Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [7][8]. Core Insights - The company has made significant progress in clinical trials for its product NL003, which is now entering the commercialization phase [5]. - The company reported a revenue of 72.11 million yuan in 2024, reflecting a year-on-year growth of 20.8%, while the net profit attributable to shareholders was -45.18 million yuan, indicating a reduction in losses compared to the same period in 2023 [4]. - The company has a comprehensive pipeline of ophthalmic drugs, with eight registered eye drop products targeting various conditions such as dry eye, allergies, and bacterial infections [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 88 million yuan, 185 million yuan, and 371 million yuan, respectively, with corresponding growth rates of 21.7%, 110.8%, and 100.5% [10]. - The report forecasts a gradual improvement in net profit, with expected figures of -51 million yuan in 2025, -2 million yuan in 2026, and a positive 83 million yuan in 2027 [10]. - The earnings per share (EPS) are projected to be -0.19 yuan in 2025, -0.01 yuan in 2026, and 0.30 yuan in 2027, indicating a turnaround in profitability [10]. Clinical and Production Developments - The NL003 project has completed the unblinding of its Phase III clinical trials for both ulcer and resting pain groups, with results showing significant efficacy compared to the placebo group [5]. - The company is advancing its biopharmaceutical production facility in Beijing, which is expected to enhance its production capacity for innovative drugs [6].

行业相对表现 表现 1M 3M 12M 电子(申万) 7.5 -1.0 33.6 沪深 300 2.2 0.2 13.3 市场表现 -20 -10 0 10 20 30 40 50 60 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 3 2025 年 06 月 29 日 我国可控核聚变再迎重磅投资，华为发布盘古大 模型 5.5 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 相关研究 1、《电子行业周报：Marvell 强调 定制计算将引领 AI 芯片革命，DDR4 内存价格罕见暴涨》2025-06-22 2、《电子行业周报：苹果 WWDC 发 布重大更新，AI 智能眼镜销量大 涨》2025-06-15 3 、《电子行业周报：任天堂 Switch2 开启首发，消费电子品类悦 己新消费崛起》2025-06-09 ▌上周回顾 6 月 23 日- 6 月 27 日当周，申万一级行业整体处于涨跌分化 态势。其中电子行业上涨 4.61%，位列第 7 位。估值前三的 行业为 计算机 、 国防军 工、电 子 ，电子 行业市 盈 率为 52.20。 电子行 ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company [2][8]. Core Views - The actual controller of the company is set to change, which is expected to facilitate entry into the 3D printing sector [4][5]. - The new actual controller, Jiang Zexing, is the chairman of Jinshi 3D, a leading provider of comprehensive additive manufacturing solutions in China, indicating potential growth opportunities in this field [5][6]. - The company aims to leverage the new controller's resources to optimize its product structure and enhance market share in the rapidly growing additive manufacturing industry [6]. Summary by Sections Company Overview - The company is an artificial intelligence and big data application solution provider, focusing on digital solutions for various industries, including commercial and public services [7]. - Revenue has grown from 219 million yuan in 2020 to 363 million yuan in 2024, with a CAGR of 13.53% [7]. Financial Performance - The company is projected to achieve net profits of 9 million yuan in 2025, 27 million yuan in 2026, and 43 million yuan in 2027, with corresponding EPS of 0.08, 0.23, and 0.36 yuan [8][10]. - The report forecasts a revenue growth rate of 16.1% in 2025, 15.9% in 2026, and 16.0% in 2027 [10]. Market Position - The company is positioned to benefit from the growth of the 3D printing market, which has seen a compound annual growth rate exceeding 50% in recent years [5][6]. - The company plans to gradually develop additive manufacturing-related businesses to enhance its competitive edge [6].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company is positioned to benefit from technological advancements in high-end injection molding machines and large die-casting machines, driven by the expanding demand in the electric vehicle, electronics, home appliance, and medical sectors [4][5]. - The company has made significant strides in its globalization strategy, achieving a 27.45% year-on-year increase in overseas sales revenue, reaching 1.395 billion yuan in 2024 [6]. - The company is expected to see substantial revenue growth, with projected revenues of 62.33 billion yuan, 73.91 billion yuan, and 86.09 billion yuan for 2025, 2026, and 2027 respectively [8]. Summary by Sections Market Performance - The company has shown a strong market performance compared to the CSI 300 index, indicating positive investor sentiment [2]. Technological Advancements - The company launched the sixth generation A6 series high-end intelligent injection molding machine in 2024, enhancing its product offerings and market competitiveness [4]. - The LEAP series large die-casting machines have been developed to meet the increasing demand for lightweight components in the electric vehicle industry, showcasing the company's commitment to innovation [5]. Globalization Strategy - The company operates in over 90 countries and regions, with a focus on local production and dual-brand strategy to enhance its international presence [6][7]. - The establishment of production facilities in the USA, India, and Mexico is part of the company's strategy to support its global operations and improve service responsiveness [6][7]. Financial Projections - Revenue growth rates are projected at 23.6% for 2024, 23.1% for 2025, 18.6% for 2026, and 16.5% for 2027, indicating a robust growth trajectory [10]. - The company’s net profit is expected to grow from 608 million yuan in 2024 to 1.026 billion yuan in 2027, reflecting strong operational performance [10].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company is a leading provider of intelligent logistics equipment, with a strong order acquisition ensuring performance growth. It specializes in core components and key equipment for intelligent logistics systems, with significant market presence in various industries including e-commerce and logistics [5][6]. - The company has signed a sales contract worth USD 43.39 million with a subsidiary of Meituan, which accounts for 21.35% of its projected 2024 revenue, providing a solid foundation for future growth [6]. - The company is actively developing humanoid robots for vertical applications in logistics, leveraging its expertise and partnerships to enhance its product offerings in this emerging field [7][8]. Summary by Sections Company Overview - The company is recognized as a leading provider of intelligent logistics equipment, focusing on the research, design, manufacturing, and sales of core components and key devices [5]. - It has established a global manufacturing network, including central factories and local assembly partnerships, serving major clients like Amazon and JD.com [5]. Financial Performance - Revenue has grown from CNY 767 million in 2020 to CNY 1.457 billion in 2024, with a CAGR of 17.41%. Net profit has increased from CNY 66 million to CNY 93 million during the same period, reflecting a CAGR of 8.63% [6]. - The company forecasts net profits of CNY 125 million, CNY 142 million, and CNY 160 million for 2025, 2026, and 2027 respectively, with corresponding EPS of CNY 0.47, CNY 0.54, and CNY 0.61 [9]. Market Position and Strategy - The company is strategically positioned to benefit from the rapid growth of the logistics industry, with a focus on humanoid robots in logistics applications, which are expected to see significant adoption [7][8]. - It has made investments in key robotics firms to enhance its capabilities in precision components and robot manufacturing, aiming to create a comprehensive business model that includes data collection and application in logistics [8].

2025 年 06 月 27 日 业绩短期承压，多轮驱动中长期成长 —美利信（301307.SZ）公司动态研究报告 买入(首次) 投资要点 ▌下游多点开花，铝合金精密压铸件需求不减 铝合金精密压铸件制造行业产业链跨度长、覆盖面广，下游 行业包括通信、储能、汽车、散热等众多应用领域。其中随 着 5G 网络覆盖扩大，预计到 2030 年 5G 签约用户数量将达到 63 亿，移动通信行业市场广阔；汽车轻量化已成趋势，铝合 金成为油车、新能源车的首选材料，相关轻量铸件的需求有 望迎来增长。综合来看各行业景气度不减，将持续释放对铝 合金精密压铸件需求。 ▌汽车+通信双向发力，多轮驱动中长期成长 公司深耕精密压铸领域多年，新能源汽车领域能够为客户提 供电驱动系统、电控系统、动力电池系统和车身结构件铝合 金精密压铸件，业务深度合作新势力车企如蔚来、小鹏、赛 力斯等；通信领域，除了 5G 基站大型结构件设计制造，不断 研发新一代散热材料，绑定爱立信等头部客户。公司持续深 耕新能源汽车和通信两大主业，并拓展半导体、储能等新行 业，未来有望带来新增长。 ▌业绩短期承压，静待全球化提速 2024 年公司实现收入 36.59 亿元（ ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][8]. Core Insights - The company is expected to achieve revenue between 15.044 billion and 17.779 billion yuan in the first half of 2025, representing a year-on-year growth of 10% to 30%. The net profit attributable to shareholders is projected to be between 1.893 billion and 2.272 billion yuan, with a year-on-year increase of 25% to 50% [1]. - The company is strengthening its competitive position in the thermal management sector through technological advancements and global capacity coordination, focusing on integrated thermal management products and automation in production lines [2]. - The company is targeting the electric actuator market as a core strategic area, leveraging its expertise in motor drive technology to enhance product performance and build a technological moat [3]. - The company has implemented a share buyback program totaling over 1.1 billion yuan since 2018 and has maintained a high dividend payout, with cumulative cash dividends reaching 7.4 billion yuan [4][7]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 33.319 billion, 39.592 billion, and 46.358 billion yuan, respectively, with corresponding EPS of 1.02, 1.29, and 1.57 yuan. The current stock price corresponds to PE ratios of 25.6, 20.2, and 16.7 times for the respective years [8][10].

2025 年 06 月 27 日 海风建设加速，公司交付有望放量 —海力风电（301155.SZ）公司动态研究报告 买入(首次) 投资要点 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 6-2 6 | | --- | --- | | 当前股价（元） | 69.52 | | 总市值（亿元） | 151 | | 总股本（百万股） | 217 | | 流通股本（百万股） | 122 | | 52 周价格范围（元） | 36.14-72.98 | | 日均成交额（百万元） | 185.14 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 (%) 海力风电 沪深300 相关研究 ▌海风迎新一轮景气周期，公司交付有望放量 海上风电行业自 2021 年抢装潮后进入调整期，2022~2023 年 因用海审批、航道协调等因素制约，海风项目延期现象普 ...

Group 1: Cultural Integration and IP Leverage - The report emphasizes that culture is a pillar of economic restructuring, with cultural values expected to support commercialization heights. The application of AI is reshaping content production paradigms, leveraging IP to stimulate emotional value and consumption through cultural media [3][4]. - The report suggests that the new consumption economy, represented by trendy toys, can be driven by content creation, design, and marketing operations, highlighting the need for China to develop its own cultural icons similar to Disney and Lego [3][4]. Group 2: AI as a Catalyst for Innovation - The report indicates that advancements in AI technology are expanding the boundaries of media applications, with digital technology expected to activate traditional culture. AI applications are anticipated to gain momentum in 2024 and 2025, with various Chinese companies beginning to explore AI applications [4][5]. - The report notes that AI applications are set to drive financial improvements and cultural soft power capabilities, with a focus on AI media applications from companies like Bilibili, Meitu, and Wanda Film [5][6]. Group 3: Company Performance and Profit Forecasts - The report provides a detailed profit forecast for various companies, indicating that Wanda Film is expected to improve its earnings per share (EPS) from -0.43 in 2024 to 0.63 in 2025, with a price-to-earnings (PE) ratio of 18.10 [6]. - Shanghai Film is projected to have an EPS of 0.52 in 2025, with a PE ratio of 55.65, while Hengdian Film is expected to improve its EPS from -0.15 in 2024 to 0.43 in 2025, with a PE ratio of 37.37 [6][7]. Group 4: Market Trends and Consumer Behavior - The report highlights that the media sector's net profit showed a year-on-year increase of 39% in Q1 2025, indicating a gradual recovery from the pandemic's impact, with lower pressure expected in subsequent quarters [14][20]. - The film industry is noted to have a strong performance during the Spring Festival, but subsequent periods lacked blockbuster releases, suggesting a need for innovation and new content to drive audience engagement [20][24]. Group 5: AI and Emotional Engagement - The report discusses the potential of AI-driven products, such as plush toys with emotional interaction capabilities, to enhance consumer engagement and emotional value, indicating a growing market for AI companionship [66][67]. - The emotional companionship market in China is projected to reach 59.5 billion yuan by 2028, reflecting a significant growth opportunity in the AI sector [67][69].

2025 年 06 月 27 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：65 分（较热） 2、能源金属主题：刚果金公布，2025 年 6 月 21 日起， 战略矿产市场监管局(ARECOMS)董事会采取了重大监管措施， 鉴于市场上库存量持续高企，已决定将临时禁令的期限自本 决定生效之日起再延长三个月，适用于刚果所有源自采矿的 钴 出 口 。 相 关 标 的 ： 华 友 钴 业 （ 603799 ） 、 天 齐 锂 业 （002466） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 | 1、《双融日报》2025-06-26 | | --- | | 2、《双融日报》2025-06-25 | | 3、《双融日报》2025-06-24 | ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 65 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：储存、能源金属、稳定币 1 ...