中烟香港 [Table_StockNameRptType] （6055.HK） 公司点评 各业务稳步推进，持续拓展卷烟出口业务 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-08 | | [Table_BaseData] 收盘价（港元） | 21.20 | | --- | --- | | 近 12 个月最高/最低（港元）29.55/10.00 | | | 总股本（百万股） | 692 | | 流通股本（百万股） | 692 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 147 | | 流通市值（亿港元） | 147 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1）随着卷烟出口业务的扩张，2025 年 4 月 3 日，公 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced short-term fluctuations in clinical business, while SMO and statistical services continued to grow steadily [6][7] - In 2024, the company achieved operating revenue of 744 million yuan, a year-on-year increase of 3.14%, and a net profit attributable to the parent company of 140 million yuan, a year-on-year decrease of 13.73% [5][6] - The company is expected to achieve operating revenues of 782 million yuan, 873 million yuan, and 972 million yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.1%, 11.7%, and 11.3% [8] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 182 million yuan, a year-on-year decrease of 7.44%, while net profit increased by 52.16% to 56 million yuan due to the reversal of share-based payment expenses [5][6] - The clinical trial operation segment generated revenue of 320 million yuan, down 9.74%, with a gross margin of 29.98% [6] - The SMO service segment reported revenue of 205 million yuan, up 10.19%, with a gross margin of 30.21% [6] - The statistical services segment achieved revenue of 101 million yuan, up 26.35%, with a gross margin of 49.06% [7] - The biological sample testing business saw revenue of 64 million yuan, up 74.09%, with a gross margin of 52.90% [6] - The clinical trial consulting business generated revenue of 23 million yuan, down 20.56%, with a gross margin of 49.96% [6] - The clinical pharmacology segment reported revenue of 32 million yuan, down 10.74%, with a gross margin of 73.66% [6] Business Outlook - The company is actively expanding its overseas business, with revenue from overseas clients reaching 79 million yuan, a year-on-year increase of 69.04% [7] - The domestic client revenue was 665 million yuan, a year-on-year decrease of 1.45% [7] - The company anticipates a recovery in industry demand driven by the implementation of innovative drug support policies [6] Valuation Metrics - The total market capitalization is 5.4 billion yuan, with a circulating market value of 3.2 billion yuan [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.56 yuan, 1.81 yuan, and 2.07 yuan, respectively [11] - The price-to-earnings (P/E) ratio is projected to be 35.84 for 2025, decreasing to 26.98 by 2027 [11]

[Table_StockNameRptType] 诺思格（301333） 临床业务短期波动，SMO 与数统业务持续增长 公司点评 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-07 | | [Table_BaseData] 收盘价（元） | 55.96 | | 近 12 个月最高/最低（元） | 73.08/33.05 | | 总股本（百万股） | 97 | | 流通股本（百万股） | 57 | | 流通股比例（%） | 59.17 | [Table_CompanyReport] 相关报告 1.【华安医药】诺思格深度报告：临 床 CRO 领先企业，稳步提升运营效率 2024-12-02 主要观点： [公司价格与沪深 Table_Chart] 300 走势比较 -49% -28% -6% 16% 37% 4/24 7/24 10/24 1/25 诺思格 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：杨馥瑗 执业证书号：S00105240 ...

[Table_StockNameRptType] 柳工（000528） 公司点评 盈利端高增，看好公司多元化与国际化发展 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-07 | | 570 收盘价（元） | 11.27 | | 近 12 个月最高/最低（元） | 13.71/8.34 | | 总股本（百万股） | 2019.24 | | 流通股本（百万股） | 2018.45 | | 流通股比例（%） | 99.96 | | 总市值（亿元） | 227.57 | | 流通市值（亿元） | 227.48 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 柳 工 沪深300 主要观点： ⚫[Table_Summary] 公司发布 2024 年年报 公司发布2024年年报，2024年全年实现营业收入300.63亿元，同比增长9.24%； 实现归母净利润 13.27 亿元，同比增长 52.92%；加权平均净资产收益率为 7.93%，较 202 ...

[Table_StockNameRptType] 圣泉集团（605589） 公司点评 合成树脂产销提升，电子及电池材料持续放量 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-07 | | 160.00 收盘价（元） 01e_BaseData] | 27.26 | | 近 12 个月最高/最低（元） | 30.49/17.33 | | 总股本（百万股） | 846 | | 流通股本（百万股） | 779 | | 流通股比例（%） | 91.98 | | 总市值（亿元） | 231 | | 流通市值（亿元） | 212 | [Table_Chart] 公司价格与沪深 300 走势比较 -20% 0% 20% 40% 60% 80% 4/2 6/2 8/2 10/2 12/2 2/2 4/2 圣泉集团 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：138 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 10.02 billion yuan in 2024, a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 0.868 billion yuan, up 9.94% year-on-year [4][5] - The sales volume of synthetic resin products increased by 8.85% year-on-year, with key products such as phenolic resin and casting resin showing significant growth [6] - The company is expanding its new materials business, particularly in electronic and battery materials, driven by strong demand from emerging sectors like AI servers and 5G [7][8] - The company expects a substantial increase in net profit for Q1 2025, projecting between 200 million to 215 million yuan, representing a year-on-year growth of 45.58% to 56.49% [5] Financial Performance - In 2024, the company reported a revenue of 10.02 billion yuan and a net profit of 0.868 billion yuan, with a gross margin of 23.6% [10] - The projected net profits for 2025, 2026, and 2027 are 1.342 billion, 1.773 billion, and 2.043 billion yuan respectively, with corresponding P/E ratios of 17.20, 13.02, and 11.30 [9][10] - The company’s operating income is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2025 to 2027 [10] Product Development and Market Position - The company has successfully commercialized new products, including nuclear-grade resins and specialized resins for the aerospace sector [6] - The production lines for porous carbon and PPO resin have been established, meeting the high-performance requirements of advanced electronic applications [7][8] - The company is positioned as a leading player in the synthetic resin industry, with a focus on high-value-added products [6][7]

恒帅股份（ [Table_StockNameRptType] 300969） 公司点评 清洗业务有所承压，ADAS 清洗及电机业务有序推进 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-04-07 | | | [Table_BaseData] 收盘价（元） | 82.39 | | 近 12 个月最高/最低（元） 108.00/48.83 | | [公司价格与沪深 Table_Chart] 300 走势比较 -47% -24% -1% 22% 45% 4/24 7/24 10/24 1/25 恒帅股份 沪深300 [Table_Author] 分析师：姜肖伟 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangxiaowei@hazq.com 分析师：陈飞宇 执业证书号：S0010525020001 电话：19842726967 邮箱：chenfeiyu@hazq.com [Table_CompanyReport] 相关报告 1.恒帅股份：Q3 传统清洗营收承压， 智能清洗逐步展现潜力 2024-11-01 ...

恒帅股份（ [Table_StockNameRptType] 300969） 公司点评 清洗业务有所承压，ADAS 清洗及电机业务有序推进 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-04-07 | | | [Table_BaseData] 收盘价（元） | 82.39 | | 近 12 个月最高/最低（元） 108.00/48.83 | | [Table_Author] 分析师：姜肖伟 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangxiaowei@hazq.com 分析师：陈飞宇 执业证书号：S0010525020001 电话：19842726967 邮箱：chenfeiyu@hazq.com [Table_CompanyReport] 相关报告 1.恒帅股份：Q3 传统清洗营收承压， 智能清洗逐步展现潜力 2024-11-01 2.Q2 盈利能力稳步上行，智能清洗迎 来拐点 2024-08-30 3.2023 及 24Q1 点评： 盈利水平持 续向上,业务逐步扩张 2024-05-06 主要观 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve rapid growth in 2024, with projected revenue of approximately 13.34 billion yuan, representing a year-on-year increase of about 49.26%. The net profit attributable to shareholders is expected to be around 2.59 billion yuan, reflecting a year-on-year growth of approximately 71.05% [4][5] - The PCB business is anticipated to generate revenue of about 12.84 billion yuan in 2024, with a year-on-year growth of approximately 49.78%. The gross margin for the PCB business is expected to rise to about 35.85%, an increase of approximately 3.56 percentage points year-on-year [4][5] Summary by Sections Company Overview - The company is a leading player in the enterprise communication board market, benefiting from the recovery in consumer electronics and the strong demand driven by artificial intelligence, high-speed networks, and automotive intelligence [5] Financial Performance - In 2024, the enterprise communication market board is projected to achieve revenue of approximately 10.09 billion yuan, a significant year-on-year increase of about 71.94%. The gross margin for this segment is expected to improve by 4.09 percentage points year-on-year [5] - The automotive board business is expected to generate revenue of about 2.41 billion yuan in 2024, with a year-on-year growth of approximately 11.61%. However, the gross margin for this segment is anticipated to decrease by about 1.20 percentage points due to price competition and fluctuations in raw material prices [7] Market Trends - The demand for automotive PCBs is being driven by the increasing penetration of electric vehicles, with the average PCB value in pure electric vehicles being approximately 5 to 6 times that of traditional fuel vehicles [8][9] - The company is focusing on optimizing its capacity structure, product structure, and customer structure to align with the dynamic long-term market demand [5] Future Projections - Revenue projections for the company from 2025 to 2027 are estimated to be 15.77 billion yuan, 19.18 billion yuan, and 22.15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 3.32 billion yuan, 4.25 billion yuan, and 4.92 billion yuan for the same period [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.618 billion yuan for 2024, representing a year-on-year growth of 44.48%, and a net profit attributable to shareholders of 1.444 billion yuan, up 35.48% year-on-year. This growth is attributed to the ongoing recovery in the global semiconductor industry, particularly strong demand in mainland China, and the company's ability to leverage its technological advantages to secure a robust order backlog [4][5] - The company is transitioning from a cleaning equipment provider to a platform-based semiconductor equipment company, with a market share of 23% in the Chinese cleaning equipment market and a global market share of 6.6%, ranking fifth [5][6] - The company is committed to continuous R&D investment, enhancing its core technologies, and expanding its product portfolio, which includes semiconductor cleaning, plating, and advanced packaging equipment [6][7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 6.729 billion, 8.258 billion, and 9.206 billion yuan, respectively, with net profits of 1.496 billion, 1.752 billion, and 1.924 billion yuan [8][10] - The projected EPS for 2025, 2026, and 2027 is 3.39 yuan, 3.97 yuan, and 4.36 yuan, with corresponding P/E ratios of 31, 26, and 24 times [8][10] - Key financial metrics for 2024 include a gross margin of 48.9% and a return on equity (ROE) of 15% [10][12]