Investment Rating - The report maintains a "Recommended" investment rating for Shanghai Pharmaceuticals (601607.SH) [1][7] Core Views - The company reported a revenue of 70.763 billion yuan in Q1 2025, a year-on-year increase of 0.87%, while the net profit attributable to shareholders decreased by 13.56% to 1.333 billion yuan [3][4] - The company has a strong cash position with 36.167 billion yuan in cash as of Q1 2025, representing a year-on-year growth of 20.40%, which supports ongoing mergers and acquisitions [7][8] - The acquisition of a 10% stake in Shanghai Hutchison Pharmaceuticals, increasing total ownership to 60%, is expected to enhance the company's traditional Chinese medicine business [7][8] - Future performance is projected to grow, with net profits expected to reach 5.419 billion yuan in 2025, 6.169 billion yuan in 2026, and 6.612 billion yuan in 2027 [7][8] Financial Summary - Revenue projections for 2025 are set at 297.932 billion yuan, with a year-on-year growth of 8.2% [6][8] - The net profit for 2025 is estimated at 5.419 billion yuan, reflecting a growth of 19.0% compared to 2024 [6][8] - The gross margin is expected to stabilize around 10.9% in 2025, while the net margin is projected to be 1.8% [6][8] - The company’s return on equity (ROE) is forecasted to improve to 7.1% in 2025 [6][8] - The price-to-earnings (P/E) ratio is projected to decrease to 12.4 in 2025, indicating a potentially attractive valuation [6][8]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][3]. Core Views - The company reported a revenue of 1.21 billion yuan in Q1 2025, a year-on-year decline of 11.7%, with a net profit attributable to shareholders of -40.61 million yuan, an improvement from -45.87 million yuan in the same period last year [3][6]. - The operating cash flow and accounts receivable have shown improvement year-on-year, indicating a continuous enhancement in operational quality [6]. - Despite a downward revision in profit forecasts due to weak industry recovery, the company's stock price has adjusted significantly, and it maintains advantages in channels, product categories, and operations, suggesting substantial profit margin recovery potential in the future [6][7]. Financial Summary - Revenue projections for 2025-2027 are 2.0 billion yuan, 2.7 billion yuan, and 3.3 billion yuan respectively, with corresponding P/E ratios of 39.8, 30.1, and 24.4 [6][9]. - The company’s gross margin is expected to stabilize around 31.1% for the next few years, with net profit margins improving from 1.4% in 2024 to 4.5% by 2027 [9][10]. - The total assets are projected to grow from 10.07 billion yuan in 2024 to 11.43 billion yuan in 2027, while total liabilities are expected to increase from 3.92 billion yuan to 4.63 billion yuan over the same period [8][10].

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [12]. Core Insights - The company achieved a revenue of 2.931 billion yuan in 2024, representing a year-on-year growth of 8.85%, while the net profit increased by 39.13% to 512 million yuan [3][7]. - The improvement in the sales expense ratio, which decreased by 6.29 percentage points to 42.27%, significantly contributed to the higher profit growth compared to revenue growth [7]. - The company’s core product, the Loxoprofen Sodium Gel Patch, saw a substantial increase in sales, with a 25.65% growth in the hospital market and a remarkable 173.79% growth in the outpatient market [7]. - The company is expanding its product line with new external preparations, enhancing its long-term competitive edge [7]. Financial Summary - The company’s total assets are projected to grow from 3.373 billion yuan in 2024 to 5.201 billion yuan by 2027, with a steady increase in current assets [9]. - The net profit forecast for 2025 and 2026 has been adjusted to 600 million yuan and 746 million yuan, respectively, reflecting a strong growth trajectory [8]. - The earnings per share (EPS) is expected to rise from 1.03 yuan in 2024 to 1.83 yuan by 2027, indicating a positive outlook for shareholder returns [10]. Revenue and Profitability Projections - Revenue is expected to grow from 2.931 billion yuan in 2024 to 4.804 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16.3% [10]. - The gross margin is projected to remain stable around 73.9% to 74.0% over the forecast period, indicating strong cost control [10]. - The return on equity (ROE) is anticipated to improve from 20.3% in 2024 to 21.0% by 2027, reflecting enhanced profitability [10].

Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) with a current stock price of 41.26 yuan [1]. Core Insights - The company reported a revenue of 8.315 billion yuan for Q1 2025, representing a year-on-year growth of 8.08%. The net profit attributable to shareholders was 2.202 billion yuan, up 14.77% year-on-year, while the net profit excluding non-recurring items was 2.147 billion yuan, reflecting a 15.42% increase [4]. - The gross margin for Q1 2025 improved to 40.04%, up 2.73 percentage points from the previous year, driven by reduced raw material costs and enhanced production efficiency [7]. - The company’s product matrix is diverse, with soy sauce generating 4.420 billion yuan in revenue (up 8.20%), seasoning sauces at 0.913 billion yuan (up 13.95%), and oyster sauce at 1.360 billion yuan (up 6.10%) [7]. - Online sales grew significantly, with a 43.20% increase to 0.417 billion yuan, while offline sales rose by 8.95% to 7.565 billion yuan [7]. Financial Forecast and Valuation - The company is expected to achieve net profits of 7.004 billion yuan, 7.740 billion yuan, and 8.463 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding EPS for these years is projected to be 1.26 yuan, 1.39 yuan, and 1.52 yuan [8]. - The report anticipates a steady growth in revenue, with projections of 29.658 billion yuan, 32.357 billion yuan, and 35.011 billion yuan for 2025, 2026, and 2027, respectively [9]. - The company’s P/E ratios are estimated to decrease from 32.8 in 2025 to 27.1 in 2027, indicating a favorable valuation trend [10].

证券研究报告 社会服务行业周报 扩大服务消费，新消费持续受资金青睐 社会服务行业 强于大市（维持） 宏观：扩大消费，优化离境退税 资料来源：人民日报，国家税务总局，平安证券研究所 3 平安证券研究所 新消费团队 分析师：胡琼方 S1060524010002（证券投资咨询） 邮箱：huqiongfang722@pingan.com.cn 2025年04月28日 请务必阅读正文后免责条款 核心摘要 宏观及行业动态：1） 4月25日政治局会议召开，分析研究当前经济形势和经济工作。指出"支持科技创新、扩大消 费、稳定外贸等…；要提高中低收入群体收入，大力发展服务消费，增强消费对经济增长的拉动作用。尽快清理消费 领域限制性措施，设立服务消费与养老再贷款…扩围提质实施'两新'政策，加力实施'两重'建设"。2）27日税 务总局修订了《境外旅客购物离境退税管理办法》，进一步推出离境退税便利化措施。3）本周求是网发布多条服务 消费内容。4）上海、河南发放旅游消费券。 公司相关动态：1）传统零售持续优化：永辉超市首批2个品牌的9个商品通过针对外贸受阻企业开设的绿色通道成功 在4家门店上架售卖；步步高调改一年后成功摘帽，2025Q ...

2025年04月29日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3288 | -0.20 | 0.56 | | 深证成份指数 | 9855 | -0.62 | 1.38 | | 沪深300指数 | 3782 | -0.14 | 0.38 | | 创业板指数 | 1934 | -0.65 | 1.74 | | 上证国债指数 | 225 | 0.02 | 0.01 | | 上证基金指数 | 6762 | -0.20 | 0.71 | | | | 资料来源:同花顺iFinD | | 其 他 报 告 | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 21972 | -0.04 | 2.74 | | 中国香港国企指数 | 8080 | 0.00 | 2.32 | | 中国台湾加权指数 | 20034 | 0.81 | 2.46 | | 道琼斯指数 | 40228 | 0.28 ...

银行 2025 年 4 月 28 日 常熟银行(601128.SH) 非息支撑营收稳健，资产质量保持优异 强烈推荐（维持） 股价：7.26 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.csrcbank.com | | 大股东/持股 | 交通银行股份有限公司/9.01% | | 实际控制人 | | | 总股本(百万股) | 3,015 | | 流通 A 股(百万股) | 3,015 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 219 | | 流通 A 股市值(亿元) | 219 | | 每股净资产(元) | 9.57 | | 资产负债率(%) | 91.9 | 行情走势图 相关研究报告 【平安证券】常熟银行（601128.SH）*年报点评*息差 显韧性，资产质量保持优异*强烈推荐20250328 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S10605250 ...

公 司 报 告 食品饮料 2025年04月28日 推荐 ( 维持) 股价:57.01元 舍得酒业(600702.SH) 行情走势图 1Q25持续调整，期待后续改善 相关研究报告 【平安证券】舍得酒业（600702.SH）*年报点评*24 年持续调整，股权激励助力改善*推荐20250331 【平安证券】舍得酒业（600702.SH）*季报点评*释 放压力，轻装上阵*推荐20241029 证券分析师 事项： 舍得酒业发布2025年1季报，1Q25实现营业收入15.8亿元，同比下滑25.1%； 归母净利3.5亿元，同比下滑37.1%。 平安观点： 公 司 季 报 点 评 张晋溢 投资咨询资格编号 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | ...

公 司 报 告 电子 2025年04月28日 鼎阳科技(688112.SH) 高端化发展战略持续推进，公司产品结构持续优化 推荐 ( 维持) 股价:35.94元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.siglent.com | | 大股东/持股 | 秦轲/22.32% | | 实际控制人 | 秦轲,邵海涛,赵亚锋 | | 总股本(百万股) | 159 | | 流通A股(百万股) | 159 | | 流通B/H股(百万股) | | | 总市值(亿元) | 57 | | 流通A股市值(亿元) | 57 | | 每股净资产(元) | 9.89 | | 资产负债率(%) | 6.8 | 行情走势图 证券分析师 S1060523070002 XUBIYUN372@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 483 | 497 | 597 | 716 | 860 | | YOY(%) | 21.5 ...

公 司 报 告 医药 2025年04月28日 鱼跃医疗(002223.SZ) 家用器械保持国内市场领先地位，海外提供新的增长动能 强烈推荐( 维持) 整体业绩在高基数下承压，业务逐步回归常态化发展轨道。分业务板块 来看： 股价:33.21元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.yuwell.com | | 大股东/持股 | 江苏鱼跃科技发展有限公司/24.54% | | 实际控制人 | 吴光明 | | 总股本(百万股) | 1,002 | | 流通A股(百万股) | 940 | | 流通B/H股(百万股) | | | 总市值(亿元) | 333 | | 流通A股市值(亿元) | 312 | | 每股净资产(元) | 13.07 | | 资产负债率(%) | 19.4 | 行情走势图 证券分析师 事项： 2024年公司实现营业收入75.66亿元，同比-5.09%，实现归母净利润18.06亿 元，同比-24.63%。2024年公司拟向全体股东每10股派发现金红利4.00元（含 税）。2025年Q1公司营业收入24.36亿元，同比+9.17%，实现归母净利润 6. ...