Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company focuses on a major client strategy and is actively exploring emerging markets, holding the largest market share in chip inductors domestically and ranking among the top three globally. It has delivered over 100 billion inductors annually, establishing itself as a leading international player in passive electronic components and technology solutions [5][6]. - The company has seen a continuous increase in capacity utilization and has implemented cost reduction and efficiency improvement measures. In 2024, it is projected to achieve revenue of 5.897 billion yuan, a year-on-year increase of 16.99%, and a net profit attributable to shareholders of 832 million yuan, up 29.91% year-on-year [5][10]. - The company has diversified its product lines and is experiencing strong growth in emerging strategic markets, with significant advancements in automotive electronics, data centers, and humanoid robotics. Its products are recognized by major industry clients, and it is well-positioned for continued growth in these sectors [6][10]. Financial Performance and Forecast - The company is expected to achieve revenues of 7.199 billion yuan in 2025 and 8.587 billion yuan in 2026, with net profits projected at 1.081 billion yuan and 1.354 billion yuan respectively. The growth rates for revenue and net profit are anticipated to be 22.08% and 29.96% for 2025, and 19.29% and 25.21% for 2026 [7][10]. - The report highlights a projected gross margin of 36.5% for 2024, with an expected increase to 37.2% in 2025 and 37.6% in 2026, indicating a positive trend in profitability [10][13].

证券研究报告：金融工程报告 2025 年 3 月 2 日 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 《Deepseek 背景综述及在金融领域应 用场景初探》 - 2025.02.26 《扩散指数有高位回调风险 ——微盘 股指数周报 20250216》 - 2025.02.17 《基本面回撤，高波风格持续——中邮 因子周报 20250209》 - 2025.02.10 《各资金持续流入机器人，短期注意回 调风险，行业轮动开始超配成长——行 业轮动周报 20250209》 - 2025.02.10 《全面牛市正在到来，微盘有望修复前 高 ——微盘股指数周报 20250209》 - 2025.02.10 《基本面表现强势，风格切换加速—— 中邮因子周报 20250126》 - 2025.01.27 《节前融资资金大幅净流出，ETF 资金 聚焦机器人以及红利——行业轮动周 报 20250126》 - 2025.01 ...

证券研究报告：食品饮料|行业周报 2025 年 3 月 2 日 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 17422.31 | | --- | --- | --- | | 52 | 周最高 | 20128.95 | | 52 周最低 | | 14118.56 | 行业相对指数表现 2024-03 2024-05 2024-07 2024-10 2024-12 2025-02 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 近期研究报告 《春节跟踪：白酒动销略好于预期， 酵母需求韧性强》 - 2025.02.10 食品饮料行业报告 （2025 ...

Investment Rating - The investment rating for the company is "Buy" with a first-time coverage [1] Core Views - The company is a leading player in the cardiovascular traditional Chinese medicine sector, demonstrating strong research and sales capabilities [1] Company Development History - The company originated from the development of Dan Di and has continuously expanded its product portfolio, focusing on traditional Chinese medicine after a period of adjustment [4][5] - Key milestones include the establishment in 1994, the introduction of major products into the national medical insurance directory, and significant revenue growth from core products [5] Management Team - The management team has extensive backgrounds in traditional Chinese medicine and drug research, with many members having long tenures at the company [6] Financial Analysis - The company's Return on Equity (ROE) has fluctuated, with a peak of nearly 32% in 2014, followed by a decline until 2021, after which it began to recover [10] - Key factors affecting ROE include net profit margin and asset turnover, with the latter showing a stable level of around 50%-55% in recent years [10][11] Growth Drivers - The company's pharmaceutical industrial revenue is primarily driven by traditional Chinese medicine, which constitutes about 80% of its revenue, with cardiovascular treatments accounting for 70%-75% [15] - The company has a strong portfolio of unique products in the cardiovascular line, benefiting from procurement and medical insurance negotiation advantages [18] Market Position - The company holds a leading position in the cardiovascular traditional Chinese medicine market, with its flagship product, Compound Danshen Dripping Pill, being the top seller [24] - The market for cardiovascular diseases is growing, with increasing prevalence and a significant portion of patients being treated in tertiary hospitals [20] Product Pipeline - The company is expanding its product offerings, including new indications for existing drugs and the development of innovative therapies [18][40] - The potential for growth in the biopharmaceutical sector is significant, particularly with the upcoming approval of new treatments for acute ischemic stroke [42][45]

证券研究报告：金融工程报告 2025 年 3 月 1 日 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《Deepseek 背景综述及在金融领域应 用场景初探》 - 2025.02.26 《聚焦 AI 主线，GRU 行业轮动 2020 年 后首次配置半仓成长——行业轮动周 报 20250223》 - 2025.02.24 《微盘股下周或将震荡盘整 ——微盘 股指数周报 20250223》 - 2025.02.17 《强动量高波风格引领市场——中邮 因子周报 20250223》 - 2025.02.13 《扩散指数有高位回调风险 ——微盘 股指数周报 20250216》 - 2025.02.17 《投资机会将仍在"AI+"细分行业间 流动，GRU 行业轮动连续调入成长—— 行业轮动周报 20250216》 - 2025.02.17 《小市值仍然强势，高波风格持续— —中邮因子周报 20250216》 - 2025.02.17 《微盘股基金 Q4 规模平稳，基金加仓 仍有空间——微盘股 2024Q4 基金季报 点评 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - As of February 28, 2025, among the 120 tracked defense industry listed companies, 87 have disclosed their 2024 performance forecasts, with 24 companies showing positive growth year-on-year [5][13] - The shipbuilding sector is experiencing high growth, with companies like China Shipbuilding Defense, China Heavy Industry, and China Power reporting significant performance increases, with growth rates of 680%, 259%, 65%, and 23% respectively [6][13] - In the aerospace and aviation industry, companies such as AVIC Xi'an Aircraft Industry Group and material suppliers like Zhongjian Technology and Huayin Technology are also maintaining rapid growth, with AVIC Xi'an expected to achieve a net profit of 990 million to 1.076 billion yuan, representing a year-on-year increase of 15% to 25% [7][14] Summary by Relevant Sections Industry Overview - The defense industry is expected to see an inflection point in orders as the "Centenary of the Army Building" mission enters its second half, with new technologies and products aimed at enhancing equipment performance or reducing costs [8][19] Performance Overview - The defense sector's performance is reflected in the recent decline of the CSI Military Industry Index by 3.57%, while the overall market indices also experienced declines [20][21] Company Performance - Among the listed companies, 24 reported positive growth, while 29 showed positive but declining performance, and 28 reported losses with an increase in year-on-year losses [5][13] - Specific companies like AVIC Xi'an and Zhongjian Technology are highlighted for their strong performance forecasts, indicating a robust outlook for the sector [7][14] Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feili Hua, Fenghuo Electronics, and others [8][19] 2) New technologies, products, and markets with greater elasticity, including companies like Aerospace Intelligence, Guorui Technology, and others [8][19] Valuation Levels - As of February 28, 2025, the CSI Military Industry Index stands at 10,288.33, with a PE-TTM valuation of 72.96 and a PB valuation of 3.31, indicating that both valuations are at historical mid-levels [26]

证券研究报告：医药生物|行业周报 2025 年 3 月 2 日 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7302.5 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 行业相对指数表现 2024-03 2024-05 2024-07 2024-10 2024-12 2025-02 -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 医药生物 沪深300 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:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 《"AI+医疗"高景气度有望持续，创 新药利好政策持续加码》 - 2025.02.24 医药生物行业报告 （2025.02.24-2025.02.28） 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 l 一周观 ...

证券研究报告：宏观报告 2025 年 3 月 1 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 《2 月经济复工复产稳步推进，出口消 费夯基础》 - 2025.02.24 宏观研究 PMI 的改善还不牢固，仍需政策支持 核心观点 （1）2 月 PMI 超预期回升，供需协同改善 2 月制造业 PMI 超预期回升，好于季节性表现，供需两端协同改 善特征显著，需求拉动生产正向循环特征有所加强，价格呈现回升迹 象，经济复苏动能持续增强，经济持续修复积极信号显现。后续有待 继续改善的线索仍需关注：一是复工复产仍存修复空间；二是在美国 对我国贸易限制升级背景下，外需可持续性面临考验，后续需重点关 注内外需接力情况，防范外部风险向产业链传导；三是中小企业修复 缓慢，拖累就业，虽然企业招工前瞻指数环比有所上行，但大周期仍 处低位。综上，2 月经济景气度有所改善，但经济修复可持续性面临 考验，需求改善向生产端的传导有待 ...

证券研究报告 深度解析Anduril： 以AI软件定义装备，以现代工业体系重塑兵工厂 行业投资评级：强于大市|维持 中邮证券研究所 军工团队 投资要点 请参阅附注免责声明 • Anduril成立于2017年，是一家总部位于美国硅谷的国防科技公司，创始人Palmer Luckey因创立Oculus VR眼镜而出名。 Luckey希望通过快速原型开发和规模化生产，取代传统的"PPT军工"模式。截至目前，公司已经进行了9次融资，募 资超37亿美元，上一轮融资为2024年8月的F轮融资，募资15亿美元，估值140亿美元。2025年计划融资25亿美元，估值 预计达280亿美元。截至目前，公司已经获得超15亿美元国防订单。 • Anduril在2022年发表使命宣言：传统国防工业成本居高不下，技术停滞不前，当前军事技术已经远远落后于民用；美 国国防部的大多数创新重点领域，包括人工智能、网络化武器、网络安全，部分或全部都依赖软件来实现，这部分人 才基本都在硅谷，未来军工应更像"特斯拉"而不是"福特"，应更像"苹果"而不是"诺基亚"；公司要创造新军 工模式，以私有资金进行装备研发，出售现成产品，而不是依赖成本加成合同，并以软 ...

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The industry index experienced a decline of 0.86%, ranking 17th among 31 primary industries, despite favorable policies from the "No. 1 Document" [2][13] - The pig market is characterized by strong supply and weak demand, leading to a downward trend in prices, with the average price of live pigs at 14.65 yuan/kg, down 0.14 yuan/kg from the previous week [3][16] - The white feather chicken market saw a rebound in prices after a significant drop, with chick prices at 2.55 yuan/chick, up 0.3 yuan/chick, and meat chicken prices at 3.05 yuan/jin, up 10.78% [5][27] Summary by Relevant Sections Market Performance - The agriculture sector showed significant volatility, with the agriculture, forestry, animal husbandry, and fishery index down 0.89%, while the Shanghai and Shenzhen 300 index fell by 2.22% and the Shanghai Composite Index by 1.72% [11] Livestock Industry Chain Tracking - **Pigs**: The market is facing a supply surplus with a weak demand outlook, leading to a price decline. The average price of piglets is 586 yuan/head, down 5.5 yuan from the previous week. The industry anticipates a cautious increase in supply for 2025, with a current breeding stock of 40.62 million heads, down year-on-year [3][19][18] - **White Feather Chicken**: The market is experiencing a rebound in prices, with overall supply remaining ample. The industry is facing challenges from overseas avian influenza and domestic disease issues, but there are structural opportunities due to rapid development in domestic breeding [5][27] Planting Industry Chain Tracking - **Sugar**: The price of white sugar in Liuzhou is 6050 yuan/ton, down 50 yuan/ton from the previous week [30] - **Soybeans**: The imported price of Brazilian soybeans is 3550 yuan/ton, reflecting a 1.5% decrease [30] - **Corn**: The average price of corn is 2146 yuan/ton, showing a slight increase of 9 yuan/ton [32]