证券研究报告 2025 年 03 月 03 日 湘财证券研究所 行业研究 机械行业周报 2 月我国制造业 PMI 为 50.2%，环比回升 1.1 个百分点 ——机械行业周报（02.24~03.02） 相关研究： 1.《20250217湘财证券-机械行业：1 月我国挖机销量约1.25万台，保持增 长趋势》 2.《20250224湘财证券-机械行业： 1月我国叉车销量约9.4万台，同比 下降15.4%》 行业评级：买入（维持） 近十二个月行业表现 30% 40% 机械设备(申万) 沪深300 % 1 个月 3 个月 12 个月 相对收益 8.8 8.5 14.7 绝对收益 10.7 7.0 24.7 注：相对收益与沪深 300 相比 -30% -20% -10% 0% 10% 20% 24/03 24/05 24/07 24/09 24/11 25/01 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 上周机械设备行业下跌 2.4%，跑输大盘 0. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with a revenue of 2,065.80 million yuan, a year-on-year increase of 25.18%, and a net profit attributable to the parent company of 673.48 million yuan, up 26.14% year-on-year [4][8] - The company has maintained a net profit growth rate of over 25% for several consecutive years, indicating strong growth potential [4] - The domestic market's product admission rate has continued to improve, with over 150 new hospitals adopting the company's electrophysiology products and a more than 100% increase in the number of three-dimensional electrophysiology surgeries performed [5] - The company is actively expanding its overseas market and enhancing its internal governance structure, focusing on revenue growth, cost control, and quality improvement [6] - Significant R&D progress has been made, with key products approved for market release, including a disposable cardiac pulsed field ablation catheter, which is expected to create new revenue growth opportunities in 2025 [7][8] Financial Summary - The company is projected to achieve revenues of 2,066 million yuan, 2,521 million yuan, and 2,996 million yuan for 2024, 2025, and 2026 respectively, with net profits of 673 million yuan, 922 million yuan, and 1,092 million yuan for the same years [8][11] - The gross profit margin is expected to improve from 72.6% in 2024 to 77.7% in 2026, indicating enhanced profitability [11] - The company's earnings per share (EPS) are forecasted to be 6.92 yuan, 9.47 yuan, and 11.22 yuan for 2024, 2025, and 2026 respectively [11]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - In February 2025, the rare earth permanent magnet industry saw a significant increase of 13%, outperforming the benchmark index (CSI 300) by 10.15 percentage points. The industry's valuation (TTM P/E) rose from 81.66x at the beginning of the month to 92.28x, ending the month at the 98.6% historical high percentile [4][19] - The prices of rare earth raw materials have shown a notable increase, with the average price of mixed rare earth carbonate rising by 11.16% month-on-month to 24,900 CNY/ton, and a year-on-year increase of 12.16% [5] - The demand in downstream sectors remains robust, particularly in the air conditioning and new energy vehicle markets, despite a temporary decline in production due to the Spring Festival [11][12] Summary by Sections Industry Performance - The industry achieved a relative return of 4% over one month, 2% over three months, and 38% over twelve months, with absolute returns of 7%, 4%, and 51% respectively [3] Raw Material Prices - Significant month-on-month increases in prices for various rare earth materials were observed, including: - Mixed rare earth carbonate: +11.16% to 24,900 CNY/ton - Praseodymium-neodymium oxide: +6.55% to 435,000 CNY/ton - Dysprosium oxide: +3.99% to 1,715 CNY/kg [5][6][7] Downstream Demand - The air conditioning sector experienced a production decline of 4.2% year-on-year in January 2025, attributed to the Spring Festival timing, but sales remained strong with an 8.7% increase in total sales [11] - The new energy vehicle sector continued to thrive, with production increasing by 28.96% year-on-year in January 2025 [12] Investment Recommendations - The report suggests that while the industry faces overcapacity and competitive pressures, the demand in key sectors like air conditioning and new energy vehicles provides a solid foundation for future growth. The current valuation levels are high, indicating potential overvaluation risks, thus maintaining the "Overweight" rating [13]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - In February 2025, the rare earth permanent magnet industry saw a significant increase of 13%, outperforming the benchmark index (CSI 300) by 10.15 percentage points. The industry's valuation (TTM P/E ratio) rose from 81.66x at the beginning of the month to 92.28x, ending the month at the 98.6th percentile of its historical valuation range [4][19] - The upstream prices of rare earth minerals showed a notable increase in February 2025, with the average price of mixed rare earth carbonate rising by 11.16% month-on-month to 24,900 CNY/ton, and a year-on-year increase of 12.16% [5] - The demand in downstream sectors remains robust, particularly in the air conditioning and new energy vehicle markets, despite a temporary decline in air conditioning production due to the Spring Festival [11][12] Summary by Sections Industry Performance - The rare earth permanent magnet industry outperformed the benchmark index with a relative return of 4% over one month, 2% over three months, and 38% over twelve months. Absolute returns were 7%, 4%, and 51% respectively [3] Upstream Market - Significant month-on-month and year-on-year increases in prices for rare earth minerals, including a 6.55% rise in praseodymium-neodymium oxide to 435,000 CNY/ton and a 6.8% increase in praseodymium-neodymium mixed metal to 535,100 CNY/ton [6][9] - Heavy rare earth prices also showed resilience, with dysprosium oxide and dysprosium iron prices increasing by 3.99% and 4.41% respectively [7] Downstream Demand - The air conditioning sector experienced a production decline of 4.2% year-on-year in January 2025, attributed to the Spring Festival timing, but sales remained strong with an 8.7% increase in total sales [11] - The new energy vehicle sector continued to thrive, with production increasing by 28.96% year-on-year in January 2025 [12] Investment Recommendations - The report suggests that while the demand remains strong, the industry faces challenges such as overcapacity and the need for demand to absorb excess supply. The overall industry performance is still in a bottoming phase, and the current high valuation levels lack sufficient earnings support [13]

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [6]. Core Insights - The IVD sector has benefited from the integration of AI in diagnostics, leading to a notable increase in stock performance, with the sector rising by 4.15% last week [1][4]. - The report highlights the significant growth potential in the global IVD market, driven by advancements in AI applications in pathology and diagnostics [4][65]. - The current price-to-earnings (PE) ratio for the IVD sector is 23.64X, with a price-to-book (PB) ratio of 1.73X, indicating a slight increase from the previous week [3][30]. Summary by Sections Industry Performance - The pharmaceutical and biological sectors saw a 2.71% increase, with the IVD sector outperforming the broader market [1][19]. - Notable performers in the IVD sector include companies like Anbiping (+28.2%) and Jiukang Biological (+13.0%) [2][24]. Valuation Metrics - The IVD sector's PE ratio has increased by 0.92X over the past week, while the PB ratio has risen by 0.08X [3][30]. - Historical valuation data shows the IVD sector's PE is at a historical percentile of 52.37% [30]. Market Trends - The report emphasizes the growing importance of AI in the healthcare sector, particularly in pathology, where it addresses challenges such as the shortage of pathologists and diagnostic accuracy [57][65]. - The report suggests focusing on high-growth areas within the IVD sector, such as immunodiagnostics and molecular diagnostics, particularly PCR technology [4][65].

证券研究报告 2025 年 02 月 19 日 湘财证券研究所 行业研究 体外诊断行业周报 "AI+病理"解决行业痛点 --体外诊断行业周报 2.10-2.16 相关研究： 核心要点： 上周医药生物上涨 2.71%，体外诊断上涨 4.15% 上周医药生物报收 7368.10 点，上涨 2.71%，涨幅排名位列申万 31 个一级 行业第 5 位。沪深 300 指数上涨 1.19%，医药跑赢沪深 300 指数 1.53%。 申万医药生物二级子行业医疗服务 II 报收 5380.99 点，上涨 6.51%；中药 II 报收 6446.65 点，上涨 0.80%；化学制药 II 报收 10078.98 点，上涨 0.71%； 生物制品Ⅱ报收 5993.86 点，上涨 1.61%；医药商业Ⅱ报收 5147.41 点， 上涨 4.18%；医疗器械Ⅱ报收 6428.22 点，上涨 4.81%。细分板块来看， 体外诊断受益于 AI+诊疗影响涨幅居前。 从体外诊断板块公司的表现来看，表现居前的公司有：安必平（+28.2%）、 九强生物（+13.0%）、达安基因（+11.2%）、万孚生物（+9.4%）、迪瑞医疗 （+9.1%）； ...

Investment Rating - The report suggests a "slow bull" market trend for 2025, with a focus on technology and consumption sectors, particularly AI and humanoid robots, as well as non-bank financial securities and insurance [48]. Core Insights - The 2025 spring market is characterized by a significant rise in various indices, with the ChiNext Index and the Sci-Tech 50 Index showing increases of 10.55% and 14.63% respectively since February 5, 2025 [9][11]. - The report identifies key sectors that have performed well, including IT services, film and television, and automation equipment, with notable increases in their respective secondary and tertiary industry rankings [11][22]. - The DeepSeek model is highlighted as a transformative force in the investment landscape, enhancing quantitative trading capabilities and reducing the barriers to entry for investors [25][27]. Summary by Sections Section 1: Current Spring Market Performance - The report outlines the performance of major indices and sectors since the beginning of 2025, indicating a strong upward trend in the market [9][11]. - Key sectors such as IT services and film and television have shown substantial growth, with specific percentages noted for their performance [11]. Section 2: Future Changes in the Spring Market - The report defines the spring market as a period of rising stock prices typically from January to March, driven by policy expectations and liquidity improvements [16]. - It predicts a potential shift in market themes in March, with a focus on AI and domestic consumption as primary drivers [19][22]. Section 3: Impact of DeepSeek on Market Investment - DeepSeek's rapid adoption by major telecom companies and its integration into quantitative trading strategies are discussed, emphasizing its role in democratizing access to advanced trading techniques [25][27]. - The report elaborates on how DeepSeek can enhance traditional investment strategies by integrating subjective judgment with quantitative analysis [34][44]. Section 4: Investment Recommendations - The report recommends focusing on sectors closely related to new productive forces, such as AI and humanoid robots, as well as consumption-related industries like real estate services and digital services [48]. - It emphasizes the importance of monitoring external factors, including international trade dynamics and domestic policy developments, which could influence market performance [48].

证券研究报告 2025 年 02 月 24 日 湘财证券研究所 策略研究 策略周报 2 月 LPR 维持不变，A 股指数继续震荡上行 ——2025.02.17-2025.02.23 日策略周报 相关研究： 核心要点： 2025.02.17-2025.02.23 日，就 31 个申万一级行业的涨跌幅状况来看，总体 表现为涨跌相当：周涨幅居前的板块是：通信、机械设备，周涨幅分别为 8.09%、7.77%。而周涨跌幅居后的板块是：煤炭、传媒，周涨跌幅分别为 -4.31%和-1.80%。 分析师：仇华 地址：上海市浦东新区银城路88号 就 124 个申万二级行业（扣除林业）涨跌幅状况来看：周涨幅居前的板块 是：电机Ⅱ、自动化设备，周涨幅分别为 13.70%和 12.06%。2025 年以来累 计涨幅居前的是：影视院线、电机Ⅱ，累计涨幅在 29.00%上下。而周涨跌 幅居后的板块是：影视院线、商用车，周涨跌幅分别为-10.86%和-6.37%。 2025 年以来累计涨跌幅居后的板块是：煤炭开采、非白酒，累计跌幅分别 为-13.18%、-10.11%。 就 259 个申万三级行业（扣除 16 个无数据行业）的涨跌幅状况来 ...

证券研究报告 2025 年 2 月 25 日 湘财证券研究所 宏观研究 宏观大类资产周报 科创板领涨，国债收益率有所抬升 相关研究： ❑ 大宗商品普遍上涨 1. 《国内股市普遍上涨，人民 币小幅贬值》 2024.10.29 2. 《国内股市普遍下跌，人民 币窄幅波动》 2024.11.11 3. 《权益继续调整，黄金大幅 反弹》 2024.11.25 4. 《国内权益市场大幅调整债 券收益率再破新低》 2025.01.06 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 科创板领涨 2 月 17 日~ 2 月 21 日，国内权益市场普遍上涨，其中上证指数周涨 0.97%、深证成指周涨 2.25%，创业板周涨 2.99%，科创 50 周涨 7.07%。 受益于人工智能的火爆，以 AI产业链为主的科技股表现亮眼，伴随国内 科技行业的估值修复，未来板块的上涨空间仍存。在国内权益市场风险 偏好回升的基础上，我们认为国内权益市场具备持续向上的动力。 ❑ 债券收 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Views - The company has a significant competitive advantage in the parenteral nutrition sector, supported by a well-structured product matrix and ongoing R&D investments [3][4][5]. - The diversified product pipeline is expected to drive sustained revenue growth, with core products showing signs of recovery and new products being launched [4][5][25][36]. Summary by Sections Company Overview - The company has been focused on the parenteral nutrition market since its inception in 2002, establishing a strong brand and product differentiation through continuous R&D [8][9]. - It has developed a competitive edge with several products being the first domestic generics or unique offerings in the market [9][30]. Financial Performance - Revenue has experienced fluctuations, but profit has shown steady growth, with a projected recovery in revenue growth starting in 2024 [12][25]. - The company expects revenues of 1.371 billion, 1.644 billion, and 1.991 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.6%, 20.0%, and 21.1% [5][39]. Product Pipeline and Market Strategy - The core product, injection of multiple vitamins (12), has a high market share and is expected to see revenue growth due to successful procurement bids [27][30]. - New products, including pediatric multi-vitamins and various microelement injections, are anticipated to contribute to revenue growth, with several products already approved for market entry [33][36]. Investment Recommendations - The company is well-positioned in a high-barrier market with a strong brand advantage, and it is expected to benefit from ongoing product launches and market penetration [5][37]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64, 0.78, and 0.99 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 14.8, 12.1, and 9.6 [5][39].