| 邓柯 | 分析师 | | --- | --- | | SAC执业证书:S0640521070001 | | | 邮箱：dengke@avicsec.com | | | 王勇杰 | 分析师 | | SAC执业证书:S0640524090001 | | | 邮箱： wangyjsh@avicsec.com | | 1 数据来源:iFinD,中航证券研究所 中航证券研究所发布 【证券研究报告】 财务数据：报告期内,应收款项融资增加 155.90%，主要系银行承兑汇票 方式回款较多所致；预付款项增加较多，主要系公司战略性增加备货所致； 在建工程变动较大,主要系公司在建产线增加较多所致； 夸克电机助力公司开拓新能源汽车电机新空间：根据广汽埃安数据显示, 采用非晶合金带材制造的夸克电驱定子件,在电池容量不变的情况下,能够 增加续航 50-150 公里,大大助力了电机效率提升。我们判断,夸克电驱的 推广将有效的打开公司非晶带材在新能源汽车上的应用空间; 及时调整募投项目,公司新产能规划贡献增量: 根据 2025 年 1 月 28 日公 告,公司拟对纳米晶带材产业化项目结项,并将适用于合金粉末产业化项目 及非晶合金闭口立 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [8][18]. Core Insights - In 2024, the company achieved operating revenue of 12.276 billion yuan, a year-on-year increase of 6.39%, with a net profit attributable to shareholders of 1.793 billion yuan, up 12.01% year-on-year [1][14]. - The company added over 900 new clients, including major global pharmaceutical companies, contributing 655 million yuan to revenue, which accounts for 5.34% of total revenue [3][14]. - The company operates an integrated platform that enhances collaboration across its service segments, leading to improved operational efficiency and revenue growth [10][14]. Summary by Sections Financial Performance - The company reported quarterly revenue growth throughout 2024, with Q4 revenue reaching 3.459 billion yuan, a year-on-year increase of 16.1% [2]. - Non-IFRS adjusted net profit for 2024 was 1.607 billion yuan, a decrease of 15.6% year-on-year [1][2]. Client Base and Revenue Sources - The company served over 3,000 global clients, with 74.84% of revenue coming from clients using multiple service segments [3]. - Revenue from the top 20 global pharmaceutical clients was 2.189 billion yuan, a 26.9% increase year-on-year [3]. Business Segments - Laboratory services generated 7.047 billion yuan in revenue, a 5.81% increase year-on-year, driven by a recovery in the biopharmaceutical sector [10]. - CMC services achieved 2.989 billion yuan in revenue, up 10.24% year-on-year, with a gross margin of 33.62% [10][11]. - Clinical research services reported revenue of 1.826 billion yuan, a 5.12% increase year-on-year, despite facing margin pressures [11][12]. - The large molecule and cell and gene therapy services generated 408 million yuan, with a gross margin of -50.07%, indicating ongoing investment in this segment [13]. Future Projections - The company expects EPS of 0.98 yuan, 1.17 yuan, and 1.41 yuan for 2025, 2026, and 2027, respectively, with corresponding dynamic P/E ratios of 27.44, 23.07, and 19.10 [14][16]. - The overall strategy focuses on an integrated, international, and multi-therapy approach, positioning the company to benefit from increasing global R&D investments in pharmaceuticals [14].

中航证券 ！ 22年3 医药生物 投资评级 增侍 亚航证券医药生物行业固报：创新药出海持续 维持评级 推进，国创新药资产价值不断提升 报告摘要 投资表点： 下典（03.203.29）：1.指数改13351.31，下获0.4035：泛深 300拦款」3915.17，二.013：小1CC拦数收395.17，二 崇t.13端：本期4万医药行效收干7477.34.上涨.98%，在在中 币31个一级行业数一涨款比排名第1室其中，中药、医药商业、 4-I424-24-6,24-12: -2: - 化学会弃、生将带，、区疗收务，原划终，医疗书的用排民噪分为 作节 0.$5%，9.77、4.5951.17，1.05%，1.3235、0.35. 有，注盖户疗服务 乐指南频决活、国家至保示表示，已正利完成5比中至炎产乐肯 ：20-33-2 企价疗面，回家送保高连续5三指导名些政意州收差产服务价二： +国家医保局：批中医变证项指向满益所有中医医疗服务 : liir.. ◆◆ 尽快实期临宋转化 车改节试点方：国家医长H范乎5个试点城"和3个试点省学： 探索产务济变新机制，日当5入发点或市经通过轮"调价实 践、在总量调控、分炎形成学校 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [15]. Core Insights - The company's sales gross margin and net profit margin for 2024 are projected to be 27.6% and 13.9%, respectively, with the gross margin increasing due to a higher proportion of high-end products [4]. - The company aims to achieve a total sales volume of approximately 190,000 tons of industrial finished pipes and 10,500 tons of pipe fittings by 2025, with ongoing project developments showing significant progress [4]. - Revenue forecasts for 2025-2027 are estimated at 126 billion, 140 billion, and 157 billion yuan, representing year-on-year growth rates of 15.7%, 11.0%, and 12.2% respectively [5]. Financial Summary - The company reported a total revenue of 85.7 billion yuan in 2023, with a growth rate of 31.07%, and is expected to reach 109.2 billion yuan in 2024 [6]. - The net profit attributable to the parent company for 2025 is projected to be 17.4 billion yuan, reflecting a year-on-year growth of 16.7% [6]. - The company's earnings per share (EPS) for 2025 is estimated at 1.78 yuan, with a corresponding price-to-earnings (P/E) ratio of 14 times [5][6]. Production Capacity and Project Progress - The company currently has an annual production capacity of 200,000 tons of finished pipes, 15,000 tons of fittings, and 26,000 tons of alloy materials [4]. - Key projects include the "Special Metallurgy Phase II Project" at 98% completion, the "EBK Company Upgrade Project" at 70%, and the "20,000 Tons of High-Performance Pipes for Nuclear and Oil & Gas" project at 30% [4]. Market Position - The company is recognized as a leading domestic high-end stainless steel pipe manufacturer, maintaining the highest market share in the industry for several years [5].

行业报告:先进制造行业周报 2025年3月29日 中航证券有限公司 AVIC SECURITIES CO., LTD. 人形机器人批量进入汽车工厂，持续关注产业链进展 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造- -- 投资观点 ■ 重点推荐：北特科技、兆威机电、恒立液压、组威股份、三花智控、鸣志电器、莱斯信息、纳睿雷达、万马科技、软通动力 行业评级:增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 图表：Walker S1执行空调泄漏检测任务 资料来源:优必选,中航证券研究所 3 ■ 重点跟踪行业: ■ 核心个股组合：北特科技、兆威机电、恒立液压、组威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、中信海直、软通 动力、航锦科技、华伍股份、华阳集团、万马科技、绿的谐波、埃斯顿 ■ 本周专题研究：近期人形机器人产业链催化频出:1）优必选：汽车朋友圈升级，人形机器人批量进入汽车工厂,东风柳汽将于汽 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the expected growth level of the industry will exceed that of the CSI 300 index over the next six months [3][28]. Core Insights - The gaming industry is experiencing a structural turning point due to favorable policy signals, with the government shifting from "prudent regulation" to "active guidance" in cultural content industries [2][13]. - The introduction of AI-driven gameplay is accelerating the evolution of game formats, with significant developments such as the unveiling of the first AI-native game by Anuttacon [2][14]. - The domestic gaming market's actual sales revenue reached 31.1 billion yuan in January 2025, reflecting a year-on-year increase of 28% and a month-on-month increase of 14.3% [16]. Summary by Sections Market Review - The social services sector index experienced a weekly decline of 1.96%, ranking 20th out of 31 in the Shenwan first-level industry performance [5][7]. - The gaming sector is expected to benefit from a more favorable policy environment, which will enhance product supply and increase capital expenditure willingness [2][19]. Core Insights - The policy environment is improving, with a notable increase in the issuance of domestic game licenses, confirming a trend towards greater supply-side openness [2][13]. - AI technology is transitioning from a tool for game development to a core component of gameplay reconstruction, with major companies like Tencent and NetEase showcasing AI achievements at the GDC [6][14]. - The gaming industry is anticipated to enter a new growth phase, driven by AI capabilities and product development [19]. Industry News Dynamics - The report highlights the rapid development of the smart tourism industry, with projections indicating that the market size could reach 1.4555 trillion yuan by 2025 [24]. - The report also notes the increasing participation of various sectors in the smart tourism space, indicating a trend towards digital transformation in the cultural and tourism industries [24].

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, representing a growth of 12.40%, and a net profit attributable to shareholders of 1.645 billion yuan, which is an increase of 24.84% [1][3]. - The WPS 365 business showed strong growth with a revenue of 437 million yuan, marking a significant increase of 149.33%, driven by the expansion of AI applications for enterprise clients [2][8]. - The company maintains a robust growth trajectory with a focus on R&D investment, which has increased from 1.331 billion yuan in 2022 to 1.696 billion yuan in 2024, accounting for approximately 33.11% of revenue [3][8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 5.121 billion yuan and a net profit of 1.645 billion yuan, with a year-on-year growth of 12.40% and 24.84% respectively [1][3]. - The revenue from the WPS personal business reached 3.283 billion yuan, contributing 64.12% to total revenue, with a growth of 18.00% [2]. Business Growth - The WPS 365 business has shown exceptional growth, with a revenue increase of 149.33%, indicating strong demand and successful market penetration [2][8]. - The monthly active user count for WPS AI reached 19.68 million, reflecting the successful integration of AI features into the product suite [2]. R&D and Strategic Focus - The company has committed to significant R&D investments, with a focus on AI and collaborative tools, enhancing its competitive edge in the smart office sector [3][8]. - The strategic direction emphasizes the integration of AI across all products, aiming for substantial growth in the WPS 365 business over the next five years [2][8].

Investment Rating - The industry investment rating is "Overweight" [3][17]. Core Views - The humanoid robot production is accelerating, with significant developments in the supply chain [3]. - The global cumulative demand for humanoid robots is expected to reach approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [4]. - The report highlights the importance of various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, with specific recommendations for leading companies in each area [4][14][15]. Summary by Relevant Sections Humanoid Robots - Recent advancements include the launch of the Dobot Atom humanoid robot by Yujian Technology, priced from 199,000 yuan, aimed at various industrial applications [4][8]. - The ADC (Adversarial Data Collection) method proposed by Zhiyuan Robotics enhances data collection efficiency, achieving model performance 2.7 times better than traditional methods using only 20% of the data [9]. Photovoltaic Equipment - The penetration rate of N-type technology is accelerating, strengthening the competitive edge of leading companies [14]. - The overall price center of the photovoltaic industry is declining, with a focus on cost reduction and efficiency improvements [14]. Energy Storage - Favorable policies are driving the development of energy storage on both generation and user sides, with significant growth expected in the sector [14]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a growing share from mainland China, although the domestic production rate remains low [15]. Automation - The market for industrial consumables, particularly tools, is expected to grow from 40 billion yuan to 55.7 billion yuan by 2026, benefiting from increased concentration and import substitution [15]. Hydrogen Energy - Green hydrogen aligns with carbon neutrality goals, with rapid development in photovoltaic and wind energy laying the foundation for hydrogen production [14].

Investment Rating - The industry investment rating is "Overweight" [3] Core Views - The humanoid robot industry is entering a critical production phase, with global cumulative demand expected to reach approximately 2 million units by 2030, indicating a significant growth opportunity for Tier 1 and core component suppliers [4][5] - The report highlights the acceleration of N-type penetration in photovoltaic equipment, strengthening the competitiveness of leading companies under the Matthew effect [5] - Energy storage is essential for building a new type of power grid, with favorable policies enhancing industry prosperity, particularly for leading companies in batteries, inverters, and integration [5] - The semiconductor equipment market is projected to reach $140 billion by 2030, with increasing demand in mainland China, although the domestic production rate remains low [5] - The automation sector is expected to grow from a market size of approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [5] - Green hydrogen aligns with carbon neutrality goals, with rapid development in photovoltaic and wind energy laying the foundation for hydrogen production [5] - The engineering machinery sector is characterized by strong players, with recommendations to focus on leading companies with product, scale, and cost advantages [5] Summary by Relevant Sections Humanoid Robots - Recent developments in the humanoid robot supply chain include the launch of the Dobot Atom by Yujian Technology, priced from 199,000 yuan, targeting various operational scenarios [5][8] - The introduction of a new ADC data collection paradigm by Zhiyuan Robotics enhances data density and diversity, significantly reducing the data collection requirements for model training [9] Photovoltaic Equipment - The report emphasizes the rapid increase in N-type penetration and the competitive advantages of leading companies due to technological innovation and scale [14] - The overall price center of the photovoltaic industry chain is declining, with a focus on cost and efficiency improvements [14] Energy Storage - The report notes significant policy support for both generation-side and user-side energy storage, driving comprehensive industry development [14] - Companies like Xingyun Co. and Kexin New Energy are highlighted for their strategic partnerships and growth potential in the energy storage sector [14] Semiconductor Equipment - The global semiconductor equipment market is expected to double in the next decade, with a projected demand of $140 billion by 2030 [15] - The report suggests focusing on companies that are likely to benefit from domestic substitution trends [15] Automation - The market for industrial tools is projected to grow significantly, with a current size of around 40 billion, expected to reach 55.7 billion by 2026 [15] - The report recommends focusing on leading companies that can benefit from increased market concentration and import substitution [15] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated advantages in the green hydrogen supply chain [14]

Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [5][14]. Core Insights - The company reported a revenue of 39.241 billion RMB in 2024, a decrease of 2.73% year-on-year, while the net profit attributable to shareholders was 9.450 billion RMB, down 1.63% year-on-year. However, the net profit after deducting non-recurring items increased by 2.47% to 9.988 billion RMB [1]. - The company’s order backlog significantly increased to 49.31 billion RMB, representing a year-on-year growth of 47.0%, indicating strong customer demand [9]. - The company is expected to achieve double-digit growth in revenue from its ongoing operations in 2025, driven by a robust pipeline and increasing outsourcing in the pharmaceutical R&D sector [11]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 11.539 billion RMB, a year-on-year increase of 6.85%, and a net profit of 2.917 billion RMB, which is a substantial increase of 90.64% year-on-year [1]. - The chemical business generated revenue of 29.05 billion RMB, with a year-on-year growth of 11.2% when excluding specific commercial production projects [2]. Business Segments - The small molecule CRDMO business maintained strong performance, with the small molecule drug discovery segment delivering over 460,000 new compounds, a 10% increase year-on-year [2]. - The TIDES business (oligonucleotides and peptides) experienced rapid growth, achieving revenue of 5.8 billion RMB, a year-on-year increase of 70.1%, with a backlog growth of 103.9% [2]. Customer Base and Demand - Revenue from the top 20 global pharmaceutical companies reached 16.64 billion RMB, a year-on-year increase of 24.1% [4]. - The company has approximately 6,000 active clients, with 5,500 in ongoing operations, and added about 1,000 new clients throughout the year [9]. Market Outlook - The global pharmaceutical R&D investment is projected to grow from 260.6 billion USD in 2023 to 359.2 billion USD by 2028, with an annual growth rate of approximately 6.6% [10]. - The outsourcing rate in pharmaceutical R&D is expected to rise from 49.2% in 2023 to 58.2% in 2028, indicating a favorable environment for the company’s services [10].