aa 证券研究报告·金融工程报告 2025 年 3 月 17 日 江海证券研究发展部 转债涨幅落后权益，转股溢价率回落 接近 2024 年 10 月低点 核心内容： ◆可转债市场表现： ◆可转债条款跟踪： 分析师：刘晓杰 执业证书编号： S1410523120001 联系人：朱威 执业证书编号： S1410124010022 相关研究报告 金融工程定期报告 证券研究报告·金融工程报告 1 可转债市场表现 1.可转债跟踪周报：科技创新引领转 债市场走高，关注科技板块交易机会 -2025.03.10 2.可转债跟踪周报：转债跟随权益走 低，转股溢价率小幅回升 -2025.03.03 3.可转债跟踪周报：转债市场放量走 高 ， 与 权 益 市 场 联 动 性 增 强 - 2025.02.24 4.可转债跟踪周报：转债市场稳步上 行，表现稍弱于权益市场-2025.02.17 5.可转债跟踪周报：转债市场股性提 升 ， 转 债 跟 随 权 益 持 续 走 高 - 2025.02.10 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 ...

| 证券研究报告·金融工程报告 | | --- | | 2025 | | 3 年 | | 14 江海证券研究发展部 月 日 | 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.03.14 ◆市场表现：2025 年 3 月 13 日, 各宽基指数（表 1）全部下跌，其中中证 2000（-1.84%） 分析师：梁俊炜 投资要点： 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和中证 1000（-1.52%）跌幅最大。当年涨跌情况，中证 2000（12.11%）涨幅最大， 其次是中证 1000（8.55%）和中证 500（4.68%），中证全指（3.9%）和创业板指（1.14%） 涨幅缩小，而上证 50（-0.75%）涨幅最小。 ◆均线比较：所有跟踪指数已跌破其 5 日均线。沪深 300 跌破 10 日、20 日均线。 目前，创业板指和沪深 300 距离其 60 日均线支撑位较接近。 ◆资金占比与换手：2025 年 3 月 13 日, 中证 2000（29.23%）交易金额占比最高， 相关研究报告 态 2025.03.13 A 股市场快照：宽基指数 ...

Investment Rating - The investment rating for the company is "Hold (First Coverage)" [1] Core Views - The company is a national high-tech enterprise specializing in the research, production, and sales of veterinary raw materials, pharmaceutical raw materials, and intermediates, with a comprehensive product range covering various fields such as anti-infection and analgesics [6][9] - Despite a decline in revenue and net profit due to intensified market competition and reduced end demand, the company is expected to reverse its current difficulties through overseas market expansion and new product development in the pet medicine sector [6][24] - The global pharmaceutical market is projected to reach $1.9 trillion by 2027, driven by an aging population and increasing chronic disease prevalence, providing a favorable environment for the company's growth [6][24] Financial Forecast - Total revenue is forecasted to decline from 166.62 million in 2024 to 238.31 million in 2026, with growth rates of -22.54%, 14.01%, and 25.45% respectively [5] - Net profit is expected to decrease from 50.75 million in 2024 to 88.56 million in 2026, with growth rates of -40.12%, 22.39%, and 42.58% respectively [5] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 32.47, 26.53, and 18.61 respectively, indicating a potential for valuation improvement [5] Company Overview - The company was established in 2007 and went public on the Beijing Stock Exchange in February 2024, becoming one of the longest and most comprehensive suppliers of sulfonamide raw materials and intermediates in the industry [6][9][10] - The actual controllers of the company are Ye Shan Hai and Ye Jin Zhi, who collectively hold 50.5% of the shares, indicating a stable and concentrated ownership structure [6][19] Product and Business Layout - The company has a comprehensive product chain and focuses on three main areas: veterinary raw materials, pharmaceutical raw materials, and intermediates, forming a dual-driven development model of "sulfonamide + non-sulfonamide" [24][25] - Key products include sulfanilamide sodium, crystalline sulfanilamide, and celecoxib, with international certifications such as EU CEP and Japan MF [6][32] - The company is actively expanding into the pet medicine market and developing high-end intermediates, which are expected to enhance its competitive position [6][24][25] Customer Resources - The company has established stable relationships with major domestic and international clients, including ELANCO and CHORI, with overseas revenue accounting for 32.73% as of the first half of 2024 [6][35] - The top five customers contributed 51.57% of the company's revenue in the first half of 2024, indicating a relatively concentrated customer base [6][39] R&D and Innovation - The company has increased its R&D investment, with expenses growing from 6.02 million in 2019 to 9.03 million in 2023, reflecting a compound annual growth rate of 10.70% [6][41] - A new R&D center was established in May 2024, equipped with advanced facilities and talented personnel, further enhancing the company's innovation capabilities [6][41]

Investment Rating - The investment rating for the company is "Hold (First Coverage)" [1] Core Views - The company is a national high-tech enterprise specializing in the research, production, and sales of veterinary raw materials, pharmaceutical raw materials, and intermediates, with a comprehensive product range covering anti-infection and analgesic fields [6][9] - The company has a dual-driven model of "sulfonamide + non-sulfonamide" and is actively expanding into the pet medicine market and high-end intermediates [6][24] - Despite a decline in revenue and profit due to intensified market competition and reduced end demand, the company is expected to reverse its difficulties through overseas market expansion and new product development [6][24] Financial Forecast - Total revenue (in million) for 2022A, 2023A, 2024E, 2025E, and 2026E is projected to be 264.42, 215.10, 166.62, 189.96, and 238.31 respectively, with growth rates of -1.72%, -18.65%, -22.54%, 14.01%, and 25.45% [5] - Net profit attributable to the parent (in million) for the same years is forecasted to be 112.68, 84.76, 50.75, 62.11, and 88.56, with growth rates of -3.37%, -24.78%, -40.12%, 22.39%, and 42.58% [5] - The company’s P/E ratios for 2024-2026 are projected to be 32.47, 26.53, and 18.61 respectively [5] Company Overview - The company was established in 2007 and listed on the Beijing Stock Exchange in February 2024, becoming one of the most competitive enterprises in the sulfonamide raw material and intermediate industry [9][10] - The actual controllers of the company are Ye Shan Hai and Ye Jin Zhi, holding a combined 50.5% of the shares, indicating a concentrated and stable ownership structure [19] Product and Business Layout - The company focuses on three main areas: veterinary raw materials, pharmaceutical raw materials, and intermediates, with a comprehensive product chain and strong competitive position [24][25] - Key products include sulfanilamide sodium, crystalline sulfanilamide, and celecoxib, with international certifications such as EU CEP and Japan MF [6][32] Industry Analysis - The global pharmaceutical market is expected to reach $1.9 trillion by 2027, driven by an aging population and increasing chronic disease prevalence [6] - The veterinary raw material market is projected to reach $83.764 billion by 2030, with a compound annual growth rate (CAGR) of 8.2% [6]

证券研究报告·行业点评报告 2025 年 3 月 14 日 江海证券研究发展部 计算机行业 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.83 8.25 22.97 绝对收益 0.62 5.35 31.7 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-计算机行业： xAI 发布 Grok 3 聊天机器人，推理性能出 众 – 2025.02.20 DeepSeek 开源模型发布，多家云厂商宣 布接入 – 2025.02.11 投资要点： 3. 江海证券-行业点评报告-计算机行业： 谷歌推出 Gemini 2.0，OpenAI 启动 12 天 新品发布周期 – 2024.12.16 分析师：张婧 阿里发布 QwQ-32B 推理模型，轻量化 大模型将加速 AI 落地 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 ...

Investment Rating - Industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the government's support for innovative drug development, as indicated by the mention of an "Innovative Drug Catalog" in the 2025 government work report [4] - The release of clinical trial design guidelines for new drugs targeting late-stage gastric cancer is expected to accelerate the development of precision medicine [4] - The integration of payment and supply-side initiatives, such as the expansion of the medical insurance wallet, is aimed at promoting biopharmaceutical innovation [4] - The introduction of the "Neurosystem Medical Service Pricing Project Guidelines" by the National Healthcare Security Administration is a significant step towards standardizing medical service pricing [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -14.16% compared to the CSI 300 index, with an absolute return of -4.66% [3] Key Developments - The guidelines for neurosystem medical services include the integration of 82 main projects and the establishment of pricing for invasive and non-invasive brain-computer interface technologies [6] - The brain-computer interface industry is projected to reach a market size of $7.63 billion by 2029, driven by advancements in semiconductor and electronic information technologies [7] - Various countries, including the US, Japan, and EU, are implementing policies to support the development of brain-computer interface technologies [7] Investment Recommendations - Investors are encouraged to focus on companies with advantages in technology research and market positioning within the brain-computer interface industry [8] - Key sectors to watch include precision diagnostics and AI healthcare, neuro-interventional devices, neuro-regulation and brain-computer interfaces, and rehabilitation medical equipment [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The report highlights significant advancements in AI technology, particularly with the release of various AI models such as Alibaba's QwQ-32B and Google's Gemini 3, indicating a trend towards smaller yet more efficient AI models [4][3] - The AI assistant product Manus has gained substantial popularity, showcasing its ability to handle complex tasks independently, which reflects the evolving capabilities of AI applications [4][3] - The report suggests that the AI inference large models are transitioning towards a "small but powerful" approach, marking a new phase in AI development with increasing penetration rates in various applications [4] Performance Overview - Over the past 12 months, the industry has shown a relative return of 22.97% compared to the CSI 300 index, with an absolute return of 31.7% [2] - The industry has experienced a relative return of 8.25% over the last three months and 0.83% over the last month [2] Recent Developments - Alibaba Cloud launched the open-source inference model QwQ-32B with 32 billion parameters, comparable to the 671 billion parameter DeepSeek-R1 model, demonstrating strong performance in various benchmarks [4] - Google introduced the Gemini 3 AI model, designed to support developers in creating AI applications across multiple devices, capable of analyzing text, images, and short videos [4] - Lucheng Technology released the open-source video generation model Open-Sora 2.0, which has 11 billion parameters and is cost-effective in terms of training expenses [4]

Core Insights - The report highlights a significant market divergence in the recent stock market performance, with large-cap blue-chip stocks (CSI 300) and the ChiNext Index underperforming, while the North Exchange 50 and the CSI 1000 showed better performance, particularly the CSI 1000 which increased by 5.44% during the period from February 24 to March 8, 2025 [4][6] - The report identifies specific stocks with notable performance, such as Haomiao Technology (186.44%), AVIC Teda (98.90%), and Wanda Bearings (78.43%) as top gainers, while companies like Yunchuang Data (-15.15%), Parallel Technology (-18.53%), and Guangmai Technology (-20.86%) faced significant declines [4][6] - The North Exchange's IPO requirements focus on innovation indicators, intellectual property, industry standards participation, and compliance, reflecting a strategic push towards supporting innovative small and medium enterprises [7] Market Analysis - The North Exchange 50 is characterized by a preference for growth-oriented small-cap stocks, with notable trading activity in stocks like Zhuozhao Point Glue, which had a trading amplitude of 29.99% and a turnover rate of 35.51% [9] - The industrial machinery, photovoltaic equipment, and biotechnology sectors have shown strong performance, indicating a recovery in the industrial sector supported by policy measures [9][11] - The report notes that while certain industries like industrial machinery and electronic devices are performing well, competition remains fierce, and companies must maintain innovation and cost advantages to sustain profitability [11] Investment Recommendations - The report suggests focusing on high-growth sectors such as semiconductors, AI, and new energy, while also considering defensive stocks with high dividends or low valuations [10] - It emphasizes the importance of avoiding loss-making stocks and traditional manufacturing sectors that may not perform well in the current market environment [10] - The report indicates that stocks with low price-to-earnings ratios (25-40 times) may offer defensive characteristics, while those with extremely high ratios could pose valuation risks [9][10]

证券研究报告·行业点评报告 2025 年 3 月 14 日 江海证券研究发展部 执业证书编号：S1410524050001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 2.01 -3.97 -14.16 绝对收益 2.18 -4.52 -4.66 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-医药生物行 业：2025 政府工作报告首次提及制定"创 新药目录"，支持创新药发展 – 2025.03.11 2. 江海证券-行业点评报告-医药生物行 业：晚期胃癌新药临床试验设计指导原则 发布，助力精准医疗加速发展 – 2025.02.19 3. 江海证券-行业点评报告-医药生物行 业：激发支付与供给两端新活力：医保钱 包开通地扩容，天津市全链条力推生物医 药创新 – 2025.02.14 4. 江海证券-行业点评报告-医药生物行 业：糖尿病新药怡诺轻开出全国首张处方 – 2025.02.13 5. 江海证券-行业点评报告-医药生物行 业：AI 赋能医药行业纵深发展，提升医疗 服务水平 – 2025.02.12 医药行业研究组 分析师：吴春 ...

Group 1 - The report highlights a significant divergence in the stock market, with large-cap blue-chip stocks (CSI 300) and the ChiNext Index underperforming, while the North Exchange 50 and the CSI 1000 performed well, particularly the CSI 1000 which saw a notable increase of 5.44% [7][8] - The report indicates that the North Exchange is focusing on innovative indicators, intellectual property and technology achievements, industry standard participation, information disclosure and compliance, and market positioning for new IPOs [6][8] - The report identifies structural opportunities in the market, particularly in the industrial machinery and emerging technology sectors, while cautioning about high volatility and valuation deviation risks [7][8] Group 2 - The industrial machinery sector showed strong performance with several stocks, such as New Weiling and Jike Co., seeing significant gains, attributed to the recovery in the industrial sector and policy support [7][8] - The report suggests focusing on high-growth sectors such as semiconductors, AI, and new energy for investment opportunities, while recommending defensive stocks with high dividends or low valuations [7][8] - The report notes that the North Exchange's development is heavily influenced by policy changes, which could impact market conditions and investment decisions [8]