Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Insights - The company is focused on becoming a supplier of humanoid robot "limbs" and has reported a significant increase in net profit by 494% year-on-year for 2024 [1][9]. - The company achieved a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 18.4% [7][10]. - The projected net profit for Q1 2025 is estimated to be between 69 million to 75 million yuan, indicating a year-on-year growth of 32% to 43% [7][10]. - The company has established a wholly-owned subsidiary, Martin Robotics, to accelerate its entry into the humanoid robot components market [9]. Financial Summary - The total market capitalization of the company is 166.66 billion yuan, with a circulating market capitalization of 120.09 billion yuan [3]. - The company's earnings per share (EPS) for 2024 is projected at 2.04 yuan, with estimates of 3.22 yuan for 2025 and 4.84 yuan for 2026 [10][14]. - The company’s revenue is expected to grow to 9.15 billion yuan in 2025, with a year-on-year growth rate of 28.4% [10][14]. - The gross profit margin for 2024 is reported at 13.9%, with projections of 13.4% for 2025 and 14.1% for 2026 [10][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue has decreased due to a contraction in its real estate business, while the net profit attributable to the parent company has increased year-on-year. The company is expected to see continuous improvement in performance due to its strong financing channels [4][5] - The company has provided profit forecasts for 2025-2027, estimating net profits of 2.21 billion, 2.46 billion, and 2.59 billion yuan respectively, with corresponding EPS of 1.3, 1.4, and 1.5 yuan. The current stock price corresponds to PE ratios of 5.7, 5.2, and 4.9 times [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 1.98 billion yuan, a year-on-year decrease of 58.16%, while the net profit attributable to the parent company was 1.73 billion yuan, a year-on-year increase of 10.58%. The net profit excluding non-recurring items was 1.62 billion yuan, down 1.54% year-on-year [5][8] - The company's gross margin and net margin for 2024 were 21.88% and 83.09%, respectively, reflecting increases of 9.55 percentage points and 51.72 percentage points year-on-year [5][8] - The company's real estate business saw a significant decline in revenue, with a year-on-year decrease of 84.09% in operating income from real estate development [6][8] Sales and Contract Performance - The company reported a contract sales area of 18,700 square meters in 2024, a year-on-year decrease of 92.66%, and a contract sales amount of 620 million yuan, down 67.59% year-on-year [6] - New construction area and completed area also saw significant declines of 80.78% and 61.93% year-on-year, respectively [6] Financing and Cost Management - The company has maintained smooth financing channels, with an average financing cost of 2.72% in 2024, a decrease of 0.27 percentage points compared to the same period in 2023 [7] - The company has authorized borrowing up to 2 billion yuan from Nanjing Bank, with a loan balance of 300 million yuan as of the end of 2024 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit have declined due to a downturn in the park development business, but the operational quality of the park has improved, maintaining a high occupancy rate [5][7] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 830 million, 900 million, and 1.02 billion yuan respectively for these years [5] - The company is focusing on business synergy and enhancing operational quality, with emerging businesses expected to contribute positively to performance [5] Financial Performance Summary - In 2024, the company achieved revenue of 2.685 billion yuan, a year-on-year decrease of 26.6%, and a net profit of 637 million yuan, down 53.2% [6] - The operating cash flow was 1.109 billion yuan, a decline of 37.1% year-on-year [6] - The gross margin and net margin were 50.4% and 23.2%, respectively, reflecting a decrease of 0.4 percentage points and 18.6 percentage points [6] - The company plans to distribute a cash dividend of 1.28 yuan per 10 shares, with a payout ratio of approximately 30.1% [6] Business Segment Performance - The park development business generated revenue of 1.855 billion yuan in 2024, down 35.0%, but the gross margin improved by 5.5 percentage points to 63.9% [7] - The company has developed and operated over 250 square kilometers in the integrated city-industry park, attracting approximately 2,570 projects in 2024 [7] - The occupancy rate of the park has increased to 89%, with over 93% occupancy in the Suzhou Industrial Park [7] Emerging Business Development - The green development business generated revenue of 689 million yuan in 2024, an increase of 5.9%, although the gross margin decreased by 2.6 percentage points to 16.4% [8] - The company has invested in 51 funds with a total commitment of nearly 4.3 billion yuan and has directly invested in 40 technology projects totaling 588 million yuan [8] Financial Projections - The company expects revenue to recover to 2.824 billion yuan in 2025, with a projected growth of 5.2% [9] - The net profit is anticipated to rise to 826 million yuan in 2025, reflecting a year-on-year increase of 29.7% [9] - The earnings per share (EPS) are projected to be 0.55 yuan in 2025, with a price-to-earnings (P/E) ratio of 13.3 times [9]

Core Insights - AI4S represents the fifth paradigm of scientific research, integrating artificial intelligence into the entire research process to create a smart closed-loop of hypothesis generation, experimental validation, and theoretical iteration [2] - The fourfold value of AI4S includes accelerating scientific discovery, breaking traditional method limitations, reducing research costs and barriers, and driving interdisciplinary innovation [2] Industry Overview - The new materials research sector faces challenges such as complex systems, vast parameter spaces, and unclear structure-activity relationships, which AI4S can address through unified data modeling, cross-scale simulation, and autonomous experimental platforms [3] - The emergence of high-quality material data and advancements in deep learning technology have led multiple companies to adopt AI4S for new materials development [3] Company Developments - Zhite New Materials is collaborating with Quantum Technology Yangtze River Delta Innovation Center and Micron Era Digital Technology to promote the application of AI and quantum technology in new materials [4] - The company has signed a memorandum of cooperation with the University of Science and Technology of China to establish an AI4S innovation platform and develop high-performance sunscreen and heat-insulating materials [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue has decreased due to a contraction in its real estate business, while the net profit attributable to shareholders has increased year-on-year. The company is expected to see continuous improvement in performance due to its strong financing channels [4][5] - The company has provided profit forecasts for 2025-2027, estimating net profits of 2.21 billion, 2.46 billion, and 2.59 billion yuan respectively, with corresponding EPS of 1.3, 1.4, and 1.5 yuan. The current stock price corresponds to PE valuations of 5.7, 5.2, and 4.9 times [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 1.98 billion yuan, a year-on-year decrease of 58.16%. The net profit attributable to shareholders was 1.73 billion yuan, a year-on-year increase of 10.58%. The net profit excluding non-recurring items was 1.62 billion yuan, a year-on-year decrease of 1.54% [5][8] - The company's operating cash flow was -500 million yuan in 2024, with a gross margin of 21.88% and a net margin of 83.09%, reflecting increases of 9.55 percentage points and 51.72 percentage points year-on-year respectively [5][8] - The real estate business saw a significant decline in revenue, with a year-on-year decrease of 84.09% in operating income from real estate development [5][6] Real Estate Business Overview - The company reported a contract sales area of 18,700 square meters in 2024, a year-on-year decrease of 92.66%, and a contract sales amount of 620 million yuan, a year-on-year decrease of 67.59% [6] - New construction area decreased by 80.78% year-on-year, while the completed area decreased by 61.93% [6] Financing and Cost Management - The company has maintained smooth financing channels, with an average financing cost of 2.72% in 2024, down 0.27 percentage points from the same period in 2023 [7] - The company has authorized borrowing up to 2 billion yuan from Nanjing Bank, with a loan balance of 300 million yuan as of the end of 2024 [7] Financial Metrics and Projections - The company’s financial metrics for 2023A to 2027E show a projected operating revenue of 2.24 billion yuan in 2025E, with a year-on-year growth of 13.6% [8][11] - The projected net profit for 2025E is 2.21 billion yuan, reflecting a year-on-year growth of 28.4% [8][11] - The company’s P/E ratio is projected to decrease from 5.7 in 2025E to 4.9 in 2027E, indicating an improving valuation [8][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The company is focused on becoming a supplier of humanoid robot "limbs" and has reported a significant increase in net profit for 2024, with a year-on-year growth of 494% [1][9]. - The company achieved a revenue of 7.13 billion yuan in 2024, representing a year-on-year increase of 18.4% [7][10]. - The company expects a net profit of 69 to 75 million yuan for the first quarter of 2025, which is a year-on-year growth of 32% to 43% [7][10]. Financial Summary - The total market capitalization of the company is 166.66 billion yuan, with a circulating market capitalization of 120.09 billion yuan [3]. - The company's stock price is currently at 133.82 yuan, with a 52-week high of 182.00 yuan and a low of 45.13 yuan [3]. - The company has a total share capital of 1.25 billion shares, with 900 million shares in circulation [3]. Business Segments Performance - In the lithium battery precision structural components segment, the company achieved a revenue of 4.24 billion yuan in 2024, a year-on-year increase of 29.84%, with a gross margin improvement of 2.75 percentage points to 11.28% [8]. - The motor core segment saw a revenue decline of 11.78% to 1.51 billion yuan, but the gross margin improved to 18.85%, up 2.41 percentage points [8]. - The mold business segment experienced a revenue increase of 32.70% to 416 million yuan, with a gross margin of 53.85%, up 4.93 percentage points [8]. Humanoid Robot Business Development - The company has established a wholly-owned subsidiary, Martin Robotics, to enter the humanoid robot components market [9]. - The company has developed a complete set of mature processes for reverse planetary roller screw and has begun small-batch supply to leading humanoid robot manufacturers [9]. - The company is expected to leverage its high-quality customer resources and precision manufacturing capabilities to become a key player in the humanoid robot supply chain [9].

投资策略专题 2025 年 04 月 23 日 策略研究团队 近期全球资产价格波动缓和，是否代表关税最悲观的预期已释放？我们认为不 是，关税是手段也是目的，并服务于美国多个改革目标，当前缓和是对谈判走势 的无头绪。当前，厘清"往何处去"（即美国核心利益诉求）比关税影响更重要。 本文从美元的全球流动机制、及【美国海外净负债/美国名义 GDP】展开，量化 了海外净负债对美国经济的负面影响，力求提供一个更体系的视角，帮助理解特 朗普政府为何如此激进地推动美国改革，以及未来的政策路径推衍。 美国长期贸易逆差的代价：资本侵蚀下，经济产出外流 1、被忽视的美国金融账户风险。大家都认为贸易赤字和制造业回流是特朗普开 启关税的核心目的，但在我们更深入的研究下，更深层次的原因是资本侵蚀、及 其驱动的美国经济产出的对外流失。鉴于市场对关税和特朗普行为的过度聚焦， 我们认为，市场可能低估了该问题的严重性和美国可能采取的行动，以及美元资 产潜在的折价和违约风险。 2、美国版资本侵蚀对美国的影响有多大？2024 年底，美国对外净负债约 26.2 万亿美元，占名义 GDP 89.8%。以回报率 5%计，相当于美国经济总产出中 4.5% ...

医药生物/化学制药 泽璟制药（688266.SH） 营收同比稳健增长，早研管线展现 BIC 潜力 2025 年 04 月 23 日 投资评级：买入（维持） | 日期 | 2025/4/22 | | --- | --- | | 当前股价(元) | 107.60 | | 一年最高最低(元) | 109.89/45.30 | | 总市值(亿元) | 284.83 | | 流通市值(亿元) | 284.83 | | 总股本(亿股) | 2.65 | | 流通股本(亿股) | 2.65 | | 近 3 个月换手率(%) | 68.4 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 2025-04 泽璟制药 沪深300 相关研究报告 《Q3 收入端环比持续增长，早研创新 进入收获期—公司信息更新报告》 -2024.10.28 公司后期管线稳步推进，大单品吉卡昔替尼针对骨髓纤维化适应症已申报 NDA， 预计 2025H1 获批。早期管线中，ZG006（CD3×DLL3×DLL3 三抗）在 I 期临 床中展现出优异的抗肿瘤疗效，尤其在 10m ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for 2024, driven by a recovery in the pig farming business, with a year-on-year growth of 64.30% to 4.504 billion yuan [4] - The overseas feed business showed remarkable growth, prompting an upward revision of profit forecasts for 2025-2027 [4] - The company plans to distribute a cash dividend of 11 yuan per 10 shares, totaling 1.83 billion yuan [4] Financial Performance Summary - In 2024, the company's revenue was 114.601 billion yuan, a decrease of 1.31% year-on-year, while net profit reached 4.504 billion yuan, an increase of 64.30% [4] - For Q4 2024, revenue was 29.740 billion yuan, up 1.88% year-on-year, and net profit was 880 million yuan, up 79.74% year-on-year [4] - In Q1 2025, revenue was 25.629 billion yuan, an increase of 10.60% year-on-year, and net profit was 1.282 billion yuan, up 48.99% year-on-year [4] Business Segment Performance - The feed business generated revenue of 91.202 billion yuan in 2024, down 4.95% year-on-year, with a gross margin of 9.74%, up 1.21 percentage points [5] - The company sold 26.52 million tons of feed in 2024, a year-on-year increase of approximately 9% [5] - The pig farming business generated revenue of 18.826 billion yuan in 2024, an increase of 21.52% year-on-year, with a gross margin of 18.28%, up 12.05 percentage points [6] Profit Forecasts - The company expects net profits for 2025, 2026, and 2027 to be 5.144 billion yuan, 5.728 billion yuan, and 6.167 billion yuan respectively, with corresponding EPS of 3.09 yuan, 3.44 yuan, and 3.71 yuan [4] - The current stock price corresponds to P/E ratios of 17.7, 15.9, and 14.7 for 2025, 2026, and 2027 respectively [4] Market Position - The company has increased its market share in the domestic feed market, with domestic feed sales reaching 22.06 million tons in 2024, up 5% year-on-year [5] - Overseas feed sales reached 2.36 million tons, a significant increase of 40% year-on-year, with notable growth in aquatic feed and poultry feed [5]

医药生物/化学制药 泽璟制药（688266.SH） 营收同比稳健增长，早研管线展现 BIC 潜力 2025 年 04 月 23 日 投资评级：买入（维持） | 日期 | 2025/4/22 | | --- | --- | | 当前股价(元) | 107.60 | | 一年最高最低(元) | 109.89/45.30 | | 总市值(亿元) | 284.83 | | 流通市值(亿元) | 284.83 | | 总股本(亿股) | 2.65 | | 流通股本(亿股) | 2.65 | | 近 3 个月换手率(%) | 68.4 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 2025-04 泽璟制药 沪深300 相关研究报告 《Q3 收入端环比持续增长，早研创新 进入收获期—公司信息更新报告》 -2024.10.28 《营收环比稳健增长，持续增强早研 管线布局能力—公司信息更新报告》 -2024.8.25 《国内 biotech 领航者，即将步入创新 药密集收获期—公司首次覆盖报告》 -2024.7.2 | 余汝意（分析师） | ...