医药生物 2025 年 04 月 26 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-04 2024-08 2024-12 医药生物 沪深300 相关研究报告 《Bima 联合司美的数据将在 ADA 大 会读出，减重进入高质量时代—行业 周报》-2025.4.20 《推荐科研服务板块国产替代的机会 —行业周报》-2025.4.13 《关注优化药品集采下的投资机会— 行业周报》-2025.4.6 Orforglipron 产业链被低估，国内相关公司有望长周 期受益 ——行业点评报告 | 余汝意（分析师） | 汪晋（联系人） | | --- | --- | | yuruyi@kysec.cn | wangjin3@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790123050021 | wangjin3@kysec.cn 证书编号：S0790123050021 目前，已经上市的 GLP-1 受体激动剂仅为结构较为复杂的多肽，在小分子药物 设计开发中，为保证药效药物研发人员设计开发出来的 Orforglip ...

《利差保持高位，转债转股扩充资本 金夯实增长基础—江苏金租 2024年三 季报点评》-2024.10.29 《转债强赎靴子落地，关注左侧布局 机会—公司信息更新报告》-2024.9.8 《多细分设备领域创收高增，净利差 环比扩张—江苏金租 2024 年中报点 评》-2024.8.17 非银金融/多元金融 江苏金租（600901.SH） 一季报营收超预期，利差和规模投放表现亮眼 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 5.21 | | 一年最高最低(元) | 5.92/4.20 | | 总市值(亿元) | 301.78 | | 流通市值(亿元) | 301.66 | | 总股本(亿股) | 57.92 | | 流通股本(亿股) | 57.90 | | 近 3 个月换手率(%) | 39.1 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-04 2024-08 2024-12 江苏金租 沪深300 相关研究报告 ——江苏金租 2024 年报及 2025 一季报点评 ...

2025 年 04 月 26 日 宏观研究团队 低估增量政策的四大误区——4 月政治局会议学习 ——看多中国系列之三 何宁（分析师） hening@kysec.cn 证书编号：S0790522110002 会议指出"统筹国内经济工作和国际经贸斗争"，明确这是现在的宏观主线。总 体而言，中美谈判的前提是：(1)美国需要遵守世贸规则。会议指出"积极维护 多边主义，反对单边霸凌行径"。商务部 4 月 11 日指出美方关税措施"严重违 反世贸规则"，中方"坚定捍卫多边贸易体制"；(2)美方需要取消关税。4 月 24 日商务部表示"如果美方真想解决问题，就应该彻底取消所有对华单边关税 措施"。4 月 25 日外交部指出"中美双方并没有就关税问题进行磋商或谈判"， 指向中美谈判难有明确的时间表，因此会议指出"坚定不移办好自己的事"。 误区 2：一季度经济很好，增量政策不着急，可以等数据下滑之后再出台对冲 政策——我们认为：外部压力下政策逻辑可能发生变化，政策发力节奏有望 靠前，只有"以我为主"扩大内需才能牢牢掌握主动权 会议肯定"经济呈现向好态势，社会信心持续提振"，因此市场认为增量政策将 延缓出台。我们认为 Q1 经济 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][6] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - The company’s revenue and profit forecasts for 2025-2027 are adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The earnings per share (EPS) for 2025-2027 are projected to be 0.45 yuan, 0.57 yuan, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 15.7, and 13.1 [5][7] - The gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements to 16.39% and 7.75% [6][7] Product Performance - The company is focusing on high-value-added products, with significant revenue growth in optical films, polypropylene films, and high-speed electronic resins in Q1 2025 [6][5] - The management restructuring at Shandong Aiment has shown initial positive results, with a reduction in losses by nearly 8 million yuan in Q1 [6][5] Market Context - The overall market for epoxy resin and photovoltaic backsheet films is facing intensified competition, impacting the company's performance and profitability [5][6] - The company plans to invest in a new project for 20,000 tons of high-speed communication substrate electronic materials, indicating a strategic move towards expanding its product offerings [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][7] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The company's gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year [6][7] - The company is expected to see a recovery in profitability with the release of high-value-added products such as optical films and high-frequency resins [5][6] Product Performance - In Q1 2025, the sales revenue for optical films, polypropylene films, and high-speed electronic resins increased significantly, with year-on-year growth rates of 43%, 37%, and 129% respectively [6][7] - The company plans to invest in a new project for high-speed communication substrate materials, which is expected to enhance its product offerings [4][5]

基础化工/化学纤维 新凤鸣（603225.SH） 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 10.75 | | 一年最高最低(元) | 16.29/9.53 | | 总市值(亿元) | 163.91 | | 流通市值(亿元) | 162.52 | | 总股本(亿股) | 15.25 | | 流通股本(亿股) | 15.12 | | 近 3 个月换手率(%) | 44.8 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 新凤鸣 沪深300 相关研究报告 《库存损失有所拖累，Q3 业绩环比承 压—公司信息更新报告》-2024.10.29 《Q2 业绩环比增长，看好金九银十长 丝盈利迎来修复—公司信息更新报 告》-2024.8.29 风险提示：油价大幅波动、下游需求疲软、产能投放不及预期、其他风险详见 第三页标注。1 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | -- ...

Investment Rating - The investment rating for Changbai Mountain is maintained at "Buy" [1] Core Views - The company experienced a revenue growth of 19.8% year-on-year in 2024, with a total revenue of 743 million yuan and a net profit of 144 million yuan, reflecting a 4.5% increase year-on-year [5] - In Q1 2025, the company reported a revenue of 129 million yuan, a slight increase of 0.7% year-on-year, but the net profit dropped by 58.9% year-on-year to 4 million yuan due to various cost pressures [5] - The company is actively expanding transportation capacity in anticipation of the peak ice and snow season, although actual visitor numbers were affected by adverse weather conditions [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted downwards, with expected figures of 186 million yuan, 218 million yuan, and 263 million yuan respectively, indicating a year-on-year growth of 29.2%, 16.9%, and 20.7% [5] Financial Summary - The company’s total revenue is projected to reach 829 million yuan in 2025, with a year-on-year growth of 11.6% [7] - The gross profit margin is expected to be 42.3% in 2025, slightly improving from 41.7% in 2024 [7] - The earnings per share (EPS) for 2025 is estimated at 0.70 yuan, with a price-to-earnings (P/E) ratio of 46.9 times [7] - The company’s total assets are projected to grow to 1,637 million yuan by 2025, with a total liability of 289 million yuan [9]

基础化工/橡胶 丰茂股份（301459.SZ） 橡胶件隐形冠军，传动系统综合供应商 2025 年 04 月 25 日 投资评级：买入（首次） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 47.86 | | 一年最高最低(元) | 73.98/31.16 | | 总市值(亿元) | 38.29 | | 流通市值(亿元) | 9.57 | | 总股本(亿股) | 0.80 | | 流通股本(亿股) | 0.20 | | 近 3 个月换手率(%) | 796.6 | 股价走势图 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 丰茂股份 沪深300 数据来源：聚源 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 国家级专精特新重点"小巨人"企业，精密橡胶件隐形冠军 丰茂股份是精密橡胶零部件国家级专精特新重点"小巨人"企业，乘用车多楔带 荣获 2022 年国家制造业单项冠军产品称号 ...

基础化工/橡胶 丰茂股份（301459.SZ） 橡胶件隐形冠军，传动系统综合供应商 2025 年 04 月 25 日 投资评级：买入（首次） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 47.86 | | 一年最高最低(元) | 73.98/31.16 | | 总市值(亿元) | 38.29 | | 流通市值(亿元) | 9.57 | | 总股本(亿股) | 0.80 | | 流通股本(亿股) | 0.20 | | 近 3 个月换手率(%) | 796.6 | 股价走势图 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 丰茂股份 沪深300 数据来源：聚源 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 国家级专精特新重点"小巨人"企业，精密橡胶件隐形冠军 丰茂股份是精密橡胶零部件国家级专精特新重点"小巨人"企业，乘用车多楔带 荣获 2022 年国家制造业单项冠军产品称号 ...