证券研究报告：金融工程报告 2025 年 2 月 22 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 ⚫ 万得微盘股指数阶段表现 近一周万得微盘股指数上涨 2.7%，在 38 个宽基指数当中排名第 15。近一月万得微盘股指数上涨 9.31%，在 38 个宽基指数当中排名第 9。近一季万得微盘股指数上涨 9.02%，在 38 个宽基指数当中排名第 8。近一年万得微盘股指数上涨 78.51%，在 38 个宽基指数当中排名第 1。 《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》 - 2025.02.13 《基本面回撤，高波风格持续——中 邮因子周报 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company is expected to achieve a revenue of 1.028 billion yuan in 2024, representing a year-on-year growth of 46.10%. The net profit attributable to the parent company is projected to be 290 million yuan, a significant increase of 188.52% year-on-year [5][6] - The company has successfully upgraded its technology and product lines, leading to rapid growth in industrial-grade EEPROM and voice coil motor driver chips. This has established a solid foundation for future development [6] - High-value-added products are seeing a rapid increase in shipment volume, which enhances the sales structure and improves profitability. The company has built strong brand recognition and quality customer resources in high-value markets such as automotive electronics and industrial control [6] Financial Projections - The company is projected to achieve revenues of 1.03 billion yuan, 1.42 billion yuan, and 1.86 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be 290 million yuan, 409 million yuan, and 550 million yuan for the same years [7][9] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 41, 29, and 22 for the years 2024, 2025, and 2026, respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of 1.028 billion yuan in 2024, representing a year-on-year growth of 46.10%, and a net profit attributable to shareholders of 290 million yuan, reflecting a significant increase of 188.52% [5][6] - The demand recovery in the market has led to rapid growth in industrial-grade EEPROM and voice coil motor driver chips, with the company enhancing its product lines and marketing efforts [6] - High-value-added product shipments are increasing, improving the sales structure and enhancing profitability [6] Financial Performance Summary - The company forecasts revenues of 1.028 billion yuan for 2024, with projected revenues of 1.416 billion yuan and 1.858 billion yuan for 2025 and 2026, respectively [9] - The expected net profit for 2024 is 290 million yuan, with projections of 409 million yuan and 550 million yuan for 2025 and 2026 [9] - The company's PE ratios for 2024, 2025, and 2026 are projected to be 41, 29, and 22 times, respectively [7][9]

Investment Rating - The report assigns 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 [2][10]. Core Insights - The company is a leader in the smart campus sector with a market share exceeding 40%, focusing on information technology solutions for educational institutions [5]. - The introduction of AI-driven services, such as the "Xiao Mei" AI assistant, enhances campus services by providing personalized support for various student and faculty needs [6][7]. - The partnership with Huawei aims to advance AI applications in education, enhancing user experience and fostering innovation in the sector [8][10]. Company Overview - The latest closing price is 12.50 yuan, with a total market capitalization of 60 billion yuan and a circulating market value of 51 billion yuan [4]. - The company has a debt-to-asset ratio of 18.0% and a price-to-earnings ratio of 55.38 [4]. Financial Projections - Expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.28, 0.35, and 0.43 yuan respectively, with corresponding price-to-earnings ratios of 44.73, 35.84, and 29.23 [10][12]. - Revenue forecasts for 2024, 2025, and 2026 are 1.109 billion, 1.288 billion, and 1.512 billion yuan, reflecting growth rates of 4.44%, 16.22%, and 17.38% respectively [12][15].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1]. Core Viewpoints - The Ministry of Industry and Information Technology (MIIT) is drafting new regulations for rare earth mining, which may lead to a new round of price increases for rare earth products [4]. - The demand for humanoid and quadruped robots is expected to accelerate, with a projected compound annual growth rate (CAGR) of 11.56% for neodymium-iron-boron in the robotics sector from 2025 to 2030 [6][19]. Summary by Relevant Sections Industry Overview - The closing index is at 4593.64, with a 52-week high of 4979.91 and a low of 3700.9 [1]. Rare Earth Regulations - On February 19, the MIIT proposed new management measures for rare earth mining and smelting, which will include imported rare earth ores in regulatory oversight [4][8]. - In 2024, China imported 132,900 tons of rare earth oxides, with significant impacts expected on local private enterprises' smelting capacities due to the new regulations [5][10]. Supply Chain Disruptions - Ongoing conflicts in Myanmar have led to a steady increase in rare earth prices, with prices for praseodymium-neodymium oxide and dysprosium oxide rising by 10.56% and 6.38%, respectively [5][15]. - The import of rare earth minerals from Myanmar has significantly declined, with only 300 tons imported in December 2024, marking a 92% year-on-year decrease [11][15]. Robotics Market Growth - The Chinese government is actively promoting the development of the robotics industry, with policies aimed at fostering innovation in humanoid robots [18]. - The demand for neodymium-iron-boron in humanoid and quadruped robots is expected to grow at rates of 56.88% and 82.94%, respectively [19]. Investment Recommendations - Companies to watch include China Rare Earth, Northern Rare Earth, Shenghe Resources, Jinchuan Group, and others [6].

Investment Rating - The report assigns 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 [2][16]. Core Insights - The company is a leader in the smart campus sector with a market share exceeding 40%, focusing on information technology solutions for educational institutions [5]. - The introduction of AI-driven services, such as the "Xiao Mei" AI assistant, enhances campus services by providing personalized support for various student and faculty needs [6][7]. - Collaboration with Huawei to advance AI applications in education is a significant strategic move, enhancing user experience and fostering innovation [8]. Company Overview - The latest closing price is 12.50 yuan, with a total market capitalization of 60 billion yuan and a circulating market value of 51 billion yuan [4]. - The company has a low debt-to-asset ratio of 18.0%, indicating strong financial health [4]. - The earnings per share (EPS) for 2024 is projected at 0.28 yuan, with a corresponding price-to-earnings (P/E) ratio of 44.73 [10][12]. Financial Projections - Revenue is expected to grow from 1,061 million yuan in 2023 to 1,512 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.4% [12][15]. - The net profit attributable to the parent company is forecasted to increase from 107.51 million yuan in 2023 to 203.69 million yuan in 2026, with a growth rate of 22.59% in the final year [12][15]. - The company anticipates a steady improvement in its net profit margin, projected to reach 13.5% by 2026 [15].

行业投资评级 强于大市 |维持 证券研究报告：医药生物|行业周报 2025 年 2 月 23 日 研究所 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 7506.32 | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 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+医药：势不可挡，未来已至》 - 2025.02.19 医药生物行业报告 （2025.02.17-2025.02.21） "AI+医疗"高景气度有望持续，创新药利好政策持 续加码 行业相对指数表现 2024-02 2024-05 2024-07 2024-09 2024-12 2025-02 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 l "AI+医疗" ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The 17th Abu Dhabi International Defense Exhibition (IDEX 2025) has gathered over 1,560 exhibitors from 65 countries, attracting more than 150,000 professional visitors, with 59 Chinese defense and high-tech companies showcasing advanced technologies [4][10] - The exhibition area exceeded 181,000 square meters, with China having one of the largest national pavilions, displaying hundreds of domestic weapon systems and military technologies, including stealth fighters and drones [5][10] - The military industry is expected to see a turning point in orders as the "Centenary Goal of Building the Army" enters its second half, with new technologies and products offering greater market flexibility [13] Summary by Sections Industry Overview - The closing index for the defense industry is 1,467.95, with a 52-week high of 1,712.48 and a low of 1,113.62 [1] Market Performance - The China Securities Military Industry Index rose by 1.66%, while the Shenwan Military Industry Index increased by 2.74% [16] - The top ten performing stocks in the military sector this week include Taihao Technology (+49.82%) and Kesi Technology (+47.44%) [18][20] Valuation Levels - As of February 21, 2025, the China Securities Military Industry Index stands at 10,668.82, with a PE-TTM valuation of 75.87 and a PB valuation of 3.43, both at historical mid-levels [21][23] Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "filling gaps" focusing on companies like Feilihua and Fenghuo Electronics [13] 2) New technologies, products, and markets with companies like Aerospace Zhizao and Aerospace Nanhai [13]

证券研究报告：宏观报告 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 《适度宽松的货币政策要兼顾内外均 衡》 - 2025.02.18 宏观研究 2 月经济复工复产稳步推进，出口消费夯基础 核心观点 （1）2 月经济复工复产稳步推进，出口消费夯基础。 从高频数据来看，2 月经济复工复产稳步推进，较节前存在一定 修复空间。地产销售延续平稳、集装箱吞吐量创单月新高或指向我国 出口保持韧性、国际航班执行数量和汽车销售同比维持高增，显示居 民消费存在修复潜力，为经济平稳开局奠定基础。建筑开工、工业生 产复工复产稳步推进，后续有待进一步观察。 在需求端，（1）房地产市场销售平稳，环比有所回落，但好于去 年同期；（2）虽然出口的前瞻性指标韩国出口有所走弱，但从国内港 口集装箱吞吐量来看，我国出口韧性仍强；（3）消费保持相对平稳， 如受益于免签新政红利之下，国际航班执行数量同比维持高增、汽车 销售同比保持较明显增长；（ ...

证券研究报告：宏观报告 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 《适度宽松的货币政策要兼顾内外均 衡》 - 2025.02.18 宏观研究 2 月经济复工复产稳步推进，出口消费夯基础 核心观点 （1）2 月经济复工复产稳步推进，出口消费夯基础。 从高频数据来看，2 月经济复工复产稳步推进，较节前存在一定 修复空间。地产销售延续平稳、集装箱吞吐量创单月新高或指向我国 出口保持韧性、国际航班执行数量和汽车销售同比维持高增，显示居 民消费存在修复潜力，为经济平稳开局奠定基础。建筑开工、工业生 产复工复产稳步推进，后续有待进一步观察。 在需求端，（1）房地产市场销售平稳，环比有所回落，但好于去 年同期；（2）虽然出口的前瞻性指标韩国出口有所走弱，但从国内港 口集装箱吞吐量来看，我国出口韧性仍强；（3）消费保持相对平稳， 如受益于免签新政红利之下，国际航班执行数量同比维持高增、汽车 销售同比保持较明显增长；（ ...