Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is expected to achieve a revenue of 2.323 billion yuan in 2024, representing a slight decline of 0.66% year-on-year. However, the semiconductor industry is gradually recovering, and the company has a strong order backlog of 2.406 billion yuan, which has remained high for five consecutive quarters [2][11]. - The company's unique business model, which minimizes product inventory risk and application boundaries, has allowed it to quickly turn around its operations starting from the second quarter of 2024. The revenue for the second quarter is expected to return to pre-industry cycle levels, with a significant year-on-year increase of 23.60% in the third quarter [2][3]. - The company has a diverse range of semiconductor IP offerings and is actively developing Chiplet technology to meet the growing demand for high-performance computing solutions. This includes a focus on AI applications and various consumer electronics [3][7][10]. Summary by Sections Financial Performance - The company is projected to achieve revenues of 2.323 billion yuan in 2024, 2.945 billion yuan in 2025, and 3.540 billion yuan in 2026, with corresponding net profits of -605 million yuan, 7.94 million yuan, and 100.35 million yuan respectively [11][13]. - The revenue growth rates are expected to be -0.66% in 2024, 26.78% in 2025, and 20.23% in 2026 [13][16]. Business Model and Strategy - The company operates on a platform-based model that provides comprehensive chip customization services and semiconductor IP licensing. It has developed a wide range of IPs, including GPU, NPU, VPU, DSP, ISP, and Display Processor IPs, along with over 1,600 mixed-signal and RF IPs [3][7]. - The company is focusing on the development of RISC-V technology and has established the China RISC-V Industry Alliance, which has 195 member units as of September 2024. This initiative aims to promote the RISC-V ecosystem and support talent development in the field [10][11]. Market Position and Customer Base - Approximately 40% of the company's revenue comes from non-chip company clients, including system manufacturers, large internet companies, and cloud service providers. These clients are increasingly seeking partnerships for chip design due to their own resource limitations [8][9]. - The company has successfully developed a video processing platform that enhances data center video processing capabilities, which is crucial for applications like 4K streaming and cloud gaming [8][9].

证券研究报告：医药生物|点评报告 行业基本情况 | 收盘点位 | | 7350.94 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 行业相对指数表现（相对值） -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2024-03 2024-05 2024-07 2024-10 2024-12 2025-03 医药生物 沪深300 2025 年 3 月 6 日 行业投资评级 强于大市 |维持 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:古意涵 SAC 登记编号:S1340523110003 Email:guyihan@cnpsec.com 近期研究报告 《零售药店行业规范化政策持续落 地，龙头集中度有望加速提升》 - 2025.03.03 2025 年政府工作报告-医药生物行业：更重"医疗 质量"，加大创新支持，改革持续深化 ⚫ 投资要点 3 月 5 日发布的 2025 ...

证券研究报告：宏观报告 2025 年 3 月 5 日 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 近期研究报告 《PMI 的改善还不牢固，仍需政策支 持》 - 2025.03.03 宏观研究 政策协同发力，消费驱动与产业升级双轮驱动 -2025 年政府工作报告精神学习 核心观点 2025 年政府工作报告定调积极，务实进取，将短期稳增长与长期 高质量发展内在统一，关键目标持平市场预期，机遇与压力并存。宏 观政策更加给力，财政政策更加积极，并预留战略空间，适度宽松货 币政策兼顾内外均衡，以消费为牵引提振畅通经济循环成为首位重点 工作，大力发展新质生产力、建设现代产业体系一以贯之，统筹发展 与安全，兼顾深化改革、公平与效率，后续经济有望得到有效改善， 进一步夯实高质量发展基础。 风险提示： 全球经济增长动能超预期放缓；中美贸易摩擦超预期加剧；海外 地缘政治冲突加剧。 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The land acquisition amount for the top 100 companies in key cities reached 199.86 billion yuan in January-February 2025, representing a year-on-year increase of 26.7% [5] - The sales amount for the top 100 real estate companies was 447.99 billion yuan in January-February 2025, showing a year-on-year decline of 5.9%, but the decline narrowed significantly compared to January [5] - The new housing sales in first-tier cities increased by 61.4% year-on-year and 64.2% month-on-month, indicating a potential recovery in the real estate market in 2025 [5] Industry Fundamentals Tracking New Housing Transactions and Inventory - The new housing transaction area in 30 major cities last week was 2.3097 million square meters, with a cumulative area of 15.3549 million square meters for the year, reflecting a year-on-year increase of 6.8% [6] - The average transaction area in the last four weeks for first-tier cities was 477.1 thousand square meters, with a year-on-year increase of 61.4% and a month-on-month increase of 64.2% [6][15] - The available residential area in nine key cities was 55.1916 million square meters, showing a year-on-year decrease of 13.98% [18][20] Second-Hand Housing Transactions and Listings - The transaction area of second-hand housing in 12 key cities last week was 1.9672 million square meters, with a cumulative area of 14.3671 million square meters for the year, reflecting a year-on-year increase of 41.7% [22] - The average transaction area in the last four weeks for these cities was 1.5081 million square meters, with a year-on-year increase of 106.6% [22][24] Land Market Transactions - In the last week, 95 residential land plots were newly supplied in 100 major cities, with 49 plots successfully sold [26] - The average floor price for residential land transactions was 9,933.75 yuan per square meter, with a premium rate of 10.86% [26] Market Review - The A-share real estate index rose by 2.22%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.22%, resulting in a relative outperformance of 4.45 percentage points [29] - The Hong Kong property service and management index increased by 5.93%, while the Hang Seng Composite Index fell by 2.58%, indicating a strong performance in the property service sector [29][30]

Investment Rating - The industry investment rating is "Strong Outperforming the Market" and is maintained [2]. Core Viewpoints - The convergence of domestic and international price differences for antimony is inevitable, as China is a net importer of antimony [8]. - The export control measures implemented by China have led to a temporary shortage of antimony overseas, resulting in a widening price gap between domestic and international markets [7]. - The demand for antimony is expected to remain strong, particularly driven by the photovoltaic sector and flame retardants, despite concerns over the real estate market [18][38]. - The overall supply of antimony is expected to remain stable, with a projected supply-demand gap of 1.9 million tons in 2024, increasing to 3.9 million tons by 2027 [45]. Summary by Sections Price Gap Convergence - The price gap between domestic and international antimony prices has widened significantly due to export controls, with current international prices around 400,000 CNY per ton and domestic prices at 150,000 CNY per ton, resulting in a gap of 250,000 CNY per ton [7]. - The price gap is expected to converge as domestic inventories are depleted and the need for imports increases [10]. Supply Constraints - Antimony reserves are limited, with China's share of global reserves decreasing from 52% in 2013 to 29% in 2023 [23]. - Domestic antimony production is projected to remain stable at around 60,000 tons per year, with no significant growth expected due to environmental regulations and rising costs [24]. - The potential for new overseas mining projects is limited, with Tajikistan being a key area for future production increases [28]. Demand Dynamics - The demand for antimony in traditional applications, particularly in flame retardants, remains strong, accounting for 43% of total demand [35]. - The photovoltaic sector is expected to drive significant demand growth, with a projected 28.68% increase in new installations in 2024 [39]. - The demand from lead-acid batteries is stable, with an estimated requirement of approximately 17,000 tons of antimony [42]. Investment Recommendations - The report suggests focusing on companies such as Huayu Mining, Hunan Gold, and Huaxi Nonferrous Metals, which are well-positioned in the antimony market [50].

Investment Rating - The report maintains a "Buy" rating for Dongxin Co., Ltd. (688110) [7][10] Core Views - The semiconductor design industry is experiencing a recovery, leading to improved performance for the company, with a revenue increase of 20.80% year-on-year to 641 million yuan in 2024, and a reduction in net loss by 43.24% to 173.83 million yuan [2][3] - The company is focusing on high-level R&D investments, particularly in storage technologies, and is advancing its SLC NAND FLASH technology while also developing Wi-Fi 7 wireless communication chips [3][4][8] - The demand for storage chips is expected to grow due to the increasing application of AI technology in various devices, positioning the company to benefit from this trend [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 641 million yuan, a 20.80% increase year-on-year, while the net loss narrowed to 173.83 million yuan, a reduction of 43.24% [2][3] - The company anticipates revenues of 946 million yuan in 2025 and 1.29 billion yuan in 2026, with projected net profits turning positive in 2025 at 1.90 million yuan and reaching 18 million yuan in 2026 [10][12] Market Position and Strategy - The company is actively expanding its market presence in key applications such as network communication, surveillance, wearables, and automotive electronics, which has led to significant growth in product sales [3][4] - The company is enhancing its product structure and market strategies to improve operational efficiency and reduce costs, resulting in an increase in gross margin compared to the previous year [3] Product Development - The company is expanding its SLC NAND Flash product line and has entered the risk production phase for its advanced 1xnm SLC NAND Flash products [8] - The MCP series products are designed to meet the low-power requirements of mobile internet and IoT applications, with ongoing iterations to enhance product offerings [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company is a leader in the chronic disease sector, focusing on innovative transformation and strengthening brand power, with the impact of centralized procurement largely eliminated [4][5] - The market for chronic disease medications is expected to maintain stable growth due to the large patient base and increasing prevalence, particularly in hypertension, where treatment rates are below 40% [4] - The company's innovative drug segment is experiencing rapid revenue growth, with a projected CAGR of over 30% from 2024 to 2026 [5][6] Company Overview - Latest closing price: 29.98 CNY - Total shares: 1.115 billion; Market capitalization: 33.4 billion CNY - 52-week high/low: 36.78 CNY / 25.70 CNY - Debt-to-asset ratio: 14.3%; PE ratio: 57.65 [3] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 37.94 billion CNY, 41.84 billion CNY, and 49.87 billion CNY respectively, with net profits of 6.15 billion CNY, 6.75 billion CNY, and 8.59 billion CNY [6][10] - The PE ratios for the same years are projected at 53.9, 49.1, and 38.6 respectively [6][10]

证券研究报告：电子 | 公司点评报告 2025 年 3 月 4 日 股票投资评级 东芯股份(688110) MCP 受益端侧 AI l 事件 2 月 27 日，公司披露 2024 年度业绩快报公告，2024 年度公 司实现营收 6.41 亿元，同比增加 20.80%；营业利润-17,865.45 万 元，同比增加 17,292.27 万元，亏损收窄 49.18%；归母净利润- 17,382.61 万元，同比增加 13,242.36 万元，亏损收窄 43.24%； 扣非归母净利润-20,740.40 万元，同比增加 11,972.47 万元，亏 损收窄 36.60%。 l 投资要点 需求回暖，业绩改善。2024 年度公司实现营收 6.41 亿元，同 比增加20.80%，归母净利润-17,382.61万元，同比增加13,242.36 万元，亏损收窄 43.24%，主要系以下因素：1）2024 年，半导体设 计行业景气度回升，网络通信、消费电子等下游市场需求有所回 暖，公司积极把握市场机遇，加大市场拓展力度，有效推动了产品 销售。公司持续布局网络通信、监控安防、可穿戴、工业等关键应 用和头部客户，并逐步向汽车电子领 ...

证券研究报告：电力设备 | 公司深度报告 2025 年 3 月 2 日 股票投资评级 买入 |首次覆盖 个股表现 2024-03 2024-05 2024-07 2024-10 2024-12 2025-02 -16% -10% -4% 2% 8% 14% 20% 26% 32% 38% 长高电新 电力设备 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） | 7.39 | | --- | --- | | 总股本/流通股本（亿股）6.20 | / 5.16 | | 总市值/流通市值（亿元）46 | / 38 | | 52 周内最高/最低价 | 8.98 / 6.15 | | 资产负债率(%) | 30.2% | | 市盈率 | 26.49 | | 第一大股东 | 马孝武 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 长高电新(002452) 商誉减值风险基本消除，聚焦主业，GIS 高压化+ ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has eliminated goodwill impairment risks and is focusing on its core business, enhancing its GIS high-voltage products and diversifying its distribution network equipment [4][6]. - The company is expected to benefit from the increasing investment in the power grid, driven by the growth of renewable energy generation and the impact of artificial intelligence on load dynamics [5][42]. - The company has a robust order pipeline, with significant contracts secured from the State Grid, indicating strong future revenue growth [6][41]. Summary by Sections Company Overview - The company, founded in 1965, specializes in manufacturing power transmission and transformation equipment and providing electrical design and engineering services. It went public in 2010 and has since expanded its product offerings, including GIS and GIL technologies [4][15]. Financial Performance - The company forecasts revenues of 1.75 billion, 2.10 billion, and 2.52 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 260 million, 340 million, and 430 million yuan, reflecting a CAGR of 28.9% [7][55]. - The company’s asset-liability ratio stands at 30.2%, indicating a low financial risk profile [3][29]. Market Trends - The global penetration of renewable energy generation is expected to exceed 15% in 2024, with significant growth in countries like China and the U.S. This trend is anticipated to drive further investment in power grid infrastructure [5][42]. - The State Grid plans to invest over 650 billion yuan in 2025, indicating a strong growth trajectory for the power grid sector [48]. Product Development and Orders - The company has secured 7.4 billion yuan in GIS contracts from the State Grid in 2023, a 37.1% increase year-on-year, showcasing its competitive position in the market [6][35]. - The company is actively expanding its product range and enhancing its manufacturing capabilities, including the establishment of new production facilities for GIL equipment [39][40].