Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The traditional business remains stable, and the overseas expansion of Continuous Glucose Monitoring (CGM) is expected to begin in 2025 [5] - The company is a leader in the blood glucose monitoring industry, with new products in CGM experiencing rapid growth and an expanding market ceiling [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 4,059 million RMB - 2024: 4,443 million RMB (growth of 9.47%) - 2025E: 4,927 million RMB (growth of 10.89%) - 2026E: 5,478 million RMB (growth of 11.19%) - 2027E: 6,102 million RMB (growth of 11.38%) [6] - Net profit attributable to the parent company is projected to grow from 284 million RMB in 2023 to 625 million RMB in 2027, with a notable increase of 27.55% in 2025 [6][7] - Earnings per share (EPS) is expected to rise from 0.50 RMB in 2023 to 1.11 RMB in 2027 [6] Business Segment Performance - In 2024, the company achieved a total revenue of 44.4 billion RMB, with a year-on-year increase of 9.5% and a net profit of 3.3 billion RMB, up 14.7% [7] - The blood glucose monitoring revenue for 2024 is projected at 33.2 billion RMB, reflecting a year-on-year growth of 15.6% [7] - The gross margin for the blood glucose monitoring system improved to 60.2% in 2024, an increase of 1.1 percentage points [7] Market Expansion and Product Development - The CGM product line has been launched domestically, with plans for further international registration in countries such as Singapore, Pakistan, Russia, and Saudi Arabia [7] - The company is in the substantive review stage with the FDA in the United States, indicating potential for overseas market penetration starting in 2025 [7]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company focuses on the printed circuit board (PCB) business, with production bases in Kunshan and Dongtai, and is well-positioned to benefit from trends in consumer and automotive electronics, as well as the growth in server and optical module markets driven by AI [5][10]. - The company has optimized its product structure, increasing the revenue share of multilayer boards from 24% in 2021 to 41% in 2024, which enhances profitability and market competitiveness [10][32]. - The company has established a strong customer base, including well-known domestic and international clients, which supports its revenue stability [10][52]. Summary by Sections 1. Business Overview - The company specializes in PCB production, offering single-sided, double-sided, and multilayer boards, with a focus on high-quality, flexible manufacturing to meet diverse customer needs [16]. - In 2023, the company generated revenues of 431.72 million yuan from consumer electronics and 283.77 million yuan from automotive electronics [31]. 2. Basic Business Foundation - The company has accumulated a strong client portfolio, including Delta Group, LG Group, and others, which enhances its market position [52]. - The global PCB market is expected to exceed 100 billion USD by 2026, with significant contributions from sectors like mobile phones, servers, and automotive electronics [10][52]. 3. Growth Potential - The AI boom is expected to drive demand for server and optical module PCBs, with the Chinese server PCB market projected to grow from 19.40 billion yuan in 2023 to 28.72 billion yuan by 2029 [10][11]. - The company is actively expanding into emerging applications such as storage/servers and communication, which are anticipated to be significant growth areas [10][11]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.043 billion yuan in 2024, with a year-on-year growth of 5.97%, and a net profit of 123.31 million yuan, reflecting a 4.45% increase [7][44]. - The expected net profits for 2025-2027 are 136 million, 150 million, and 171 million yuan, respectively, with corresponding P/E ratios of 34.7, 31.4, and 27.6 [8][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to experience high growth in its overseas formulation business, with innovative drugs in development showing potential for international markets [5][7] - The revenue forecast for 2024 is projected at 1.407 billion RMB, representing a year-on-year growth of 11.75%, with a significant increase in net profit expected in subsequent years [7][8] Financial Performance Summary - **Revenue Forecasts**: - 2023: 1.259 billion RMB - 2024: 1.407 billion RMB (11.75% YoY growth) - 2025E: 1.684 billion RMB (19.68% YoY growth) - 2026E: 2.071 billion RMB (22.98% YoY growth) - 2027E: 2.650 billion RMB (27.96% YoY growth) [6][8] - **Net Profit Forecasts**: - 2023: -190 million RMB - 2024: 31 million RMB - 2025E: 95 million RMB - 2026E: 193 million RMB - 2027E: 330 million RMB [6][8] - **Earnings Per Share (EPS)**: - 2023: -0.95 RMB - 2024: 0.16 RMB - 2025E: 0.48 RMB - 2026E: 0.97 RMB - 2027E: 1.65 RMB [6][8] - **Return on Equity (ROE)**: - 2023: -11.70% - 2024: 1.93% - 2025E: 5.51% - 2026E: 10.05% - 2027E: 14.63% [6][8] Business Growth Drivers - The overseas sales revenue is expected to reach 224 million RMB in 2024, marking a year-on-year increase of approximately 61.96% [7] - The company has made significant progress in registering new products in international markets, including the approval of albumin paclitaxel in the EU [7] - The innovative drug pipeline includes several candidates at various stages of development, indicating potential for future revenue growth [7]

丁一 SAC：S1350524040003 dingyi@huayuanstock.com 证券研究报告 商贸零售 行业点评报告 hyzqdatemark 2025 年 04 月 22 日 证券分析师 周宸宇 zhouchenyu@huayuanstock.com 王悦 wangyue03@huayuanstock.com 板块表现： 2025 年 3 月社零数据点评 投资评级： 看好（维持） ——3 月社零整体同增 5.9%，家具、家电等品类增速较快 投资要点： 分品类看： 请务必仔细阅读正文之后的评级说明和重要声明 3月中国社零增速整体回暖。3月社会消费品零售总额为40940亿元，同比增长5.9%， 除汽车外社会消费品零售总额为 36610 亿元，同比增长 6.0%。分区域来看，3 月城 镇/乡村消费品零售总额分别实现 35595/5345 亿元，分别同比+6.0%/+5.3%。 联系人 按消费类型看，商品增速快于餐饮。3 月限额以上单位消费品零售额为 17239 亿元， 同比增长 8.5%。分类型来看，3 月限额以上商品零售/餐饮收入总额分别为 15899/1340 亿 元 ， 同 比 +8.6%/+6 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][10]. Core Views - The company is recognized as a leading player in high-performance composite materials in the aviation sector, benefiting from the synergy between military and civilian markets, which is expected to accelerate its performance release [6][10]. - The company has shown steady growth in operating performance, with significant improvements in financial metrics over the past four years [8][32]. - The demand for high-end carbon fiber composites is anticipated to rise rapidly, driven by military aircraft, civil aviation, aerospace engines, and low-altitude economy sectors [9][56]. Summary by Sections 1. Company Overview - The company is a subsidiary of AVIC and is the only entity in China specializing in the research and engineering of composite materials for aviation, holding a strong competitive position in the industry [7][19]. - The company has a clear business structure with five subsidiaries focusing on different aspects of aviation new materials and advanced manufacturing technology [24][25]. 2. Financial Performance - From 2020 to 2024, the company's revenue and net profit have shown a compound annual growth rate (CAGR) of 14.88% and 27.89%, respectively [8][32]. - In 2024, the company achieved a revenue of 5.072 billion yuan, a year-on-year increase of 6.12%, and a net profit of 1.153 billion yuan, up 11.73% year-on-year [8][32]. 3. Market Demand - The application of composite materials in military aircraft enhances performance by reducing weight and improving stealth capabilities, with the J-20 fighter jet using 27% composite materials [9][56]. - In the civil aviation sector, the C919 aircraft has a composite material application ratio of approximately 12%, with expectations for increased domestic production and demand [9][18]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.371 billion yuan, 1.606 billion yuan, and 1.837 billion yuan for the years 2025 to 2027, with corresponding growth rates of 18.93%, 17.18%, and 14.35% [12][29]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 23.71, 20.23, and 17.69, respectively, indicating a favorable valuation compared to peers [12][29].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company, Xian Tongli, along with its Singapore subsidiary, is expanding globally with a nearly doubled R&D investment to enhance new product technology innovation [5] - In 2024, the company achieved a revenue of 6.145 billion yuan (up 4.85% year-on-year) and a net profit attributable to shareholders of 793 million yuan (up 29.03% year-on-year) [6] - The company is focusing on three main business segments: wide-body dump trucks, parts sales, and maintenance services, all of which showed stable growth in 2024 [6] - The domestic market is recovering, and the overseas market presents significant opportunities, particularly in open-pit coal mining [6] - The company is increasing its R&D expenses by 89% year-on-year, focusing on large-scale, intelligent, and new energy strategies [6] Financial Summary - The company forecasts revenues of 6.507 billion yuan in 2025, with a year-on-year growth rate of 5.90% [8] - The net profit attributable to shareholders is expected to be 803 million yuan in 2025, reflecting a growth rate of 1.28% [8] - The earnings per share (EPS) is projected to be 1.76 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.31 [9] - The company anticipates a steady increase in net profit to 1.007 billion yuan by 2027, with an EPS of 2.20 yuan [9]

证券研究报告 电子 行业定期报告 高端国产化浪潮起，消费电子性价比凸显 投资评级： 看好（维持） ——电子行业周报（20250414-20250420） 投资要点： hyzqdatemark 2025 年 04 月 21 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 板块表现： 风险提示：周期复苏不及预期风险、海外宏观环境持续震荡风险、AI 产品落地不及 请务必仔细阅读正文之后的评级说明和重要声明 联系人 本周电子板块行情回顾：参考中证行业指数，本周电子指数下跌 1.02%，其中消费 电子指数下跌 1.23%，半导体指数下跌 0.63%，中美关税冲突引发市场对于电子行 业景气度的担忧。我们认为从行业周期角度来看，当前产业链行业库存正常化进程 正在稳定推进，下游逐步改善，因此周期节奏有望稳健向上；同时中美关税冲突或 将再次引发产业链核心环节的国产化浪潮，重视波动中存在的投资机会。 景气度如何：参考全球半导体芯片销售额同比增速，经历了 2021 年下半年至 2023 年上半年产业链长达两年的去库存之后，于 2023 年下半年随着库存的出清及需求的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report indicates that goodwill impairment will impact the annual performance, but the medium to long-term growth potential remains intact [6] - The company reported a revenue of 2.354 billion yuan in 2024, a year-on-year decrease of 7.34%, and a net profit attributable to shareholders of 181 million yuan, down 40.84% year-on-year [8] - The report highlights that the military explosives business has optimized capacity, but revenue has declined due to lower average prices and reduced blasting volume [8] Financial Performance Summary - Revenue Forecast: - 2023: 2,541 million yuan - 2024: 2,354 million yuan - 2025E: 2,695 million yuan - 2026E: 3,272 million yuan - 2027E: 3,793 million yuan - Year-on-Year Growth Rates: - 2023: 18.05% - 2024: -7.34% - 2025E: 14.45% - 2026E: 21.44% - 2027E: 15.91% [7] - Net Profit Forecast: - 2023: 306 million yuan - 2024: 181 million yuan - 2025E: 311 million yuan - 2026E: 441 million yuan - 2027E: 572 million yuan - Year-on-Year Growth Rates: - 2023: 112.65% - 2024: -40.84% - 2025E: 72.00% - 2026E: 41.75% - 2027E: 29.90% [7] Market Performance - The report notes that the military explosives integrated business generated 1.646 billion yuan in revenue, a decrease of 5.70% year-on-year, with various segments experiencing declines in revenue [8] - The average price of products such as packaged explosives and electronic detonators decreased by 3.98% and 2.47% respectively [8] - The military new materials business saw a revenue increase of 55.21%, with specific segments like tantalum-niobium oxides growing by 53.32% [8] Profitability Metrics - The integrated military explosives gross margin was 40.24%, an increase of 4.41 percentage points year-on-year [8] - The report indicates that the company expects to complete the production line for energetic materials by the end of September 2025 [8] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast for 2025-2027 as follows: - 2025: 26 - 2026: 18 - 2027: 14 [9]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 04 月 20 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 板块表现： 重磅大单品 S086 上市在即，重点推荐信立泰 投资评级： 看好（维持） ——医药行业周报（25/4/14-25/4/18） 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 证券分析师 联系人 本周医药市场表现分析：4 月 14 日至 4 月 18 日，医药指数下跌 0.36%，相对沪深 300 指数超额收益为-0.94%。本周创新药板块仍是市场关注热点，底部个股如东诚药业、舒 泰神、悦康药业等表现较好，一季报陆续来临，Q1 业绩关注度逐步提升，健帆生物、 天坛生物等 Q1 业绩下滑导致跌幅显著。建议关注：1）创新药出海不受关税影响，继续 重点推荐 A 股信立泰、科伦药业、热景生物、一品红、科兴制药、恒瑞医药；港股三生 制药、科伦博泰、康方生物、中国生物制药；2）国产替代机会，建议关注医疗器械（联 影 ...

证券分析师 证券研究报告 航海装备Ⅱ 行业点评报告 hyzqdatemark 2025 年 04 月 20 日 张付哲 zhangfuzhe@huayuanstock.com 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 全球航运脱碳方案初定，经济性措施利好造船 投资评级： 看好（维持） ——航运船舶市场系列十四 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 板块表现： 源引金融活水 润泽中华大地 图表 1：IMO 在不同阶段制定了目标和法规措施，逐步推动航运脱碳 注：以上减排目标均以 2008 年为基准。 资料来源：UN,ABS,中国船级社，CR Class，华源证券研究所 图表 2：基于 GFI（碳强度）的两级合规目标和激励机制 资料来源：ABS,华源证券研究所 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 7页 源引金融活 ...