2025 年 03 月 12 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250312）：南京拟允许房票跨区安置 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20250311）：成 都土拍地价创新高）>>--2025-03-11 <<因城施策调减限制性措施，持续用 力推动房地产市场止跌回稳>>-- 2025-03-06 <<2 月百强房企操盘销售额同比正 增，延续止跌回稳态势>>--2025-03- 03 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 报告摘要 市场行情： 2025 年 3 月 12 ...

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a substantial increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance Summary - Revenue and profit growth are driven by online recruitment services, which accounted for 98.8% of total revenue, with a year-on-year increase of 23.4% to 7.27 billion yuan [4]. - The marketing expense ratio decreased to a historical low of 28.18%, and Q4 marketing expenses fell by 1.64% to 426 million yuan, further narrowing the expense ratio to 23.38% [4]. - Research and development expenses reached 1.816 billion yuan, a 17.6% increase, supporting technological innovation and product iteration [4]. - Operating profit doubled to 1.173 billion yuan, with an operating profit margin of 15.9%, and an adjusted operating profit margin of 31.5%, marking a historical high [4]. Future Projections - For Q1 2025, the company expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - Projections for 2025 to 2027 include revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan, with growth rates of 19%, 17%, and 16% respectively [8][9]. - The expected net profits for the same period are 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].

指南针(300803) 目标价: 昨收盘:89.87 2025 年 03 月 10 日 公司点评 买入/维持 非银金融 指南针 2024 年年报点评：资本市场业务快速崛起，打开财富管理空间 ◼ 走势比较 (40%) (2%) 36% 74% 112% 150% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 指南针 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.13/4.07 总市值/流通(亿元) 370.79/366.14 12 个月内最高/最低价 (元) 124.88/33.14 相关研究报告 证券分析师：夏芈卬 受益于市场回暖，业绩迎来反转。2024 年权益市场先抑后扬，9 月底 增量政策出台提振交投情绪，24Q4 沪深两市日均股基成交额 2.07 万亿 元，同比+119.25%；交投活跃带动公司 Q4 业绩高增，Q4 单季营收、归母 净利润分别为 7.52、2.14 亿元，同比分别+75.18%、+89.25%。业务端， 2024 年金融信息服务、证券服务、广告服务营收分别为 11.84、3.17、 0.27 亿元，同比分别+24.77%、+151 ...

2025 年 03 月 11 日 行业深度研究 看好/维持 医药 医药 国产软镜破局提速，天地广阔龙头大有可为 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 无评级 | | 其他医药医疗 | 无评级 | 相关研究报告 <<开立医疗（300633.SZ）：行业招标 数据改善，看好设备更新落地助力公 司业绩增长>>--2025-11-01 <<澳华内镜（688212.SH）：营收增速 短期承压，看好设备更新陆续落地后 公司业绩释放>>--2024-10-31 <<太平洋证券医药行业周报：医疗设 备招投标大幅改善，看好国产设备公 司投资机会>>--2025-01-12 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：17717408201 E-MAIL：l ...

Investment Rating - The industry investment rating is Neutral, indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [13]. Core Insights - The report highlights that the real estate market is showing signs of stabilization, with recent land auctions in Chengdu achieving record high prices, reflecting renewed investor interest [7]. - The report notes that the overall market sentiment is positive, as evidenced by the increase in major stock indices, including the Shanghai Composite Index and the Shenzhen Component Index [4]. - The report emphasizes the importance of local government policies in supporting land reserves and managing idle land, which could impact future real estate development [6]. Summary by Sections Market Performance - On March 11, 2025, the equity market saw most sectors rise, with the Shanghai Composite Index increasing by 0.41% and the Shenzhen Component Index by 0.33% [4]. - The real estate index rose by 0.1%, indicating a slight recovery in the sector [4]. Individual Stock Performance - The top five performing stocks in the real estate sector included Shahe Co., Shanghai Lingang, and Shenzhen Zhenye A, with gains of 10.05%, 7.77%, and 4.81% respectively [5]. - Conversely, the worst performers included Rongfeng Holdings and Binjiang Group, with declines of -4.06% and -2.78% respectively [5]. Industry News - The Ministry of Natural Resources and the Ministry of Finance issued a notice to prioritize the disposal of idle land and support land reserves through local government special bonds [6]. - In Chengdu, three residential land parcels were sold for a total of 5.065 billion yuan, with the highest bid achieving a floor price of 31,700 yuan per square meter, marking a 70.43% premium [7]. Company Announcements - China Jinmao established three property companies in Shanghai, Guangzhou, and Chengdu, with a total registered capital exceeding 13.9 billion yuan [10].

2025 年 03 月 11 日 行业周报 看好/维持 医药 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 太平洋医药日报（20250311）：Mineralys 在研疗法 lorundrostat 三期临床成功 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/3/11 24/5/23 24/8/4 24/10/16 24/12/28 25/3/11 ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 3 月 11 日，医药板块涨跌幅-0.13%，跑输沪深 300 指数 0.45pct，涨跌幅居申万 31 个子行业第 29 名。各医药子行业中，血液制 品(+0.71%)、疫苗(+0.33%)、其他生物制品（+0.02%）表现居前，医疗设 备（-0.77%)、体外诊断(-0.75%)、医疗研发外包（-0.66%)表现居后。个 股方面，日涨幅榜前 3 位分别为赛力医疗(+10.02%)、海思科(+6.99%)、 博瑞医药(+6.73%)；跌幅 ...

2025 年 03 月 11 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250311)：阿里通义与 Manus 达成战略合作 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/11 24/5/23 24/8/4 24/10/16 24/12/28 25/3/11 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 <<太平洋电子日报(20250310): 智 元启元大模型发布，台积电 2 月营收 同比增 43%>>--2025-03-10 << 太 平 洋 电 子 周 报 20250301- 20250309：我国加快发展端侧大模 型，AI 板块催化不断持续热度不 减>>--2025-03-10 <<太平洋电子日报(20250307) ：AI 板块热度不断>>--2025-03-07 证券分析师：张世杰 今日市场行情速览：上证指数（+0.41%）；深证综指（+0.34%）；创业板综 （+0.18%）；科创 50（-0.40%）；沪深 300（+0.32%） 今日 SW 电子板块行情：品牌消费电子（-1.85%）；被动元件（+0.54%）； 电子化学品Ⅲ（-0.30%）； ...

2025 年 03 月 10 日 公司点评 买入/维持 指南针(300803) 目标价: 昨收盘:89.87 非银金融 指南针 2024 年年报点评：资本市场业务快速崛起，打开财富管理空间 ◼ 走势比较 (40%) (2%) 36% 74% 112% 150% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 指南针 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.13/4.07 总市值/流通(亿元) 370.79/366.14 12 个月内最高/最低价 (元) 124.88/33.14 相关研究报告 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1190124010010 事件：指南针发布 2024 年年度报告。报告期内，公司实现营业收入 15.29 亿元，同比+37.37%；实现归母净利润 1.04 亿元，同比+43.50%； ROE（加权）为 5.27%，同比+1 ...

Investment Rating - The report maintains a "Buy" rating for Guobang Pharmaceutical (605507) with a target price of 25.00, compared to the last closing price of 19.15 [1]. Core Views - The company's stock repurchase plan, amounting to between 100 million and 200 million RMB, is seen as a demonstration of confidence and aims to enhance investor trust and improve employee motivation through stock ownership plans [4][5]. - The veterinary medicine sector is expected to enter a price increase cycle, with demand for veterinary raw materials likely to rise due to the recovery of the pig farming industry, which began to turn profitable in Q2 2024 [5]. - The company has significantly expanded its fixed assets from 1.178 billion RMB in 2019 to 3.693 billion RMB in 2023, indicating a more than threefold increase in capacity [6]. Financial Projections - Revenue projections for the company are as follows: 2024 at 6.001 billion RMB, 2025 at 6.817 billion RMB, and 2026 at 7.828 billion RMB, with corresponding net profits of 801 million RMB, 1.004 billion RMB, and 1.204 billion RMB respectively [7]. - The report forecasts a revenue growth rate of 12.19% for 2024, 13.59% for 2025, and 14.83% for 2026, with net profit growth rates of 30.76%, 25.37%, and 19.90% for the same years [11]. Market Position - The company holds a high market share in its main products and has a complete industrial chain, with expectations to achieve 30 globally leading products, 80 products in regular production, and the capability to produce 120 products [7].

爱美客(300896) 目标价: 昨收盘:174.89 2025 年 03 月 11 日 公司点评 买入/维持 公司点评：拟收购韩国 Regen，国际化战略加速发展 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 爱美客 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 3.03/2.09 | | --- | --- | | 总市值/流通(亿元) | 529.2/364.85 | | 12 个月内最高/最低价 | 358/132.81 | | (元) | | 相关研究报告 <<2024Q1 财报点评：业绩符合预期， 期待核心产品驱动增长>>--2024- 04-28 <<2023 年业绩点评：全年业绩符合预 期，期待多元管线接力成长>>-- 2024-03-20 <<爱美客 2023 年半年度业绩预告点 评：业绩增长超预期，终端复苏+新品 红利，看好全年持续兑现>>--2023- 08-04 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190 ...