2025 年 05 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 74 期 观点精粹: 最新报告摘要 核心产品稳定增长，分红率保持在较高水平--佐力药业/中药Ⅱ(300181/213702) 公司点评 公司持续降本增效，AI+医疗推动成长--卫宁健康/软件开发(300253/217104) 公司点评 业务结构持续优化，期待低空标杆逐步落地--莱斯信息/软件开发(688631/217104) 科创板公司动态研究 业绩稳健增长，收购新潮优化竞争格局--分众传媒/广告营销(002027/217205) 公司点评 2024 年营收利润稳步增长，看好 AI 新态势--景旺电子/元件(603228/212702) 公司点评 国际业务快速发展，2024 年归母净利同比+13%--长久物流/物流(603569/214208) 公司点评 2025Q1 收入同比增长稳健，毛利率及费率持续改善--东航物流/物流(601156/214208) 公司点评 聚焦产品力与全渠道布局，IP 赋能注入新活力--晨 ...

本报记者 丁蓉 外骨骼机器人未来市场空间广阔。萨摩耶云科技（深圳）集团有限公司人工智能机器人产业研究员郑扬 洋在接受《证券日报》记者采访时表示："在医疗康复领域，外骨骼机器人在帮助中风、脊髓损伤等患 者康复方面潜力巨大，预计到2030年，康养外骨骼机器人市场空间可达480亿元。在工业领域，外骨骼 机器人可辅助工人搬运重物、降低疲劳，提高工作效率和安全性，预计到2030年，市场空间可达百亿 元。此外，外骨骼机器人还能够辅助老年人行走和完成日常活动，提升其独立性和生活质量。在户外休 闲领域，随着材料轻量化、电池续航等技术突破，外骨骼机器人的渗透率将不断提升。" 商业化进程加速 近日，外骨骼机器人"出圈"。安徽黄山、山东泰山、江西武功山多个景区引入了登山辅助设备——外骨 骼机器人，这一"黑科技"受到游客青睐。 外骨骼机器人融合了人工智能、传感、人体工学、动力和电子等技术，多家A股上市公司在产业链中贡 献力量。科技部国家科技专家库专家周迪在接受《证券日报》记者采访时表示："随着技术的进步，外 骨骼机器人在医疗康复、军事、工业、出行等领域的应用场景将不断拓展，市场潜力巨大。" 应用领域广阔 "它能感知到我抬腿，并且给我 ...

作为安阳市"十四五"规划的重点工程，截至4月底，安新高速公路安阳至鹤壁段、安阳至罗山高速公路 豫冀省界至原阳段项目建设已完成年度投资计划的41%，超时序进度完成目标任务。 位于内黄县的河南省宋都老倔厨食品有限责任公司，以生产花生休闲食品为主。其产品畅销国内20余个 省份，并出口加拿大等10余个国家。在"万人助万企"活动等措施助力下，企业积极扩大国内市场销售渠 道，并在新厂区加紧建设3条生产线，进一步扩大生产规模，提升品牌影响力。 为确保"双过半"目标实现，安阳市于4月25日召开全市动员部署会，向各级各部门再加压、再鼓劲；4月 28日出台《奋战二季度确保"双过半"若干政策措施》，拿出30条举措推动二季度经济持续回升向好；在 持续激发消费活力方面，安阳将开展"乐购安阳·品质生活"二季度促消费活动，推进"畅行安阳""美味安 阳""文创安阳""美宿安阳""乐游安阳""演艺安阳"等专项行动；在积极扩大有效投资方面，开工红旗渠经 济技术开发区铁路专用线等工程，加快弓上抽水蓄能电站和华润内黄200兆瓦、大唐内黄100兆瓦风电等 项目建设，实施10个源网荷储一体化项目，力争2025年上半年新增可再生能源发电装机15万千瓦。在 ...

Investment Rating - The report assigns a "Buy" rating for Xiangyu Medical (688626) as it initiates coverage [1][7]. Core Insights - Xiangyu Medical is focusing on the development of brain-machine interfaces and rehabilitation robots, with revenue stabilizing and poised for growth [1]. - The company reported a slight decline in revenue for 2024 but showed signs of recovery in the last two quarters, with a 10% increase in Q1 2025 [4][6]. - Significant investment in R&D, with a 42% increase in 2024, indicates a commitment to maintaining technological leadership in the rehabilitation industry [6][7]. Financial Performance Summary - In 2024, the company achieved operating revenue of 744 million yuan, a decrease of 0.17% year-on-year, and a net profit of 103 million yuan, down 55% [4][6]. - For Q1 2025, revenue was 186 million yuan, reflecting a 10% increase, while net profit was 23 million yuan, a decrease of 41% [4][6]. - Revenue projections for 2025-2027 are 846 million yuan, 982 million yuan, and 1.141 billion yuan, with expected growth rates of 14%, 16%, and 16% respectively [6][8]. Profitability and Valuation Metrics - The forecasted net profits for 2025-2027 are 156 million yuan, 199 million yuan, and 255 million yuan, with growth rates of 52%, 27%, and 28% respectively [7][8]. - The projected P/E ratios for the same period are 39, 31, and 24 [7][8]. - The company maintains a strong gross margin, with 67.83% in 2024, although it is expected to slightly decline in the following years [6][9].

2024 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为河南 翔宇医疗设备股份有限公司（以下简称"翔宇医疗"或"公司"）首次公开发行 股票并在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民共和 国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》（以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规的规定，对公司 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐人 国泰海通证券股份有限公司 国泰海通证券股份有限公司 关于河南翔宇医疗设备股份有限公司 1 （二）保荐代表人 刘君、岑平一 （三）现场检查时间 2025 年 4 月 14 日至 2025 年 4 月 17 日 （四）现场检查人员 刘君、李景玉 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交易、对外担保、重 ...

中信建投表示，脑机接口产业链上中游的技术进步带来下游应用端不断突破，近年来国内外在运动恢 复、语言沟通、听力重建等医疗领域的研究不断出现里程碑式成果。国家层面和各地区推出多项政策利 好行业加速发展，近期国家医保局发文为脑机接口新技术价格单独立项，其进入临床应用的服务收费路 径已经铺好。在技术革新和政策红利催化下，国内脑机接口公司有望逐步实现商业化应用。 翔宇医疗：是一家专注于康复医疗器械研发、生产与销售的国家级高新技术企业，通过技术创新与政策 红利抢占脑机接口医疗应用先机，在老龄化加剧和"银发经济"背景下，有望成为国内脑机接口康复领域 的标杆。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据上证报报道，近日，据相关媒体报道，中国科学院自动化研究所脑图谱与类脑智能实验室(简称"脑与 类脑实验室")脑机接口与融合智能团队自主研发的柔性微电极植入机器人产品--CyberSense。目前， CyberSense已成功支持中科院半导体所和微灵脑机等机构的多规格柔性微电极植入研究，通过深圳 市"脑解析与脑模拟"重大科技基础设施预验收，助力科学家实现"比头发丝更细更软"的柔性微电极精准 ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 国家药监局发布《医疗器械网络销售质量管理规范》 4月28日，国家药品监督管理局正式发布《医疗器械网络销售质量管理规范》。该《规范》将于2025年 10月1日起施行，从资质审核、信息展示、风险防控等多方面提出明确要求，进一步压实医疗器械网络 销售企业和电商平台主体责任，推动行业高质量发展。最新发布的《规范》关键举措聚焦资质与信息透 明化：网络销售企业须在网站首页显著位置持续展示经营许可证、备案凭证等资质信息，并在产品页面 标明医疗器械注册证号、适用范围、禁忌症等关键信息。对验配类产品（如角膜接触镜、助听器），必 须标注"需专业验配"等警示语。电商平台需严格审核入驻企业资质，动态更新档案，每半年核验一次。 药械审批 英矽智能INS018_055片拟获突破性疗法认定 4月28日，据CDE官网，英矽智能INS018_055片拟获突破性疗法认定，用于治疗特发性肺纤维化。 悦康药业注射用更昔洛韦通过仿制药一致性评价 4月28日，悦康药业(688658.SH)公告称，公司收到国家药品监督管理局核准签发的关于注射用更昔洛韦 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to face pressure on its performance in 2024, but the long-term logic of the rehabilitation sector remains strong [6][7] - The company achieved revenue of 744 million yuan in 2024, a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][8] - Despite the challenges, the company is maintaining high R&D investments, which are expected to lead to new growth points in the future [6][8] Financial Summary - Revenue for 2024 is projected to be 744 million yuan, with a slight decline from 2023 [9] - The net profit for 2024 is expected to be 103 million yuan, reflecting a significant decrease compared to the previous year [9] - The company’s gross margin is forecasted to be 67.4% in 2024, slightly down from 68.6% in 2023 [9][12] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.04 yuan, 1.34 yuan, and 1.73 yuan respectively [9][12] Industry Outlook - The rehabilitation sector is expected to benefit from an aging population and increasing demand for rehabilitation services [7] - The company is focusing on advanced technologies such as rehabilitation robots and brain-machine interfaces, which are anticipated to create a second growth curve [8] - The integration of rehabilitation services into community health centers and township hospitals is being promoted by policy, enhancing the demand for rehabilitation solutions [7]

Investment Rating - The investment rating for Xiangyu Medical (688626) is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and expansion strategies [1]. Core Viewpoints - The company has shown a recovery in revenue growth, with a focus on expanding its business outside hospitals and into overseas markets, which is expected to create a second growth curve [2]. - Despite a decline in net profit due to increased investments and depreciation, the company is significantly increasing its R&D efforts, particularly in brain-machine interface technology and rehabilitation robotics, which are anticipated to enhance future growth potential [2]. - Revenue forecasts for 2025-2027 indicate a positive growth trajectory, with expected revenues of 8.61 billion, 10.17 billion, and 12.21 billion respectively, alongside a recovery in net profit margins [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 744 million (down 0.17% YoY) and a net profit of 103 million (down 54.68% YoY) [1]. - The revenue for Q1 2025 was reported at 186 million (up 10.02% YoY) [1]. - The gross profit margin for 2024 was 67.42%, reflecting a slight decrease from the previous year [2]. Revenue Breakdown - Revenue from rehabilitation therapy equipment was 504 million (down 9.85% YoY), while rehabilitation training equipment generated 165 million (down 19.89% YoY) [2]. - The company has made strides in international markets, achieving 10.33 million in overseas revenue (up 22.78% YoY) [2]. R&D and Future Outlook - R&D expenses reached 152 million in 2024, with a R&D expense ratio of 20.45% (up 6.12 percentage points YoY) [2]. - The company is focusing on high-potential areas such as brain-machine interfaces and rehabilitation robotics, which are expected to drive future growth [2]. Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 8.61 billion, 10.17 billion, and 12.21 billion respectively, with corresponding net profits of 1.37 billion, 1.78 billion, and 2.29 billion [3].

Investment Rating - The investment rating for Xiangyu Medical (688626) is not explicitly stated in the provided documents, but the report indicates a positive outlook on growth potential and market expansion [1]. Core Viewpoints - The company has shown a recovery in revenue growth, with a focus on expanding its business outside hospitals and into overseas markets, which is expected to create a second growth curve [2]. - Despite a decline in net profit due to increased investments and depreciation, the company is significantly increasing its R&D efforts, particularly in brain-machine interface technology and rehabilitation robotics, which are anticipated to enhance future growth [2]. - Revenue forecasts for 2025-2027 indicate a positive growth trajectory, with expected revenues of 8.61 billion, 10.17 billion, and 12.21 billion respectively, alongside a recovery in net profit margins [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 744 million (down 0.17% YoY) and a net profit of 103 million (down 54.68% YoY) [1]. - The revenue for Q1 2025 was reported at 186 million (up 10.02% YoY) [1]. - The gross profit margin for 2024 was 67.42%, reflecting a slight decrease from the previous year [2]. Revenue Breakdown - The revenue from rehabilitation therapy equipment was 504 million (down 9.85% YoY), while rehabilitation training equipment generated 165 million (down 19.89% YoY) [2]. - The company has made strides in international markets, achieving 10.33 million in overseas revenue (up 22.78% YoY) [2]. R&D and Future Outlook - R&D expenses for the year reached 152 million, with a R&D expense ratio of 20.45% (up 6.12 percentage points YoY) [2]. - The company is focusing on high-potential areas such as brain-machine interfaces and rehabilitation robotics, which are expected to drive future growth [2]. Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 8.61 billion, 10.17 billion, and 12.21 billion respectively, with corresponding net profits of 1.37 billion, 1.78 billion, and 2.29 billion [3].