相关报告 1、《拥抱创新药大时代,PD-1 双抗 天价 deal、ASCO 摘要公布》 2025-05-26 《曙光已至,积极把握底部机会》 2、 2025-05-21 《外部政策变化多样，主题机会 3、 快速轮动》2025-05-19 | 增持(维持) | | | 重点公司基本状况 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | EPS | | | | | PE | | 评级 | | 分析师:祝嘉琦 | | | (元) | 2024A | 2025E | 2026E | 2027E | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号: S0740519040001 | | 药明合联 | 39.55 | 0.89 | 1.20 | 1.60 | 2.04 | 44.47 | 33.01 | 24.72 | 19.43 | 买入 | | Email: zhujq@zts.com.cn | ...

证券研究报告 | 行业定期报告 2025 年 06 月 02 日 重点关注 AI 迭代创新及机器人场景落地 计算机 6 月投资策略 TMT 及中小盘/计算机 本篇报告回顾了过去一个月投资热点，5 月市场呈现显著的主题轮动特征，主 题投资聚焦机器人（无人物流车为代表）、可控核聚变、数字货币（稳定币 &RWA）、并购重组、军工等。我们认为科技创新仍然是增长主线，6 月继续 看好 AI 迭代创新及 AI 算力、机器人场景落地。 推荐（维持） 行业规模 1、《谷歌开发者大会跟踪，重点关 注大模型多模态能力提升——计算机 周观察 20250525》2025-05-25 2、《从科技龙头厂商财报看 AI 产业 进展——计算机周观察 20250518》 2025-05-18 3、《鸿蒙 PC 正式亮相，关注华为链、 AI 链投资机会——计算机周观察 20250511》2025-05-12 刘玉萍 S1090518120002 liuyuping@cmschina.com.cn 鲍淑娴 研究助理 baoshuxian@cmschina.com.cn | | | 占比% | | --- | --- | --- | | 股票家数 ...

北京德恒（杭州）律师事务所 关于迪安诊断技术集团股份有限公司 2024年年度股东大会的 法律意见书 杭州市上城区新业路 200 号华峰国际商务大厦 10-11 楼 邮编：310016 电话：(+86)0571-86508080 传真：(+86)0571-87357755 北京德恒（杭州）律师事务所 关于迪安诊断技术集团股份有限公司 2024年年度股东大会的法律意见书 北京德恒（杭州）律师事务所 关于迪安诊断技术集团股份有限公司 2024年年度股东大会的 根据相关法律、法规的要求，按照律师行业公认的业务标准、道德规范和勤 1 北京德恒（杭州）律师事务所 关于迪安诊断技术集团股份有限公司 2024年年度股东大会的法律意见书 勉尽责精神，本所律师出具如下意见： 法律意见书 德恒【杭】书（2025）第 05089 号 致：迪安诊断技术集团股份有限公司 迪安诊断技术集团股份有限公司（下称"公司"）2024 年年度股东大会（下 称"本次股东大会"）于 2025 年 5 月 30 日（星期五）14:00 在杭州市西湖区三 墩镇金蓬街 329 号召开。北京德恒（杭州）律师事务所（下称"本所"）受公司 委托，指派本所律师出席本 ...

一、会议召开和出席情况 1、会议召开时间 证券代码：300244 证券简称：迪安诊断 公告编号：2025-022 迪安诊断技术集团股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 （1）现场会议时间：2025 年 5 月 30 日（星期五）14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 5 月 30 日 9:15-9:25、9:30-11:30、13:00-15:00；通过深圳证券交易 所互联网投票系统的具体时间为：2025 年 5 月 30 日 9:15-15:00。 2、会议召开地点：杭州市西湖区三墩镇金蓬街 329 号。 3、会议召开方式：本次股东大会以现场投票与网络投票相结合的方式召开。 4、会议召集人：公司董事会。 5、会议主持人：洪汉华先生。 6、会议出席情况： 通过现场和网络投票的股东 280 人（含股东授权代表，下同），代表股份 171,04 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. Financial Performance Summary - **Revenue Forecast**: - 2023: 13,408 million CNY - 2024: 12,196 million CNY (down 33.9%) - 2025: 12,751 million CNY (up 4.5%) - 2026: 13,389 million CNY (up 5.0%) - 2027: 14,304 million CNY (up 6.8%) [3][10] - **Net Profit**: - 2023: 307 million CNY - 2024: -357 million CNY (down 78.6%) - 2025: 435 million CNY (up 221.7%) - 2026: 633 million CNY (up 45.6%) - 2027: 881 million CNY (up 39.1%) [3][10] - **Earnings Per Share (EPS)**: - 2023: 0.49 CNY - 2024: -0.57 CNY - 2025: 0.70 CNY - 2026: 1.01 CNY - 2027: 1.41 CNY [3][10] - **Gross Margin**: - 2023: 31.3% - 2024: 28.0% - 2025: 28.5% - 2026: 29.0% - 2027: 29.5% [3][10] - **Net Margin**: - 2023: 2.3% - 2024: -2.9% - 2025: 3.4% - 2026: 4.7% - 2027: 6.2% [3][10] Strategic Initiatives - The company is enhancing its diagnostic services, with a revenue of 45.20 billion CNY in 2024, a decrease of 12.86% year-on-year, while focusing on key clients and diseases [8]. - The introduction of AI technology is being accelerated, with the launch of the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. Financial Summary - **Revenue Forecast**: - 2023: 13,408 million CNY - 2024: 12,196 million CNY (down 33.9%) - 2025: 12,751 million CNY (up 4.5%) - 2026: 13,389 million CNY (up 5.0%) - 2027: 14,304 million CNY (up 6.8%) [3][10] - **Net Profit**: - 2023: 307 million CNY - 2024: -357 million CNY (down 78.6%) - 2025: 435 million CNY (up 221.7%) - 2026: 633 million CNY (up 45.6%) - 2027: 881 million CNY (up 39.1%) [3][10] - **Earnings Per Share (EPS)**: - 2023: 0.49 CNY - 2024: -0.57 CNY - 2025: 0.70 CNY - 2026: 1.01 CNY - 2027: 1.41 CNY [3][10] - **Gross Margin**: - 2023: 31.3% - 2024: 28.0% - 2025: 28.5% - 2026: 29.0% - 2027: 29.5% [3][10] - **Net Margin**: - 2023: 2.3% - 2024: -2.9% - 2025: 3.4% - 2026: 4.7% - 2027: 6.2% [3][10] Business Strategy and Developments - The company is accelerating its digital transformation and has launched the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud [8]. - The company has seen a steady growth in its diagnostic services, with a revenue of 45.20 billion CNY in 2024, down 12.86% year-on-year, but with significant growth in key disease areas [8]. - The company has also made strides in cost reduction and efficiency improvements, achieving a reduction of approximately 100 million CNY in costs through local procurement of key consumables [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. - The company is accelerating its digital transformation and has launched the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud, marking significant advancements in AI technology within the industry [8]. Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million CNY): 2023A: 13,408; 2024A: 12,196; 2025E: 12,751; 2026E: 13,389; 2027E: 14,304 [3][10]. - Year-on-year growth rates: 2023A: -33.9%; 2024A: -9.0%; 2025E: 4.5%; 2026E: 5.0%; 2027E: 6.8% [3][10]. - Net profit attributable to the parent company (in million CNY): 2023A: 307; 2024A: -357; 2025E: 435; 2026E: 633; 2027E: 881 [3][10]. - Earnings per share (CNY): 2023A: 0.49; 2024A: -0.57; 2025E: 0.70; 2026E: 1.01; 2027E: 1.41 [3][10]. - Gross margin (%): 2023A: 31.3%; 2024A: 28.0%; 2025E: 28.5%; 2026E: 29.0%; 2027E: 29.5% [3][10].

Group 1 - The core viewpoint of the news is that Dian Diagnostics has experienced a significant decline in both revenue and net profit in the first quarter of 2025, indicating potential challenges for the company [1] - As of the first quarter of 2025, Dian Diagnostics reported a revenue of 2.365 billion yuan, a year-on-year decrease of 20.45%, and a net profit loss of approximately 21 million yuan, a year-on-year decline of 190.66% [1] - The company's latest closing stock price was 14.25 yuan, down 3.46%, with a market-to-book ratio of 1.36 and a total market capitalization of 8.906 billion yuan [1] Group 2 - Dian Diagnostics is primarily engaged in providing disease-oriented in vitro diagnostic products and medical testing services to various healthcare institutions, including hospitals and community health service centers [1] - The company has 11 institutional investors holding a total of 55.2263 million shares, with a combined market value of 877 million yuan [1] - The average price-to-earnings (PE) ratio for the industry is significantly higher at 37.94 compared to Dian Diagnostics' PE ratio of -22.18, indicating a potential undervaluation relative to industry peers [2]

Group 1 - Dian Diagnostics has experienced a decline for five consecutive trading days, with a cumulative drop of -6.87% [1] - The company focuses on third-party diagnostic services and aims to provide integrated medical diagnostic solutions [1] - Huajing Fund's Huajing CSI Medical ETF is among the top ten shareholders of Dian Diagnostics, having increased its holdings in the first quarter of this year [1] Group 2 - The performance of Huajing CSI Medical ETF shows a year-to-date return of -1.65%, ranking 2583 out of 3435 in its category [2] - The ETF's performance over different periods includes a -0.34% return over the past week, a 3.68% return over the past month, and a -8.02% return over the past three months [2] - The average performance of similar funds shows a year-to-date return of 1.64%, indicating that Huajing CSI Medical ETF is underperforming compared to its peers [2] Group 3 - The fund manager of Huajing CSI Medical ETF is Hu Jie, who has extensive experience in the financial sector and has been with Huajing Fund since June 2006 [3][4] - Hu Jie has managed various funds, including the Huajing CSI Medical Index Fund and the Huajing CSI 180 Growth ETF, demonstrating a strong track record in fund management [3][4] - Hu Jie holds a master's degree in finance and has served in multiple roles within Huajing Fund, showcasing her expertise in index investment [3][4]

Investment Rating - The industry investment rating is "Increase Holding (Maintain)" [5] Core Viewpoints - The report highlights the rapid rotation of thematic opportunities due to diverse external policy changes, with a focus on innovation and overseas expansion in the pharmaceutical and biotechnology sectors [7][11] - The report indicates that the pharmaceutical sector has outperformed the Shanghai Composite Index, with a year-to-date return of 2.5%, surpassing the index's return by 3.6% [11] - The report emphasizes the potential benefits for domestic companies from the U.S. "Most Favored Nation Drug Pricing Policy," which aims to significantly reduce prescription drug prices by 30% to 80% [11][15] - The report suggests that the recent increase in the incidence of COVID-19 and influenza has led to a market rally focused on flu-related themes [11] Summary by Sections Industry Overview - The pharmaceutical industry consists of 498 listed companies with a total market value of 62,880.80 billion yuan and a circulating market value of 56,401.87 billion yuan [2] Market Dynamics - The Shanghai Composite Index rose by 1.12%, while the pharmaceutical sector increased by 1.27%, ranking 11th among 31 sub-industries [11] - Sub-sectors such as traditional Chinese medicine, medical services, chemical pharmaceuticals, biological products, medical devices, and pharmaceutical commerce all experienced gains [11] Policy Impact - The report discusses the positive changes in U.S.-China tariff policies, which have alleviated extreme pessimism regarding tariffs, suggesting a focus on undervalued and innovative growth stocks [11] - The report notes that the implementation of the "Most Favored Nation Drug Pricing Policy" may lead to a shift in the pharmaceutical landscape, benefiting domestic innovative drug companies and CRO/CDMO firms [11][15] Company Performance - Key recommended companies such as WuXi AppTec, Changchun High & New Technology, and others are rated as "Buy," indicating strong expected performance in the coming years [5] - The report highlights the performance of specific companies, with notable increases in stock prices and positive earnings forecasts [24][25] Valuation Metrics - The pharmaceutical sector is currently valued at 22.5 times PE based on 2025 earnings forecasts, with a premium of 23.8% over the overall A-share market [18] - The TTM valuation for the pharmaceutical sector is 27.0 times PE, which is below the historical average of 35.1 times PE [18]