| --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-------|--------------------------------------------------------------------------------------------|----------| | | | | | | 医药生物 | | 投资评级 | 增持 | | 中航证券医药生物行业双周报:第十批药品集 | | | 维持评级 | | 采推动创新转型，高值耗材集采加速国产替代 | | 行业走势图 | | | 报告摘要 | | | | | 投资要点: | | 10%6 | | | 本期 (12.08-12.22) 上证指数收于 3368.07, 下跌 1.06%; 沪深 | | (196 | | | 300 指数收于 3927.74，下跌 1.14%；中小 100 指数收于 6502.26，下 | | -10% | | | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for future performance [18][24]. Core Insights - The company, Changcheng Military Industry, is a key player in the ammunition sector under the China Weaponry Equipment Group, focusing on the development and production of various military products, including mortars, optical countermeasure ammunition, and single-soldier rockets [94][95]. - The company has shown a transition from traditional ammunition to advanced systems that emphasize efficiency, long-range capabilities, and precision strikes, aligning with modern military needs [15][94]. - The report highlights the increasing demand for ammunition due to geopolitical conflicts and military training exercises, which has led to a significant rise in ammunition consumption [26][128]. Financial Performance - The company's revenue has shown stable growth over recent years, with projected revenues of 17.14 billion, 19.22 billion, and 21.69 billion for 2024, 2025, and 2026 respectively [18][23]. - The net profit for the company is expected to improve gradually, with forecasts of -0.12 billion, 0.14 billion, and 0.23 billion for the same years [18][23]. - In the first three quarters of 2024, the company reported revenues of 9.72 billion, reflecting a 3.23% increase, while the net profit was -0.76 billion, indicating a significant decline compared to previous periods [90][104]. Company Development and Strategy - Changcheng Military Industry has been integrated into the broader strategic framework of the China Weaponry Equipment Group, which aims to enhance resource allocation and establish the company as a major military product development and manufacturing base in East China [4][135]. - The company is actively investing in research and development to innovate and upgrade its product offerings, focusing on smart ammunition and advanced technologies to meet modern warfare requirements [136][18]. - The report emphasizes the company's commitment to sustainable development through increased R&D spending, which has risen by 20.21% in recent periods, reflecting a strategic focus on technological advancement and product innovation [104][136].

Investment Rating - The report assigns a "Buy" rating to the company based on its industry position and future development prospects [20][25]. Core Insights - The company specializes in pharmaceutical packaging, particularly in the production of medicinal butyl rubber stoppers, multi-layer co-extruded films, medical masks, and protective clothing, with high product quality and profit margins [1]. - The company has established itself as a leader in the domestic medicinal butyl rubber stopper industry, having pioneered the localization of production and the intelligent manufacturing process [1][10]. - The company has formed long-term partnerships with major pharmaceutical groups and has received numerous accolades for its innovative products [1][10]. - The company is actively expanding into new markets, including cosmetic stoppers and veterinary medicine stoppers, to meet evolving market demands [9][10]. Summary by Sections Company Overview - The company is a key player in the pharmaceutical packaging sector, recognized for its high-quality products and significant market share in medicinal butyl rubber stoppers [1][10]. - It has been involved in drafting important industry standards and guidelines, enhancing its reputation and influence within the sector [1]. Product Development - The company has developed various types of medicinal butyl rubber stoppers, including conventional stoppers, film-coated stoppers, and rubber components for pre-filled syringes, which are crucial for drug safety and efficacy [4][10]. - Recent innovations include the development of high-barrier film materials and new types of stoppers designed for sensitive and high-activity pharmaceuticals [11][10]. Financial Projections - The company is projected to achieve revenues of 577 million yuan, 629 million yuan, and 710 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 35.27 million yuan, 40.16 million yuan, and 46.22 million yuan [21][25]. - The expected growth rates for revenue and net profit indicate a positive outlook for the company's financial performance in the coming years [21][25]. Market Position - The company benefits from a robust marketing network and stable customer base, having established long-term relationships with major pharmaceutical enterprises [10][11]. - The demand for special protective equipment and pharmaceutical packaging is expected to grow, driven by increasing awareness of safety and quality in the healthcare sector [20][25].

1 到 5年,市值已达 1835 亿美元。 Palantir 公司成立于2004年,其名源于《指环王》中一个神秘而 强大的透视石,这隐含了创始团队对 Palantir 能够洞悉过去、洞见未 来的期待。公司成立最初为美国情报界开发软件，以协助反恐调查和行 动,主要客户包括国防部、中央情报局等各种情报机构以及国土安全部。 这些机构将 Palantir 的平台用于反恐、军事战略和边境安全等关键应 用。随着人工智能发展,美国将人工智能视为"第三次抵消战略"的核 心技术,投入大量研发项目和资金,并推动技术转化。Palantir 自 2019 年以来获国防部订单迅速增长，CAGR 达 28%。 中航证券研究所发布 [证券研究报告] 本月有多个规定、条例正式实施，包括《军队装备竞争性采购规定 (公开版)》《军队装备保障条例》、《中华人民共和国两用物项出口管 制条例》。 中航证券研究所发布 [证券研究报告] ◆ 随着"十四五"进入攻坚阶段,"十五五"计划逐步明朗, 行业将进入 � "大军工"投资机会； 战斗机、运输机、直升机、无人机、发动机产业链相关标的，航发动 力（发动机）、应流股份（叶片）、航天电子、航天彩虹（无人机）、 ...

2 先选择三级行业龙头和对比中证一级行业自由流通市值分布的筛选方式均衡行业分布,这使 中航证券研究所发布 | --- | --- | --- | --- | |--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024年12月22日 证券研究报告|宏观研究|宏观点评 | --- | --- | --- | |-------------------------------------------------------------------------------|-----------------------------------------------------------|------------| | 美联储明年降息节奏或减缓,我国经济弱复苏 \n2024 年 12 月 16 日-12 月 22 日周报 | 主要数据 | | | | 上证指数 | 3368.0693 | | 美联储明年降息节奏或减缓，美元得到支撑，人民币汇率压力边际上行 | 沪深300 | 3927.7441 | | 北京时间 12 月 19 日凌晨，美联储公布 12 月议息会议决议，降息 25BP，符合市 | 深证成指 | 10646.6176 | | 场预期。出于对近期通胀数据回暖以及特朗普关税政策推高通胀的担忧,美联储将于 | 主要指数走势图 | | | 2025 年放缓降息节奏成为市场的共识。然而本次会议发布的最新经济预测给出的 ...

2024年12月21日 证券研究报告|行业研究|行业点评 农业周观点：农村工作会议强调粮食安全，关注种业 ◆ 本期行情（12.14-12.20） | --- | --- | --- | --- | --- | --- | |----------|------------------|----------|-----------------|----------|----------| | | 乖宝宠物 | 粤海饲料 | 永安林业 | 天马科技 | 华英农业 | | 涨幅前五 | 6. 1% | 5. 4% | 4. 4% | 3.6% | 3.0% | | | | 正虹科技 | | 绿康生化 | 国联水产 | | 跌幅前五 | 田野股份 -14. 8% | -13. 7% | 欧福蛋业 -13.5% | -13. 0% | -12. 5% | | | | | | | | 行业周观点:《经济工作首条任务——大力提振消费》、《猪价景气延续, 鸡苗涨势显著》、《宠物 618 成绩亮眼，长逻辑望持续演绎》。 【核心观点】近期召开的中央农村工作会议再度强调粮食安全,提 出深入推进粮油作物大面积单产提升行动。种业振兴在路 ...

2024年12月21日 证券研究报告|行业研究|行业点评 增持 维持评级 ◆ 本周行情：社会服务（申万）板块指数周涨跌幅为-4.33%，在申万 一级行业涨跌幅中排名27/31。 各基准指数周涨跌幅情况为：沪深300（-0.14%）、深证成指（- 0.62%）、上证指数（-0.70%）、创业板指（-1.15%）、社会服务 (-4.33%)。 � 个股涨跌幅排名后五：西安饮食(-16.89%)、勤上股份(-16.47%)、 大连圣亚(-15.98%)、曲江文旅(-15.45%)、力盛体育(-14.81%)。 12月17日,微信灰测"送礼物"功能,在商品详情页会公开展示"支 持送礼物"的入口。品类限制除珠宝、教育培训外,价格限制原价 不大于1万元的商品,满足规则的商品会自动开通"支持送礼物"入 口,完成下单不需要提前询问对方的收货地址,收礼人点击礼物消 息后,填写收货地址,点击"收下礼物"后,即为正式接收并拥有 订单管理权。若朋友超过24小时未收下礼物订单将自动取消并退 款。 裴伊凡 股市有风险入市需谨慎 中航证券研究所发布 投资主线一: 微信上线"送礼物"功能, 开启"微信红包"2.0时代。 参考先前微信"抢红包 ...

全年观点请关注 12 月 9 日发布的 2025 年投资策略《今朝更好 看》。 11 月,国防军工(申万)指数下跌 2.58%,而中航证券航天行业 相关指数逆势跑赢军工(申万)行业指数 3.84 个百分点，主要系商业 航天中卫星互联网巨型星座建设推进、海南商业航天发射场投入使用、 股市有风险 入市福州市 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大 厦中航证券有限公司 司网址：www.avicsec.com 联系电话：010-59219558 传真：010-59562637 维持评级 1 中航证券研究所发布 ① 卫星互联网空间基础设施建设稳步推进。卫星互联网低轨 01 组 卫星（10 颗）发射任务获得圆满成功,这也是中国星网的"国网星座" 首次批量组网发射;千帆星座累计完成 54颗卫星发射。 5关注与新质新域领域存在业务交叉的企业。导弹及智能弹药产业与新域新质产 业在多个中上游领域存在交叉,如弹载数据链、电子对抗、智能化等等,在中长期维 度上，布局以上细分方向的上市公司在持续发展驱动力上有望更具优势。 19 资料来源：《航天航空智能制造技术与装备发展战略研究》， ...

2024年 12月 17日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|-------------| | | | | | 杰华特（688141） | 投资评级 | 买入 | | 逐步建立完整 AI 服务器供电体系 | | 维持评级 | | 报告正文 | 2024年 12月17日 | | | | 收盘价(元): | 24.86 | | ◆ DrMOS 实现量产爬坡，构建完整 AI 电源体系 | 公司基本数据 | | | 2024 上半年,杰华特推出了 65V 大电流 MOSFET 集成降压芯片、100V 大电流降压控制器芯片,以及用于 CPU 供电且具有极好兼容性的、单芯 | 总股本(百万股) | 446.88 | | | ...