医药板块观点更新&皓元医药深度汇报 20250410 2025-04-11 摘要 • 美国对等关税政策可能在未来 1-2 个季度影响医药行业，扰乱供应链，促 使医药贸易格局重塑，中国企业或加强与欧洲和美洲客户合作。若美国对 中国主导的血制品如白蛋白加征关税，可能导致国内供给紧张，推升价格， 利好国内生产企业。 • 皓元医药专注于分子砌块工具化合物、生化试剂及原料药中间体，预计 2025-2027 年收入和利润增速均超 15%-20%，受益于分子砌块市场国 产替代、海外收入提升及向创新药转型。 • 全球医药研发投入持续增加，预计到 2025 年市场规模将达到 3,000 多亿 美元，年均增长率约为 8%。中国医药研发投入增速更为显著，大约为 19%，高于全球平均水平，到 2025 年预计将达到 476 亿美元。 • 分子砌块全球市场规模预计 2024 年达 519 亿美元，2026 年增至 546 亿 美元，新药研发前端业务仍有较大发展空间。国产替代加速，本土品牌在 供货周期、价格和服务上具优势，逐步取代外资品牌。 • 皓元医药海外业务布局改善利润率，2021-2024 年海外毛利率稳定在 60%左右，国内毛利 ...

2025-04-11 摘要 • 公司 2023 年大幅扭亏，第四季度单季净利润达 6,493 万元，扣非净利润 约 1.15 亿元，创近两年新高，主要受益于核心城市二手房市场复苏。 • 2024 年非经常性损益包括出售新纪元大酒店的正向收益 7,000-8,000 万 元，以及投资性房地产公允价值变动和信用减值准备的负向影响，实际经 营利润约 1.3-1.4 亿元。 • 公司各项业务稳健增长：经纪业务收入 41 亿元，增长 0.2%；资产管理业 务收入 62 亿元，增长 8%；新房业务收入 11.5 亿元，增长 3.9%；商业 租赁及服务收入 4.4 亿元，增长 8%。 • 2024 年公司在主要城市二手房交易量跑赢市场，北京增长 14%，上海增 长 48%，杭州增长 30%，市占率提升，贷款房源达 30.3 万套，门店总数 2,636 家。 • 全国平均佣金率略降 0.12 个百分点，主要受北京费率下调影响，但其他 城市保持稳定或略增，预计 2025 年整体费率将稳定或略有提升。 • 2025 年第一季度核心城市二手房市场延续复苏态势，北京、上海、杭州 成交量同比显著增长，但预计第二季度将季节性回落，全年展 ...

Summary of the Conference Call for Multi-Tech Company Overview - The conference call discusses the performance and outlook of Multi-Tech, focusing on its financial results for 2024 and projections for 2025, particularly in relation to its major clients such as Tesla and Li Auto [1][2][3]. Key Financial Highlights - In 2024, Multi-Tech reported revenue of 3.592 billion yuan, a decrease of 8.19% year-on-year [3]. - Net profit attributable to shareholders was 425 million yuan, down 14.45% year-on-year [3]. - The decline in revenue and profit was primarily due to extended holidays taken by major clients, leading to reduced operational activity [2][3]. - Depreciation and amortization increased by 80 million yuan due to new fixed assets, alongside a 20 million yuan rise in management expenses [2][3]. Impairment and Cost Management - In Q4 2024, the company made an impairment provision of 54 million yuan for accounts receivable, inventory, and mold assets related to Hozon Auto [2][4][5]. - The total impairment provision significantly impacted net profit attributable to shareholders [5][6]. - R&D expenses were notably high, but these are expected to positively influence revenue over the next two years [5][6]. New Orders and Production Capacity - Multi-Tech secured new orders for integrated die-casting and hot forming, with unit values ranging from 1,400 to 2,400 yuan per vehicle [2][5]. - The company anticipates that production for the new models will ramp up in the second half of 2025, improving capacity utilization and financial performance [7][30]. - The hot forming production line cost approximately 80 million yuan and has completed depreciation [9]. Profitability and Margin Outlook - Excluding one-time impairments and R&D costs, the gross margin for core business remained stable between 18% and 21% [6][7]. - Despite challenges, the company expects to maintain a steady gross margin above 20% in the long term [10]. Export and Market Challenges - The outlook for exports in 2025 is not optimistic, with projected revenue of approximately 120 million yuan for the first three quarters and a significant decline in Q4 [11]. - The company plans to continue operations in the European market but faces uncertainties in the U.S. market due to tariff issues [11][13]. Strategic Partnerships and Future Plans - Multi-Tech is exploring partnerships with established automotive parts companies in Europe to enhance production capabilities [13]. - The company is also in discussions with Tesla and Li Auto regarding ongoing collaborations and potential production changes [25][26]. Emerging Business Areas - Multi-Tech is focusing on developing logistics and handling robots, with plans to launch products in the second half of the year [22]. - The company is also exploring humanoid robotics, emphasizing the development of key components for internal efficiency [24][29]. Conclusion and Future Outlook - Despite a challenging 2024, Multi-Tech expects significant revenue growth in 2025 due to new business orders and improved client structure [30]. - The company is entering a new growth cycle with diversified products and a focus on integrated die-casting, hot forming, and other key areas [30].

诺唯赞 20250410 2025-04-11 摘要 • 诺唯赞 2024 年生命科学业务营收达 10.3 亿元，国内收入增长 12%，海 外收入激增 122%，整体增长 19%，生物试剂出货量增长超 50%，海外 市场毛利率高达 81%，仪器设备毛利率接近 90%。 • 生物医药业务营收 1.8 亿元，虽技术服务下滑 30%，但 GLP-1 商业化进 展显著，一季度销售额近 5,000 万元，与多家头部客户建立稳定关系，预 示未来增长潜力。 • 诊断业务销售额同比下降 30%至 1.66 亿元，主要因收缩常规 POCT 产品 线，集中资源于呼吸道及 AD 领域，与迈瑞合作落地呼吸道产品商业化， AD 领域完成取证及初步商业化。 • 公司 2024 年归母净利润亏损 1,800 万元，同比减亏 5,000 万元，扣除股 份支付影响后经营性净利润略微盈利，通过控制费用、聚焦研发核心项目 提升运营效率。 • 2024 年生命科学板块净利润约 1.8 亿元，诊断业务亏损 1.2 亿元，主要 因 AD 试剂和仪器研发投入，微流控业务因尚未商业化，研发投入近 6,000 万元。 诺唯赞在生命科学业务方面取得了哪些具体成 ...

Q&A 中国重汽在未来几年的增长前景如何？其估值情况如何？ 中国重汽未来几年的增长前景较为乐观，预计将实现两位数的利润增速。然而， 其估值相对较低，尤其是在香港市场。与 A 股公司相比，中国重汽在港股市场 的估值折让明显，仅为 A 股公司的 60%-70%。尽管如此，从中长期来看，由 于其利润复合增长率达到 15%，而 2025 年的估值不到 8 倍，这使得中国重汽 具备较高的投资吸引力。 中国重汽 20250410 2025-04-11 摘要 • 中国重汽作为国内重卡龙头，受益于更新周期、内需政策及新能源渗透率 提升，展现出强劲的发展潜力。公司与潍柴动力协同，技术和资金实力雄 厚，多元化的股权结构保障了其市场竞争优势。 • 自 2022 年以来，中国重汽市占率稳居国内第一，并通过优化产品结构， 转向牵引车等高附加值车型，实现盈利能力提升。98%以上收入来自卡车 销售，同时拓展卡车配件及金融业务。 • 中国重汽的财务表现稳健，毛利率提升，期间费用率下降。股权激励计划 设定了明确的业绩增长目标，到 2025 年收入目标为 1,091 亿元，利润率 达到 8%。 • 重卡更新需求受到政策驱动，预计 2025 年将 ...

聚合顺 20250410 2025-04-11 摘要 • 2024 年聚合顺营收 71.67 亿元，同比增长 51.62%，归母净利润 2.91 亿元，净资产收益率达 16.53%，提升 4.5 个百分点，显示出较强的盈利 能力。 • 聚合顺 2024 年分红方案为每 10 股派发现金红利 1.33 元（含税），共计 4,197 万元，占当年可分配利润的 15.05%，体现了公司对股东的回报。 • 公司在全国拥有四大产能基地，包括杭州本部、常德基地、滕州厂区和淄 博双键生产线，总产能扩张迅速，为未来增长奠定基础。 • 2024 年四季度毛利率有所回落，主要受原材料价格波动、审计政策调整 及新产线试运行影响，预计 2025 年一季度将趋于平稳。 • 公司海外业务占比不高，直接对美国出口为零，下游核心纺织客户海外业 务收入占比不到 10%，受贸易战直接影响较小。 • 公司通过提升品质和降低成本应对竞争压力，采取国际品质、国内价格策 略，与高端客户捆绑合作，稳定价格体系，确保高端产品优势。 • 2024 年经营性现金流下降主要由于行业结算模式、合约客户结算方式及 新建投产导致保证金增加，公司将通过资源整合优化现金流 ...

Summary of WuXi AppTec's Conference Call Company Overview - **Company**: WuXi AppTec - **Industry**: Biotechnology and Pharmaceutical Services Key Financial Metrics - **2024 IFRS Net Profit**: 3.24 billion RMB, up 20.4% year-on-year [2] - **Total Revenue**: 39.24 billion RMB, with a 5.2% increase excluding COVID-19 commercialization projects [2] - **Adjusted Non-IFRS Net Profit**: 10.58 billion RMB, down 2.5% year-on-year, with a net profit margin of 27% [2][3] - **Active Clients**: Approximately 6,000, with 5,500 in ongoing operations, adding 1,000 new clients in 2024 [2][4] - **Backlog Orders**: 49.31 billion RMB, a 17% increase year-on-year [5] Revenue Performance by Region - **U.S. Revenue Growth**: 7.7% year-on-year, excluding COVID-19 projects [6] - **European Revenue Growth**: 14.4% year-on-year [6] - **Decline in China and Other Regions**: Revenue decreased in China, Japan, and South Korea, indicating a need for diversification [6] Business Segment Performance - **Wuxi R&D Center Revenue**: 29.05 billion RMB, up 11.2% year-on-year excluding COVID-19 projects [2][8] - **Small Molecule DCM Pipeline**: Expanded to 3,377 molecules, with over 460,000 new compounds delivered, a 10% increase [2][8] - **Testing Revenue**: 5.67 billion RMB, down 8%, with drug evaluation services declining by 13% [9] - **Clinical CRO and SMO Revenue**: 1.81 billion RMB, up 15.5% [9] - **Biology Revenue**: 2.55 billion RMB, flat year-on-year [9] Sustainability Achievements - **Sustainability Ratings**: Achieved 3A rating for four consecutive years and inclusion in the Dow Jones Sustainability Index [7] - **Certifications**: Received gold certification and CDP safety A and B ratings in 2024 [7] Capital Management and Shareholder Returns - **Share Buybacks**: Completed four buyback programs totaling over 4 billion RMB [4][13] - **Dividends**: Maintained a 30% dividend payout ratio, distributing approximately 2.84 billion RMB in cash dividends, plus an additional 1 billion RMB special cash dividend [4][13] Future Outlook - **Revenue Growth Projection for 2025**: Expected to grow by 10% to 15%, targeting total revenue of 41.5 to 43 billion RMB [14] - **Capital Expenditure**: Anticipated to reach 7 to 8 billion RMB, with free cash flow projected at 4 to 5 billion RMB [14] - **H-Shares Incentive Plan**: Plans to implement an H-share reward trust plan to retain talent and promote long-term growth [14] Additional Insights - **Operational Efficiency**: Continuous improvement in production efficiency and capacity utilization [11][12] - **Market Resilience**: Diversified revenue streams contributing to stable performance despite regional declines [6]

嘉元科技 20250410 2025-04-11 摘要 • 嘉元科技 2025 年一季度通过降本增效实现扭亏为盈，电费下降是主要因 素，出货量与去年四季度基本持平，约为满产状态，产品结构上五微米和 4.5 微米产品开始出货，带动平均价格略微上涨至含税 1.9 万元/吨。 • 预计二季度出货量与一季度持平，三季度有望增加，因设备调试完成后将 释放约 2 万吨新增产能，每月增加约 1-2 千吨。六微米产品按客户要求定 制，与市场同类产品无显著差异。 • 4.5 微米到五微米铜箔放量生产是历史趋势，受益于铜价上涨后下游厂家 重新采用这些规格，且新纤改进了技术参数，提升了铜箔性能。四、五微 米铜箔单价及盈利均高于六微米，单位盈利约 1,000-2,000 元/吨。 • 预计 2025 年行业供需将趋于平衡，下半年四季度可能出现涨价预期。理 铭中高强产品占比持续提升，一季度占比超过 50%，有望达到 80%，推 动均价持续上涨。 • 大客户通过与公司合作，提高了 4.5 和 5 微米铜箔的性能指标和工艺参数， 使其适用于大规模量产。中高强铜箔生产壁垒高，市场格局持续优化，盈 利能力有望提升。 Q&A 请介绍一下嘉元科技 ...

淮北矿业 20250410 2025-04-11 摘要 • 淮北矿业 2024 年营收 657.35 亿元，同比下降 10.43%；归母净利润 48.55 亿元，同比下降 22%；基本每股收益 1.84 元，同比下降 0.67%。 尽管业绩有所下滑，但公司通过优化生产和成本管控，提升了盈利能力。 • 公司优化资本结构，年末资产负债率降至 46.58%，有息负债占比约 12%。全年经营活动现金流净额超 90 亿元，虽同比下降，仍保持较高水 平，为项目建设和科研投入提供保障，抗风险能力增强。 • 淮北矿业煤炭业务全年销售收入 224.07 亿元，同比减少 15.51%，但毛 利率提升至 50.13%，得益于"6+1"成本管控策略，综合成本同比下降 11.74%。煤化工板块减亏约 2 亿元，产品毛利率同比提高 0.48 个百分点。 • 公司积极推进智能化矿山建设，济南周庄二号煤矿通过智能化验收，陶壶 头煤矿四套智能掘进系统顺利完成二期开拓。电力板块加速推进铝铅锌 2 升 660 兆瓦超超临界燃煤发电项目，确保 2025 年底投产。 • 非煤产业集群效应显现，石灰石资源年收取 1 亿吨，新增非煤矿山产能 1,640 ...

Summary of Conference Call Records Companies and Industries Involved - **隆盛科技 (Longsheng Technology)** - **禾望电气 (Hewei Electric)** - **豪能股份 (Haoneng Co., Ltd.)** Key Points and Arguments 隆盛科技 (Longsheng Technology) - The motor core business is extending to semi-assembly, with potential value increase to 2000 RMB, benefiting from the new energy vehicle market and cooperation in the Sichuan-Chongqing region, indicating significant growth potential [2] - EGR (Exhaust Gas Recirculation) business benefits from the commercial vehicle market's favorable conditions and close collaboration with BYD in hybrid systems, presenting a broad market outlook [2] - Actively expanding into robotics by acquiring Weina Intelligent, focusing on harmonic reducers and dexterous hands, with potential breakthroughs in humanoid robotics [2] - In 2023, total revenue was 1.5 billion RMB, with overseas revenue around 50 million RMB, accounting for approximately 3-4%, indicating good overall growth potential despite tariff friction [3][11] - Core businesses include motor core and EGR, with the motor core's value expected to triple from 600-800 RMB to around 2000 RMB due to new semi-assembly orders [4] - New business developments in robotics, including harmonic reducers and dexterous hands, show promising growth prospects [5] - Current valuation is around 20 times earnings, with potential earnings forecasted to reach 330-351 million RMB, indicating a good investment opportunity [7][12] 禾望电气 (Hewei Electric) - Overseas revenue accounts for about 7-8%, with no exposure to the U.S. market, minimizing the impact of tariff friction [2][6] - Main businesses include wind-solar energy storage and industrial transmission, with significant revenue growth to 560 million RMB, driven by domestic market trends and local replacements [6] - Valuation is close to 20 times earnings, with strong growth in both wind-solar storage and industrial transmission sectors [13] 豪能股份 (Haoneng Co., Ltd.) - Holds a competitive advantage in the industrial brain sector with super-large power frequency control technology, applicable in metallurgy and steel rolling industries [2][8] - Data center power business is viewed as a strong bullish option, with potential for significant stock price reaction if product or client developments occur [9] - Overseas revenue is approximately 260 million RMB, primarily from the European market, accounting for about 10% of total revenue, with no risk exposure to the U.S. market [10] - Planetary reducer business shows great potential in new energy vehicles and humanoid robotics, with a current valuation of around 20 times earnings, indicating high relative value [14] Other Important but Possibly Overlooked Content - The industrial transmission sector is largely dominated by foreign enterprises, presenting opportunities for domestic companies like Hewei Electric to capture market share through local replacements [6] - The potential for the data center power business to act as a significant growth driver for Haoneng Co., Ltd. if future developments are favorable [9]