Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve revenue of 4.2 to 4.6 billion yuan in 2025, representing a year-on-year increase of 16.37% to 27.45%, with a net profit attributable to the parent company of 75 to 100 million yuan, an increase of 13.08% to 50.77% year-on-year [5] - The global semiconductor industry continues to grow, driven by demand in artificial intelligence, high-performance computing, and data center infrastructure [5] - The company is enhancing its advanced packaging capabilities, which are expected to improve delivery times and quality control for clients [5] - The company plans to invest up to 2.1 billion yuan in a new integrated circuit packaging and testing production base in Malaysia to deepen cooperation with overseas clients [6] Financial Performance and Projections - The company is projected to achieve revenues of 4.4 billion yuan in 2025, 5.5 billion yuan in 2026, and 7 billion yuan in 2027, with net profits of 90.53 million yuan, 273.14 million yuan, and 453.60 million yuan respectively [10][11] - The expected growth rates for revenue are 22.68% in 2025, 24.51% in 2026, and 27.00% in 2027 [10] - The company's gross margin is projected to improve from 17.5% in 2025 to 19.9% in 2027, while the net profit margin is expected to rise from 2.0% to 6.5% over the same period [11]

Investment Rating - The report assigns a "Buy" rating for the company, Lepu Biopharma (2157.HK), marking its first coverage [1]. Core Insights - The company is entering a harvest period for new drug approvals, having established a comprehensive pipeline in oncology that includes immunotherapy, ADC (Antibody-Drug Conjugate) targeted therapy, and oncolytic virus drugs. The company has multiple ADC drugs and other therapies in clinical stages, with expectations for new drug approvals in the next 3-5 years [3][10]. - The ADC pipeline is characterized by unique features and competitive advantages in various indications, with MRG003 (EGFR ADC) already approved for NPC (nasopharyngeal carcinoma) in China and showing promising results in other indications [4][30]. - The introduction of oncolytic virus therapy CG0070 has shown potential in the bladder cancer market, with successful regulatory progress in the U.S. and ongoing clinical trials in China [5][30]. - Financially, the company has achieved its first profit and positive operating cash flow in the first half of 2025, with steady revenue growth driven by business development and sales [25]. Summary by Sections R&D Coverage and Pipeline - The company focuses on oncology treatment, with a pipeline that includes immunotherapy, ADCs, and oncolytic virus therapies. It has developed a robust ADC technology platform and has multiple products in various stages of clinical development [11][10]. - The pipeline includes 6 ADC drugs and 1 oncolytic virus therapy, with several candidates in pivotal clinical stages, indicating a well-structured development strategy [14][10]. Unique Features of ADCs - MRG003 has been approved for NPC and is in advanced trials for HNSCC (head and neck squamous cell carcinoma) and NSCLC (non-small cell lung cancer), showcasing its broad applicability and competitive edge [30][4]. - Other ADCs in development, such as MRG004A for pancreatic cancer and MRG006A for liver cancer, are also progressing well, with MRG004A entering pivotal trials [30][6]. Financial Performance and Projections - The company reported revenues of 4.66 billion yuan in the first half of 2025, a significant increase from 1.33 billion yuan in the same period of 2024. The net profit for the same period was 290 million yuan, marking a turnaround from a loss of 197 million yuan in the previous year [25][30]. - Revenue projections for 2025, 2026, and 2027 are estimated at 8.8 billion yuan, 10.2 billion yuan, and 14.9 billion yuan, respectively, with expected growth rates of 138%, 16%, and 47% [30].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is consolidating its advantages in OLED organic materials and is expanding into Q fabric and perovskite markets. The successful launch of the 8.6 generation high-end touch OLED production line by BOE ahead of schedule is expected to significantly increase the demand for OLED materials, creating a market potential exceeding 10 billion [3][4] - The company plans to issue convertible bonds to raise up to 766 million yuan, with 500 million allocated for the construction of a new materials production and R&D base [5][8] - Revenue projections for the company are 570 million, 860 million, and 1.15 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 250 million, 390 million, and 560 million yuan for the same years [8][10] Company Overview - The latest closing price of the company's stock is 28.83 yuan, with a total market capitalization of 11.6 billion yuan. The company has a total share capital of 402 million shares and a debt-to-asset ratio of 15.8% [2] - The company is led by its largest shareholder, Wang Yalong, and has a price-to-earnings ratio of 68.64 [2] Financial Forecasts - The company is expected to achieve significant revenue growth, with a projected increase of 56.9% in 2024, followed by 21.8% in 2025, and further growth of 50.2% and 33.5% in 2026 and 2027 respectively [10][11] - The EBITDA is forecasted to grow from 277.61 million yuan in 2024 to 732.96 million yuan in 2027, indicating strong operational performance [10][11]

证券研究报告：固定收益报告 发布时间：2026-01-27 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:王一 SAC 登记编号:S1340125070001 Email:wangyi8@cnpsec.com 近期研究报告 《债市修复到位了吗？ ——流动性周 报 20260125》 - 2026.01.26 固收专题 1 月收官，政府债供给压力如何？ ⚫ 规模与节奏：前置发力回归，增量主要来自地方债 2025 年在赤字率上调带动下，政府债净融资升至约 13.51 万亿元， 发行节奏整体平稳，国债重心偏向 5 至 7 月，地方债在 2 至 4 月与 7 至 9 月两段提速。2026 年 1 月政府债净融资约 1.16 万亿元，同比多约 2269.6 亿元，增量主要由地方债贡献，地方债净融资约 7294.4 亿元， 国债净融资约 4267.5 亿元。与历史均值相比，2026 年 1 月略偏高，开 年靠前发力回归，短期更需关注发行密度对资金面与承接情绪的扰动。 ⚫ 期限结构：国债中长端放量，地方债超长权重抬升 1 月国债 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to benefit from the production of the 8.6 generation OLED line, which will significantly increase the demand for OLED materials and accelerate domestic substitution [3] - The company is actively expanding into the Q fabric and perovskite materials market, leveraging its core competencies and industry trends [4] - The company plans to issue convertible bonds to raise up to 766 million yuan, with a significant portion allocated for the construction of a new materials production base [5] Company Overview - The latest closing price is 28.83 yuan, with a total market capitalization of 11.6 billion yuan [2] - The company has a total share capital of 4.02 billion shares and a debt-to-asset ratio of 15.8% [2] - The company is led by its largest shareholder, Wang Yalong [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 570 million yuan, 860 million yuan, and 1.15 billion yuan respectively, with net profits of 250 million yuan, 390 million yuan, and 560 million yuan [8] - The company anticipates a significant growth rate in revenue and net profit over the next few years, with a projected net profit growth rate of 49.6% in 2025 [10] Financial Metrics - The company is expected to maintain a high gross margin, projected at 74.2% in 2025 and 76.0% in 2027 [11] - The earnings per share (EPS) is projected to increase from 0.42 yuan in 2024 to 1.39 yuan in 2027 [10]

| 最新收盘价（元） | 79.50 | | --- | --- | | 总股本/流通股本（亿股）2.40 | / 0.48 | | 总市值/流通市值（亿元）190 | / 38 | | 52 周内最高/最低价 | 102.65 / 42.12 | | 资产负债率(%) | 9.4% | | 第一大股东 | 虞仁荣 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2025-06 2025-08 2025-09 2025-10 2025-12 2026-01 0% 14% 28% 42% 56% 70% 84% 98% 112% 126% 140% 新恒汇 电子 资料来源：聚源，中邮证券研究所 公司基本情况 新恒汇(301678) 芯联万物，智启未来 l 投资要点 2025 年前三季度营收同比增长，三季度单季增速进一步提升。 2025 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The secondary perpetual bond market shows a distinct feature of "long - end leading the rise", with long - end yields falling significantly more than short - end yields. The long - term spread of secondary perpetual bonds has been repaired, forming a steep term spread compression pattern. Insurance institutions increase their allocation of 7 - 10 - year bonds, and funds increase their allocation of 3 - 5 - year bonds. [2][12] - After the structural differentiation market, the transmission from the long - end to the short - end is not smooth, and the downward momentum of the long - end is limited. The trading difficulty of medium - and long - term secondary perpetual bonds remains relatively large. It is recommended to use 3 - 5 - year varieties as the bottom position and wait for opportunities in the adjustment of relatively long - term varieties. [4][5] 3. Summary According to Relevant Catalogs 3.1 1. Market Review: Insurance Institutions Increase Allocation, and Long - Term Secondary Perpetual Bonds of Large Banks Have an Independent Market - **Yield Performance**: In the third week of January, the yields of secondary perpetual bonds decreased, with long - end varieties performing particularly prominently. The 7 - year and 10 - year yields of secondary capital bonds decreased by 9.61bp and 8.84bp respectively, while the 1 - year yield only decreased by about 1bp. Perpetual bonds showed a similar pattern. In contrast, the long - end yields of other credit bonds such as medium - and short - term notes and commercial financial bonds decreased more moderately. [12] - **Spread Compression**: The credit spread quantiles of secondary perpetual bonds generally showed a compression trend, and the long - term spread repair of secondary perpetual bonds was the most prominent. The 10 - year and 7 - year spread quantiles of secondary capital bonds decreased by 20.70 and 15.61 percentage points respectively. The 7Y - 5Y term spread quantile decreased significantly, indicating a greater decline in the 7 - year yield and an obvious increase in the preference of allocation funds for this term variety. [16] - **Institutional Allocation**: Insurance institutions increased their allocation of 7 - 10 - year and 20 - 30 - year bonds, with net purchases of 12.44 billion yuan and 42.66 billion yuan respectively. Fund institutions' net purchases were mainly concentrated in the medium - and long - end, with a large - scale net purchase of 243.13 billion yuan in the 3 - 5 - year period. Other institutions had different allocation and reduction behaviors. [17] - **Transaction of Individual Bonds**: The trading of 7 - year secondary capital bonds was concentrated in state - owned banks, with Agricultural Bank of China and China Construction Bank accounting for more than 90%. The representative bonds of the two banks had significant trading volumes and their yields decreased. [19] 3.2 2. Outlook: Limited Transmission from the Long - End to the Short - End, and Relatively Large Trading Difficulty - **Analysis of Historical Market Conditions**: Five periods of similar duration differentiation market conditions since 2022 were selected. In these periods, long - term bonds generally had a greater decline in yields than short - term bonds. After that, the transmission from the long - end to the short - end was not smooth, and the long - end's downward momentum was limited. [23] - **Market Outlook**: The differentiation of spread quantiles is usually a leading signal for market differentiation. When secondary capital bond yields show a structural differentiation where long - term varieties decline more than short - term ones, there is no smooth transmission from long - to medium - and short - term bonds. Short - end yields are at relatively low historical quantiles, with limited downward space and low allocation cost - effectiveness. In a non - bull market environment, it is difficult for secondary perpetual bonds to achieve a rotation between long and short market conditions after term spread compression, and the subsequent trend of long - term secondary perpetual bonds is more likely to be volatile. [29][30] - **Trading Suggestions**: Since the end of 2025, the short - end yield and credit spread quantiles of secondary capital bonds have decreased significantly, while the long - term yield quantiles have remained around 50% and the credit spread quantiles around 80%. Although there is no obvious supply pressure for long - term secondary perpetual bonds and moderately lengthening the duration has certain feasibility, the trading difficulty is still relatively large. It is recommended to use 3 - 5 - year varieties as the bottom position and wait for adjustment opportunities in relatively long - term varieties. [32][33]

证券研究报告：房地产|行业周报 发布时间：2026-01-27 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2343.49 | | 52 周最高 | 2436.17 | | 52 周最低 | 1870.99 | 行业相对指数表现 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《地产延续调整 等待销售边际企稳》 - 2026.01.19 房地产行业报告 （2026.1.19-2026.1.25） 小阳春提前 关注度提升 ⚫ 投资要点 本周政策组合拳聚焦"稳需求、去库存"：财政部等三部门将换房 个税退税优惠延至 2027 年底，降低改善型需求交易成本；央行将商 业用房首付比例从 50%降至 30%，直接激活商办市场流动性。房地产 ...

证券研究报告：汽车 | 公司深度报告 发布时间：2026-01-27 股票投资评级 买入 |首次覆盖 个股表现 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 224.80 | | --- | --- | | 总股本/流通股本（亿 | 1.57/ 1.30 | | 股） | | | 总市值/流通市值（亿港 | 353 / 293 | | 元） | | | 52 周内最高/最低价 | 244.0/ 116.3 | | 资产负债率(%) | 18.99% | | 市盈率 | 75.1 | | 第一大股东 | Fermat Star Limited | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 禾赛-W(2525.HK) 以"智驾之眼"筑基，迈向"物理 AI"通用感官新纪元 l 投资要点 禾赛科技为全球领先的激光雷达研发与制造企业，产品广泛布局 自动驾驶、具身智能等多领域。截止 2025 年，公司全球车载激光雷 达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激 光雷达市占率第 ...

证券研究报告：汽车 | 公司深度报告 发布时间：2026-01-27 股票投资评级 买入 |首次覆盖 个股表现 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 224.80 | | --- | --- | | 总股本/流通股本（亿 | 1.57/ 1.30 | | 股） | | | 总市值/流通市值（亿港 | 353 / 293 | | 元） | | | 52 周内最高/最低价 | 244.0/ 116.3 | | 资产负债率(%) | 18.99% | | 市盈率 | 75.1 | | 第一大股东 | Fermat Star Limited | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 禾赛-W(2525.HK) 以"智驾之眼"筑基，迈向"物理 AI"通用感官新纪元 l 投资要点 禾赛科技为全球领先的激光雷达研发与制造企业，产品广泛布局 自动驾驶、具身智能等多领域。截止 2025 年，公司全球车载激光雷 达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激 光雷达市占率第 ...