Core Viewpoint - The company reported a slight year-on-year increase in total power generation of 0.3% for the first four months of the year, with significant growth in wind and solar power generation, while thermal power generation declined due to asset sales [1][2] Group 1: Power Generation Performance - Total power generation for the company in January to April remained stable, with a year-on-year increase of 0.3% [1] - Wind and solar power generation saw substantial increases of 32.1% and 13.6% respectively [1] - Thermal power generation decreased by 14.2% due to the sale of equity at the end of last year [1] - Hydropower generation experienced a significant drop in April, with a year-on-year decline of 53.3% and a month-on-month decline of 26.5% due to fluctuations in water inflow [1] Group 2: Fuel Costs and Profitability - The price of thermal coal weakened in the second quarter, leading to an expected improvement in the price differential for thermal power generation in the first half of the year [1] - The company anticipates a 2% higher price differential for thermal power generation than previously expected due to a more than 7% drop in domestic thermal coal prices since the end of March [1] - The fuel cost forecast for the thermal power segment has been reduced by 1% to RMB 0.249 per kilowatt-hour, reflecting an approximate 8% year-on-year decrease [1] Group 3: Financial Adjustments and Valuation - The company has adjusted its 2025 water power utilization hours down by about 1% to reflect weaker generation in April [2] - Following adjustments to the financial model, the profit forecasts for 2025 and 2026 have been increased by 1.0% and 1.4% respectively [2] - The valuation standard for the water power segment has been raised to 1.9 times the 2025 book value, up from 1.5 times, based on the asset injection valuation [2] - The target price for the company has been revised upward to HKD 3.77 from HKD 3.51 based on a segmented valuation approach [2] Group 4: Shareholder Confidence and Dividends - The parent company has increased its stake in the company, indicating confidence in its development, with a total increase of 1% over the past 12 months [2] - The current dividend yield of 6% for 2025 and 7% for 2026 remains attractive to investors despite market fluctuations [2] - The company maintains a "buy" rating based on these factors [2]

泰和新材 002254.SZ 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年05月06日） | 10.45 元 | | 目标价格 | 10.75 元 | | 52 周最高价/最低价 | 12.71/7.72 元 | | 总股本/流通 A 股（万股） | 86,295/81,844 | | A 股市值（百万元） | 9,018 | | 国家/地区 | 中国 | | 行业 | 石油化工 | | 报告发布日期 | 2025 年 05 月 07 日 | 1 周 1 月 3 月 12 月 绝对表现% 2.96 4.08 14.96 -3.06 相对表现% 2.07 5.45 15.85 -7.18 沪深 300% 0.89 -1.37 -0.89 4.12 | 倪吉 | 021-63325888*7504 | | --- | --- | | | niji@orientsec.com.cn | | | 执业证书编号：S0860517120003 | | 顾雪莺 | guxueying@orientsec.com.cn | | | 执业证书编号：S08605230800 ...

泰和新材 002254.SZ 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年05月06日） | 10.45 元 | | 目标价格 | 10.75 元 | | 52 周最高价/最低价 | 12.71/7.72 元 | | 总股本/流通 A 股（万股） | 86,295/81,844 | | A 股市值（百万元） | 9,018 | | 国家/地区 | 中国 | | 行业 | 石油化工 | | 报告发布日期 | 2025 年 05 月 07 日 | 1 周 1 月 3 月 12 月 绝对表现% 2.96 4.08 14.96 -3.06 相对表现% 2.07 5.45 15.85 -7.18 沪深 300% 0.89 -1.37 -0.89 4.12 芳纶业务稳步增长，氨纶盈利承压 2024-05-02 | 倪吉 | 021-63325888*7504 | | --- | --- | | | niji@orientsec.com.cn | | | 执业证书编号：S0860517120003 | | 顾雪莺 | guxueying@orientsec.com.c ...

证券研究报告 药明康德 (2359 HK/603259 CH) | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地/中国香港 | 医疗服务 | 港股通 TIDES 业务带动 1Q25 业绩高增长 公司发布 25 年一季报，1Q25 实现营收 96.55 亿元（yoy+20.96%），归母 净利 36.72 亿元（yoy+89.06%），扣非净利 23.29 亿元（yoy+14.50%），经 调整 non-IFRS 归母净利润 26.8 亿元，+40.0%yoy。归母利润远高于扣非 利润主因出售药明合联部分股权确认非流动性资产处置损益 14.1 亿元。公 司在手订单较快增长，我们预期 25-26 年收入增长提速，维持"买入"评级。 在手订单增长持续提速，加大股东回报 截至 1H24/9M24/2024/1Q25，公司在手订单分别 431.0/438.2/493.1/523.3 亿 元 （ 其 中 2024 和 1Q25 为 持 续 经 营 业 务 在 手 订 单 ）， +27.2/35.2/47.0/47.1%yoy ...