Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - The report indicates a significant improvement in the VC&PE investment in the domestic innovative drug sector as of March 2025, serving as a leading indicator for the CXO industry's economic conditions [14][4] - In 2024, both global and US innovative drug VC&PE investments have returned to positive growth, with amounts increasing by 1.93% and 5.29% respectively compared to 2023, marking an improvement of 30.51 percentage points and 35.12 percentage points [15][2] - The first quarter of 2025 shows a notable year-on-year improvement in global innovative drug VC&PE investment growth, with global investments increasing by 20.57%, while US and domestic investments saw declines of 4.99% and 4.05% respectively [20][3] - In March 2025, the domestic market for innovative drug VC&PE investments experienced a year-on-year growth of 51.78%, contrasting with a decline of 27.40% in the US market, and a global growth of 6.82% [29][4] Summary by Sections 1. VC&PE Investment in March 2025 - The report highlights a clear improvement in the VC&PE investment growth rate in the domestic innovative drug market for March 2025 [14] 1.1. Annual Observation - The global and US innovative drug VC&PE investment figures for 2024 show a recovery to positive growth, with respective increases of 1.93% and 5.29% [15] 1.2. Quarterly Observation - The first quarter of 2025 indicates a significant year-on-year improvement in global innovative drug VC&PE investment growth [20] 1.3. Monthly Observation - March 2025 data reveals a substantial year-on-year increase in domestic innovative drug VC&PE investment, with a growth rate of 51.78% [29]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 44.25 CNY for the next six months [6][10]. Core Views - The company achieved excellent performance in 2024, with revenue of 1.971 billion CNY, a year-on-year increase of 53.94%, and a net profit attributable to shareholders of 260 million CNY, up 31.65% year-on-year [1][2]. - The growth is primarily driven by the rapid expansion of new businesses, particularly airbags and steering wheels, which saw sales of 606 million CNY, a year-on-year increase of 128.65% [2][4]. - The company is expected to maintain high growth in the future, supported by volume, price, and profit improvements [4][10]. Revenue and Profitability - In 2024, the company reported a comprehensive gross margin of 28.71%, a decrease of 2.61 percentage points year-on-year, mainly due to changes in product structure [2][3]. - The sales of safety belts reached 1.264 billion CNY, with a year-on-year increase of 39.90% [2]. - The gross margin for airbags and steering wheels was 16.29%, down 1.62 percentage points year-on-year, with airbags achieving a gross margin of 17.25% [2][3]. Quarterly Performance - In Q4 2024, the company achieved revenue of 661 million CNY, a year-on-year increase of 41.93% and a quarter-on-quarter increase of 30.41% [3]. - The comprehensive gross margin for Q4 2024 was 26.56%, down 4.67 percentage points year-on-year [3]. Future Growth Drivers - The company is actively expanding and deepening cooperation with domestic and overseas clients, including partnerships with major automotive manufacturers and new energy vehicle clients [4][10]. - The average selling price of safety belt assemblies reached 59.03 CNY per unit in 2023, an increase of 6.53% year-on-year, indicating an ongoing optimization of product structure [4][10]. - The company plans to enhance its production capacity and develop new electronic control products in collaboration with partners [10]. Financial Projections - The company is projected to achieve net profits of 400 million CNY, 550 million CNY, and 700 million CNY for the years 2025, 2026, and 2027, respectively [10][11]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18.9, 13.9, and 10.8, respectively [10][11].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.53 CNY, compared to the current stock price of 20.83 CNY [5][8]. Core Views - The company's performance is under pressure due to a decline in sales of the shingles vaccine, a decrease in gross margin, and an increase in expense ratios. In 2024, total revenue was 1.229 billion CNY, down 32.64% year-on-year, and net profit was 232 million CNY, down 53.67% year-on-year [1][2]. - The sales revenue for the chickenpox vaccine and nasal spray flu vaccine showed stable growth, with revenues of 837 million CNY (up 2.16% year-on-year) and 141 million CNY (up 15.37% year-on-year), respectively. However, the shingles vaccine sales dropped significantly to 251 million CNY, down 71.54% year-on-year [2]. - The company is advancing its vaccine pipeline, with several projects expected to enhance performance, including the approval of a liquid nasal spray flu vaccine, which is anticipated to contribute positively to future earnings [3][8]. Summary by Sections Financial Performance - In 2024, the overall gross margin was 85.42%, down 4.81 percentage points, and the expense ratio was 60.23%, up 5.84 percentage points. For Q1 2025, the gross margin was 85.27%, down 4.45 percentage points, while the expense ratio surged to 87.12%, up 20.28 percentage points [1]. - The company forecasts revenue growth rates of 10.2%, 13.3%, and 11.7% for 2025 to 2027, with net profit growth rates of 4.9%, 16.7%, and 14.4% for the same period [8][10]. Vaccine Sales - The company has successfully expanded its international market presence, exporting the shingles vaccine to Colombia and the chickenpox vaccine to Afghanistan, with products now available in over 10 countries [2]. - The company is focusing on multiple vaccine development projects, including the whooping cough vaccine and rabies monoclonal antibody, which are expected to enter clinical trials in 2025 [3]. Market Position - The company's total market capitalization is approximately 8.616 billion CNY, with a circulating market capitalization of the same amount. The total share capital is 413.66 million shares [5].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 29.8 yuan over the next six months [4][5]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 2.459 billion yuan, a year-on-year increase of 15.14%, and net profit of 207 million yuan, up 50.46% year-on-year, driven by high demand in AI and advanced materials [1][2]. - The company is benefiting from the rapid development of AI computing power, high-frequency communication, and semiconductor packaging, leading to increased orders and sales volume across various product lines [2][3]. - The company is expanding its high-value product offerings, with new production lines for advanced materials coming online, which meet the requirements for 5G/6G applications and AI server chip packaging [3]. Financial Performance - The company expects revenues of 11.703 billion yuan, 13.271 billion yuan, and 14.996 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.146 billion yuan, 1.405 billion yuan, and 1.666 billion yuan for the same years [4][9]. - The report indicates a steady increase in gross margin, with expectations of 24.5% in 2025 and further improvements in subsequent years [9]. - The company's total market capitalization is approximately 21.136 billion yuan, with a circulating market value of 19.499 billion yuan [5]. Product Performance - Sales volume for advanced electronic materials and battery materials reached 17,600 tons, a year-on-year increase of 11.08%, with sales revenue of 360 million yuan, up 31.30% [2]. - The company has successfully increased production capacity for high-end products, including a 1,000-ton/year PPO resin production line and a 100-ton/year hydrocarbon resin production line [3]. Market Position - The company is positioned as a leading domestic resin manufacturer, continuously breaking through in high-end product development [7]. - The report highlights the company's strategic focus on high-end copper-clad laminate materials, which are essential for advanced electronic applications [3].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.95 CNY, compared to the current stock price of 23.93 CNY [5]. Core Views - The company reported a total revenue of 1.299 billion CNY for 2024, representing a year-on-year increase of 17.58%, and a net profit of 315 million CNY, up 52.2% year-on-year, slightly exceeding the performance guidance [2][3]. - Both domestic and international businesses are growing simultaneously, with significant expansion into new fields. Domestic revenue reached 653 million CNY, while overseas revenue was 646 million CNY, accounting for 50.09% of total revenue [2]. - The company has established wholly-owned subsidiaries in the US, Germany, India, Japan, and Brazil, indicating a strong international presence [2]. Revenue Structure - The revenue from high-altitude safety lifting equipment, protective equipment, and work clothing was 889 million CNY, 355 million CNY, and 46 million CNY, respectively, with year-on-year growth rates of 16.41%, 23.71%, and 1.26% [2]. - The company has diversified its applications across 17 industries, including power grids, telecommunications, thermal power, construction, and bridges, with non-power generation revenue increasing by 171.75% year-on-year [2]. Order Growth and Profitability - The company signed new orders in 2024 with a year-on-year growth of approximately 35%, with overseas orders growing faster than domestic ones [3]. - The gross margin and net margin for the year were 45.49% and 24.24%, respectively, with the net margin showing a significant improvement due to cost control measures [3]. - The company plans to enhance budget management and deepen cost reduction efforts, which are expected to further improve profitability [3]. Market Outlook - The domestic wind power market is projected to see significant growth, with installed capacity expected to reach 105-115 GW in 2025, representing a year-on-year growth of 22.8% to 34.5% [4]. - The company is well-positioned to benefit from the anticipated recovery in the offshore wind power sector, with a projected installed capacity of 10-15 GW [4]. - The company has a strong ability to withstand tariff risks due to its established presence in the US market and a high market share in its main products [9]. Financial Projections - Revenue projections for 2025-2027 are 1.61 billion CNY, 1.87 billion CNY, and 2.15 billion CNY, with year-on-year growth rates of 24.1%, 16%, and 14.9% respectively [10]. - Net profit projections for the same period are 410 million CNY, 490 million CNY, and 600 million CNY, with growth rates of 30.6%, 20.2%, and 22.3% respectively [10]. - The company is expected to maintain a strong performance relative to the industry, driven by cost control and structural optimization [10].

国投证券宏观定期报告 周度经济观察 ————经济数据亮眼，市场焦点切换 袁方1 张端怡（联系人）2魏薇（联系人）3 2025 年 04 月 22 日 内容提要 一季度经济的修复主要来源于抢出口背景下的供应扩张，同时稳增长政策 在消费、基建等领域也产生了积极影响。二季度经济的状态取决于出口下滑的幅 度与稳增长政策的力度，这需要自下而上的观察评估。 当前市场的关注集中在 4 月下旬的政治局会议，围绕稳增长政策力度和节 奏的表述，以及中美之间在关税层面的谈判进展。考虑到内外部政策与短期经济 的不确定性，我们倾向于认为权益市场总体在震荡的过程中。 受关税政策反复以及美联储官员鹰派发声的影响，近期美国市场避险情绪 持续升温。美股下跌，美债收益率下行，黄金价格大幅上涨。特朗普政策的无常 与美国经济的减速，对黄金价格的支撑未来有望延续。 风险提示：（1）地缘政治风险 （2）政策出台超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520080004 2联系人，zhangdy2@essence.com.cn，S1450123040 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 21.45 CNY, compared to the current stock price of 18.48 CNY [5]. Core Views - The company's revenue for 2024 reached 16.486 billion CNY, a year-on-year increase of 1.15%, while the net profit attributable to shareholders was 2.022 billion CNY, up 17.86% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 4.506 billion CNY, reflecting an 8.02% year-on-year growth, and a net profit of 436 million CNY, which is a 15.18% increase year-on-year [1]. - The internationalization strategy has shown results, with the company increasing its market share and achieving a record export volume of over 100,000 units [1][2]. Revenue Structure - In 2024, domestic revenue was 9.385 billion CNY, down 1.4% year-on-year, while international revenue was 6.846 billion CNY, up 4.75% year-on-year, with international revenue accounting for 41.53% of total revenue, a historical high [2]. - The company’s gross margin and net margin for 2024 were 23.55% and 13.11%, respectively, showing improvements of 2.77 percentage points and 1.84 percentage points year-on-year [2]. Profitability Enhancement - The company’s profitability has significantly improved, with the gross margin reaching its highest level since 2017 and the net margin hitting a historical high [2]. - The domestic market has benefited from marketing reforms and organizational upgrades, leading to increased penetration of high-value electric products [2]. - The overseas market has seen strengthened capabilities in high-end markets and emerging markets, contributing to profit growth [2]. Industry Upgrade - The company has established two intelligent production bases, effectively reducing production costs and shortening delivery times [3]. - The project for the intelligent transformation of high-end large-tonnage forklifts is progressing steadily, with significant growth in sales of large-tonnage forklifts [3]. Future Projections - Revenue projections for 2024-2026 are 18.01 billion CNY, 20 billion CNY, and 22.39 billion CNY, with growth rates of 9.2%, 11%, and 11.9%, respectively [9]. - Net profit projections for the same period are 2.16 billion CNY, 2.41 billion CNY, and 2.71 billion CNY, with growth rates of 6.8%, 11.8%, and 12.3% [9].

Investment Rating - The investment rating for TCL Smart Home is maintained at "Buy-A" with a 6-month target price of 12.72 CNY per share [4]. Core Views - TCL Smart Home reported a robust revenue growth of 9.6% year-on-year (YoY) in Q1 2025, achieving a revenue of 4.6 billion CNY. The net profit attributable to shareholders increased by 34.0% YoY to 300 million CNY, while the net profit excluding non-recurring items rose by 31.3% YoY to 290 million CNY. The growth is attributed to the continued increase in exports of the Oma refrigerator and improved cost management [1][2]. - The company is focusing on expanding its market presence in Latin America and the Middle East and Africa, which is expected to enhance export orders [1]. - The gross profit margin for Q1 2025 was reported at 22.6%, an increase of 2.3 percentage points YoY, primarily due to favorable exchange rates and reduced shipping costs compared to the previous year [1][2]. Financial Performance Summary - In Q1 2025, the operating cash flow net amount increased by 140 million CNY YoY, driven by a 670 million CNY increase in cash received from sales, while cash paid for purchases rose by only 400 million CNY [2]. - The forecasted earnings per share (EPS) for 2025 and 2026 are projected to be 1.06 CNY and 1.16 CNY, respectively, with a price-to-earnings (PE) ratio of 12x for 2025 [2][4]. - The company’s revenue is expected to grow from 15.18 billion CNY in 2023 to 25.49 billion CNY by 2027, with net profit increasing from 787 million CNY to 1.4 billion CNY over the same period [10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 47.84 CNY, compared to the current stock price of 41.01 CNY [5]. Core Views - The company achieved a total revenue of 7.799 billion CNY in 2024, representing a year-on-year increase of 23.56%, while the net profit attributable to shareholders was 1.629 billion CNY, a decrease of 12.76% year-on-year [1]. - The domestic market is transitioning from a growth phase to a structural adjustment phase, while the overseas market continues to show good growth [1][2]. - The company’s product structure is improving, with significant revenue contributions from different types of aerial work platforms, particularly the boom-type series, which has become a key growth driver [1][3]. Revenue and Profitability - The company’s total revenue from domestic and international sales was 1.649 billion CNY and 5.523 billion CNY, respectively, with year-on-year changes of -22.23% and +43.83% [2]. - The gross profit margin for the main business was 35.04%, a decrease of 1.75 percentage points year-on-year, primarily due to the consolidation of CMEC's lower-margin revenue [2]. - The net profit margin was 20.89%, down 8.7 percentage points year-on-year, mainly due to increased expenses following the CMEC merger [2]. Global Competitiveness and Product Development - The company is enhancing its global competitiveness through a continuous globalization strategy and has successfully completed projects to increase production capacity for large intelligent aerial platforms [3]. - The company has introduced a range of differentiated and high-quality new products, expanding into new application scenarios such as large shipyards and rail transit [3]. Financial Forecast - The company is expected to achieve total revenues of 9.07 billion CNY, 10.25 billion CNY, and 11.59 billion CNY for the years 2025, 2026, and 2027, with growth rates of 16.3%, 13%, and 13.1%, respectively [9]. - Net profits are projected to be 1.86 billion CNY, 2.23 billion CNY, and 2.67 billion CNY for the same years, with growth rates of 14.4%, 19.9%, and 19.5% [9].

2025 年 04 月 21 日 兴齐眼药(300573.SZ) 2024 年业绩高增长，期待核心产品快速放量 事件： 公司发布了 2024 年年度报告，2024 年公司分别实现营收和扣非后归 母净利润 19.43 亿元和 3.48 亿元，分别同比增长 32.42%和 44.54%。 得益于核心品种销售放量，2024 年公司业绩实现高增长： 收入端，2024 年公司实现营收 19.43 亿元，同比增长 32.42%。其中， 滴眼剂、凝胶剂/眼膏剂、医疗服务、溶液剂分别实现营收 13.66 亿 元（+106.08%）、3.63 亿元（-2.88%）、1.33 亿元（-62.13%）、0.62 亿元（+19.16%）。 利润端，2024 年公司实现扣非后归母净利润 3.48 亿元，同比增长 44.54%，得益于低浓度硫酸阿托品滴眼液等核心品种的销售放量，公 司业绩实现高增长。 全面布局眼科产品管线，核心产品销售快速放量可期： 公司持续深耕眼药领域，目前其产品已全面覆盖延缓儿童近视进展 药、干眼治疗药、眼用抗感染药、眼用抗炎/抗感染药、散瞳药和睫 状肌麻痹药、眼用非类固醇消炎药、缩瞳药和抗青光眼用药等多个品 类。其 ...