Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a realization phase for its biopharmaceuticals, with expectations of an upward turning point [1] - The company achieved a revenue of 3.924 billion yuan in 2024, a slight decrease of 0.20% year-over-year, while the net profit attributable to shareholders increased significantly by 536.09% to 826 million yuan [1][9] - The first quarter of 2025 saw a revenue of 885 million yuan, down 11.85% year-over-year, and a net profit of 85 million yuan, down 52.19% year-over-year [1] Revenue and Profitability - The company's revenue from non-heparin formulations is expected to drive growth in overseas formulations, with a projected revenue of 3.050 billion yuan from formulations in 2024, representing a year-over-year increase of 10.05% [1][2] - The revenue from non-heparin formulations reached 1.467 billion yuan in 2024, showing a year-over-year growth of 24.25% [1][2] - The company’s heparin raw material revenue is declining, with a projected revenue of 787 million yuan in 2024, accounting for 20.06% of total revenue [2] Future Growth Drivers - The company is expected to see significant growth from its high-margin biopharmaceutical product line, which is entering a realization phase [2][3] - The company has received FDA approvals for several products, including Liraglutide in April 2025, which is anticipated to enhance its international market presence [1][2] Financial Forecasts - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.65 yuan, 0.90 yuan, and 1.22 yuan respectively [3][9] - The company’s revenue is expected to grow to 4.785 billion yuan in 2025, representing a year-over-year increase of 21.95% [9] Market Position - The company is successfully transitioning from a traditional raw material supplier to an international sterile injection enterprise, with a focus on quality and cost leadership [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29%. Despite the pressure on the cybersecurity industry due to tightened budgets from downstream clients, the company focused on core customers and high-value markets to achieve growth [2] - The company's net loss narrowed to 365 million yuan in 2024, with a significant improvement in operating quality driven by cost reduction and efficiency enhancement strategies. The gross margin for security products reached 67.87% [3] - The company is targeting AI and security as dual engines for growth, with plans to enhance its technology stack and build ecosystems in the future [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.358 billion yuan, a 40.29% increase year-on-year. The net loss was reduced to 365 million yuan, with a net profit margin improvement from -58.1% to -15.5% [2][3] - For Q4 2024, the revenue was 1.084 billion yuan, showing a year-on-year growth of 128.67% [8] - The company forecasts revenues of 2.536 billion yuan, 2.743 billion yuan, and 2.981 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits turning positive in 2025 [9][10] Strategic Focus - The company is implementing a "focus strategy" to optimize resource allocation, concentrating on stable core customers in sectors like telecommunications, finance, and energy while reducing inefficiencies in other markets [2] - The introduction of a restricted stock incentive plan for 2024 indicates management's confidence in long-term performance improvement, with revenue targets set for 2025 and 2026 [2] Innovation and Market Position - The company made significant advancements in AI and security, launching the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" risk assessment product [4] - The strategic goal is to solidify domestic leadership while expanding into international markets, aiming to become a leader in digital cybersecurity [4]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that the turning point for the CXO sector has emerged, suggesting a positive outlook for investment [6][70] - The report highlights that domestic performance, orders, and AI are the main themes driving growth [5] - The report emphasizes the recovery of revenue growth year-over-year (YOY) and the gradual improvement in profitability [5][29] Summary by Sections Price Review - The medical research outsourcing index increased by 0.82% from December 31, 2024, to April 30, 2025, outperforming the pharmaceutical and biotechnology index by 0.64 percentage points [5] Financial Analysis - Revenue growth is showing a positive trend, with the average YOY revenue growth for CXO companies reaching 8.2% in Q1 2025 [28] - The average gross margin for Q1 2025 is 30.9%, reflecting a YOY increase of 1.1 percentage points [34] - The average net profit margin excluding non-recurring items is 8.0%, up by 12.5 percentage points YOY [34] Growth Potential - The report notes that the global healthcare industry is seeing a stabilization in private equity and venture capital financing, which is expected to drive demand recovery [6] - The report mentions that the order growth for leading companies remains strong, with notable increases in new orders for companies like Kailaiying and Kanglonghua [61] Operational Efficiency - Inventory turnover rates have improved, with an average of 3.36 in 2024, indicating a stabilization in operational efficiency [39] - The report anticipates that operational efficiency will continue to improve as leading CXO companies execute orders and enhance capacity utilization [39] Investment Strategy - The report recommends actively allocating investments in the CXO sector, particularly in small molecule and large molecule CDMO opportunities, as well as clinical CROs supported by domestic innovation policies [72]

❑ 业绩概览： 24 年：收入 117.9 亿（同比+21%），归母净利 2.05 亿（同比+2%），扣非归母 1.39 亿（同比+4%）。 25Q1：收入 33.0 亿（同比+25%），归母净利 5778 万（同比+42%），扣非归母 4620 万（同比+103%）。 ❑ 业绩拆分：灵工高增驱动增长，海外 24 年或已触底、拐点将至 24 年收入分业务看，灵活用工/猎头/招聘流程外包/技术服务分别为 111.4 亿元 （同比+22%）/3.7 亿元（同比-12%）/0.6 亿元（同比-18%）/0.6 亿元（同比 +44%），占比为 94.5%/3.2%/0.5%/0.5%，灵工仍为公司增长核心驱动，猎头业务 较中报时的 15%降幅进一步缩小。 科锐国际(300662) 报告日期：2025 年 05 月 15 日 三重驱动全线向好，25Q1 归母净利同比+42% ——科锐国际 2024 年年报及 25 年一季报点评报告 投资要点 分区域看，大陆营收同比+29%，欧美等区域受多重宏观因素影响招聘需求不活 跃，对应港澳台及海外收入同比下滑 4%，海外营收降幅较中报时的-6%亦呈收 窄趋势，伴随公司国内及海外业务 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company faced a significant decline in revenue, with a 32.49% year-on-year decrease, resulting in a net loss of 1.379 billion yuan in 2024, primarily due to macroeconomic fluctuations and reduced IT budgets from clients [2][9] - Despite short-term revenue pressures, the company is focusing on cash flow optimization, achieving a cash collection ratio of 109.40% and improving operating cash flow by 436 million yuan year-on-year [2] - The company has implemented effective cost control measures, with total expenses decreasing by 12.66% in 2024, and anticipates profit recovery in 2025 as it continues to refine expense management [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.349 billion yuan, a decrease of 32.49% year-on-year, and a net profit loss of 1.379 billion yuan [9] - The fourth quarter of 2024 saw a revenue of 1.639 billion yuan, down 40.55% year-on-year, with a net profit loss of 203 million yuan [9] - For Q1 2025, the company achieved revenue of 686 million yuan, a slight decline of 2.65%, with a net profit loss of 418 million yuan, indicating a narrowing of losses [9] Strategic Initiatives - The company has introduced a "Four Focus" strategy aimed at steady revenue growth, which includes focusing on core products, key customers, enhancing distributor effectiveness, and expanding into overseas markets [4] - The company plans to leverage AI technologies to enhance its product offerings, particularly in threat detection and security operations [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 4.435 billion, 4.608 billion, and 4.849 billion yuan respectively, with a gradual recovery in net profit expected by 2027 [10] - The company is expected to benefit from improved operational quality and cash flow levels, providing a higher performance elasticity in the long term [10]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown impressive performance in its Q1 2025 results, with a significant increase in contract liabilities by 385.5% year-on-year [2] - The company is a leading player in the domestic mining vehicle market, holding over 80% market share, and is expected to benefit from trends towards smart, electric, and customized products [2][3] - The company is expanding its international presence, with overseas business accounting for 39.5% of revenue in 2023, indicating substantial growth potential in the global mining vehicle market [3] Financial Performance Summary - For 2024, the company reported revenue of 2.92 billion yuan, a year-on-year increase of 21.4%, and a net profit of 180 million yuan, up 26.3% [1] - In Q1 2025, the company achieved revenue of 880 million yuan, a 6.4% increase year-on-year, with a net profit of 60 million yuan, reflecting a 22.2% growth [1] - The company expects net profits to grow to 220 million yuan, 270 million yuan, and 320 million yuan in 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16, 13, and 11 [4] Market Position and Outlook - The domestic mining vehicle market is projected to be worth 1.5 billion yuan, with the company positioned as the market leader [2] - The global mining vehicle market is valued at approximately 3.5 billion USD, presenting significant opportunities for the company to increase its market share [3] - The company is well-positioned to capitalize on the ongoing trends in the mining vehicle sector, including the shift towards larger, more efficient vehicles and enhanced service offerings [3]

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The USDA supply and demand report indicates that new crop inventories for soybeans and corn are lower than expected, which is favorable for prices [4][6] - Global corn production for the 2024/25 season is estimated at 1.221 billion tons, with significant increases in production from the U.S., Brazil, and Argentina [1][12] - The soybean production forecast for the 2025/26 season is 410 million tons, with Brazil expected to reach a record 175 million tons [2][3][18] - The global wheat production forecast for 2025/26 is 667 million tons, reflecting a 1.0% year-on-year increase, with the EU showing significant growth [4][28] Summary by Sections Corn - The USDA report estimates a global corn production of 1.221 billion tons for 2024/25, with U.S. production increasing by 24.22 million tons due to expanded planting [1][12] - The projected global corn ending stocks for 2025/26 are 95.68 million tons, a 7.4% increase year-on-year, with a low stocks-to-use ratio of 10% [1][12] Soybeans - The global soybean production for 2024/25 is estimated at 421 million tons, with U.S. ending stocks significantly reduced to 295 million bushels [2][3][18] - The forecast for global soybean ending stocks for 2025/26 is 80.47 million tons, a 1.6% increase year-on-year, with a stocks-to-use ratio of 27.6% [3][19] Wheat - The global wheat production for 2025/26 is projected at 667 million tons, with the EU's production expected to increase by 11.4% to 136 million tons [4][28] - The global wheat ending stocks for 2025/26 are estimated at 14.2 million tons, reflecting a 2.5% year-on-year increase, with a stocks-to-use ratio of 21.6% [5][28] Investment Recommendations - In light of increasing global weather extremes and geopolitical tensions affecting grain prices, the report emphasizes the importance of seed source control for national food security [6][36] - Recommended companies include leading seed firms with transgenic advantages such as Longping High-Tech, Dabeinong, and Qianyuan High-Tech, along with suggestions to monitor Kangnong Seed Industry, Denghai Seed Industry, and Fengle Seed Industry [6][36]

北方股份(600262) 报告日期：2025 年 05 月 15 日 一季报订单超预期；期待中国矿用车龙头海外打开空间 ——北方股份点评报告 投资要点 ❑ 2024 年报&2025Q1：业绩表现亮眼，Q1 合同负债大幅增长 385.5% 1）2024 年报：营收 29.2 亿元，同比增长 21.4%；归母净利润 1.8 亿元，同比增长 26.3%。毛 利率 19.1%，同比下降 3.8pct；净利率 7.1%，同比提升 0.13pct。受益公司在海外市场开拓+ 公司在新能源车市场推广的加码。 收入结构——整车：21.7 亿元、同比增长 20.4%，毛利率 15.1%、同比-0.8pct；备件及服 务：7.3 亿元、同比增长 24.6%，毛利率 28.9%、同比-1.1pct；其他业务：0.2 亿元、同比增 长 20.6%，毛利率 97.3%、同比+19.7pct。 2）2025Q1 业绩：营收 8.8 亿元，同比增长 6.4%；归母净利润 0.6 亿元，同比增长 22.2%。毛 利率 16.7%，同比下降 2.8pct；净利率 7.4%，同比持平。 3）订单：截至 2025 年 Q1 末，合同负债达 11.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company faced a significant decline in revenue, with a 32.49% year-on-year decrease, resulting in a net loss of 1.379 billion yuan in 2024. This decline was attributed to macroeconomic fluctuations, reduced IT budgets from clients, and structural adjustments in industry demand [2][9] - Despite the short-term revenue pressure, the company has prioritized cash flow optimization, achieving a cash collection ratio of 109.40% and improving operating cash flow by 436 million yuan year-on-year, marking the best level since its listing [2] - The company has implemented effective cost control measures, with total expenses decreasing by 12.66% in 2024, although revenue fluctuations have led to an increase in expense ratios, diluting the cost reduction effects [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.349 billion yuan, a decrease of 32.49% year-on-year, and a net profit attributable to shareholders of -1.379 billion yuan, indicating a shift from profit to loss [9] - For Q4 2024, the company recorded revenue of 1.639 billion yuan, down 40.55% year-on-year, with a net profit of -203 million yuan [9] - The Q1 2025 report showed revenue of 686 million yuan, a slight decline of 2.65% year-on-year, with a net loss of 418 million yuan, indicating a narrowing of losses [9] Strategic Initiatives - The company has introduced a "Four Focus" strategy aimed at achieving steady revenue growth by concentrating on core products, key customers, enhancing distributor effectiveness, and expanding into overseas markets [4] - The company plans to leverage AI technologies to enhance its product offerings, particularly in threat detection and security operations, through collaborations and the optimization of its proprietary detection engines [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 4.435 billion, 4.608 billion, and 4.849 billion yuan, respectively, with a gradual recovery in profitability expected, although the company will continue to face short-term performance pressures [10] - The company aims to achieve a net profit of -309 million yuan in 2025, with expectations of returning to profitability by 2027 [10]

证券研究报告 | 行业专题 | 工程机械 工程机械 报告日期：2025 年 05 月 15 日 4 月挖掘机内销同比增长 16%；工程机械反转逻辑持续验证 ——工程机械行业月度报告 事件：据中国工程机械工业协会，2025 年 4 月销售各类挖掘机 22142 台，同比增长 17.6%，其中国内销量 12547 台，同比增长 16.4%；出口量 9595 台，同比增长 19.3%。 4）估值：考虑到行业周期筑底逐步复苏上行，龙头盈利能力趋势提升，我们认 为行业合理估值或存在提升空间，未来有望迎来戴维斯双击。 行业评级: 看好(维持) 分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 分析师：王华君 执业证书号：S1230520080005 wanghuajun@stocke.com.cn 投资要点 ❑ 4 月挖掘机总销量同比增长 18%，其中内销同比增长 16%，外销同比增长 19% 2025 年 4 月销售各类挖掘机 22142 台，同比增长 17.6%，2024 年 4 月-2025 年 4 月连续 13 个月同比正增长；国内销量 12547 台， ...