医药生物/医疗器械 英科医疗（300677.SZ） 2024 年业绩高增，剑指全球手套龙头 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 22.38 | | 一年最高最低(元) | 33.61/19.78 | | 总市值(亿元) | 144.62 | | 流通市值(亿元) | 104.99 | | 总股本(亿股) | 6.46 | | 流通股本(亿股) | 4.69 | | 近 3 个月换手率(%) | 126.91 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 英科医疗 沪深300 相关研究报告 《全球丁腈手套龙头，精益成本管理& 海外建厂扩产筑建强大护城河—公司 深度报告》-2025.2.27 ——公司信息更新报告 | 余汝意（分析师） | 司乐致（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | silezhi@kysec.cn | shiqizheng@kyse ...

汽车/摩托车及其他 爱玛科技（603529.SH） 2025Q1 公司实现量价齐升，行业周期向上龙头业绩 2025 年 04 月 28 日 弹性可期 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 42.52 | | 一年最高最低(元) | 47.44/24.72 | | 总市值(亿元) | 366.40 | | 流通市值(亿元) | 358.34 | | 总股本(亿股) | 8.62 | | 流通股本(亿股) | 8.43 | | 近 3 个月换手率(%) | 36.02 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 爱玛科技 沪深300 相关研究报告 《2024 年龙头经营韧性彰显，2025 看 好公司超额受益行业贝塔改善—公司 信息更新报告》-2025.4.16 《2024 平稳收官，2025 看好公司乘行 业东风重进量价齐升通道—公司信息 更新报告》-2025.4.3 《2024Q3 业绩阶段性承压，2025 看好 公司乘行业东风重 ...

——公司信息更新报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 42.52 | | 一年最高最低(元) | 47.44/24.72 | | 总市值(亿元) | 366.40 | | 流通市值(亿元) | 358.34 | | 总股本(亿股) | 8.62 | | 流通股本(亿股) | 8.43 | | 近 3 个月换手率(%) | 36.02 | 股价走势图 汽车/摩托车及其他 爱玛科技（603529.SH） 2025Q1 公司实现量价齐升，行业周期向上龙头业绩 2025 年 04 月 28 日 弹性可期 投资评级：买入（维持） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 爱玛科技 沪深300 相关研究报告 《2024 年龙头经营韧性彰显，2025 看 好公司超额受益行业贝塔改善—公司 信息更新报告》-2025.4.16 《2024 平稳收官，2025 看好公司乘行 业东风重进量价齐升通道—公司信息 更新报告》-2025.4.3 《2024Q3 业绩阶段性承压，2025 看好 公司乘行业东风重 ...

2025 年 04 月 28 日 广州并购新政出台，聚焦"12218"产业并购新机遇 中小盘研究团队 ——中小盘策略专题 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本期并购市场观察：广州"并购重组十条"发布，以并促引赋能产业发展 本期披露动态：本期（指 3 月 31 日-4 月 11 日，下同）天汽模、英力股份、呈和 科技、琏升科技、致尚科技、安源煤业、成都先导、欧菲光等 8 家公司首披重大 重组事件，与上期持平；8 家公司涉及实控人变更，亦与上期持平。 本期审核动态：烽火电子定增收购长岭科技事项、赛力斯购买深圳引望、龙盛新 能源股权事项宣布已完成，华阳智能收购全安密灵部分股权事项宣布终止。 本期市场表现：本期重组指数下跌 5.68%，不及上证指数(-3.37%)、沪深 300(-4.2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][16] Core Views - The company is a leading provider of digital transformation and smart manufacturing integration planning services in China, expected to benefit from downstream economic recovery and overseas opportunities. The acceleration of AI commercialization is anticipated to open new growth avenues [4][6][7] - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, estimating net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][9] Financial Performance - In 2024, the company achieved operating revenue of 2.331 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to the parent company of 156 million yuan, up 3.59% year-on-year [5][9] - For Q1 2025, the company reported operating revenue of 423 million yuan, a year-on-year increase of 4.33%, with a net profit attributable to the parent company of -8.33 million yuan, reflecting a 14.04% year-on-year growth [5][9] AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year growth in AI business revenue in Taiwan in 2024. The introduction of AI technology in its PLM product has resulted in a 30% increase in average transaction value for R&D and design services [6][7] - The company has seen a 57.54% year-on-year increase in net profit in Taiwan for 2024, and a narrowing of non-GAAP net profit loss by 31.92% in Q1 2025 [6][7] Regional Performance - In Q1 2025, the company reported operating revenue of 175 million yuan in mainland China, a year-on-year increase of 6.46%, supported by the expansion of industry solutions [7] - The company has enhanced its localized service capabilities in Southeast Asia, achieving a 33% year-on-year increase in signed contracts [7]

《多模态 AI 突破不止，政策暖风持续 助力 IP、体验消费—行业周报》 -2025.4.13 2025 年 04 月 27 日 投资评级：看好（维持） 行业走势图 -14% 0% 14% 29% 传媒 沪深300 2024-04 2024-08 2024-12 数据来源：聚源 相关研究报告 《MCP 及政策助力 AI 发展，继续关 注高景气 IP 赛道—行业点评报告》 -2025.4.21 行 业 研 究 | 方光照（分析师） | 田鹏（分析师） | 肖江洁（联系人） | | --- | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | xiaojiangjie@kysec.cn | | 证书编号：S0790520030004 | 证书编号：S0790523090001 | 证书编号：S0790124070035 | 风险提示：出海社交产品收入、AI 应用商业化进展、游戏流水等低于预期。 开 源 证 券 证 券 研 究 请务必参阅正文后面的信息披露和法律声明 1/19 社交、游戏出海中东北非等地延续高景气，关注拥有卡位、运营优势的公司 根据 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 16.54 billion yuan in 2024, representing a year-on-year increase of 6.7%. The net profit attributable to shareholders was 0.81 billion yuan, up 31.7% year-on-year [5] - The company is expected to benefit from the domestic subsidy and successful expansion in the European market, leading to an upward revision of profit forecasts for 2025-2027 [5] - The company’s gross margin has been recovering, with a gross margin of 49.7% in Q1 2025, an increase of 2.5 percentage points year-on-year [7] Financial Summary - The total market capitalization of the company is 30.594 billion yuan, with a circulating market capitalization of 30.270 billion yuan [1] - The company’s revenue is projected to grow from 18.455 billion yuan in 2025 to 22.028 billion yuan in 2027, with corresponding net profits increasing from 1.386 billion yuan to 1.959 billion yuan [8] - The earnings per share (EPS) are expected to rise from 2.41 yuan in 2025 to 3.41 yuan in 2027, with the price-to-earnings (P/E) ratio decreasing from 22.1 to 15.6 over the same period [8] Market Performance - The company’s stock price has fluctuated between 36.25 yuan and 68.39 yuan over the past year, with a current price of 53.18 yuan [1] - The company has a high turnover rate of 85.02% over the last three months, indicating strong trading activity [1] - The company’s domestic sales benefited from government subsidies, while international sales, particularly in Europe, showed significant growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth with a 2024 revenue of 168.31 billion yuan, representing a year-on-year increase of 7.24%. The net profit attributable to shareholders for 2024 was 42.72 billion yuan, up 10.39% year-on-year [6] - The company plans to distribute a cash dividend of 24 yuan per 10 shares, totaling 3.1 billion yuan, maintaining a high dividend payout ratio of 73% [7] - The company is expected to continue benefiting from its core business segments, including electric connections, smart electrical lighting, and new energy products, which have shown respective revenue growth rates of 4.01%, 5.42%, and 104.75% in 2024 [7] Financial Summary - The company's revenue for 2025 is projected to be 183.30 billion yuan, with a year-on-year growth of 8.9%. The net profit attributable to shareholders is expected to reach 45.45 billion yuan, reflecting a growth of 6.4% [9] - The gross margin for 2024 is reported at 43.25%, with a slight increase from the previous year. The net profit margin is expected to stabilize around 24.8% for 2025 [8][12] - The earnings per share (EPS) for 2025 is projected at 5.10 yuan, with a price-to-earnings (P/E) ratio of 14.1 times [6][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the continued high growth in social and gaming sectors, particularly in the MENA region, and suggests focusing on companies with operational advantages and market positioning [4] - The report highlights the advancements in domestic video models and the ongoing expansion of AI applications, recommending continued investment in AI-related sectors [5] Summary by Sections Industry Data Overview - "Peace Elite" ranks first in the iOS free chart in mainland China, while "Honor of Kings" holds the top position in the iOS revenue chart [12][16] - The film "Sunshine Flower" achieved the highest box office for the week, grossing 0.39 billion CNY [26] Industry News Overview - Coze, an AI tool, entered the domestic top ten rankings, while Photoroom improved its position in the overseas rankings [33] - The report notes the approval of 118 games by the National Press and Publication Administration in April [33] Company Performance Highlights - ZhiZi City Technology reported a total revenue of 5.09 billion CNY for 2024, a year-on-year increase of 53.9%, with social business revenue reaching 4.63 billion CNY, up 58.1% [4] - Yalla Technology reported a revenue of 339.7 million USD for 2024, with a net profit of 134.2 million USD, reflecting an 18.7% year-on-year increase [4] Recommendations - The report recommends focusing on companies with strong market positioning and local operational capabilities, highlighting Tencent Holdings and ShengTian Network as key recommendations, with beneficiaries including ZhiZi City Technology and Yalla Technology [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's wealth management transformation has shown significant results, although the self-operated investment has negatively impacted performance in the first quarter [4][5] - The total revenue and net profit for 2024 were 6.29 billion and 2.34 billion yuan, respectively, with a year-on-year change of -4% and +4%, aligning with expectations [4] - The first quarter of 2025 saw total revenue and net profit of 1.07 billion and 290 million yuan, respectively, reflecting a year-on-year decline of -24% and -37%, which was below expectations [4] - The company has adjusted its net profit forecasts for 2025 and 2026 to 2.4 billion and 3.2 billion yuan, respectively, down from previous estimates [4] Financial Performance Summary - The company reported a weighted average ROE of 6.59% for 2024, a slight decrease of 0.08 percentage points year-on-year [4] - The first quarter of 2025 showed an annualized weighted average ROE of 3.16%, down by 2.1 percentage points year-on-year [4] - The company's self-operated investment income decreased significantly, with a year-on-year drop of -95% in Q1 2025, attributed to a weakening bond market [6] - The company's total assets were projected to grow from 133.75 billion yuan in 2023 to 190.26 billion yuan by 2027 [9] Business Segment Performance - The brokerage net income for 2024 and Q1 2025 was 1.41 billion and 420 million yuan, respectively, with year-on-year increases of +18% and +41% [5] - Investment banking net income for 2024 and Q1 2025 was 520 million and 110 million yuan, respectively, reflecting declines of -31% and -24% due to a sluggish primary market [5] - Asset management net income for 2024 and Q1 2025 was 1.55 billion and 260 million yuan, with a slight decrease of -0.3% and a more significant drop of -18% [5] Valuation Metrics - The current stock price corresponds to a price-to-book ratio (PB) of 0.9 for 2025, 0.9 for 2026, and 0.8 for 2027 [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.52, 0.68, and 0.78 yuan, respectively [9] - The company’s projected net profit margins are expected to improve from 37.2% in 2024 to 43.7% by 2027 [9]