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 ...

证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 2025 年 04 月 30 日 公司点评 买入/维持 比亚迪(002594) 目标价: 昨收盘:355.00 BYD 的全球 SHENZHEN 时刻 ◼ 走势比较 (20%) 2% 24% 46% 68% 90% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 比亚迪 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 30.39/11.62 | | --- | --- | | 总市值/流通(亿元) | 10,788.68/4,1 | | | 26.57 | | 12 个月内最高/最低价 | 403.4/206.58 | | (元) | | 相关研究报告 <<比亚迪：从批量爆款到全面智 能>>--2025-03-26 <<比亚迪时刻：从批量爆款到全面智 能>>--2024-09-01 <<双宋齐发，进入批量打造销冠爆款 车型的比亚迪时刻>>--2024-07-29 事件：公司发布 2025 年一季报，实现营业总收入 ...

2025 年 04 月 30 日 公司点评 买入/ 维持 君实生物(688180) 目标价: 48.10 昨收盘:30.45 拓益收入同比增长 46%，关注 DKK1 胃肠道肿瘤早期数据 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 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) 9.86/7.65 总市值/流通(亿元) 300.14/232.81 12 个月内最高/最低价 (元) 38.36/23.08 相关研究报告 观点： 拓益销售收入保持高增速，公司运营效率显著提升，在手现金 30 亿 元。2025 年第一季度公司实现收入 5 亿元（同比+31.46%），其中，核心 产品特瑞普利单抗于国内市场实现销售收入 4.47 亿元（同比+45.72%）。 同时，公司积极落实"提质增效重回报"行动方案，提升销售效率，并将资 源聚焦于更具潜力的研发项目，与上年同期相比亏损减少。2025Q1 销售 费用 2.26 亿元（同比+17.79%），占总收入比重为 45%，较 2024Q1 下降 了 5pcts。研发费用 ...

2025 年 04 月 30 日 公司点评 买入/维持 伯特利(603596) 目标价: 昨收盘:59.40 智驾平权时代：做强 X 向，做大 Y+Z 向 ◼ 走势比较 (30%) (10%) 10% 30% 50% 70% 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) | 6.07/6.06 | | --- | --- | | 总市值/流通(亿元) | 360.27/360.14 | | 12 个月内最高/最低价 | 67.4/31.75 | | (元) | | 相关研究报告 <<打造一体式底盘域控系统：做强 X 向，做大 Y+Z 向>>--2024-09-03 <<伯特利 2023 年报点评：智能电控 龙头，产能扩张驱动高速成长>>-- 2024-03-31 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 事件：公司发布 2024 年报&2025 年一季报，2024 年营业收入 99.37 亿元， 同比+32.95%；归母 ...

2025 年 04 月 30 日 公司点评 买入/维持 亿帆医药(002019) 目标价: 15 昨收盘:11.69 Q1 业绩基本符合市场预期，创新药产品收入实现高速增长 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 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) | 12.16/8.41 | | --- | --- | | 总市值/流通(亿元) | 142.2/98.37 | | 12 个月内最高/最低价 | 14.4/9.94 | | (元) | | 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 事件： 4 月 29 日晚，公司发布 2025 年一季度报告，2025 年第一季度公司实 现营业收入 13.27 亿元，同比增长 0.05%，归母净利润为 1.53 亿元，同 比增长 4.83%，扣非后归母净利润为 0.95 亿元，同比下滑 13.55%。 点评： Q1 髙基数下，收入和利润端均实现同比正增长。2025 年第一季度公 司实现营 ...

福元医药(601089) 目标价: 19 昨收盘:15.35 Q1 收入端实现正增长，销售费用率持续优化 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 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) | 4.8/2.05 | | --- | --- | | 总市值/流通(亿元) | 73.68/31.52 | | 12 个月内最高/最低价 | 18.6/13.11 | | (元) | | 相关研究报告 <<【太平洋证券】福元医药（601089） 公司点评：业绩略低于市场预期，研 发投入持续加码（2025.3.31）>>-- 2025-04-01 <>--2024-10-25 <>--2024-08-18 2025 年 04 月 30 日 公司点评 买入/维持 Q1 收入端实现正增长，利润端略有下滑。2025 年第一季度公司实现 营业收入 8.30 亿元，同比增长 3.46%，利润端归母净利润为 1.31 亿元， 同比下滑 1.47%，扣非后归母净利润为 1.22 亿元，同比下滑 1.16%。单季 度 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year growth of 9.27%, while the net profit attributable to shareholders was 28 million yuan, down 72.91% year-on-year [4][9] - In Q1 2025, the company reported total revenue of 461 million yuan, a year-on-year increase of 3.67%, but a net loss of 21 million yuan [4][5] - The automotive optical business has entered mass production, contributing to revenue growth [1][5] Financial Performance Summary - For Q4 2024, the company recorded revenue of 699 million yuan, up 24.21% year-on-year, with a reduced net loss of 15 million yuan compared to a loss of 25 million yuan in Q4 2023 [5][6] - The core components and complete machine business generated revenue of 2.240 billion yuan in 2024, reflecting an 11.48% year-on-year increase, primarily driven by the automotive optical business [5][6] - The gross profit margin for Q4 2024 and Q1 2025 was 22.15% and 25.21% respectively, both under pressure compared to previous periods [6][9] Business Segment Performance - The automotive optical business revenue reached 638 million yuan in 2024, while the cinema and professional display businesses generated nearly 570 million yuan and 392 million yuan respectively [5][6] - The overseas revenue for the professional display business was approximately 140 million yuan, showing a significant increase of 60.47% [5][6] Regional Performance - In 2024, domestic and overseas revenues were 2.141 billion yuan and 277 million yuan respectively, with domestic revenue growing by 14.93% and overseas revenue declining by 20.81% [5][6] Future Outlook - The company is expected to benefit from the recovery of the film industry and the growth of the intelligent cockpit market, with projected net profits of 120 million yuan, 180 million yuan, and 215 million yuan for 2025, 2026, and 2027 respectively [7][9] - The estimated earnings per share (EPS) for the same years are projected to be 0.26 yuan, 0.39 yuan, and 0.47 yuan, with corresponding price-to-earnings (PE) ratios of 55.91, 37.11, and 31.09 [7][9]