansion, particularly in the ceramic carrier market, where it aims to ensure supply chain security and cost reduction for domestic manufacturers [3] - The biomedical sector is expected to benefit from a red-chip structure that will facilitate overseas business expansion, with a focus on seven major sales regions including the Middle East, North Africa, Southeast Asia, and Europe [4]

| 投资要点 | | --- | 公告要点： 公司公布2024年年报，业绩超我们预期。2024年全年公司营业收入99.37亿元，同比+33.0%， 归母净利润12.09亿元，同比+35.6%，扣非归母净利润11.13亿元，同比+30.2%。其中2024Q4公 司 实 现 营 收 33.58 亿 元 ， 同 环 比 +41.8%/+28.8%； 实 现 归 母 净 利 润 4.31 亿 元 ， 同 环 比 +45.3%/+34.4%；实现扣非归母净利润4.04亿元，同环比+28.9%/+40.6%。 重点客户需求放量，线控制动及轻量化产品快速增长： 公司核心客户奇瑞汽车/吉利汽车2024年产量同比+38%/+30%，驱动公司业绩增长。分子公司 看，24年伯特利电子收入14.7亿元，同比+47%，威海伯特利收入18.7亿，同比+37%。 墨西哥产值提升压制整体毛利率，线控制动及机械转向业务盈利中枢提升： 2024年毛利率21.14%，同比-1.4pct，主要为墨西哥工厂尚处于爬坡期所致。分子公司：24年伯 特利电子净利率11%，同比+5.4pct，线控制动盈利提升明显；威海伯特利净利率13%，同 比-4.5pct ...

荃信生物创始人、董事会主席兼总经理裘霁宛表示：海外拓展是公司今年至关重要的业务目标，十分 高兴能够与 Caldera达成如此高效的战略合作，也再次证明公司团队强大的业务兑现能力。依托 Caldera资源背景及荃信生物的技术储备，QX030N的全球开发将得以快速推进。荃信生物亦将继续 秉持"为最大多数病患而创新"的发展理念，持续深化自免管线矩阵布局，通过多元的对外合作推动创 新药物早日惠及全球患者。 Caldera Therapeutics是一家于美国新注册成立的公司，主要从事药物开发及商业化，该公司由生 命科学和医疗健康行业风险投资机构Lilly Asia Ventures、Atlas Venture及 venBio 共同创立。 海外拓展是今年重要的业务目标。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， 4 月 24 日 ， 荃 信 生 物 （ 2509.HK ） 宣 布 与 Caldera Therapeutics （ 下 称 "Caldera" ） 就 公 司 自 主 研 发 的 临 床 前 阶 段 长 效 自 免 双 抗 QX030N ...

第三十二届生活用纸国际科技展览会将于2025年4月在武汉拉开帷幕，4月14—15日举办 国际论坛，4月1 6—18日举办展览会。 凯度消费者指数商务总经理陈牧凡先生 受邀出席 市场营销会场 ，并发表主题演讲，分享 消费者在生活用纸方面的消费洞察 。 随着中国消费者消费行为的不断演变，生活用纸领域的消费偏好也呈现出新的趋势。这些 变化不仅揭示了市场的动态发展，更为生活用纸企业提供了宝贵的市场洞察。因此，企业 需要紧跟消费动向，通过产品创新和精准触达来应对新的机遇，开拓行业增长新空间。 市场营销会场日程安排 时间：4月14日 （周一）16:15-16:35 点击文末"阅读原文"了解详情 嘉宾介绍 陈牧凡具有2 0年市场研究从业经验。专注于消费者、购物者及零售洞察、和客户满意度的 提高。陈牧凡曾在台北、北京、上海、 和广州消费者指数担任不同的高级客户管理职位， 负责大客户的业务发展，为客户提供战略咨询建议。 市场营销会场活动安排 （上下滑动，查看活动安排） 地点：武汉洲际酒店国际会议中心5楼 （汉清厅+汉翔厅） | 11 11: 2023 - 4 / 14 / | | | | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][3] Core Views - The company is expected to achieve a significant revenue increase in 2024, with projected revenue of 698 million yuan, representing a year-on-year growth of 39.72%. The net profit attributable to the parent company is forecasted to be 44.576 million yuan, reflecting a year-on-year increase of 13.22% [3] - The year 2024 is identified as the "promotional year" for the company's adhesive materials, leading to a substantial increase in orders and revenue from these products [3] - The company is actively expanding its production capacity with the successful trial operation of the first three automated production lines and plans for a joint processing plant in North America to better serve local customers [4] Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million yuan): 384 in 2022, 500 in 2023, 698 in 2024E, 971 in 2025E, and 1,088 in 2026E, with year-on-year growth rates of 5.9%, 30.1%, 39.7%, 39.1%, and 12.0% respectively [6][9] - Net profit (in million yuan): 41 in 2022, 39 in 2023, 45 in 2024E, 60 in 2025E, and 66 in 2026E, with year-on-year growth rates of 12.4%, -3.5%, 14.4%, 32.4%, and 10.5% respectively [6][9] - Earnings per share (EPS): 0.32 in 2022, 0.31 in 2023, 0.35 in 2024E, 0.46 in 2025E, and 0.51 in 2026E [6][9] Industry Insights - The demand for adhesive labels is expected to grow significantly due to the rapid expansion of the logistics and e-commerce sectors. The express delivery volume in China is projected to reach 1,750.8 billion pieces in 2024, marking a year-on-year increase of 21.5% [5] - The global parcel shipping volume has increased approximately threefold from 43 billion pieces in 2014 to 168.6 billion pieces in 2023, indicating a robust growth trend in the logistics industry [5]