Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, driven by significant increases in dietary fiber and allulose sugar production capacity [8] - The new production capacity is expected to enhance earnings, with allulose sugar anticipated to see both volume and price increases [8] - The company is positioned as a leading domestic producer of health food additives, with ongoing projects expected to contribute to revenue growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 868 million yuan in 2023 to 1,818 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [2][10] - Net profit attributable to the parent company is expected to increase from 193 million yuan in 2023 to 473 million yuan in 2026, with a CAGR of about 29.5% [2][10] - Earnings per share (EPS) is forecasted to rise from 0.78 yuan in 2023 to 1.47 yuan in 2026 [2][10] - The gross margin is expected to improve from 32.7% in 2023 to 36.0% in 2026 [2] Market Data - As of February 17, 2025, the closing price of the stock is 19.68 yuan, with a market capitalization of 6,358 million yuan [3] - The price-to-earnings (P/E) ratio is projected to decrease from 33 in 2023 to 13 in 2026, indicating potential undervaluation [2][3] Production Capacity and Growth Drivers - The company has successfully launched new production lines for soluble dietary fiber and crystalline sugar, which are expected to significantly boost sales and revenue [8] - The allulose sugar project, with a capacity of 15,000 tons, is fully operational and is anticipated to contribute to substantial revenue growth [8] - The flexible production line for dietary fiber is expected to maintain high growth rates, enhancing profitability [8] Strategic Initiatives - The company plans to issue convertible bonds to fund projects, including a new factory in Thailand, which will enhance international competitiveness and reduce production costs [8] - The establishment of a research and development center in the United States is aimed at further strengthening the company's core competencies [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Insights - The company is advancing in both pharmaceutical excipients and synthetic lubricant base oils, entering a new development phase. The consistent evaluation of generic drugs is accelerating industry upgrades, with high-end pharmaceutical excipients expected to significantly enhance profits. The company has a stable management structure and is well-positioned to benefit from the growing demand for high-quality excipients and lubricants [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,156 million yuan in 2023 to 2,071 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20.8% [2]. - Net profit attributable to shareholders is expected to increase from 112 million yuan in 2023 to 236 million yuan in 2026, reflecting a CAGR of about 26.9% [2]. - Earnings per share (EPS) is forecasted to rise from 0.83 yuan in 2023 to 1.74 yuan in 2026 [2]. - The gross margin is anticipated to improve from 27.4% in 2023 to 28.8% in 2026 [2]. Market Data - As of February 17, 2025, the closing price of the stock is 24.61 yuan, with a market capitalization of 3,333 million yuan [3]. - The price-to-earnings (PE) ratio is projected to decrease from 30 in 2023 to 14 in 2026, indicating a favorable valuation trend [2][7]. Business Overview - The company specializes in the research and production of pharmaceutical excipients and synthetic lubricant base oils, utilizing core technologies such as ether polymerization and ester synthesis [18]. - The pharmaceutical excipients market in China is still in its early stages, with a market share of less than 5% in the pharmaceutical formulation industry, indicating significant growth potential [6][36]. Product and Application - Key products include the Tween 80 series, polyethylene glycol series, and propylene glycol, which are widely used in various drug formulations [46][50]. - The company is expanding its product line to include high-end injectable excipients, which are expected to drive revenue growth [46][48]. Competitive Landscape - The pharmaceutical excipients market in China is characterized by a fragmented structure, with many small and non-specialized companies. The company is positioned as a significant player among a few established firms [44][45].

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, suggesting it will outperform the overall market in the coming months [1]. Core Insights - The defense and military industry has experienced a recent adjustment due to a lack of market confirmation regarding industry changes, but the fundamental outlook is improving as orders are gradually being fulfilled [3][4]. - The report highlights that military orders are expected to continue to materialize, leading to significant improvements in quarterly earnings for military companies [3]. - The industry is projected to maintain high growth rates, driven by modernization efforts and increasing demand for new technologies such as satellite and low-altitude systems [3]. - The report emphasizes the importance of focusing on two categories of core stocks: elastic varieties (consumable weapons and military electronics) and value varieties (stable performance manufacturers) [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 0.59%, while the overall market indices showed positive growth, indicating underperformance relative to the broader market [4]. - The top five performing stocks in the defense sector included Hangjin Technology (up 47.2%), Xuanji Information (up 16.34%), and Andavil (up 13.07%) [10]. - Conversely, the bottom five performers included AVIC Heavy Machinery (down 7.31%) and Torch Electronics (down 5.7%) [11]. Valuation Changes - The current PE-TTM for the Shenwan Defense and Military sector is 66.21, indicating it is in the upper range historically, with some segments like aerospace and aviation equipment also showing high valuations [11][12]. - The report lists key stocks with their projected earnings and valuations, highlighting the expected growth in net profits for several companies in the sector [17]. Key Investment Themes - The report identifies two main investment themes: high-end combat capabilities and new quality combat capabilities, focusing on advanced materials, precision-guided weapons, and low-altitude economic opportunities [3]. - Specific stocks to watch include AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and Aero Engine Corporation of China, among others [3].

及 产 业 国防军工 行 业 研 究 / 行 业 点 评 证 券 研 究 报 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 田昕 A0230124060003 tianxin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 行 业 告 ⚫ 受行业扰动因素影响 2024 年业绩短期承压，各环节及个股 Q4 业绩有所分化。我们选 取 44 家分布于军工产业链上中下游的重点标的，当前总市值 10922.9 亿元，约占申万 国防军工指数成分股总市值的 45.3%。我们预计军工行业 44 家重点标的公司预计 2024 年全年业绩总计约 284.8 亿元（yoy-6.0%）；2024 年 Q4 业绩总计约 98.00 亿元 （yoy+52.8%）。 ⚫ 预计上游电子元器件与高端原材料 2024 年业绩分别同比下降 29.9%与同比提升 9.4%，2024 年 Q4 分别同比提 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of USD 539.2 million for Q4 2024, representing a year-over-year increase of 18.4% and a quarter-over-quarter increase of 2.4% [5] - The gross margin for Q4 2024 was 11.4%, up 7.4 percentage points year-over-year but down 0.8 percentage points quarter-over-quarter [5] - The company experienced a loss of USD 25.2 million primarily due to foreign exchange losses [5] - The full-year revenue for 2024 was USD 2.004 billion, with a gross margin of 10.2% and a net profit attributable to shareholders of USD 58.11 million [5] - The company is expected to maintain a production capacity utilization rate close to 100% in 2024, with significant contributions from the Wuxi Fab 9 [9] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 16,232 million - 2024E: 14,899 million - 2025E: 17,954 million - 2026E: 27,850 million - Year-over-year growth rates are projected at -3.3% for 2023, -8.2% for 2024E, 20.5% for 2025E, and 55.1% for 2026E [7] - Net profit attributable to shareholders is forecasted as follows: - 2024E: 418 million - 2025E: 937 million - 2026E: 1,149 million - The gross margin is expected to improve from 11.5% in 2024E to 15.9% in 2026E [7] Operational Highlights - The average selling price (ASP) for wafers in Q4 2024 was USD 444 per piece, with a year-over-year increase of 27.5% and a quarter-over-quarter increase of 1.3% [9] - The overall capacity utilization rate for Q4 2024 was 103.2%, with 8-inch capacity utilization at 105.8% and 12-inch at 100.9% [9] - The company is entering a construction phase for Fab 9, with a capital expenditure of USD 1.506 billion in Q4 2024 [9] - The company anticipates a stable revenue guidance for Q1 2025, with expected sales between USD 530 million and USD 550 million [9] Adjustments and Future Outlook - The profit forecast has been adjusted to reflect a net profit of 418 million for 2024, 937 million for 2025, and 1,149 million for 2026, with corresponding price-to-earnings ratios of 212, 95, and 77 [9] - The report maintains a "Buy" rating based on the company's asset-heavy nature in the wafer foundry segment and reasonable price-to-book ratios [9]

及 产 业 汽车 2025 年 02 月 18 日 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 重点公司机器人业务近况 看好 ——一周一刻钟，大事快评（W094） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 行 业 研 究 / 行 业 点 评 ⚫ 精锻科技：从战略层面来看，公司对于机器人业务的态度变化较大，今年有望看到实质 性的机器人业务进展，包括产品和客户两方面。若其在机器人核心环节有一些实质性的 突破，我们认为当前估值水平被低估。 ⚫ 巨一科技：特斯拉已开始招聘机器人的量产工程师，巨一科技在特斯拉的产业上面有非 常多的业务合作，后续在特斯拉机器人量产后可能也可以成为重要合作伙伴。 ⚫ 嵘泰股份：公司后续有望去布局机器人业务，完成资源整合。经营状况方面，2024 年压 铸行业压力较大，2025 年增量值得期待，增长主要来自于传统的压铸件，主 ...

行 业 及 产 业 轻工制造 相关研究 《 从《哪吒 2》看国产 IP 产业链崛起 — — IP 衍生品行业点评之二》 2025/02/16 《 谷子经济崛起，泡泡玛特新高，关注悦 己消费 —— IP 衍生品行业点评》 2024/11/24 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 林起贤 A0230519060002 linqx@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 联系人 黄莎 (8621)23297818× huangsha@swsresearch.com 2025 年 02 月 18 日 日本潮玩企业增长超预期，精神消 费需求向上，优质供给增加 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 02 月 17 日 恒生电子 (600570) ——WarrenQ+DeepSeek，数据优势提升投研能力 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 14 日 | | --- | --- | | 收盘价（元） | 34.96 | | 一年内最高/最低（元） | 37.30/15.23 | | 市净率 | 8.1 | | 股息率%（分红/股价） | 0.37 | | 流通 A 股市值（百万元） | 66,219 | | 上证指数/深证成指 | 3,346.72/10,749.46 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 4.34 | | 资产负债率% | 33.01 | | 总股本/流通 A 股（百万） | 1,894/1,894 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 02-19 03-19 04-19 05-19 06-19 07 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a record high revenue of $2.207 billion in Q4 2024, with a quarter-over-quarter growth of 1.7%, while the net profit attributable to shareholders was $493 million, a year-over-year decrease of 45.4% due to declines in investment and financial income [4] - The company’s A-share forecast for 2024 indicates a revenue of 15.917 billion yuan, a year-over-year increase of 31%, with a gross margin of 21.1% [5] - The company’s overall capacity utilization rate for Q4 2024 was 85.5%, with an average selling price (ASP) of $1,108 per wafer, reflecting an 8.3% increase due to product mix changes [7] - The company expects Q1 2025 sales revenue to be between $2.34 billion and $2.38 billion, representing a quarter-over-quarter increase of 6% to 8% [7] - The report adjusts the profit forecast for 2024-2026, projecting net profits of 3.699 billion yuan, 6.055 billion yuan, and 7.544 billion yuan respectively, with corresponding price-to-earnings ratios of 214, 131, and 105 [7] Financial Data Summary - The company’s total revenue for 2024 is projected at 57.796 billion yuan, with a year-over-year growth rate of 27.7% [6] - The gross margin for 2024 is expected to be 19.3%, with a return on equity (ROE) of 2.5% [6] - The company’s net profit for 2024 is forecasted to be 3.699 billion yuan, a decline of 23.3% year-over-year [6]