底部拐点可期，创新行情有望延续 ——医药生物 5 月月报暨年报/一季报总结 医药生物 证券研究报告/行业专题报告 2025 年 05 月 07 日 | | | 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 498 | | 行业总市值(亿元) | 62,472.12 | | 行业流通市值(亿元) | 56,049.40 | 仓占比分析》2025-04-28 新成长》2025-04-20 3、《中国医药进出口分析；关注创 新、内需、国产替代机会》2025-04-12 | 评级： 增持（维持） | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | | （元） | 2023A | ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [2][9]. Core Views - The company has shown resilience in performance amidst geopolitical risks, with steady growth in global sequencing installations. The core sequencing business is experiencing robust growth, supported by domestic market recovery and accelerated overseas expansion [2][6]. - The company achieved a revenue of 3.01 billion yuan in 2024, reflecting a year-on-year growth of 3.48%. However, the net profit attributable to the parent company was -601 million yuan, a slight improvement of 1.10% year-on-year [3][6]. - The report highlights the company's competitive advantage as a domestic leader in sequencing instruments, with a global market share of approximately 7.1% based on revenue and 28.2% based on new installations [6]. Summary by Sections Financial Performance - The company forecasts revenues of 3.61 billion yuan for 2025, with a growth rate of 20%. The net profit is expected to improve significantly, reaching -177 million yuan, a 70% year-on-year increase [2][7]. - In Q1 2025, the company reported a revenue of 455 million yuan, a decline of 14.26% year-on-year, while the net profit attributable to the parent company was -133 million yuan, an increase of 33.67% year-on-year [3][6]. Market Position - The company has accelerated its global expansion, with nearly 900 overseas marketing personnel and a significant increase in installed sequencing machines, totaling over 4,500 units globally by the end of 2024 [6]. - The domestic market share for newly installed instruments reached approximately 63.8%, with revenue market share increasing to 39% [6]. Cost and Efficiency - The report notes a decrease in sales expense ratio to 25.42% and a slight increase in management expense ratio to 19.98%. The R&D expense ratio decreased to 24.77%, indicating improved operational efficiency [6]. - The gross margin for 2024 was reported at 55.51%, a decrease of 3.96 percentage points year-on-year, primarily due to changes in product mix [6]. Future Outlook - The company is expected to continue benefiting from innovative products and global channel development, with projected revenues of 4.5 billion yuan in 2026 and 5.6 billion yuan in 2027, reflecting a growth rate of 25% and 24% respectively [2][6]. - The net profit is anticipated to turn positive by 2026, reaching 182 million yuan by 2027, indicating a significant turnaround from previous losses [2][6].

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 家家悦（603708.SH） 证券研究报告/公司深度报告 2025 年 05 月 08 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：郑澄怀 | | 营业收入（百万元） | | 17,763 | 18,256 | 18,566 | 19,258 | 20,066 | | 增长率 ...

北交所板块涨幅领先，多家拟上市企业更新审核状态 北交所 证券研究报告/行业定期报告 2025 年 05 月 08 日 报告摘要 北交所行情概览： 1）整体行情：截至 2025 年 4 月 30 日收盘，北证成份股 265 个，平均市值 27.8 亿 元。本周（2025.4.28-2025.4.30，下同）北证 50 指数涨跌幅 2.38%，收盘 1331.13 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.43%、0.04%、0.78%。 2）赛道行情：本周 A 股涨幅前五的行业为传媒、计算机、机械设备、电子、家用电 器，涨幅分别为 2.7%、2.5%、1.6%、1.3%、1.1%。 ——北交所周报（4.28-4.30） 3）个股行情：本周在北交所上市的 265 只个股中上涨 138 只、下跌 117 只、平盘 10 只，上涨比例 52.1%。 | 评级： 增持（维持） | | | --- | --- | | 分析师：冯胜 | | | 执业证书编号：S0740519050004 | | | Email：fengsheng@zts.com.cn | | | 北交所基本状况 | | | 上市公司数 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 1Q25保险资金重仓流通股深度跟踪 ——加仓交运、食饮，新进银行、通信 2 0 2 5 . 5 . 8 • 1Q25 主要鼓励政策为中央金融办《关于推动中长期资金入市工作的实施方案》、金监总局先后发布第二批长期 股票试点以及《关于调整保险资金权益类资产监管比例有关事项的通知 ◼ "中泰非银保险重仓流通股"体系介绍（欢迎关注Wind组合管理，PMS代码为W1428999213874） • 我们根据Wind平台收录的险资重仓流通股数据——即所有已披露定期报告的A股上市公司前十大流通股东名单 中含保险机构的持仓记录，经过调整后，形成分析样本集开展研究。2025年年初至今（2025年5月6日），组合 绝对回报为0.37%，相对回报为3.59%。 葛玉翔 证券分析师执业证书编号：S0740525040002 邮 箱：geyx01@zts.com.cn 蒋峤 证券分析师执业证书编号：S0740517090005 邮 箱：jiangqiao@zts.com.cn 1 摘要 ◼ 持续低利率环境下，险资再配置收益率面临考验， ...

Group 1 - The overall performance of A-shares stabilized in Q1 2025, with a notable improvement in non-financial sectors, where the net profit growth rate reached 5.13%, significantly higher than the previous year's growth rate [11][15][19] - Among 30 industries, 17 showed a year-on-year increase in net profit growth, particularly in the TMT (Technology, Media, and Telecommunications) sector, which saw substantial revenue and profit growth [3][29] - The financial sector exhibited a mixed performance, with state-owned banks under pressure while non-bank financial institutions showed a significant recovery, with a net profit increase of 21.30% [38][40] Group 2 - Price pressures persist across various industries, with 23 out of 30 industries having a sales net profit margin below 10%, indicating ongoing challenges despite some sectors experiencing a "turnaround" [4][41] - The steel, non-ferrous metals, and basic chemicals sectors have shown significant profit improvements, indicating a recovery from previous downturns [4][44] - The consumer electronics sector benefited from government policies, with household appliances seeing a net profit increase of 25.12% in Q1 2025, exceeding expectations [4][44] Group 3 - From a PB-ROE perspective, 14 out of 30 industries showed improved ROE compared to the previous year, particularly in the TMT sector, where electronic and media industries saw significant gains [5][45] - The communication sector within the technology industry has substantial valuation recovery potential, while the non-ferrous metals and basic chemicals sectors also show signs of potential recovery [5][48] - Public utility sectors maintain stable performance and low valuations, indicating strong long-term investment value [5][49] Group 4 - Future industry allocation should focus on three main lines: the sustained growth of the TMT sector, the recovery of low-position cyclical stocks, and the stability of defensive sectors [6][54] - The TMT sector is expected to benefit from ongoing policy support, particularly for private technology enterprises, while low-position cyclical stocks like oil and non-ferrous metals are showing signs of recovery [6][54] - Defensive sectors such as public utilities and transportation are projected to remain stable amid ongoing economic pressures, providing a strong safety margin for investors [6][55]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [9]. Core Viewpoints - The company has shown resilience in performance despite geopolitical risks, with steady growth in global sequencing installations [1]. - The core sequencing business is experiencing robust growth, with a significant increase in installed machines and market share, particularly in the domestic market [6]. - The company is positioned as a leader in the domestic sequencing market, benefiting from the ongoing trend of domestic substitution as competitors face challenges [6]. Financial Performance Summary - For 2024, the company reported revenue of 3.013 billion yuan, a year-on-year increase of 3.48%, and a net profit attributable to shareholders of -601 million yuan, a slight improvement of 1.10% year-on-year [3]. - The first quarter of 2025 saw a revenue decline of 14.26% year-on-year, with a net profit of -133 million yuan, reflecting a 33.67% increase compared to the previous year [3]. - The company’s revenue projections for 2025 to 2027 are 3.607 billion yuan, 4.500 billion yuan, and 5.597 billion yuan, respectively, with expected growth rates of 20%, 25%, and 24% [6]. Market Position and Strategy - The company achieved a historical high in new sales installations, with nearly 1,270 new machines sold in 2024, representing a 48.59% increase year-on-year [6]. - The global market share is approximately 7.1% based on revenue, and 28.2% based on new installations, indicating strong competitive positioning [6]. - The company is expanding its overseas presence with a marketing team of nearly 900 people, enhancing local support services to accelerate product adoption [6]. Cost and Efficiency Metrics - The company’s sales expense ratio for 2024 was 25.42%, a decrease of 3.16 percentage points year-on-year, while the management expense ratio increased by 1.83 percentage points to 19.98% [6]. - The gross margin for 2024 was 55.51%, down 3.96 percentage points year-on-year, primarily due to changes in product mix [6]. Future Outlook - The company is expected to continue benefiting from innovative product launches and global channel development, despite potential macroeconomic impacts on conventional business growth [6]. - The forecasted net profit for 2025 is -177 million yuan, with significant growth anticipated in subsequent years, reaching 182 million yuan by 2027 [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][23]. Core Views - The company has shown a strong performance in Q1 2025, with revenue reaching 759 million yuan, a year-on-year increase of 10.13% and a quarter-on-quarter increase of 8.69%. The net profit attributable to the parent company was 86.18 million yuan, up 112.70% year-on-year and 395.35% quarter-on-quarter [6]. - The report highlights that the company is approaching a performance inflection point, driven by robust growth in new business segments and significant improvements in profitability [3][6]. - The company is positioned as a leader in the raw material drug market, particularly in the low-price range of sartans, while non-sartan raw materials are identified as a core growth driver for the future [6]. Summary by Sections Financial Performance - For 2023, the company reported a revenue of 2,527.27 million yuan, with a year-on-year decline of 5.23%. However, projections for 2024 and beyond show a recovery with revenues expected to grow to 2,630.81 million yuan in 2024 and reaching 4,279.35 million yuan by 2027 [4][22]. - The net profit attributable to the parent company is forecasted to increase significantly from 27.36 million yuan in 2023 to 461 million yuan in 2027, reflecting a compound annual growth rate of 29.71% [4][22]. Business Segments - The report details that the non-sartan raw material segment achieved revenue of 189 million yuan in Q1 2025, marking a 57% year-on-year increase, indicating strong growth potential [6]. - The formulation business generated 80.77 million yuan in revenue, a 97% increase, with the number of approved formulations rising to 63, suggesting ongoing contributions to revenue growth [6]. Profitability Metrics - The gross margin for Q1 2025 was reported at 37.39%, an increase of 2.06 percentage points year-on-year, while the net margin reached 11.35%, up 5.47 percentage points year-on-year [6]. - The report anticipates that the company's gross margin will continue to improve, reaching 41.0% by 2027 [22]. Research and Development - R&D expenses for Q1 2025 were 53.45 million yuan, accounting for 7.04% of revenue, indicating a stable investment in innovation [6][22]. - The company plans to complete the process validation for 12 new raw material drug varieties by 2024, which is expected to drive future growth [6].

Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [12]. Core Views - The company's revenue and profit are under short-term pressure, but the long-term growth logic remains unchanged. The expected revenue for 2025 is projected at 62,496 million yuan, with a year-on-year growth rate of 7% [3][8]. - The first quarter of 2025 showed a revenue of 13.4 billion yuan, a 5% increase year-on-year, and a net profit attributable to shareholders of 554 million yuan, a 19% increase, aligning with expectations [4][9]. - The company anticipates a recovery in export sales in Q2, driven by improved demand in Europe and emerging markets, despite a subdued performance in North America [5][6]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 58,530 million yuan in 2024, 62,496 million yuan in 2025, 67,048 million yuan in 2026, and 72,752 million yuan in 2027, with respective growth rates of 9%, 7%, 7%, and 9% [3]. - The net profit attributable to shareholders is expected to grow from 2,246 million yuan in 2024 to 3,206 million yuan in 2027, with growth rates of 7%, 13%, 12%, and 12% respectively [3][8]. - The earnings per share (EPS) is projected to increase from 1.72 yuan in 2024 to 2.46 yuan in 2027 [3][8]. Profitability and Margin Analysis - The gross margin for Q1 2025 was reported at 15.93%, with an expected improvement in profit margins due to government subsidies boosting domestic sales prices [6][8]. - The net profit margin for Q1 2025 was 4.1%, slightly lower than the peak of 5.2% in Q4 2024, but still at a historically high level [7][8]. - The report indicates that the company is focusing on structural upgrades to enhance profitability in the long term, with expectations of higher net profit growth in Q2 and Q3 of 2025 [8].

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 核心观点：本报告主要强调家悦烘焙逻辑，结合公司基本面改善的确定性较高，若家 悦烘焙出现较好的品牌势能，则家家悦有望成为较好赔率的投资标的。 请务必阅读正文之后的重要声明部分 新烘焙，新家悦 ——家家悦首次覆盖报告 股价与行业-市场走势对比 首次覆盖，给予"增持"评级。因公司在现制烘焙领域的尝试仍处于早期，本报告在 盈利预测时暂不考虑家悦烘焙远期成为独立品牌以及独立门店扩张带来的收入和利 润 增 量 。 预 计 公 司 25/26/27 年 收 入 分 别 为 185.66/192.58/200.66 亿 元 ， yoy+2%/+4%/+4% 。 ...