Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company has strong revenue growth and is on the verge of breakthroughs in its clinical pipeline [4][5] - The recent licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707 is a significant milestone, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion, along with double-digit royalties on net sales [4][5] - The company is expected to achieve substantial revenue growth from its main business, with key products in late-stage clinical development [5] Financial Summary - Projected revenue for 2023A is 1,014 million, with a growth rate of 23% year-over-year; expected revenue for 2025E is 1,370 million, with a growth rate of 15% [3] - Projected net profit for 2023A is 295 million, with a staggering growth rate of 498% year-over-year; expected net profit for 2025E is 300 million, reflecting a decline of 57% [3] - Earnings per share (EPS) is projected to be 0.48 for 2023A and 0.49 for 2025E [3] Clinical Pipeline and Market Potential - The company has four mid-to-late stage clinical assets, each expected to generate over 1 billion in revenue, with the IL17 monoclonal antibody anticipated to be commercialized in 2025 [5] - The IL1β monoclonal antibody is expected to submit its NDA in 2025, targeting a large patient population with limited treatment options [5] Valuation Metrics - The company is projected to have a P/E ratio of 116.5 for 2025E and a P/B ratio of 6.1 for the same year [3] - The net asset return rate (ROE) is expected to be 5% for 2025E, with a net profit margin of 21.5% [7]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][24]. Core Insights - The company reported a revenue of approximately RMB 86.4 billion for 2024, representing a year-on-year growth of 7.7%. However, the net profit attributable to shareholders was RMB 1.04 billion, a significant decline of 67.3% compared to the previous year [5][6][17]. - The decline in net profit is attributed to a decrease in gross margin and increased impairment provisions due to market downturns. The gross margin for 2024 was 10.5%, down 4.8 percentage points from the previous year [6][9]. - Despite the challenges, the company maintained a strong market position, ranking 8th in industry sales, and focused on acquiring high-quality land reserves in core cities [6][17]. Financial Performance Summary - Revenue and Profit Forecast: - 2023A: Revenue of RMB 80.4 billion, net profit of RMB 3.2 billion - 2024A: Revenue of RMB 86.4 billion, net profit of RMB 1.04 billion - 2025E: Revenue of RMB 90.4 billion, net profit of RMB 1.13 billion - 2026E: Revenue of RMB 92.6 billion, net profit of RMB 1.27 billion - 2027E: Revenue of RMB 97.8 billion, net profit of RMB 1.46 billion [4][15][17]. - The company’s cash flow from operating activities for 2024 was RMB 21.84 billion, a year-on-year increase of 155% [14]. Market Position and Strategy - The company’s sales amount for 2024 was RMB 114.54 billion, a decrease of 19.4% year-on-year, with a sales area of 3.92 million square meters, down 11.9% [6][15]. - The company has adopted a precise investment strategy, focusing on first-tier and key second-tier cities, with over 70% of new land reserves located in these areas [6][15]. - The company’s total land reserves as of the end of 2024 stood at 19.71 million square meters, with 96% located in first and second-tier cities [6][15]. Valuation Metrics - The current Price-to-Earnings (P/E) ratio is projected to be 14.8 for 2025, decreasing to 11.4 by 2027. The Price-to-Book (P/B) ratio is currently at 0.30, which is below the average of comparable companies [4][17][18].

gzitiao 立足线缆深耕军工，业绩有望持续改善 电网设备 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：马梦泽 执业证书编号：S0740523060003 Email：mamz@zts.com.cn | 总股本(百万股) | 525.74 | | --- | --- | | 流通股本(百万股) | 452.94 | | 市价(元) | 8.39 | | 市值(百万元) | 4,410.95 | | 流通市值(百万元) | 3,800.13 | 相关报告 通达股份（002560.SZ） 证券研究报告/公司点评报告 2025 年 05 月 20 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：陈 ...

证券研究报告 【中泰汽车|何俊艺团队】汽车周报（05/12-05/18） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 2025年5月21日 1 目 录 一、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 ◼ 周 ...

Investment Rating - The report maintains an "Increase" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [13]. Core Insights - The People's Bank of China and the China Securities Regulatory Commission have jointly issued a notice to support the issuance of technology innovation bonds, which is a significant step in expanding financing channels for technology innovation enterprises [11][12]. - The notice aims to enhance the multi-tiered bond market and better serve new productivity by facilitating the issuance of technology innovation bonds [5][11]. - The report highlights the importance of aligning the bond market with technological innovation to stimulate market vitality and foster new productivity [11]. Summary by Sections Industry Overview - As of the report date, there are 265 listed companies in the industry, with a total market value of 841.415 billion yuan and a circulating market value of 501.826 billion yuan [1]. Recent Developments - On May 7, 2025, the North Exchange issued a notice to further support the issuance of technology innovation bonds, which includes expanding the range of issuers and the use of raised funds [5][11]. - The notice also aims to simplify information disclosure and improve the effectiveness of disclosures, as well as enhance the supporting mechanisms for a better market ecosystem [5][11]. Investment Strategy - The report suggests focusing on several sectors for investment in 2025, including: - Data Centers: Companies like Klate and Shuguang Data Creation are highlighted for their technological advantages [10]. - Robotics: Companies such as Suzhou Axis and Audiwei are noted for their leadership in specific technologies [10]. - Semiconductors: Hualing Co. and Kaide Quartz are recognized as leaders in their respective fields [10]. - Consumer Goods: Companies like Taihu Snow and Baixinglong are mentioned as key players in the consumer sector [10]. - Military Information Technology: Chengdian Guangxin and Xingtuzhihui are identified as beneficiaries of military upgrades and satellite internet construction [10].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [5] Core Viewpoints - The current banking sector rally is based on a two-phase logic: the first phase focuses on the certainty of bank stocks, while the second phase involves a "rush" by public funds that are underweight in banks. The outlook for bank stocks remains strong due to their stability and dividend value in an uncertain economic environment [7][10][12]. Summary by Sections 1. Two-Phase Logic of the Current Banking Rally - The first phase emphasizes the relative certainty of bank stocks amid economic uncertainty, highlighting the resilience and dividend value of the banking sector [7][10]. - The second phase indicates a "rush" by active funds that are underweight in bank stocks, with a reported underweight difference of 8.33% in Q1 2025, the largest among all sectors [7][12]. 2. Outlook for the First Phase Logic - The certainty of bank stocks is a strong logic, with expectations of continued market activity supported by favorable policies. The banking sector is transitioning from a "pro-cyclical" to a "weak-cyclical" phase due to three main reasons: increased correlation with fiscal policies, a stable customer base supported by national credit, and a controlled risk release environment [7][21][22]. 3. Stability of Banking Sector Performance - The banking sector shows strong fundamental resilience, with a non-performing loan generation rate of 0.64% in Q1 2025, indicating a slight improvement. The provision coverage ratio stands at 237.99%, ensuring stability in asset quality and profit growth [12][13][19]. 4. Outlook for the Second Phase Logic - The second phase requires monitoring of policy details and the behavior of public funds. The "Action Plan for Promoting High-Quality Development of Public Funds" is expected to shift fund allocations towards larger weight sectors, potentially increasing capital inflows into the banking sector [20][22]. 5. Investment Recommendations - The report suggests focusing on banks with regional advantages and strong certainty, particularly city commercial banks in regions like Jiangsu, Shanghai, and Chengdu, as well as large banks with high dividends such as Agricultural Bank, Construction Bank, and Industrial and Commercial Bank [20][24].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Sino - US trade friction has shown substantial easing after the Geneva economic and trade talks. The two sides announced a 90 - day suspension of new tariffs, retained some low - level tax rates, and established a follow - up dialogue mechanism, with China taking the leading role in this round of negotiations [4]. - Although the "reciprocal tariffs" suspension is beyond expectations, the comprehensive tax rate between China and the US remains at a relatively high level. If the 24% tariff is re - implemented later, the US's comprehensive tariff on China may still remain above 50% [4]. - In the short term, the narrative of "rising in the East and falling in the West" is strengthened, and risk appetite is repaired. However, there are still structural differences, and the room for tariff reduction in the medium and long term is limited [4][5]. - The market index is expected to maintain strong resilience. Funds are expected to rotate around sub - sectors with high first - quarter report performance and medium - term industrial trends, and investors are advised to make low - level layouts in relevant sub - sectors [5]. 3. Summary by Relevant Catalogs Market Review - **Market Performance**: Most major market indices rose last week, with the ChiNext 50 having a relatively large increase of 2.00%. Among major industries, the financial index and optional consumption index performed relatively well, with weekly changes of 1.91% and 1.69% respectively, while the information technology index and telecommunications service index performed weakly, with weekly changes of - 0.84% and - 0.55% respectively. Among the 30 Shenwan primary industries, 19 industries rose, with beauty care, non - bank finance, and automobiles having relatively large increases of 3.08%, 2.49%, and 2.40% respectively, and computer, national defense and military industry, and media having relatively large declines of 1.26%, 1.18%, and 0.77% respectively [8][16][18]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 12662.67 billion yuan (the previous value was 13534.26 billion yuan), which was at a relatively high historical level (84.90% of the three - year historical quantile) [20]. - **Valuation Tracking**: As of May 16, 2025, the valuation (PE_TTM) of the Wind All - A Index was 19.05, an increase of 0.14 from the previous week, and it was at the 66.90% quantile of the historical level (in the past 5 years). Among the 30 Shenwan primary industries, 18 industries' valuations (PE_TTM) recovered [25]. Market Observation - **How the market may evolve after the Sino - US talks in Switzerland**: The Sino - US trade friction has eased, but there are still structural differences. The current tariff "cooling" is more like a "temporary truce", and the tariff pressure may rise again in the future. In the short term, it can boost investors' risk appetite [4][5]. - **Investment Recommendations**: The market index is expected to maintain strong resilience. Investors are advised to make low - level layouts in sub - sectors such as public utilities and other dividend - type assets, AI upstream and Hang Seng Technology leaders, gold, nuclear power equipment, military industry, and pet and beauty related to the consumption downgrade of young people. They should also pay attention to high - quality leading stocks in the CSI 300 whose institutional allocation concentration is significantly lower than the index component ratio [5]. Economic Calendar - The report mentions to pay attention to global economic data, but specific data is not provided [27]

Production Insights - In April, the industrial added value increased by 6.1% year-on-year, down 1.6 percentage points from the previous value of 7.7%[4] - The export delivery value rose by 0.9% year-on-year, a decrease of 6.8 percentage points from the previous value of 7.7%[4] Investment Trends - Fixed asset investment (excluding rural households) in April was 147,024 million yuan, with a year-on-year growth of 4.0%, down from 4.2%[5] - The year-on-year growth rate for April's fixed asset investment was 3.5%, a decline of 0.8 percentage points from the previous value of 4.3%[5] - Real estate development investment in the first four months was 27,730 million yuan, with a cumulative year-on-year decline of 10.3%[6] Consumption Patterns - The total retail sales of consumer goods in April reached 37,174 million yuan, with a year-on-year growth of 5.1%, down 0.8 percentage points from the previous value of 5.9%[7] - Restaurant income in April grew by 5.2% year-on-year, a decrease from the previous growth of 5.6%[7] Employment Data - The urban survey unemployment rate in April was 5.1%, a slight improvement from previous months[8] - The average working hours for employees in April were 48.3 hours per week, a minor decrease from 48.5 hours in March[8] Overall Economic Assessment - April showed short-term fluctuations in both production and demand, with production growth rates declining due to a weak base last year[9] - Investment growth rates also showed volatility, with a notable decline in real estate investment and a steady performance in infrastructure investment[9]

Investment Rating - The industry investment rating is "Increase Holding (Maintain)" [5] Core Viewpoints - The report highlights the rapid rotation of thematic opportunities due to diverse external policy changes, with a focus on innovation and overseas expansion in the pharmaceutical and biotechnology sectors [7][11] - The report indicates that the pharmaceutical sector has outperformed the Shanghai Composite Index, with a year-to-date return of 2.5%, surpassing the index's return by 3.6% [11] - The report emphasizes the potential benefits for domestic companies from the U.S. "Most Favored Nation Drug Pricing Policy," which aims to significantly reduce prescription drug prices by 30% to 80% [11][15] - The report suggests that the recent increase in the incidence of COVID-19 and influenza has led to a market rally focused on flu-related themes [11] Summary by Sections Industry Overview - The pharmaceutical industry consists of 498 listed companies with a total market value of 62,880.80 billion yuan and a circulating market value of 56,401.87 billion yuan [2] Market Dynamics - The Shanghai Composite Index rose by 1.12%, while the pharmaceutical sector increased by 1.27%, ranking 11th among 31 sub-industries [11] - Sub-sectors such as traditional Chinese medicine, medical services, chemical pharmaceuticals, biological products, medical devices, and pharmaceutical commerce all experienced gains [11] Policy Impact - The report discusses the positive changes in U.S.-China tariff policies, which have alleviated extreme pessimism regarding tariffs, suggesting a focus on undervalued and innovative growth stocks [11] - The report notes that the implementation of the "Most Favored Nation Drug Pricing Policy" may lead to a shift in the pharmaceutical landscape, benefiting domestic innovative drug companies and CRO/CDMO firms [11][15] Company Performance - Key recommended companies such as WuXi AppTec, Changchun High & New Technology, and others are rated as "Buy," indicating strong expected performance in the coming years [5] - The report highlights the performance of specific companies, with notable increases in stock prices and positive earnings forecasts [24][25] Valuation Metrics - The pharmaceutical sector is currently valued at 22.5 times PE based on 2025 earnings forecasts, with a premium of 23.8% over the overall A-share market [18] - The TTM valuation for the pharmaceutical sector is 27.0 times PE, which is below the historical average of 35.1 times PE [18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported strong performance in Q1 2025, with revenue of 72.495 billion yuan, a year-on-year increase of 24.5%, and a net profit attributable to shareholders of 5.672 billion yuan, up 263.6% year-on-year [3][6] - The "One Geely" plan is progressing smoothly, with significant growth in the Galaxy brand's sales contributing to overall revenue growth [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 179.846 billion yuan - 2024A: 240.194 billion yuan - 2025E: 318.690 billion yuan - 2026E: 383.448 billion yuan - 2027E: 430.228 billion yuan - Year-on-year growth rates are projected at 21%, 34%, 33%, 20%, and 12% respectively [2] - Net profit attributable to shareholders is forecasted as: - 2023A: 5.166 billion yuan - 2024A: 16.632 billion yuan - 2025E: 13.385 billion yuan - 2026E: 16.763 billion yuan - 2027E: 19.556 billion yuan - Year-on-year growth rates are projected at 1%, 222%, -20%, 25%, and 17% respectively [2] - Earnings per share (EPS) estimates are: - 2023A: 0.51 yuan - 2024A: 1.65 yuan - 2025E: 1.33 yuan - 2026E: 1.66 yuan - 2027E: 1.94 yuan [2] Sales and Profitability - In Q1 2025, the company achieved a gross margin of 15.78%, an increase of 0.15 percentage points year-on-year, while the expense ratio decreased by 2.61 percentage points to approximately 11.55% [6] - The Galaxy brand's sales reached 260,000 units in Q1 2025, showing a year-on-year increase of 574.1% [6] Market Position and Future Outlook - The company is actively pursuing the privatization of Zeekr to enhance operational efficiency and cost reduction [6] - Upcoming model launches, such as the Lynk 900 and Starry 8, are expected to contribute positively to sales in Q2 2025 [6] - The company maintains a positive outlook on revenue and profit growth, with projected revenues of 318.69 billion yuan, 383.45 billion yuan, and 430.23 billion yuan for 2025, 2026, and 2027 respectively [6]