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消息面上，多家车企成绩单出炉。小鹏汽车4月新车交付量同比增长273%，理想汽车4月新车交付量同比增长31.6%；小米汽车4月交付超2.8万辆，小米 SU7 Ultra双风道前舱盖版已经开始陆续交付。 5月2日，港股迎来5月首个交易日，三大指数高开高走，截至收盘，恒生指数涨1.74%，报22504.68点，恒生科技指数涨3.08%，国企指数涨1.92%。 盘面上，科网股全线上涨，小米集团涨超6%，阿里巴巴、京东集团涨超3%，快手、联想集团、哔哩哔哩、腾讯控股涨超2%；新能源车企股集体走高，零 跑汽车涨超7%；CXO概念股整体大涨，药明康德涨超7%；新茶饮股集体上行，奈雪的茶涨超8%。 展望港股后市表现，中国银河证券认为，投资者风险偏好逐渐回升。积极的财政政策和适度宽松的货币政策，有望带动港股盈利稳中有升。 与此同时，更多反应国际投资者预期的离岸人民币对美元汇率，盘中直线拉升，日内涨超370点，一度升至7.24，为自4月4日以来的最高水平，截至记者 发稿，离岸人民币对美元汇率在7.24附近波动。 国泰君安证券表示，在外部压力加大的背景下，内需相关行业或受益于消费政策预期升温，港股短期或横盘整固，可逐步加强科技成长 ...

【导读】港股5月开盘首日：科技、汽车、CXO等板块活跃 5月2日，港股5月开盘首日，三大指数高开高走，集体收涨。 消息面上，受新能源车企公布4月交付量提振，受此消息提振，港股新能源汽车走高。 光大证券报告指出，当前港股正处于"估值洼地"与"政策窗口"的共振阶段。从估值维度观察，恒生指数 处于近十年估值中枢下方约12%位置，而恒生科技指数市盈率更是回落至历史分位数的8%区间，配置 性价比优势凸显。叠加国内稳增长政策持续发力与海外流动性扰动趋缓的双重支撑，港股市场有望延续 震荡上行趋势。 科技股全线上涨，新能源汽车板块走高 盘面上，科技板块个股全线上涨。小米集团涨超6%，阿里巴巴、京东集团涨超3%，腾讯控股、美团- W、快手-W等均收涨。 港股5月开门红 | 代码 | 名称 现价 | | 涨跌幅 | | --- | --- | --- | --- | | 1810 | 小米集团-1 - | 53.100 | 6.31% | | 9988 | 阿里巴巴-1 - 122.000 | | 3.83% | | 2276 | 康耐特光学 - | 25.850 | 8.39% | | 0700 | 腾讯控股 = 487.80 ...

金十数据5月2日讯，港股高开高走，截至收盘，恒生指数涨1.74%，恒生科技指数涨3.08%，国企指数 涨1.92%。盘面上，科网股全线上涨，小米集团(01810.HK)涨超6%，阿里巴巴(09988.HK)、京东 (09618.HK)涨超3%，快手(01024.HK)、联想集团(00992.HK)、哔哩哔哩(09626.HK)、腾讯控股 (00700.HK)涨超2%；汽车股集体走高，零跑汽车(09863.HK)涨超7%；CXO概念股整体大涨，药明涨超 7%；新茶饮股集体上行，奈雪的茶(02150.HK)涨超8%。 港股收评：恒生指数涨1.74% 恒生科技指数涨3.08% ...

周二 A 股窄幅震荡，假日效应导致市场窄幅波动。周二 A 股小幅低开后进入窄幅震荡，全天波幅 有限，中小市值个股表现相对较好。上证指数距离所谓"对等关税"宣布前的跳空缺口 3319 点仅一步之 遥，市场分歧有所加大，追涨意愿下降，但 A 股的修复行情仍然在延续。临近五一长假，市场担心长 假期间出现突发事件影响节后表现，因此总体表现相对谨慎。从中期角度来看，在中央汇金等三家国资 开始增持，叠加多家上市公司宣布回购增持后，市场已经迎来拐点。尽管所谓"对等关税"的后续影响还 存在一定不确定性，但市场交易开始克服恐慌心理，指数在波折中继续修复行情。 后市展望：关税事件的冲击最高峰已经过去，A 股将在波折中继续修复。4 月 7 日的极端下跌是对 近期所谓"对等关税"事件的一次性反映，随着市场情绪逐渐平稳和以中央汇金为代表的国资以及多家上 市公司宣布回购增持后，目前 A 股已经进入修复性回升。但修复过程并非一帆风顺，美国对全球范围 加征所谓"对等关税"的后续变化对中国和全球经济产生的影响目前仍存在较大不确定性，市场预期变化 也存在反复。后市争议较大的仍然是对海外业务依赖性较高的行业，如消费电子、CXO 等会受到"对等 关 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q1 2025 revenue of 3.099 billion yuan represents a year-on-year growth of 16.03%, with a net profit attributable to shareholders of 306 million yuan, up 32.54% year-on-year [1][2]. - The report indicates that the company's revenue is in line with market expectations, and future performance is expected to show gradual quarter-on-quarter improvement [2]. - The company has adjusted its revenue forecasts for 2025-2027, with expected revenues of 14.077 billion yuan, 16.473 billion yuan, and 19.528 billion yuan, respectively [3]. Summary by Sections Financial Performance - In Q1 2025, the laboratory business generated 1.857 billion yuan in revenue, a 15.7% increase year-on-year, while the CMC business saw revenue of 693 million yuan, up 19.1% [2]. - The adjusted net profit for Q1 2025 was 349 million yuan, reflecting a 3.14% increase year-on-year [1][2]. - The gross margins for the laboratory and CMC businesses improved to 45.54% and 30.44%, respectively, with year-on-year increases of 140 basis points and 254 basis points [2]. Future Outlook - The company anticipates a continued upward trend in performance, supported by a rapid increase in new orders, which grew over 10% year-on-year in Q1 2025 [2]. - The company maintains its revenue guidance for 2025 at a growth rate of 10% to 15% [2]. Valuation and Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 0.98 yuan, 1.22 yuan, and 1.54 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24, 19, and 15 times based on the closing price of 23.52 yuan per share on April 29, 2025 [3][8].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a strong recovery in Q1 2025, with revenue and profit both achieving double-digit growth. Q1 revenue reached 3.099 billion, a year-on-year increase of 16.03%, while net profit attributable to shareholders was 306 million, up 32.54% year-on-year [4][6] - All major business segments experienced growth, with laboratory services revenue at 1.857 billion (up 15.74% year-on-year) and a gross margin increase to 45.54%. CMC (small molecule CDMO) services revenue was 693 million (up 19.05% year-on-year) with a significant gross margin improvement to 30.44% [7] - The company is seeing strong growth from European clients, with revenue from North America and Europe increasing by 16.81% and 26.57% year-on-year, respectively. Revenue from global top 20 pharmaceutical companies grew by 29.05% year-on-year [7] - New orders are accelerating, with Q1 2025 new orders up over 10% year-on-year, and the company maintains its full-year guidance of 10%-15% revenue growth for 2025 [7] Financial Data and Profit Forecast - The company forecasts total revenue of 13.795 billion for 2025, with a year-on-year growth rate of 12.4%. The net profit attributable to shareholders is projected to be 1.819 billion, reflecting a growth rate of 1.4% [6][9] - The earnings per share (EPS) is expected to be 1.02 for 2025, with a gross margin forecasted to improve to 35.8% [6] - The return on equity (ROE) is projected to be 12.1% for 2025, with corresponding price-to-earnings (PE) ratios of 23, 20, and 17 for the years 2025, 2026, and 2027, respectively [6][7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [4][10]. Core Insights - The company achieved a revenue of 3.099 billion yuan in Q1 2025, representing a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 306 million yuan, up 32.54% year-on-year [1][2]. - The company continues to strengthen its technological advantages in small molecule research and production services, establishing an integrated service platform that serves numerous global clients [3]. - New order growth exceeded 10% year-on-year in Q1 2025, with laboratory services and CMC (small molecule CDMO) services both showing strong performance [2]. Summary by Sections Financial Performance - In Q1 2025, domestic revenue grew by 15.71%, accounting for 87.74% of total revenue, while overseas revenue increased by 18.33%, making up 12.26% of total revenue [1]. - The gross margin for Q1 2025 was 66.34%, showing a year-on-year decrease of 1.01 percentage points but an increase of 1.51 percentage points from the previous quarter [1]. - The company expects revenues of 13.715 billion yuan, 15.539 billion yuan, and 17.388 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.7%, 13.3%, and 11.9% [3][5]. Business Segments - Revenue from laboratory services reached 1.857 billion yuan, up 15.74% year-on-year; CMC services generated 693 million yuan, up 19.05%; clinical research services brought in 447 million yuan, up 14.25%; and large molecule and cell and gene therapy services totaled 987 million yuan, up 7.94% [2]. Future Outlook - The company is projected to achieve net profits of 1.756 billion yuan, 2.177 billion yuan, and 2.471 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 24, 19, and 17 [3][5].

Core Viewpoint - WuXi AppTec (药明康德) reported strong Q1 2025 results, with revenue of 9.65 billion yuan, a 21% year-on-year increase, and adjusted non-IFRS net profit of 2.68 billion yuan, up 40% year-on-year [1][3] Group 1: Financial Performance - The company maintained its annual performance guidance of 10%-15% growth for 2025, expecting total revenue to reach 41.5-43 billion yuan despite a challenging market environment [3][4] - In Q1 2025, WuXi AppTec's adjusted non-IFRS gross profit and net profit grew by 31% and 40% respectively, with operating cash flow reaching 3.03 billion yuan, a 41.8% increase year-on-year [7][10] Group 2: Business Model and Strategy - WuXi AppTec's integrated CRDMO platform allows it to provide high-quality services across all stages of drug development, which is a significant competitive advantage [4][10] - The company plans to invest 7-8 billion yuan in capital expenditures in 2025, focusing on expanding its capabilities and production capacity globally, including new facilities in Middleton, USA, and Singapore [10] Group 3: Shareholder Returns - The company has executed three share buybacks since last year, totaling 3 billion yuan, reflecting its strong management and strategic choices [5][10] - Over the past three years, WuXi AppTec has returned over 11.3 billion yuan to shareholders, with more than 70% of its free cash flow directed towards investor returns [10]

Core Viewpoint - The company reported a positive performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by the recovery in innovative drug financing and an increase in new orders [1][2][4]. Revenue Summary - In Q1 2025, the company achieved revenue of 3.099 billion yuan, representing a year-on-year increase of 16.03% [1][2]. - Revenue breakdown by service: - Laboratory services: 1.857 billion yuan (+15.74%) - CMC services: 693 million yuan (+19.05%) - Clinical research services: 447 million yuan (+14.25%) - Large molecule and cell & gene therapy services: 99 million yuan (+7.94%) [2]. Profit Summary - The company reported a net profit attributable to shareholders of 306 million yuan in Q1 2025, reflecting a year-on-year growth of 32.54% [3]. Order and Project Delivery Summary - The company experienced a recovery in new orders, with a year-on-year increase of over 10% in Q1 2025, attributed to the resurgence in innovative drug financing [5]. - Core business is expected to grow steadily, with projected revenue growth of 10%-15% for 2025 [5]. - Specific growth in laboratory services includes a revenue increase of 15.7% and new orders growth of over 10% [5]. Investment Outlook - Projected net profits for the company from 2025 to 2027 are 1.928 billion yuan, 2.148 billion yuan, and 2.389 billion yuan, respectively [6]. - The expected EPS for 2025 is 1.08 yuan per share, with a target price of 27.00 yuan per share based on a 25x PE ratio, suggesting a "Buy-A" investment rating [6].