Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company is a leading player in the domestic vascular intervention and electrophysiology sectors, with a well-established product pipeline and continuous new product approvals. Benefiting from the high growth potential in the domestic electrophysiology and vascular intervention markets, the company is expected to maintain rapid growth amid the wave of domestic substitution [2][4] - The company achieved a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.2%, and a net profit of 673 million yuan, up 26.1% year-on-year. For Q1 2025, the company reported a revenue of 564 million yuan, a 23.9% increase, and a net profit of 183 million yuan, growing by 30.7% year-on-year [8][18] - The company’s gross margin for 2024 is projected at 72.3%, with a net margin of 31.9%, indicating stable profit margin improvements [14][18] Financial Performance - The company’s revenue and profit growth rates are expected to remain robust, with projected revenues of 2.663 billion yuan, 3.423 billion yuan, and 4.401 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 28.9%, 28.5%, and 28.5% [2][3] - The company’s net profit is forecasted to reach 876 million yuan, 1.134 billion yuan, and 1.473 billion yuan for the same years, with growth rates of 30.2%, 29.4%, and 29.9% [2][3] Market Expansion - The company has successfully expanded its market presence, with over 200 new hospitals adopting its electrophysiology products in 2024, covering more than 1,360 hospitals. The number of three-dimensional electrophysiology surgeries performed exceeded 15,000, marking a 50% increase year-on-year [25][59] - The company’s entry into the atrial fibrillation treatment market was marked by the approval of its AForcePlus catheter in December 2024, signifying a new era for its electrophysiology business [25][27] Product Pipeline - The company has a comprehensive product pipeline in the electrophysiology and vascular intervention fields, with multiple key products approved for market entry in 2024, enhancing its competitive position [27][37] - The company’s three-dimensional electrophysiology mapping system, HT Viewer, integrates various functionalities to improve operational efficiency and surgical outcomes [60][61] Industry Context - The domestic electrophysiology market is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 20.3% from 2021 to 2032, driven by an increasing patient population and the adoption of electrophysiology surgeries [45][56] - The company is well-positioned to capitalize on the domestic substitution trend in the electrophysiology market, which is currently dominated by foreign manufacturers [56][58]

特锐德（300001.SZ） 优于大市 充电网业务快速增长，电力设备盈利能力显著提升 证券研究报告 | 2025年04月24日 公司 2024 年实现归母净利润 9.17 亿元，同比+87%。最新会计准则口径下， 2024 年公司实现营收 153.74 亿元，同比+21%；实现归母净利润 9.17 亿元， 同比+87%；实现扣非归母净利润 7.64 亿元，同比+89%。公司 2024 年毛利率 为 25.92%，同比-0.32pct；净利率为 6.11%，同比+2.50pct。2024Q4 公司实 现营收 64.77 亿元，环比+83%；实现归母净利润 4.70 亿元，环比+86%；实 现扣非归母净利润 3.79 亿元，环比+68%。 公司电动汽车充电网业务实现快速增长。公司 2024 年电动汽车充电网业务 实现营收 48.90 亿元，同比+18%；实现归母净利润 2.08 亿元，同比+72%。 2024 年公司充电量突破 130 亿度，同比+40%。截至 2024 年末公司运营公共 充电桩数量达到 70.9 万个，稳居行业首位。公司持续加大充电网生态合作， 扩大产业协同。截至 2024 年底，公司在全国范围 ...

证券研究报告 | 2025年04月24日 政府债务周度观察 特别国债开启发行 核心观点 固定收益周报 国债净融资+新增地方债发行第 16 周（4/14-4/20）4333 亿，第 17 周 （4/21-4/27）-1468 亿。截至第 16 周（4/14-4/20）广义赤字累计 3.3 万亿，进度 27.6%。 政府债净融资第 16 周（4/14-4/20）5027 亿，第 17 周（4/21-4/27）-593 亿。截至第 16 周（4/14-4/20）累计 4.8 万亿，超出去年同期 3.3 万亿。 | 证券分析师：董德志 | 联系人：王奕群 | | --- | --- | | 021-60933158 | | | dongdz@guosen.com.cn | wangyiqun1@guosen.com.cn | | S0980513100001 | | 国债第 16 周（4/14-4/20）净融资 3800 亿，第 17 周（4/21-4/27）-2218 亿。截至第 16 周（4/14-4/20）累计 1.9 万亿，进度 28.8%。特别国债 本周开始发行，4 月 24 日发行特别 2860 亿，其中 ...

证券研究报告 | 2025年04月24日 医药生物周报（25 年第 16 周） 优于大市 映恩生物完成港股 IPO，继续推荐关注具备全球潜力的创新药标的 本周医药板块表现弱于整体市场。本周全部 A 股上涨 0.96%（总市值加权 平均），沪深 300 上涨 0.59%，中小板指下跌 1.15%，创业板指下跌 0.64%，生物医药板块整体下跌 0.36%，生物医药板块表现弱于整体市 场。分子板块来看，化学制药上涨 0.52%，生物制品下跌 2.20%，医疗 服务下跌 0.65%，医疗器械下跌 1.16%，中药上涨 0.60%。医药生物市 盈率（TTM）29.56x，处于近 5 年历史估值的 53.73%分位数。 映恩生物完成港股 IPO。映恩生物成立于 2019 年 7 月，为 ADC 领域的全 球领先企业，致力于研发针对癌症和自身免疫性疾病的新一代 ADC 创新 药。公司利用自有的 ADC 技术平台，现已开发 12 款自研管线，布局肿 瘤、自免适应症领域，多款药物获得 FDA 突破性疗法认定、快速通道认 定和孤儿药认定，以及 CDE 突破性疗法认定。其中，7 款临床阶段的 ADC 候选药物，在多个适应症中具备 ...

Investment Rating - The investment rating for the company is maintained at "Outperform the Market" [3][5][20] Core Views - The company reported a revenue of 13.75 billion yuan for 2024, a year-on-year decrease of 10.19%, but achieved a net profit of 272 million yuan, marking a return to profitability [1][9] - The significant recovery in operating performance in Q1 2025 is attributed to the rapid rebound in prices of petroleum coke and prebaked anodes, which boosted the unit profit of prebaked anodes [1][9] - The company is expected to benefit from the domestic "North Aluminum South Move" strategy, leading to rapid capacity expansion and a gradual start in overseas market layout [3][20] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are 18.594 billion, 20.513 billion, and 23.938 billion yuan, with year-on-year growth rates of 35.2%, 10.3%, and 16.7% respectively [3][20] - Net profit forecasts for the same period are 1.045 billion, 1.204 billion, and 1.446 billion yuan, with year-on-year growth rates of 283.5%, 15.2%, and 20.2% respectively [3][20] Production Capacity and Sales Data - In 2024, the company added 640,000 tons of prebaked anode capacity, bringing the total capacity to 3.46 million tons [2][11] - The total production of prebaked anodes in 2024 is expected to be 3.2645 million tons, a year-on-year increase of 10.25%, with sales of 3.3169 million tons, a year-on-year increase of 11.35% [2][11] Project Development - New project developments are progressing steadily, including a 600,000-ton prebaked anode project in Guangxi and a 320,000-ton project in Jiangsu, both expected to be operational by the end of 2025 [2][19] - The company is also making progress on a joint venture project with Emirates Global Aluminium (EGA) and has signed a sales framework agreement with three subsidiaries of Alcoa in the U.S. for the supply of approximately 240,000 tons of prebaked anodes in 2025 [2][19]

证券研究报告 | 2025年04月24日 铜陵有色（000630.SZ） 优于大市 铜冶炼成本竞争力强，米拉多二期即将投产 2024 年归母净利润同比增长 4%。2024 全年实现营收 1455 亿元（+5.9%）， 归母净利润 28.1 亿元（+4.1%），扣非归母净利润 26.9 亿元（+43.9%）， 经营性净现金流 15.4 亿元（-74.1%），现金流下降主因公司新建冶炼产能 即将投产，原料存货增加。2024Q4 单季营收 392 亿元（同比+12.5%），归母 净利润 0.79 亿元（同比-36.1%，环比-85.7%）。2024Q4 毛利润环比增 3.1 亿元，管理费用环比+2.9 亿元，财务费用+2 亿元，研发费用+1 亿元，并计 提 4.4 亿元资产减值，使得 2024Q4 归母净利润环比大幅下降。 投资建议：维持 "优于大市"评级 参照年初以来主要有色金属价格走势，假定 2025-2027 年国内阴极铜现货年 均价均为 77000 元/吨，铜精矿加工费均为 21.25 美元/吨。预计公司 2025-2027 年归母净利润分别为 28.85/43.97/45.61 亿元, 同比增速 2.7/ ...

证券研究报告 | 2025年04月24日 | 晨会纪要 | | --- | | 数据日期:2025-04-23 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3296.35 | 9935.79 | 3786.88 | 11022.10 | 2696.27 | 1012.64 | | 涨跌幅度（%） | -0.10 | 0.66 | 0.07 | 0.76 | 1.37 | -0.35 | | 成交金额（亿元） | 4862.09 | 7435.05 | 2471.17 | 2654.95 | 3464.60 | 230.97 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 行业与公司 食品饮料行业专题:食品饮料行业 2025 年一季度基金持仓分析-白酒板 块基金持仓比例回升，大众品略有减配 机械行业周报:制造成长周报（第 1 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][17]. Core Views - The company achieved significant growth in 2024, with revenue reaching 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% year-on-year [7][11]. - The metal soft magnetic core business saw a revenue increase of 20.2% to 1.234 billion yuan, while the inductor component business experienced a remarkable growth of 275.76%, reaching 386 million yuan [2][11][13]. - The company is expanding its production capacity, with plans for a new production base in Huizhou for high-end integrated inductors, funded by a 300 million yuan stock issuance [2][14]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 436 million yuan, a year-on-year increase of 43.28%, and a net profit of 89 million yuan, up 33.38% year-on-year [7][11]. - For Q1 2025, revenue was 383 million yuan, a 14.40% increase year-on-year, with a net profit of 74 million yuan, up 3.13% year-on-year [7][11]. Business Segments - The metal soft magnetic powder business generated approximately 39.94 million yuan in revenue, reflecting a 47.31% year-on-year growth, with plans for a new production base to achieve an annual capacity of 6,000 tons by 2025 [2][11][14]. - The company’s product system and revenue structure have been further improved, mitigating the impact of cyclical fluctuations in downstream industries on overall performance [14]. Research and Development - The company invested approximately 117 million yuan in R&D in 2024, a 56.78% increase year-on-year, representing 7.04% of total revenue [3][15]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 57.68 million yuan, which is 15.35% of the net profit for 2024 [3][15]. Financial Projections - Revenue projections for 2025-2027 are estimated at 2.08 billion yuan, 2.61 billion yuan, and 3.15 billion yuan, with year-on-year growth rates of 25.1%, 25.6%, and 20.6% respectively [4][17]. - Net profit projections for the same period are 465 million yuan, 585 million yuan, and 707 million yuan, with growth rates of 23.7%, 25.9%, and 20.8% respectively [4][17].

Investment Rating - The food and beverage industry maintains an "Outperform" rating, with a current holding ratio of 8.1% [1][5][4]. Core Views - The report indicates that the white liquor sector's fund holding ratio has increased, while the consumer goods sector has seen a slight reduction in allocation [2][3]. - The overall fund holding ratio for the food and beverage industry has decreased by 0.26 percentage points from the previous quarter, but it remains the fourth highest among the Shenwan first-level industries [1][11]. - The white liquor sector continues to lead in fund holding ratios, with a current ratio of 6.57% and an increased overweight ratio of 2.86% [2][16]. Summary by Sections Fund Holdings Analysis - In Q1 2025, the food and beverage industry has a fund holding ratio of 8.1%, down 0.26 percentage points from Q4 2024, with an overweight ratio of 2.71% [1][11]. - The white liquor sector's fund holding ratio increased by 0.11 percentage points to 6.57%, while the consumer goods sector saw a decrease in fund holdings across various categories [2][16]. Subsector Performance - The white liquor sector's overweight ratio has expanded, while the consumer goods sector has experienced a reduction in fund holdings, particularly in beer, condiments, dairy, soft drinks, and snacks [2][16]. - Specific increases in fund holdings were noted for Shanxi Fenjiu and Luzhou Laojiao, while reductions were observed for Kweichow Moutai and Wuliangye [3][32]. Individual Stock Recommendations - The report recommends increasing allocations to Shanxi Fenjiu and Luzhou Laojiao, while reducing allocations to Kweichow Moutai and Wuliangye [3][32]. - The top ten stocks by fund holdings in the food and beverage sector include Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, with notable changes in their respective holding ratios [33][36]. Investment Suggestions - The report suggests that demand in the white liquor sector is still stabilizing, with companies focusing on the consumer end and emphasizes the importance of Q1 earnings reports [38][39]. - For consumer goods, the report highlights a recovery in demand and suggests monitoring the upcoming earnings reports for further insights [39].

Investment Rating - The investment rating for Huangshan Tourism (600054.SH) is "Outperform the Market" [6][4][18] Core Views - The overall performance in 2024 is under pressure, but Q4 shows a year-on-year increase. The company plans to distribute a cash dividend of 1.72 yuan per 10 shares, with a dividend payout ratio of 39.83%, up by 3.78 percentage points year-on-year [1][9] - The effective ticket purchasing flow has declined, with the main scenic area and cable car business being the core profit contributors. Other new scenic areas and businesses are still a drag on performance [2][11] - The company is focusing on expanding capacity on the mountain and integrating resources at the base, with a significant increase in visitor numbers expected in early 2025 [3][17] Financial Performance Summary - In 2024, the company expects total revenue of 1.931 billion yuan, a slight increase of 0.09% year-on-year. The net profit attributable to shareholders is projected to be 315 million yuan, a decrease of 25.51% year-on-year [1][5] - The number of visitors to the Huangshan scenic area is expected to reach 4.9224 million in 2024, a year-on-year increase of 7.60%, while the revenue from scenic area operations is projected to decline by 9.22% to 240 million yuan [2][11] - The cable car business is expected to generate 718 million yuan in revenue, a year-on-year increase of 2.55%, with a gross margin of 87.56% [2][11] Future Outlook - The company anticipates a significant increase in visitor numbers in early 2025, with a 36% growth in the Huangshan scenic area expected in January and February [3][17] - The development of East Huangshan and the renovation of the Beihai Hotel are expected to alleviate capacity constraints and enhance visitor experience [3][17] - The company maintains its "Outperform the Market" rating, citing the potential for growth through resource integration and the development of new business lines [4][18]