证券研究报告·行业点评报告 2025 年 4 月 18 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6.58 1.3 8.21 绝对收益 -12.42 0.56 15.65 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：智 谱发布 AutoGLM 沉思，集深度研究和操 作能力于一体 – 2025.04.01 2. 江海证券-行业点评报告-传媒行业：智 元启元大模型 GO-1 发布，具身智能再上 新台阶 – 2025.03.11 3. 江海证券-行业点评报告-传媒行业：AI 应用发展迅猛，提示投资机会 – 2025.03.07 包大模型团队提出全新超稀疏架构，推理 成本大幅下降 – 2025.02.13 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 行业评级：增持（维持） 5. 江海证券-行业点评报告-传媒行业：AI agent 产业进展不断，提示相关投资机会 – 2025.02.10 分析师：张婧 AI 应用催化不断，重点提示机会 事件： 2025 年 4 月 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the rapid development of AI applications in the education sector, indicating significant investment opportunities [4][6][8] - The emphasis is on the integration of AI in education, promoting a transformation in educational practices and methodologies [5][6] - The report underscores the importance of building a national education big data center to break down data barriers and enhance educational governance [4][6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 5.39% compared to the CSI 300 index, with a 1-month relative return of -5.44% and a 3-month return of 2.72% [2] Investment Opportunities - The report suggests focusing on companies such as XueDa Education, DouShen Education, JiaFa Education, and KeDa XunFei, as they are well-positioned to benefit from the AI education trend [8] Policy Developments - On April 15, 2025, the Ministry of Education and other departments released opinions to accelerate educational digitalization, marking a significant policy shift towards integrating AI in education [3][4]

证券研究报告· 行业研究报告 2025 年 4 月 17 日 江海证券研究发展部 商贸零售行业 政策加码内需，3 月社零增速持续回暖 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 消费行业研究组 分析师：张婧 事件： ◆国家统计局发布了 2025 年一季度和 3 月份的社会消费品零售总额数据：1—3 月份，我国社会消费品零售总额 124671 亿元，同比增长 4.6%，其中 3 月份社 会消费品零售总额 40940 亿元，同比增长 5.9%。3 月份社零增速持续回暖。 投资要点： 1）乳制品板块：行业原奶去化环比加速，预计 Q3 企稳反弹，下游刺激政策陆 续出台（生育补贴+内需刺激政策）。关注妙可蓝多、新乳业和伊利股份。 2）零食：渠道景气度变化（会员店、量贩渠道、线下零售调改）和爆品催化（魔 芋品类放量）。关注盐津铺子、万辰集团和港股的卫龙。 3）社服：关注持续有热点和政策催化、出行体验性价比高、有新资产注入预期 的 ...

证券研究报告·公司深度报告 2025 年 4 月 16 日 江海证券研究发展部 医药行业研究组 % 1 个月 3 个月 12 个月 相对收益 23.06 6.61 41.38 绝对收益 -2.27 10.64 65.62 数据来源：聚源 注：相对收益与北证 50 相比 峆一药业430478.BJ 医药生物行业 分析师：吴春红 募投项目升级释放动能，CDMO 业务 与高毛利产品共筑未来 投资要点： | 绝对收益 | -2.27 10.64 | | 65.62 | 财务预测 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 数据来源：聚源 | 注：相对收益与北证 | 50 | 相比 | 营业总收入（百万元） | 258.70 | 226.25 | 270.46 | 324.56 | 398.62 | | 相关研究报告 | | | | 增长率（%） | 23.88% | -12.54% | 19.54% | 20.00% | 22.82% | | | | ...

证券研究报告·公司点评报告 2025 年 4 月 16 日 江海证券研究发展部 执业证书编号：S1410524040001 | 投资评级： | 增持（维持） | | --- | --- | | 当前价格: | 21.64元 | | 市场数据 | | --- | | 总股本(百万股) | | | 184.21 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | A 股股本(百万股) | | | 184.21 | | | | | | | B/H 股股本(百万股) | | | | | -/- | | | | | A 股流通比例(%)） | | | | 51.52 | | | | | | 12 个月最高/最低(元) | | | 28.80/9.57 | | | | | | | 第一大股东 | | | | | | | 青岛丰光投资管理有限公司 | | | 第一大股东持股比例(%) | | | | 55.70 | | | | | | 上证综指/沪深 300 | | 3267.66/3761.23 | | | | | | | | 数据来 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 868 million yuan for 2024, representing a year-on-year growth of 22.46%, and a net profit of 177 million yuan, up 28.26% year-on-year [5] - The company's gross margin improved to 84.56%, an increase of 2.69 percentage points compared to 2023, indicating strong operational quality [5] - The sales of core products "Furuitong" and "Bokaiqing" saw significant growth, with sales revenue increasing by 26.17% compared to 2023, contributing to the overall revenue growth [7] - The company has a robust pipeline for new drug development, with a total of over 30 products under research, and has successfully obtained multiple drug registration certificates [8] Summary by Sections Financial Performance - The company achieved a net operating cash flow of 116 million yuan, a year-on-year increase of 23.4%, reflecting stable operational quality [5] - The projected revenues for 2025-2027 are 1,055.79 million yuan, 1,209.62 million yuan, and 1,451.55 million yuan, with respective growth rates of 21.57%, 14.57%, and 20.00% [9] - The projected net profits for the same period are 228.73 million yuan, 266.35 million yuan, and 313.23 million yuan, with growth rates of 29.24%, 16.45%, and 17.60% [9] Market Position and Strategy - The company has effectively optimized its cost structure and improved its product sales mix, leading to enhanced profitability [7] - The company is focusing on chronic disease markets, particularly diabetes and hypertension, which together accounted for 98.81% of total revenue [7] - The company is also making significant strides in emerging fields, with revenue from peripheral nerve and rare disease drugs increasing by over 130% year-on-year [7] Research and Development - The company invested 116.96 million yuan in R&D in 2024, a 6.74% increase from 2023, supporting its innovation-driven strategy [8] - The company has established partnerships with research institutions to explore new paths for innovative drug development [8] - The company aims to approve approximately seven new products annually from 2025 to 2027, further enriching its generic drug portfolio [8]

证券研究报告·金融工程报告 2025 年 4 月 9 日 江海证券研究发展部 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.04.09 ◆市场表现：2025 年 4 月 8 日, 各宽基指数（表 1）除了中证 2000(-0.52%)外全部 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 上涨，其中上证 50（2.28%）和创业板指（1.83%）涨幅最大。当年涨跌情况，上 证 50（-4.11%）涨幅最大，其次是中证 500（-6.97%）和中证 2000（-7.03%），中 证全指（-7.17%）和中证 1000（-7.18%）涨幅扩大，而创业板指（-14.07%）涨幅 最小。另外，除上证 50，所有跟踪指数连续四周连阴。 ◆均线比较：所有跟踪指数仍在其 5 日、10 日、20 日、60 日及 120 日均线之下。 上证 50 涨超 250 日均线。中证 2000 及创业板指距各均线位置较深度偏离。 ◆资金占比与换手：2025 年 4 月 8 日, 沪深 300（28.82%）交易金额占比最高，其 金融工程定期报告 相关研究报告 ...

投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 2000（-12.83%）和创业板指（-12.5%）跌幅最大。当年涨跌情况，上证 50（-6.25%） 涨幅最大，其次是中证 2000（-6.54%）和中证 500（-7.66%），中证 1000（-7.74%） 和中证全指（-8.11%）涨幅缩小，而创业板指（-15.61%）涨幅最小。另外，除上 证 50，所有跟踪指数连续四周连阴。 ◆均线比较：所有跟踪指数已跌破其 5 日、10 日、20 日、60 日、120 日及 250 日 （除中证 2000）均线。市场暴跌严重，其中中证 2000 和创业板指距其各均线位置 相关研究报告 态 2025.04.07 A 股市场快照：宽基指数每日投资动 态 2025.04.02 A 股市场快照：宽基指数每日投资动 态 2025.04.01 较深度偏离。 ◆资金占比与换手：2025 年 4 月 7 日, 沪深 300（32.59%）交易金额占比最高，其 | 证券研究报告·金融工程报告 2025 | | --- | | 年 | | 4 月 8 | | 日 江海证券研究发 ...

执业证书编号：S1410525010001 | 投资评级： | 增持（上调） | | | --- | --- | --- | | 当前价格: | 39.09 | 元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 73.75 | | A 股股本(百万股) | 73.75 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 65.69 | | 12 个月最高/最低(元) | 41.98/9.23 | | 第一大股东 | 吴平 | | 第一大股东持股比例(%) | 26.56 | | 上证综指/沪深 300 | 3096.58/3589.44 | | 数据来源：聚源 注：2025 年 4 月 7 日数据 | | 证券研究报告·公司点评报告 2025 年 4 月 8 日 江海证券研究发展部 消费行业研究组 分析师：张婧 近十二个月股价表现 % 1 个月 3 个月 12 个月 相对收益 63.82 78.55 244.37 绝对收益 38.86 80.47 268.60 数据来源：聚源 注：相对收益与北证 50 相比 -35% 28% 91% 155% 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 28.46 yuan [2] Core Views - The company reported a revenue of 408 million yuan for 2024, representing a year-on-year growth of 19.82%, and a net profit attributable to the parent company of 101 million yuan, up 23.14% year-on-year [5][8] - The company is experiencing strong growth in high-end product categories, particularly in the honeycomb core material sector, which saw over 50% growth year-on-year [8] - The company is targeting three key growth areas: new energy, low-altitude economy, and aerospace, which are expected to drive demand for its aramid paper products [8] - The company maintains a positive long-term growth outlook, with projected net profits of 134 million, 162 million, and 199 million yuan for 2025, 2026, and 2027, respectively [8] Financial Summary - Total revenue is forecasted to grow from 340.47 million yuan in 2023 to 775.39 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.46% [7] - The net profit attributable to the parent company is expected to increase from 81.63 million yuan in 2023 to 198.92 million yuan in 2027, reflecting a CAGR of about 23.06% [7] - The company's return on equity (ROE) is projected to improve from 12.10% in 2023 to 15.92% in 2027 [7] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2023 to 1.36 yuan in 2027 [7] Market Performance - The company's stock has shown strong relative performance, with a 12-month relative return of 28.83% compared to the North China 50 index [4] - The stock price has fluctuated between a high of 31.88 yuan and a low of 11.00 yuan over the past 12 months [2]