个股表现 -14% 1% 16% 31% 46% 61% 76% 91% 106% 121% 136% 2024-08 2024-11 2025-01 2025-04 2025-06 2025-08 艾力斯 医药生物 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） | 111.31 | | --- | --- | | 总股本/流通股本（亿股）4.50 / 4.50 | | | 总市值/流通市值（亿元）501 / 501 | | | 52 周内最高/最低价 | 111.31 / 40.33 | | 资产负债率(%) | 10.7% | | 市盈率 | 35.00 | | 第一大股东 | 上海乔可企业发展有限 | | 公司 | | 证券研究报告：医药生物 | 公司点评报告 发布时间：2025-09-03 股票投资评级 买入|首次覆盖 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 艾力斯(688578) ...

证券研究报告：电子 | 公司点评报告 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） | 111.90 | | --- | --- | | 总股本/流通股本（亿股）0.60 | / 0.42 | | 总市值/流通市值（亿元）67 | / 47 | | 52 周内最高/最低价 | 111.90 / 55.70 | | 资产负债率(%) | 17.7% | | 市盈率 | 82.89 | | 第一大股东 | 崔学峰 | 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 l 投资要点 高端产品放量叠加需求复苏，业绩高速增长。2025H1 公司实现 营收 3.07 亿元，同比+67.86%；实现归母净利润 7,600.55 万元，同 比+91.56%；剔除股份支付影响后的归母净利润为 8,347.62 万元，同 比+108.10%。主要系 1）2025 年上半年，公司所在的半导体封装和测 试设备 ...

买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -16% -7% 2% 11% 20% 29% 38% 47% 56% 65% 浙江鼎力 机械设备 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） | 54.36 | | --- | --- | | 总股本/流通股本（亿股）5.06 | / 5.06 | | 总市值/流通市值（亿元）275 | / 275 | | 52 周内最高/最低价 | 68.88 / 39.48 | | 资产负债率(%) | 34.6% | | 市盈率 | 16.88 | | 第一大股东 | 许树根 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 浙江鼎力(603338) 证券研究报告：机械设备|公司点评报告 发布时间：2025-09-02 股票投资评级 业绩稳步增长，出口持续向好 l 事件描述 公司发布 2 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady revenue growth, with a 7.6% year-on-year increase in revenue to 640 million yuan for the first half of 2025, and a significant 47.0% increase in net profit attributable to shareholders, reaching 190 million yuan [4][5]. - The company is focusing on innovation, with a research and development expense ratio of 28.9%, up 4.1 percentage points year-on-year, which is expected to drive long-term growth [5]. - The company has established a clear pipeline with significant progress in core projects, including two products in NDA stage and seven in Phase III trials [5]. Company Overview - The latest closing price is 52.60 yuan, with a total market capitalization of 32.4 billion yuan [3]. - The company has a low debt-to-asset ratio of 7.2% and a price-to-earnings ratio of 46.14 [3]. Financial Projections - Revenue projections for 2025-2027 are 4.121 billion yuan, 1.954 billion yuan, and 1.950 billion yuan, respectively, with net profit estimates of 3.240 billion yuan, 719 million yuan, and 564 million yuan [7][9]. - The expected growth rates for net profit are 359.9% in 2025, followed by declines of 77.8% and 21.6% in the subsequent years [7][9]. Cash Flow and Strategic Partnerships - The company secured a global licensing agreement with Pfizer for a dual antibody product, generating over 6 billion USD in total transaction value, which will provide substantial cash flow to support its pipeline expansion [6].

证券研究报告：电子 | 公司点评报告 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） | 24.89 | | --- | --- | | 总股本/流通股本（亿股）20.06 | / 11.87 | | 总市值/流通市值（亿元）499 | / 295 | | 52 周内最高/最低价 | 28.94 / 13.58 | | 资产负债率(%) | 48.2% | | 市盈率 | 92.19 | | 第一大股东 | 合肥市建设投资控股 | | (集团)有限公司 | | 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 晶合集成(688249) CIS、PMIC 营收占比持续提升，新品逐步导入市场 l 事件 8 月 28 日，公司发布 2025 年半年度报告：1）2025H1 实现营收 51.98亿元，同比+18.21%；实现归母净利润3.32亿元，同比+77.61%； 实现扣非归母净利润 2.0 ...

证券研究报告 创新药先行，静待普涨 ——医药2025中报总结 板块投资评级：强大于市|维持 中邮证券研究所 医药团队 盛丽华（首席分析师） SAC编号：S1340525060001 龙永茂（分析师） SAC编号：S1340523110002 陈灿（分析师） SAC编号：S1340525070001 中邮证券 1 1 发布时间：2025-09-02 投资要点 ➢ 医药2025H1：创新药先行，各子板块有望迎来普涨 2025年上半年医药板块指数震荡上行，尤其4月份创新药BD行情带动板块整体快速上涨，在众多板块中排名前列，表现亮眼。医药板块估值溢价率为275.19%， 达到历史76.69%分位，高于历史平均溢价率235.14%，处于2010年以来的相对较高位置，但仍有望持续突破。公募基金医药持仓持续加码，创新药、医疗器械、 CXO受青睐。我们认为，我国基本医保基金收支稳健增长，在医药支付端提供稳定支撑。创新药受益于中国创新药资产储备丰富+临床研发效率高+产业链优势， 出海BD仍有望持续；器械板块招采明显回暖，有望迎来确定性机会。我们看好下半年核心资产的价值回归，建议重视： 1.创新药：长期产业趋势不容忽视。我们认为 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7][10]. Core Insights - The company reported a revenue of 2.793 billion yuan for the first half of 2025, representing a year-on-year growth of 12.63%, with a net profit attributable to shareholders of 82 million yuan, up 30.19% year-on-year [5]. - The animal vaccine business continues to face pressure, while the pharmaceutical and feed segments have shown significant revenue growth [5][6]. - The pharmaceutical segment achieved nearly 1 billion yuan in revenue, a substantial increase of 57.36% year-on-year, with improved gross margins [6]. - The feed segment also saw a notable revenue increase of 23.54%, reaching 536 million yuan [6]. Financial Performance Summary - The company’s total revenue is projected to grow from 6.017 billion yuan in 2024 to 7.896 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.55% [8][9]. - The net profit attributable to shareholders is expected to rise from 708.8 million yuan in 2024 to 3589.8 million yuan in 2027, reflecting a significant recovery and growth trajectory [8][9]. - Earnings per share (EPS) are forecasted to increase from 0.07 yuan in 2024 to 0.35 yuan in 2027, indicating strong profitability growth [8][9].

证券研究报告：机械设备 |公司点评报告 发布时间：2025-09-02 股票投资评级 增持 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -5% 3% 11% 19% 27% 35% 43% 51% 59% 67% 杭叉集团 机械设备 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） | 24.87 | | --- | --- | | 总股本/流通股本（亿股）13.10 | / 13.10 | | 总市值/流通市值（亿元）326 | / 326 | | 52 周内最高/最低价 | 24.87 / 16.67 | | 资产负债率(%) | 33.5% | | 市盈率 | 16.15 | | 第一大股东 | 浙江杭叉控股股份有限 | | 公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 深耕智能制造转型，构建工业互联体系。2025 ...

证券研究报告：石油石化 | 公司点评报告 发布时间：2025-09-02 股票投资评级 增持|维持 个股表现 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 润贝航科 石油石化 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） | 34.52 | | --- | --- | | 总股本/流通股本（亿股）1.15 / 1.11 | | | 总市值/流通市值（亿元）40 / 38 | | | 52 周内最高/最低价 | 51.99 / 25.26 | | 资产负债率(%) | 13.5% | | 市盈率 | 31.57 | | 第一大股东 | 深圳市嘉仑投资发展有 | | 限公司 | | 研究所 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 润贝航科(001316) 1、2025H1 公司营收较快增长，自研航材收入同比增长 31%。 2025H1，公司实现营业收入 4.70 亿元，同比增长 12% ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][9]. Core Insights - The company has shown impressive sales performance and steady progress in innovation and research, with a significant revenue increase of 812% year-on-year for the first half of 2025, amounting to 499 million yuan, while losses narrowed by 77% to 78.79 million yuan [4][5]. - The core pipeline product, Supachibai monoclonal antibody (brand name: Kangyueda), has received approval for three indications: moderate to severe atopic dermatitis (AD), chronic rhinosinusitis with nasal polyps (CRSwNP), and seasonal allergic rhinitis (SAR), contributing approximately 169 million yuan to revenue in the first half of 2025 [5][6]. - The company is positioned as a leader in domestic autoimmune innovative drugs, with a robust pipeline and multiple products nearing commercialization, which is expected to enhance its long-term growth prospects [9]. Company Overview - The latest closing price is 69.15 HKD, with a total market capitalization of 20.7 billion HKD. The company has a debt-to-asset ratio of 31% and a price-to-earnings ratio of -73.2 [3][4]. - The largest shareholder is Moonshot Holdings Limited [3]. Financial Projections - Revenue projections for 2025-2027 are 880 million, 1.5 billion, and 2.2 billion yuan, respectively, with year-on-year growth rates of 106%, 70%, and 49% [9][11]. - The company is expected to achieve a net profit of 0.1 billion yuan by 2027, transitioning from losses in the earlier years [9][11].