2025 年 04 月 30 日 葵花药业(002737.SZ) 调整期蓄能强基底，战略焕新静候复苏 坚守葵花特色研发之路，研发成果逐步落地。公司坚守"买、改、 联、研、代"的多途径、组合式的葵花特色研发之路，2024 年公司进 一步明确聚焦于"一老、一小、一妇"细分赛道，拓展有竞争优势的 产品管线。截至 2024 年底，公司共有在研化药品种近四十个，主要 聚焦在儿科、成人消化及妇科治疗领域，已有部分品种处于放大生产、 BE 试验以及注册申报等阶段；中成药方面，公司根据国家公布的第 一批经典名方目录进行经典名方研发项目开发，同名同方药开发以及 中药品种保护（小儿肺热咳喘口服液，小儿柴桂退热颗粒）工作进行 中，已上市中成药产品（定坤丹、血府逐瘀丸、乌鸡白凤丸）进行二 次开发中。2024 年，护肝片和小儿肺热咳喘口服液获得香港中成药 注册证明书，布洛芬混悬液获得药品注册证书；此外，聚乙二醇 3350 散、布洛芬混悬滴剂、磷酸奥司他韦干混悬剂已于 2025 年 3-4 月获 得药品注册证书，公司研发成果持续落地。 公司快报 证券研究报告 | | 中成药 | | | --- | --- | --- | | 投资评级 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 37.65 yuan over the next six months [3][6]. Core Views - The company reported a 3.9% year-on-year increase in insurance service revenue for Q1 2025, totaling 69.6 billion yuan, while the net profit attributable to shareholders decreased by 18.1% year-on-year to 9.6 billion yuan, primarily due to rising short-term interest rates and fluctuations in the equity market affecting fair value [1][2]. - The company's new business value (NBV) grew by 39% year-on-year on a comparable basis, driven by the growth in the bancassurance channel, with life insurance premiums increasing by 11.8% to 118.4 billion yuan [2][3]. - The company aims to enhance its fundamental performance through ongoing reforms and the implementation of the "North Star Plan" in 2025, projecting earnings per share (EPS) of 5.65 yuan, 6.34 yuan, and 7.19 yuan for 2025 to 2027 [3]. Summary by Sections Financial Performance - In Q1 2025, the life insurance segment generated 21 billion yuan in service revenue (YoY +0.6%), while the property insurance segment achieved 47.7 billion yuan (YoY +4.8%) [1]. - The overall premium income for property insurance reached 63.1 billion yuan (YoY +1.0%), with a combined cost ratio of 97.4%, reflecting a 0.6 percentage point improvement year-on-year [2]. Investment Returns - The company's total investment assets amounted to 2,810.2 billion yuan as of the end of Q1 2025, with a total investment return rate of 1.0%, down 0.3 percentage points year-on-year, largely due to the impact of rising short-term interest rates and equity market volatility [3]. Future Projections - The report forecasts the company's operating revenue to reach 449.75 billion yuan in 2025, with net profit attributable to shareholders projected at 54.39 billion yuan [4][12].

2025 年 04 月 30 日 中国平安(601318.SH) NBVM 提振价值增长，市场波动制约利润表现 ■事件：公司披露 2025 年一季报，实现归母净利润 270 亿元（YoY- 26.4%），主要受 Q1 利率上行导致 FVTPL 债券浮亏以及平安好医生并 表影响；归母营运利润 379 亿元（YoY+2.4%）；公司寿险及健康险业 务实现 NBV 达 129 亿元（YoY+34.9%）。 ■寿险 NBVM 改善明显，推动 NBV 实现较快增长。2025Q1，公司寿险 及健康险业务实现归母营运利润 269 亿元（YoY+5.0%）；实现新单保 费同比-19.5%，首年保费口径 NBVM 同比+11.4pct 至 28.3%，实现新 业务价值达 129 亿元（YoY+34.9%），主要得益于预定利率下调、报行 合一实施、产品结构优化等影响。渠道方面，平安寿险持续深化"4 渠道+3 产品"战略，代理人优增优育，个险渠道代理人规模达 33.8 万，基本与去年同期持平，人均 NBV 同比+14%。银保渠道 NBV 同比增 长 170.8%，产能持续提升。 ■财险综合成本率大幅改善。2025Q1，公司财险业务 ...

2025 年 04 月 30 日 华峰测控(688200.SH) 24 年业绩重回正增长，海外产能建设 迈入新阶段 事件：公司发布 2024 年度报告及 25 年一季报 1）2024 年公司实现营业收入 9.05 亿元，同比+31.05%；实现归母净 利润 3.34 亿元，同比+32.69%；实现扣非后归母净利润 3.4 亿元，同 比+34.35%。 2）25Q1 公司实现营业收入 1.98 亿元，同比+44.46%；实现归母净利 润 0.62 亿元，同比+164.23%；实现扣非后归母净利润 0.51 亿元，同 比+59.73%。 收入利润实现双位数增长，核心产品 STS8300 表现突出 24 年受益于半导体行业温和复苏及国内经济企稳，公司把握下游需 求机遇，收入、利润实现双位数增长，其中核心产品 STS8300 表现亮 眼，出货量同比大幅提升，客户生态圈建设成效显著。盈利能力方面， 公司全年毛利率为 73.31%,同比+0.84 pcts；销售/管理/研发费用率 分别为 14.19%/6.4%/19.04%,同比-2.3/-1.49/-0.06 pcts；净利率 为 36.88%,同比+0.46 pct ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][8]. Core Views - The company reported strong revenue growth in Q1 2025, with revenue reaching 2.638 billion yuan, a year-on-year increase of 41.83%. The net profit attributable to shareholders was 270 million yuan, up 28.79% year-on-year [1][2]. - The sales volume of the intelligent electronic control segment increased significantly, with 1.46 million units sold in Q1 2025, representing a 58% year-on-year growth. The disc brake sales reached 930,000 units, up 36% year-on-year, while lightweight brake components sold 3.44 million units, a 23% increase year-on-year [2]. - The company is positioned as a core player in the next-generation braking technology, with significant progress in EMB regulations and successful development of initial functional samples [3]. - The company is expanding its global customer base and increasing production capacity at its Mexican facility [4]. Financial Summary - The projected net profits for the company from 2025 to 2027 are estimated at 1.5 billion, 2 billion, and 2.7 billion yuan, respectively, with corresponding PE ratios of 23.5, 17.7, and 13.2 times [5][14]. - The company’s gross margin for Q1 2025 was reported at 17.97%, with a year-on-year decrease of 2.09 percentage points and a quarter-on-quarter decrease of 4.24 percentage points [2]. - The company’s total market capitalization is approximately 36.03 billion yuan, with a current share price of 59.40 yuan and a target price of 75.3 yuan for the next six months [8].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 56.78 CNY per share [6][10]. Core Views - The company achieved a revenue of 1.454 billion CNY in 2024, representing a year-on-year increase of 18.62%, and a net profit of 133 million CNY, up 23.53% year-on-year [2][3]. - In Q1 2025, the company reported a revenue of 343 million CNY, a 34.07% increase year-on-year, and a net profit of 36 million CNY, up 37.11% year-on-year [2][3]. - The growth in revenue is attributed to increased sales of optical detection equipment related to mobile camera modules, laser processing systems for power batteries, and recognition of precision processing equipment in consumer electronics [3][4]. - The company is expected to continue its growth trajectory with projected revenues of 1.814 billion CNY, 2.159 billion CNY, and 2.559 billion CNY for 2025, 2026, and 2027 respectively [10][12]. Summary by Sections Financial Performance - The company’s overall gross margin for 2024 was 37.69%, a decrease of 3.42 percentage points year-on-year, while the net profit margin was 8.53%, an increase of 0.03 percentage points [3][12]. - The company’s operating expenses as a percentage of revenue have improved, with sales, management, and R&D expense ratios at 7.77%, 8.44%, and 11.53% respectively, showing slight decreases year-on-year [3][12]. Business Segments - The laser segment includes the development of a 500W high-power MOPA pulsed fiber laser for the power battery industry, enhancing efficiency in electrode cutting and cleaning processes [4]. - The detection segment has seen growth due to the rapid expansion of production lines for mobile camera modules, with several projects being exclusive supply contracts [4]. - The company has also made strides in the photovoltaic sector with its perovskite laser cutting equipment, which is now being utilized in large-scale production lines [4]. Future Outlook - The company is positioned as a leader in the domestic laser industry, particularly in the context of domestic substitution in the new energy lithium battery sector, which is expected to drive future growth [10][12]. - The projected earnings per share (EPS) for 2025 is estimated at 2.18 CNY, with a price-to-earnings (PE) ratio of 26 times [10][12].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 4.66 CNY over the next six months [6][4]. Core Insights - The display industry is experiencing an improvement in supply-demand dynamics, leading to a significant enhancement in profitability. The company has reported a 0.43% year-on-year increase in revenue to 401.19 billion CNY and a remarkable 321.96% increase in net profit to 10.13 billion CNY for the first quarter of 2025 [2][4]. Summary by Sections Financial Performance - For the first quarter of 2025, the company achieved a revenue of 401.19 billion CNY, reflecting a 0.43% year-on-year growth, while the net profit reached 10.13 billion CNY, marking a 321.96% increase compared to the previous year [2][4]. - The semiconductor display business generated a revenue of 1,043 billion CNY, up 25% year-on-year, with net profit improving by 62.4 billion CNY [2]. Industry Dynamics - The display industry has seen a continued optimization in the supply-side structure since 2024, with demand driven by larger sizes and AI applications. The company ranks second globally in TV panel shipments and second in monitor panel shipments, with leading positions in LTPS laptop and tablet panels [2][3]. - The gross margin for the display business improved from 13.82% in 2023 to 19.15% in 2024, indicating a strong recovery in profitability [2]. Product Innovation and AI Integration - The company is focusing on product innovation, particularly in large-size displays, and is enhancing its collaboration with strategic customers to increase market penetration of high-end products. In the small-size segment, there is a significant growth in flexible OLED product shipments [3]. - The company is actively integrating AI technology into its manufacturing processes, positioning itself as a leader in AI smart manufacturing capabilities within the industry [3].

Investment Rating - The report assigns a "Buy-A" rating to the company with a 6-month target price of 15.17 CNY, reflecting a 25x PE valuation for 2025 [4][3]. Core Insights - The company reported a revenue of 12.362 billion CNY and a net loss of 0.940 billion CNY for 2024, marking a year-on-year decrease of 15.44% and a significant decline of 203.05% respectively. In Q1 2025, the company achieved a revenue of 4.709 billion CNY and a net profit of 0.083 billion CNY [1][3]. - The film industry is undergoing profound changes, with the rise of short-form content challenging traditional long-form productions. This shift is likened to the transition from PC games to mobile games in the gaming industry, posing a fundamental challenge for film companies [1][2]. Summary by Sections Company Overview - Wanda Film holds a leading position in the industry with a market share of 15.2%, maintaining its top rank for 16 consecutive years. The company’s single-screen output is nearly double the national average, and its overseas operations in Australia are stable [2]. Business Strategy - The company plans to restructure its business logic starting in 2025, focusing on head content and IP as the core, which will enhance distribution and derivative business performance. This shift aims to optimize operational efficiency and leverage the backend influence of successful IPs [2][3]. Financial Projections - Revenue projections for 2025-2027 are 13.423 billion CNY, 15.326 billion CNY, and 18.233 billion CNY respectively. Net profits are expected to be 1.281 billion CNY, 1.663 billion CNY, and 2.029 billion CNY for the same period [3][8].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 30.65 CNY per share [5]. Core Views - The company reported a revenue of 23.882 billion CNY in 2024, representing a year-on-year increase of 7.24%, and a net profit of 678 million CNY, up 299.9% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 6.092 billion CNY, a year-on-year increase of 15.34%, and a net profit of 101 million CNY, up 2.94% year-on-year [1]. - The overall gross margin for 2024 was 14.84%, an increase of 3.18 percentage points year-on-year, with a net profit margin of 3.31%, up 2.34 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 238.82 billion CNY and 6.78 billion CNY, respectively, with significant growth in net profit due to improved operational efficiency and cost control [1][2]. - For Q1 2025, the company reported a revenue of 60.92 billion CNY and a net profit of 1.01 billion CNY, indicating a positive trend in financial performance [1]. Market and Industry Trends - The industry is experiencing a recovery driven by demand in data centers, automotive electronics, and consumer electronics, contributing to the company's improved market conditions [2]. - The company has seen a notable increase in revenue from mid-to-high-end products, with a significant rise in capacity utilization and effective cost management [2]. Product and Business Development - The company has diversified its product offerings, achieving a 46% increase in revenue from high-end mobile SOCs and a 70% increase in revenue from RF products [3]. - The automotive sector has shown exceptional growth, with revenue from power devices, MCUs, and smart cockpit products surging over 200% [3]. - The company’s Memory business grew by 40% due to enhanced collaboration with original manufacturers, and the display driver business successfully introduced advanced cutting processes [3]. Capacity Expansion and Acquisitions - The company is accelerating its global capacity expansion, with ongoing projects in various locations aimed at enhancing high-end packaging capacity [8]. - The acquisition of a 26% stake in Jinglong Technology is expected to strengthen the company's position in the high-end IC testing sector, providing stable financial returns [8].

Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 8 yuan [5]. Core Views - The company demonstrates strong operational resilience, benefiting from the recovery of the advertising market, with revenue growth in both 2024 and Q1 2025 [1][3]. - The company is actively expanding its overseas presence, particularly in Southeast Asia, to capture the growing demand from Chinese advertisers [2]. - The acquisition of New Wave Media for 8.3 billion yuan is expected to optimize the competitive landscape in the industry, although it will test the integration capabilities of the company in the short term [2][3]. Financial Performance - In 2024, the company achieved revenue of 12.262 billion yuan (yoy +3.01%) and a net profit of 5.155 billion yuan (yoy +6.8%) [1]. - For Q1 2025, the company reported revenue of 2.858 billion yuan (yoy +4.7%) and a net profit of 1.135 billion yuan (yoy +9.14%) [1]. - The proposed dividend for 2024 is 3.322 billion yuan, resulting in a payout ratio of 64.43% [1]. Future Projections - The company is projected to achieve revenues of 13.058 billion yuan, 13.449 billion yuan, and 14.122 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 5.715 billion yuan, 5.800 billion yuan, and 6.118 billion yuan [3][10]. - The expected EPS for 2025, 2026, and 2027 is 0.40 yuan, 0.40 yuan, and 0.42 yuan respectively [3][10]. Market Position - The company has a competitive edge with a high gross margin of 66.27% in 2024, supported by strong cost control measures [1]. - The company’s market capitalization is approximately 99.22 billion yuan, with a current share price of 6.87 yuan [5].