Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that Marubi Biotech has received approval for the first domestic Class III medical device registration for hydroxyapatite microspheres, indicating a significant advancement in its "dual beauty integration" strategy [6][8] - The company is expected to maintain steady growth, with projected revenues of 28.92 billion, 35.90 billion, and 42.58 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29.94%, 24.15%, and 18.60% [9] - The report emphasizes the strong market demand for hydroxyapatite products, with a compound annual growth rate of 16% in the U.S. from 2017 to 2022, outpacing other aesthetic treatments [8] Summary by Sections Investment Rating - The company maintains an "Overweight" rating, indicating a relative performance expectation of 5%-15% above the market index [12] Financial Performance - The forecasted main revenue figures are as follows: 17.32 billion yuan in 2022, 22.26 billion yuan in 2023, 28.92 billion yuan in 2024, 35.90 billion yuan in 2025, and 42.58 billion yuan in 2026 [7] - The projected net profit attributable to shareholders is expected to grow from 1.74 billion yuan in 2022 to 5.33 billion yuan in 2026, with corresponding EPS increasing from 0.43 yuan to 1.33 yuan [7][9] Market Position and Strategy - Marubi Biotech is actively expanding into the color cosmetics sector with its new brand "Lianhuo," focusing on the base makeup segment, which is expected to serve as a second growth engine [9] - The company has made strategic investments in various beauty and health-related firms, enhancing its market presence and growth potential [8][9]

评级 增持 评级变动 维持 | 交易数据 | | | --- | --- | | 当前价格（元） | 30.60 | | 52 周价格区间（元） | 20.56-36.17 | | 总市值（百万） | 12270.60 | | 流通市值（百万） | 12270.60 | | 总股本（万股） | 40100.00 | 涨跌幅比较 % 1M 3M 12M 丸美生物 -9.14 1.86 4.69 化妆品 1.31 -5.01 -0.39 -31% -11% 9% 29% 2024-02 2024-05 2024-08 2024-11 2025-02 丸美生物 化妆品 张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 2025 年 02 月 20 日 相关报告 | 1 美容护理行业 2025 年度策略：稳中求变，守 | | --- | | 正出奇 2025-01-23 | | 2 医美专题系列一：重组胶原蛋白赛道高景气延 | 续，先行者前景可期 2025-01-02 证券研究报告 公司点评 丸美生物(603983.SH) 美容护理｜ 化妆品 投资企业获批国 ...

Market Overview - The A-share market is experiencing fluctuations, with the major indices showing mixed performance. The Shanghai Composite Index closed at 3346.04, down 0.80%, while the ChiNext Index fell by 1.13% to 2240.59. The STAR Market 50 Index, however, saw a slight increase of 0.26% to 1102.90 [2][6][8] - The total market capitalization of the Shanghai Composite Index is 638,939 million, with a price-to-earnings (PE) ratio of 11.90 and a price-to-book (PB) ratio of 1.26. The ChiNext Index has a PE ratio of 34.05 and a PB ratio of 4.33, indicating a higher valuation compared to the broader market [3] Industry Dynamics - The global ICT market is projected to reach a size of approximately 751.76 billion USD by 2028, with a compound annual growth rate (CAGR) of 6.5% over the next five years. This growth is driven by policy stimulation and emerging technology products [28] - The price of photovoltaic glass is expected to rise in March, with recent reports indicating an increase in pricing due to supply-demand mismatches and production constraints [30] - World Advanced predicts a 8% to 10% increase in wafer shipments for Q1 2025, driven by demand recovery and supply chain adjustments [27] Company Updates - TeBao Bio (688278.SH) reported a net profit of 828 million yuan for 2024, marking a 49% year-on-year increase, attributed to strong sales of its hepatitis B treatment [32] - YanJinPuZi (002847.SZ) plans to establish a wholly-owned subsidiary in Thailand with an investment of approximately 219.95 million yuan, aimed at expanding its overseas business [34] - HuaTe Gas (688268.SH) achieved a net profit of 181.23 million yuan in 2024, a 5.91% increase despite a decline in total revenue [36] - KangTuo Medical (688314.SH) reported a net profit of 88.57 million yuan for 2024, reflecting a 17.30% growth, driven by increased market penetration of its neurosurgical products [38] - JinBo Bio (832982.BJ) announced a significant net profit increase of 144.65% for 2024, reaching 733 million yuan, supported by strong sales growth in medical devices and skincare products [39] - BaiRen Medical (688198.SH) achieved a net profit of approximately 145 million yuan in 2024, a 26.26% increase, with all three business segments showing growth [41] - SaiEnSi (688480.SH) reported a net profit increase of 56.60% for 2024, driven by significant growth in sales and investment returns from joint ventures [43]

证券研究报告 金工点评报告 刘飞彤 分析师 执业证书编号:S0530522070001 liufeitong@hnchasing.com 相关报告 金工三维情绪模型更新（20250220）： 2025 年 02 月 21 日 上证 50-沪深 300-中证 500 走势图 -13% -3% 7% 17% 27% 上证50 沪深300 中证500 指数估值 | 指数名称 | PE中位数 | PB 中位数 | | --- | --- | --- | | 上证 50 | 1.99 | 14.85 | | 沪深 300 | 2.03 | 19.17 | | 中证 500 | 2.14 | 22.37 | 沪深 300 股指期货升贴水率= 沪深 300 股指期货主力价格− 沪深 300 指数价格 沪深 300 指数价格 $${\hat{\mathbb{R}}}\times{\hat{\mathbb{R}}}\times{\hat{\mathbb{R}}}={\frac{{\hat{\mathbb{R}}}\oplus{\hat{\mathbb{R}}}\oplus{\hat{\mathbb{R}}}\oplus{\ha ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][7] Core Insights - The report maintains a positive outlook on the electronic industry, highlighting significant growth potential driven by advancements in AI and increased capital expenditures from major players like Alibaba [5][6] - The electronic sector has shown strong performance with a 12-month increase of 58.65%, significantly outperforming the CSI 300 index, which only increased by 15.43% during the same period [2][6] Summary by Sections Industry Performance - The electronic industry has recorded a 1-month increase of 9.85%, a 3-month increase of 9.10%, and a 12-month increase of 58.65% [2] Key Company Insights - Alibaba's fourth-quarter revenue for 2024 reached RMB 280.15 billion, marking an 8% year-on-year growth, with net profit soaring by 333% to RMB 46.43 billion [6] - The company plans to significantly increase its capital expenditures in AI and cloud infrastructure, with a projected investment exceeding the total of the past decade [6] Investment Recommendations - The report suggests focusing on AIDC infrastructure-related sectors, including IT equipment such as servers, storage, and networking devices, with specific companies like Cambrian, Haiguang Information, Shennan Circuit, and Xingsen Technology highlighted as potential investment opportunities [6]

证券研究报告 行业点评 电子 | 2025 年 02 月 21 日 | | | --- | --- | | 评级 | 领先大市 | 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 电子 9.85 9.10 58.65 沪深 300 3.06 -1.21 15.43 何晨 分析师 -9% 11% 31% 51% 71% 2024-02 2024-05 2024-08 2024-11 电子 沪深300 | 执业证书编号:S0530513080001 | | | --- | --- | | hechen@hnchasing.com | | | 袁鑫 | 研究助理 | yuanxin@hnchasing.com 相关报告 1 电子行业双周报：DeepSeek 加速国内 AI 进程， 终端需求潜力可期 2025-02-14 2 电子行业事件点评：DeepSeek-R1 加速 AI 进 程，看好 AI 应用端潜力释放 2025-02-11 3 电子行业 2025 年年度策略：Capex 支撑国产 替代提速，先进封装孕育投资机会 2025-01-17 阿里巴巴资本开支乐观，AI 建设有望提速 | 重点股票 | 2 ...

Market Overview - The A-share market is experiencing fluctuations, with the Shanghai Composite Index closing at 3373.03, down 0.18% [2][9] - The Shenzhen Component Index closed at 10983.04, down 0.08%, while the ChiNext Index fell by 0.67% to 2266.24 [2][9] - The STAR 50 Index increased by 0.48% to 1100.05, indicating a stronger performance in the hard technology sector [2][9] Valuation Metrics - As of now, the Shanghai Composite Index has a TTM P/E ratio of 14.52, which is in the bottom 30.5% of its historical range, and a P/B ratio of 1.36, in the bottom 11.54% [10] - The STAR 50 Index has a TTM P/E ratio of 93.26, in the top 99.56% of its historical range, and a P/B ratio of 5.06, in the top 55.39% [10] - The ChiNext Index has a TTM P/E ratio of 35.09, in the bottom 18.01% of its historical range, and a P/B ratio of 4.35, in the bottom 32.1% [10] Industry Dynamics - The potassium fertilizer market is seeing continuous price increases post-holiday, with prices rising by 300-550 RMB per ton, driven by tight supply and slow downstream demand recovery [29] - The Lufeng Nuclear Power Project has officially commenced construction, marking the start of a significant energy infrastructure development [31] - In 2024, China's wind power installation capacity is projected to grow by 9.6%, with a total of 14388 new units installed, contributing to a total capacity of 8699 MW [34] Company Performance - Haiguang Information (688041.SH) reported a net profit of 1.929 billion RMB for 2024, a year-on-year increase of 52.73% [41] - Yingxi Network (688475.SH) announced a net profit decline of 10.52% for 2024, despite a revenue increase of 12.41% to 5.442 billion RMB [44] - Zhujiang Beer (002461.SZ) achieved a revenue growth of 6.56% in 2024, with net profit increasing by 30.32% [46] - Dize Pharmaceutical-U (688192.SH) reported a staggering revenue growth of 294.79% for 2024, although it still posted a net loss of 858 million RMB [48] - Microelectrophysiology (688351.SH) saw a net profit increase of 817.4% in 2024, reaching 52.186 million RMB [51] - Dezhong Automobile (838030.BJ) reported a 100.88% increase in net profit after excluding non-recurring items for 2024 [54]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating that the industry index is expected to outperform the CSI 300 index by more than 5% [11]. Core Insights - The AI glasses industry is experiencing accelerated standardization, with the China Academy of Information and Communications Technology conducting comprehensive tests on RayBan-Meta Wayfarer smart glasses, providing a reference for performance evaluation and filling a gap in systematic assessment [8]. - The global sales of AI glasses are projected to grow significantly, with an expected increase of 230% in 2025, reaching 3.5 million units, driven by new product launches from major companies like Meta, Rokid, Samsung, and Xiaomi [8]. - The report suggests focusing on core component suppliers in the short term, particularly optical display modules, SoC chips, and sensors, as the demand from the supply chain is anticipated to rise significantly [8]. Summary by Sections Industry Performance - The electronic industry has shown a 1-month increase of 8.79%, a 3-month increase of 8.38%, and a 12-month increase of 58.65%, outperforming the CSI 300 index [4]. Key Stocks - Crystal Optoelectronics is rated as "Buy" with projected EPS of 0.43 yuan for 2023, increasing to 0.87 yuan by 2025, reflecting a decreasing PE ratio from 58.36 to 29.06 [6]. Market Trends - The report highlights that 2025 will see a concentrated release of new AI glasses, with significant implications for various sectors such as government, education, healthcare, and sports, which are expected to adopt AI glasses solutions [8][9].

行业点评 电子 证券研究报告 信通院启动 AI眼镜专项测试，关注后续新品发布 | 2025 年 02 月 21 日 | | --- | | | | wangyanwen@hnchasing.com 相关报告 重点股票 2023A 2024E 2025E 评级 EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） 水晶光电 0.43 58.36 0.72 34.89 0.87 29.06 增持 资料来源： iFinD ，财信证券 投资要点： 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 1 电子行业双周报：DeepSeek 加速国内 AI 进程， 终端需求潜力可期 2025-02-14 2 电子行业事件点评：DeepSeek-R1 加速 AI 进 程，看好 AI 应用端潜力释放 2025-02-11 3 电子行业 2025 年年度策略：Capex 支撑国产 替代提速，先进封装孕育投资机会 2025-01-17 事件：2025 年 2 月 19 日，中国信通院泰尔终端实验室联合 S-Dream Lab，针对 RayBan-Meta Wayfarer 智能眼镜的主要使用场景和功能进 ...

Market Performance - The Shanghai Composite Index rose by 0.97% to close at 3,379.11 points, while the Shenzhen Component Index increased by 2.25% to 10,991.37 points during the week of February 17-21[5] - The average daily trading volume in the Shanghai and Shenzhen markets was 18,821.6 billion CNY, up 9.70% from the previous week[5] - The technology sector showed strong performance, with the ChiNext Index rising by 2.99%[5] Technology Sector Insights - The Hang Seng Technology Index and other tech-focused indices have surpassed previous highs, indicating a strong market sentiment towards technology stocks[5] - The AI sector is expected to see significant growth, with DeepSeek-R1 model narrowing the gap with US counterparts, enhancing confidence in China's AI capabilities[20][24] - Alibaba's Q3 2025 revenue reached 280.15 billion CNY, a year-on-year increase of 8%, with net profit soaring by 333% to 46.434 billion CNY (6.361 billion USD)[20] Investment Recommendations - Focus on AI-related sectors, particularly AI+pharmaceuticals and AI+education, as they are expected to benefit from the ongoing AI trend[26] - Emphasize investments in domestic technology and self-sufficiency initiatives, including areas like robotics and national defense[27] - Consider high-dividend sectors such as banking and utilities, which are likely to remain attractive due to low-risk yield environments[27] Risks and Challenges - Potential macroeconomic downturns and geopolitical tensions, particularly between the US and China, pose risks to market stability[46] - The ongoing transition in the AI industry may face challenges due to external pressures and competition[18]