证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 02 日 | 基本数据 | | 2025 | | 年 04 | | | 日 | 月 02 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 100.35 | | | | | | | 年 内 最 高 最 低 | / | | 131.50/58.18 | | | 一 | | | | （元） | | | | | ...

Investment Rating - The investment rating for China General Nuclear Power Corporation is "Buy" (maintained) [4] Core Views - The company's performance was below expectations, with the Daya Bay unit completing capacity expansion [4] - The company reported a revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, a year-on-year increase of 0.83% [6] - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, corresponding to a dividend payout ratio of 44.36% [6] Financial Summary - Revenue projections for the upcoming years are as follows: 87.604 billion yuan in 2025, 90.547 billion yuan in 2026, and 95.866 billion yuan in 2027, with growth rates of 0.92%, 3.36%, and 5.87% respectively [5] - Net profit attributable to shareholders is projected to be 10.823 billion yuan in 2025, 11.299 billion yuan in 2026, and 11.999 billion yuan in 2027, with growth rates of 0.09%, 4.39%, and 6.20% respectively [5] - The company has 16 units under construction, ensuring long-term growth in installed capacity [6] Operational Highlights - The Daya Bay nuclear power plant has increased its capacity by 42,000 kilowatts, which may enhance profitability if it can increase electricity supply to Hong Kong [6] - The average selling price of nuclear power in 2024 was 0.4162 yuan per kilowatt-hour, a decrease of 0.0785 yuan compared to 2023 [6] - The company managed to achieve an on-grid electricity generation of 227.284 billion kilowatt-hours in 2024, a year-on-year increase of 6.13% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The manufacturing sector's profit has turned positive, and there is optimism regarding the continued recovery of profitability [5] - The company achieved a revenue of 56.699 billion RMB in 2024, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.86 billion RMB, up 39.8% year-on-year [7] - The company maintains its leading market share in the global wind power equipment sector, with a sales capacity of 16.05 GW, a year-on-year increase of 16.6% [7] - The average selling price of wind power equipment has slightly increased, with a sales price of 2,425 RMB/kW, up 33 RMB/kW year-on-year [7] - The company expects net profits for 2025-2027 to be 2.58 billion, 3.33 billion, and 3.88 billion RMB respectively, with growth rates of 38.4%, 29.2%, and 16.5% [7] Financial Summary - The company's total market capitalization is approximately 20.914 billion HKD, with a closing price of 4.95 HKD [3] - The company's debt-to-asset ratio stands at 73.96% [3] - The projected revenue for 2025 is 72.661 billion RMB, with a year-on-year growth rate of 28.6% [6] - The projected net profit for 2025 is 2.575 billion RMB, with a year-on-year growth rate of 38.4% [6] - The company’s return on equity (ROE) is expected to improve from 3.5% in 2023 to 7.9% in 2027 [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported impressive performance in 2024, with revenue reaching 8.51 billion RMB, a year-on-year increase of 167.5%, and net profit of 1.47 billion RMB, up 253.9% [7] - The significant growth in net profit is attributed to three main factors: the expanding brand influence leading to substantial revenue growth from existing stores, continuous product optimization and innovation, and the addition of 7 new stores along with the optimization of 4 existing stores [7] - The company achieved the highest average revenue and sales efficiency among domestic jewelry brands in individual shopping malls, with same-store revenue growth exceeding 120.9% in 2024 [7] - The company has demonstrated superior channel expansion capabilities, opening 36 self-operated stores across 15 cities, including 7 new stores and optimizing 4 existing ones [7] - Profitability has significantly improved, with gross margin and net margin increasing to 41.2% and 17.3%, respectively, while the expense ratios for sales, management, and R&D have all been optimized [7] Financial Forecasts - Revenue projections for the company are as follows: 19.59 billion RMB in 2025, 28.40 billion RMB in 2026, and 36.92 billion RMB in 2027, with growth rates of 130.3%, 45.0%, and 30.0% respectively [6][8] - Net profit forecasts are 3.50 billion RMB for 2025, 5.30 billion RMB for 2026, and 7.19 billion RMB for 2027, with year-on-year growth rates of 137.4%, 51.7%, and 35.6% respectively [6][8] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, decreasing to 36.1% by 2027 [6][8]

投资要点： 资料来源：聚源，华源证券研究所，截至2025年04月01日 华源晨会精粹 固定收益 制造业扩张加快——2025 年 3 月 PMI 点评：3 月 PMI 扩张速度加快，环 比上升 0.3pct 至 50.5%。春节因素影响逐步消退，价格指数略有回落，中小型企业 景气水平明显回升。整体而言，一季度我国经济平稳起步。3 月制造业 PMI 指数在 扩张区间上行，服务业商务活动指数和建筑业商务活动指数均回暖，或因增量政策 和季节性回升的双重作用。供需两端持续回暖，但价格指数回落或表明利润持续被 抑制，居民消费依旧有待改善。2 月起美国对我国持续加征关税，对美出口或影响。 综合来看，25Q1 经济延续 24Q4 以来的企稳态势，二季度需关注消费复苏情况及美 国关税的影响，国内需求和价格的改善仍需观察。2025Q1 债市明显调整，Q2 可能 震荡。债牛不再，每涨卖机。 证券研究报告 晨会 hyzqdatemark 2025 年 04 月 02 日 风险提示：财政大幅发力，导致债市调整；理财及债基等监管政策可能超预期，带 来债市扰动；股市可能大幅走强，对债市情绪有冲击等。 新消费 李宁(02331.HK)点评： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in core products in 2024, with new drugs potentially providing flexibility in revenue generation [5][7] - The company reported a total revenue of 9.108 billion RMB in 2024, representing a year-on-year growth of 16.5%, with drug sales contributing 8.928 billion RMB, also up by 16.8% [7] - The net profit attributable to shareholders reached 2.09 billion RMB, marking a significant increase of 34.9% year-on-year [7] - Key products such as Tevizo and Mandi are experiencing robust growth, with Tevizo sales projected at 5.06 billion RMB in 2024, reflecting a 20.4% increase [7] - The company has a promising pipeline of innovative drugs, including the PD1/VEGF dual antibody, which shows potential for high returns from overseas markets [7] Financial Summary - Revenue projections for the company are as follows: 10.102 billion RMB in 2025, 11.164 billion RMB in 2026, and 12.430 billion RMB in 2027, with growth rates of 10.9%, 10.5%, and 11.3% respectively [6][8] - The net profit attributable to shareholders is forecasted to be 2.343 billion RMB in 2025, with a growth rate of 12.1% [6][8] - The company's price-to-earnings ratio (P/E) is projected to be 12.42 in 2025, decreasing to 9.68 by 2027 [6][8] - The company aims for a target market value of 40 billion RMB, supported by steady growth in core business and innovative products [7]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 01 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 03 | 31 日 | | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 9.25 | | | | | 一 年 内 最 低 | 最 | 高 | | | 10.74/7.91 | / | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 26,054.88 | | | | | 流通市值（百万元） | | | | | 24,208.77 | | | | | 总股本（百万股） | | | | ...

hyzqdatemark 2025 年 04 月 01 日 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 方皓 fanghao@huayuanstock.com 市场表现： 证券研究报告 国防军工 | 航空装备Ⅱ 非金融|首次覆盖报告 | 基本数据 | | | 年 | 03 | | | 日 | | 2025 | 月 | 31 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 46.35 | | | | | | | 一 年 内 / 最 低 | 最 | 高 | | | 55.70/32.11 | | | | | | ...

市场表现： 证券研究报告 汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2025 年 04 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com | 基本数据 | | | 年 | 03 | 28 | 日 | 2025 | 月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 17.27 | | | 一 年 内 最 | 最 | 高 | | | | | | | | 25.45/9.17 | 低 | | （元） | | | | | | | | | | | | | | | | | | | | | | 2,053.92 | | | | 流通市值（百万元） | | | | | | | | | | 898.60 | | | 总股本（百万股） | | | | | | | | ...

证券研究报告 固收点评报告 hyzqdatemark 2025 年 04 月 01 日 制造业扩张加快 ——2025 年 3 月 PMI 点评 投资要点： 联系人 3 月 PMI 扩张速度加快。3 月制造业 PMI 环比上升 0.3pct 至 50.5%。春节因素影响 逐步消退，价格指数略有回落，中小型企业景气水平明显回升。3 月制造业 PMI 多 数分项指标环比回升，年后恢复持续好于上年同期。3 月非制造业商务活动指数为 50.8%，环比上升 0.4pct。3 月服务业商务活动指数和建筑业商务活动指数分别为 50.3%和 53.4%，较上月分别上升 0.3pct 和 0.7pct。3 月综合 PMI 产出指数为 51.4%， 较上月上升 0.3pct，持续位于扩张区间，整体而言 3 月企业生产经营活动进一步改 善。 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 3 月制造业 PMI 回升，供需两端改善，价格指数回落。3 月制造业 PMI 中的生产指 数和新订单指数分别为 52.6%和 51.8% ...