Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8]. Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8]. - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7]. - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7]. Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11]. - The company's gross margin is expected to improve to 74.8% in 2025, with a net profit margin of 11.8% [2][11]. - The return on equity (ROE) is projected to increase to 12.4% in 2025 and further to 16.4% by 2027 [2][11]. Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7]. - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7]. Market Position and Strategy - The company has successfully transitioned from a traditional cosmetics firm to a biotechnology beauty company, as indicated by its rebranding to "Marubi Biotechnology" [7]. - The company is focusing on optimizing product structure and cost control, which has contributed to the improvement in gross margins [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.32 CNY, based on a projected average PE of 36 times for comparable companies in 2025 [2][5]. Core Views - The company is actively expanding new projects and developing its robotics business to cultivate a second growth curve [1]. - The financial performance for 2024 is in line with expectations, with a projected revenue of 2.352 billion CNY, representing a year-on-year growth of 16.4%, and a net profit of 163 million CNY, up 11.9% year-on-year [8]. - The company is focusing on enhancing its global presence and expanding its product offerings in the new energy sector, including partnerships with major clients in the automotive industry [8]. Financial Forecasts - The forecasted net profits for the years 2025 to 2027 are 244 million CNY, 305 million CNY, and 375 million CNY respectively, with a significant increase of 49.1% in 2025 compared to the previous year [2][4]. - Revenue projections show a steady increase from 2.889 billion CNY in 2025 to 4.032 billion CNY in 2027, with growth rates of 22.8%, 17.8%, and 18.5% respectively [4][8]. Key Financial Metrics - The company’s gross margin is expected to improve from 24.0% in 2024 to 25.7% in 2027, indicating better cost management and pricing strategies [4][8]. - The net profit margin is projected to increase from 6.9% in 2024 to 9.3% in 2027, reflecting enhanced profitability [4][8]. - The return on equity (ROE) is anticipated to rise from 6.1% in 2024 to 8.9% in 2027, showcasing improved efficiency in generating profits from shareholders' equity [4][8].

业绩短期承压，成长动力充足 ——仙琚制药 24 年报&25 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 24 年报，我们下调营业收入预测，预测公司 2025-2027 年每股收益分别为 0.69/0.80/0.97 元（原 2025-2026 年预测为 0.86/1.08 元），根据可比公司，给予公 司 2025 年 16 倍市盈率，对应目标价为 11.04 元，维持"买入"评级。 风险提示 ⚫ 公司原料药、制剂销售不达预期；产品研发审批进度不达预期；市场波动风险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,123 | 4,001 | 4,598 | 5,361 | 6,336 | | 同比增长 (%) | -5.9% | -3.0% | 14.9% | 16.6% | 18.2% | | 营业利润(百万元) | 646 | 678 | 855 | 993 | 1,197 | | 同比增长 (%) | -26.4% | 4.9% ...

固定收益 | 动态跟踪 债市静待新催化剂 固定收益市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 | | | 报告发布日期 2025 年 04 月 28 日 | 齐晟 | qisheng@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521120001 | | 杜林 | dulin@orientsec.com.cn | | | 执业证书编号：S0860522080004 | | 王静颖 | wangjingying@orientsec.com.cn | | | 执业证书编号：S0860523080003 | | 再议供给压力及对资金面影响：固定收益 | 2025-04-21 | | --- | --- | | 市场周观察 | | | 利率方向回归下行后，幅度取决于资金： | 2025-04-14 | | 固定收益市场周观察 | | | 转债市场 25 年一季度回顾及展望 | 2025-04-08 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分， ...

顺鑫农业 000860.SZ 公司研究 | 季报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年04月25日） | 15.91 元 | | 目标价格 | 21.62 元 | | 52 周最高价/最低价 | 22.25/13.9 元 | | 总股本/流通 A 股（万股） | 74,177/74,177 | | A 股市值（百万元） | 11,802 | | 国家/地区 | 中国 | | 行业 | 食品饮料 | | 报告发布日期 | 2025 年 04 月 28 日 | 24 年低档酒贡献白酒增长，外埠市场拓展 补充收入 核心观点 盈利预测与投资建议 ⚫ 考虑公司中档酒及高档酒放量仍需时间，下调 25-26 年收入、毛利率。我们预测公司 2025-2027 年每股收益分别为 0.27、0.36、0.45 元（原预测 25-26 年为 0.82、1.11 元）。我们延续 FCFF 估值方法，预测公司权益价值为 160 亿元，对应目标价 21.62 元，维持买入评级。 风险提示 | 白酒消费疲软、金标陈酿销售不及预期、生猪价格波动、消费疲软、减值损失相关风险 | | --- | 公司 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8] Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8] - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7] - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7] Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11] - The gross profit margin is expected to increase to 74.8% in 2025, with a net profit margin of 11.8% [2][11] - The company’s return on equity (ROE) is projected to rise to 12.4% in 2025 and 16.4% in 2027 [2][11] Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7] - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7] Market Position and Strategy - The company has successfully implemented a three-year online and offline channel strategy, which has stabilized market order and pricing systems [7] - The rebranding to "Marubi Biotechnology" signifies a strategic shift from traditional beauty products to biotechnology-based beauty solutions [7]

房地产行业 行业研究 | 行业周报 地产政策仍定位于托底和稳信心 核心观点 投资建议与投资标 ⚫ 4 月 25 日中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出 "加力实施城市更新行动，有力有序推进城中村和危旧房改造。"2024 年 10 月住 建部提出通过货币化安置房等方式新增实施 100 万套城中村改造、危旧房改造，并 于今年两会上表示将继续扩大规模。多城已出台放票安置政策，我们认为年内旧改 有望继续放量。针对部分项目"征收方案扎实"和"项目资金总体平衡"之间的矛 盾，不排除未来中央财政补贴资金缺口以及央行投放 PSL 以支持城中村改造。"加 快构建房地产发展新模式，加大高品质住房供给。"今年"好房子"首次被写入 《政府工作报告》，3 月底，住建部发布国家标准《住宅项目规范》。虽然新房市 场整体成交同比仍有下行压力，但在部分高能级城市，核心区域质量与得房率双高 楼盘陆续推出，释放改善型住房需求，在一定程度上给予新房销售支撑。未来随着 更多四代宅的推出，新房销售有望开始企稳。"优化存量商品房收购政策。"2024 年 10 月，财政部提出专项债收储商品房用作保障性住房；2025 年 3 月， ...

投资策略 | 定期报告 以稳为主 ——策略周报 0428 研究结论 风险提示 报告发布日期 2025 年 04 月 28 日 | 张书铭 | 021-63325888*5152 | | --- | --- | | 17 | zhangshuming@orientsec.com.cn | | | 执业证书编号：S0860517080001 | | 张志鹏 | zhangzhipeng@orientsec.com.cn | | | 执业证书编号：S0860522020002 | | 段怡芊 | duanyiqian@orientsec.com.cn | | | 执业证书编号：S0860524010001 | | | 香港证监会牌照：BVI649 | | 薛俊 | 021-63325888*6005 | | | xuejun@orientsec.com.cn | | | 执业证书编号：S0860515100002 | | 缺乏稳定一致预期：——策略周报 0421 | 2025-04-20 | | --- | --- | | 市场或仍将保持高波动：——策略周报 | 2025-04-17 | | 0414 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit attributable to shareholders is projected to grow at a rate of 5.5%/7.9%/8.5% for the years 2025/2026/2027, with corresponding EPS of 1.05/1.13/1.23 yuan and BVPS of 11.85/12.70/13.62 yuan. The current stock price corresponds to a PB of 0.57X/0.53X/0.50X for the years 2025/2026/2027. Given the strong financing demand in the region, a 10% valuation premium is maintained compared to comparable companies, leading to a reasonable value of 7.6 yuan per share [3][5] Financial Information Summary - For the year 2023, the company reported operating income of 27,956 million yuan, with a year-on-year decrease of 3.6%. The operating profit was 12,194 million yuan, reflecting a year-on-year increase of 8.9%. The net profit attributable to shareholders was 10,902 million yuan, with a year-on-year growth of 6.1% [4] - The projected operating income for 2025 is 28,724 million yuan, with a year-on-year growth of 1.6%. The operating profit is expected to reach 13,732 million yuan, growing by 6.9% year-on-year. The net profit attributable to shareholders is forecasted to be 12,151 million yuan, reflecting a growth of 5.5% [4] - The company’s total assets and loan amounts are expected to grow by 8% and 6.8% year-on-year respectively by the end of Q1 2025, with a net increase in loans of 30.17 billion yuan, accounting for 80.3% of the total net increase for the year [9] Performance Metrics - The net interest income showed a year-on-year growth of 5.6% as of Q1 2025, supported by a stable net interest margin of 1.61% [9] - The non-performing loan ratio stood at 1.17% as of Q1 2025, showing a slight improvement compared to the end of 2024 [9] - The company’s capital adequacy ratio is projected to be 15.99% for 2023, increasing to 18.96% by 2027 [11]

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The report emphasizes the importance of focusing on the Huawei supply chain and companies with strong Q1 performance, predicting that competitive domestic brands and new forces in intelligent driving technology will continue to expand market share by 2025 [3][14] - The report highlights the significant growth in Q1 earnings for several automotive companies, with BYD's revenue, net profit, and net profit excluding non-recurring items increasing by 36.3%, 100.4%, and 117.8% year-on-year, respectively [12] - The report notes that Tesla's Q1 performance was under pressure, with a 9.2% year-on-year decrease in revenue, and emphasizes the need to monitor new models and autonomous driving developments [13] Summary by Sections Investment Recommendations and Targets - The report suggests continued attention to the Huawei supply chain, humanoid robot chain, and certain state-owned enterprises in the automotive sector, which are expected to reverse their current difficulties through reforms and external collaborations [3][14] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, Yutong Bus, and several parts manufacturers such as Newquay, Silver Wheel, and Top Group [3][15] Market Performance - The automotive sector outperformed the CSI 300 index, with a weekly increase of 5.0%, ranking second among 29 primary industries [17] - The automotive parts sector saw a significant increase of 6.72%, while other segments also reported positive returns [17] Sales Tracking - In April 2025, the wholesale sales of passenger cars reached 993,000 units, a year-on-year increase of 14%, while retail sales were 897,000 units, also up 12% year-on-year [28] - The report indicates that the penetration rate of new energy vehicles reached 46.8% in March, reflecting a year-on-year increase of 9.2 percentage points [34]