医药 2025 年 04 月 24 日 科伦博泰生物（6990.HK） 朝向研发销售一体化转型，芦康沙妥珠单抗国内已获批两项适应症 推荐（首次） 股价：300 港元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | kelun-biotech.com | | 大股东/持股 | 科伦药业/52.79% | | 总股本(百万股) | 227.27 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 227.27 | | 总市值（亿元） | 633.2 | | 每股净资产(元) | 14.56 | | 资产负债率(%) | 22.48 | 行情走势图 证券分析师 何敏秀 投资咨询资格编号 S1060524030001 HEMINXIU894@pingan.com.cn 韩盟盟 投资咨询资格编号 S1060519060002 hanmengmeng005@pingan.com.cn 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 平安观点： | | 2023A | 2024A | 2025E | ...

证券研究报告 袁喆奇 投资咨询资格编号：S1060520080003 行业评级 【平安证券】 从年报看国有大行经营与资产配置变化 银行行业深度报告 许 淼 投资咨询资格编号： S1060525020001 银行 强于大市（维持） 研究助理 李灵琇 一般从业资格编号： S1060124070021 2025年4月24日 请务必阅读正文后免责条款 投资要点 证券分析师 目录CO N T E N T S 风险分析：资产质量平稳，关注零售风险波动 盈利分析：六大行盈利同比增幅走阔 1.1 整体分析：盈利增速边际改善，农行增速领跑大行 1.2 息差分析：存款付息率同步下行，交行降幅领跑大行 1.3 非息收入：中收延续下行，其他非息贡献抬升 1.4 费用：成本管控力度持续以应对收入增长放缓 3.1 资产质量：整体稳健，关注零售波动 3.2 风险抵御能力：拨备水平相对充足，安全垫充分 分红与战略分析：分红高位稳定，战略突出五篇大文章 盈利分析：盈利边际改善，农行增速领跑大行。24年全年六家国有银行实现净利润同比增长1.8%，增速较前三季度提升1.0pct，农行 净利润同比上行4.7%居同业首位。从营收来看，六家国有行营收同 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [13]. Core Insights - The company achieved a revenue of 5.385 billion yuan in 2024, reflecting a year-on-year growth of 2.72%. However, the net profit attributable to shareholders decreased by 12.60% to 407 million yuan, primarily due to a decline in gross margin and increased R&D expenses [3][8]. - The fourth quarter of 2024 showed significant improvement, with revenue reaching 1.690 billion yuan, a year-on-year increase of 23.76%, and a positive net profit from core operations of 48 million yuan [8][9]. - The company is focusing on the edge intelligence sector, particularly in robotics and smart wearable devices, which are expected to be new growth drivers [9]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 5.385 billion yuan, with a net profit of 407 million yuan, down from the previous year [3][8]. - The gross margin decreased by 2.66 percentage points compared to the previous year, leading to a reduction in gross profit by approximately 90.63 million yuan [8]. - The company plans to distribute a cash dividend of 0.58 yuan per share, totaling approximately 26.65 million yuan [3]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 6.127 billion yuan, 7.202 billion yuan, and 8.579 billion yuan, respectively, with corresponding net profits of 449 million yuan, 540 million yuan, and 657 million yuan [7][10]. - The expected EPS for 2025, 2026, and 2027 are 0.98 yuan, 1.17 yuan, and 1.43 yuan, respectively [10][11]. Strategic Initiatives - The company is advancing its "滴水OS" platform and has established strategic partnerships with various global automotive manufacturers to enhance its smart vehicle offerings [9]. - New product launches in the AI glasses and mixed reality sectors are expected to set industry benchmarks and drive future growth [9]. - The company is expanding its industrial mobile robot business, with new products showcased at industry events [9]. Market Position and Valuation - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 54.5x, 45.3x, and 37.2x, respectively, indicating a favorable valuation trend [11]. - The company maintains a strong balance sheet with a debt-to-asset ratio of 19.3% and a current ratio of 3.1, reflecting solid financial health [11][12].

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]