Investment Rating - The investment rating for the company is "Buy" with a target price of 25.00, compared to the last closing price of 15.87 [1]. Core Insights - The company's operating performance has slightly declined, with a reported revenue of 2.026 billion and a net profit of 229 million for the year 2024, representing a decrease of 4.31% and 27.00% year-on-year, respectively [5][6]. - The company is focusing on expanding its production capacity through ongoing fundraising projects, which are expected to gradually release capacity [6]. - The company has established a unique business model that integrates testing equipment and services, which is expected to drive growth in the future [7]. Financial Performance Summary - For the year 2024, the company achieved a revenue of 2.026 billion, down 4.31% from the previous year, and a net profit of 229 million, down 27.00% [5][9]. - The revenue from testing equipment decreased by 17.25% to 622.79 million, while revenue from environmental and reliability testing services increased by 0.64% to 1.009 billion, and integrated circuit verification and analysis services grew by 12.33% to 288.16 million [6]. - The company expects net profits for 2025, 2026, and 2027 to be 329 million, 375 million, and 419 million, respectively, with corresponding EPS of 0.65, 0.74, and 0.82 [7][9]. Market Outlook - The company is well-positioned to benefit from the growing demand for third-party environmental and reliability testing services, as the current supply is insufficient to meet market needs [7]. - The projected revenue growth rates for the next few years are 16.50% for 2025, 14.50% for 2026, and 12.00% for 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.29 RMB, compared to the last closing price of 17.86 RMB [1][6]. Core Insights - The company's revenue for 2024 reached 1.009 billion RMB, representing a year-on-year growth of 36.7%. The core product, Aobutini, achieved sales exceeding 1 billion RMB, with a year-on-year increase of 49.1% due to the expansion of MZL indications and improved commercialization capabilities [4]. - The gross margin increased to 86.3% in 2024, up 3.7 percentage points from 2023, primarily driven by changes in revenue structure and enhanced production efficiency of Aobutini [4]. - The company reported a loss of 453 million RMB for the period, a reduction of 193 million RMB or 29.9% year-on-year, attributed to increased drug sales, improved cost efficiency, and reduced unrealized exchange losses [4]. - As of December 31, 2024, the company had approximately 7.8 billion RMB in cash and cash equivalents [4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 1.009 billion RMB, with growth rates of 36.68% for 2024, 29.87% for 2025, 41.80% for 2026, and 32.16% for 2027 [9]. - The company expects to continue narrowing losses, with projected net losses of 441 million RMB in 2024 and 461 million RMB in 2025 [9]. Product Pipeline and Clinical Progress - In the hematological malignancies sector, Aobutini's NDA for first-line CLL/SLL has been accepted by NMPA, with approval expected in 2025. Additionally, Aobutini in combination with BCL2 inhibitor ICP-248 is entering Phase 3 clinical trials [5]. - In the autoimmune sector, Aobutini's Phase 3 clinical trial for ITP is accelerating, and the 2b phase for SLE has completed patient enrollment [5]. Future Catalysts - The company has a rich pipeline of catalysts expected within the next 12 months, including potential approvals for Aobutini and other products in various indications [6].

2025 年 04 月 17 日 公司点评 买入/维持 中牧股份(600195) 目标价: 昨收盘:6.94 中牧股份（600195）2024 年年报点评：24 年业绩承压，25 年预期触底反弹 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/4/17 24/6/28 24/9/8 24/11/19 25/1/30 25/4/12 ◼ 股票数据 | 总股本/流通(亿股) | 10.21/10.21 | | --- | --- | | 总市值/流通(亿元) | 70.87/70.87 | | 12 个月内最高/最低价 | 9.86/5.47 | | (元) | | 相关研究报告 <<中报点评：疫苗业务产能释放，化 药业务逆势增长>>--2022-08-23 <<年报点评：市场苗高速增长，其他 业务稳步推进>>--2018-04-24 <<中牧股份中报点评：业绩或触底， 改革是看点>>--2017-08-30 证券分析师：李忠华 电话：010-88325115 E-MAIL：lizh@tpyzq.com 分析师登记编号：S1190524090001 证券分析师：程晓东 电话：010 ...

2025 年 04 月 16 日 公司点评 买入/维持 钧达股份(002865) 昨收盘:40.62 钧达股份 2025 年一季报点评：盈利能力边际改善，海外产能与 新技术布局位居行业前列 ◼ 走势比较 (40%) (20%) 0% 20% 40% 60% 24/4/16 24/6/27 24/9/7 24/11/18 25/1/29 25/4/11 ◼ 股票数据 | 总股本/流通(亿股) | 2.29/2.25 | | --- | --- | | 总市值/流通(亿元) | 93.08/91.34 | | 12 个月内最高/最低价 | 84.55/34 | | (元) | | 相关研究报告 <<钧达股份 2023 年年报点评：产能 与技术持续领先，海外出货占比有望 持续提升>>--2024-03-24 <<【太平洋新能源】TOPCon 加速放量， 产能与技术持续领先>>--2023-11- 12 <<钧达股份2023年中报点评：TOPCon 产能落地与技术持续领先，盈利有望 持续高增>>--2023-09-06 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1 ...

Investment Rating - The overall industry rating is neutral, indicating that the expected return over the next six months is between -5% and 5% relative to the CSI 300 index [9]. Core Insights - The pharmaceutical sector experienced a decline of 1.04% on April 16, 2025, underperforming the CSI 300 index by 1.35 percentage points, ranking 23rd among 31 sub-industries [4]. - The sub-industry performance varied, with offline pharmacies (+0.47%) and medical devices (-0.51%) showing better results, while blood products (-2.85%) and medical consumables (-1.87%) lagged behind [4]. - Notable stock movements included Shuangcheng Pharmaceutical (+10.05%), Jianerkang (+10.01%), and Lifang Pharmaceutical (+9.99%) leading the gains, while Rundou Co. (-10.01%), Aidi Pharmaceutical (-7.64%), and Changyao Holdings (-6.88%) faced significant losses [4]. Summary by Sections Industry News - On April 16, 2025, the National Medical Products Administration (NMPA) accepted the market application for Mirikizumab, a humanized IgG4 monoclonal antibody, for the treatment of moderate to severe active ulcerative colitis in adults [5]. Company News - Shanghai Kaibao reported a revenue of 1.473 billion yuan for 2024, a decrease of 7.57% year-on-year, while net profit increased by 14.55% to 376 million yuan [5]. - Haizheng Pharmaceutical's Q1 2025 report showed a revenue of 2.632 billion yuan, down 3.48% year-on-year, with a net profit of 194 million yuan, a decline of 21.85% [5]. - Kanghong Pharmaceutical announced that its subsidiary received approval for clinical trials of KH815 for advanced solid tumors [6]. - Dize Pharmaceutical raised approximately 1.773 billion yuan through a stock issuance at 43.00 yuan per share [6].

2025 年 04 月 16 日 行业点评报告 看好/维持 机械 机械 3 月挖机、装载机内销延续高景气，出口同比继续向上 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/16 24/6/27 24/9/7 24/11/18 25/1/29 25/4/11 ◼ 子行业评级 相关研究报告 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： 3 月挖机、装载机内销延续高景气，出口同比继续向上。工程机械 工业协会发布 3 月挖机、装载机数据，2025 年 3 月销售挖掘机 29590 台，同比增长 18.5%，其中国内销量 19517 台，同比增长 28.5%， 出口销量 10073 台，同比增长 2.87%；2025 年 3 月销售装载机 13917 台，同比增长 12.9%，其中国内销量 8168 台，同比增长 23.2%， ...

2025 年 04 月 16 日 行业日报 看好/维持 机械 机械 太平洋机械日报（20250416）：2025 年 1-2 月机床工具行业经济运行简讯发布 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/16 24/6/28 24/9/9 24/11/21 25/2/2 25/4/16 ◼ 子行业评级 相关研究报告 <<太平洋机械日报（20250415）：上 海累计推广新能源汽车超 160 万 辆>>--2025-04-16 <<太平洋机械日报（20250414）：3 月 国内新能源重卡同比增 183%>>-- 2025-04-15 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 【宗申动力】第一季度预计实现归母净利润 2.04 亿元－2.40 亿 元。 【理工光科】公司发布 2024 年年报，2024 年实现营业收入 6. ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific ETFs [2]. Core Insights - The report highlights a significant net inflow of 6.644 billion CNY into broad-based ETFs, with the top three inflows being the CSI 300 ETF Huaxia (+2.727 billion CNY), CSI 300 ETF (+1.515 billion CNY), and SSE 50 ETF (+1.214 billion CNY) [6]. - The report indicates a notable net outflow from industry-themed ETFs, totaling 0.661 billion CNY, with the top three outflows being the Securities ETF (-0.121 billion CNY), the ChiNext AI ETF Huabao (-0.059 billion CNY), and the Sci-Tech AI ETF (-0.047 billion CNY) [6]. - The report emphasizes the importance of monitoring industry congestion levels, noting that sectors such as beauty care, retail, and agriculture are currently experiencing high congestion, while communication, real estate, and construction decoration are less congested [4]. Summary by Sections Fund Flows - Broad-based ETFs saw a net inflow of 6.644 billion CNY, with the top three inflows being: - CSI 300 ETF Huaxia: +2.727 billion CNY - CSI 300 ETF: +1.515 billion CNY - SSE 50 ETF: +1.214 billion CNY - Industry-themed ETFs had a net inflow of 0.661 billion CNY, with the top three inflows being: - Sci-Tech Chip ETF: +0.226 billion CNY - Semiconductor ETF: +0.220 billion CNY - Game ETF: +0.185 billion CNY - Style strategy ETFs experienced a net outflow of 0.070 billion CNY, with the top three inflows being: - Dividend Low Volatility ETF: +0.026 billion CNY - Dividend Low Volatility 50 ETF: +0.017 billion CNY - Dividend ETF: +0.014 billion CNY - Cross-border ETFs had a net inflow of 0.583 billion CNY, with the top three inflows being: - Hong Kong Stock Connect Internet ETF: +0.103 billion CNY - Hong Kong Stock Connect Technology 30 ETF: +0.089 billion CNY - Nasdaq 50 ETF: +0.067 billion CNY [6][7]. Industry Congestion Monitoring - The report constructs a congestion monitoring model for the Shenwan first-level industry indices, indicating that beauty care, retail, and agriculture are currently at high congestion levels, while communication, real estate, and construction decoration are at lower levels [4]. - The report suggests focusing on sectors with lower congestion levels for potential investment opportunities [4]. ETF Product Signals - The report utilizes a Z-score model to identify potential arbitrage opportunities in ETFs, while also cautioning about the risks of potential corrections in the identified products [5].

2025 年 04 月 14 日 公司点评 买入/维持 复旦微电(688385) 昨收盘:50.16 FPGA 产品持续推进，未来可期 ◼ 走势比较 (30%) (8%) 14% 36% 58% 80% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 股票数据 | 总股本/流通(亿股) | 8.21/5.37 | | --- | --- | | 总市值/流通(亿元) | 412.03/269.41 | | 12 个月内最高/最低价 | 54.15/23.55 | | (元) | | 相关研究报告 <>--2023-08- 30 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 事件：公司发布 24 年年报，24 年实现营业收入 35.90 亿元，同比增 长 1.53%；归属于上市公司股东的净利润 5.73 亿元，同比下降 20.42%； 扣除非经营性损益后的净利润 4.64 亿 ...

2025 年 04 月 15 日 公司点评 买入/维持 行动教育(605098) 目标价: 昨收盘:39.15 行动教育 2024 年报点评：营收利润双增，发展态势向好 ◼ 走势比较 其中，Q4 公司实现营业收入 2.21 亿元，同比增长 4.47%；实现归母 净利润 7397 万元，同比增长 25.84%；实现归母扣非净利润 5538 万元， 同比-5.4%。 (40%) (26%) (12%) 2% 16% 30% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 股票数据 | 总股本/流通(亿股) | 1.19/1.19 | | --- | --- | | 总市值/流通(亿元) | 46.69/46.69 | | 12 个月内最高/最低价 | 56/30.16 | | (元) | | 相关研究报告 <<行动教育 24Q3 点评：Q3 订单收款 下滑 再次分红回报股东>>--2024- 10-24 <<行动教育中标点评：业绩高增长符 合预期 关注下半年订单落地情 况>>--2024-08-12 <>--2024-04-26 证券分析师：王湛 电话： E-M ...