证券研究报告 固收定期报告 hyzqdatemark 2025 年 03 月 30 日 信贷与社融有望同比多增 ——2025 年 3 月金融数据预测 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 核心预判：依据过往信贷投放规律及行业观察等，我们预测 2025 年 3 月新增贷款 3.15 万亿元，社融 5.1 万亿元。3 月末，M2 达 326.0 万亿，YoY+7.0%；M1（新口径） YoY +0.5%；社融增速 8.2%。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 3 月新增贷款或同比略微多增。类似于 1 月份，3 月信贷投放情况较好，我们预计 3 月新增贷款 3.15 万亿，同比略微多增。3 月下旬，1M 转贴现利率显著走高，反映当 月信贷投放情况较好。1、3 月份通常是信贷投放大月。我们预计 3 月个贷增量 9000 亿，对公信贷增量 2.35 万亿，非银同业贷款-1000 亿。存量按揭利率低及股市平稳 缓解提前还贷压力，一二线城市二手房成交活跃，按揭贷款需求阶段性好转。尽管 隐性债务置换对 3 月对公信贷数 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company, Langhong Technology, is a leading supplier of electronic device anti-theft display products, focusing on solutions for smartphones and wearable devices, with partnerships with major brands like Huawei, OPPO, and Xiaomi [6]. - The company is expected to achieve a revenue of 159 million yuan and a net profit of 58 million yuan in 2024, reflecting a year-on-year growth of 36.63% and 28.17% respectively [8]. - The expansion into the smart IoT industry is anticipated to unlock significant growth potential, driven by advancements in AI technology and increasing market demand for innovative electronic products [6]. Summary by Sections Market Performance - The closing price of the stock is 17.93 yuan, with a total market capitalization of 2,287.04 million yuan and a circulating market value of 1,557.18 million yuan [3]. Financial Forecast - The company is projected to achieve revenues of 184 million yuan in 2025, with a net profit of 64 million yuan, corresponding to an EPS of 0.50 yuan per share [7]. - The expected growth rates for revenue and net profit from 2025 to 2027 are 15.75% and 10.96% respectively, indicating a stable growth trajectory [8]. Profitability Metrics - The gross margin is expected to remain around 56% over the forecast period, with a net margin of approximately 36% in 2024 [8]. - The return on equity (ROE) is projected to increase from 27.78% in 2025 to 40.18% by 2027, reflecting improved profitability [8].

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 03 月 28 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 收盘价（元） | | | | 16.70 | | | | --- | --- | --- | --- | --- | --- | --- | | 内 最 / 最 低 | 高 | | | 24.78/6.35 | | | | （元） | | | | | | | | 总市值（百万元） | | | | 1,747.09 | | | | 流通市值（百万元） | | | | 1,354.44 | | | | 总股本（百万股） | | | | 104.62 | | | | 资产负债率（%） | | | | 13.92 | | | | 每股净资产（元/股） | | | | 3.93 | | | | 资料来源：聚源数据 | | | | | | | | 基本数据 一 年 | | 年 | 03 | 月 ...

计算机 | 软件开发 美股|公司点评报告 hyzqdatemark 2025 年 03 月 28 日 证券研究报告 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 郑冰倩 zhengbingqian@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 3 | 月 25 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（美元） | | | | | 8.03 | | 一年内最高/最低（美元） | | | | 17.4/4.92 | | | 总市值（亿美元） | | | | | 35 | | 总股本（亿股） | | | | 4.34 | | | 资产负债率（%） | | | | 132.32% | | | 资料来源：Wind | | | | | | Rumble(RUM.O) 投资评级： 买入（维持） ——大选流量催化带动 Q4 收入增长，去中心化+云生态+加密助力长期价值 投资要点： 风险提示。盈利能力的不确定性、市场竞争风险、政策与监管风险。 | 盈利预测与估值 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant results in its innovative transformation, with internationalization accelerating. The revenue from innovative products is growing rapidly, and the core product, Amivantamab, is expected to reach peak sales of 8 billion yuan. The company continues to benefit from overseas licensing agreements, contributing positively to its performance [5][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 12.261 billion yuan, a year-on-year increase of 21.3%. Product sales revenue was 10.688 billion yuan, while collaboration and licensing income was 1.573 billion yuan. The net profit attributable to shareholders was 4.372 billion yuan, reflecting a year-on-year growth of 33.4% [6]. - The company’s operating income and profit both achieved double-digit year-on-year growth, with product sales revenue increasing by 13.65% compared to 9.403 billion yuan in 2023 [6]. Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 13.604 billion yuan, with a projected growth rate of 10.95%. The net profit attributable to shareholders is expected to be 4.421 billion yuan, with a growth rate of 1.14% [7]. - The earnings per share (EPS) for 2025 is projected to be 0.74 yuan, with a return on equity (ROE) of 13.4% [7]. Innovative Product Performance - The revenue from innovative drugs grew by 38.1% year-on-year, reaching 9.477 billion yuan in 2024, accounting for 77.3% of total revenue. The sales of innovative drugs, excluding licensing income, are expected to reach approximately 8 billion yuan, reflecting a year-on-year increase of 28.5% [8]. - The company has a rich pipeline of innovative products, with several expected to be approved soon, providing long-term support for its innovative transformation [8]. Market Position and Future Outlook - The company is well-positioned for future growth, with expectations that the proportion of revenue from innovative drugs will exceed 80% by 2025. The sales of Amivantamab are projected to reach 6 billion yuan, with an upward revision of peak sales to 8 billion yuan [8].

证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： 证券研究报告 电力设备 | 电网设备 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 28 日 | 基本数据 | | | | | 年 | | 月 27 日 | 2025 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 49.55 | | | | | 年 最 | 最 | 高 | / | 低 | | 内 | | | | 一 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | 34,076.30 | | | | | 流通市值（百万元） | | | | | | | 34, ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company's performance meets expectations, with a focus on the elasticity of coal prices [5] - The significant increase in net profit for 2024 is attributed to the decline in coal prices, with an estimated elasticity of approximately 20% for coal price changes [7] - The company plans to distribute a dividend of 0.0621 yuan per share, which accounts for 56% of the undistributed profits [7] Financial Performance Summary - For 2023, the company reported a revenue of 122.404 billion yuan, with a year-on-year growth of 4.77% [6] - The net profit attributable to shareholders for 2024 is projected at 45.06 billion yuan, representing a year-on-year increase of 230.09% [6] - The earnings per share (EPS) for 2024 is estimated at 0.24 yuan, with a projected price-to-earnings (P/E) ratio of 11.87 [6] - The company’s total assets are expected to reach 333.818 billion yuan by 2025, with a debt-to-asset ratio of 71.02% [3][8] Profitability and Growth - The company anticipates a net profit of 49.16 billion yuan in 2025, with a projected growth rate of 8.72% for the following years [7] - The gross profit margin is expected to improve to 17.08% by 2025 [8] - The company is focusing on expanding its clean energy capacity, with a target of 10GW of new installations during the current five-year plan [7] Market Position and Strategy - The company benefits from its coal-fired power generation, primarily located in northern coal-producing regions, which positions it well to capitalize on falling coal prices [7] - The company has a significant investment in nuclear power and coal mining, contributing stable cash flows and potential dividends for future projects [7] - The company is cautious in its project development, emphasizing quality over quantity in its expansion strategy [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve impressive performance in 2024, with a revenue growth of 57.2% and a net profit growth of 42.1% [6] - The company's flagship brands are showing strong momentum, with significant contributions from key products like collagen sticks and new launches in the skincare segment [6] - The company is well-positioned in a high-growth sector, with a clear growth path and strong medium to long-term earnings visibility [6] Financial Performance Summary - Revenue for 2024 is projected at 55.4 billion RMB, with a year-on-year growth of 57.2% [6] - Net profit for 2024 is expected to be 20.6 billion RMB, reflecting a 42.1% increase [6] - The company anticipates continued growth in net profit for 2025-2027, with estimates of 27.5 billion RMB, 34.1 billion RMB, and 40.4 billion RMB respectively, representing growth rates of 33.4%, 23.9%, and 18.6% [6][7] Revenue and Profit Forecast - Revenue projections for the next few years are as follows: - 2025: 7,477.13 million RMB (35.0% growth) - 2026: 9,170.26 million RMB (22.6% growth) - 2027: 10,731.91 million RMB (17.0% growth) [5][7] - The company's gross margin is expected to remain high, around 81.8% in 2025 [7] Brand Performance - The brand "可复美" contributed 45.4 billion RMB in revenue for 2024, with a growth of 62.9%, accounting for 82% of total revenue [6] - The brand "可丽金" generated 8.4 billion RMB in revenue, growing by 36.3% and representing 15% of total revenue [6] Market Strategy - The company employs a multi-channel strategy, combining online and offline sales to effectively reach consumers [6] - It has expanded its presence in both public and private healthcare institutions, with products available in approximately 1,700 public hospitals and 3,000 private clinics [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is experiencing high revenue growth driven by the smart driving and robotics industry, with plans to expand into underwater distance measurement sensors for deep-sea technology [5] - In 2024, the company achieved a revenue of 617 million yuan, a year-on-year increase of 32.13%, and a net profit of 87.66 million yuan, a year-on-year increase of 13.87% [6] - The company has made significant progress in lead-free piezoelectric new material technology, with core technology and related patents in place, enabling mass production to meet future market demands [6] - The company is investing approximately 200 million yuan in the construction of a new generation smart sensor R&D and manufacturing base [6] - The sensor and actuator business revenues grew by 34% and 26% year-on-year, respectively, with domestic revenue increasing by 43% and overseas revenue by 21% [6] Financial Summary - Revenue forecast for 2023 is 467 million yuan, with a projected growth to 753 million yuan in 2025 and 1.1 billion yuan in 2027 [8] - The net profit forecast for 2023 is 77 million yuan, increasing to 106 million yuan in 2025 and 156 million yuan in 2027 [8] - The company’s earnings per share (EPS) are expected to rise from 0.55 yuan in 2023 to 1.11 yuan in 2027 [8] - The return on equity (ROE) is projected to improve from 8.32% in 2023 to 12.15% in 2027 [8] Market Expansion - The company is actively expanding its market presence in various sectors, including smart automotive, smart instruments, smart home, robotics, and consumer electronics [9] - In the automotive sector, the company has launched a tactile solid-state button solution for smart steering wheels and completed mass production verification for multi-modal ultrasonic sensors [6][9] - The smart meter market is expected to grow significantly due to supportive government policies, with the company positioned to become a key supplier in this space [7] Production Capacity - The current production capacity for sensors and actuators is 70.6 million and 81.76 million units, with utilization rates of 80% and 63%, respectively [6] - The company is expected to launch a new production capacity of 32 million units per year for multi-layer tactile and feedback micro actuators by the end of 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is significantly driven by transformation and upgrades, leading to substantial growth in earnings, supported by high dividends that indicate a return to value [4] - The company reported a revenue of 15.57 billion HKD in 2024, a year-on-year decrease of 24.13%, while the net profit attributable to shareholders was 2.87 billion HKD, an increase of 51.05% [6] - The company is expected to benefit from the realization of profits from the South China logistics park transformation project, with anticipated tax-adjusted gains of 2.367 billion HKD from land preparation and further potential gains of approximately 8.2 billion HKD from land swaps [6] Financial Performance Summary - Revenue projections for the company are as follows: 20.52 billion HKD in 2023, 15.57 billion HKD in 2024, 15.51 billion HKD in 2025E, 16.40 billion HKD in 2026E, and 17.25 billion HKD in 2027E, with corresponding year-on-year growth rates of 32.2%, -24.1%, -0.4%, 5.7%, and 5.2% [5] - The net profit attributable to shareholders is projected to be 1.90 billion HKD in 2023, 2.87 billion HKD in 2024, 3.64 billion HKD in 2025E, 3.65 billion HKD in 2026E, and 2.80 billion HKD in 2027E, with growth rates of 51.7%, 51.1%, 26.6%, 0.5%, and -23.5% respectively [5] - The company maintains a dividend payout ratio of approximately 50%, with a proposed final dividend of 0.598 HKD per share [6] Market Performance - The toll road business remains stable, while the environmental protection business faces short-term pressure due to impairment provisions [6] - Toll revenue and net profit decreased by 8% and 12% year-on-year, respectively, primarily due to adverse weather and increased free periods for small passenger vehicles during holidays [6] - The environmental protection business reported a revenue decline of 15% year-on-year, leading to a net loss of approximately 683 million HKD [6] Debt and Dividend Structure - The company is optimizing its debt structure, maintaining a 50% dividend payout ratio, which supports a high dividend yield and potential return to value [6] - The company has significantly reduced net exchange losses compared to 2023, with a notable decrease of 528 million HKD [6]