Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a total revenue of 3.49 billion yuan for Q1 2025, representing a year-on-year increase of 42% [1] - The net profit attributable to shareholders was 2.72 billion yuan, up 39% year-on-year, with a weighted average ROE of 3.31%, an increase of 0.62 percentage points year-on-year [1] - The company's commission and fee income and net interest income increased by 66% and 37% year-on-year, respectively [2] - The profit margin improved to 64.8%, up 5.3 percentage points year-on-year [6] Revenue Breakdown - The average daily trading amount of Wind A shares increased by 70% year-on-year to 1.5 trillion yuan, with the company's commission and fee income reaching 1.96 billion yuan, a 66% increase [3] - The average balance of margin financing in the market rose by 21% year-on-year to 1.87 trillion yuan, with the company's net interest income increasing to 720 million yuan, a 37% increase [3] - The monthly average scale of equity funds in Q1 2025 was 7.27 trillion yuan, up 15% year-on-year, while the new issuance of equity funds increased by 68% year-on-year [4] Investment Income - The company's financial assets reached 105.87 billion yuan, a 33% increase year-on-year, but the investment income decreased by 14% year-on-year to 700 million yuan [5] - The annualized investment return rate was 2.93%, down 1.15 percentage points year-on-year [5] Cost and Profitability - Sales expenses decreased by 16% to 70 million yuan, while management expenses increased by 6% to 590 million yuan, and R&D expenses decreased by 13% to 250 million yuan [6] - The profit margin increased to 64.8%, reflecting improved operational efficiency [6] Future Outlook - The company maintains revenue forecasts of 15.59 billion yuan, 18.51 billion yuan, and 21.24 billion yuan for 2025-2027, with slight adjustments to EPS forecasts [10] - The long-term outlook remains positive due to the company's strengths in internet brokerage and wealth management [10]

[Table_Title] 受益化药业务增长及成本优化，业绩稳健提升 [Table_Title2] 金河生物(002688) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002688 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 8.69/3.4 | | 目标价格： | | 总市值(亿) | 49.62 | | 最新收盘价： | 6.43 | 自由流通市值(亿) | 47.91 | | | | 自由流通股数(百万) | 745.06 | [Table_Summary] 事件概述 公司发布 2024 年年度报告，报告期内，公司实现营业收入 23.71 亿元，同比上升 9.04%；实现归母净利润 1.00 亿元，同比上升 15.90%；2025Q1，公司实现营业收入 6.25 亿元，同比+20.35%，实现归母净利润 0.51 亿元， 同比+13.23%。 分析判断: ► 化药板块量价齐升，成本优化驱动盈利修复 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 26 日 2024 年， ...

2025年4月26日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0421-0425） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 资料来源： wind ，华西证券研究所 2 图表1：全球主要指数PE(TTM) 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 注：自2010年1月起，截至2025年4月25日 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 4 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 资料来源： wind ，华西证券研究所 4 14.78 5 10 15 20 25 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 04 月 25 日 [Table_Title] 政治局会议，八大信号 4 月 25 日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。"国际经贸斗争"、"增量储备政 策"、四稳等表述值得重点关注。 第一，外部冲击影响加大，统筹国内经济工作和国际经贸斗争。此次政治局会议提到"外部冲击影响加 大"，而此前政府工作报告的对应表述为"外部环境变化带来的不利影响持续加深"。美国加征关税影响下，对国 内出口链形成冲击，本次会议在工作基调中强调"统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事"， "斗争"两字为接下来的可能贸易谈判奠定基调。根据外交部和商务部的表述，美国加征关税是单边霸凌行 径，需要其彻底取消所有对华单边关税措施，才能通过对话谈判解决问题。短期内解决关税的可能性较低，做好 "斗争"的准备。"办好自己的事"意味着无论外部环境如何变化，以国内经济发展来应对外部环境挑战。此次 会议要求"以高质量发展的确定性应对外部环境急剧变化的不确定性"，稳增长同时，也要高质量发展，是办好 自己的事的要求。会议还提出"加大服务业开放试点政策力度， ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 25 日 [Table_Title] 纽蒙特 2025Q1 黄金产量/销量分别环比减少 18.95%/21.04%至 47.81 吨/44.48 吨，扣非后归属 公司股东净利润环比减少 11.75%至 14.04 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1 纽蒙特权益黄金总产量为 153.7 万盎司（约 47.81 吨），环比减少 18.95%，同比减少 8.33%。这主要是由于非核 心业务的贡献减少，其中包括 Musselwhite、Éléonore 和 CC&V 仅两个月的产量。对产量的其他影响还包括内华达金矿 非经营性合资企业的产量下降、Cerro Negro 公司正在进行的安 全改进以及 Boddington 和 Tanami 公司计划进行的矿井排序。 2025Q1 纽蒙特权益黄金总销量为 143 万盎司（约 44.48 吨）， 环比减少 21.04%，同比减少 9.55%。 2025Q1 公司黄金平均实现价格为 2,944 美元/盎 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a painful adjustment period in 2024, with expectations for performance recovery in 2025 [2][7] - The company has implemented strategic adjustments in its domestic business, including reducing inventory and closing underperforming stores, which has led to a temporary decline in revenue [3] - The company is focusing on online transformation and enhancing operational efficiency through organizational restructuring [3][4] - A stock incentive plan has been introduced to boost employee confidence and align interests with future performance goals [6][7] Revenue Summary - In 2024, the company achieved revenue of 5.679 billion yuan, a year-on-year decrease of 13.93% [2][9] - For Q1 2025, revenue was 1.704 billion yuan, down 10.59% year-on-year [2] - Revenue by product category in 2024: Personal Care 2.379 billion yuan (-3.42%), Beauty 1.050 billion yuan (-29.81%), Innovation 0.830 billion yuan (-19.38%), Overseas 1.415 billion yuan (-11.43%) [4] Profit Summary - The company reported a net profit of -833 million yuan in 2024, a decline of 266.60% year-on-year [2][9] - In Q1 2025, the net profit was 217 million yuan, down 15.25% year-on-year [2] - The gross margin for Q1 2025 was 63.40%, with a net margin of 12.75% [5] Future Earnings Forecast - Revenue projections for 2025-2027 are 6.199 billion yuan, 6.763 billion yuan, and 7.315 billion yuan respectively [7][9] - Expected net profits for the same period are 363 million yuan, 458 million yuan, and 533 million yuan respectively [7][9] - The earnings per share (EPS) forecast for 2025-2027 is 0.54 yuan, 0.68 yuan, and 0.79 yuan respectively [7][9]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 25 日 [Table_Title] 2025Q1 利润端表现抢眼，经营质量持续提升 [Table_Title2] 珀莱雅(603605) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603605 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 121.1/73.73 | | 目标价格： | | 总市值(亿) | 336 | | 最新收盘价： | 84.71 | 自由流通市值(亿) | 335 | | | | 自由流通股数(百万) | 395.41 | [Table_Summary] 事件概述 公司发布 2024 年年报及 2025 一季报，2024 年公司实现营收 107.78 亿元，同比增长 21.04%；归母净利润 15.52 亿元，同比增长 30.00%；扣非后净利为 15.22 亿元，同比增长 29.60%。单季度看，2024Q4/2025Q1 公司 实现营收分别为 38.12/23.59 亿元，分别同比增长 4.28%/8 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a significant recovery in Q1 2025, with revenue growth driven primarily by the semiconductor sector, which has seen a year-on-year increase of 63.71% [3][5] - The company is expected to benefit from a strong order backlog in the semiconductor sector, with total orders amounting to approximately 2.844 billion yuan, indicating a positive outlook for revenue growth in the coming years [3][7] Summary by Sections Financial Performance - In 2024, the company's revenue was 2.565 billion yuan, a year-on-year increase of 5.59%, with the semiconductor segment achieving a remarkable 94.65% growth [3] - The net profit attributable to the parent company for 2024 was -97.6 million yuan, reflecting a significant decline of 165% year-on-year, primarily due to losses in the new energy sector [4] - For Q1 2025, the company reported a net profit of 37.6 million yuan, a substantial increase of 336% year-on-year, indicating a recovery in profitability [5] Revenue and Profit Forecast - The revenue forecast for 2025 has been adjusted to 3.247 billion yuan, representing a year-on-year growth of 26.6%, while the net profit is projected to be 233 million yuan, reflecting a significant recovery [7] - The company is expected to achieve a net profit of 728 million yuan by 2027, with a corresponding EPS of 2.60 yuan [7] Market Position and Strategy - The company is focusing on expanding its presence in the advanced packaging sector, driven by the growth of data centers and AI industries, which is expected to enhance its competitive advantage [6] - The semiconductor measurement equipment market is characterized by low domestic penetration and high profitability, positioning the company favorably for future growth [6]