Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company focuses on differentiated small molecule drug development, with its core asset, Pimicotinib, expected to be commercialized soon [6][12]. - The company achieved its first annual profit in 2024, with a net profit of 28.3 million yuan and total revenue of 504 million yuan, primarily from licensing agreements [6][23]. - The company has a robust pipeline with 19 oncology products, 12 of which are in clinical development [6][12]. Summary by Sections Section 1: Commitment to Differentiated Small Molecule Development - The company is dedicated to developing differentiated small molecule therapies for oncology, with 12 clinical candidates in its pipeline [12]. - The management team has extensive experience in drug development, enhancing the company's innovation capabilities [18]. - A stock repurchase plan of up to 200 million HKD is set to start in 2025, reflecting management's confidence in future growth [21]. - The company reported its first annual profit in 2024, with a strong cash reserve of 1.959 billion yuan [23]. - The core product, Pimicotinib, is expected to submit applications for market approval in China and the U.S. in 2025 [26]. Section 2: CSF-1R Pimicotinib for TGCT - Pimicotinib has reached the primary endpoint in its Phase 3 trial for treating TGCT, with plans to submit market applications in 2025 [30][32]. - The drug shows promising efficacy and safety in treating chronic graft-versus-host disease (cGvHD) in its Phase 2 trials [38][44]. Section 3: FGFR Small Molecule Inhibitors - The company has a multi-faceted approach to FGFR inhibitors, with ABSK011 entering pivotal Phase 2/3 trials for liver cancer [7]. - ABSK061, the first FGFR2/3 inhibitor in clinical trials, is expected to advance in 2025 for various indications [7]. Section 4: Oral PD-L1 Inhibitor ABSK043 - The global PD-(L)1 market is projected to exceed 50 billion USD in 2024, with the company exploring the potential of its oral PD-L1 inhibitor [4]. Section 5: Early Pipeline and Dual-Antibody ADC Platform - The company maintains a rich early-stage pipeline, which is crucial for its long-term growth [7].

推荐 ( 维持) 股价:19.35元 主要数据 公 司 报 告 | 行业 | 电子 | | --- | --- | | 公司网址 | www.ltom.com | | 大股东/持股 | 王亚龙/49.52% | | 实际控制人 | 王亚龙 | | 总股本(百万股) | 402 | | 流通A股(百万股) | 179 | | 流通B/H股(百万股) | | | 总市值(亿元) | 78 | | 流通A股市值(亿元) | 35 | | 每股净资产(元) | 4.43 | | 资产负债率(%) | 15.8 | 2025年04月10日 莱特光电(688150.SH) 需求旺盛叠加新品放量，公司业绩快速增长 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 事项： 公司发布2024年报，实现营收4.72亿元，同比增长56.90%，实现归母净利润 1.67亿元，同比增长117.17%。2024年，公司拟向全体股东每10股派发现金红 利1.3元（含税），不进行资本公积金转增股本、不送红股。 平安观点： 公 司 年 报 点 评 研 究 报 告 证券分析师 陈福栋 投资咨询 ...

行 业 报 告 《促进健康消费专项行动方案》发布，保健品行业迎来发 展机遇 强于大市( 维持) 行情走势图 食品饮料 2025年04月10日 行业点评 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn 事项： 新华社报道，商务部、国家卫生健康委等12部门近日联合印发的《促进健康消 费专项行动方案》9日发布。 平安观点： 证 券 研 究 报 告 合理的渠道布局可以更高效地满足消费者多样化需求，提升产品销量和 品牌影响力。 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 行 业 点 评 提升健康商品和服务供给质量，更好满足人民健康消费需求。 本次方案 提出提升10方面重点任务，其中与食品饮料板块直接相关的是：（1）提 升健康饮食消费水平，打击食品非法添加，开展有 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The panic caused by recent tariffs has led investors to de - leverage and chase cash, resulting in the selling of both safe and risky assets. The 10Y US Treasury yield has risen by up to 60BP from the low of 3.9% on April 7th, approaching 4.5%, and the 10Y breakeven inflation rate has decreased, indicating that the yield increase is due to institutional de - leveraging rather than inflation trading. The selling of US Treasuries may be due to investors selling to replenish margins and hedge funds closing basis trades in high - volatility situations [3]. - The current US Treasury liquidity shock is similar to that in March 2020 but less severe. So far, the shock has not spread to the money market, with stable trading volume in the federal funds market and stable bill financing costs. Off - shore US dollar liquidity has tightened slightly [3]. - The current liquidity shock may not have reached the level requiring Fed intervention. If tariff negotiations progress and the US stock market stabilizes, the selling pressure on US Treasuries may ease, and the liquidity shock may subside spontaneously. However, if external policy shocks intensify market panic, the shock could spread to the money market, and the Fed may provide liquidity support through tools despite a low probability of emergency rate cuts [3]. - In an environment of high policy uncertainty, investors are advised to control their positions in the short term [3]. 3. Summary by Related Information Current US Treasury Market Situation - The 10Y US Treasury yield has risen significantly due to de - leveraging, and the 10Y breakeven inflation rate has decreased, showing non - inflation - driven yield increase [3]. - Credit spreads have widened significantly, while bill financing spreads have remained low. Off - shore US dollar liquidity has tightened marginally, and the federal funds market trading volume has remained stable [3][11][15]. Comparison with 2020 March Situation - The current US Treasury liquidity shock is similar to that in March 2020 but less severe [3]. - In March 2020, the shock lasted nearly ten days, leading to Fed emergency rate cuts and QE. There were a series of events such as stock market circuit - breakers, increased repo投放, and the establishment of multiple Fed facilities [18].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company focuses on differentiated small molecule drug development, with its core asset, Pimicotinib, expected to be commercialized soon [6][12]. - The company achieved its first annual profit in 2024, with a net profit of 28.3 million yuan and total revenue of 504 million yuan, primarily from licensing agreements [6][23]. - The company has a robust pipeline with 19 oncology products, 12 of which are in clinical development, and has established partnerships with major pharmaceutical companies [6][12]. Summary by Sections Section 1: Commitment to Differentiated Small Molecule Development - The company is dedicated to developing differentiated small molecule therapies for oncology, with 12 clinical candidates in its pipeline [12]. - The management team has extensive experience in drug development, enhancing the company's innovation capabilities [19]. - A stock buyback plan of up to 200 million HKD is set to start in 2025, reflecting management's confidence in future growth [21]. - The company reported its first annual profit in 2024, with a cash reserve of 1.959 billion yuan [23]. - The core product, Pimicotinib, is expected to submit applications for market approval in China and the U.S. in 2025 [28]. Section 2: Pimicotinib for TGCT - Pimicotinib has reached the primary endpoint in its Phase 3 trial for treating TGCT and is expected to submit market applications in 2025 [30][33]. - The drug shows promising efficacy and safety in treating cGvHD, with a complete Phase 2 data disclosure expected in 2025 [39][45]. Section 3: FGFR Small Molecule Inhibitors - The company is advancing its FGFR4 inhibitor, ABSK011, into pivotal Phase 2/3 trials for liver cancer [7]. - ABSK061, a FGFR2/3 inhibitor, is set to enter clinical trials for achondroplasia in 2025 [7]. Section 4: Oral PD-L1 Inhibitor Development - The global PD-(L)1 market is projected to exceed 50 billion USD in 2024, with the company exploring the potential of its oral PD-L1 inhibitor [4]. Section 5: Early Pipeline and Dual-Antibody ADC Platform - The company maintains a rich early-stage pipeline, which is crucial for its long-term growth [7].

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [12] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.2%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.2% year-on-year [4][7] - The annualized weighted average ROE for 2024 was 13.59% [4] - The company has increased its cash dividend proposal to 5.943 billion yuan, accounting for 22.77% of the net profit attributable to shareholders [4][7] Summary by Sections Financial Performance - The company's net interest income grew by 17.3% year-on-year, while non-interest income saw a decline of 9.9% [7] - The net interest margin at the end of 2024 was 1.86%, showing a slight improvement compared to the previous quarter [7] - Total assets increased by 15.3% year-on-year, with loans and deposits growing by 17.8% and 17.2% respectively [7][11] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76% at the end of 2024, with a projected annualized NPL generation rate of 1.17% [8][10] - The company’s provision coverage ratio was 389%, indicating a strong buffer against potential loan losses [8][10] Future Projections - The company is expected to achieve earnings per share (EPS) of 4.38 yuan in 2025, 4.83 yuan in 2026, and 5.34 yuan in 2027, with corresponding profit growth rates of 6.5%, 10.3%, and 10.7% [7][11] - The projected growth rates for total assets, loans, and deposits are 13.3% to 17.0% over the next few years [11]

行 业 报 告 食品饮料 2025年04月10日 行业点评 《促进健康消费专项行动方案》发布，保健品行业迎来发 展机遇 强于大市( 维持) 行情走势图 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn 事项： 新华社报道，商务部、国家卫生健康委等12部门近日联合印发的《促进健康消 费专项行动方案》9日发布。 点 评 提升健康商品和服务供给质量，更好满足人民健康消费需求。 本次方案 提出提升10方面重点任务，其中与食品饮料板块直接相关的是：（1）提 升健康饮食消费水平，打击食品非法添加，开展有机食品认证有效性抽 查；强化餐饮营养健康工程建设，引导餐饮企业推广使用食养指南。 （2）优化特殊食品市场供给，深化特殊食品注册备案制度改革，完善保 健食品事前审评和事后评价机制，畅通保健食品新功能及产品审查注 册。鼓励企业加强工艺研发 ...

其 他 报 告 2025年04月09日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3146 | 1.58 | -0.28 | | 深证成份指数 | 9425 | 0.64 | -2.28 | | 沪深300指数 | 3651 | 1.71 | -1.37 | | 创业板指数 | 1840 | 1.83 | -2.95 | | 上证国债指数 | 224 | -0.02 | 0.34 | | 上证基金指数 | 6466 | 0.76 | -1.07 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 20128 | 1.51 | -2.46 | | 中国香港国企指数 | 7431 | 2.31 | -2.17 | | 中国台湾加权指数 | 18460 | -4.02 | -1.41 | | 道琼斯指数 | 37646 | ...

其 他 报 告 2025年04月10日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3187 | 1.31 | -0.28 | | 深证成份指数 | 9540 | 1.22 | -2.28 | | 沪深300指数 | 3687 | 0.99 | -1.37 | | 创业板指数 | 1858 | 0.98 | -2.95 | | 上证国债指数 | 224 | 0.01 | 0.34 | | 上证基金指数 | 6551 | 1.32 | -1.07 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 20264 | 0.68 | -2.46 | | 中国香港国企指数 | 7536 | 1.41 | -2.17 | | 中国台湾加权指数 | 17392 | -5.79 | -1.41 | | 道琼斯指数 | 37646 | - ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has shown good performance in profit margins, with a significant increase in net profit and a strong revenue growth forecast for the upcoming years [4][11] - The company is well-positioned to capitalize on the growth opportunities in the computing power industry, supported by its comprehensive infrastructure layout [8][11] - The launch of the DeepSeek AI integrated machine is a strategic move to seize opportunities in the large model industry, enhancing the company's competitive edge [9][11] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.586 billion yuan, a year-on-year increase of 4.34%, and a net profit of 185 million yuan, up 29.53% year-on-year [4][8] - The projected net profits for 2025-2027 are 2.439 billion yuan, 2.835 billion yuan, and 3.362 billion yuan respectively, with corresponding EPS of 1.67 yuan, 1.94 yuan, and 2.30 yuan [11][12] - The company’s gross margin is expected to remain stable, with a slight increase from 29.2% in 2024 to 29.9% in 2027 [13] Industry Outlook - The computing power industry is anticipated to grow significantly, with the Ministry of Industry and Information Technology aiming for a computing power scale exceeding 300 EFlops by 2025, and intelligent computing power accounting for 35% of the total [8] - The company has established a complete industrial chain layout in computing power infrastructure, which will support its long-term sustainable development [8][11]