Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, exceeding expectations, indicating financial self-sufficiency [7] - The core product, furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] - The company has a strong cash position of $836.1 million as of the end of 2024, supporting future drug development [7] - The 2025 revenue guidance for the oncology/immunology business is set between $350 million and $450 million, driven by continued growth in furmonertinib sales [7] Financial Performance and Forecast - Revenue for 2023 is projected at $838 million, with a significant decline of 24.8% in 2024, followed by a recovery to $694 million in 2025, and further growth to $844 million in 2026 and $996 million in 2027 [6][11] - The net profit is expected to rebound dramatically from $38 million in 2024 to $393 million in 2025, reflecting a growth rate of 942.79% [6][11] - The company’s earnings per share (EPS) is forecasted to increase from $0.04 in 2024 to $0.45 in 2025 [6][11] - The return on equity (ROE) is expected to rise significantly to 34.2% in 2025 [6] Company Events and Future Catalysts - The company plans to submit a New Drug Application (NDA) for savolitinib in the second-line NSCLC indication in 2025, with promising clinical data [7] - The company is advancing its antibody-drug conjugate (ATTC) platform, which is expected to start clinical trials in the second half of 2025 [7] - The company has a diversified and validated late-stage product pipeline, with several drugs expected to receive regulatory approvals in China [8]

证券分析师 证券研究报告 建筑装饰 | 基础建设 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 24 日 投资要点： 盈利预测与评级：中国中铁是基建央企龙头，在铁路、公路、市政基建等领域市场地位稳固。公司受益 于财政政策支持及"一带一路"建设深化，核心业务预计将保持稳健增长。我们预计公司 2024-2026 年 归母净利润分别为 312 亿元、323 亿元、337 亿元，对应当前股价 PE 为 4.6、4.5、4.3 倍。参考中国建 筑、中国铁建、中国交建等可比公司 2025 年平均 5.84 倍的 PE 估值，结合央企市值管理考核推进，有 望带动估值修复，同时海外业务持续拓展，新兴业务增长可期，长期发展空间广阔，首次覆盖给予"买 入"评级。 风险提示。资金落地不及预期，分红不及预期，海外拓展不及预期。 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuan ...

证券研究报告 煤炭 | 煤炭开采 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 24 日 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 市场表现： 风险提示。煤价波动超出预期，新能源转型速度加快，储能技术重大突破。 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 343,074 | 338,375 | 331,000 | 341,013 | 348,384 | | 同比增长率（%） | -0.42% | -1.37% | -2.18% | 3.03% | 2.16% | | 归母净利润（百万元） | 59,694 | 58,671 | 53, ...

证券研究报告 航运港口 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 投资评级： 看好（维持） 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 海外港口资产"高价"交易，关注价值重估 行业点评报告 hyzqdatemark 2025 年 03 月 25 日 ——长江和记海外港口资产交易点评 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 源引金融活水 润泽中华大地 图表 1：和记港口集团资产覆盖全球 资料来源：和记港口官网，华源证券研究所 图表 2：和记港口资产分布 资料来源：和记港口官网，华源证券研究所 源引金融活水 润泽中华大地 图表 3：交易完成后，MSC 或将成为全球第一大港口运营商 资料来源：Linerlytica，华源证券研究所 图表 4：港口上市公司估值对比 | 证券代码 | 证券简称 | ...

Investment Rating - The investment rating for the company is "Buy" (Maintain) [1] Core Views - The report highlights a significant decline in revenue and profit for 2023, with a projected revenue of 175,448 million RMB, representing a year-on-year decrease of 55.14% [6] - A recovery is expected in 2024, with revenue forecasted to increase by 33.29% to 233,859 million RMB, and a substantial rise in net profit to 49,100 million RMB, reflecting a year-on-year growth of 105.78% [6] - The company is projected to face challenges in 2025, with revenue expected to drop by 19.09% to 189,223 million RMB and net profit declining by 45.62% to 26,702 million RMB [6] Financial Summary - The company's total market capitalization is approximately 233,040.62 million RMB, with a closing price of 14.60 RMB per share [4] - The total assets are projected to grow from 497,472 million RMB in 2024 to 542,838 million RMB by 2027 [8] - The company's debt-to-asset ratio stands at 42.70%, indicating a moderate level of leverage [4] - Earnings per share (EPS) is expected to fluctuate, with a forecast of 3.08 RMB in 2024, dropping to 1.67 RMB in 2025, and stabilizing around 1.36 RMB by 2027 [6][8]

证券研究报告 传媒 行业点评报告 hyzqdatemark 2025 年 03 月 25 日 投资评级： 看好（维持） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 魏桢 weizhen@huayuanstock.com | 维度 | | 内容 | | --- | --- | --- | | 职责划分 | 战略定位 | 以习近平新时代中国特色社会主义思想为指导，将全民阅读上升为国家战略，遵循政府主 | | | | 导、部门协同、社会力量参与的原则（第 2 条、第 3 条） | | | | 国家新闻出版主管部门承担综合协调具体职责（第 4 条） | | | 责任体系 | 地方各级人民政府应当加强全民阅读促进工作统筹协调（第 4 条） | | | | 工会、共青团等组织协同推进（第 5 条） | | | 资金支持 | 要求县级以上政府将全民阅读经费纳入本级预算（第 7 条） | | 阅读推广和服务 | 阅读推广 | 设立每年 4 月第四周为 ...

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 03 月 24 日 投资评级： 增持（维持） 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 事件：海通发展（603162.SH）发布 2024 年报，公司全年实现营业收入 36.59 亿元， 同比增长 114.55%；归母净利润 5.49 亿元，同比增长 196.70%；扣非净利润为 5.04 亿元，同比增长 186.65%。 联系人 2024 年航运市场景气度阶段回升，公司运力扩大营收增长。2024 年全球航运市场 景气度阶段性回升，波罗的海干散货指数（BDI）全年均值达到 1752，同比上涨 26%， 全球干散货海运贸易量同比增长 3.1%。公司境外航区业务表现亮眼，全年营收同比 增 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次) [1] Core Views - The report highlights that Dongfang Yuhong is a leader in the waterproofing industry in China, undergoing a new transformation phase. The company has a history of adapting and growing through adversity, establishing a strong brand presence and market position [4][6]. - The strategic shift towards retail and away from real estate and construction is emphasized, with a focus on long-term sustainable development. The company is expected to see significant growth in its C-end business, with revenue projected to reach 9.37 billion yuan in 2024, a year-on-year increase of 14.58% [6]. - The report anticipates that the company's net profit will rebound significantly, with projections of 1.525 billion yuan in 2025, 2.130 billion yuan in 2026, and 2.771 billion yuan in 2027, reflecting a strong recovery trajectory [5][6]. Financial Summary - The closing price of the stock is 13.41 yuan, with a total market capitalization of approximately 32,032.47 million yuan and a circulating market value of 25,676.53 million yuan [3]. - The company’s revenue is projected to be 28,056 million yuan in 2024, with a year-on-year growth rate of -14.52%, followed by a recovery to 29,587 million yuan in 2025, representing a growth rate of 5.46% [5][7]. - The earnings per share (EPS) is expected to be 0.05 yuan in 2024, increasing to 0.64 yuan in 2025 and further to 0.89 yuan in 2026 [5][7].

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is a leading player in infrastructure and construction, benefiting from policy support and overseas market expansion [4][7] - The company has shown steady growth in revenue and profit, with a compound annual growth rate (CAGR) of 12.8% in revenue and 10.3% in net profit from 2013 to 2023 [7] - The company is expected to maintain robust growth driven by fiscal expansion and the Belt and Road Initiative [7] Financial Performance Summary - Revenue for 2022 was 2,055,052 million RMB, with a projected increase to 2,371,844 million RMB by 2025, reflecting a growth rate of 3.59% [5] - The net profit for 2022 was 50,950 million RMB, expected to rise to 54,620 million RMB by 2025, with a growth rate of 4.33% [5] - Earnings per share (EPS) is projected to increase from 1.23 RMB in 2022 to 1.32 RMB in 2025 [5] Business Segments - The construction segment has seen a new contract value of 4.08 trillion RMB in 2024, a year-on-year increase of 5.4% [7] - The infrastructure business has benefited from fiscal expansion, with a revenue growth of 11.7% in the first half of 2024 [7] - The real estate development segment is strategically acquiring quality land in first-tier cities, with a leading sales amount in the industry [7] Market Position and Strategy - The company is ranked 14th in the Fortune Global 500 and operates in over 100 countries, showcasing its global reach [7] - The company has a strong focus on high-end construction, particularly in industrial facilities, which has seen a significant increase in demand [7] - The company has maintained a consistent dividend policy, with a dividend payout ratio of 20.82% in 2023, ranking 5th among 164 companies in the industry [7] Valuation and Future Outlook - The company is expected to have a price-to-earnings (P/E) ratio of 4.3 in 2024, which is lower than the average P/E of 5.93 for comparable companies [7] - The ongoing international expansion and participation in the Belt and Road Initiative are expected to provide substantial long-term growth opportunities [7]

证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 24 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | 21 | | 2025 | 年 | 03 | 月 | 日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 27.52 | | | | | 一 年 内 高 / 低 | | 最 | | | | 41.98/26.68 | | | 最 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 13,876.93 | | | | | 流通市值（百万元） | | | | | | 13,876.93 | | | | | 总股本（百万股） | | | | | | 504.25 | | | | | 资产 ...