公 司 报 告 医药 2025年04月24日 凯莱英(002821.SZ) Q1实现双位数增长，化学大分子成为重要驱动因素 强烈推荐( 维持) 股价:67.06元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.asymchem.com.cn | | 大股东/持股 | ASYMCHEM | | | LABORATORIES,INCORPORATED/ | | | 31.93% | | 实际控制人 | Hao Hong | | 总股本(百万股) | 361 | | 流通A股(百万股) | 321 | | 流通B/H股(百万股) | 28 | | 总市值(亿元) | 235 | | 流通A股市值(亿元) | 216 | | 每股净资产(元) | 47.64 | | 资产负债率(%) | 11.6 | 行情走势图 相关研究报告 【平安证券】凯莱英（002821.SZ）*年报点评*剔除 大订单实现稳健增长，盈利能力回到较高水平*强烈 推荐20250331 证券分析师 与24Q1财报披露数据比对，25Q1小分子收入与上年同期基本持平，毛 利率45.17%（-2.17pct）。考虑 ...

公 司 报 告 医药 2025年04月24日 奥浦迈(688293.SH) 培养基业务迅速发展，CDMO拖累短期业绩 推荐 ( 维持) 股价:41.47元 主要数据 相关研究报告 【平安证券】奥浦迈（688293.SH）*季报点评*补税 影响当期利润，培养基业务势头良好*推荐20241031 证券分析师 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 事项： 公司发布2024年年报，全年实现营收2.97亿元（+22.26%），实现归母净利 润0.21亿元（-61.04%），扣非后归母净利润为658.59万元（-81.03%）。与 业绩快报基本一致。 公司发布分红预案：拟每10股派现2.00元（含税）。 平安观点： | 行业 | 医药 | | --- | --- | | 公司网址 | www.opmbiosciences.com | | 大股东/持股 | 肖志华/24.90% | | 实际控制人 | 肖志华,贺芸芬 | | 总股本(百万股) | 114 | | 流通A股(百万股) | 77 | | 流通B/H股(百万股) | | | 总市值(亿元) | 47 | | 流通A股市 ...

其 他 报 告 2025年04月24日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3296 | -0.10 | 1.19 | | 深证成份指数 | 9936 | 0.67 | -0.54 | | 沪深300指数 | 3787 | 0.08 | 0.59 | | 创业板指数 | 1949 | 1.08 | -0.64 | | 上证国债指数 | 224 | 0.00 | 0.02 | | 上证基金指数 | 6785 | 0.26 | 0.32 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 22073 | 2.37 | 2.30 | | 中国香港国企指数 | 8116 | 2.08 | 1.23 | | 中国台湾加权指数 | 19639 | 4.50 | -0.68 | | 道琼斯指数 | 39607 | 1.07 | ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 45.18 CNY [1][3]. Core Insights - The company achieved a revenue of 23.343 billion CNY in 2024, representing a year-on-year growth of 18.79%, while the net profit attributable to shareholders was 560 million CNY, a decrease of 14.78% compared to the previous year [3][6]. - In Q1 2025, the company reported a revenue of 4.658 billion CNY, showing a year-on-year increase of 27.74%, but incurred a net loss of 193 million CNY, although this loss was reduced by 35.68% year-on-year [3][6]. - The company plans to distribute a cash dividend of 1 CNY per 10 shares to all shareholders [3]. Revenue and Profitability - The company has shown consistent revenue growth, with Q4 2024 and Q1 2025 revenues reaching 8.494 billion CNY (YoY +20.71%) and 4.658 billion CNY (YoY +27.74%) respectively [6][8]. - The operating cash flow for 2024 was 2.495 billion CNY, a significant increase of 613.39% year-on-year, marking a historical high due to increased sales collections [6][11]. - The company’s R&D investment in 2024 was 4.58 billion CNY, a 19.37% increase from 2023, focusing on large model development and core technology autonomy [6][8]. Business Segments - The company adjusted its revenue structure in 2024, with significant growth in AI applications: smart education revenue was 7.229 billion CNY (YoY +29.94%), smart automotive revenue was 989 million CNY (YoY +42.16%), and enterprise AI solutions revenue was 643 million CNY (YoY +122.56%) [6][8]. - The company’s AI open platform generated 5.172 billion CNY in revenue (YoY +31.33%), while smart hardware revenue reached 2.023 billion CNY (YoY +25.07%) [6][8]. Financial Projections - The company’s projected net profits for 2025-2027 are 828 million CNY, 1.086 billion CNY, and 1.434 billion CNY respectively, with corresponding EPS of 0.36 CNY, 0.47 CNY, and 0.62 CNY [6][10]. - The P/E ratios for 2025-2027 are projected to be 126.1, 96.2, and 72.8 respectively, indicating a potential for growth in valuation [10][12].

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company achieved a stable revenue growth with a 2024 revenue of 888 million yuan, representing a year-on-year increase of 7.31% [4][7] - The net profit attributable to shareholders for 2024 was 64 million yuan, up 4.17% year-on-year [4][7] - The company is expanding its Xinchuang ecosystem, enhancing its CAD product capabilities based on the Linux platform [10] - The report projects net profits for 2025-2027 to be 81 million yuan, 105 million yuan, and 137 million yuan respectively, with corresponding EPS of 0.67, 0.87, and 1.13 yuan [10] Revenue and Profit Summary - In 2024, the company's revenue from standard general software was 769 million yuan, a 9.93% increase, with specific product revenues as follows: 2D CAD at 482 million yuan, 3D CAD at 242 million yuan, and CAE at 973.84 thousand yuan [7][8] - The gross margin for 2024 improved by 0.75 percentage points, while the expense ratio decreased by 0.47 percentage points [7] Financial Projections - The company forecasts revenue growth rates of 17.8%, 19.4%, and 21.5% for 2025, 2026, and 2027 respectively [12] - The projected net profit growth rates for the same years are 26.9%, 29.4%, and 30.4% [12] - The report indicates a steady increase in the company's return on equity (ROE), expected to reach 4.6% by 2027 [12] Cash Flow and Financial Ratios - The operating cash flow is projected to turn positive in 2025, reaching 169 million yuan [13] - The company maintains a strong liquidity position with a current ratio of 5.7 in 2024, expected to decrease gradually to 4.8 by 2027 [12] - The debt-to-asset ratio is low at 15.0% for 2024, projected to rise to 19.3% by 2027 [12]

Investment Rating - The report maintains a "Recommended" rating for the company [12] Core Views - The company achieved a revenue of 637 million yuan in 2024, representing a year-on-year growth of 25.14%, and a net profit of 293 million yuan, up 35.06% year-on-year [5] - The company is experiencing robust domestic growth while showing impressive performance overseas, with international revenue reaching 333 million yuan, a year-on-year increase of 36.19% [9] - The company has a strong focus on research and development, with R&D expenses increasing by 43.53% year-on-year to 59.21 million yuan in 2024 [11] Financial Performance Summary - Revenue projections for 2024 to 2027 are as follows: 637 million yuan (2024), 851 million yuan (2025), 1,065 million yuan (2026), and 1,333 million yuan (2027) [7] - Net profit projections for the same period are: 293 million yuan (2024), 328 million yuan (2025), 402 million yuan (2026), and 499 million yuan (2027) [7] - The company maintains a high gross margin of 72.1% in 2024, with a slight decrease expected in subsequent years [10] Market and Product Insights - The domestic market sales are projected to reach 300 million yuan in 2024, with a year-on-year growth of 14.63% [9] - The company has established partnerships with over 600 hospitals and has expanded its international client base to 116, marking a 23.4% increase [9] - The company’s GI product line is expected to generate 413 million yuan in revenue in 2024, reflecting a year-on-year growth of 23.17% [10] Valuation Metrics - The projected P/E ratio for 2024 is 18.1, decreasing to 10.7 by 2027, indicating an attractive valuation over time [16] - The projected P/B ratio for 2024 is 2.2, expected to decline to 1.6 by 2027 [16]

Investment Rating - The report maintains a "Recommended" rating for the company [12] Core Views - The company achieved a revenue of 637 million yuan in 2024, representing a year-on-year growth of 25.14%, and a net profit of 293 million yuan, up 35.06% year-on-year [5][12] - The domestic market sales reached 300 million yuan in 2024, growing 14.63% year-on-year, while the overseas market revenue was 333 million yuan, reflecting a robust growth of 36.19% [9] - The company is focusing on product innovation and has a strong pipeline for new products, with significant R&D investments [11][12] Financial Performance - The company forecasts revenues of 851 million yuan in 2025 and 1,065 million yuan in 2026, with corresponding net profits of 328 million yuan and 402 million yuan respectively [7][12] - The gross margin for 2024 is projected at 72.1%, with a net margin of 46.1% [10][15] - The company maintains a low debt level with an asset-liability ratio of 6.0% in 2024 [15] Market Position and Strategy - The company has expanded its international presence, signing contracts with 116 clients globally, a 23.4% increase year-on-year [9] - The company is enhancing its product offerings in the GI, ESD, and ERCP categories, with notable growth in high-end products [10][11] - The company is also investing in local production facilities in Thailand to better serve overseas markets [9][11]

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 45.18 yuan [1][3]. Core Views - The company achieved a revenue of 23.343 billion yuan in 2024, representing a year-on-year growth of 18.79%, while the net profit attributable to shareholders was 560 million yuan, a decrease of 14.78% compared to the previous year [3][8]. - In the first quarter of 2025, the company reported a revenue of 4.658 billion yuan, with a year-on-year increase of 27.74%, but incurred a net loss of 193 million yuan, although this loss was reduced by 35.68% year-on-year [3][8]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [3]. Financial Performance Summary - Revenue growth: The company has shown consistent revenue growth, with 2024 revenue at 23.343 billion yuan, and projections for 2025-2027 are 28.772 billion yuan, 35.729 billion yuan, and 44.569 billion yuan respectively, indicating a compound annual growth rate (CAGR) of approximately 24.2% [7][10]. - Profitability: The net profit for 2024 was 560 million yuan, with projections for 2025, 2026, and 2027 at 828 million yuan, 1.086 billion yuan, and 1.434 billion yuan respectively, reflecting a recovery in profitability [7][10]. - Margins: The gross margin for 2024 was 42.6%, with a slight decrease projected for 2025 at 42.2% [11]. Cash Flow and Investment - The company achieved a record high operating cash flow of 2.495 billion yuan in 2024, a year-on-year increase of 613.39% [8][12]. - Research and development (R&D) investment reached 4.58 billion yuan in 2024, a 19.37% increase from the previous year, focusing on core AI technologies and applications [8][9]. Business Segments and Growth - The company has diversified its revenue streams, with significant growth in AI applications across various sectors: smart education (7.229 billion yuan, +29.94%), smart automotive (989 million yuan, +42.16%), and enterprise AI solutions (643 million yuan, +122.56%) [9]. - The company continues to enhance its AI capabilities, with the recent upgrade of its deep reasoning model X1, which is now competitive with leading models in the industry [9]. Future Outlook - The company is positioned as a leader in the AI sector, with a strong focus on self-controlled core technologies and the commercialization of its AI models, which is expected to drive long-term growth [9][11]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.36 yuan, 0.47 yuan, and 0.62 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 126.1, 96.2, and 72.8 [10][11].

Investment Rating - The report maintains a "Recommendation" rating for the company [1][12] Core Views - The company achieved a stable revenue growth, with a reported revenue of 888 million yuan in 2024, representing a year-on-year increase of 7.31%. The growth is attributed to the continuation of a major client strategy and the optimization of core product performance [4][7] - The net profit attributable to the parent company for 2024 was 64 million yuan, reflecting a year-on-year growth of 4.17%. The company focused on resource allocation and cost optimization, leading to improved profitability [4][7] - The company is expanding its CAx integrated solution offerings and enhancing its product capabilities in the 2D CAD, 3D CAD, and CAE fields, which are expected to support its long-term sustainable development [7][8] - The company is further expanding its Xinchuang ecosystem, significantly improving its CAD product capabilities based on the Linux platform, which enhances its competitive edge in the CAD Xinchuang field [8] Financial Summary - For 2024, the company reported a revenue of 888 million yuan and a net profit of 64 million yuan. The revenue is projected to grow to 1.05 billion yuan in 2025 and 1.37 billion yuan in 2027, with corresponding EPS of 0.67 yuan and 1.13 yuan [4][9] - The gross margin for 2024 improved by 0.75 percentage points, while the expense ratio decreased by 0.47 percentage points, indicating better cost management [7][10] - The company's total assets are projected to increase from 3.17 billion yuan in 2024 to 3.64 billion yuan in 2027, with a stable debt ratio of around 15% to 19% over the same period [9][10] Growth Projections - The company expects a revenue growth rate of 17.8% in 2025, 19.4% in 2026, and 21.5% in 2027, indicating a strong growth trajectory [10] - The net profit growth is projected to be 26.9% in 2025, 29.4% in 2026, and 30.4% in 2027, reflecting the company's focus on enhancing profitability [10] Valuation Metrics - The report estimates the P/E ratios for 2025, 2026, and 2027 to be approximately 134.7, 104.1, and 79.8 respectively, suggesting a favorable valuation outlook as earnings grow [10][11]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is expected to achieve a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.18%, and a net profit of 673 million yuan, up 26.08% year-on-year [4] - The company is positioned as a leading enterprise in the cardiovascular intervention field, benefiting from rapid growth trends in electrophysiology and vascular intervention sectors [10] Revenue and Profitability - The company reported a revenue of 5.64 billion yuan in Q1 2025, reflecting a year-on-year increase of 23.93%, and a net profit of 1.83 billion yuan, up 30.69% year-on-year [4] - The revenue from electrophysiology products is projected to reach 440 million yuan in 2024, with a year-on-year growth of 19.73% [5] - The vascular intervention segment is expected to generate 1.054 billion yuan in revenue in 2024, showing a year-on-year increase of 33.30% [6] Product Development and Market Expansion - The company has made significant advancements in its product lines, with new products in electrophysiology and vascular intervention receiving regulatory approval [9] - The company has expanded its market presence, with over 1,360 hospitals adopting its electrophysiology products, and a notable increase in the number of hospitals using its coronary products [8] - International business has shown strong growth, with a 45.88% increase in revenue from self-branded products, particularly in the Middle East, Africa, and Europe [8] Financial Projections - The company is projected to achieve a net profit of 886 million yuan in 2025 and 1.139 billion yuan in 2026, with a consistent growth trajectory [10] - The gross margin is expected to remain stable, with projections of 72.3% in 2024 and gradually increasing to 73.0% by 2027 [13] Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14.06% of its revenue, indicating a strong commitment to innovation [9] - Key products in the coronary product line have successfully obtained registration certificates, enhancing the company's competitive edge in the market [9]