核心技术获得特等奖，下游需求复苏与核 聚变项目推进下各业务有望同步迎来增量 ⚫ 根据行业需求情况下调营收与毛利率，调整 25、26 年 EPS 为 1.60、1.97 元（前值 为 1.92、2.49 元），新增 27 年 EPS 为 2.41 元。参考可比公司 25 年估值水平，对 应 25 年 42 倍 PE，目标价 67.20 元，维持买入评级。 风险提示：行业需求不及预期；产品价格下降风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,159 | 4,612 | 6,028 | 7,337 | 8,839 | | 同比增长 (%) | -1.6% | 10.9% | 30.7% | 21.7% | 20.5% | | 营业利润(百万元) | 870 | 1,007 | 1,318 | 1,633 | 2,001 | | 同比增长 (%) | -29.7% | 15.7% | 30.9% | 23.9% | 22.5% | | 归属母公 ...

医药生物行业 行业研究 | 深度报告 ASCO 见证国产创新药闪耀全球 ——2025 ASCO 部分重点研究梳理 核心观点 投资建议与投资标的 ⚫ 本次 ASCO 大会上国外创新药取得了重要突破，同时国产创新药也展现了强大竞争 力，建议关注具备国际竞争优势的创新药企业，如：三生制药、三生国健、信达生 物、科伦博泰生物-B、映恩生物-B、百利天恒、泽璟制药-U、再鼎医药、荣昌生 物、中国生物制药、和黄医药等。 风险提示 创新药研发失败的风险； 市场竞争加剧的风险； 创新药商业化的风险等。 国家/地区 中国 行业 医药生物行业 报告发布日期 2025 年 06 月 05 日 看好（维持） | 伍云飞 | wuyunfei1@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524020001 | | | 香港证监会牌照：BRX199 | | 傅肖依 | fuxiaoyi@orientsec.com.cn | | | 执业证书编号：S0860524080006 | | | | | 创新领航，春华秋实：——医药生物 2024 | 2025-05-06 | | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.20 CNY, based on a 42x PE ratio for 2025 [2][4]. Core Insights - The company has received the Anhui Provincial Science and Technology Progress Award for its key technology and engineering application results related to the EAST large scientific device, indicating strong technological capabilities [1]. - The company is expected to benefit from a recovery in downstream demand and advancements in nuclear fusion projects, which may lead to synchronized growth across its various business segments [1]. Financial Forecast and Performance - Revenue projections for 2025 and 2026 have been adjusted to 6,028 million CNY and 7,337 million CNY, respectively, reflecting a growth rate of 30.7% and 21.7% [3]. - The adjusted EPS for 2025 is forecasted at 1.60 CNY, with further increases to 1.97 CNY in 2026 and 2.41 CNY in 2027 [2][3]. - The company’s gross margin is expected to improve from 31.9% in 2023 to 35.4% by 2027, indicating enhanced profitability [3]. Business Segments and Innovations - The superconducting materials business is globally leading, with multiple projects achieving bulk supply, including superconducting wire materials for domestic nuclear fusion projects [9]. - Significant breakthroughs in high-performance high-temperature alloy technology have been achieved, enhancing the company's competitive edge in the industry [9]. - The high-end titanium alloy market is expanding, with the company developing new titanium alloy products for various sectors, including marine and nuclear industries [9].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - The report highlights the steady advancement of the "Electricity AI Agent" and the activation of new pilot projects for the new power system, focusing on innovative technologies and models to drive breakthroughs in construction [9] - The dual deep coupling of AI and electricity is expected to enhance resource allocation efficiency and foster a collaborative development environment for the future [9] - The report emphasizes the importance of pilot projects in various directions, including grid-type technology and intelligent microgrids, to explore new technologies and models for the new power system [9] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on the application of "Electricity AI Agent" with recommended companies including Dongfang Electronics, Guoneng Rixin, Zhiyang Innovation, State Grid Xintong, Teradyne, and Anke Rui [9] - It also recommends paying attention to AI server power supply segments with companies like Magpow, Zhongheng Electric, Hewei Electric, Oulu Tong, Kehua Data, and Keda [9] - Additionally, the report highlights the AIDC power supply segment with companies such as Jinpan Technology, Mingyang Electric, Weiteng Electric, Liangxin Co., Zhengtai Electric, and Samsung Medical [9]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve significant growth in net profit from 2025 to 2027, with projected figures of 8.03 billion, 9.47 billion, and 11.31 billion yuan respectively, maintaining a target price of 17.01 yuan based on a PE ratio of 21 times [2] - The report highlights strong year-on-year growth for the company's brands, particularly in the new energy vehicle segment, indicating a shift towards higher profitability and market share [1][11] Financial Information Summary - Revenue projections for the company are as follows: - 2023: 151.30 billion yuan - 2024: 159.73 billion yuan (growth of 5.6%) - 2025: 180.65 billion yuan (growth of 13.1%) - 2026: 200.46 billion yuan (growth of 11.0%) - 2027: 219.51 billion yuan (growth of 9.5%) [4] - The company's net profit is projected to decline in 2024 but recover in subsequent years, with a forecast of 7.32 billion yuan in 2024, followed by 8.03 billion yuan in 2025, 9.47 billion yuan in 2026, and 11.31 billion yuan in 2027 [4] - The report indicates a gross margin of 17.3% in 2023, expected to improve to 18.2% by 2027 [4] - The net profit margin is projected to increase from 7.5% in 2023 to 5.2% in 2027 [4] - The company's earnings per share are forecasted to be 1.14 yuan in 2023, decreasing to 0.74 yuan in 2024, and then gradually increasing to 1.14 yuan by 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve significant growth in net profit from 2025 to 2027, with projected figures of 8.03 billion, 9.47 billion, and 11.31 billion yuan respectively, maintaining a target price of 17.01 yuan based on a 21x PE valuation [2] - The report highlights strong year-on-year growth for the company's brands, particularly in the new energy vehicle segment, indicating a positive trend in sales and market positioning [1][10] Financial Summary - Revenue projections for the company are as follows: 151.30 billion yuan in 2023, 159.73 billion yuan in 2024, 180.65 billion yuan in 2025, 200.46 billion yuan in 2026, and 219.51 billion yuan in 2027, with respective growth rates of 24.8%, 5.6%, 13.1%, 11.0%, and 9.5% [4] - The company's operating profit is forecasted to be 10.45 billion yuan in 2023, decreasing to 6.62 billion yuan in 2024, then recovering to 8.40 billion yuan in 2025, 9.92 billion yuan in 2026, and 11.87 billion yuan in 2027, with growth rates of 36.9%, -36.6%, 26.7%, 18.2%, and 19.6% respectively [4] - The net profit attributable to the parent company is expected to be 11.33 billion yuan in 2023, dropping to 7.32 billion yuan in 2024, and then increasing to 8.03 billion yuan in 2025, 9.47 billion yuan in 2026, and 11.31 billion yuan in 2027, with growth rates of 45.2%, -35.4%, 9.7%, 17.9%, and 19.4% respectively [4] - Earnings per share are projected to be 1.14 yuan in 2023, decreasing to 0.74 yuan in 2024, and then increasing to 0.81 yuan in 2025, 0.96 yuan in 2026, and 1.14 yuan in 2027 [4] - The gross margin is expected to fluctuate from 17.3% in 2023 to 18.2% in 2027, while the net margin is projected to improve from 7.5% in 2023 to 5.2% in 2027 [4]

电力设备及新能源行业 行业研究 | 动态跟踪 "电力 AI Agent"稳步推进，新型电力系统 激活新试点 核心观点 投资建议与投资标的 风险提示 新型电力系统建设不及预期、"电力 AI Agent"应用落地不及预期、数据中心投建不及预 期、数据中心供电技术路线发生巨大迭代、地缘政治风险等。 asdas 国家/地区 中国 行业 电力设备及新能源行业 报告发布日期 2025 年 06 月 05 日 看好（维持） 严东 yandong@orientsec.com.cn 执业证书编号：S0860523050001 | 4 月电新出口整体企稳 | 2025-05-25 | | --- | --- | | 3 月电新出口改善 | 2025-04-25 | | AIDC 电力迎来成长机遇：——AI电力系列 | 2025-03-11 | | 报告（一） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 事件：6 月 4 日，国家能源局能源公开事项:国家能源局关于组织开展新型电力系统 建设第一批试点工作的通知 国能发电力〔 ...

宏观经济 | 专题报告 "TACO"信仰淡化关税风险定价 ——海外札记 20250603 研究结论 风险提示 经济基本面不确定性。政策不确定性。 ⚫ 20250524-20250531，受到关税缓和、AI 龙头财报驱动，全球市场继续反弹：美国 股市小幅回升，纳指、标普 500 分别收涨 2.01%和 1.88%。周中日本长期主权债拍 卖再度遇冷，市场在等待日银态度，长债收益率下降后回升，但同期美债收益率企 稳回落。商品价格普遍继续回调，天然气价格回落 7.06%，布油收跌 3.35%，黄金 收跌 1.57%。年初至今，美国-非美再平衡趋势仍在延续。德国、香港仍在全球股市 当中领涨。 ⚫ 经济基本面：美国 5 月软指标反弹，4 月投资端下行。5 月美国咨商会消费者信心超 预期改善，由前值 85.7 上升至 98，这期调查多数结果是在 5 月 12 日中美谈判后收 集的，一定程度上印证了 5 月中美关税缓和将会支撑经济短期修复。 ⚫ 耐用品订单环比回落，4 月耐用品订单环比录得-6.3%。此外，剔除波动较大的国防 和飞机后核心资本货物新订单 4 月环比下降 1.3%。企业端数据反映出特朗普的关税 政策对企业未来预 ...

电力设备及新能源行业 行业研究 | 动态跟踪 25 年 1-5 月风电中标延续景气趋势 核心观点 ⚫ 陆风周期底部回暖，静待量价修复。建议关注风电产业链复苏金风科技(002202， 未评级)、明阳智能(601615，未评级)、运达股份(300772，未评级)、日月股份 (603218，未评级)、三一重能(688349，未评级)、金雷股份(300443，未评级)等； 海风周期拐点蓄势待发，静待海风边际改善。建议关注风电产业链中海风相关度较 高环节东 方电缆(603606 ，未评级) 、振江 股份(603507，买入) 、起帆 电缆 (605222，买入)、大金重工(002487，未评级)等。 风险提示 能源结构转型速度不及预期、风电需求不及预期、竞争激烈程度增加、地缘风险、汇率 风险。 asdasd 国家/地区 中国 行业 电力设备及新能源行业 报告发布日期 2025 年 06 月 04 日 严东 yandong@orientsec.com.cn 执业证书编号：S0860523050001 | 4 月电新出口整体企稳 | 2025-05-25 | | --- | --- | | 25Q1 风电行业招标增长，价格 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while net profit estimates have been revised upwards [2] - The target price is set at 19.74 CNY, based on a PE valuation of 21X for 2025 [2] Financial Performance Summary - For 2023, the company achieved a revenue of 24,531 million CNY, with a year-on-year growth of 15.5% [4] - The projected revenues for 2024, 2025, 2026, and 2027 are 26,497 million CNY, 29,649 million CNY, 33,012 million CNY, and 36,383 million CNY respectively, with growth rates of 8.0%, 11.9%, 11.3%, and 10.2% [4] - The company's net profit attributable to the parent company for 2023 was 1,166 million CNY, with a projected increase to 1,073 million CNY in 2025 [4] - The gross margin is expected to stabilize around 35% in the coming years, with a slight decrease in 2024 [4] Business Expansion and Strategy - The company continues to expand its retail business, with a significant increase in the number of stores, including 907 new self-built stores and 420 acquired stores in 2024 [9] - The retail business generated 219.2 billion CNY in 2024, accounting for 82.7% of total revenue, with a gross margin of 36.6% [9] - The company is actively developing its new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]