Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (603259) [2] Core Insights - WuXi AppTec reported a significant revenue increase of 21.0% year-on-year, reaching 9.65 billion yuan in Q1 2025, with a notable 89.1% growth in net profit attributed to one-time investment gains [5][8] - The company has a strong order backlog of 52.33 billion yuan, reflecting a 47.1% year-on-year increase, with TIDES orders growing by 105.5% [8] - The company plans to distribute a special dividend of 1 billion yuan in addition to maintaining a 30% annual cash dividend ratio, alongside a share buyback of 1 billion yuan [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 42.77 billion yuan, with a year-on-year growth rate of 9.0% [7] - The forecasted net profit for 2025 is 11.27 billion yuan, representing a 19.3% increase compared to the previous year [7] - The report anticipates a continued double-digit growth trajectory for the company's core business, with overall revenue expected to reach between 41.5 billion and 43 billion yuan [8]

上 市 公 司 2025 年 04 月 29 日 新华保险 (601336) ——资产、负债两端均表现亮眼 报告原因：有业绩公布需要点评 买入（维持） 非银金融 | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 47.56 | | 一年内最高/最低（元） | 58.03/28.51 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 2.92 | | 流通 A 股市值（百万元） | 99,183 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 30.85 | | 资产负债率% | 94.31 | | 总股本/流通 A 股(百万) | 3,120/2,085 | | 流通 B 股/H 股（百万） | -/1,034 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company [1]. Core Insights - The company has shown strong performance with significant revenue growth driven by key products and brand strategies [6][5]. - The financial outlook remains positive with projected revenue and profit growth over the next few years [5][6]. - The company is focusing on optimizing its marketing strategies and enhancing product offerings to capture market share [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 2,970 million, with a year-on-year growth of 33.4% [5]. - The net profit attributable to the parent company for 2024 is expected to be 342 million, reflecting a growth of 31.7% [5]. - The gross margin for 2024 is forecasted at 73.7%, an increase of 3.01 percentage points compared to the previous year [6]. - The company anticipates a net profit of 438 million in 2025, with a year-on-year growth of 28.2% [5]. Revenue Breakdown - Revenue from eye care products reached 689 million, a year-on-year increase of 60.78% [6]. - Skincare products generated 1,125 million, growing by 21.60% year-on-year [6]. - The main brand, Marubi, achieved revenue of 2,055 million, up 31.69% year-on-year, while the sub-brand, Lianhuo, saw a 40.72% increase [6]. Marketing Strategy - The company is enhancing its marketing efforts around key products, participating in major online promotional events, and leveraging social media for brand engagement [6]. - The focus on big-ticket items and targeted marketing campaigns has resulted in significant brand visibility and consumer connection [6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a total revenue of 711 million yuan in 2024, representing a year-on-year growth of 16.44%, and turned a profit with a net profit of 27 million yuan, a significant increase of 129.64% compared to the previous year [7] - The company is undergoing a dual transformation strategy focusing on subscription and channel sales, with subscription revenue reaching 351 million yuan in 2024, accounting for 49.31% of total revenue, and growing by 62.33% year-on-year [7] - The company has split its operations into "Foxit International" and "Foxit China" to enhance its global presence, with notable revenue growth in emerging markets such as the Asia-Pacific region, which saw a year-on-year increase of 53.42% [7] Financial Data and Profit Forecast - The company forecasts total revenue of 852 million yuan for 2025, with a year-on-year growth rate of 19.8%, and a net profit of 45 million yuan, reflecting a growth rate of 68.3% [6] - The company's gross margin is projected to remain high at around 94.3% for 2025, indicating strong profitability [6] - The return on equity (ROE) is expected to improve significantly, reaching 1.7% in 2025 and 4.5% in 2026 [6]

行 业 及 产 业 非银金融 罗钻辉 A0230523090004 luozh@swsresearch.com 行 业 研 究 / 行 业 点 评 证券分析师 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 2025 年 04 月 29 日 蚂蚁要约收购耀才，互联网+券商 并购概念再起！ 看好 ——证券行业并购重组跟踪 事件：4/25，香港本土券商耀才证券金融（01428.HK）和蚂蚁控股旗下的 Wealthiness and Prosperity Holding Limited 联合公告，就收购耀才证券金融 50.55%股份达成购股协 议。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 ⚫ 交易概况：溢价超 300%收购，旨在移交控股权。本次交易对价 28.14 亿港元，对应收 购价为 3.28 港元/股，较 4 月 23 日耀才证券停牌前最新收盘价+7.5%，较耀才证券 25 年中报 BPS 溢价 36 ...

上 市 公 司 机械设备 2025 年 04 月 29 日 景津装备 (603279) ——压滤机短期承压，配套装备及高分红持续兑现 报告原因：有业绩公布需要点评 增持（下调） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 16.75 | | 一年内最高/最低（元） | 24.58/15.28 | | 市净率 | 2.2 | | 息率（分红/股价） | 3.94 | | 流通 A 股市值（百万元） | 9,582 | | 上证指数/深证成指 | 3,288.41/9,855.20 | 注："息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.04 | | 资产负债率% | 47.87 | | 总股本/流通 A 股（百万） | 576/572 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 0 ...

上 市 公 司 2025 年 04 月 29 日 圆通速递 (600233) ——业务量保持较高增速，关注行业格局优化机遇 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 13.09 | | 一年内最高/最低（元） | 19.55/11.97 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 2.67 | | 流通 A 股市值（百万元） | 45,118 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.44 | | 资产负债率% | 31.68 | | 总股本/流通 A 股（百万） | 3,447/3,447 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 交通运输 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 ...

上 市 公 司 公 司 研 究 / 公 司 食品饮料 2025 年 04 月 29 日 三元股份 (600429) ——2024 年改革逐步推进 2025 年有望持续提质增效 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 4.47 | | 一年内最高/最低（元） | 5.85/3.50 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 1.10 | | 流通 A 股市值（百万元） | 6,694 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.35 | | 资产负债率% | 43.46 | | 总股本/流通 A 股（百万） | 1,509/1,498 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance exceeded expectations, with a continuous increase in dividend payout ratio. For 2024, the company achieved total revenue of 7.096 billion yuan, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28%. In Q1 2025, the company reported total revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit of 141 million yuan, a year-on-year increase of 16.77% [6] - The company announced a cash dividend of 0.9 yuan per share for 2024, totaling approximately 666.44 million yuan, which corresponds to a payout ratio of 73.8% of the net profit attributable to shareholders, an increase from 47.5% and 67.7% in 2022 and 2023 respectively, highlighting its strong dividend attributes [6] - The company is focusing on smart home trends and upgrading consumer scenarios, optimizing retail channels with "scenario-based solutions," and expanding its market presence through diversified product offerings and refined operations [6] - The company achieved a gross profit margin of 39.29% in 2024, with a net profit margin of 12.75%, reflecting a year-on-year increase of 0.82 percentage points [6] - The report slightly raises the profit forecast for 2025-2026, projecting net profits of 949 million yuan and 1 billion yuan for 2025 and 2026 respectively, with corresponding year-on-year growth rates of 5.1% and 5.4% [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7.096 billion yuan, with a forecasted revenue of 7.454 billion yuan for 2025, reflecting a year-on-year growth of 5.0% [5] - The company expects to achieve a net profit of 949 million yuan in 2025, with a projected earnings per share of 1.27 yuan [5] - The gross profit margin is expected to improve to 39.7% in 2025, with a return on equity (ROE) of 13.5% [5]

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...