证券研究报告 | 公司动态点评 2025 年 03 月 10 日 比亚迪（002594.SZ） 56 亿美元 H 股闪电配售与比亚迪出海之路的未雨绸缪 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 424,061 | 602,315 | 758,255 | 927,497 | 1,103,617 | | 增长率 yoy（%） | 96.2 | 42.0 | 25.9 | 22.3 | 19.0 | | 归母净利润（百万元） | 16,622 | 30,041 | 38,985 | 48,477 | 58,778 | | 增长率 yoy（%） | 445.9 | 80.7 | 29.8 | 24.3 | 21.2 | | ROE（%） | 14.6 | 20.8 | 24.7 | 23.1 | 21.6 | | EPS 最新摊薄（元） | 5.71 | 10.32 | 13.39 | 16.65 | 20.19 | | P/E（倍） | 45.4 | 25. ...

证券研究报告 | 公司动态点评 2025 年 03 月 11 日 2024 年蛋氨酸需求复苏叠加产能清出，价格显著上涨。2024 年蛋氨酸价格 整体 维持强势，据 wind 数据，国内蛋 氨酸 1Q24-4Q24 均 价分别为 21.79/21.63/20.69/19.87 元 / 千 克 ， 同 比 分 别 为 22.55%/30.01%/15.80%/-6.29%。2024 年，蛋氨酸市场需求恢复增长势头， 尤其是在禽类产品领域；供给端，住友退出部分蛋氨酸产能，国内新增产能 仍处于建设阶段，我们预计，未来中短期蛋氨酸供需或将趋于平衡，蛋氨酸 仍有望维持较稳健的价格。 公司主营业务增长强劲，企业竞争力不断提升。2024 年，受益于蛋氨酸价 格上涨，公司液体蛋氨酸和固体蛋氨酸销量均创历史新高，叠加特种产品 | 买入（维持评级） | | | --- | --- | | 股票信息 | | | 行业 | 基础化工 | | 2025 年 3 月 7 日收盘价（元） | 10.71 | | 总市值（百万元） | 28,723.16 | | 流通市值（百万元） | 28,723.16 | | 总股本（百万股） | 2,6 ...

证券研究报告 | 行业周报 2025 年 03 月 11 日 机械 具身智能首次写入政府工作报告，2 月挖机内销同比+99.4% 行业要闻：具身智能首次写入政府工作报告。3 月 5 日，2025《政府工作报 告》提到，建立未来产业投入增长机制，培育生物制造、量子科技、具身智 能、6G 等未来产业。另一边，《政府工作报告》也提及，大力发展智能网联 新能源汽车、人工智能手机和电脑、智能机器人等新一代智能终端以及智能 制造装备。相比起 2024 年的《政府工作报告》中提到的"深化大数据、人 工智能等研发应用，开展'人工智能+'行动，打造具有国际竞争力的数字 产业集群"，具身智能和智能机器人是首次出现在《政府工作报告》当中， 这也体现了我国科技制造领域，从数字技术赋能向"智能+实体"融合方向 的演进。 深圳发布具身智能行动计划。3 月 3 日，深圳发布《深圳市具身智能机器人 技术创新与产业发展行动计划（2025—2027 年）》。《行动计划》提出，到 2027 年，在机器人关键核心零部件、AI 芯片、人工智能与机器人融合技术、 多模态感知技术、高精度运动控制技术、灵巧操作技术等方面取得突破。新 增培育估值过百亿企业 ...

证券研究报告 | 行业周报 2025 年 03 月 10 日 强于大市（维持） 行业走势 -12% -5% 3% 10% 17% 24% 32% 39% 2024-03 2024-07 2024-11 2025-03 汽车 沪深300 作者 汽车 吉利"千里浩瀚"智驾系统发布，预计 2 月乘用车零售 140 万辆 | 1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 股票 | 股票 | 投资 | EPS （元） | | PE | | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | 13.85 | 10.25 | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 22.04 | 18.65 | | 002284.SZ | 亚太股份 | 增持 | 0.29 | 0.35 | 33.62 | 27.86 | | 002906.SZ | 华阳集团 | 增持 | 1.31 | 1.78 | ...

政策支持+行业突破——周度策略行业配置观点 证券研究报告 | 投资策略研究*专题报告 2025 年 03 月 11 日 投资策略研究 本周 A 股市场呈现科技主线引领的普涨格局，AI 技术突破与政策红利共 振驱动资金向高景气赛道集中。 上证指数周涨 1.55%，科创 50 涨 2.67%， 深证成指涨 2.19%，创业板指涨 1.61%，日均成交额达 1.70 万亿元,创阶 段新高。市场风格显著分化，以 AI Agent 为核心的科技成长股持续领跑， 智能驾驶、机器人、算力租赁等细分领域轮动走强，新能源产业链受政策 催化阶段性反弹，周期股则受益于大宗商品涨价预期获得资金关注。 政策与产业催化密集落地，科技主线贯穿全周交易。 周初市场受 GPT-4.5 技术瓶颈争议扰动，但半导体设备、军工等国产替代方向逆势走强；周中 政府工作报告对人工智能、具身智能高度重视，直接引爆机器人、算力租 赁板块；阿里 QWQ-32B 模型发布降低 AI 部署门槛，推动金融、医疗等长 尾场景应用预期升温；周四智能体 Manus 发布，ERP、智能体开发板块集 体爆发；周五市场避险情绪推升周期股，但科技板块仍获中长期资金布局。 四大科技 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Insights - The company achieved a revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, with a growth rate of 31.79% [2][3]. - The company continues to show strong performance in its core products, with all three major products achieving over 15% growth in sales [2]. - The company has a high dividend payout ratio of 98.58%, reflecting management's confidence in future growth [9]. Financial Performance Summary - Revenue projections for 2024-2026 are 25.8 billion yuan, 33.85 billion yuan, and 42.73 billion yuan, with respective year-on-year growth rates of 33%, 31%, and 26% [9]. - Net profit projections for the same period are 5.05 billion yuan, 6.7 billion yuan, and 8.68 billion yuan, with year-on-year growth rates of 32%, 33%, and 30% [9]. - The company’s return on equity (ROE) is expected to increase from 14.1% in 2023 to 22.6% in 2026 [11]. Product Performance Summary - The company’s core product, Wuling Capsule, has a significant market presence, with 6 provinces yet to implement centralized procurement, indicating potential for continued growth [3]. - The sales of the Lingze Tablets and the Bailing Tablets are expected to recover post-2024 due to improved pricing strategies and market conditions [3]. - The Chinese herbal medicine series has seen a substantial revenue increase of 45.82% due to the popularity of Wumei Soup [2]. Market Strategy Summary - The company is focusing on both hospital and online markets, leveraging its core products' status as national essential medicines to enhance market penetration [4]. - A dual-channel strategy is being employed, combining offline pharmacy networks with online platforms to create a comprehensive consumer engagement model [4].

证券研究报告 | 行业周报 2025 年 03 月 08 日 通信 Manus 正式发布，MWC2025 大会召开，持续看好生成式 AI 产 业投资机会 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 2.52 | 4.02 | 35.08 | 21.99 | | 301285.SZ | 鸿日达 | 买入 | 0.26 | 0.64 | 133.65 | 54.3 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 16.33 | 14.98 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 22.22 | 19.57 | | 603516.SH | 淳中科技 | 买入 | 0.66 | 1.03 | 76.36 | 48.93 | 资料来源：长城证券产业金融研究院 1. Manus 正 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][20]. Core Insights - The company is focusing on integrating AI into traditional Chinese medicine, aiming to enhance medical services through data-driven and standardized approaches [2][3]. - The strategic development layout includes leveraging rich and high-quality traditional Chinese medicine resources alongside AI and innovative traditional Chinese medicine products [2]. - The appointment of a senior AI advisor from Tsinghua University is expected to strengthen the company's AI capabilities and enhance its competitive edge in the market [8]. Financial Summary - The company’s projected revenue growth is robust, with expected revenues of 3.06 billion yuan in 2024, 3.99 billion yuan in 2025, and 5.19 billion yuan in 2026, reflecting year-on-year growth rates of 31.5%, 30.6%, and 30.1% respectively [12]. - Adjusted net profit is forecasted to reach 400 million yuan in 2024, 536 million yuan in 2025, and 713 million yuan in 2026, with corresponding growth rates of 31.0%, 34.2%, and 33.0% [12]. - The company’s return on equity (ROE) is expected to improve from 10.9% in 2023 to 18.7% in 2026, indicating increasing profitability [12]. Strategic Developments - The company has established partnerships with major institutions, including a collaboration with Baidu to develop a clinical evaluation and intelligent decision-making platform for traditional Chinese medicine [7][8]. - The company is actively converting traditional prescriptions into innovative proprietary medicines, with plans to develop 10 new proprietary products annually, enhancing its product offerings and market presence [9][10].

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The government work report has introduced "embodied intelligence" for the first time, indicating a dual drive from policy and industry to accelerate the robotics sector [1][2] - Continuous policy support from both central and local governments is expected to catalyze the robotics industry, with significant initiatives outlined for the years 2025-2027 [2] - The robotics industry is anticipated to experience rapid expansion, with 2025 being a critical year for mass production [6] Summary by Sections Government Initiatives - The central government aims to foster future industries such as biological manufacturing, quantum technology, embodied intelligence, and 6G, while promoting the digital transformation of manufacturing [2] - Local governments, such as Beijing and Shenzhen, have released action plans targeting the development of embodied intelligence technologies, aiming for breakthroughs in over 100 key technologies and the establishment of a robust industrial ecosystem by 2027 [2] Industry Developments - Robotics manufacturers are increasingly deploying robots in factories, with notable advancements in collaborative humanoid robots for various industrial tasks [3] - The introduction of 5G-A technology in humanoid robots was showcased at the Mobile World Congress 2025, highlighting the integration of advanced communication technologies in robotics [3] Investment Opportunities - The report identifies several key companies across various segments of the robotics supply chain, including actuators, reducers, motors, sensors, and AI modules, indicating a broad spectrum of investment opportunities within the robotics industry [6]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - Alibaba has launched and open-sourced a new inference model, QwQ-32B, which shows significant performance improvements in mathematics, coding, and general capabilities, comparable to DeepSeek-R1, while also reducing deployment costs [1][2] - The new AI Agent product, Manus, has achieved state-of-the-art results in GAIA benchmark tests, surpassing OpenAI's models, and demonstrates advanced task execution capabilities beyond simple Q&A [2] Summary by Sections Industry Dynamics - The report highlights the launch of QwQ-32B with 32 billion parameters, which allows for local deployment on consumer-grade graphics cards, making it accessible for developers and enterprises [2] - Manus, the first general-purpose AI Agent, has set new records in GAIA testing, with accuracy rates of 86.5%, 70.1%, and 57.7% for levels 1-3, respectively [2] Related Companies - The report mentions several companies related to the industry, including Alibaba, Tencent, Baidu, Kuaishou, Bilibili, and others [3]