Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][9]. Core Insights - The demand in emerging fields such as AI and automotive electronics is driving the transformation and upgrade of the PCB industry. The rapid growth in global high-end computing power, fueled by artificial intelligence, along with the deep integration of electrification, connectivity, and intelligence in the automotive industry, is releasing demand in downstream applications like servers and data centers [5]. - The company is focusing on expanding its high-end customer base and consolidating its position in the automotive electronics PCB sector. Compared to traditional vehicles, the PCB usage in new energy vehicles is significantly higher, driven by advanced technologies such as autonomous driving and intelligent connectivity, which increases the demand for high-frequency and high-speed PCBs [6]. - The company has quickly entered the AIPC market, achieving stable supply. The global AIPC shipment is projected to reach 48 million units in 2024, accounting for 18% of total PC shipments, with a compound annual growth rate (CAGR) of 44% expected from 2024 to 2028 [7]. - The company is seizing opportunities in the data center market by launching a series of high-performance PCB products. The AI computing power demand is significantly driving the server market, with the global AI server market value expected to reach $205 billion in 2024, reflecting a year-on-year growth of 46% [8]. Financial Projections - The company is projected to achieve revenues of 55.0 billion, 67.2 billion, and 81.2 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 5.4 billion, 7.0 billion, and 9.2 billion yuan for the same years [9][12]. - The report anticipates a revenue growth rate of 20.53% in 2025, 22.16% in 2026, and 20.72% in 2027, with a net profit growth rate of 53.53% in 2025, 29.13% in 2026, and 31.51% in 2027 [12][15]. - The earnings per share (EPS) is projected to increase from 1.11 yuan in 2024 to 2.90 yuan in 2027, indicating a strong growth trajectory [12][15].

证券研究报告：固定收益报告 发布时间：2025-07-02 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:李书开 SAC 登记编号:S1340524040001 Email:lishukai@cnpsec.com 近期研究报告 ⚫ 超长期限暂时降温 六月最后一周，债市进入盘整阶段，利率先弱后强，而信用债表 现不及利率债，跌幅普遍更大。上周，可能受到"股债跷跷板"效应 的影响，权益走强而利率走弱，利率债收益率中短端震荡下行，但长 端和超长端收益率有所调整。信用债走势与利率债有所差异，调整幅 度相对利率债而言更大。 超长期限信用债在经历了两周的连续上涨后终于有所调整，调整 幅度甚至超过同期限利率债。AAA/AA+10Y 的中票收益率分别上行了 2.5BP、下行了 1.5BP，其中 AAA/AA+10Y 的城投收益率分别上行了 3.7BP、1.7 BP，而 10Y 国债收益率仅上行了 0.7 BP。 二永债行情走弱，5Y 以内的与同期限普信债跌幅接近，7Y 及以 上也与超长期限信用债表现不相上下。从曲线期限结构来看，1 年 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1]. Core Viewpoints - The report highlights the strategic acquisition of Shandong High-Speed Group as the new controlling shareholder, which is expected to break through growth barriers and enhance the company's market position in the integrated "smart transportation-low altitude-data" sector [1][11]. - The company is positioned as a leading "AI + blockchain" technology service provider, leveraging over 30 years of industry experience to develop advanced products and solutions, particularly in smart social security, healthcare, and energy management [8][19]. - The report emphasizes the potential for growth through collaboration with Shandong High-Speed Group, which has a robust infrastructure and extensive market reach, thereby opening new business avenues in smart transportation and energy information [19][24]. Summary by Sections 1. Change of Control and Growth Potential - The change in controlling shareholder to Shandong High-Speed Group, which now holds 24.59% of shares, is expected to provide new growth opportunities and resources for the company [10][11]. - The company's revenue for 2024 is projected at 555 million yuan, with a slight increase of 3.14%, while the net profit is expected to be 64.08 million yuan [19]. - The report notes a significant increase in revenue from markets outside the province, which grew by 29.90% year-on-year [8]. 2. Shandong High-Speed Group's Business Layout - Shandong High-Speed Group operates over 9,070 kilometers of highways, managing significant traffic and leading in various sectors including smart transportation and renewable energy [24][31]. - The group has developed advanced smart traffic solutions, including over 3,200 million ETC users and a transaction volume exceeding 100 billion yuan annually [24][31]. - The report outlines the group's initiatives in low-altitude economy and green energy, including plans to deploy 22,000 aircraft for logistics and emergency services [26]. 3. Collaboration Opportunities - The report identifies potential synergies between the company and Shandong High-Speed Group in areas such as smart transportation, digital payment systems, and energy management [33]. - The collaboration could enhance the efficiency of highway management and expand the application of AI and blockchain technologies in various operational scenarios [33]. - The integration of data management capabilities from the company with the extensive data resources of Shandong High-Speed Group is expected to drive innovation and operational efficiency [33].

证券研究报告：社会服务 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2025-03 2025-04 2025-05 2025-05 2025-06 2025-06 -26% -23% -20% -17% -14% -11% -8% -5% -2% 1% 4% 7% 胜科纳米 社会服务 | 最新收盘价（元） | 28.64 | | --- | --- | | 总股本/流通股本（亿股）4.03 | / 0.33 | | 总市值/流通市值（亿元）116 | / 9 | | 52 周内最高/最低价 | 29.71 / 20.44 | | 资产负债率(%) | 59.4% | | 市盈率 | 130.18 | | 第一大股东 | 李晓旻 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 胜科纳米(688757) 析微助研，智启芯程 l 投资要点 芯片全科医院，失效分析与材料分析优势显著。作为行业内知名 的半导体 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.85 | | --- | --- | | 总股本/流通股本（亿股）37.08 | / 27.89 | | 总市值/流通市值（亿元）662 | / 498 | | 52 周内最高/最低价 | 22.07 / 17.47 | | 资产负债率(%) | 62.1% | | 市盈率 | 14.51 | | 第一大股东 | 上药集团 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 上海医药(601607) 我 们 预 计 公 司 2025-2027 年 营 收 分 别 为 2903.88/3053.49/3212.44 亿 元 ， 归 母 净 利 润 分 别 为 50.01/54.75/60.42 亿元，当前股价对应 PE 分别为 13/12/11 倍， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Views - The company is experiencing pressure on its performance due to a challenging consumption environment, with projected revenue for 2024 at 692 million yuan, a decrease of 11.81%, and a net profit of 175 million yuan, down 31.34% [3][6]. - The company is exploring new channels and implementing a distributor reform to embrace new retail strategies, including the "Hundred Cities, Thousand Stores" initiative and the launch of a new commercial model integrating wholesale and retail [4][5]. - The introduction of new products, such as health supplements, is aimed at enhancing the product matrix and aligning with the company's strategy in the health industry [5][6]. Financial Summary - Revenue projections for 2025-2027 are 730 million, 790 million, and 862 million yuan, respectively, with net profits expected to be 191 million, 213 million, and 239 million yuan [6][10]. - The company’s earnings per share (EPS) are forecasted to increase from 0.88 yuan in 2024 to 1.21 yuan by 2027, reflecting a positive growth trajectory [10][11]. - The price-to-earnings (P/E) ratio is expected to decrease from 24.30 in 2024 to 17.72 by 2027, indicating potential valuation improvement [10][11].

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 公司基本情况 | 最新收盘价（元） | 14.42 | | --- | --- | | 总股本/流通股本（亿股）5.88 | / 5.59 | | 总市值/流通市值（亿元）85 | / 81 | | 52 周内最高/最低价 | 16.28 / 12.20 | | 资产负债率(%) | 28.9% | | 市盈率 | 16.20 | | 第一大股东 | 桂林三金集团股份有限 | | 公司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 桂林三金(002275) 盈利能力稳步提升，生物制药板块业务持续优化 l 业绩实现有质增长，盈利能力持续提升 2024 年营业收入 21.94 亿元（+1.03%），归母净利润 5.22 亿元 （+23.79%），扣非净利润 3.96 亿元（+3.64%），经营现金流净额 5.88 亿元 ...

发布时间：2025-07-02 证券研究报告：宏观报告 近期研究报告 《海外宏观周报：关税扰动下，联储 降息仍需等待》 - 2025.06.24 宏观研究 内外利好共振，成长风格迎来布局窗口 投资要点 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 从 6 月 PMI 指数来看，制造业景气度延续回升态势，供需两端步 入扩张区间，增长动能有所增长，供需缺口收窄，显示经济韧性仍强。 重点关注三点边际变化：一是尽管美关税政策仍存在不确定性，但随 着中美经贸磋商机制首次会议释放相对积极信号，以及市场对特朗普 关税可持续性的关注，叠加年内美联储降息预期走高，有效缓解了市 场担忧，市场情绪有所回暖，支撑需求和生产景气度回暖；二是市场 主体景气度有所分化，大型企业和中型企业景气度延续修复，而小型 企业景气度有待改善，冲击就业市场，就业市场景气度有所放缓；三 是短期就业市场景气度有所放缓，居民就业预期和收入预期或边际走 弱，或对有效需求 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company plans to acquire 100% of Solstice Optoelectronics for no more than 5.935 billion yuan, diversifying into the optical communication sector [4]. - The company aims to enhance its precision manufacturing capabilities and expand its customer base, particularly in the electric vehicle and communication equipment sectors [5]. - The LED business is expected to reduce losses significantly and potentially achieve profitability within the year [5]. - The touch display business is seeing improved profitability due to increased orders from major clients, with expectations for revenue and profit growth in the current year [6]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 440.0 billion yuan, 500.2 billion yuan, and 600.1 billion yuan, respectively, with corresponding net profits of 28.2 billion yuan, 36.1 billion yuan, and 49.0 billion yuan [7]. - The company anticipates a revenue growth rate of 19.67% in 2025 and 13.69% in 2026 [11]. - The earnings per share (EPS) are projected to increase from 1.54 yuan in 2025 to 2.68 yuan in 2027 [11].

证券研究报告：固定收益报告 发布时间：2025-07-01 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《7 月利率会破新低么？——流动性周 报 20250629》 - 2025.06.30 固收周报 生产稳中有升，物价走势分化 ——高频数据跟踪 20250629 核心观点 高频经济数据关注点：第一，生产端稳中有升，螺纹钢产量增加， 沥青、PX、全钢胎开工率升高，高炉、PTA 持平，半钢胎下降。第二， 房地产市场边际改善，商品房成交面积小幅回升。第三，物价走势分 化，原油价格大跌，焦煤、有色金属持续上涨；农产品价格低位企稳， 短期或将开启季节性上行趋势。第四，航运指数持续回落，BDI 指数 大幅下降。短期重点关注新一轮稳增长刺激政策落地、房地产市场恢 复情况及国际地缘政治变动影响。 生产：螺纹钢产量增加，沥青、PX、全钢胎开工率升高 6 月 27 日当周，焦炉产能利用率下降 0.16 pct，高炉开 ...