首次覆盖: 困境反转初显，AI 调解多元解纷正放量 金桥信息(603918) ——金桥信息（603918.SH）首次覆盖报告 本报告导读： 公司作为国内数字化科技的行业领先者，前瞻性布局法律金融科技板块，随着基本 盘业务反弹+AI 调解提效+多元解纷放量+法院合作深化，未来业绩增速有望超预期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 932 | 699 | 941 | 1,153 | 1,377 | | (+/-)% | 7.9% | -25.0% | 34.6% | 22.5% | 19.4% | | 净利润（归母） | 26 | -61 | 26 | 99 | 169 | | (+/-)% | 42.8% | -337.5% | 142.9% | 279.2% | 70.7% | | 每股净收益（元） | 0.07 | -0.17 | 0.07 | 0.27 | 0.46 | | 净资产收益率(%) | ...

股票研究 /[Table_Date] 2025.06.12 2025-06-19 业绩保持高增，分布式、AI、云原生推 动公司产品迭代升级 公司跟踪报告 [Table_Balance] 本报告导读： 2024 年与 2025Q1 公司利润保持高增，能源、交通等领域出现较高增幅；分布式数 据库、AI 以及云原生推动公司产品升级。 投资要点： | [Table_Finance] 风险提示：信创推进不及预期；产品迭代不及预期；市场竞争加剧。 | | | | | | | --- | --- | --- | --- | --- | --- | | 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 794 | 1,044 | 1,315 | 1,650 | 2,064 | | (+/-)% | 15.4% | 31.5% | 25.9% | 25.5% | 25.1% | | 净利润（归母） | 296 | 362 | 490 | 607 | 751 | | (+/-)% | 10.1% | 22.2% | 35.3% | 23.9% | 23.8% ...

股票研究 /[Table_Date] 2025.06.14 2025-06-19 360 发布纳米 AI 超级搜索智能体与两款 [Table_Industry] 计算机 本报告导读： 6 月 11 日，360 发布了国内首个"超级搜索智能体"——纳米 AI 超级搜索智能体；同 时 360 发布两款智能硬件：纳米 AI Note 和 Rokid 联名 AI 眼镜。 投资要点： 研 究 报 告 请务必阅读正文之后的免责条款部分 AI 硬件 AI 产业跟踪报告 股 票 研 究 行 业 跟 踪 报 告 证 券 APPENDIX 1 Summary Investment Highlights: Investment Advice: The release of 360 Search Intelligent Agent marks a new phase in search technology, moving from simple model-assisted search to autonomous thinking and execution. The launch of two AI hardware devi ...

Investment Rating - The report maintains an "Outperform" rating with a target price of RMB 72.75, reflecting the company's strong historical foundation and AI investment, alongside accelerating industrial AI applications and optimizing business models [4][26]. Core Insights - The company is positioned as a leader in the industrial AI sector, leveraging over 100EB of industrial data from 100,000 control systems to enhance real-time industrial data capabilities. It integrates AI and robotics to drive automation and has launched innovative products like the UCS control system and TPT foundation models [4][26]. - The company has a stable growth trajectory in key industries, with a market share of 40.4% in the domestic DCS market, and is expanding into emerging sectors such as oil, gas, and Chinese baijiu [4][26]. - Internationally, the company has seen significant growth, with overseas revenue reaching RMB 749 million in 2024, a year-on-year increase of 118.27%, indicating enhanced global operational capabilities [4][26]. Financial Summary - Revenue projections for 2025-2027 are RMB 103.14 billion, RMB 112.80 billion, and RMB 124.66 billion, respectively, with net profits of RMB 12.72 billion, RMB 14.72 billion, and RMB 17.38 billion [11][13]. - The company anticipates EPS of RMB 1.61, RMB 1.86, and RMB 2.20 for the years 2025-2027, reflecting a gradual increase in profitability [11][16]. - The report highlights a stable gross margin trend, with expected gross margins of approximately 36% to 38% across various business segments by 2027 [10][14].

[Table_PicQuote] 聚焦战略主业夯实壁垒，稳定币相关领域 抢先布局 [Table_Balance] 股票研究 /[Table_Date] 2025.06.13 2025-06-19 本报告导读： 公司坚持聚焦核心业务和战略客户，信贷和信用卡业务在银行 IT 领域持续领跑，同 时 AI+国际化构筑增长双引擎，在稳定币领域亦有抢先布局。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,936 | 1,766 | 2,038 | 2,386 | 2,830 | | (+/-)% | -2.0% | -8.8% | 15.4% | 17.1% | 18.6% | | 净利润（归母） | 117 | 78 | 93 | 122 | 163 | | (+/-)% | 91.9% | -33.6% | 19.8% | 31.8% | 33.0% | | 每股净收益（元） | 0.25 | 0.17 | 0.20 ...

[Table_Title] 研究报告 Research Report 19 Jun 2025 美国航空航天与国防 US Aerospace and National Defense 超越表象：发掘以色列冲突中的结构性价值 Beyond the Headlines: Uncovering Structural Value in the A&D Supply Chain 杨斌 Bin Yang bin.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 核心观点： 结构性投资机遇存在于这些订单的连锁反应之中：从实战消耗驱动的、确定性极高的弹药补库需求，到生产瓶颈 所凸显的上游供应商价值，再到被市场忽视的、代表未来战争形态的直接商业采购（DCS）。具体而言，短期最确 定的需求是价值超 10 亿美元的拦截弹补库；而 JDAM 等弹药长达 1-2 年的交付瓶颈，则为关键上游企业创造了超 越主承包商的投资弹性。最后，DCS 渠道的动向揭示了一条与传统国防 ...

[Table_Title] 研究报告 Research Report 18 Jun 2025 VISA VISA (V US) 稳定币冲击 VISA，影响几何？ The Stablecoins Challenge to VISA 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 近日 VISA 股价出现显著波动，我们认为市场担忧大型零售平台发行稳定币可能影响支付生态，对 VISA 等传统支付 网络构成潜在冲击，是此次股价下行的主要诱因。自 6 月 13 日《华尔街日报》发布《Walmart 和 Amazon 正在探 索发行自己的稳定币》以来，市场对大型零售平台可能重构支付生态的担忧迅速升温，支付类股票集体承压。其 中，行业龙头 VISA 和 Mastercard 分别下跌 5.4%和 4.6%。投资者担心，若平台型稳定币 ...

Investment Rating - The report rates the pharmaceutical industry as "Outperform" [1][2] - The sub-industries of pharmaceutical manufacturing and pharmaceutical services are also rated as "Outperform" [2] Core Insights - Continuous recommendation of innovative drugs and devices, with a positive outlook on companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical, Sichuan Kelun Pharmaceutical, Huadong Medicine, 3SBio, CSPC Pharmaceutical Group, and Changchun High-tech Industry [4][23] - The report emphasizes that centralized procurement optimization is expected to benefit innovative drugs and devices, as highlighted in a State Council meeting on June 13, 2025 [24] - The A-Shares pharmaceutical sector outperformed the market in the second week of June 2025, with a 1.4% increase compared to a 0.2% decrease in the Shanghai Composite Index [6][25] - The Hong Kong and U.S. pharmaceutical sectors also outperformed the market during the same period, with significant gains in the Hang Seng Healthcare and Biological Technology indices [20][26] Summary by Sections Continuous Recommendation of Innovative Drugs and Devices - The report maintains a positive outlook on innovative drugs, highlighting the potential for value re-evaluation in companies like Heng Rui Medicine, Hansoh Pharmaceutical, and others [4][5] - Biopharma/Biotech companies such as Kelun Biotech, Innovent Biologics, and BeiGene are also recommended for their growth potential [4][5] Performance of A-Shares Pharmaceutical Sector - In the second week of June 2025, the A-Shares pharmaceutical sector rose by 1.4%, ranking 4th among Shenwan primary industries [6][25] - Notable individual stock performances included Tibet Aim Pharm. Inc. (+38.5%) and Beijing Science Sun Pharmaceutical (+36.4%) [25][14] Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hang Seng Healthcare index increased by 8.8%, and the Biological Technology index rose by 10.5% during the same period [20][26] - In the U.S., the S&P 500 Healthcare Select Sector rose by 1.2%, with top gainers including Regeneron (+7%) and Eli Lilly (+6%) [20][26]

Investment Rating - The report assigns an "Outperform" rating to ADNOC Distribution, indicating an expected relative return exceeding 10% over the next 12-18 months [19]. Core Insights - ADNOC Distribution is recognized for its differentiated retail model, focusing on shareholder cash returns and strategic expansion in customer base and property management [2][3]. - The company is expanding its non-fuel retail business, which contributes nearly 10% of total retail revenue but has the highest profit margins, maintaining a gross margin of over 50% [4]. - The company aims to increase its electric vehicle (EV) charging points significantly, targeting a 10-15 times increase by FY28 compared to FY23 [4]. - Expansion into Saudi Arabia and Egypt is seen as crucial for mid-term growth, leveraging a light-asset model to increase station numbers in these markets [4]. Company Overview - ADNOC Distribution operates primarily in the UAE, with a presence in Saudi Arabia and Egypt, and is 77% owned by the ADNOC Group [3]. - As of the end of FY24, the company operates 896 fuel stations, with a goal of reaching 1,000 by FY28 [3]. - The company also manages 373 ADNOC Oasis convenience stores and provides various services including car inspections and EV charging [3]. Financial Performance - The company's dividend policy is attractive, with plans to distribute $700 million or at least 75% of net profits as dividends from FY24 to FY28, translating to an approximate 6.0% dividend yield [5].

25 年一季度业绩亮眼，全面拥抱 AI 涂鸦智能(TUYA.N) 2025 年一季报点评 股票研究 /[Table_Date] 2025.6.17 [Table_Industry] 计算机 [Table_Invest] [Table_CurPrice] 当前价格(美元)： 2.42 本报告导读： 25 年一季度表现亮眼，公司的平台模式具有高粘性特征，关税因素带来的不确定性 增强。 股 投资要点： | 财务摘要（百万美元） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 208.17 | 229.99 | 298.62 | 324.93 | 361.06 | 409.64 | | (+/-)% | -31.1% | 10.5% | 29.8% | 8.8% | 11.1% | 13.5% | | 毛利润 | 89.42 | 106.66 | 141.43 | 151.30 | 169.25 | 193.11 | | 归母净利润 | -146.18 | -6 ...