证券研究报告 基础化工 | 化学制品 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 31 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 联系人 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 收盘价（元） | | | | | | 9.00 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年 内 | 最 | 高 | | | | 10.29/5.96 | | 一 | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | 9,645.23 | | | | 流通市值（百万元） | | | | | | 8,766.68 | | | | 总 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance met expectations, with insurance capital gaining a board seat, indicating recognition of the company's long-term value by state-owned insurance capital [5][7] - The company reported a revenue of 12.576 billion RMB for 2024, a decrease of 1.77% year-on-year, and a net profit of 2.378 billion RMB, down 13.63% year-on-year, aligning with previous expectations [7] - The company plans to distribute a total dividend of 0.09 RMB per share for 2024, which represents 52% of the total distributable profit [7] Financial Performance Summary - Revenue Forecasts: - 2023: 12,802 million RMB - 2024: 12,576 million RMB (down 1.8%) - 2025E: 14,304 million RMB (up 13.7%) - 2026E: 15,085 million RMB (up 5.5%) - 2027E: 15,793 million RMB (up 4.7%) [6][8] - Net Profit Forecasts: - 2023: 2,753 million RMB - 2024: 2,378 million RMB (down 13.6%) - 2025E: 3,006 million RMB (up 26.4%) - 2026E: 3,145 million RMB (up 4.6%) - 2027E: 3,209 million RMB (up 2.0%) [6][8] - Earnings Per Share (EPS): - 2023: 0.31 RMB - 2024: 0.26 RMB - 2025E: 0.35 RMB - 2026E: 0.37 RMB - 2027E: 0.38 RMB [6][8] - Return on Equity (ROE): - 2023: 8.59% - 2024: 7.16% - 2025E: 8.56% - 2026E: 8.47% - 2027E: 8.81% [6][8] - Price-to-Earnings Ratio (P/E): - 2025E: 6.9 - 2026E: 6.6 - 2027E: 6.4 [6][8] Operational Highlights - The company experienced a decline in wind power generation due to weaker wind resources and market-driven electricity price reductions, with a reported wind power generation of 28.65 billion kWh in 2024, down 1.83% from 2023 [7] - The company added 3.43 GW of new capacity in 2024, a significant increase from 1.23 GW in 2023, with total installed capacity reaching 18.85 million kW [7] - The company has receivables exceeding 20 billion RMB, primarily from subsidies, which is approximately 1.4 times its current market value [7]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 03 月 30 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2025 雷神科技新品发布会定档 3 月 31 日，关注北交所消费电子产业公司 ——北交所消费服务产业跟踪第十期（20250330） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 13页 源引金融活水 润泽中华大地 图表目录 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 雷神科技新品发布会定档 3 月 31 日，多款年度重磅新品将正式亮相。根据雷 神科技公众号发布信息，2025 雷神科技新品发布会定档 3 月 31 日，在乌镇举办， 发布会主题为"超绝一代，颠覆战局"，多款年度重磅新品将正式亮相。此次发布 的旗舰新品不仅在配置上搭载了最新的英特尔®酷睿™Ultra 200HX 系列处理器，以 及 ...

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 03 月 30 日 投资评级： 看好（维持） 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 李冉 liran02@huayuanstock.com 生猪标肥价差继续收窄，关注美国农 业部种植面积报告 ——农林牧渔行业周报（20250324-20250328） 投资要点： 生猪：标肥价差收窄，肥猪供应压力或显现。 联系人 标肥价差收窄，肥猪供应压力或显现。本周涌益数据最新猪价 14.59 元/kg，出栏均 重增至 128.64kg，15Kg 仔猪涨至 647 元/头，175kg 标肥价差为 0.5 元/kg。短期看， 市场对后市价格及肥标价差持续强势预期不足，加之饲料原料涨价拉升增重成本， 二育群体出栏意愿增强，延后的供应压力开始显现，猪价或有下行压力；中长期看 全年总体供给偏多，猪价弱势 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 03 月 30 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜：供给端扰动频发，铜价高位运行。本周美铜/伦铜/沪铜分别上涨 0.08%/-0.45%/-0.20%， 本周铜价在供给端扰动下冲高回落。供给端，据 smm，嘉能可暂停智利 Altonorte 冶炼厂运营 ， 并启动不可抗力条款，Altonorte 工厂的年产铜约 35 万吨，受此催化影响，沪铜 ...

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 03 月 30 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 板块表现： Pharma 业绩超预期，关注商业化+BD 预期 投资评级： 看好（维持） ——医药行业周报（25/3/24-25/3/28） 投资要点： 风险提示：行业竞争加剧风险，政策变化风险，行业需求不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：3 月 24 日至 3 月 28 日，医药指数上涨 0.98%，相对沪深 300 指数超额收益为+0.97%。本周创新药板块继续活跃，股价表现亮眼。港股创新药公司陆 续公布 2024 年报，业绩普遍超市场预期，传统 Pharma 业绩稳健增长，多家 Biopharma 提前实现盈利。结合一季报业绩，建议关注：1）一季报业绩有望超预期的方向，如出口 链（海泰新光）、中药（健民集团、方盛制药等）、医疗设备（开立医疗、麦澜德等） 等；2）医药最为明确的方向创新药，继续关注科兴制药、三生制药、康方生物、科伦博 泰、热景生物、广 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a projected revenue growth for the company, with expected revenues increasing from 25,799 million RMB in 2024 to 30,229 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.19% [5] - The net profit attributable to the parent company is forecasted to grow significantly, from 5,107 million RMB in 2024 to 7,993 million RMB in 2027, indicating a robust growth trajectory with a peak growth rate of 26.03% in 2025 [5] - The report emphasizes the company's improving profitability metrics, with the return on equity (ROE) projected to reach 15.40% by 2026, showcasing enhanced operational efficiency [5] Financial Summary - The company's total market capitalization is reported at 51,957.48 million RMB, with a closing price of 6.38 RMB per share [3] - The company's total assets are expected to grow from 70,619 million RMB in 2024 to 83,003 million RMB by 2027, indicating a solid asset base for future operations [7] - The debt-to-asset ratio stands at 42.16%, reflecting a moderate level of financial leverage [3] - Earnings per share (EPS) is projected to increase from 0.63 RMB in 2024 to 0.98 RMB in 2027, demonstrating strong earnings growth potential [5]

证券研究报告 固收点评报告 hyzqdatemark 2025 年 03 月 30 日 证券分析师 本次修订新增对发行人贸易业务的核查和信息披露要求，开展"融资性贸易"业务 的主体未来债券融资或在交易所审核阶段受阻，有利于杜绝"融资性贸易"，规范 引导资金流向实体经济有效领域。（涉及条款：《3 号指引》第 27 条） 请务必仔细阅读正文之后的评级说明和重要声明 事件：上海证券交易所于 2025 年 3 月 28 日修订《上海证券交易所公司债券发行上 市审核规则适用指引第 3 号——审核重点关注事项（2025 年修订）》（以下简称"《3 号指引》"）。此次修订后，《3 号指引》2025 年修订版条款数量增加至 66 条（《3 号指引》2023 年修订版为 56 条）。 联系人 点评： 新增对贸易类业务的核查要求，杜绝"融资性贸易"。近年来，随着城投公司退平 台和隐债化解进程不断推进，为适应市场发展的新阶段，传统城投公司的产业化转 型任务迫在眉睫。城投公司依赖其在当地的行业地位，通过整合当地产业资源，开 展贸易业务，有助于城投公司快速调整业务结构、扩大营收规模。但由于部分地区 城投公司长期从事地方基础设施建设业务 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown impressive performance in 2024, with strong growth in high-end cosmetics, indicating that domestic brands are becoming increasingly competitive [4][7] - The company is expanding its high-end retail channels and has successfully entered several prestigious department stores, enhancing its market presence [7] - The product portfolio has been significantly enriched, with over 100 new items developed in 2024, reflecting a commitment to innovation and brand elevation [7] Financial Performance Summary - Revenue for 2024 is projected at RMB 3,884.69 million, representing a year-on-year growth of 34.6% [6] - Net profit for 2024 is expected to reach RMB 880.6 million, with a year-on-year increase of 33.0% [6] - The company anticipates continued growth in net profit, with projections of RMB 1,298.2 million in 2025, RMB 1,665.9 million in 2026, and RMB 2,044.5 million in 2027, reflecting growth rates of 47.4%, 28.3%, and 22.7% respectively [6][7] Market Performance - The company has successfully established over 378 self-operated counters and 31 dealer counters across more than 120 cities in China, enhancing its distribution network [7] - The loyalty program has attracted a total of 10.3 million online and 15.1 million offline registered members, with improved repurchase rates [7] Profitability Metrics - The gross margin for 2024 is projected at 84.4%, with a slight decrease of 0.5 percentage points year-on-year [7] - The return on equity (ROE) is expected to be 25.2% in 2024, indicating strong profitability [6][9]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 03 月 30 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 已发年报公司中近 90%公司发布分红预案，20 家公司市值超 50 亿元 证券分析师 ——北交所周观察第十九期（20250330） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 26 家公司披露 2024 年年报，23 家公布分红预案。截至 2025 年 3 月 28 日，26 家 公司已经披露 2024 年年报，其中 16 家公司收入正增长（朗鸿科技、天马新材和奥 迪威增速超 30%），14 家公司归母净利润正增长（国航远洋和天马新材增速超 200%）。此外，12 家公司收入和归母净利润都为正增长，其中民士达、一致魔芋、 星图测控、朗鸿科技和天马新材 5 家公司 2024 年收入和归母净利润增速都达到 20% 及以上，整体业绩表现 ...