Investment Rating - The industry rating is optimistic, with expectations that the overall return will exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The report highlights that on April 30, 2025, Nanjing's land auction generated over 10.634 billion, with the highest floor price reaching 45,000 yuan per square meter [5]. - In Guangzhou, three residential land parcels were sold for a total of 2.545 billion, with a maximum premium rate of 21.46% [6]. - The real estate sector showed mixed performance in the stock market, with the Shanghai Composite Index down by 0.23% and the Shenzhen Composite Index up by 0.70% on the same day [3]. Market Trends - The report indicates that the real estate index of Shenwan rose by 0.57% [3]. - The top five performing stocks in the real estate sector included Huaxia Happiness and Huayuan Real Estate, with increases of 10.14% and 10.06%, respectively [4]. - Conversely, the stocks with the largest declines included Tianbao Infrastructure and Haitai Development, with decreases of -9.31% and -3.23% [4].

<<亚辉龙点评报告：Q3 业绩阶段性承 压，发光收入仍保持高增长>>-- 2024-11-08 <<亚辉龙点评报告：自产发光业务靓 丽，高端机型占比提升>>--2024-04- 24 2025 年 04 月 30 日 公司点评 买入/维持 亚辉龙(688575) 昨收盘:14.19 亚辉龙点评报告：化学发光业务亮眼，国内外装机快速推进 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 5.7/5.7 | | --- | --- | | 总市值/流通(亿元) | 80.94/80.94 | | 12 个月内最高/最低价 | 28.27/13.95 | | (元) | | 相关研究报告 <<亚辉龙点评报告：自产发光业务收 入超预期快速增长，推出股票激励挑 战更高目标>>--2023-11-05 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸 ...

2025 年 04 月 30 日 公司点评 增持/维持 博纳影业(001330) 昨收盘:4.35 传媒互联网 电影储备丰富，持续推进品类扩张及"AI+影视"战略 ◼ 走势比较 0 2 4 6 8 10 2024-04-29 2024-10-29 2025-04-29 博纳影业 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 13.75/10.55 | | --- | --- | | 总市值/流通(亿元) | 59.79/45.90 | | 12 个月内最高/最低价 | 8.88/3.68 | | (元) | | ◼ 相关研究报告 《立足主旋律电影，积极探索品类扩张与 AI 赋能》--2024-12-30 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 分析师登记编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 一般证券业务登记编码：S1190123120023 事件： 公司 2024 年实现营收 14.61 亿元，同比下降-9.12%；归母净利润-8.67 亿元；归母扣非净利润-9.73 亿元。2025Q1 实现营收 5.2 ...

2025 年 04 月 30 日 投资策略 策略日报（2025.04.30）：情绪好转，科技领涨 <<策略日报（2025.04.28）：缩量震 荡，红利领涨>>--2025-04-28 相关研究报告 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 <<策略日报（2025.04.29）：延续缩 量，红利、科技、消费轮动>>--2025- 04-29 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债涨跌分化，短端上涨长端下跌，利率曲线变陡。后 续展望：利率债距离新高一步之遥，关税超预期下，外需难有较大期待时 期，稳内需的必要性增强，预期时间点提前，降准降息和流动性宽松可有 更多期待。技术面上十年期国债突破 60 日均线压力，后续目标指向新高。 A 股：三大指数涨跌分化，创业板领涨。今日市场个股涨多跌少，约 3200 只个股上涨。市场成交额 1.19 万亿，较上一交易日放量 0.15 万亿。 今日市场情绪好转，但当前整体投机动能不足，当前的成交仍不足以形成 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8][14] Core Insights - The company's core products are experiencing steady growth, with significant advancements in clinical projects and new product launches [6][7][8] - In 2024, the company achieved a revenue of 658 million yuan, representing a year-on-year growth of 25.63%, while the net profit attributable to shareholders was a loss of 115 million yuan, a decline of 228.97% [5][10] - The company is expected to generate revenues of 789 million yuan, 981 million yuan, and 1.22 billion yuan in 2025, 2026, and 2027 respectively, with growth rates of 19.97%, 24.32%, and 24.30% [8][10] Revenue and Profitability - The company's revenue for Q1 2025 was 162 million yuan, showing a year-on-year increase of 24.24%, while the net profit attributable to shareholders was a loss of 19 million yuan, a decrease of 4.64% [5] - The core product, Sidaben, generated nearly 500 million yuan in revenue in 2024, marking a growth of 7.06% [6] - The new product, Sigle, achieved revenue of 140 million yuan in 2024, with a remarkable growth of 231.76% [6] Clinical Development - The company is advancing multiple innovative drug pipelines, including ongoing Phase III clinical trials for Sidaben in various cancer treatments [7] - The company has received approval for several clinical trials, including a Phase III trial for Sidaben in combination with other therapies for colorectal cancer [7] Financial Forecast - The report projects a net profit attributable to shareholders of -28 million yuan in 2025, followed by a profit of 58 million yuan in 2026 and 111 million yuan in 2027, with respective growth rates of 75.97%, 309.14%, and 92.48% [8][10]

2025 年 04 月 30 日 公司点评 买入/维持 中国长城(000066) 目标价: 昨收盘:14.48 利润暂时承压，推出 AI 训推一体机 ◼ 走势比较 (30%) 4% 38% 72% 106% 140% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 中国长城 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 32.26/32.26 | | --- | --- | | 总市值/流通(亿元) | 467.1/467.07 | | 12 个月内最高/最低价 | 24.49/7.52 | | (元) | | 相关研究报告 <<业绩恢复增长，静待行业信创市场 成长 >>--2024-05-09 <<研发投入持续提升，飞腾加速产品 迭代>>--2023-11-07 <<自主计算产业国家队，有望受益于 信创市场回暖>>--2023-09-03 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@tpyzq.com 分析师登记编号 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company has shown a recovery in profit growth in Q1 2025, with breakthroughs in AI applications [1][6] - The company's revenue for 2024 was CNY 2.395 billion, a year-on-year increase of 6.27%, while the net profit attributable to shareholders was CNY 139 million, a decline of 45.21% [3][9] - In Q1 2025, the company reported revenue of CNY 490 million, a year-on-year decrease of 9.37%, but the net profit attributable to shareholders increased by 20.29% to CNY 24.52 million [3][9] Revenue and Profit Analysis - The intelligent manufacturing segment achieved revenue of CNY 990 million in 2024, a year-on-year increase of 19.33%, with new orders growing by 27.5% [4] - The ERP segment saw a revenue decline of 5.67% to CNY 1.15 billion, affected by changes in the digital construction cycle of key clients [4] - The overall order growth was 16.65%, with the total number of clients exceeding 1,120, a 22.87% increase [4] Margin and Cost Control - The company's gross margin for 2024 was 30.46%, down 5.1 percentage points year-on-year, while Q1 2025 gross margin was 30.21%, up 2.63 percentage points year-on-year [5] - The company has effectively controlled costs, with sales, management, and R&D expense ratios showing slight changes [5] AI Development and Market Position - The company has established a comprehensive AI capability, with significant contracts in AI applications, including a CNY 48.47 million contract for AI services [6] - The company has developed customized industry models for sectors like PCB and home appliances, with notable orders exceeding CNY 13 million [6] - Collaboration with Huawei in industrial AI has led to successful commercialization of products [6] Financial Forecast - Revenue projections for 2025-2027 are CNY 2.605 billion, CNY 2.957 billion, and CNY 3.409 billion respectively, with net profits expected to be CNY 226 million, CNY 299 million, and CNY 384 million [9][10]

2025 年 04 月 30 日 公司点评 买入/维持 人福医药(600079) 昨收盘:20.82 医药 人福医药：核心业务稳健增长，开启战略协同发展新征程 走势比较 (20%) (10%) 0% 10% 20% 30% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 股票数据 2025 年一季度受医疗器械业务收缩影响，公司实现营业收入 61.37 亿 元，同比下降 3.61%；归母净利润 5.40 亿元，同比增长 11.09%。扣非净 利润 5.31 亿元，同比增长 14.35%。 | 总股本/流通(亿股) | 16.32/15.43 | | --- | --- | | 总市值/流通(亿元) | 339.83/321.29 | | 12 个月内最高/最低价 | 25.9/15.68 | | (元) | | 相关研究报告 <<人福医药：大股东重整稳步推进， 高壁垒麻醉药增长稳健>>--2024-11- 29 <<人福医药：大股东重整取得进展， 核心业务稳健增长>>--2024-11-05 <<麻醉业务稳健增长，"归核聚焦"降 本增效>>--2023-11-03 ...

Investment Rating - The investment rating for the company is "Buy/Maintain" with a target price based on the last closing price of 27.30 [1]. Core Insights - The company focuses on AI applications as the core driver for future development, with significant advancements in AI technology and solutions [5][11]. - The company reported a revenue of 1.991 billion in 2024, representing a year-on-year growth of 1.07%, and a net profit of 183 million, with a growth of 3.26% [4][7]. - For Q1 2025, the company achieved a revenue of 414 million, showing a year-on-year increase of 3.50%, and a net profit of 29 million, which is an 11.88% increase [4]. Financial Performance - The company's gross margin for 2024 was 49.37%, an increase of 0.17 percentage points compared to the previous year, while the net profit margin was 10.07%, up by 0.08 percentage points [4]. - The overseas revenue proportion reached 70.92% in 2024, an increase of 8.44 percentage points from 2022 [4]. - The earnings per share (EPS) projections for 2025-2027 are 1.09, 1.25, and 1.41 respectively, with a maintained buy rating [5][9]. Revenue and Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 2.200 billion, 2.450 billion, and 2.700 billion respectively, with growth rates of 10.49%, 11.36%, and 10.20% [7][13]. - The projected net profits for the same years are 213 million, 245 million, and 276 million, with growth rates of 16.58%, 14.74%, and 12.84% [7][13]. Stock Data - The total share capital is 1.96 billion shares, with a market capitalization of 53.59 billion and a circulating market value of 20.91 billion [3]. - The stock price has fluctuated between a high of 33.64 and a low of 19.46 over the past 12 months [3].

季节性因素叠加外部环境变化，制造业PMI降至收缩区间 徐超 S1190521050001 证券分析师： 分析师登记编号： 万琦 S1190524070001 证券分析师： 分析师登记编号： 宏观 证券研究报告 |点评报告 2025/4/30 4月PMI数据点评—— 目录 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 1、季节性因素叠加外部环境变化，制造业PMI降至收缩区间 2、非制造业保持平稳扩张 ➢ 中国4月官方制造业PMI49.0，预期49.8，前值50.5。 ➢ 中国4月非制造业PMI50.4，预期50.6，前值50.8。 图表1：PMI数据主要分项 1、季节性因素叠加外部环境变化，制造业PMI降至收缩区间 ➢制造业PMI重回临界水平以下。4月制造业PMI为49.0%，比上月下降1.5个百分点，降幅较为明显并且重回收缩区间。对此可以从季节 性因素以及外部环境变化两个角度去理解。一方面，4月制造业PMI的边际下行符合季节性特征。PMI为环比性质指标，3月为制造业 旺季，会形成较高基数，因此4月往往会出现不同程度的向下调整。2016年至今4月制造业PMI环比均为负增。另一方面，1.5个百分 点的 ...