华源证券：华源晨会精粹-20250319

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]