Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.00, compared to the last closing price of 20.63 [1]. Core Views - The company achieved a record high revenue of 58.91 billion in 2024, with a year-on-year growth of 10.12%. The net profit attributable to shareholders was 7.82 billion, reflecting a year-on-year increase of 27.61% [4]. - The gross margin for 2024 was reported at 25.00%, an increase of 1.59 percentage points year-on-year, while the net margin was 13.25%, up by 1.85 percentage points year-on-year [4]. - The pharmaceutical raw materials segment saw a significant gross profit increase, contributing 48% to the total gross profit, with sales revenue of 24.77 billion, a year-on-year growth of 11.74% [5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 58.91 billion, with a gross margin of 25.00% and a net margin of 13.25%. The fourth quarter alone generated revenue of 14.73 billion, with a net profit of 2.03 billion, marking a year-on-year increase of 64.28% [4][5]. - The company forecasts revenues of 67.15 billion, 75.83 billion, and 82.96 billion for 2025, 2026, and 2027 respectively, with net profits projected at 9.54 billion, 11.44 billion, and 13.16 billion [7][10]. Business Segments - The pharmaceutical raw materials business achieved sales of 24.77 billion, with a gross margin of 28.36%, while the animal health raw materials segment reported sales of 18.31 billion, with a gross margin of 18.86% [5][6]. - The company has over 21 products with sales exceeding 50 million, and 13 products exceeding 100 million, indicating strong market presence and growth in sales volume [6]. Market Position - The company maintains a high market share in its main products and aims to achieve global leadership in 30 scaled products, with a production capacity for 120 products [7].

2025-03-28 公司深度研究 买入/维持 智明达（688636） 目标价：60.00 昨收盘：39.87 国防军工 "嵌入"国家重点领域，迎接智能化时代发展新机遇 走势比较 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 智明达 沪深300 股票数据 | 总股本/流通(亿股) | 1.13/1.13 | | --- | --- | | 总市值/流通(亿元) | 44.88/44.85 | | 12 个月最高/最低(元) | 42.77/24.37 | 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 报告摘要 国内重点领域嵌入式计算机行业"小巨人"。智明达是国内重点领域嵌 入式计算机行业的领先企业，基于客户需求为国内重点领域客户提供嵌入 式计算机相关的定制方案、产品与服务。目前，公司的产品和解决方案已 涵盖接口控制、数据处理、信号处理、图形图像处 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index within the next six months [10]. Core Views - The acquisition of Nanyue Biological Pharmaceutical Co., Ltd. for 4.2 billion yuan is a significant step in the company's "plasma expansion" strategy, which is expected to enhance overall plasma collection by over 18% [5][4]. - Nanyue Biological is the only blood product manufacturer in Hunan with GMP certification, operating nine plasma collection stations with a designed capacity of 500 tons [4]. - The company anticipates revenue growth from 85.98 billion yuan in 2024 to 114.52 billion yuan in 2026, with net profit expected to rise from 22.88 billion yuan to 31.41 billion yuan during the same period [6]. Summary by Sections Company Overview - The company has a total share capital of 6.638 billion shares and a market capitalization of 456.69 billion yuan, with a 12-month high of 8.68 yuan and a low of 6.42 yuan [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 85.98 billion yuan, 103.01 billion yuan, and 114.52 billion yuan, respectively, with year-on-year growth rates of 8%, 20%, and 11% [6]. - Net profit forecasts for the same years are 22.88 billion yuan, 28.29 billion yuan, and 31.41 billion yuan, reflecting growth rates of 29%, 24%, and 11% [6]. Strategic Developments - The acquisition of Nanyue Biological is part of a broader strategy to enhance the company's market position and operational capacity, supported by Haier Group's involvement in the company's health sector initiatives [5]. - The company will control 12 out of 17 plasma collection stations in Hunan, significantly boosting its market presence [5].

Group 1: Macro Economic Overview - The bond market has experienced a general decline, with the expectation of interest rate cuts being revised downwards due to a tightening liquidity environment. The market is stabilizing around the six-month moving average, indicating potential for allocation [3][15]. - The stock market shows mixed performance, with small-cap indices like CSI 1000 and CSI 2000 underperforming, while the STAR Market is buoyed by low-priced semiconductor stocks. There is a notable rebound in low-priced stocks in sectors like aquaculture and pharmaceuticals [4][18]. - The foreign exchange market indicates that the onshore RMB against the USD is showing strong support around 7.1, with expectations of continued depreciation pressure due to trade war concerns [5][28]. Group 2: Investment Strategies - In the bond market, it is recommended to manage duration effectively while considering allocation opportunities [8][15]. - For the A-share market, caution is advised regarding the feedback risks associated with small-cap technology stocks, while low-priced dividend, consumer, and healthcare sectors are highlighted as having favorable odds and returns [4][21]. - In the US stock market, a short-term rebound is expected, but mid-term adjustments are likely to continue, suggesting investors should wait for long-term buying opportunities [9][24]. Group 3: Sector Performance - The chemical and pharmaceutical sectors are leading the market, with significant gains observed in chemical raw materials and pharmaceuticals, both exceeding 2% [21]. - The technology sector, particularly semiconductors, is showing mixed results, with high-priced stocks underperforming while some low-priced stocks are gaining traction [21]. - The commodity market has seen a slight increase, with the Wenhua Commodity Index rising by 0.1%, led by coal, oil, and steel sectors, indicating a strong bullish signal for investors to buy on dips [11][34].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 435 HKD, compared to the last closing price of 410.40 HKD [1][3]. Core Insights - The company, Mixue Group, reported a total revenue of 24.829 billion CNY for 2024, representing a year-on-year growth of 22.3%, and a net profit of 4.437 billion CNY, up 41.4% year-on-year [1][3]. - The number of stores exceeded 46,479, with a rapid expansion in third-tier and lower cities, indicating strong store opening momentum [2][3]. - The company's gross margin improved to 32.46%, driven by enhanced supply chain efficiency and reduced raw material costs, contributing to a significant increase in net profit margin to 19.94% [3][5]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 24.829 billion CNY, with a growth rate of 22% [5]. - The net profit for 2024 was 4.437 billion CNY, reflecting a growth rate of 41% [5]. - The average revenue per store was 591,000 CNY, showing a slight decline of 3.2% year-on-year [1][2]. Store Expansion - As of the end of 2024, the company had 46,479 stores, with a net increase of 8,350 stores year-on-year [2]. - The distribution of stores across different city tiers is as follows: first-tier (1,983), new first-tier (8,143), second-tier (7,600), and third-tier and below (23,858) [2]. - The franchise model remains robust, with 46,462 franchise stores and a closure rate of 3.8% [2]. Profitability and Cost Management - The gross margin for 2024 was 32.46%, an increase of 2.9 percentage points year-on-year [3]. - The net profit margin increased significantly to 19.94%, up 2.2 percentage points from the previous year [3]. - The company expects revenue growth rates of 20%, 18%, and 16% for 2025, 2026, and 2027, respectively, with net profit growth rates of 15%, 19%, and 17% [3][5].

(30%) (12%) 6% 24% 42% 60% 24/3/27 24/6/7 24/8/18 24/10/29 25/1/9 25/3/22 ◼ 股票数据 总股本/流通(亿股) 31.13/31.13 总市值/流通(亿港元) 467.52/467.52 12 个月内最高/最低价 (港元) 17.28/9 2025 年 03 月 27 日 公司点评 买入/维持 雅迪控股(01585) 目标价: 昨收盘:15.02 雅迪控股：2024H2 业绩短期承压，中高端+出海值得期待 ◼ 走势比较 相关研究报告 <<收入利润双位数增长，优化产品结 构和终端有望持续增厚业绩>>-- 2024-03-20 <<雅迪控股 23H1 点评：拓展价格带 推升销量，盈利压力逐步释放>>-- 2023-08-30 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1 ...

申万一级电子指数趋势跟踪模型效果点评 [Table_Title] 金 金融工程点评 [Table_Message]2025-03-27 结果评估： 区间年化收益：-5.48% 波动率（年化）：32.72% 夏普率：-0.17 最大回撤：38.97% 指数期间总回报率：31.87 % 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 融 工 程 点 评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 [Table_Summary] 图表 1 净值 图表 2 历史高点 0 0.2 0.4 0.6 0.8 1 1.2 1.4 2023-03-07 2023-04-12 2023-05-22 2023-06-28 2023-08-02 2023-09-06 2023-10-19 2023-11-23 2023-12 ...

- The industry crowding monitoring model was constructed to monitor the crowding levels of Shenwan first-level industry indices daily. The model identifies industries with high crowding levels, such as mechanical equipment, basic chemicals, and power equipment, while industries like media, non-bank finance, real estate, and electronics exhibit lower crowding levels. The model also tracks significant daily changes in crowding levels for industries like agriculture, forestry, animal husbandry, and communication[4] - The Z-score model for ETF premium rate was developed to screen ETF products with potential arbitrage opportunities. The model uses rolling calculations to identify signals for ETF products, while also warning of potential risks of price corrections[5] - Daily fund flow analysis for ETFs shows that broad-based ETFs had a net inflow of 21.43 billion yuan, with top inflows into ETFs like the SSE 50 ETF (+8.67 billion yuan), A500 Index ETF (+5.15 billion yuan), and CSI 300 ETF (+4.09 billion yuan). Conversely, top outflows were observed in ETFs like CSI 500 ETF HuaXia (-2.64 billion yuan), STAR 50 ETF (-2.25 billion yuan), and CSI 500 ETF (-1.92 billion yuan)[6] - Industry-themed ETFs experienced a net outflow of 4.03 billion yuan, with top inflows into ETFs like Banking ETF (+1.72 billion yuan), Power ETF (+1.00 billion yuan), and Gaming ETF (+0.87 billion yuan). Top outflows were seen in ETFs like Photovoltaic ETF (-2.93 billion yuan), STAR Chip ETF (-1.87 billion yuan), and STAR AI ETF (-1.04 billion yuan)[6] - Style strategy ETFs had a net inflow of 7.77 billion yuan, with top inflows into ETFs like Dividend Low Volatility ETF (+2.89 billion yuan), Dividend ETF (+1.64 billion yuan), and Free Cash Flow ETF (+1.30 billion yuan). Top outflows were observed in ETFs like Dividend ETF YiFangDa (-0.46 billion yuan), Dividend ETF Boshi (-0.29 billion yuan), and Deep Dividend ETF (-0.19 billion yuan)[6] - Cross-border ETFs recorded a net inflow of 17.15 billion yuan, with top inflows into ETFs like Hang Seng Internet ETF (+2.85 billion yuan), Hang Seng Technology ETF Fund (+1.77 billion yuan), and Hang Seng ETF (+1.77 billion yuan). Top outflows were seen in ETFs like Hang Seng Medical ETF (-2.10 billion yuan), H-Share ETF (-1.47 billion yuan), and Hong Kong Stock Innovative Drug ETF (-0.94 billion yuan)[6]

Quantitative Models and Construction Methods - **Model Name**: Trend Tracking Model for SW First-Level Nonferrous Metals Index **Model Construction Idea**: The model assumes that the price movement of the target has strong local continuity, always following a certain trend. Reversal trends are assumed to last significantly shorter than trend continuations. In cases of narrow-range consolidation, the model assumes the continuation of the previous trend. When a major trend exists, the price movement within a short observation window will likely follow the local trend. If a reversal occurs, the price change at the start and end of the observation window will exceed the range caused by random fluctuations, thus eliminating the impact of randomness[2][3]. **Model Construction Process**: 1. Calculate the difference between the closing price on day T and day T-20, denoted as `del`. 2. Calculate the volatility (`Vol`) from day T-20 to day T (excluding T). 3. If the absolute value of `del` exceeds N times `Vol`, it is considered that the current price has broken out of the original oscillation range and formed a trend. The trend direction (long/short) corresponds to the sign of `del`. 4. If the absolute value of `del` is less than or equal to N times `Vol`, the current trend is assumed to continue, and the trend direction is the same as on day T-1. 5. For the stock market, where volatility is higher and small wave opportunities are more frequent, N is set to 1 for tracking. 6. The combined results of long and short returns are used as the final evaluation basis[3]. **Model Evaluation**: The model is not suitable for direct application to the SW First-Level Nonferrous Metals Index, as it failed to achieve significant cumulative returns during the evaluation period and showed poor adaptability in most timeframes[4]. Model Backtesting Results - **Trend Tracking Model for SW First-Level Nonferrous Metals Index**: - Annualized Return: -4.71%[3] - Annualized Volatility: 24.98%[3] - Sharpe Ratio: -0.19[3] - Maximum Drawdown: 25.42%[3] - Total Return of the Index During the Period: -0.03%[3]

Investment Rating - The steel industry is rated as "Neutral" for the sub-sectors including general steel, other steel, and special materials [8] Core Insights - The Ministry of Ecology and Environment announced that the steel industry will be included in the national carbon market management, which is expected to drive low-carbon technology innovation and the elimination of outdated production capacity [7] - The overall performance of the steel sector has seen a decline, with the Shanghai Composite Index down by 0.04%, Shenzhen Component Index down by 0.05%, and the ChiNext Index down by 0.26% on March 26, 2025 [4] - The steel industry is experiencing a mixed performance among individual stocks, with the top three gainers being Hengxing Technology (+6.25%), Yitong New Materials (+4.71%), and Hangang Co. (+4.58%), while the top three losers are Bayi Steel (-3.47%), Xining Special Steel (-3.23%), and Shibi Bai (-2.22%) [5] Industry Data Summary - Futures prices show slight fluctuations: rebar (+0.06%), wire rod (-0.35%), hot-rolled coil (+0.12%), iron ore (+0.19%), coke (+1.35%), and coking coal (-0.05%) [6] - Current prices for steel products are as follows: iron ore at 758.53 yuan/ton, wire rod at 3431.99 yuan/ton, hot-rolled coil at 3399.27 yuan/ton, rebar at 3235.18 yuan/ton, coke at 1626.75 yuan/ton, and coking coal at 1042.14 yuan/ton [6] - The iron ore Platts index shows 65% fines at 114.95, 58% fines at 87.45, and 62% fines at 102.55 [6] Company Announcements - Hebei Steel Group has delivered Q345qENH bridge steel for the Beijing-Tianjin-Hebei expressway project, ensuring high-quality delivery to meet strict customer requirements [9] - Shougang Group has developed a low-carbon project with Zhongshan Qinggui, achieving 100% recycling of scrap steel and a 30% reduction in carbon emissions [9] - Fangda Special Steel has completed ultra-low emission transformation projects and implemented a smart control platform for real-time monitoring of pollutant emissions [10]