东睦股份（600114）首次覆盖报告 粉末冶金龙头，积极布局机器人应用 2025 年 07 月 22 日 【投资要点】 【投资建议】 我们预计公司 2025-2027 年实现营业收入 60.16/66.66/78.36 亿元， 实现归母净利润 5.95/7.38/8.72 亿元，EPS 分别为 0.96/1.20/1.42 元， 对应 7 月 18 日收盘价 PE21/17/15 倍，给予公司"增持"评级。 【风险提示】 粉末冶金工艺在机器人领域应用不及预期；人形机器人产业化不及预 期；粉末冶金工艺降本不及预期。 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：周旭辉 证书编号：S1160521050001 证券分析师：唐硕 证书编号：S1160524090002 相对指数表现 -20% 0% 20% 40% 60% 80% 2024/7 2025/1 2025/7 东睦股份 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 12,691.34 | | 流通市值（百万元） | 12,691.34 | | 52 周最高/最低（元） | 24.72/13.2 ...

行 业 研 究 / 医 药 生 物 / 证 券 研 究 报 告 医药生物行业周报 集采新规促行业健康发展 2025 年 07 月 22 日 证书编号：S1160517110001 联系人：崔晓倩 电话：021-23586309 【行情回顾】 【本周观点】 2025 年 7 月 15 日，国家组织药品联合采购办公室发布《关于开展第 十一批国家组织药品集中采购相关药品信息填报工作的通知》。总体而 言，"稳临床、保质量、防围标、反内卷"这四大原则，将成为此次集 采的关键词。医药集采新规优化，回应了行业与社会关切，弱化低价 注重质量，有望促进行业健康长远发展。我们建议关注近年上市创新 品种、通过谈判进入医保目录且在协议期内品种；原辅料优质企业； 通过仿制药一致性评价的重点品种。 【风险提示】 医药行业政策风险；研发进展不及预期风险；业绩不及预期风险 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：何玮 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/7 2025/1 2025/7 医药生物 沪深300 相关研究 《关注创新投资主线》 2025.07.07 《创新引领医药 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company has shown significant growth in profits, with total revenue for 2024 reaching 1.194 billion yuan, a year-on-year increase of 17.70%, and a net profit attributable to shareholders of 732 million yuan, up 148.34% year-on-year [1][2]. - The sales revenue of the company's main products has steadily increased, with a 17.74% year-on-year growth in product sales revenue for 2024. The growth is attributed to the robust sales of Yisaipu and the rapid expansion of Yisaipu pre-filled syringe types, which effectively compensated for the decline in product average prices due to regional centralized procurement [2]. - The company is focusing on research and development, with total R&D investment of 354 million yuan in the first three quarters of 2024, a year-on-year increase of 54.07%. The R&D expense ratio remains at a reasonable level, with several key pipelines progressing steadily [3]. Financial Projections - The company is expected to achieve revenues of 1.459 billion yuan and 1.754 billion yuan in 2025 and 2026, respectively, with net profits attributable to shareholders projected at 396 million yuan and 486 million yuan for the same years. The earnings per share (EPS) are forecasted to be 0.64 yuan and 0.79 yuan [3][7].

Investment Rating - The investment rating for the company is "Increase" [3][8] Core Views - The company announced that it will not redeem the "Zhite Convertible Bonds" early, extending the decision until June 18, which reflects confidence in its long-term development [11][12] - The main business is expected to recover in 2025, driven by stabilizing real estate transactions and improving supply-demand dynamics [13][14] - The company is actively expanding into AI and quantum technology, which is anticipated to open new growth avenues [21][22] Summary by Sections Company Overview - As of March 18, the company's stock price was 20.32 CNY per share, while the convertible bond price was 161.6 CNY, indicating a conversion premium of -0.59% [11] - The total market capitalization is approximately 5.26 billion CNY, with a 52-week price range of 22.85 CNY to 6.36 CNY [5] Financial Performance - The company forecasts a net profit of 0.93 million CNY in 2024, increasing to 3.08 million CNY by 2026, with corresponding P/E ratios of 56.8, 26.1, and 17.1 [8][9] - Revenue is projected to grow from 2.24 billion CNY in 2023 to 3.37 billion CNY in 2026, reflecting a compound annual growth rate [9] Market Dynamics - The aluminum template industry is expected to recover as demand stabilizes, particularly in first- and second-tier cities [14][15] - The company aims to achieve overseas revenue targets of 1 billion CNY in 2025 and 1.5 billion CNY in 2026, leveraging partnerships in international markets [15][16] Strategic Initiatives - The company has established a 200 million CNY fund for digital economy investments and signed strategic agreements to develop new material manufacturing systems based on quantum technology and AI [21][22] - Collaborations with leading technology firms are expected to enhance the company's innovation capabilities and market position [22]

Investment Rating - The report maintains an "Add" rating for the company [2][8] Core Views - The company benefits from a high proportion of long-term coal contracts, which stabilizes profitability. The average sales price for long-term contracts is expected to remain stable, with a projected price range of 696-710 RMB/ton for 2024 [7][8] - The company has a strong cash flow and a high dividend payout ratio, with an average payout rate of 72% from 2012 to 2023. The company has sufficient cash reserves of 183.5 billion RMB and undistributed profits of 289.7 billion RMB, supporting continued high dividends [7][8] - The company aims to be a leader in the energy revolution and has a strong ESG (Environmental, Social, and Governance) profile, which may provide a premium in market valuation [7][8] Summary by Sections Company Overview - The company primarily engages in coal and electricity production and sales, with a total coal reserve of 336.9 billion tons and a controllable power generation capacity of 44.8 GW as of mid-2024 [18][19] - The company was established in November 2004 and listed on the Hong Kong Stock Exchange in June 2005 and the Shanghai Stock Exchange in October 2007 [18][32] Coal Business - The company has a rich coal resource base, with a recoverable reserve of 153.6 billion tons, allowing for nearly 50 years of production at the current annual output level of 324 million tons [33][34] - The company’s coal production cost is below 200 RMB/ton, and it benefits from a high proportion of long-term contracts, which account for approximately 80% of its coal sales [33][34] Power Business - The company has added 13.4 GW of coal-fired power generation capacity during the "14th Five-Year Plan" period, representing a 43% increase from the end of 2020 [7][8] - The company’s electricity generation has seen rapid growth, with a year-on-year increase of 11% in 2023 and 8% in the first three quarters of 2024 [7][8] Transportation Business - The company operates a comprehensive transportation network that includes railways, ports, and shipping, with a total railway network of 2,408 kilometers and a shipping capacity of approximately 270 million tons per year [19][20] Financial Forecast - The company’s projected net profit for 2024-2026 is expected to reach 58.45 billion, 54.64 billion, and 54.41 billion RMB, respectively, with corresponding EPS of 2.94, 2.75, and 2.74 RMB [8][9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6] Core Views - The company's main business has declined, but non-recurring gains have bolstered profits, with expectations for a rebound in 2025 [5][6] - The company reported a revenue of 4.28 billion yuan in 2024, a year-on-year decrease of 22.71%, and a net profit attributable to shareholders of 540 million yuan, down 27.46% [5][6] - The report anticipates a gradual recovery in the cement supply-demand balance in 2025, supported by increased construction activity in the Guangdong region [5][6] Financial Summary - In 2024, the company sold 16.59 million tons of cement and clinker, a decrease of 10.4% year-on-year, with an average price of 236.7 yuan per ton, down 46.3 yuan per ton [5] - The company's environmental disposal business grew significantly, with revenue of 113 million yuan, a year-on-year increase of 100% [5] - Non-recurring gains included investment income of 218 million yuan and fair value changes of 103 million yuan, which helped offset the decline in core business [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 569 million, 601 million, and 687 million yuan, respectively, with growth rates of 5.76%, 5.69%, and 14.18% [6][7] - The company plans to maintain a minimum dividend of 0.45 yuan per share from 2024 to 2026, resulting in a current dividend yield of 6% [5][6]

Investment Rating - The report maintains a rating of "Outperform the Market" for the electronic industry [5]. Core Viewpoints - The report expresses optimism regarding the development opportunities within the domestic AI industry chain and the trend towards self-sufficiency in critical areas, particularly in the context of the ongoing AI industry wave [27]. - It highlights the integration and mergers within the semiconductor equipment sector, marking a significant milestone for domestic semiconductor equipment companies [27]. - The report suggests focusing on specific companies that are expected to benefit from these trends, including those involved in domestic computing power demand and semiconductor equipment [27]. Summary by Sections Market Review - The overall market saw an increase, but the electronic industry underperformed compared to the broader market. The Shenwan Electronic Index fell by 0.62%, ranking 29th out of 31 sectors this week [10][12]. - Year-to-date, the Shenwan Electronic Index has risen by 10.29%, placing it 6th among 31 sectors [10][12]. Key Focus Areas - The report emphasizes the following areas for investment: - The demand for domestic computing power driven by Deepseek, with rapid growth in inference-side demand benefiting major domestic cloud companies [27]. - The merger of North Huachuang and Chip Source Micro, indicating the beginning of consolidation among domestic semiconductor equipment manufacturers [27]. - The focus on core equipment segments within the semiconductor industry, with recommendations for companies like Fuzhijing Technology and Feilihua [27]. - The storage sector is expected to see inventory improvements and price stabilization in the second quarter, with suggested investments in companies like Jiangbolong and Demingli [27]. Company Developments - Chip Source Micro is undergoing a significant control change, with North Huachuang acquiring a stake, marking a strategic consolidation in the semiconductor equipment sector [20][21]. - The upcoming NVIDIA GTC 2025 conference is anticipated to showcase advancements in AI technology, which could impact the industry positively [22]. - Intel has appointed Chen Liwu as CEO, which may influence the company's strategic direction in the semiconductor market [23]. Industry Trends - The report notes a structural improvement in the storage industry, with proactive capacity reduction on the supply side and positive demand-side trends expected to lead to a recovery in prices [27].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [4] Core Insights - The demand for chromium salts is expected to increase due to the rising need for high-temperature alloys, driven by growth in aerospace and energy sectors [6][21] - The collaboration between Ningde Times and Fulim Precision is anticipated to boost oxalic acid demand, with significant production capacity increases planned [42][46] Summary by Sections 1. High Demand for High-Temperature Alloys - The chromium salt industry is experiencing improved market conditions, with a notable increase in demand for high-temperature alloys, which are essential in aerospace and energy applications [6][21] - The production of chromium salts is limited due to stringent environmental regulations, resulting in a decrease in the number of producers from 52 in 1992 to only 8 by 2021 [16][21] - The primary applications of chromium salts include surface treatment, leather tanning, pigments, and high-temperature alloys, with the aerospace sector being a significant driver of demand [9][21] 2. Collaboration Between Ningde Times and Fulim Precision - A strategic partnership has been established between Ningde Times and Fulim Precision to enhance the production of lithium iron phosphate materials, which will increase the demand for oxalic acid [42][46] - The new production capacity of 27.5 million tons per year across their facilities is expected to drive an additional demand for approximately 168,000 tons of oxalic acid annually [42][46] - The concentration of oxalic acid production is high, with major producers like Hualu Hengsheng holding over 50% of the total domestic capacity [46]

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [5] Core Viewpoints - The report highlights that the non-bank financial sector is expected to benefit from policy support and market recovery, with a focus on the positive developments in the insurance and securities segments [2][11] Summary by Sections Securities Business Overview - The report notes that the China Securities Regulatory Commission (CSRC) is enhancing support for high-quality unprofitable companies to go public, with a focus on reviving the fifth set of listing standards for the Sci-Tech Innovation Board [10] - Major indices have shown positive performance, with the Shanghai Composite Index up 1.39% and the non-bank financial index up 3.15% during the week [13] - The merger of Guotai Junan and Haitong Securities is expected to reshape the industry landscape, creating a leading investment bank [11] Insurance Business Overview - Insurance capital has become a significant force in public REITs, with 63 public REITs listed and a total issuance scale of approximately 168.4 billion yuan, with insurance accounts participating in allocations totaling 8.372 billion yuan [2][29] - The first insurance private equity fund, Honghu Fund, has successfully invested its initial 50 billion yuan and is set to launch a second phase, indicating a strong trend of insurance capital entering the market [30] - The report emphasizes that REITs provide stable long-term returns, aligning with the investment needs of insurance companies [29] Market Liquidity Tracking - The report indicates that the central bank conducted a net withdrawal of 191.7 billion yuan in the open market, with reverse repos and treasury cash deposits contributing to liquidity management [40] - Short-term funding rates have decreased, with the weighted average interest rate for interbank borrowing at 1.94% [45] Industry News - The report discusses regulatory updates from the Shenzhen and Shanghai Stock Exchanges regarding the handling of companies undergoing restructuring, emphasizing a streamlined process for stock suspension [55] - It also highlights the financial performance of Fangzheng Securities, reporting a net profit of 2.207 billion yuan for 2024, reflecting a year-on-year growth of 2.55% [55]

Investment Rating - The report maintains an "Outperform" rating for the construction and decoration industry [5] Core Insights - The report emphasizes the importance of steady economic policies and suggests focusing on low-level state-owned enterprise opportunities [1][3] - It highlights the acceleration of overseas expansion for cleanroom companies, with notable performance from Yaxiang Integration, which reported a revenue increase of 68.1% year-on-year for 2024 [2][16] - The integration of AI in construction is gaining traction, with companies like Beixin Road and Bridge successfully deploying AI technologies to enhance operational efficiency [2][18] Summary by Sections Investment Recommendations - Three main investment lines for 2025 are proposed: 1. **State-owned Enterprises**: Recommended companies include China Railway Construction, China State Construction, and China Energy Engineering, with a focus on others like China Chemical and North International [3][19] 2. **High Prosperity Industry Chain**: Key enterprises in tunnel excavation equipment and civil explosives are recommended, such as Tiedan Heavy Industry and Yipuli [3][19] 3. **Cyclical and AI/Robotics Transition**: Quality opportunities in companies like Roman Holdings and Hainan Huatie are highlighted [3][19] Industry Outlook - The report notes that the construction sector is expected to return to stable growth, with real estate anticipated to stabilize [25][36] - It discusses the pressure on physical workload and declining profitability for construction material companies, with a reported net profit decrease of 8.1% year-on-year for the first three quarters of 2024 [20][23] - The report indicates that the government is likely to increase support for infrastructure projects through special bonds, which will benefit urban renewal and other construction initiatives [15][28] Market Performance - The construction and decoration sector saw a 1.60% increase last week, outperforming the broader A-share market by 0.21 percentage points [8][13] - Sub-sectors such as decoration and landscaping performed particularly well, with increases of 2.36% and 1.48% respectively [8][13]