[Table_MainInfo] 基金研究 证券研究报告 基金月报 2025 年 4 月 2 日 [Table_Title] 相关研究 [Table_ReportInfo] 《海通证券 2 月基金表现回顾：重配 TMT、汽车、医药等相关行业和个股的基 金表现较优》2025.03.03 《海通证券-基金业绩排行榜（2025-04- 01）》2025.04.01 《海通证券 3 月基金投资策略：A 股市场 回 暖 ， 相 对 偏 向 成 长 配 置 风 格 》 2025.03.03 分析师:江涛 Tel:(021)23185672 Email:jt13892@haitong.com 证书:S0850522070004 首席分析师:倪韵婷 Tel:(021)23185605 Email:niyt@haitong.com 证书:S0850511010017 海通证券 4 月基金投资策略：A 股市场短 期回归震荡，相对偏向成长配置风格 [Table_Summary] 投资要点： 基金投资策略 关注基金 风险提示 ⚫ 基本面变化、货币政策和证券市场相关政策的不确定性、资金面大幅波动、 国内改革推进力度、中美关系变化。 请 ...

[Table_MainInfo] 公司研究/机械工业 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] | 5.58 | | --- | --- | | 52 周股价波动（元） | 4.67-7.55 | | 总股本/流通 A 股（百万股） | 10590/8621 | | 总市值/流通市值（百万元） | 59091/59091 | | 相关研究 | | [Table_ReportInfo] 《轨交列控龙头，更新替换、出海加速共振》 2025.02.25 市场表现 [Table_QuoteInfo] -12.99% -3.99% 5.01% 14.01% 23.01% 2024/4 2024/7 2024/10 2025/1 中国通号 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | -3.5 | -4.0 | -10.9 | | 相对涨幅（%） | -3.4 | -5.8 | -9.7 | | 资料来源：海通证 ...

推荐关注创新药、CXO 与消费医疗复苏 [Table_MainInfo] 行业研究/医药与健康护理 证券研究报告 行业月报 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -16.76% -10.69% -4.62% 1.46% 7.53% 13.60% 2024/4 2024/7 2024/10 2025/1 医药与健康护理 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《2024 年医疗保障事业发展统计快报： 基本医保基金收入支出稳定增加，助力经 济社会发展，支持医药创新》2025.03.24 《DeepSeek 时刻，关注创新药和 AI 医 疗的机会》2025.03.03 《后疫情时期混合流行形成趋势，呼吸道 多联检市场有望持续扩容》2025.03.04 分析师:余文心 Tel:(8610)58067941 [Table_AuthorInfo] 请务必阅读正文之后的信息披露和法律声明 个股涨幅前三为润都股份(+53.8%)、金域医药(+50.3%)、热景生物(+41.9% ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 阳谷华泰（300121）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] | 11.90 | | --- | --- | | 52 周股价波动（元） | 6.66-20.78 | | 总股本/流通 A 股（百万股） | 449/433 | | 总市值/流通市值（百万元） | 5340/5147 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -21.12% 8.88% 38.88% 68.88% 98.88% 2024/4 2024/7 2024/10 2025/1 阳谷华泰 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） -8.3 3.8 -1.0 相对涨幅（%） -8.3 2.0 0.2 资料来源：海通证券研究所 分析师:刘威 Tel:(0755)82764281 证书:S0850518030001 24 年扣非归母净利润同比下降 36.38%， ...

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 1-2 月酒饮料茶行业营收同比-0.4% 市场表现 [Table_QuoteInfo] -25.54% -16.93% -8.33% 0.28% 8.88% 17.48% 2024/2 2024/5 2024/8 2024/11 食品 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《1-2 月社零同比+4.0%，餐饮同比 | | --- | | +4.3%》2025.03.24 | | 《中办、国办印发《提振消费专项行动 | | 方案》》2025.03.17 | | 《2 月 CPI 同比-0.7%》 | | 2025.03.10 | 分析师:颜慧菁 Tel:(021)23183952 Email:yhj12866@haitong.com 证书:S0850520020001 分析师:程碧升 Tel:(021)23185685 Email:cbs10969@haitong.com 证书:S085052 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][11] Core Insights - The company has sufficient orders in its main business and plans to acquire a stake in Diz Precision to enter the robotics sector [7][8] - The revenue from the new energy vehicle thermal runaway protection insulation components is expected to grow significantly, with a projected CAGR of 40.5% from 2023 to 2027 in the global mica material market [8][9] - The company is well-positioned in the mica insulation market, holding a 4.35% global market share, with 27.14% in the new energy vehicle sector [8][9] Financial Performance and Forecast - The company reported revenue of 667 million yuan in 2022, with a projected increase to 1,980 million yuan by 2026, reflecting a CAGR of 27.0% [7][15] - Net profit is expected to grow from 134 million yuan in 2022 to 442 million yuan by 2026, with a CAGR of 30.8% [7][15] - The fully diluted EPS is projected to rise from 0.37 yuan in 2022 to 1.21 yuan by 2026 [7][15] Product Segmentation and Growth - Revenue from new energy vehicle thermal runaway protection insulation components is expected to grow from 5.75 million yuan in 2023 to 16.21 million yuan by 2026, with a CAGR of 30% [9][10] - The small household appliance flame-retardant insulation components are projected to see revenue growth from 1.15 million yuan in 2023 to 1.91 million yuan by 2026 [9][10] - The cable flame-retardant insulation tape is expected to maintain steady growth, with revenue increasing from 0.52 million yuan in 2023 to 0.69 million yuan by 2026 [9][10] Market Position and Client Base - Major clients include Tesla, Volkswagen, BMW, and other leading automotive and appliance manufacturers, indicating a strong market presence [8][9] - The company has disclosed expected sales amounts for new energy industry projects ranging from 9.238 billion yuan to 9.963 billion yuan [8][9] Valuation and Price Target - The estimated price-to-earnings ratio for 2025 is projected to be between 40-45 times, leading to a target price range of 37.20 to 41.85 yuan [7][11][15]

[Table_MainInfo] 行业研究/公用事业 证券研究报告 市场表现 [Table_QuoteInfo] -10.69% -6.10% -1.50% 3.09% 7.69% 12.28% 2024/4 2024/7 2024/10 2025/1 公用事业 海通综指 资料来源：海通证券研究所 行业周报 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 业绩披露期，看好今年业绩持续修复 相关研究 | [Table_ReportInfo] 《煤价波动，新能源建设进度不减》 | | --- | | 2025.03.16 | | 《煤价短期企稳，开工预期待验证》 | | 2025.03.13 | | 《广东电价好转，继续看好电价、煤价双 | | 提振》2025.03.03 | 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 分析师:傅逸帆 Tel:(021)23185698 Email:fyf11758@haitong.com 证书:S0850519100001 联系人:阎石 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7][12] Core Views - The report highlights that the railway equipment market remains robust, with the leading company in urban rail equipment poised for growth [2][7] - The company achieved a revenue of 246.46 billion yuan in 2024, representing a year-on-year increase of 5.21%, and a net profit of 12.39 billion yuan, up 5.77% year-on-year [7][8] - The company signed new orders worth approximately 322.2 billion yuan in 2024, with an international business component of about 47.2 billion yuan [7][8] Financial Data and Forecast - Revenue projections for the company are as follows: - 2023: 234.26 billion yuan - 2024: 246.46 billion yuan - 2025E: 269.51 billion yuan - 2026E: 288.82 billion yuan - 2027E: 303.33 billion yuan - Year-on-year growth rates for revenue are projected at 5.1% for 2023, 5.2% for 2024, 9.4% for 2025, 7.2% for 2026, and 5.0% for 2027 [6][8] - Net profit forecasts are: - 2023: 11.71 billion yuan - 2024: 12.39 billion yuan - 2025E: 13.46 billion yuan - 2026E: 14.65 billion yuan - 2027E: 15.70 billion yuan - Year-on-year growth rates for net profit are projected at 0.5% for 2023, 5.8% for 2024, 8.6% for 2025, 8.8% for 2026, and 7.2% for 2027 [6][8] Business Structure and Performance - The company's core business segments and their performance in 2024 are as follows: - Railway: Revenue of 110.46 billion yuan, up 12.50% year-on-year, with a gross margin of 24.72% [7][8] - Urban Rail: Revenue of 45.44 billion yuan, down 9.72% year-on-year, with a gross margin of 19.95% [7][8] - New Industries: Revenue of 86.38 billion yuan, up 7.13% year-on-year, with a gross margin of 17.52% [7][8] - Modern Services: Revenue of 4.18 billion yuan, down 18.22% year-on-year, with a gross margin of 28.42% [7][8] Profitability and Cash Flow - The company's gross margin for 2024 is 21.38%, with a net profit margin of 6.36% [7][8] - The operating cash flow for 2024 is reported at 27.13 billion yuan, reflecting an increase of 84.27% year-on-year [7][8] Valuation and Market Position - The report estimates a reasonable market value range for the company between 215.3 billion yuan and 255.7 billion yuan, with a target price of 7.50 to 8.91 yuan per share based on a projected EPS of 0.47 yuan for 2025 [12][8] - The company is positioned as a leading manufacturer of urban rail equipment and is expected to benefit from growth in the wind power and other emerging industries [12][8]

[Table_MainInfo] 每日报告精选 证券研究报告 最新研究与资讯 2025 年 04 月 02 日 | | | | 名称 | 日涨跌% | 周涨跌% | 年涨跌% | | --- | --- | --- | --- | | 海通风格指数 | | | | | 大盘 100 | -0.36 | -1.04 | -3.61 | | 小盘 200 | 0.43 | -1.77 | 4.89 | | 表现最好前五行业 | | | | | 医药健康 | 3.14 | 3.43 | 1.82 | | 综合行业 | 1.60 | -1.18 | -3.92 | | 公用事业 | 1.45 | -0.12 | -3.11 | | 造纸指数 | 1.42 | -0.70 | -2.66 | | 非金属 | 1.31 | -0.89 | 6.92 | | 表现最差前五行业 | | | | | 汽车汽配 | -0.92 | -0.65 | 4.66 | | 信息服务 | -0.82 | -2.61 | 2.52 | | 金融指数 | -0.63 | -1.21 | -1.68 | | 通讯服务 | -0.38 | -0. ...

[Table_MainInfo] 公司研究/房地产/开发区 证券研究报告 张江高科（600895）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 24.86 | | --- | --- | | 52 周股价波动（元） | 16.20-37.74 | | 总股本/流通 A 股（百万股） | 1549/1549 | | 总市值/流通市值（百万元） | 38500/38500 | | 相关研究 | | | [Table_ReportInfo] 《载体销售拖累营收，投资收益提振归母净 | | | 利》2024.11.06 | | | 《载体销售推升营收，产业投资持续发力》 | | | 2024.08.25 | | | 《布局创投全链条，构建 REITs 全通道》 | | | 2024.04.01 | | | 市场表现 | | | [Table_QuoteInfo] | | -18.76% 0.24% 19.24% 38.24% 57.24% 2024/4 2024/7 20 ...