Investment Rating - The investment rating for the company is positioned at a score of 2.34, placing it in the 31.8% percentile of the non-technology innovation system AHP model [4][7]. Core Insights - The company, Xihua Technology, specializes in high-quality wind power gear castings and has been closely tied to leading clients for over 20 years. It is one of the few companies in China that can provide full-process services for wind power gearbox components, with a global market share of approximately 20% in this segment from 2022 to 2024 [4][8][9]. - The company is focusing on high-power products, with a significant portion of its revenue coming from products rated at 10MW and above, which is expected to reach 27% by the first half of 2025. The company is also developing ultra-large capacity wind power gearboxes in the 22-28MW range [12][13]. - The company has established strong partnerships with major clients such as Nankai Gear and has expanded its customer base to include companies like CRRC in the past year [9][10]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Xihua Technology, after excluding liquidity premium factors, is 2.34, which is in the 31.8% percentile. The expected allocation ratios for offline investors A and B are 0.0170% and 0.0147%, respectively, under a neutral scenario [7][8]. Company Fundamentals and Highlights - Xihua Technology has been deeply involved in the wind power gearbox casting sector since its establishment in 2001. The company has a leading position in both the manufacturing of raw castings and the mechanical processing of components [8][9]. - The company has a strong focus on high-value-added products, with finished product revenue accounting for 60.68% in 2023, while pre-processed and raw castings have seen a decline [8][9]. Financial Comparison with Peers - The company’s revenue and net profit for 2022-2024 are projected to show a compound annual growth rate (CAGR) of 0.69% and -12.04%, respectively. However, in the first three quarters of 2025, the company expects a revenue growth of 35.35% and a net profit growth of 55.22% [16][17]. - The average price-to-earnings (P/E) ratio for comparable companies is 43.46X, while Xihua Technology's industry P/E ratio is 43.33X [15]. Product Structure and Profitability - The company’s sales gross margin and net margin for 2022-2024 are 29.32%, 30.28%, 25.86%, and 27.85% for gross margin, and 19.59%, 19.46%, 14.87%, and 16.36% for net margin, respectively. The company’s focus on high-tech components contributes to its higher profitability compared to peers [21][22]. Cash Flow and Debt Levels - The company’s cash collection ratio has been declining, with figures of 0.75, 0.90, 0.85, and 0.70 for the years 2022-2025H1. The debt-to-asset ratio has increased to 37.34% in the first half of 2025, primarily due to expanded production capacity and increased borrowings [24][25]. R&D Investment - The company’s R&D expenditure as a percentage of revenue is slightly lower than that of comparable companies, with rates of 3.77%, 3.68%, 4.92%, and 4.16% for 2022-2025H1. However, there is an upward trend in R&D spending as new product development intensifies [26][27]. Fundraising Projects and Development Vision - The company plans to raise up to 1.498 billion yuan through the issuance of new shares, which will be allocated to projects such as the industrialization of core wind power equipment and the establishment of a research and development center [28][30][31].

农林学文 主 2025 年 12 月 08 日 站玩人分出品 申万宏源研究微信服务号 猪价继续震荡走弱, 亏损 能去化提速 – 农林牧渔周观点（2025.12.1-2025.12.7） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 盛瀚 A0230522080006 shenghan@swsresearch.com 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 看好 相关研究 本周申万农林牧渔指数下跌 1.5%，沪深 300 上涨 1.3%。个股涨幅前五名：好当家 ● (16.2%)、平潭发展 (10.6%)、西王食品 (10.3%)、生物股份 (9.7%)、福建金森 (9.4%)，跌幅前五名：绿康生化（-10.1%）、ST 天山（-8.9%）、*ST 傲农（-6.5%） 中水 渔业 (-6.5%)、益生股份 (-5.3%)。 投资分析意见：行业亏损加剧，产能加速去化 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [26]. Core Insights - The defense and military sector has shown strong performance, with the Shenwan Defense and Military Index rising by 2.82%, outperforming major indices such as the Shanghai Composite and CSI 300 [3][6]. - The report highlights the acceleration of task deliveries in Q4, with expectations for improved performance as orders from the 14th Five-Year Plan are anticipated to be issued by the end of the year [5]. - Geopolitical uncertainties are driving increased demand for military equipment, particularly in the Middle East and Asia, suggesting significant investment opportunities in military trade and technology [5]. - The report emphasizes the importance of commercial aerospace development, particularly in the context of military technology advancements, and suggests focusing on high-value segments of commercial rockets and satellite manufacturing [5]. - The military trade landscape is evolving, with a strong resonance between supply and demand, indicating a robust future for China's military trade [5]. Market Review - The Shenwan Defense and Military Index outperformed other indices, ranking third among 31 sectors with a 2.82% increase [6]. - The average increase for the civil-military integration index was 4.7%, indicating strong performance in this segment [6]. - Top-performing stocks in the defense sector included Aerospace Development (up 52.26%), Aerospace Electromechanical (up 46.77%), and Shanghai Hanxun (up 24.98%) [14]. Valuation Changes - The current PE-TTM for the Shenwan Defense and Military sector is 79.95, indicating it is in a historically high valuation range [15][19]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [15][19]. Key Investment Targets - The report suggests focusing on high-end combat capabilities and new-generation equipment, as well as unmanned and anti-unmanned weaponry, which are expected to see rapid growth starting in 2025 [5]. - Recommended stocks include high-end combat combinations such as AVIC Shenyang Aircraft (600316.SH) and AVIC Xi'an Aircraft (600768.SH), among others [5].

Investment Rating - The investment rating for the company is positioned at 2.34 points, placing it in the 31.8% percentile of the non-technology innovation system AHP model, indicating a lower upstream and a higher midstream level [9][10]. Core Insights - The company, Xihua Technology, is a leading manufacturer of wind turbine gear castings, having established long-term partnerships with major clients for over 20 years. It specializes in providing comprehensive services for wind turbine gearbox components and has a global market share of approximately 20% in this niche [4][10]. - The company is well-positioned to benefit from the industry's trend towards larger wind turbine installations, with its products covering a range from 1-22MW. The revenue from products above 10MW is expected to reach 27% in the first half of 2025, reflecting its focus on high-capacity products [14][15]. - The company has seen significant revenue and profit growth in 2025, with a projected revenue increase of 33.74% to 41.85% year-on-year, and a net profit growth of 45.36% to 54.19% [20]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Xihua Technology, after excluding liquidity premium factors, is 2.34, indicating a mid-level performance in the industry [9][10]. Company Fundamentals and Highlights - Xihua Technology has been a key player in the wind turbine gearbox casting sector since its establishment in 2001, with a strong technical foundation and a history of collaboration with leading companies like NGC [10][11]. - The company has expanded its product offerings to include high-capacity components, aligning with the industry's shift towards larger wind turbine models [14][15]. Comparable Company Financial Metrics - The company’s revenue and net profit for 2022-2024 showed a compound annual growth rate (CAGR) of 0.69% and -12.04%, respectively, with a notable recovery in 2025 driven by increased demand from downstream clients [19][20]. - Xihua Technology's sales gross margin and net margin are significantly higher than those of comparable companies, reflecting its focus on high-value products [24]. Investment Projects and Development Vision - The company plans to raise approximately 1.498 billion yuan through its IPO, which will be allocated to projects aimed at enhancing its production capabilities and R&D efforts [32][35].

Group 1 - The core view of the report highlights the competitive strength of Tian Su Measurement in the metrology calibration industry, indicating potential for growth amid a Matthew effect in the industry [7][9] - The company has established itself as a leading independent third-party metrology testing service provider in China, with 1,417 metrology calibration project capabilities across various sectors, including biotechnology and new energy vehicles [9][11] - In 2024, the company is expected to achieve revenue of approximately 686 million yuan in the metrology calibration segment, capturing over 5% market share [9][11] Group 2 - The report emphasizes the company's focus on the battery testing industry, which has become a significant growth driver, with revenue contribution from testing services increasing from 9% to 14% between 2022 and 2024 [14][15] - The company has developed extensive battery testing capabilities, including over 2,000 testing channels, and has established partnerships with major clients such as CATL and Huawei Digital Energy [14][15] - The growth in lithium battery and energy storage battery shipments is projected to provide substantial incremental space for the company's battery testing business, with a forecasted shipment volume of nearly 1,500 GWh by 2025 [18] Group 3 - Financial comparisons with peer companies reveal that Tian Su Measurement has experienced rapid revenue growth, with revenues of 597 million, 726 million, and 800 million yuan from 2022 to 2024, while maintaining a stable gross margin [21][23] - The company's R&D expense ratio is lower than that of comparable companies, reflecting a focused R&D direction and efficient team structure [23] - Operating cash flow has been robust, with net cash flow exceeding net profit, and the company's debt ratio has consistently declined, reaching 24.90% by the end of 2024 [26][27] Group 4 - The report outlines the company's fundraising plans, which include projects aimed at enhancing metrology testing capabilities, establishing regional laboratories, and building a digital center to improve management efficiency [30][31] - The total investment for the Shenzhen headquarters project is estimated at 127.66 million yuan, with an internal rate of return of 20.80% [31]

行 业 及 产 业 农林牧渔 行 业 研 究 / 行 业 点 评 - 请务必仔细阅读正文之后的各项信息披露与声明 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 盛瀚 A0230522080006 shenghan@swsresearch.com 2025 年 12 月 08 日 猪价继续震荡走弱，亏损加剧、产 能去化提速 看好 —— 农林牧渔周观点（2025.12.1-2025.12.7） 本期投资提示： 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 证 券 研 究 报 告 相关研究 ⚫ 本周申万农林牧渔指数下跌 1.5%，沪深 300 上涨 1.3%。个股涨幅前五名：好当家 （16.2%）、平潭发展（10.6%）、西王食品（10.3%）、生物股份（9.7%）、福建金森 （9.4%），跌幅前五名：绿康生化 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has recently faced administrative penalties related to false shareholder information and undisclosed related party transactions, but it does not trigger major delisting risks [6] - The company is expected to see significant improvement in profitability driven by mini-games, with a notable increase in net profit margin in Q3 [6] - The company has a rich pipeline of over 20 games, focusing on MMO and SLG genres, with expectations for new product validation in 2026 [6] - AI integration is enhancing production efficiency across the company's operations, with investments in various AI-related companies [6] - The company has maintained a strong dividend policy, with a dividend payout ratio of 59% in the first three quarters [6] - The revenue and net profit forecasts for 2025-2027 are maintained, with expected revenues of 164 billion, 190 billion, and 203 billion respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 16,440 million, with a year-on-year decrease of 5.7% [5] - The net profit attributable to the parent company for 2025 is projected to be 3,205 million, reflecting a year-on-year growth of 19.9% [5] - The earnings per share for 2025 is expected to be 1.45 yuan, with a PE ratio of 14 [5] - The gross margin is projected to be 77.0% for 2025, with a return on equity (ROE) of 23.0% [5]

Investment Rating - The report maintains a "positive" outlook on the pharmaceutical industry, particularly focusing on innovative drug sectors [3]. Core Insights - The pharmaceutical sector's performance saw a decline of 0.7% this week, while the Shanghai Composite Index rose by 0.4%. The pharmaceutical index ranked 21st among 31 sub-industries [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024. The first commercial health insurance innovative drug list includes 19 drugs, enhancing coverage for critical areas such as cancer and chronic diseases [3][12][14]. - The establishment of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, facilitating global pricing strategies for innovative drugs [17][18]. Market Performance - The pharmaceutical index's valuation stands at 29.3 times earnings, ranking 10th among 31 primary industries [6]. - The performance of various sub-sectors includes: raw materials (-2.5%), chemical preparations (-0.9%), and medical devices (-0.9%), while medical circulation saw an increase of 6.5% [6][4]. Recent Key Events - The report highlights significant clinical trial results from companies like Junsheng Pharmaceutical, which demonstrated advantages in glycemic control and cardiovascular benefits with its new drug HTD1801 [25]. - The report notes the strategic partnership between Kelun Pharmaceutical and Crescent for developing ADC therapies, with potential milestone payments reaching up to $1.25 billion [27][28]. - The report also mentions the IPO application of Lingke Pharmaceutical, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases, with a post-investment valuation of 3.42 billion yuan [30]

Market Overview - The US ADP employment and PMI data for November were both below expectations, with PMI at 48.2 (expected 49) and ADP employment decreasing by 32,000 (expected an increase of 10,000), reinforcing the Fed's rate cut expectations[3] - The 10Y US Treasury yield rose to 4.14%, up 12 basis points, while the US dollar index fell by 0.46% to 99.0, indicating a continued weak dollar environment[3][9] - Most global equity indices rose, with the Korean Composite Stock Price Index leading the gains, while the Brazilian stock market saw significant declines[3][8] Fund Flows - Both domestic and foreign capital flowed out of the Chinese equity market, with foreign capital exiting by $5.02 million and domestic capital by $20.15 million in the past week[3][15] - Global money market funds saw inflows of $1,123.3 million, while US equity funds experienced inflows of $16.3 million, contrasting with a $25.2 million outflow from Chinese equity funds[15][16] Valuation Metrics - The Shanghai Composite Index's valuation percentile is at 84.3%, second only to the S&P 500 and CAC 40, but remains significantly lower than US equities in absolute PE terms[3][14] - The risk-adjusted return percentile for the Shanghai Composite has decreased from 88% to 80%, indicating a decline in relative performance[3] Risk Sentiment - The implied volatility for the Shanghai Composite options has shown a significant increase, reflecting greater market uncertainty and diverging views on price levels[3][6] - The S&P 500 closed at 6,870.40, remaining above the 20-day moving average, with a put-call ratio of 1.07, indicating stable market sentiment[3][6] Economic Data - The probability of a 25 basis point rate cut by the Fed in December is at 86.20%, with a 90.20% chance of rates falling to 3.5%-3.75% by January 2026, suggesting a high likelihood of further easing[3][6]

Investment Rating - The report maintains a positive outlook on the innovative drug sector and recommends focusing on companies with strong performance in medical devices, CXO, and upstream sectors [3][4]. Core Insights - The report highlights a 0.7% decline in the Shenwan Pharmaceutical Bio Index, while the Shanghai Composite Index rose by 0.4% during the same period [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024 [3][13]. - The launch of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, enhancing the global pricing strategy for these drugs [19][21]. - Recent clinical trial successes and milestone payments indicate a robust pipeline for several companies, including a $250 million milestone payment received by BaiLi Tianheng [26][29]. Market Performance - The Shenwan Pharmaceutical Bio Index ranked 21st among 31 Shenwan first-level sub-industries, with a current overall valuation of 29.3 times earnings, placing it 10th among all first-level industries [3][4][6]. - Various sub-sectors showed mixed performance, with medical circulation and offline pharmacies seeing increases of 6.5% and 1.8%, respectively, while raw materials and chemical preparations declined by 2.5% and 0.9% [3][6]. Recent Key Events - The report notes the release of the first Commercial Health Insurance Innovative Drug Directory, which includes 19 drugs aimed at enhancing coverage for critical diseases and rare conditions [13][18]. - The FDA's drug review center director's resignation adds uncertainty to the regulatory environment, which may impact drug approvals and market dynamics [19][21]. - The report emphasizes the importance of monitoring flu vaccine stocks and related pharmaceutical companies as flu activity rises [22]. Company Dynamics - BaiLi Tianheng received a significant milestone payment, indicating strong progress in its global drug development efforts [26]. - Junsheng Pharmaceutical announced positive results from a head-to-head clinical trial, showcasing the advantages of its new drug HTD1801 over existing treatments [29]. - Heng Rui Pharmaceutical appointed a new senior vice president from Eli Lilly, enhancing its research and development capabilities [30]. - Kelong Botai entered a strategic partnership to develop and commercialize new cancer therapies, indicating a focus on innovative treatment options [31]. IPO Dynamics - Lingke Pharmaceutical has initiated its IPO process in Hong Kong, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases [34]. - Hansi Aitai's IPO application has passed the hearing process, indicating strong market interest in its dual-function antibody therapies [36].