Investment Rating - The report does not specify a clear investment rating for 康哲药业 (0867.HK) [1] Core Views - 康哲药业's 2024 annual report shows that the company's revenue was 74.7 billion HKD, a decrease of 6.8% year-on-year, with pharmaceutical sales revenue at 86.2 billion HKD, down 9% [7] - The annual profit was 16.1 billion HKD, down 32.3%, but the performance met expectations [7] - Over 50% of the revenue came from exclusive products and innovative products, with significant growth in the dermatology/aesthetic and ophthalmology lines [7] - The company has made breakthroughs in innovative research and development, marking the beginning of a new era for innovative products [7] - 康哲药业 aims to establish a foothold in the Southeast Asian market through its new entity 康联达健康 and has acquired a manufacturing facility in Singapore [7] Financial Summary - Revenue projections for 康哲药业 from 2025 to 2027 are estimated at 83.1 billion HKD, 105.2 billion HKD, and 121.6 billion HKD respectively, with growth rates of 10.9%, 25.8%, and 15.1% [9][10] - The net profit attributable to the parent company is projected to be 1.63 billion HKD in 2025, 2.24 billion HKD in 2026, and 2.72 billion HKD in 2027, with growth rates of 0.85%, 37.43%, and 20.98% respectively [2][10] - The earnings per share (EPS) is expected to increase from 0.67 HKD in 2025 to 1.11 HKD in 2027 [2][10] - The company's price-to-earnings (P/E) ratio is projected to decrease from 12.60 in 2025 to 7.58 in 2027, indicating potential undervaluation [2][10] Business Segments - The cardiovascular segment is expected to see a revenue decline to 27.7 billion HKD in 2025, while the digestive and autoimmune segment is projected to grow to 33.1 billion HKD [10] - The ophthalmology segment is anticipated to grow significantly, reaching 8.8 billion HKD in 2025, while the dermatology and aesthetic segment is expected to grow to 9.8 billion HKD [10] - Other products are projected to maintain stable revenue around 3.8 billion HKD [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company achieved a revenue of 29.95 billion yuan in 2024, a decrease of 2.6% year-on-year, while the net profit attributable to the parent company was 2.16 billion yuan, reflecting a significant growth of 33.4% [7]. - The company has a robust order backlog of approximately 40 billion yuan, supported by successful international market expansion and partnerships with major companies like Shell and Saudi Aramco [7]. - The company’s profitability has improved, with a gross margin of 12.3% and a net margin of 7.3% in 2024, both showing year-on-year increases [7]. - The company plans to distribute a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend payout ratio of 41.12% and a dividend yield of 3.58% based on the closing price on March 18, 2024 [7]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 32.13 billion yuan, 33.93 billion yuan, and 36.81 billion yuan, respectively, with growth rates of 7.28%, 5.57%, and 8.52% [2][8]. - **Net Profit Forecast**: The net profit attributable to the parent company is forecasted to be 2.39 billion yuan in 2025, 2.62 billion yuan in 2026, and 2.95 billion yuan in 2027, with a compound annual growth rate of 11% [9][11]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.49 yuan in 2024 to 0.67 yuan in 2027 [2][11]. - **Valuation Metrics**: The price-to-earnings (PE) ratio is projected to decrease from 11.5 in 2024 to 8.4 in 2027, indicating potential undervaluation [2][11]. Market Position and Industry Outlook - The company is positioned as a leader in the marine oil and gas engineering sector, benefiting from the ongoing high demand for marine oil and gas exploration and development, with global investments in this area reaching approximately 209.6 billion USD in 2024 [7][9]. - The report highlights the government's focus on "deep-sea technology" as a new growth area, which is expected to further enhance the company's market opportunities [7].

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8]. - The company’s revenue for 2024 was $594.49 million, reflecting a 29.19% decline, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a 57.65% growth [2][9]. - The life sciences segment showed steady growth, with external revenue of approximately $450 million in 2024, up 10.2%, driven by platform upgrades and operational efficiency improvements [7][8]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are $937.21 million, $829.90 million, and $981.93 million respectively [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are $309.95 million, $130.72 million, and $208.01 million [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to decline from $1.37 in 2024 to $0.14 in 2025, before recovering to $0.10 in 2027 [2][9]. - **Return on Equity (ROE)**: ROE is projected to decrease significantly from 68.54% in 2024 to 6.69% in 2025, before gradually increasing to 4.19% in 2027 [2][9]. Business Segments - **Life Sciences Services and Products**: Revenue is expected to grow at rates of 15%, 20%, and 20% from 2025 to 2027, with stable pricing and improving gross margins [8][9]. - **Biologics Development Services**: Anticipated revenue growth of 20% in 2025, followed by 10% in the subsequent years, with a focus on expanding market penetration in North America and Europe [8][9]. - **Industrial Synthetic Biology Products**: Expected to see revenue growth of 25% in 2025, driven by new product launches and a focus on large clients [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company achieved a revenue of 29.95 billion yuan in 2024, a decrease of 2.6% year-on-year, while the net profit attributable to the parent company was 2.16 billion yuan, reflecting a significant increase of 33.4% year-on-year [7]. - The company has a robust order backlog of approximately 40 billion yuan, supported by successful international market expansion and partnerships with major companies like Shell and Saudi Aramco [7]. - The company's profitability has improved, with a gross margin of 12.3% and a net margin of 7.3% in 2024, both showing year-on-year increases [7]. - The report highlights a strong dividend policy, proposing a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend payout ratio of 41.12% and a dividend yield of 3.58% based on the closing price on March 18, 2024 [7]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 32.13 billion yuan, 33.93 billion yuan, and 36.81 billion yuan, respectively, with growth rates of 7.28%, 5.57%, and 8.52% [2][8]. - **Net Profit Forecast**: The net profit attributable to the parent company is forecasted to be 2.39 billion yuan in 2025, 2.62 billion yuan in 2026, and 2.95 billion yuan in 2027, with a compound annual growth rate of 11% [9][11]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.49 yuan in 2024 to 0.67 yuan in 2027 [2][11]. - **Valuation Metrics**: The price-to-earnings (PE) ratio is expected to decrease from 11.5 in 2024 to 8.4 in 2027, indicating potential undervaluation [2][11]. Market Position and Outlook - The company is positioned as a leader in the marine oil and gas engineering sector, benefiting from the ongoing high demand for offshore oil and gas exploration and development, with global investments in this area reaching approximately 209.6 billion USD in 2024 [7][9]. - The report emphasizes the company's commitment to cost reduction and efficiency improvements, which are expected to enhance its competitive edge in the market [8].

Investment Rating - The report indicates a strong growth potential for the LiDAR industry, with a projected market size of 10.5 billion yuan by 2025 and a compound annual growth rate (CAGR) of 63% from 2023 to 2025 [2][50]. Core Insights - The report highlights that 2023 marks the beginning of the urban NOA (Navigation on Autopilot) era, leading to a surge in the LiDAR industry. Deliveries of automotive LiDAR units in China are expected to exceed 1.5 million in 2024, representing a year-on-year increase of 212% [2][41]. - The average price of LiDAR in China fell below $500 in 2023, significantly lower than the global average of $700 to $1000, which is anticipated to continue decreasing due to domestic supply chain improvements and economies of scale [2][41]. - By 2025, the domestic automotive LiDAR market is expected to reach 10.5 billion yuan, with a projected CAGR of 63% from 2023 to 2025, and 33.6 billion yuan by 2030, with a CAGR of 36% from 2023 to 2030 [2][50]. Summary by Sections 1. LiDAR Concept - LiDAR (Light Detection and Ranging) is a technology that uses laser beams to measure distances by calculating the time it takes for the light to return after hitting an object, creating a detailed 3D model of the environment [6]. 2. LiDAR Classification - LiDAR can be categorized into mechanical, hybrid solid-state, and pure solid-state types, each with distinct advantages and disadvantages regarding reliability, cost, and application suitability [9][15][16]. 3. Market Landscape - In 2023, the global automotive LiDAR market is dominated by Hesai Technology and RoboSense, which together account for 58% of the market share. The report notes a significant shift from traditional suppliers like Valeo, whose market share has dropped to 10% [27][30]. 4. Sensor Comparison - LiDAR outperforms other sensors like cameras and millimeter-wave radars in terms of detection accuracy, range, and reliability, making it essential for advanced driver-assistance systems (ADAS) [32][33]. 5. LiDAR Industry Trends - The report emphasizes that the integration of LiDAR is becoming the mainstream solution for urban NOA, with increasing consumer demand for intelligent driving features influencing purchasing decisions [41][44]. 6. Industry Chain - The LiDAR industry chain is characterized by a low degree of domestic production in key components like lasers and receivers, while domestic manufacturers excel in LiDAR module production [60][63].

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 华润三九（000999）医药生物 目标价：——元（6 个月） 买入 （维持） 当前价：42.47 元 业绩稳健增长，并购整合持续推进 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 27616.61 | 30828.99 | 34374.43 | 38368.48 | | 增长率 | 11.63% | 11.63% | 11.50% | 11.62% | | 归属母公司净利润（百万元） | 3367.89 | 3752.89 | 4217.77 | 4723.25 | | 增长率 | 18.05% | 11.43% | 12.39% | 11.98% | | 每股收益 EPS（元） | 2.62 | 2.92 | 3.28 | 3.68 | | 净资产收益率 ROE | 14.96% | 13.38% | 13.06% | 12.76% ...

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8]. - The revenue for 2024 was $594.49 million, reflecting a decrease of 29.19% year-on-year, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a growth of 57.65% [2][8]. - The company is focusing on enhancing its life sciences services and products, with a projected revenue growth of 15% to 20% from 2025 to 2027 [8]. Financial Performance Summary - **Revenue**: - 2024: $594.49 million - 2025E: $937.21 million (growth of 57.65%) - 2026E: $829.90 million (decline of 11.45%) - 2027E: $981.93 million (growth of 18.32%) [2][9] - **Net Profit**: - 2024: $2.961 billion - 2025E: $309.95 million (decline of 89.54%) - 2026E: $130.72 million (decline of 57.82%) - 2027E: $208.01 million (growth of 59.12%) [2][9] - **Earnings Per Share (EPS)**: - 2024: $1.37 - 2025E: $0.14 - 2026E: $0.06 - 2027E: $0.10 [2][9] - **Return on Equity (ROE)**: - 2024: 68.54% - 2025E: 6.69% - 2026E: 2.75% - 2027E: 4.19% [2][9] Business Segment Performance - **Life Sciences Services and Products**: - 2024 revenue: $455 million (growth of 16%) - Expected to maintain stable pricing with projected growth rates of 15% to 20% from 2025 to 2027 [8][9]. - **Biologics Development Services**: - 2024 revenue: $95 million (decline of 13.2%) - Expected to recover with growth rates of 20% in 2025 and 10% in subsequent years [8][9]. - **Industrial Synthetic Biology Products**: - 2024 revenue: $53.7 million (growth of 25%) - Projected growth rates of 25% in 2025 and 18% in the following years [8][9]. Strategic Development - The company aims to invest in R&D for antibody drug development and AI drug development, enhancing operational efficiency and expanding global production capacity [7][8]. - It plans to strengthen its market presence in North America and Europe, focusing on customer relationships and expanding production capacity [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company is expected to experience a turning point in performance, with a significant increase in overseas revenue contributing to its growth [1][7]. - The company has achieved a notable increase in the sales of TOPCon solar cells, with a 12.62% year-on-year growth in sales volume, and over 90% of sales coming from N-type TOPCon cells, which saw a 50.6% increase [7]. - The establishment of a 10GW battery production capacity in Oman is anticipated to enhance the company's global competitiveness and profitability [7]. Financial Summary - The company's revenue for 2024 is projected at 99.5 billion yuan, a decrease of 46.66% year-on-year, with a net profit attributable to the parent company of -591.11 million yuan, reflecting a decline of 172.47% [2][7]. - For the years 2025 to 2027, the company is expected to recover, with net profits projected at 783.22 million yuan, 1.14 billion yuan, and 1.38 billion yuan respectively, indicating significant growth rates of 232.50%, 45.44%, and 21.27% [2][8]. - The average earnings per share (EPS) are forecasted to improve from -2.58 yuan in 2024 to 6.03 yuan by 2027 [2][8]. Revenue and Profitability Projections - The company's revenue is expected to grow from 99.5 billion yuan in 2024 to 184.3 billion yuan by 2027, with growth rates of 30.53%, 23.40%, and 14.97% in the following years [2][8]. - The gross margin for solar cells is projected to improve significantly, from 0.5% in 2024 to 12.5% by 2027 [8]. - The company anticipates a recovery in profitability due to improved pricing in the domestic supply chain and enhanced overseas market performance [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified for the next six months [1]. Core Views - The company has achieved rapid growth in performance, with three main business segments continuing to perform well [1][7]. - The tire mold business has seen significant revenue growth, driven by domestic tire companies expanding overseas and increasing demand for new energy vehicles and high-performance tires [7][8]. - The gas turbine market is experiencing strong demand, with global orders for gas turbines exceeding 50GW in 2024, reflecting a 15% year-on-year increase [7]. - The CNC machine tool business is expanding rapidly, with a projected revenue growth of 60% in 2025 [8]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 88.1 billion yuan, a year-on-year increase of 23.0%, and a net profit attributable to the parent company of 20.1 billion yuan, up 24.8% year-on-year [7]. - The fourth quarter of 2024 saw revenue of 24.5 billion yuan, a 31.3% year-on-year increase, and a net profit of 5.9 billion yuan, up 34.1% year-on-year [7]. Business Segments - Tire Mold Business: Revenue reached 46.5 billion yuan in 2024, growing 22.7% year-on-year, benefiting from the international expansion of domestic tire manufacturers [7][8]. - Large Component Machinery Products: Revenue of 33.3 billion yuan in 2024, a 20.3% increase, with strong demand in the gas turbine and wind power sectors [7]. - CNC Machine Tools: Revenue of 4.0 billion yuan in 2024, a 29.3% increase, with significant growth potential due to low domestic market penetration [7][8]. Profitability and Forecast - The company maintains strong profitability with a gross margin of 34.3% in 2024 and a net margin of 22.8% [7]. - Forecasts for net profit from 2025 to 2027 are 23.3 billion yuan, 26.4 billion yuan, and 29.3 billion yuan, respectively, with a compound annual growth rate of 13% [10][11].

2[Table_ReportInfo] 2025 年 03 月 17 日 证券研究报告•金融工程专题报告 量化配置研究系列六 基于产业链和交易结构的豆粕期货择时框架 风险提示 本报告结论完全基于公开的历史数据进行统计、测算，文中部分数据有一定滞 后性，同时存在第三方数据提供不准确风险；模型均基于历史数据得到的统计 结论且模型自身具有一定局限性并不能完全准确地刻画现实环境以及预测未 来；模型根据历史规律总结，历史规律可能失效；模型结论基于统计工具得到， 在极端情形下或存在解释力不足的风险，因此其结果仅做分析参考。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 联系人：缪金瑾 邮箱：mjj@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 豆粕分析框架：豆粕是大豆压榨豆油的副产物，主用于养殖饲料，三者行情通 常呈正相关。豆粕分析考虑四大方面：总供给、总需求、市场情绪和产业链。 其中供给是关键因素，豆粕供给 99.9%来源国内压榨，原料大豆 84%来源进口， 主要看巴西和美国。厄尔尼诺和拉尼娜 ...