查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 联系人 证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 04 月 01 日 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 28 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.98 | | | 一年内最高/最低（港 | | | | 8.30/5.12 | | | 元） | | | | | | | 总市值（百万港元） | | | | 49,991.70 | | | 流通市值（百万港元） | | | | 19,840.93 | | | 资产负债率（%） | | | | 66.66 | | | 资料来源：聚源数据 | | | | | | 龙源电力(00916.HK) 投资评级 ...

证券研究报告 晨会 hyzqdatemark 2025 年 04 月 01 日 投资要点： 风险提示：新电影上线表现不及预期、新技术发展不及预期、行业竞争加剧、新产 品研发上线及表现不及预期。 | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,335.75 | -0.46% | 2.24% | | 创业板指 | 2,103.70 | -1.15% | 2.10% | | 沪深 300 | 3,887.31 | -0.71% | 1.75% | | 中证 1000 | 6,226.65 | -0.66% | 7.41% | | 科创 50 | 1,022.71 | -0.66% | 7.05% | | 北证 50 | 1,271.14 | -2.71% | 24.64% | 资料来源：聚源，华源证券研究所，截至2025年03月31日 华源晨会精粹 固定收益 利差继续收敛，关注结构性机会——信用分析周报：本周资金面延续上周 整体宽松态势，虽短期市场交易情绪有所回落，但市场热情不减，信用债收益率本 周整体下行，利差继续小幅收窄 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is experiencing significant growth in the honeycomb core material sector, with a year-on-year increase of over 50%, establishing a dual platform of "technological moat + innovation incubator" [5] - The company is accelerating domestic substitution in its core business, with a forward-looking layout in flash-spun non-woven fabrics, RO membrane substrates, and wet multifunctional materials, which are expected to contribute to a second growth curve [6] - The company has increased its R&D expenditure to 27.02 million yuan in 2024, accounting for 6.6% of revenue, reflecting a year-on-year increase of 35% [6] - The company aims to become a global leader in high-performance functional paper-based materials through the development of new products [6] Financial Performance - In 2024, the company achieved an operating income of 408 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 101 million yuan, up 23% year-on-year [7] - The company’s revenue from aramid paper reached 397 million yuan in 2024, with a year-on-year growth of 17% [7] - The company’s gross margin improved by 4.93 percentage points to 39% due to business structure optimization [7] - The projected net profits for 2025, 2026, and 2027 are 130 million yuan, 169 million yuan, and 209 million yuan, respectively, with corresponding EPS of 0.89 yuan, 1.16 yuan, and 1.43 yuan per share [8] Market Position - The company has successfully broken DuPont's global monopoly in aramid paper, becoming the first domestic manufacturer with a market share of 1st in China and 2nd globally [7] - The company’s products are widely used in aerospace, rail transportation, and new energy vehicles, with significant growth expected in these sectors [7] - The honeycomb core material sector is projected to grow over 50% year-on-year, driven by demand in new energy vehicles and electrical insulation applications [7]

Investment Rating - The report recommends a selection of ten stocks across various sectors, indicating a positive outlook for these companies [4]. Core Insights - The report highlights the potential for double-digit growth in earnings for companies like China Biopharmaceuticals and Sichuan Road and Bridge, driven by strong market demand and innovative product pipelines [5][6]. - The report emphasizes the importance of product differentiation and market positioning for companies such as Maogeping and Transsion Holdings, which are expected to benefit from their unique offerings and market strategies [10][11]. - The report also notes the significant land value gains and high dividend yields for Shenzhen International, suggesting a favorable investment environment [14]. Summary by Sector 1. Pharmaceuticals - China Biopharmaceuticals (1177.HK) is expected to achieve nearly 50% revenue from innovative drugs by 2025, with a strong growth trajectory anticipated [5]. 2. Construction - Sichuan Road and Bridge (600039.SH) is projected to see a turnaround in performance due to new demand from infrastructure projects in central and western China, alongside attractive dividend yields [6]. 3. Media - Kaiying Network (002517.SZ) is building a solid foundation with nostalgic products and a rich pipeline of new games set to launch in 2025, alongside investments in AI-driven products [7][9]. 4. Electronics - Transsion Holdings (688036.SH) is focusing on emerging markets, with a projected shipment of 106.9 million smartphones in 2024, aiming to enhance its market position through increased R&D investment [10]. 5. Consumer Goods - Maogeping (1318.HK) is positioned as a leading high-end domestic cosmetics brand, with a strong product expansion strategy and high offline repurchase rates [11]. 6. Transportation - Shenzhen International (0152.HK) is expected to benefit from significant land value gains and maintain a 50% dividend payout ratio, enhancing its investment appeal [14]. 7. Agriculture - Haida Group (002311.SZ) is entering a phase of cash flow release, with domestic growth and overseas expansion expected to drive performance [15]. 8. Overseas - Weishi Jiajie (0856.HK) is a leading tech service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation trends [16]. - Yum China (9987.HK) is focusing on market share growth through strategic repurchase plans and robust governance [18]. 9. North Exchange - Minshida (833394.BJ) is the first domestic manufacturer of aramid paper, with a strong market position and growth potential in high-performance applications [19][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is increasing its investment in sports resources, deepening brand professionalism [5] - The company has shown stable performance despite external environmental disturbances, with a revenue of 28.676 billion RMB in 2024, a year-on-year increase of 3.9% [7] - The e-commerce channel's revenue contribution is increasing, accounting for 31% of total revenue in 2024, up 2 percentage points from 2023 [7] - The running product category has seen rapid growth, with retail sales increasing by 25% in 2024 [7] - The company is expected to achieve net profits of 2.656 billion RMB, 2.960 billion RMB, and 3.264 billion RMB for the years 2025 to 2027 respectively [7] Financial Summary - The company’s revenue forecast for 2025 is 29.164 billion RMB, with a growth rate of 1.7% [8] - The gross profit for 2025 is projected to be 13.795 billion RMB, representing 47.3% of sales revenue [8] - The net profit margin is expected to be 9.1% in 2025, with a net profit of 2.656 billion RMB [8] - The company’s total assets are projected to reach 38.366 billion RMB by 2025, with a debt ratio of 25.04% [8]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 31 日 银星能源(000862.SZ) 投资评级： 增持（维持） ——以大代小减值 短期业绩承压 证券分析师 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： | | | | | 4.87 | | | --- | --- | --- | --- | --- | --- | | 一 年 内 高 低 | | | | | | | （元） | | | | | | | | | | | 4,470.44 | | | 流通市值（百万元） | | | | 3,058.20 | | | | | | | 6.40/3.98 | | | | | | | 53.57 | | | | | | | 4.62 | | | 最 | | | | | | | 最 | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is under pressure due to a warm winter and impacts from the real estate sector, but the dividend logic is gradually being realized [5] - The company reported a revenue of HKD 102.68 billion for 2024, a year-on-year increase of 1.4%, and a net profit of HKD 4.09 billion, a decrease of 21.7% compared to the previous year, which was below market expectations [7] - The company plans to distribute a dividend of HKD 0.95 per share for 2024, with the cash dividend amounting to 52.71% of the net profit [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: HKD 101.27 billion - 2024: HKD 102.68 billion - 2025E: HKD 105.54 billion - 2026E: HKD 108.01 billion - 2027E: HKD 110.57 billion - Net profit projections are as follows: - 2023: HKD 5.22 billion - 2024: HKD 4.09 billion - 2025E: HKD 4.72 billion - 2026E: HKD 5.51 billion - 2027E: HKD 6.19 billion - The company’s earnings per share (EPS) for 2025 is projected to be HKD 2.04, with a price-to-earnings (P/E) ratio of 14 [6][8] Operational Insights - Retail gas sales volume for 2024 is expected to reach 39.91 billion cubic meters, a year-on-year increase of 2.9%, with residential, industrial, and commercial sales volumes growing by 6.3%, 1.5%, and 3.8% respectively [7] - The company’s connection profit continues to shrink, with a reduction in new residential connections by 620,000 to 2.693 million, leading to a decline in connection business profits [7] - The company’s capital expenditure for 2024 is projected at HKD 4.42 billion, a decrease of HKD 3.47 billion year-on-year, contributing to an improvement in free cash flow [7] Future Outlook - The company is expected to see a rebound in performance as the real estate market stabilizes, with a focus on optimizing its gas sales business and improving profitability [7] - The long-term downward trend in gas prices is anticipated to enhance cost efficiency, with the company signing a 15-year LNG supply agreement starting in 2027 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a strong growth trajectory in revenue and net profit, with significant year-on-year increases projected for the coming years [4][5] - The company is expected to achieve a revenue of 25,911 million RMB in 2025, reflecting an 11.48% growth compared to 2024 [5] - The net profit attributable to shareholders is forecasted to reach 5,035 million RMB in 2025, representing a 24.73% increase from the previous year [5] Financial Summary - The closing price of the company's stock is 11.27 RMB, with a market capitalization of 53,766.65 million RMB [3] - The company has a total share capital of 4,770.78 million shares and a debt-to-asset ratio of 51.90% [3] - Earnings per share (EPS) is projected to be 1.06 RMB in 2025, with a price-to-earnings (P/E) ratio of 10.68 [5][7] - The return on equity (ROE) is expected to be 12.95% in 2025, indicating strong profitability [5][7] - The company’s gross margin is projected to improve to 30.65% by 2025, with a net profit margin of 21.11% [7]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 03 月 31 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 3 月 21 日，深圳市发改委发布公告称，深圳市自来水价格调整听证会将于 4 月 11 日下午 3:00 举行，调整方案为深圳市自来水综合水价拟由 3.449 元/立方米调整为 3.8991 元/立方米（含 税），涨幅 13.05%。 联系人 板块表现： 城镇供水价格由政府制定，政府依照"准许成本+合理收益"原则制定水价，明确三年调一次 水价。早在 1998 年，《城市供水价格管理办法》就已明确，城市供水价格由供水成本、费用、 税金和利润构成，供水企业合理盈利的平均水平应当是净资产利润率的 8～10%；2021 年 8 月，国家发展改革委、住房城乡建设部修 ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 03 月 31 日 利差继续收敛，关注结构性机会 ——信用分析周报（2025/3/24-2025/3/30） 投资要点： 3）负面舆情：江苏中南建设集团股份有限公司所发行"20 中南建设 MTN001"展 期；荣盛房地产发展股份有限公司所发行"20 荣盛地产 MTN001"发生实质性违约； 21 绿景 02、小鹏 3A2、小鹏 2A2、23 小鹏汽车 ABN001 优先 A(绿色)、23 小鹏汽 车 ABN001 优先 B(绿色)、21 绿景 01 隐含评级调低；海南普利制药股份有限公司主 体评级调低，其所发行的"普利转债"债项评级调低。 本周市场分析：本周资金面延续上周整体宽松态势，公开市场共有 14117 亿元逆回 购到期，央行累计开展 12653 亿元逆回购与 4500 亿元 MLF 投放，实现全周净投放 3036 亿元。宽货币环境下，本周虽短期市场交易情绪有所回落，但市场热情不减， 信用债收益率本周整体下行，利差继续小幅收窄。但考虑到 2025 年的货币政策宽松 预期或已在 2024 年 12 月初-2025 年 1 月初债券收益率大 ...