宁德时代（300750.SZ） 净利润增长程度高于总收入下降程度，公司战略定力带来盈利质量 显著提升 证券研究报告 | 公司动态点评 2025 年 03 月 18 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 400,917 | 362,013 | 447,375 | 532,242 | 632,038 | | 增长率 yoy（%） | 22.0 | -9.7 | 23.6 | 19.0 | 18.8 | | 归母净利润（百万元） | 44,121 | 50,745 | 65,406 | 79,151 | 94,334 | | 增长率 yoy（%） | 43.6 | 15.0 | 28.9 | 21.0 | 19.2 | | ROE（%） | 21.3 | 19.7 | 21.8 | 21.3 | 20.8 | | EPS 最新摊薄（元） | 10.02 | 11.52 | 14.85 | 17.97 | 21.42 | | P/E（倍） | 25.5 ...

Investment Rating - The report maintains an "Overweight" rating for the power and utilities sector, with specific stock recommendations including "Buy" for Guodian Power and "Hold" for several other companies [1][4][6]. Core Insights - The report highlights the accelerated construction of the electricity spot market and a rebound in sector performance, with the public utilities sector index rising by 2.19% during the week [2][10]. - The report notes that the current PE (TTM) for the public utilities sector is 16.51, slightly up from 16.22 the previous week, indicating a recovery in valuations [22][25]. - Key events include the National Development and Reform Commission's push for the rapid development of the electricity spot market and the Ministry of Finance's efforts to regulate clean energy funding [34][35]. Summary by Sections Market Performance - The public utilities sector index outperformed major indices, with a 2.19% increase, ranking 12th among 31 sectors [2][10]. - The sector's PE (TTM) increased to 16.51 from 16.22, while the PB rose to 1.72 from 1.68 [22][25]. Individual Stock Performance - Top gainers for the week included Kaitian Gas (+34.65%) and ST Lingda (+24.16%), while notable losers included Shaoneng Co. (-5.62%) and Changqing Group (-2.33%) [3][28][33]. Industry Dynamics - The report discusses the establishment of a unified national electricity market and the promotion of renewable energy integration, with specific initiatives in various provinces [34][36]. - The report also mentions the introduction of a capacity pricing mechanism for gas-fired power plants in Zhejiang to enhance their operational efficiency [37]. Key Data Tracking - The report tracks coal prices, noting that the Qinhuangdao Shanxi mixed coal price was 683 RMB/ton, with a slight weekly decrease of 0.44% [43][44]. - Green certificate trading data indicates a total of 30.07 and 49.25 thousand transactions for wind and solar power respectively during the week [47][48].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Insights - The company achieved a revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. Although the net profit attributable to shareholders remained negative at -33 million yuan, it marked a significant reduction in losses compared to the previous year [2][4]. - The overall gross margin improved to 37.12%, an increase of 11.45 percentage points year-on-year, primarily due to product structure optimization and cost reductions [2][3]. - The company is actively enhancing its product structure across four major product lines, with significant growth in the AC/DC power chip and motor control chip businesses [3][4]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.936 billion yuan, 2.362 billion yuan, and 2.504 billion yuan, respectively, with growth rates of 28.8%, 22.0%, and 6.0% [1][9]. - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 96 million yuan, with a projected EPS of 1.09 yuan [1][9]. - The company has increased its R&D expenditure to 400 million yuan in 2024, a year-on-year increase of 36.04%, reflecting its commitment to innovation [2][4]. Business Development and Strategic Moves - The company initiated a significant asset restructuring in October 2024, planning to acquire 100% of Yichong Technology, which is expected to enhance product complementarity and market collaboration [4]. - Additionally, the company signed an agreement to acquire a 19.19% stake in Lingou Chuangxin for 143 million yuan, aiming to optimize resource allocation and improve profitability [4].

Investment Rating - The industry rating is "Outperform the Market" [3][21]. Core Insights - The report emphasizes the ongoing policy support for the non-bank financial sector, suggesting that investors should continue to seize opportunities within this segment. The market is experiencing increased volatility due to factors such as fluctuations in the ten-year treasury yield, ongoing U.S. tariff threats, and the potential for prolonged stable interest rates from the Federal Reserve. The report highlights the importance of monitoring upcoming consumption-boosting policy announcements [1][9]. - The report indicates that the trading volume appears to be effectively pricing in the performance of brokerage and financial IT sectors, with stock prices showing signs of recovery. It anticipates a further expansion trend across market sectors, which could break the previous high turnover rate pattern seen in high-priced stocks [1][9]. - The report projects a high growth trend for brokerage firms in the first half of 2025, driven by a combination of stable stock market policies, a low domestic interest rate environment, and the rapid emergence of ETFs. It cites the impressive quarter-on-quarter performance of Dongfang Wealth in Q4 2024 as a validation of this trend [1][9]. Summary by Sections 1. Main Points - The report notes that from March 10 to March 14, 2025, the CSI 300 Index was at 4006.56 points (up 1.59%), the insurance index at 1194.41 points (up 4.29%), the brokerage index at 6622.06 points (up 2.86%), and the diversified financial index at 1219.98 points (up 1.24%) [7]. - The report highlights that the ten-year treasury yield has fluctuated around 1.80%, with the insurance sector showing upward movement in line with market trends. It also notes that the overall performance of the liability side remains stable, while the asset side in the equity market is improving, indicating promising investment opportunities in equity with notable elasticity [2][10]. 2. Key Investment Portfolio 2.1 Insurance Sector - The report suggests that the insurance sector is currently undervalued, presenting opportunities for valuation recovery. Recommended stocks include China Ping An, China Pacific Insurance, and New China Life Insurance, all of which have shown better-than-expected performance in recent quarters [11]. 2.2 Brokerage Sector - The report identifies several key brokerage firms to watch, including Dongfang Wealth, which has shown significant improvement in Q4 2024. Other recommended firms include Huatai Securities and China International Capital Corporation, which are expected to benefit from the rapid development of ETFs and have substantial valuation recovery potential [12].

（2）横向估值优势显著：中国 T10 科技股 PE 与 PEG 双低特征突出，5 家公 司 PE 低于 20，5 家 PEG 小于 1（剔除负值）；而美国 M7 仅谷歌 PE 低于 20、 英伟达 PEG 小于 1。横向对比下，中国科技股估值性价比仍具吸引力。 （3）换手率中枢抬升，短期拥挤度压力已部分释放：恒生科技指数日均成 交额自 2023 年 9 月 24 日以来达 682.25 亿港元，为前期均值的 2.73 倍，换 手率中枢或已系统性抬升至 0.6%附近（类比中证 800换手率中枢提升 73%）。 叠加 RSI 回落至 45，短期过热压力缓解，市场进入震荡整固阶段。 （4）流动性环境边际改善：美债收益率下行预期升温（美国滞胀担忧有所 缓和）及南向资金持续流入（2024 年累计净流入 3755 亿元，同比提速）构 成双重支撑。南向资金成交占比已突破 60%，流动性主导权强化，复制国家 队资金托底宽基 ETF 特征。 证券研究报告 | 投资策略研究*周报 2025 年 03 月 17 日 投资策略研究 风格有望走向科技和价值的均衡----长城策略周观点（0310-0316） 港股科技向上空间测算： （1 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [4]. Core Viewpoints - The company is positioned as a leader in the domestic blood cancer drug market, with continuous innovation driving steady growth. It has a strong pipeline of products in development and is expected to expand its commercial offerings significantly in the near future [8][15]. - The company has successfully raised a total of $1.34 billion through multiple funding rounds from 2020 to 2022, which has been directed towards enhancing research and development efforts [8][15]. - The company is expected to achieve revenues of 1.01 billion yuan in 2024, representing a year-on-year growth of 36.8%, with a projected net loss of 444 million yuan, a reduction of approximately 30% compared to the previous year [8][15]. Financial Summary - **Revenue Forecasts**: - 2022: 625 million yuan - 2023: 739 million yuan - 2024E: 1,010 million yuan - 2025E: 1,442 million yuan - 2026E: 1,797 million yuan - **Growth Rates**: - 2023: 18.1% - 2024E: 36.8% - 2025E: 42.7% - 2026E: 24.7% [8][15]. - **Net Profit Forecasts**: - 2022: -887 million yuan - 2023: -631 million yuan - 2024E: -444 million yuan - 2025E: -300 million yuan - 2026E: -214 million yuan [8][15]. - **Return on Equity (ROE)**: - 2022: -11.7% - 2023: -9.0% - 2024E: -6.7% - 2025E: -4.8% - 2026E: -3.5% [8][15]. Product Pipeline - The company has 13 products in development, with two already commercialized. The pipeline includes several products that are expected to enter the market soon, such as ICP-723 and various indications for Obinutuzumab [8][23]. - The company is focusing on blood cancers, autoimmune diseases, and solid tumors, with a significant number of products in late-stage clinical trials [8][23]. Market Position - The company is recognized as the fifth A+H listed pharmaceutical company in China, with a management team that possesses extensive experience in drug development and commercialization [15][19]. - The company has established a strong market presence through its lead product, Obinutuzumab, which has been pivotal in its revenue growth since its launch [8][15].

证券研究报告 | 投资策略研究*动态点评 2025 年 03 月 14 日 投资策略研究 利好政策频出，助力价值板块估值修复——3 月 14 日市场点评 3 月 14 日，A 股放量上涨，A 股全天成交金额为 1.84 万亿。主要指数中，上 证指数涨 1.81%，创业板指涨 2.80%，沪深 300 涨 2.43%，科创 50 涨 1.72%， 北证 50 涨 3.17%。行业来看，大消费、大金融领涨全市场，涨幅靠前的申 万行业为食品饮料（+5.41%）、非银金融（+3.97%）、商贸零售（+3.18%）、 汽车（+2.91%）、社会服务（+2.87%）、传媒（+2.49%）、家用电器（+2.44%） 等。 从政策面来看，近期扩内需、促消费等利好政策频出，助力大消费、大金融 等价值板块上涨。 （1）3 月 13 日，中国人民银行党委召开扩大会议，再次强调实施好适度宽 松的货币政策。根据国内外经济金融形势和金融市场运行情况，择机降准降 息，综合运用公开市场操作等多种货币政策工具，保持流动性充裕，使社会 融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。 分析师 王 小琳 执业证书编号：S107052 ...

证券研究报告 | 行业周报 2025 年 03 月 16 日 请仔细阅读本报告末页声明 医药 本周医药板块上涨 1.77%，泰恩康和胃整肠丸境内生产注册申请获 受理 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002755.SZ | 奥赛康 | 买入 | 0.13 | 0.20 | 116.31 | 75.6 | | 01952.HK | 云顶新耀-B | 买入 | -2.93 | -0.12 | - | - | | 02105.HK | 来凯医药-B | 买入 | -0.90 | -1.00 | - | - | | 600079.SH | 人福医药 | 增持 | 1.33 | 1.59 | 15.05 | 12.59 | | 688192.SH | 迪哲医药* | 增持 | -2.07 | -1.33 | -21.79 | -40.26 | | 688315.SH | 诺禾致源* | 买入 | ...

证券研究报告 | 宏观经济研究*动态点评 2025 年 03 月 15 日 宏观经济研究 政府债券支撑社融，融资需求仍待提振——2 月金融数据点评 数据： 2 月新增社会融资规模为 2.23 万亿元，同比多增 7374 亿元。2 月社 会融资规模存量同比 8.2%，前值 8.0%。2 月新增人民币贷款 1.01 万亿 元，同比多增 2016 亿元。M1 同比 0.1%，前值 0.4%；M2 同比 7.0%，前 值 7.0%。 要点：2 月份受春节错月导致去年同期基数较高以及 1 月信贷"开门红"效 应的影响，M1 增速均比上个月有所回落，投资消费需求降低，中小型企业 恢复较慢，存款端 M2/M1 小幅回升。财政政策持续发力，政府债融资较 强，2 月社融同比增速 8.2%，较上月上升 0.2 个百分点。 存款端看，M1 同比回落，M2 同比与上月持平，M2/M1 剪刀差小幅回升。2 月份 M1 从上月的 0.4%下滑至 0.1%，流动性增速放缓，居民消费意愿下 降，我们理解，今年春节错位，年后消费需求降低，企业经营活跃度还未恢 复。但 M2 同比维持 7%增长，(M2-M1)/M1 从 1 月份的 1.83 大 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has acquired 85% of REGEN Biotech, Inc., a leading South Korean medical aesthetics company, which is expected to create synergies in research, production, and sales [1][3]. - The acquisition is a strategic move to enhance the company's international presence and strengthen its market position in the medical aesthetics sector [8]. - The company's revenue is projected to grow significantly, with expected revenues of 3,159 million yuan in 2024, 3,743 million yuan in 2025, and 4,495 million yuan in 2026, reflecting a growth rate of 10.1%, 18.5%, and 20.1% respectively [1][9]. Financial Summary - The company's revenue for 2022 was 1,939 million yuan, with a year-on-year growth rate of 33.9%. For 2023, the revenue is expected to reach 2,869 million yuan, representing a growth rate of 48.0% [1][9]. - The net profit attributable to the parent company is projected to increase from 1,264 million yuan in 2022 to 2,072 million yuan in 2024, with corresponding growth rates of 31.9% and 11.5% [1][9]. - The company's return on equity (ROE) is expected to remain strong, with values of 28.6% in 2023 and around 25% in the following years [1][9]. Product and Market Position - REGEN Biotech, Inc. has developed two key products, AestheFill and PowerFill, which are recognized for their safety and effectiveness in the medical aesthetics market. AestheFill has received approval in 34 countries, while PowerFill has been approved in 24 countries [2]. - The company plans to leverage the acquired company's products to enhance its international market presence, particularly with AestheFill now approved for sale in China [3][8].