Investment Rating - The report assigns an investment rating of "Buy" for the company, marking its first coverage [5][61]. Core Views - The company focuses on its core toll road business while exploring diversified layouts, which is expected to enhance its profitability and shareholder returns [7][10]. - The company has a strong position in the Jiangsu province's highway network, with significant contributions from its core asset, the Shanghai-Nanjing Expressway [10][38]. - The report anticipates steady growth in revenue and net profit, driven by the recovery of traffic demand and expansion of road assets [57][61]. Summary by Relevant Sections Basic Data - Closing price: 15.59 CNY - Total market capitalization: 78,538.48 million CNY - Total shares outstanding: 5,037.75 million shares - Debt-to-asset ratio: 44.67% [3][4]. Financial Forecast and Valuation - Projected revenue for 2025: 22,128 million CNY, with a year-on-year growth rate of -4.61% - Projected net profit for 2025: 5,211 million CNY, with a year-on-year growth rate of 5.33% - Price-to-earnings ratio (P/E) for 2025: 15.07 [6][8]. Investment Highlights - The company has a cumulative cash dividend of 246.85 billion CNY from 2014 to 2024, with a stable dividend per share of around 0.45 CNY [7][33]. - The company operates 19 toll road projects with approximately 1,000 kilometers of controlled or invested road mileage [14][38]. - The Shanghai-Nanjing Expressway contributes 55.22% of the total revenue from toll roads in 2024 [38]. Revenue Structure - Toll road revenue accounted for approximately 41.07% of total revenue in 2024, with construction period revenue from PPP projects contributing 46.84% [20][26]. - Investment income for 2024 is estimated at 17.80 billion CNY, representing 28.07% of operating profit [26][46]. Risk and Growth Drivers - The company is expected to benefit from the recovery of macroeconomic conditions and the expansion of its road network, which will drive traffic volume and revenue growth [9][57]. - The diversification into financial services, renewable energy, and real estate is anticipated to enhance profitability and sustainability [45][51].

证券分析师 证券研究报告 机械设备 | 通用设备 北交所|首次覆盖报告 hyzqdatemark 2025 年 04 月 17 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 月 | | | | | 年 | 04 | 日 | 16 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 18.88 | | | 一 年 内 低 | | 最 | 高 | / | 最 | | | | 26.00/6.84 | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 1,916.72 | | | 流通市值（百万元） | | | | | | | | | 777.90 | | | 总股本（百万股） | | | | | | | | | 101. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Views - The company is recognized as a leading domestic and globally known supplier of semiconductor testing equipment, focusing on analog and mixed-signal testing devices, and has successfully broken the monopoly of foreign manufacturers [7][10]. - The company is expected to see significant revenue and profit growth in 2024, driven by the recovery of the semiconductor industry and increased demand from markets such as AI, new energy vehicles, consumer electronics, and IoT [21][42]. - The introduction of the STS8600 testing system is anticipated to create a second growth curve for the company, enhancing its product offerings in the SoC testing segment [10][44]. Summary by Sections Company Overview - The company has over 30 years of experience in the semiconductor testing equipment industry and has established itself as a leader in the domestic market [14]. - It has a clear shareholding structure with experienced management, which is crucial for its strategic direction and operational efficiency [14]. Financial Performance - In 2024, the company achieved a revenue of 905 million yuan, a year-on-year increase of 31.05%, and a net profit of 334 million yuan, up 32.69% from the previous year [21][23]. - The testing system business generated 815 million yuan in revenue, reflecting a growth of 37.52%, and accounted for 90.02% of total revenue [23][25]. Market Outlook - The global semiconductor equipment sales are projected to reach a new high of 117.1 billion USD in 2024, with testing equipment sales expected to grow significantly due to rising demand from AI and high-bandwidth memory [33][39]. - The domestic market for semiconductor testing machines is anticipated to grow at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2027, indicating a robust demand for local manufacturers [40][42]. Growth Drivers - The company is focusing on expanding its product matrix in the analog, mixed-signal, and SoC testing equipment sectors, which are expected to drive future growth [16][44]. - The STS8300 testing system has gained significant market recognition, contributing to the company's increasing market share in the analog testing segment, projected to reach 36% in 2024 [43][44]. Profitability Forecast - The company forecasts net profits of 430 million yuan, 564 million yuan, and 721 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 28.76%, 31.14%, and 27.87% [5][52]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 46.77, 35.67, and 27.89, indicating a favorable valuation compared to peers [5][52].

证券研究报告 固收专题报告 hyzqdatemark 2025 年 04 月 17 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 纯债基金久期估算-区分利率与信用 ——基于 K-means 聚类算法和加权线性回归 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 久期是债券基金的核心风险指标，用于衡量投资组合对利率变动的敏感性。久期是 债券贴现现金流的加权平均到期时间，可以衡量债券价格对利率变动的敏感性，如 久期 5 年的债券在利率上升 1%时价格约下跌 5%。久期在市场中具有多重作用：一 是利率风险管理，通过调整久期对冲利率风险；二是优化投资组合，匹配资产与负 债久期以稳定净值；三是提升定价效率，为市场快速评估利率对债券估值的影响提 供依据。通过久期与凸性、信用评级等工具组合可构建多维风险评估框架，是平衡 收益与风险的关键工具。 我们基于债基净值回归法进行久期日频估算。主流的债基久期估算方法主要有三类： 一是基于重仓券的加权平均法，简单直观但存在低频和覆盖不足的缺陷；二是基于 利率敏感性的二阶泰勒展开法，数据权威但更新频 ...

证券研究报告 环保 | 环境治理 港股|公司点评报告 hyzqdatemark 2025 年 04 月 17 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com | 基本数据 | 2025 | 04 | 日 | 月 | 16 | 年 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 3.41 | | | | | 一年内最高/最低（港 | | | 4.14/3.01 | | | | | 元） | | | | | | | | 总市值（百万港元） | | | 20,947.55 | | | | | 流通市值（百万港元） | | | 20,947.55 | | | | | 资产负债率（%） | | | 64.30 | | | | | 资料来源：聚源数据 | | | | | | | 光大环境(00257.HK) ...

hyzqdatemark 2025 年 04 月 17 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 证券研究报告 交通运输 | 物流 非金融|公司点评报告 | 基本数据 | | 月 | | 年 | 04 | 16 | | 日 | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 48.53 | | | | | | 年 内 最 低 | 最 | | 高 | | | | | | / | 一 | | | （元） | | | | | | 72.95/41.28 | | | | | | | 总市值（百万元） | | | | | ...

证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 16 日 证券分析师 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 1,237 | 1,515 | 1,654 | 2,130 | 2,529 | | 同比增长率（%） | 57.66% | 22.43% | 9.19% | 28.81% | 18.71% | | 归母净利润（百万元） | 252 | 350 | 389 | 493 | 586 | | 同比增长率（%） | 22.28% | 38.95% | 11.10% | 26.64% | 18.94% | | 每股收益（元/股） | 0.90 | 1.25 | 1.39 | 1.76 | 2.09 | | ROE（%） | 11.43% | 13.76% | 13.44% | 14.77% | 15.18% | | 市盈率（P/E） | 15.85 | ...

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 16 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | | 年 | 04 | 月 15 | | | | 2025 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 41.14 | | | | 一 年 内 高 低 | 最 | | | | 最 | / | | | | | 总市值（百万元） | | | | | | | 5,540.13 | | | | 流通市值（百万元） | | | | | | | 5,540.13 | | | | 总股本（百万股） | | | | | | | 134.67 | | | | 资产负债率（%） | | | | | | | 21.06 | | | | 每股净资 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company's performance meets expectations, with distributed power forecasting and the electricity trading market opening up significant growth opportunities [5][7] - The company achieved a revenue of 550 million RMB in 2024, representing a year-on-year growth of 20.5%, and a net profit of 94 million RMB, with a year-on-year increase of 11.1% [7] - The revenue from power forecasting products steadily increased, with a gross margin of 69.3%, and the number of customers reached 4,345 by the end of 2024 [7] - The company’s revenue from grid connection control systems grew by 28% year-on-year, driven by record new installations of wind and solar power in 2024 [7] - Innovative businesses such as electricity trading and virtual power plants are being actively developed, with a revenue growth of 24% year-on-year [7] Financial Summary - The company forecasts revenues of 784 million RMB in 2025, with a year-on-year growth rate of 42.54% [6] - The projected net profit for 2025 is 143 million RMB, reflecting a year-on-year growth of 52.91% [6] - The earnings per share (EPS) is expected to be 1.43 RMB in 2025, with a price-to-earnings (P/E) ratio of 41.51 [6][8] - The return on equity (ROE) is projected to increase to 11.07% in 2025 [6][8]

投资评级：看好（维持） 证券研究报告|行业专题报告 环保 2025年4月16日 算力与电力协同，商业模式变革带来价值重估 ——IDC供电模式梳理 证券分析师： 刘晓宁 S1350523120003 查浩 S1350524060004 蔡思 S1350524070005 请务必仔细阅读正文之后的评级说明和重要声明 主要内容 1. 智算引领算力激增，算力电力有待协同 2. IDC供电探索多种模式，绿电直供/源网荷储新政提供支持 3. 垃圾焚烧：IDC直供带来企业价值重估 4. 绿电企业：绿电直供算力，电价/利用小时数更稳定 5. 风险提示 1.1 智算引领算力需求激增，算力的尽头是电力 ◼ 智算负载显著拉高算力需求，集约化发展下，数据中心向高功率密度方向发展 我国算力规模 以英伟达为例：单卡功率持续提升 资料来源：中国信通院，热传智能制造，华源证券研究所 注：EFlops是 "ExaFLOPS" 的缩写，中文名为 "艾弗洛普斯"，是衡量算力的一种单位。1EFlops 表示每秒可进行 10 的 18 次方次浮点运算 • 随着以ChatGpt、DeepSeek等为代表的大模型广泛应用，AI算力需求激增。根据中国信通院 ...