罗氏创新疗法 TNKase 获 FDA 批准，用于治疗 AIS ◼ 走势比较 报告摘要 2025 年 03 月 04 日 行业周报 看好/维持 医药 医药 市场表现： 2025年3月4日，医药板块涨跌幅+0.54%，跑赢沪深300指数0.62pct， 涨跌幅居申万 31 个子行业第 19 名。各医药子行业中，体外诊断(+2.26%)、 医疗设备(+1.17%)、医院（+0.85%）表现居前，其他生物制品（-0.06%)、 医疗研发外包(+0.07%)、线下药店（+0.17%)表现居后。个股方面，日涨 幅榜前 3 位分别为华大智造(+20.00%)、圣湘生物(+15.24%)、艾迪药业 (+11.31%)；跌幅榜前 3 位为江苏吴中（-8.80%）、智翔金泰(-6.22%)、四 环生物（-6.01%)。 行业要闻： 近日，罗氏（Roche）旗下基因泰克（Genentech）宣布，美国 FDA 已 批准血栓溶解剂 TNKase（tenecteplase）上市，用于治疗成人急性缺血性 中风（AIS）。TNKase 是一种组织纤溶酶原激活剂，具有溶解血栓的作用。 该药以一次五秒的静脉推注给药，启动一种能够分解血栓成分 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, Jiacheng International (603535) [1][6]. Core Views - Jiacheng International's 2024 annual report shows a total revenue of 1.346 billion, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 205 million, up 24.53% year-on-year [4][5]. - The significant profit growth is attributed to the phased operation of the "Jiacheng International Port" project, which is the largest automated intelligent warehouse in Asia [5][6]. - The company is actively expanding partnerships with major cross-border e-commerce platforms and has signed a strategic agreement with Guangdong Port and Shipping Group [5]. - The core competitive advantages include a cross-border digital customs clearance technology system, a logistics industry internet platform, and an operational system that integrates intelligent algorithms with physical networks [5]. Financial Summary - The company reported a basic earnings per share of 0.59 yuan and a weighted ROE of 8.06% for 2024 [4]. - The proposed dividend policy includes a distribution of 0.9 yuan per 10 shares (tax included) and a capital increase of 4.8 shares for every 10 shares held, totaling 31 million, which accounts for 15.18% of the net profit for 2024 [4]. - Financial forecasts indicate a revenue increase to 1.409 billion in 2025, with a net profit of 213 million, reflecting a year-on-year growth of 4.3% [7].

2025 年 03 月 04 日 行业周报 看好/维持 电子 电子 太平洋电子日报(20250304) ：RISC-V 迎来发展新机遇 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/16 24/7/28 24/10/9 24/12/21 25/3/4 相关研究报告 << 太 平 洋 电 子 周 报 20250224- 20250228：英伟达发布 FY25Q4 财报， Blackwell 出货超预期>>--2025-03- 03 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 个股涨幅 TOP3：鑫汇科（+29.97%）；芯原股份（+20.01%）；安路科技 （+20.00%） 个股跌幅 TOP3：光华科技（-7.75%）;生益电子（-7.19%）；GQY 视讯（- 5 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][17] Core Views - The company has shown continuous high growth in performance, with significant increases in contract liabilities and inventory [1][5] - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year growth of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% year-on-year [4][10] - The gross profit margin for 2024 was 63.72%, an increase of 4.05 percentage points year-on-year, indicating a higher proportion of high-margin products [4][10] - The company is increasing its R&D investment, which grew by 22.63% year-on-year, accounting for 37.61% of revenue [4][10] Financial Performance - The company’s revenue projections for 2025-2027 are 14.165 billion, 20.581 billion, and 28.402 billion yuan respectively, with net profits of 3.005 billion, 4.642 billion, and 6.539 billion yuan [6][10] - The net profit growth rates for the same period are projected at 55.61%, 54.50%, and 40.86% respectively [10][14] - The company’s total liabilities at the end of 2024 were 5.908 billion yuan, with significant increases in contract liabilities and inventory [5][14] Market Position and Opportunities - The company is positioned as a leader in domestic computing power, benefiting from the growing demand for AI computing power [6][10] - The launch of DeepSeek is expected to drive the demand for inference computing power, which the company is well-positioned to capitalize on [6][10] - The company plans to collaborate with partners to launch industry-specific integrated machine solutions, which is anticipated to meet the rapidly growing market demand [6][10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 151.50 [1][6]. Core Insights - The company has demonstrated sustained high growth in performance, with significant increases in contract liabilities and inventory [1][5]. - In 2024, the company achieved a revenue of 9.162 billion yuan, representing a year-on-year growth of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% year-on-year [4][10]. - The gross profit margin for 2024 was 63.72%, an increase of 4.05 percentage points compared to the previous year, indicating a higher proportion of high-margin products [4][10]. - The company has increased its R&D investment by 22.63%, accounting for 37.61% of its revenue, reflecting a commitment to innovation and product competitiveness [4][10]. Financial Performance - Contract liabilities at the end of 2024 reached 903 million yuan, an increase of 900 million yuan year-on-year, primarily due to large advance payments from customers [5]. - Inventory surged to 5.425 billion yuan, a 405% increase year-on-year, as the company proactively increased stock to meet market demand [5]. - The company forecasts revenues of 14.165 billion yuan, 20.581 billion yuan, and 28.402 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.005 billion yuan, 4.642 billion yuan, and 6.539 billion yuan [6][10]. Market Position and Opportunities - The company is positioned as a leader in domestic computing power, with its products expected to benefit from the growing demand for AI computing power [6]. - The launch of DeepSeek has created favorable conditions for the development of domestic computing power, with the company quickly adapting its products to meet the needs of this emerging market [6]. - The company plans to collaborate with partners to offer integrated solutions, which is anticipated to capitalize on the rapid growth of the integrated machine market [6].

2025 年 03 月 04 日 行业周报 看好/维持 电子 电子 太平洋电子日报(20250304) ：RISC-V 迎来发展新机遇 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/16 24/7/28 24/10/9 24/12/21 25/3/4 相关研究报告 << 太 平 洋 电 子 周 报 20250224- 20250228：英伟达发布 FY25Q4 财报， Blackwell 出货超预期>>--2025-03- 03 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 报告摘要 今日市场行情速览：上证指数（+0.89%）；深证综指（+0.68%）；创业板综 （+0. ...

◼ 走势比较 2025 年 03 月 04 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 124 期 20250224-20250302）：锂电、光伏短期景 气度向好 (20%) (10%) 0% 10% 20% 30% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 ◼ 推荐公司及评级 报告摘要 ⚫ 行业整体策略：锂电、光伏短期景气度向好 近期科技主题有调整，可重视景气度向好的锂电、光伏主产业链；从 锂电、光伏未来景气度趋势看，锂电的持续性较好；从新技术看，BC 等光伏新技术落地能力更强。 新能源汽车产业链核心观点：中下游新周期已开启 1）3 月锂电景气度向好，重视有涨价预期环节。3 月中国市场动力+储 能+消费类电池排产量预计为 108GWh，环比增 11.3%，同比增长 27.1%。有涨价预期的环节有：磷酸铁锂、负极、钴等，近期低端和中 端人造石墨价格均上涨 500 元/吨左右。 2）重视下游生态的变化，高端化、智能化是趋势。a）小米 SU7 Ultra 定价 52.99 万元，超市场预期；中国智能电动车高端化激活。b）理想 汽车正式发布首 ...

2025 年 03 月 04 日 公司深度研究 增持/首次 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 研究助理：林叙希 电话： E-MAIL：linxx@tpyzq.com 一般证券业务登记编号：S1190124030019 蜜雪集团(02097) 目标价: 317.80 昨收盘:290.00 蜜雪冰城：供应链壁垒与下沉红利双轮驱动，全球化打开长期空间 ◼ 走势比较 0% 100% 25/3/2 25/3/3 蜜雪集团 恒生指数 ◼ 股票数据 总股本/流通(亿股) 1.48/1.48 总市值/流通(亿港元) 430.14/430.14 12 个月内最高/最低价 (港元) 298/256 相关研究报告 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公 司 研 究 公司深度研究 P2 蜜雪冰城：供应链壁垒与下沉红利双轮驱动，全球化打开长期空 间 投资建议：预计 2024-2026 年收入增速 22%/20%/18%，归母净利润 增速分别为 42%/12%/2 ...

2025 年 03 月 04 日 公司深度研究 增持/首次 蜜雪集团(02097) 目标价: 317.80 昨收盘:290.00 蜜雪冰城：供应链壁垒与下沉红利双轮驱动，全球化打开长期空间 ◼ 走势比较 0% 100% 25/3/2 25/3/3 蜜雪集团 恒生指数 ◼ 股票数据 总股本/流通(亿股) 1.48/1.48 总市值/流通(亿港元) 430.14/430.14 12 个月内最高/最低价 (港元) 298/256 相关研究报告 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 研究助理：林叙希 电话： E-MAIL：linxx@tpyzq.com 一般证券业务登记编号：S1190124030019 报告摘要 公 司 研 究 公司深度研究 P2 蜜雪冰城：供应链壁垒与下沉红利双轮驱动，全球化打开长期空 间 投资建议：预计 2024-2026 年收入增速 22%/20%/18%，归母净利润 增速分别为 42%/12%/20%，EPS 分别为 11.79/13.29/15.85 元，对应 PE 分 别为 16x/14x/12x，按照 2 ...

2025 年 03 月 04 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 124 期 20250224-20250302）：锂电、光伏短期景 气度向好 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 ◼ 推荐公司及评级 报告摘要 ⚫ 行业整体策略：锂电、光伏短期景气度向好 近期科技主题有调整，可重视景气度向好的锂电、光伏主产业链；从 锂电、光伏未来景气度趋势看，锂电的持续性较好；从新技术看，BC 等光伏新技术落地能力更强。 新能源汽车产业链核心观点：中下游新周期已开启 1）3 月锂电景气度向好，重视有涨价预期环节。3 月中国市场动力+储 能+消费类电池排产量预计为 108GWh，环比增 11.3%，同比增长 27.1%。有涨价预期的环节有：磷酸铁锂、负极、钴等，近期低端和中 端人造石墨价格均上涨 500 元/吨左右。 2）重视下游生态的变化，高端化、智能化是趋势。a）小米 SU7 Ultra 定价 52.99 万元，超市场预期；中国智能电动车高端化激活。b）理想 汽车正式发布首 ...