弘则研究：化学发光行业更新 20250702 摘要 贝克曼中国区 2024 年诊断收入约 70 亿人民币，2025 年目标持平，但 一季度收入、装机量和试剂销售低于去年同期，显示增长面临挑战。 2025 年一季度行业增速为-10%，考虑春节压货因素后约为-8%至- 9%，二季度回升至-6%至-7%，主要受益于装机量和四季出货量改善， 但三季度增速转正预期不乐观。 集采影响下，总标项目最高限价下降 50%，入院价降至 410 元，厂家 出厂价平均在 300 元左右，代理商利润空间在 30%-40%之间，新项目 利润空间可能更高。 2025 年出厂价格相比去年同期下降约 15%，主要由于单对单医院降价 压力普遍存在，且降价幅度参考集采降幅，国产产品渠道利润空间高于 外资品牌。 检测互认政策在全国大规模执行，导致 5 月份 30 家代表性医院门诊量 上升但测试数下降 15%-20%，对行业检测量产生显著负面影响，预计 整个行业检测量下降约 10%。 Q&A 当前机台的影响及行业需求情况如何？ 目前，机台的影响主要集中在集采落地进度和价格调整方面。去年（2024 年）年底完成集采后，现在还没有执行，至少我们公司尚未收 ...

证券研究报告 | 2025年05月14日 | 晨会纪要 | | --- | | 数据日期:2025-05-13 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3374.87 | 10288.08 | 3896.25 | 11395.75 | 2848.02 | 1009.68 | | 涨跌幅度（%） | 0.16 | -0.12 | 0.14 | -0.20 | -0.31 | -0.15 | | 成交金额（亿元） | 5066.08 | 7849.16 | 2675.86 | 2838.92 | 3682.05 | 227.51 | 广电计量(002967.SZ) 公司快评:签署中科智易股权投资意向书，完善国 防科工业务布局 新产业(300832.SZ) 财报点评:海外业务成为核心增长驱动，流水线开始 成批量装机 【常规内容】 行业与公司 传媒行业 5 月投资策略：板块业绩触底向上，看好 AI 应用与 IP 潮玩机 会 汽车行业专题:人形机器 ...

Core Insights - The report highlights that the inbound economy may boost China's GDP by approximately 0.2 percentage points in 2025, driven by policy changes aimed at optimizing the outbound tax refund system and increasing inbound consumption [5][6][7] - The report provides a detailed analysis of various industries and companies, indicating a mixed performance across sectors, with some companies showing strong growth while others face challenges [3][4] Industry Overview - **Chemical Industry**: Huafeng Chemical (002064.SZ) reported Q1 performance exceeding expectations, with revenue of 6.314 billion yuan, a year-on-year decrease of 5.15%, and a net profit of 504 million yuan, down 26.21% year-on-year, but a significant increase of 145.60% quarter-on-quarter [28][29] - **Coal Mining**: Lu'an Environmental Energy (601699.SH) faced a decline in both volume and price, leading to a projected annual revenue of 35.85 billion yuan, down 16.9% year-on-year, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [32][33] - **Textiles and Apparel**: Mousse Co., Ltd. (001323.SZ) reported a Q1 revenue of 1.12 billion yuan, a decrease of 6.7% year-on-year, with expectations for recovery following government subsidies [54][55] - **Home Appliances**: Dechang Co., Ltd. (605555.SH) achieved a Q1 revenue of 1 billion yuan, up 21.33% year-on-year, with a focus on expanding production capacity in Southeast Asia [40][41] Company-Specific Insights - **Huafeng Chemical**: The company is consolidating its position in the polyurethane industry through vertical mergers and acquisitions, maintaining a "buy" rating with projected net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [28][30] - **Lu'an Environmental Energy**: The company is expected to see a rebound in coal prices, with a focus on capacity growth and price elasticity, maintaining a "buy" rating despite recent performance challenges [32][34] - **Mousse Co., Ltd.**: The company is enhancing its multi-channel and multi-category market layout, with a projected net profit of 799 million, 872 million, and 956 million yuan for 2025-2027 [54][55] - **Dechang Co., Ltd.**: The company is expanding its overseas production capacity and expects significant growth in its automotive motor segment, maintaining a "buy" rating [40][41]

晨会 hyzqdatemark 2025 年 04 月 29 日 投资要点： 证券研究报告 | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,286.65 | -0.05% | 0.74% | | 创业板指 | 1,931.94 | -0.13% | -6.24% | | 沪深 300 | 3,775.08 | -0.17% | -1.19% | | 中证 1000 | 5,903.38 | 0.45% | 1.83% | | 科创 50 | 1,003.87 | 0.10% | 5.08% | | 北证 50 | 1,292.80 | 1.24% | 26.76% | 资料来源：聚源，华源证券研究所，截至2025年04月29日 华源晨会精粹 医药 鱼跃医疗(002223.SZ)点评：收入回归稳健增长轨道，海外高速增长。24 年实 现收入 75.7 亿元，同比-5.1%，实现归母净利润 18.1 亿元，同比-24.6%；25Q1 实现收入 24.4 亿元，同比+9.2%，实现归母净利润 6.2 亿元，同比-5.3%。部分 ...