[Table_MainInfo] 公司研究/信息服务 证券研究报告 云鼎科技（000409）公司研究报告 2025 年 01 月 25 日 首次覆盖: 背靠山能集团的综合能源数字 化解决方案提供商 [Table_Summary] 投资要点： 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1091 | 1141 | 1353 | 1635 | 1965 | | (+/-)YoY(%) | 114.7% | 4.6% | 18.5% | 20.9% | 20.1% | | 净利润（百万元） | 25 | 62 | 92 | 129 | 167 | | (+/-)YoY(%) | 42.6% | 146.2% | 48.6% | 40.8% | 29.3% | | 全面摊薄 EPS(元) | 0.04 | 0.09 | 0.14 | 0.19 | 0.25 | | 毛利率(%) | 31.8% | 38.2% | 3 ...

[Table_Title] 研究报告 2025 年 2 月 7 日 阿布扎比国家石油天然气（ADNOCGAS UH） 强劲的盈利能力；良好的 2025 财年利润率指引；更高的资本支出 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] 热点速评 [Table_summary] （本报告为 2025 年 2 月 6 日发布的英文报告的翻译版，以原稿为准） 资本支出如预期增加：公司预计 2025 财年资本支出为 30-35 亿美元，同比增长 63%-91%，并重申其 2025-2029 财 资本支出最高达 150 亿美元，其中包括将于 2028 年下半年以成本价收购阿布扎比国家石油公司在鲁崴斯液化天然 气项目中的 60%股份。公司的其他项目包括 IGD-E2 项目（石油生产与液化天然气分离项目，2025 年第一季度完 工）、ESTIDAMA 项目（新的天然气压缩和管线延伸项目，2025 年第三季度完工）、MERAM 项目（乙烷回收率最 大化项目，2025 年第四季度完工）、哈布桑 ...

Nxt us[Table_Title] 研究报告 2025 年 2 月 7 日 Nextracker（NXT US） 强劲的表现与执行力；上调 25 财年盈利能力指引 [Table_yemei1] 热点速评 Flash Analysis Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_summary] （本报告为 2025 年 2 月 2 日发布的英文报告的翻译版，以原稿为准） 最新动态 我们预计，随着 Nextracker 提高 2025 财年的盈利能力指引，公司 2025 年第三季度业绩将受到市场的积极影响，实 现创纪录的未结订单，表明太阳能需求稳健、价格稳定。公司一直致力于实现稳健的利润率，并且盈利往往能够超 出市场预期。我们维持 Nextracker 作为优质太阳能跟踪器公司的观点，公司仍是海通国际全球新能源覆盖范围内的 首选之一。 点评 上调 2025 财年盈利能力指引：公司维持 2025 财年（截至 2025 年 3 月止财年）营收指引（介于 28 亿至 29 亿美元 之间） ...

[Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb21.11 目标价 Rmb25.42 HTI ESG 4.4-4.6-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb19.51bn / US$2.68bn 日交易额 (3 个月均值) US$31.44mn 发行股票数目 924.05mn 自由流通股 (%) 57% 1 年股价最高最低值 Rmb24.00-Rmb14.00 注：现价 Rmb21.11 为 2025 年 02 月 07 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 9.7% 0.5% -1.5% 绝对值（美元） 10.3% -1.2% -2.9% 相对 MSCI China 1.2% 3.0% -30.9% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 3,898 3,913 5,902 7,161 Revenue ( ...

[Table_Title] 研究报告 Research Report 7 Feb 2025 泛美白银 Pan American Silver (PAAS US) 白银领域翘楚，综合实力雄厚 The world's premier silver producer with solid fundamentals 吴旖婕 Yijie Wu 王曼琪 Manqi Wang lisa.yj.wu@htisec.com mq.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis (Please see [Table_summary] APPENDIX 1 for English summary) Pan American Silver 是一家总部位于加拿大温哥华的白银开采公司，也是全球第四大白银生产商。公司拥有并运营位 于加拿大、墨西哥、秘鲁、巴西、玻利维亚、智利和阿根廷的银矿和金矿，以及尚未投入运营的位于危地马拉的 Escobal 矿。公司业务主要集中于拉丁美洲，其资产包括位于墨西哥的 La Colorada 银矿、Dolores 金矿及 La Colorada Skarn ...

Investment Rating - The report initiates coverage with an "Outperform" rating for Prada, projecting a target price of 81.87 HKD based on a 25X P/E valuation for 2025 [3]. Core Insights - The report highlights the revitalization of the brand and anticipates growth in performance, driven by strategic adjustments and strong brand management [2][3]. Summary by Sections Company Overview - Founded in 1913 in Milan, Prada has undergone significant transformations, including a strategic shift since 2016 that has led to a 113% increase in market value from 2018 to 2024 [3][12]. - The company operates three main brands: Prada, MIU MIU, and Church's, with a focus on leather goods and fashion [12][21]. Industry Position - Prada ranks 8th in revenue among major luxury brands, with a revenue of 4.726 billion euros in 2023, and has shown a compound annual growth rate (CAGR) of 10% in revenue and 27.3% in net profit from 2019 to 2023 [18][21]. - The company's P/E ratio is positioned at 21.5x in 2023, which is lower compared to peers like Hermès and LVMH, indicating potential for valuation improvement [18][19]. Operational Review - The company has successfully implemented a comprehensive strategic transformation since 2016, including streamlining direct stores and enhancing e-commerce channels, resulting in a recovery in revenue and profitability [28][36]. - The introduction of Raf Simons as co-creative director in 2020 has revitalized the Prada brand, leading to increased brand visibility and sales performance [40][41]. Brand Performance - MIU MIU has evolved into a strong independent brand, with significant growth in brand heat and market presence, particularly among younger demographics [40][52]. - The report notes that both Prada and MIU MIU have seen substantial increases in online engagement and brand ranking, indicating a successful repositioning in the luxury market [47][48]. Financial Forecast and Valuation - Projected revenues for Prada are expected to reach 5.444 billion euros in 2024, with net profits forecasted at 824 million euros, reflecting a growth trajectory in the luxury sector [3][36]. - The report emphasizes the resilience of luxury goods, particularly among high-net-worth individuals, suggesting continued demand despite macroeconomic challenges [3][5].

研究报告 ResearchReport 6 Feb 2025 中国食品饮料 China (A-share) Food & Beverage 中国消费品 1 月需求报告：必选消费短期依然承压 Staple Consumption Remains under Pressure in the Short Term [Table_yemei1] Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 贵州茅台 | Outperform 燕京啤酒 | | Outperform | | 贵州茅台 | Outperform 重庆啤酒 | | Outperform | | 五粮液 | Outperform 重庆啤酒 | | Outperform | | 五粮液 | Outperform 水井坊 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 山西汾酒 | Outperform 口子窖 | | Outperform | | ...

[Table_Title] 研究报告 Research Report 6 Feb 2025 全球 AI 工业+能源 Global Industrials & Energy 基于数据库洞察：美国天然气行业稳步发展，LNG 产能与管道网络拓展提速 Insights from Database Analysis: Steady Growth of the U.S. Natural Gas Industry with Accelerated Expansion of LNG Capacity and Pipeline Networks 杨斌 Bin Yang [Table_yemei1] 热点速评 Flash Analysis bin.yang@htisec.com [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 2024 年第四季度美国 LNG 产能保持稳定，重点项目稳步推进。与 2024 年第三季度相比，项目数量和整体产能未发 生显著变化，市场开发节奏相对平稳。部分关键项目的进展和时间节点出现调整：Plaquemines LNG ...

[Table_Title] 研究报告 Research Report 30 Jan 2025 中国电子 China (Overseas) Technology Meta 超预期、微软云放缓 —— Capex 不会因 Deepseek 降低；但重推理轻训练 Meta Beat, Azure Miss —— Deepseek should Spur Capex instead 陈昊飞 Haofei Chen, PhD 吴叡霖 Louis Ng 姚书桥 Barney Yao 纪雨岑 Grace Chi 赵方舟 Eugene Zhao haofei.chen@htisec.com louis.yl.ng@htisec.com barney.sq.yao@htisec.com grace.yt.chi@htisec.com eugene.fz.zhao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 2025 年 1 月 29 日，Meta 与微软发布最新财 ...

Investment Rating - The investment rating for Sinofert Holdings is not explicitly stated in the provided documents, but the report indicates a positive outlook based on expected profit growth and strategic initiatives. Core Insights - The profit attributable to shareholders for 2024 is expected to be between RMB 1.01 billion and RMB 1.11 billion, with a solid growth forecast when excluding certain impairments [2][4] - The company is steadily promoting its "Bio+" strategy, focusing on technological innovation and enhancing operational management, which has led to increased production and sales of bio-fertilizers [2][5] - The growth in the company's operating results is attributed to the successful implementation of the "Bio+" strategy and improvements in supply chain management [4][6] Summary by Relevant Sections Financial Performance - The expected profit attributable to shareholders for 2024 is projected to be between RMB 1.01 billion and RMB 1.11 billion, with a potential adjusted profit range of RMB 1.18 billion to RMB 1.28 billion, indicating robust growth compared to RMB 1.149 billion in 2023 [2][4] - The company's growth business revenue for 2022, 2023, and the first half of 2024 were RMB 7.441 billion, RMB 7.845 billion, and RMB 5.555 billion respectively, with year-on-year growth rates of 5.43% and 5.25% [5][6] Strategic Initiatives - The "Bio+" strategy aims to position the company as a leader in bio-fertilizer and soil health innovation, supported by a strong research platform and new product development [5][6] - The company has launched new products such as Lanlin, Yaxin, and Kodafon, contributing to high-speed business growth [5][6] Research and Development - In the first half of 2024, the company tackled nine key technologies and completed trial production of four key products, achieving a transformation volume of 886,000 tonnes [6][7] - The company is enhancing its R&D capabilities and has established a team led by three chief scientists to focus on biotechnology and soil health [6][7] Synergistic Collaborations - As a subsidiary of Syngenta Group, the company benefits from collaborative projects that enhance product competitiveness, including the establishment of a Plant Protection and Nutrition Centre [7] - The company achieved synergistic revenue of RMB 240 million from plant protection in the first half of 2024, with a three-year compound growth rate of 21% [7]