Core Viewpoint - The recent disclosure of Q1 earnings reports has led to a significant rally in growth stocks, with many companies experiencing substantial gains in their stock prices [1][2]. Group 1: Earnings Performance - As of April 29, 2025, 1,481 A-share listed companies disclosed their Q1 earnings, with 1,109 reporting profits and 372 reporting losses [2]. - Cumulatively, 4,272 A-share companies have disclosed their Q1 earnings, with 3,313 reporting profits and 959 reporting losses [2]. - Among the disclosed earnings, 1,712 companies had a net profit growth exceeding 10%, 872 had growth over 50%, 542 had growth over 100%, and 55 had growth over 1,000% [2]. Group 2: Sector Performance - Financial and consumer sectors have shown strong performance since late March and into April, with significant outperformance compared to the overall A-share market [3]. - Key sectors with notable earnings improvements include machinery, electronics, automotive, and pharmaceuticals, with year-on-year profit growth rates of 175%, 83%, 77%, and 55% respectively [5]. - Cyclical industries such as non-bank financials, non-ferrous metals, and transportation also reported strong earnings growth, with year-on-year profit growth rates of 80%, 74%, and 47% respectively [5]. Group 3: Stock Market Reactions - Several companies, including Yuzhong Sanxia A, Hongbo Co., and Huayang New Materials, have seen their stock prices surge, with multiple consecutive trading days of gains [1]. - Other companies such as Jinchuang Group, Daodaquan, and Shenkai Co. also reached their daily price limits, indicating strong market interest [1].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 97.16, compared to the current price of RMB 74.47 [1][10]. Core Insights - The company is experiencing rapid growth in emerging businesses, leading to improved profitability. The focus on polypeptide capabilities and global expansion is expected to drive long-term growth [1][10]. - In Q1 2025, the company reported revenue of RMB 1.54 billion, a 10.10% increase year-on-year, and a net profit attributable to shareholders of RMB 327 million, up 15.83% [10]. - The gross profit margin for Q1 2025 was 42.54%, showing a year-on-year decline of 0.98 percentage points but an increase of 3.28 percentage points quarter-on-quarter [10]. Financial Summary - Revenue projections for 2025-2027 are RMB 6.63 billion, RMB 7.79 billion, and RMB 9.32 billion, respectively, with expected growth rates of 14.2%, 17.5%, and 19.5% [3][5]. - Net profit attributable to shareholders is forecasted to be RMB 1.09 billion in 2025, RMB 1.28 billion in 2026, and RMB 1.53 billion in 2027, reflecting growth rates of 15.1%, 16.8%, and 19.5% [3][5]. - The earnings per share (EPS) for 2025-2027 are projected at RMB 3.03, RMB 3.54, and RMB 4.23, respectively [3][10]. Business Performance - The small molecule CDMO business remained stable, while emerging business revenues grew over 80% year-on-year, with a gross profit margin of 33.05%, up 15.75 percentage points from 2024 [10]. - The company secured a total order backlog of USD 1.052 billion, representing a growth of over 20% year-on-year, ensuring stable revenue growth [10]. - The European R&D and pilot base commenced operations in August 2024, contributing to the expansion of the company's capabilities [10].

消息面，上周七部门联合印发《医药工业数智化转型实施方案（2025—2030 年）》，提出以全产业链 协调发展为主线，以数智化改造为主攻方向推进医药工业高端化、智能化、绿色化、融合化发展。 政策目标涵盖了医药研发、生产、流通、监管等全产业链环节，强调通过数智技术提升医药全产业链竞 争力和全生命周期质量管理水平，体现了从整体上推动医药工业升级的理念，是突破国内医药工业研发 效率低、成本高、生产智能化水平不足、供应链协同弱等问题的核心路径。数智技术与医药研发深度融 合，有望动国产创新药、高端医疗器械发展。 医药见底复苏？今年来行情持续活跃，医疗ETF（159828）涨1.3%。 另外美国临床肿瘤学会（ASCO）年会作为全球规模最大、最具权威性的临床肿瘤学会议之一，将于5 月30日-6月3日在芝加哥举行。国内多个药企即将在ASCO 2025上披露最新临床数据，多个国产创新药 品种有望做口头报告，或催化创新药板块行情。 医药行业已经历了超过四年的调整期，目前创新药械收入和利润正逐步兑现，板块反腐、关税扰动逐步 减弱，机构持仓水平降至历史低位。医药作为高弹性行业有望在2025年跑赢市场。 注：指数/基金短期涨跌幅及历史表 ...

今日早参 2025 年 4 月 29 日 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 策略：资金透视：配置型外资转向流入 1 今日早参 | 2025 年 4 月 29 日 上周，资金面延续平淡：1）交易型资金中，融资余额仍稳定在 1.8 万亿附 近，行业 ETF 净流出收窄，方向上，短线资金对于业绩预期改善、成长方向 关注度有所回升；2）配置型外资转向净流入，被动配置型外资是净流入主 力，主动配置型外资净流出收窄，仓位视角，4 月初，亚洲配置型外资持有 A 股仓位创 2024 年以来新高，而全球配置型基金仓位相对稳定；3）逆势资 金流入态势放缓，宽基 ETF 转向净流出，产业资本转向净减持，但回购资金 积极入市，回购预案规模仍在 2016 年以来相对高位。 风险提示：1）估算持仓模型失效；2）数据统计口径有误。 研报发布日期：2025-04-28 研究员 何康 SAC:S0570520080004 SFC:BRB ...

截至2025年4月29日 09:40，恒生医疗保健指数(HSHCI)强势上涨1.54%，成分股药明康德(02359)上涨4.98%，科伦博泰生物-B(06990)上涨4.17%，三生制药 (01530)上涨3.90%，欧康维视生物-B(01477)，云顶新耀-B(01952)等个股跟涨。恒生医疗ETF(513060)上涨1.26%，最新价报0.48元。流动性方面，恒生医疗 ETF盘中换手2.11%，成交2.26亿元。拉长时间看，截至4月28日，恒生医疗ETF近1月日均成交19.86亿元，居可比基金第一。 消息面上，昨日晚间，CXO龙头药明康德发布一季报，公司营收净利均实现双位数增长，实现营业收入96.55亿元，同比增长20.96%；实现归母净利润36.72 亿元，同比增长89.06%；每股收益1.29元，同比增长92.54%。值得注意的是，这是公司自2022年第四季度以来，首次实现营收净利润双位数增长。 民生证券表示：医药板块基本面持续向上复苏，政策持续向好，本周重点关注医药创新成长主线（创新药催化不断），创新药板块重点关注抗肿瘤、自免、 GLP-1、干细胞、基因治疗等方向，同时继续关注医药国产替代、医药消费 ...

Company Performance - Several companies reported significant profit increases in Q1 2025, with Luntou Co. and Aotuo Electronics showing net profit growth of 3542.85% and 2139.84% year-on-year respectively [2] - WuXi AppTec reported a net profit of 3.672 billion yuan, marking an increase of 89.06% year-on-year [14] - China International Capital Corporation (CICC) reported a net profit of 2.042 billion yuan, up 64.85% year-on-year [14] - Xingqi Eye Medicine reported a net profit of 146 million yuan, reflecting a year-on-year increase of 319.86% [14] Industry Trends - The semiconductor, gold, and engineering machinery sectors have shown strong performance, contributing to the positive earnings reports from various companies [2] - The rapid growth in new energy vehicle sales is expected to benefit the charging infrastructure sector, with policies being developed for high-power charging facilities [10] - The internet giants' active engagement in AI applications is anticipated to accelerate industry development, with a focus on product upgrades and commercial breakthroughs by 2025 [9]

Core Viewpoint - Company reported a revenue of 19.22 billion yuan for 2024, marking a year-on-year growth of 10.21%, and a net profit of 676 million yuan, up 45.18% from the previous year [1][2] Group 1: Financial Performance - The company's net profit attributable to shareholders reached 676 million yuan, with a growth rate of 45.18% [1][2] - The net profit after excluding non-recurring gains and losses was 531 million yuan, reflecting a year-on-year increase of 14.71% [1][2] - The chemical and health sectors generated revenues of 17.37 billion yuan and 850 million yuan, respectively, with growth rates of 11.62% and a decline of 12.39% [2] Group 2: Business Strategy - Company focuses on a dual business model of "chemical + health," leveraging vertical integration to enhance its industry platform [4][6] - The strategy includes "New Materials +" for precise layout in the chemical industry and "Collagen +" for multi-dimensional development in the health sector [2][6] - Company aims to enhance its global presence by initiating preparations for H-share issuance and listing [7] Group 3: Market Position and Future Plans - Company is recognized as a leading player in the domestic chemical new materials industry and has been expanding its overseas market presence [6][7] - The company plans to discuss specific details regarding the H-share issuance with relevant intermediaries [7] - The 2024 profit distribution plan includes a cash dividend of 2.8 yuan per 10 shares, totaling approximately 74.2 million yuan [7][8]

《每日经济新闻·将进酒》记者注意到，作为莫高股份的主营业务，葡萄酒2024年却成为公司众多业务中营收最低的一项业务。 对于葡萄酒营收的下滑，公司表示，年内受国内白酒等行业对葡萄酒行业的挤压，葡萄酒行业消费需求不足，行业竞争加剧。 每经记者 温梦华 每经编辑 彭水萍 连续亏损三年后，2024年莫高股份不仅未能扭亏为盈，亏损甚至还扩大了。 4月28日，莫高股份发布2024年业绩和一季报。财报显示，2024年公司实现营收约3.29亿元，同比增长65.38%；归属于上市公司股 东的净利润约-5207.53万元，上年同期为亏损4143.86万元，亏损进一步扩大。 一直以来，莫高葡萄酒都是中国高端葡萄酒的代表。但从数据来看，2024年公司的葡萄酒业务实现营收约6055.64万元，相比上年 同期下滑17.41%，为公司贡献的营收不足两成。 相比之下，撑起公司超三成营收的则为降解材料及制品业务。数据显示，2024年公司降解材料及制品实现营业收入约1.1亿元，同 比大幅增长114.56%；而公司药品业务则实现营业收入约6712.11万元，同比增长35.71%；新增膜袋业务则实现营业收入约7371.18万 元。 | | | | ...

Group 1 - The core viewpoint of the report emphasizes the need for a proactive approach in economic management, focusing on domestic demand expansion and self-sufficiency in response to external uncertainties [1][8] - The Politburo meeting highlighted the importance of strengthening bottom-line thinking and preparing contingency plans to ensure economic stability, with a focus on stabilizing employment, enterprises, markets, and expectations [1][8] - The report indicates that expanding internal demand is crucial for countering external shocks and low domestic inflation, with future policies expected to revolve around this central theme [1][8] Group 2 - Domestic economic data for Q1 shows positive signs, with industrial production and domestic consumption showing relative strength, although Q2 may face volatility due to external factors [2][16] - The report notes a potential easing of the "tariff war" between the US and China, which could positively impact market sentiment, but warns that formal trade negotiations have not yet commenced, leaving external trade risks high [2][17] - The report suggests that the capital market may benefit from strong signals of domestic demand expansion, with sectors such as consumer goods, real estate, and technology being highlighted for potential investment opportunities [3][18] Group 3 - The report identifies specific sectors that may benefit from the expansion of domestic demand, including consumer electronics, automotive, and healthcare, particularly in light of upcoming holidays that may boost spending [3][18] - It also recommends a cautious approach to investment in defensive assets and dividend-paying stocks to mitigate ongoing external risks [3][18] - The focus on technology and self-sufficiency is underscored, with attention drawn to domestic alternatives in critical areas such as semiconductors and emerging industries like robotics and healthcare [5][18]

Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company's core product, Dust Mite Drops, is steadily growing, while the new product, Artemisia Annua Drops, is rapidly gaining market traction. The company is also expanding its product line with various prick test solutions and making continuous progress in R&D [3][11]. - The revenue for 2024 is projected to be 925 million yuan, reflecting a growth of 9.1%, with a net profit of 318 million yuan, an increase of 2.5% [11]. - The company is focusing on enhancing its market presence, particularly in northern regions, and has initiated patient assistance programs to improve product coverage [11]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue 848 million yuan, Net Profit 310 million yuan - 2024A: Revenue 925 million yuan (+9.1%), Net Profit 318 million yuan (+2.5%) - 2025E: Revenue 1,061 million yuan (+14.6%), Net Profit 353 million yuan (+11.0%) [5][12]. - **Earnings Per Share (EPS)**: - 2024A: 0.61 yuan - 2025E: 0.67 yuan - 2026E: 0.79 yuan - 2027E: 0.92 yuan [11][12]. - **Valuation Metrics**: - The report assigns a PE ratio of 35X for 2025, with a target price of 23.58 yuan [11][12]. Product Performance - **Dust Mite Drops**: Revenue reached 886 million yuan in 2024, growing by 7.86% [11]. - **Artemisia Annua Drops**: Revenue of 27.01 million yuan, a significant increase of 76.43% [11]. - **Prick Test Solutions**: Revenue of 7.30 million yuan, with a growth of 103.08% due to new product approvals [11]. R&D Progress - The company has multiple projects in the pipeline, including new prick test solutions and clinical trials for various products, indicating a robust R&D strategy [11].