abc 2025 年 04 月 23 日 Global Research 快评 华恒生物 一季度净利润环比改善，关注豆粕涨价对氨基 酸需求带动 一季度净利润同比/环比-41%/+160% 2024年公司实现营收21.8亿元，同比增长12.4%；实现净利润1.9亿元，同 比下滑58%，小幅低于公司业绩快报数据（1.99亿元）。公司2024年净利 润同比下滑主要受到缬氨酸价格大幅下跌且新产品销量不及预期的影响。一 季度公司实现净利润5,110万元，同比下滑41%，但环比增长160%。我们 认为公司盈利环比改善主要受益于一季度缬氨酸平均价格上涨（Q125市场 均价环比增长9.5%）。展望2025年，我们认为或带动公司盈利改善的主要 因素应关注：1）新产品销售进展。公司部分产品产线（如丁二酸、苹果 酸）调整为柔性产线，我们认为公司将根据市场情况生产。2）豆粕年初以 来价格有所反弹，我们认为在中美贸易博弈背景下，豆粕价格上涨或带动氨 基酸需求。 2024年公司主要产品毛利率显著下滑 2024年公司氨基酸产品收入同比增长3%至15.09亿元，毛利率同比减 少13.32个百分点至30%，由于缬氨酸价格大幅下跌（2024年市 ...

UBS Global Industrials and Transportation Conference P a t H a l l i n a n | E V P & C F O D e c e m b e r 3 , 2 0 2 4 StanleyBlack&Decker For those who make the world." Cautionary Statement This Presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such statements other than statements of historical fact are "forward-looking statements" for purposes of federal an ...

ab 18 October 2024 Global Research Life Sciences & Diagnostic Tools China Pharma Mfg Returned to Double-digit Growth in Sept. | --- | --- | |------------|-------| | Equities | | | Americas | | | Healthcare | | Bottom Line We track China's monthly industrial output data as a key indicator for the China end market health in our Life Sciences Tools coverage. The September high-technology manufacturing output growth was +10.1% vs. +8.6% in August. Pharma manufacturing output returned to double-digit growth in S ...

This report is intended exclusively for: cwang@ agility-cap.com This report is intended exclusively for: cwang@ agility-cap.com This report is intended exclusively for: cwang@ agility-cap.com ab 30 September 2024 Global Research Global Strategy Global Strategy How strongly will Chinese stimulus lift the rest of EM? The market sees more reflationary risks than just a few weeks ago Sentiment towards EM has thawed but mostly towards rates – an inherently defensive asset class. That caution is now being challen ...

ab 12 September 2024 Global Research and Evidence Lab | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------| | | | | Eu ...

ab 28 August 2024 Global Research and Evidence Lab China Economic Perspectives Home Destocking Debate and Property Forecast Downgrade Economics China Where are we now in the property downturn? China's property activities have not bottomed since the unprecedented sharp downturn in 2021. The decline in urban housing prices has accelerated since H2 2023 amid elevated inventory pressure, weighing on household home purchase intention, consumption confidence and local government finances. China has eased property ...

ab 26 August 2024 Global Research and Evidence Lab US Equity Strategy Earnings Brief 2Q24: August 26 NVDA (6.6% of S&P 500 market cap) reports earnings on Wednesday. EPS is expected to grow 137% (vs. 462% in 1Q24, and expectations of 76% in 3Q24). Reported earnings have beaten estimates for the past 5 quarters. 90.2% of the S&P 500's market cap has reported. 2Q expectations are for revenues to grow 5.1% and EPS by 11.3%. Growth among groups varies significantly, as shown in the table below (a blend of conse ...

ab 30 August 2024 Global Research and Evidence Lab APAC Economic Perspectives Asia by the Numbers (August 2024) Downgrading China's GDP growth forecast to 4.6% in '24 and 4.0% in '25 Despite new easing measures in July, China's property downturn has persisted. Given lingering inventory pressures, we downgraded our property market forecasts, and expect sales, new starts, and investments to continue falling in 2025, albeit at a slower rate. The weakness in property activities and prices has further weighed on ...

Investment Rating - The report assigns a **Neutral** rating for the company with a 12-month target price of **Rmb24.00** [4] Core Viewpoints - The company announced its intention to acquire a controlling stake of at least 51% in Runyang, the world's fifth-largest solar cell manufacturer, for a total transaction value not exceeding **Rmb5 billion** [2] - Runyang has significant production capacities, including **5.5 million tons of industrial silicon, 1.3 million tons of polysilicon, 7GW of crystal pulling, 10GW of wafers, 57GW of solar cells, and 13GW of modules**, with **11GW of overseas cell capacity** and a **5GW module capacity under construction in the US** [2] - The acquisition is expected to create synergies with the company's existing polysilicon, cell, and module businesses, enhancing market share and pricing power, while Runyang's overseas capacity could provide additional value for the company's international market expansion [2] - The acquisition signals the beginning of industry consolidation, which could improve supply-demand dynamics and accelerate the elimination of outdated capacity [3] Company Background - The company was established in 1995 and initially focused on agricultural feed before transitioning to become one of the world's largest manufacturers of monocrystalline silicon and monocrystalline cells by capacity [8] - As of the end of 2023, the company's annual production capacities were **450,000 tons of silicon, 95GW of cells, and 75GW of modules** [8] Valuation and Forecast - The report uses a **DCF valuation method** to derive the target price [9] - The forecasted stock price increase is **29.2%**, with a dividend yield of **0.9%**, resulting in a total stock return of **30.1%** [7] - The market return assumption is **7.3%**, leading to an excess return forecast of **22.8%** [7] Industry Outlook - The acquisition is seen as a positive signal for industry consolidation, with the potential to improve overall supply-demand conditions [3] - Runyang's assets, particularly its cell and polysilicon capacities built since 2020 and 2023 respectively, are considered to be of high quality and technologically advanced [3]

Global Research and Evidence Lab 2024 年 08:月 13:日 快评 宝丰能源 二季度盈利环比改善，内蒙烯烃项目按计划推 进 二季度盈利环比增长33% 公司上半年实现营业收入169亿元，同比增长29%；实现净利润33亿元，同 比增长46%。其中，二季度实现收入86.7亿元，同比/环比增长36%/5%； 实现净利润18.8亿元，同比/环比增长76%/33%，符合我们预期。我们认为 公司二季度盈利改善主要受益于：1）煤制烯烃价差环比改善，2）EVA自2 月投产后逐步放量。公司宁东三期为期一个月的检修已于7月底结束，内 蒙300万吨烯烃产能计划于10月起投产。 二季度煤制烯烃价差环比改善 分产品看，二季度聚乙烯产销量环比-2%/-5%，单价环比上涨5%，收入环 比持平，聚丙烯产销量环比+10%/+14%，单价环比上涨4%，收入环比增 长19%。成本端来看，二季度鄂尔多斯原煤/精煤/动力煤市场均价环比下 降2-3%，我们测算煤制寒乙烯/聚丙烯价差环比增长13%/15%，煤炭价格 回落支撑公司煤制烯烃盈利改善。EVA自2月投产后持续放量，二季度实现 产销量5.4/5.8万吨（一季度为 ...