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 ...

证券研究报告 | 基本数据 | 2025 | 年 03 | 月 | 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 89.15 | | | 一年内最高/最低（港 | | | 107.50/65.55 | | | | 元） | | | | | | | 总市值（百万港元） | | | 250,263.05 | | | | 流通市值（百万港元） | | | 250,263.05 | | | | 资产负债率（%） | | | | 40.74 | | | 资料来源：聚源数据 | | | | | | 安踏体育(02020.HK) 纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 03 月 23 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： 投资评级： 买入（维持） ——集团营收首破 700 亿，聚焦多品牌行稳致远 投资要点： | 盈利预测与估值（人民币） | | | | ...

板块表现： 证券研究报告 商贸零售 行业点评报告 hyzqdatemark 2025 年 03 月 21 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 《提振消费专项行动方案》解读 投资评级： 看好（首次） ——《提振消费专项行动方案》发布，多项举措提升消费能力 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 促消费政策发布，多维度提升居民消费能力。近日，中共中央办公厅、国务院办公 厅印发了《提振消费专项行动方案》，依照"增收减负"、"高质量供给"、"优 化消费环境"等方向部署了多项重点任务，从多维度全方位提升居民消费意愿。 联系人 "增收减负"，从育儿到养老的全方位政策补贴。国家发展改革委副主任李春临介 绍，此前更多消费政策从供给侧入手，强调以供给引领创造需求，但此次方案则在 需求端加大政策力度，着力助居民增收减负。从减负角度，政策致力于提高育儿补 贴，从扩大住房公积金使用范围、农村低收入群体增收等方式入手，削减育儿成本， 提升家庭消费能力。从惠民政策看，针对老年人的出行及用餐，将提供更多如加装 电梯、便民餐等服务，针对年轻人，则给予更多 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The professional sports segment is experiencing rapid revenue growth, with net profit attributable to the parent company increasing by 20% [5] - The company has completed the strategic divestiture of KP Global, with a revenue growth of 6.5% year-on-year for 2024 [7] - The company focuses on the running segment, enhancing resource allocation to optimize operations [7] Financial Performance Summary - Revenue for 2024 is projected at RMB 135.77 billion, a year-on-year increase of 6.5%, with gross profit of RMB 58.65 billion, up 10.0% [7] - The net profit attributable to the parent company for 2024 is expected to be RMB 12.38 billion, reflecting a 20.2% increase [7] - The gross margin and net profit margin for 2024 are projected to be 43.2% and 9.1%, respectively, improving by 1.36 percentage points and 1.04 percentage points compared to 2023 [7] Brand and Product Analysis - The company’s main brand, Xtep, shows steady growth with 2024 revenue of RMB 123.27 billion, up 3.2%, driven by strong online channel performance [7] - The professional sports segment (including Saucony and Merrell) is growing rapidly, with 2024 revenue of RMB 12.50 billion, a 57.2% increase [7] - The footwear segment achieved revenue of RMB 80.54 billion in 2024, a 15.9% increase, and accounted for 59.3% of total revenue [7] Earnings Forecast and Valuation - The company’s projected net profit for 2025 is RMB 13.63 billion, with a year-on-year growth of 10.07% [6][7] - The projected earnings per share for 2025 is RMB 0.49, with a price-to-earnings ratio of 10.46 [6] - The company is expected to maintain a strong return on equity (ROE) of 13.54% in 2025 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The professional sports segment is experiencing rapid revenue growth, with net profit attributable to the parent company increasing by 20% [5] - The company has completed the strategic divestiture of KP Global, with a revenue growth of 6.5% year-on-year for 2024 [7] - The company focuses on the running segment, enhancing resource allocation to optimize operations [7] Financial Performance Summary - Revenue for 2024 is projected at 135.77 billion RMB, a year-on-year increase of 6.5%, with a gross profit of 58.65 billion RMB, up 10.0% [7] - The net profit attributable to the parent company for 2024 is expected to be 12.38 billion RMB, reflecting a 20.2% increase [7] - The gross margin and net profit margin for 2024 are projected to be 43.2% and 9.1%, respectively, improving by 1.36 percentage points and 1.04 percentage points compared to 2023 [7] Brand and Product Analysis - The mass sports segment shows steady growth, with revenue from the main brand reaching 123.27 billion RMB in 2024, a 3.2% increase [7] - The professional sports segment (including Saucony and Merrell) is growing rapidly, with a revenue increase of 57.2% to 12.50 billion RMB in 2024 [7] - The footwear segment achieved revenue of 80.54 billion RMB in 2024, a 15.9% increase, accounting for 59.3% of total revenue [7] Earnings Forecast and Valuation - The company is expected to achieve net profits of 13.63 billion RMB, 15.77 billion RMB, and 17.88 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.07%, 15.67%, and 13.37% [7] - The projected earnings per share for 2025 is 0.49 RMB, with a price-to-earnings ratio of 10.46 [6][7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [4][10]. Core Views - The company is positioned as a leading gold player in Sichuan, with a dual focus on mining and exploration, which is expected to drive sustainable growth [4][12]. - The financial performance shows continuous improvement, with significant increases in gross and net profit margins, alongside a reduction in expense ratios [4][35]. - The company benefits from a strong resource base and favorable geographical location, enhancing its exploration potential and sustainable development capabilities [5][23]. Financial Performance - In 2023, the company achieved a revenue of 629 million RMB, a year-on-year increase of 33.13%, and a net profit of 211 million RMB, up 6.16% [5][30]. - For the first three quarters of 2024, the company reported a revenue of 528 million RMB, reflecting a growth of 5.77%, and a net profit of 197 million RMB, which is a 25.38% increase year-on-year [5][30]. - The gross margin for the first three quarters of 2024 was 53.44%, and the net margin was 37.34%, both showing improvements compared to the previous year [35]. Resource and Exploration Potential - The company holds the mining rights to the largest gold mine in Sichuan, the Suoluo Gold Mine, and has significant exploration rights in the Suoluo-Wajingou area, which is rich in mineral resources [12][18]. - The exploration efforts have resulted in a reported gold resource of 29.79 tons as of October 2023, with a production of 1.67 tons of gold concentrate in 2023 [5][18]. - The geographical location in the Ganzi-Litang structural belt is noted for its rich mineral resources, with potential for discovering additional gold deposits [5][23]. Capital Expenditure and Project Progress - The company is making significant progress on key capital projects, with the resource exploration investment at 56.19% completion and the 2000t/d processing plant upgrade at 92.78% completion as of the first half of 2024 [61]. - The underground mining project is nearing completion at 98.07%, indicating a strong trajectory for future production capacity [61]. Profit Forecast and Valuation - The forecast for net profit from 2024 to 2026 is projected at 278 million RMB, 341 million RMB, and 376 million RMB, respectively, with growth rates of 31.57%, 22.85%, and 10.20% [10][9]. - The current price-to-earnings ratio is estimated at 34.49X for 2024, decreasing to 25.48X by 2026, suggesting a favorable valuation compared to peers [10][9].

Investment Rating - The industry investment rating is "Positive" (First time) [4] Core Viewpoints - The recent strategic cooperation between Longwan District Government and Zhejiang Weiming Environmental Co., Ltd. aims to accelerate the integration of artificial intelligence and the environmental protection industry, marking a significant step in the collaboration between waste incineration enterprises and local government support [4] - The National Development and Reform Commission's action plan emphasizes reducing Power Usage Effectiveness (PUE) and increasing the proportion of green electricity in data centers, with specific targets set for 2025 [4] - Waste incineration combined with data centers (IDC) offers multiple advantages, including green electricity supply, reduced PUE, and stable power supply, making it particularly suitable for regions like the Yangtze River Delta and the Pearl River Delta [4] - The shift in business models from ToG to ToB in waste incineration power generation is expected to improve cash flow for enterprises, leading to a potential revaluation of their value [4] Summary by Sections Industry Performance - The report highlights the strong demand for reducing PUE and increasing the use of green electricity in data centers, driven by national policies [4] - The approval of energy consumption indicators for the Pudong Limin Smart Computing Center project demonstrates the feasibility of integrating waste incineration with data centers [4] Investment Analysis - The collaboration between waste incineration power generation enterprises and data centers is expected to create a win-win situation, improving cash flow and profitability for waste incineration companies [4] - The report recommends focusing on companies located in regions with scarce renewable resources, such as Shaoneng Co., Junxin Co., Wangneng Environment, and others [4]

Group 1: Pharmaceutical Industry - Kunming Pharmaceutical Group (600422.SH) - The company achieved a revenue of 8.401 billion yuan in 2024, a slight decrease of 0.34% year-on-year, while the net profit attributable to shareholders reached 648 million yuan, marking a significant increase of 19.86% year-on-year, both figures being historical highs [2][9][12] - The company focuses on the Sanqi industry chain, with the Xuesaitong oral series maintaining steady growth, where the sales volume of Luotai/Lixiwang soft capsules reached 1.584 billion pieces, an increase of 11.27% year-on-year [2][11] - The strategic layout of "big single product + all-channel + branding" is expected to drive the sales growth of core products in the digestive, emotional treatment, and respiratory categories, with a total sales growth of 20% for key products [2][12] Group 2: Public Utilities and Environmental Protection - The government work report emphasizes the importance of deep-sea technology, which is expected to benefit the cable industry, particularly for underwater operations, with only a few domestic cable manufacturers qualified to supply [15][16] - The 2025 energy consumption intensity target is set to decrease by 3%, with the cumulative reduction from 2021 to 2024 reaching 11.1%, indicating challenges in meeting the 13.5% reduction target for the 14th Five-Year Plan [17][19] - The report highlights the potential for growth in the waste-to-energy sector as domestic companies seek overseas markets for expansion, particularly in Southeast Asia and the Middle East [22] Group 3: New Consumption - Mixue Group (02097.HK) - The company is positioned as a leading brand in the ready-to-drink beverage market, with a market share of 20.9% as of Q3 2024, making it the largest in China [29][30] - The product strategy focuses on high-quality and affordable pricing, with an average price of around 6 yuan, and a wide range of SKUs covering fruit drinks, tea, ice cream, and coffee [29][30] - The company has a significant number of stores, totaling 45,302, making it the largest ready-to-drink beverage company globally, and is expected to expand further in both domestic and international markets [29][30][31]