[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 豪迈科技（002595）机械设备 目标价：——元（6 个月） 数据来源： Wind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 相对指数表现 -12% 1% 14% 28% 41% 55% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 豪迈科技 沪深300 买入 （维持） 当前价：53.42 元 业绩实现快速增长，三大业务持续向好 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8813.37 | 10339 ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8] - The company’s revenue for 2024 was $594.49 million, reflecting a decrease of 29.19% year-on-year, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a growth of 57.65% [2][8] - The life sciences segment showed steady growth, with external revenue of approximately $450 million in 2024, up 10.2% year-on-year, driven by platform upgrades and operational efficiency improvements [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a gross profit of $270 million, with a gross margin of 45.77% [10] - The projected net profit for 2025 is $309.95 million, with a significant drop in profitability expected in 2026 [2][8] - The earnings per share (EPS) for 2024 was $1.37, but is expected to decline to $0.14 in 2025 [2][8] Revenue Breakdown - Life Sciences Services and Products: Expected revenue growth of 15% in 2025, reaching $523.2 million [9] - Biologics Development Services: Anticipated revenue of $114 million in 2025, with a recovery expected after a decline in 2024 [9] - Industrial Synthetic Biology Products: Projected revenue growth of 25% in 2025, reaching $65 million [9] Strategic Development - The company plans to invest in R&D for antibody drug development and AI drug development, aiming to enhance product reliability and cost-effectiveness [7][8] - Expansion of production capacity in North America and Europe is a key focus to meet customer demands and mitigate supply chain risks [7][8] Market Position - The company’s market capitalization is approximately $27.69 billion, with a 52-week price range of HKD 8.23 to HKD 16.74 [5] - The stock has shown a relative performance against the Hang Seng Index, with fluctuations noted over the past year [4]

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 钧达股份（002865）电力设备 目标价：——元（6 个月） | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9951.94 | 12990.00 | 16030.00 | 18430.00 | | 增长率 | -46.66% | 30.53% | 23.40% | 14.97% | | 归属母公司净利润（百万元） | -591.11 | 783.22 | 1139.13 | 1381.48 | | 增长率 | -172.47% | 232.50% | 45.44% | 21.27% | | 每股收益 EPS（元） | -2.58 | 3.42 | 4.97 | 6.03 | | 净资产收益率 ROE | -15.21% | 16.36% | 19.74% | 19.95% | | PE | -23 | 17 | 12 | 10 | | ...

[ T able_StockInfo] 2025 年 03 月 17 日 证券研究报告•2024 年报点评 当前价：39.53 元 西藏药业（600211）医药生物 目标价：——元（6 个月） 业绩符合预期，现金分红提升股东回报 | [指标Table_MainProfit] /年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2806.71 | 2962.79 | 3322.40 | 3729.65 | | 增长率 | -10.45% | 5.56% | 12.14% | 12.26% | | 归属母公司净利润（百万元） | 1051.29 | 940.57 | 1047.55 | 1133.81 | | 增长率 | 31.26% | -10.53% | 11.37% | 8.23% | | 每股收益 EPS（元） | 3.26 | 2.92 | 3.25 | 3.52 | | 净资产收益率 ROE | 26.75% | 20.57% | 19.27% | 17.82% | | PE | 12 ...

2025年 03月 17日 证券研究报告·宏观简评报告 数据点评 开年经济稳中向好,新产业表现亮眼 2025年1-2月经济数据点评 | 点评 | 西南证券研究院 | | | --- | --- | --- | | ● 工业增加值增速走低,高技术制造业增速逆势升高。2025年 1-2月,全国规 | 分析师:叶凡 | 模以上工业增加值同比增长 5.9%,较 2024年全年增速升高 0.1个百分点,高 | | 执业证号:S1250520060001 | 于市场预期,但较 2024年 12月单月同比增速回落 0.3个百分点。其中,采矿 | 电话:010-57631106 | | 业增加值同比增速较 2024年 12月走高 1.96个百分点至 4.3%,而制造业增加 | 邮箱:yefan@swsc.com.cn | 值同比增速下滑 0.5个百分点至 6.9%,电力、热力、燃气及水生产和供应业 | | 分析师:刘彦宏 | 增加值同比增速持平于 2024年 12月。分行业看,2025年 1-2月,铁路、船 | 执业证号:S1250523030002 | | 舶、航空航天和其他运输设备制造业、电气机械和器材制造业、汽车制造业 ...

Economic Overview - In January-February 2025, China's industrial added value grew by 5.9% year-on-year, slightly higher than the 2024 annual growth rate by 0.1 percentage points, but down 0.3 percentage points from December 2024[2] - High-tech manufacturing saw a year-on-year growth of 9.1%, exceeding the December 2024 growth rate by 1.2 percentage points, driven by policy support and advancements in AI technology[2] Real Estate Market - Real estate development investment fell by 9.8% year-on-year, but the decline narrowed by 3.5 percentage points compared to December 2024[3] - The sales area and sales revenue of commercial housing decreased by 5.1% and 2.6% year-on-year, respectively, with the decline in sales area expanding by 4.6 percentage points[3] Infrastructure Investment - Fixed asset investment (excluding rural households) increased by 4.1% year-on-year, surpassing market expectations and up 0.9 percentage points from the 2024 annual growth rate[2] - Narrowly defined infrastructure investment grew by 5.6% year-on-year, while broadly defined infrastructure investment rose by 9.95%, an increase of approximately 2.53 percentage points from December 2024[2] Manufacturing Investment - Manufacturing investment increased by 9.0% year-on-year, up 0.65 percentage points from December 2024, and outpacing the national fixed asset investment growth by 4.9 percentage points[4] - High-tech industry investment rose by 9.7% year-on-year, higher than the 8% growth rate in 2024, with significant increases in sectors like information services and aerospace[4] Consumer Spending - Retail sales of consumer goods grew by 4% year-on-year, matching market expectations and up 0.3 percentage points from December 2024[5] - Categories such as communication equipment and sports goods saw substantial growth, with communication equipment sales increasing by 26.2% year-on-year, largely due to new subsidy policies[5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1]. Core Views - The company is transitioning into the robotics sector, aiming for a high-end intelligent manufacturing transformation. This strategic move is expected to create new profit growth points [7]. - The company has a strong position in the crankshaft business, with a gross margin of 29.7% in 2023, which is an increase of 3.5 percentage points year-on-year. The company is also expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company has successfully opened overseas markets, with significant sales growth in large crankshafts and new energy gear products, indicating potential for future growth [7]. - The company has launched an equity incentive plan to boost confidence among management and core personnel, with specific profit targets set for the coming years [7]. Financial Summary - **Revenue Forecast**: The company expects revenues to grow from 1,352.32 million CNY in 2023 to 3,021.46 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 25.46% [2][12]. - **Net Profit Forecast**: The net profit attributable to the parent company is projected to increase from 103.53 million CNY in 2023 to 400.71 million CNY in 2026, with a CAGR of 41.46% [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - **Return on Equity (ROE)**: ROE is forecasted to improve from 4.47% in 2023 to 13.06% in 2026 [2][12]. - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 81 in 2023 to 21 in 2026, indicating a more attractive valuation over time [2][12]. Business Segments - **Crankshaft Business**: The company anticipates a revenue growth rate of 36.42% in 2024, driven by multiple new product launches and increased production capacity [9]. - **New Energy Gear Products**: Revenue from new energy electric drive gears is expected to grow significantly, with projections of 0.25 million CNY in 2024 and reaching 3 million CNY by 2026 [12]. - **Clutch and Other Products**: The clutch segment is expected to see slower growth, while other business areas are projected to maintain steady growth rates [9][12]. Investment Strategy - The report suggests that the company's strategic investments in robotics and new energy sectors, combined with its strong existing business in crankshafts, position it well for future growth. The equity incentive plan further aligns management's interests with shareholder value creation [7][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1]. Core Insights - The company is transitioning into the robotics sector, aiming for high-end intelligent manufacturing, which aligns with its strategic planning [7]. - The company has made significant investments in acquiring a 35% stake in Changban (Yangzhou) Robot Technology Co., and plans to establish a joint venture to enter the humanoid robot and intelligent equipment market [7]. - The company’s crankshaft business remains strong, with a gross margin of 29.7% in 2023, and it is expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company is successfully penetrating overseas markets, with notable sales growth in large crankshafts and new energy gear products [7]. - A stock incentive plan has been introduced, reflecting the company's confidence in achieving ambitious profit targets over the next three years [7]. Financial Performance Summary - The company’s projected revenue for 2023 is 1,352.32 million CNY, with expected growth rates of 19.18% in 2023, 26.32% in 2024, 40.98% in 2025, and 25.46% in 2026 [2][12]. - The net profit attributable to the parent company is forecasted to be 103.53 million CNY in 2023, with significant growth expected to 180.25 million CNY in 2024, 283.26 million CNY in 2025, and 400.71 million CNY in 2026 [2][12]. - The earnings per share (EPS) is projected to increase from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - The return on equity (ROE) is expected to rise from 4.47% in 2023 to 13.06% in 2026 [2][12]. Business Segment Analysis - The crankshaft segment is expected to see a revenue increase from 733 million CNY in 2023 to 1,682 million CNY in 2026, with a gross margin stabilizing around 30% [9][12]. - The new energy electric drive gear segment is projected to grow significantly, with revenues expected to reach 300 million CNY by 2026, reflecting a high gross margin of 27% [12]. - The company is also focusing on expanding its precision forging and gear businesses, with substantial growth rates anticipated in the coming years [9][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1][13]. Core Insights - The company is transitioning into the robotics sector, aiming for high-end intelligent manufacturing. It has acquired a 35% stake in Changban (Yangzhou) Robot Technology Co., Ltd. and plans to establish a joint venture to enter the humanoid robot and intelligent equipment market [8][13]. - The company's crankshaft business remains strong, with a gross margin of 29.7% in 2023, up 3.5 percentage points year-on-year. The company is also expanding its precision forging capabilities to enhance control over the entire supply chain [8][13]. - The company has successfully opened overseas markets, with significant sales growth in large crankshafts and new energy gear products, indicating potential for future growth [8][13]. - A stock incentive plan has been announced, reflecting the company's confidence in achieving ambitious profit targets over the next three years [8][13]. Financial Summary - Revenue is projected to grow from 1,352.32 million CNY in 2023 to 3,021.46 million CNY by 2026, with a compound annual growth rate (CAGR) of 40.98% from 2024 to 2026 [2][17]. - Net profit attributable to the parent company is expected to increase from 103.53 million CNY in 2023 to 400.71 million CNY in 2026, with a CAGR of 57.0% over the same period [2][17]. - Earnings per share (EPS) is forecasted to rise from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][17]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 81 in 2023 to 21 in 2026, indicating improving valuation as earnings grow [2][17]. Business Segments - The crankshaft segment is expected to see revenue growth of 36.42% in 2024, with a gross margin stabilizing around 30% [10][12]. - The new energy electric drive gear segment is anticipated to grow significantly, with revenues projected at 0.25 million CNY in 2024 and reaching 3 million CNY by 2026 [13]. - The company is also focusing on expanding its capabilities in the robotics sector, which is expected to become a new profit growth point [8][13].

Group 1 - The overall performance of the North Exchange was strong during the period, with a closing market value of 798.74 billion yuan on March 14, 2025, and 253 out of 264 stocks rising [1][15] - The North Exchange 50 Index increased by 7.9% compared to the opening market value on March 3, 2025, outperforming the ChiNext Index by approximately 5.3 percentage points [1][15] - The first annual report from the North Exchange was released, with Xingtu Measurement and Control reporting a revenue of 290 million yuan for 2024, a year-on-year increase of 25.9%, and a net profit of 84.974 million yuan, up 35.7% year-on-year [1][29] Group 2 - The North Exchange had 264 constituent stocks with an average market value of 30.26 billion yuan, while the average market value of ChiNext stocks was 101.5 billion yuan and the Sci-Tech Innovation Board was 132.5 billion yuan [4][11] - The trading volume for the North Exchange during the period was 437.38 billion yuan, with an average trading amount of 16.57 billion yuan per stock and a turnover rate of 117.96% [4][10] - The price-to-earnings ratio (PE) for the North Exchange was at a historical high of 49.0 times [4][10] Group 3 - In the individual stock performance, 253 stocks rose, with notable increases from Meixin Yishen (up 129.0%) and Lifang Holdings (up 117.6%) [1][18] - The stocks that experienced the highest increases were concentrated in the computer and machinery equipment sectors, with 131 stocks having a PE ratio exceeding 50 times [22][18] - The report highlighted the strong liquidity of the North Exchange, with a turnover rate that increased compared to the previous period [4][10] Group 4 - The North Exchange had no new stock listings during the period, but one company, Kai Fa Technology, is set to update its new stock dynamics next week [26] - There are 12 companies updating their listing project review dynamics, indicating a robust pipeline for future listings [26] - The report noted that the North Exchange has a sufficient reserve of potential listings, with various companies at different stages of the registration process [26]