方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 公司研究 2025.03.07 航天彩虹（ 0 0 2 3 8 9） 公司跟踪报告 彩虹系列无人机内销军贸两开花，导弹业务打造第二增长曲线 | 李鲁靖 | 登记编号：S1220523090002 | | --- | --- | | 刘明洋 | 登记编号：S1220524010002 | | 黄凯伦 | 登记编号：S1220524090001 | 推 荐 ( 首 次 ) | 公 | 司 | 信 | 息 | | | | --- | --- | --- | --- | --- | --- | | 行业 | | | | 航空装备Ⅲ | | | 最新收盘价(人民币/元) | | | | | 21.01 | | 总市值(亿)(元) | | | | | 208.76 | | 52 周最高/最低价(元) | | | | 24.19/12.34 | | 相 关 研 究 公司介绍：公司作为国内领先的无人机及新材料企业，其无人机业务以彩虹 系列为核心，涵盖中高空长航时无人机及机载武器，内销与军贸市场均表现 强劲。公司是国内唯一兼具中大型无人机和机载武器研制能力的企业，其 ...

公司研究 2025.03.05 宇通客车（ 600066） 公司点评报告 数据来源：wind 方正证券研究所 相关研究 《宇通客车(600066)：1 月销量表现受假期影响 波动，国内公交批量订单稳步交付》2025.02.07 《宇通客车(600066)：2024 全年业绩表现再超 预期，高比例分红有望延续》2025.01.20 2 月销量表现同比向上，3 月有望迎来季末交付高峰 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 文姬 登记编号：S1220523120002 联系人 李溶涛 | 推 荐 ( | 维 持 | ) | | | --- | --- | --- | --- | | 公 司 | 信 | 息 | | | 行业 | | | 商用载客车 | | 最新收盘价(人民币/元) | | | 26.56 | | 总市值(亿)(元) | | | 588.02 | | 52 周最高/最低价(元) | | | 29.50/18.32 | 历史表现 -11% 4% 19% 34% 49% 64% 24/3/5 24/6/4 24/9/3 24/12/3 宇通客车 沪深300 《宇通客车(600066) ...

证券研究报告 | 国防军工 | 2025年03月04日 军 工 / 新兴产业团队 • 行业深度报告 国内外可控核聚变融资创新高，我国可控核聚变建设元年或正式开启 分析师 李鲁靖 登记编号：S1220523090002 刘明洋 登记编号：S1220524010002 黄凯伦 登记编号：S1220524090001 摘要 建议关注： 2 国内外核聚变政策陆续出台，大力推进可控核聚变产业化。国务院国资委将重点支持相关企业开展关键技术攻关，力争在 核聚变反应堆设计、材料研发、等离子体控制等方面取得突破性进展。同时，还将推动企业加强与高校、科研院所的合作， 加快核聚变技术从实验室走向产业化的步伐。2024年7月，中国在核聚变领域的发展路线规划显示，预计在2050年前后建 成聚变商用电站，实现聚变堆商用发电，使聚变能源惠及千家万户。 JT-60SA进行一系列技术升级，ITER设备测试进展顺利。2025年2月，日本与欧盟合作的JT-60SA核聚变实验堆项目取得了 重大进展，为全球能源生产带来了新的希望。2025年1月20日，ITER项目在关键设备测试和调试方面取得了重要进展，尤 其是针对其复杂的低温泵系统和真空容器的准备工 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for the stock's performance in the next 12 months [3][7]. Core Insights - The company is experiencing rapid growth in its online, overseas, and Spobz businesses, with the JD Outlet business emerging as a new growth driver [7]. - The JD Outlet store in Wuxi, which opened on September 25, 2024, has a favorable location and is expected to attract significant customer traffic, with daily footfall exceeding 30,000 and sales surpassing 5 million RMB during the National Day holiday [9][10]. - The store operates primarily on a consignment model, which minimizes inventory risk, and is projected to achieve a profit margin of around 20% [6][15]. Financial Performance and Forecast - The company is expected to achieve a net profit of 2.2 billion RMB in 2024 and 2.8 billion RMB in 2025, with corresponding P/E ratios of 17x and 13x [7]. - Revenue forecasts indicate a slight decline in 2024, followed by a recovery with projected growth rates of 13.86% in 2025 and 14.31% in 2026 [8][24]. - The company's total revenue for 2023 is reported at 21.53 billion RMB, with a year-on-year growth of 15.98% [8]. Business Model and Strategy - The JD Outlet stores are strategically located in second to fifth-tier cities, with an average store size of 3,000 to 5,000 square meters, and are expected to generate annual sales in the tens of millions [6][21]. - The company has established partnerships with major shopping mall operators, enhancing its expansion potential across various regions [6][21]. - The operational model includes a low-cost structure, with minimal staffing and a focus on self-service shopping experiences [6][18].

公司研究 2025.02.27 联影医疗（ 688271） 公司点评报告 24Q4 业绩环比回升，看好创新驱动高端升级及海外市场拓展 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 周超泽 | 登记编号：S1220523070003 | | --- | --- | | 窦慧敏 | 登记编号：S1220524100005 | 联系人 唐娜 | 推 荐 | | ( | 维 持 | | ) | | | --- | --- | --- | --- | --- | --- | --- | | 公 | 司 | | 信 | 息 | | | | 行业 | | | | | | 医疗设备 | | 最新收盘价(人民币/元) | | | | | | 138 | | 总市值(亿)(元) | | | | | | 1,137.34 | | 52 周最高/最低价(元) | | | | | | 143.70/92.81 | 历史表现 -34% -23% -12% -1% 10% 21% 24/2/27 24/5/28 24/8/27 24/11/26 25/2/25 联影医疗 沪深300 数据来源：wind 方正证券研究所 《 ...

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected increase of over 10% relative to the benchmark index in the next 12 months [2][12]. Core Views - The company has exceeded market expectations in Q4 2024, with a notable improvement in profitability and contributions from the automotive business [4][6]. - The company is positioned as a leader in the projection industry, with dual-brand strategies targeting different technology routes and actively pursuing overseas market expansion [7]. - The "old-for-new" policy is expected to enhance profitability, supported by improved product margins and reduced marketing expenses [5][7]. Financial Performance - For the year 2024, the company reported revenues of 3.414 billion yuan, a decrease of 4.02% year-on-year, while net profit attributable to shareholders was 122 million yuan, an increase of 1.14% [4][8]. - In Q4 2024, revenues were 1.132 billion yuan, with a net profit of 162 million yuan, reflecting a significant year-on-year increase of 372.4% [4][5]. - The net profit margin for Q4 2024 improved to 14.33%, up 11.30 percentage points year-on-year, driven by product upgrades and cost optimizations [5]. Business Expansion - The automotive business has shown substantial progress, with the company becoming a designated supplier for six projects with four automotive manufacturers and one parts supplier [6]. - The automotive segment is expected to contribute significantly to revenue, with at least six projects anticipated to enter mass production in 2025 [6]. Earnings Forecast - The company forecasts net profits of 379 million yuan and 506 million yuan for 2025 and 2026, respectively, with corresponding EPS of 5.41 yuan and 7.23 yuan [7][8]. - Revenue projections indicate a growth trajectory, with expected revenues of 4.044 billion yuan in 2025 and 4.844 billion yuan in 2026, reflecting year-on-year growth rates of 18.45% and 19.79% [8][9].

行业研究 2025.03.02 农 林 牧 渔 行 业 周 报 一号文件提出"发展农业新质生产力"，"推进生物育种产业化" 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 邱星皓 登记编号：S1220524070004 联系人 郭翀宇 行业评级 : 推 荐 | 行 | 业 | 信 | 息 | | | --- | --- | --- | --- | --- | | 上市公司总家数 | | | | 128 | | 总股本(亿股) | | | | 1,638.79 | | 销售收入(亿元) | | | | 19,031.11 | | 利润总额(亿元) | | | | -126.30 | | 行业平均 PE | | | | 25.06 | | 平均股价(元) | | | | 9.83 | 行 业 相 对 指 数 表 现 -18% -10% -2% 6% 14% 22% 24/3/2 24/5/14 24/7/26 24/10/7 24/12/19 25/3/2 农林牧渔 沪深300 相关研究 《标肥价差推进二育积极入场》2025.02.24 《生猪价格震荡，仔猪价格小幅回调》 2025.02.17 《节后 ...

行业研究 2025.02.18 机 器 人 行 业 深 度 报 告 灵巧手：机器人对外交互的核心硬件模块，新变化孕育新机会 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 李鲁靖 | 登记编号：S1220523090002 | | --- | --- | | 王昊哲 | 登记编号：S1220524120003 | 联系人 乐智华 | 行业评级 | | | : 推 荐 | | | --- | --- | --- | --- | --- | | 行 | 业 | 信 | 息 | | | 上市公司总家数 | | | | 22 | | 总股本(亿股) | | | | 129.53 | | 销售收入(亿元) | | | | 453.66 | | 利润总额(亿元) | | | | 3.98 | | 行业平均 PE | | | | 198.83 | | 平均股价(元) | | | | 38.41 | 1 敬请关注文后特别声明与免责条款 行 业 相 对 指 数 表 现 -17% 4% 25% 46% 67% 88% 24/2/18 24/5/1 24/7/13 24/9/24 24/12/6 25/2/17 机 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Insights - The company is positioned as an innovative biopharmaceutical enterprise with a comprehensive industry chain layout, focusing on ADCs, antibodies, and recombinant protein drugs, primarily targeting oncology and age-related diseases [5][17]. - The ADC technology platform is advanced, with the Nectin-4 ADC expected to become a best-in-class (BIC) product, showing promising clinical results compared to existing therapies [6][9]. - The company has a robust pipeline of innovative drugs and biosimilars, with significant revenue growth projected from 2024 to 2026 [8][10]. Summary by Sections Company Overview - The company was established in 2017 and went public on the Shanghai Stock Exchange in 2022, focusing on the research, production, and sales of biopharmaceuticals [17]. - It has 16 products at various stages, including 12 innovative products and 4 biosimilars, with 3 products already on the market [17]. ADC Technology Platform - The company has developed a next-generation ADC targeted conjugation technology platform (IDDCTM), which includes proprietary technologies that enhance drug stability and efficacy [6][28]. - The Nectin-4 ADC (9MW2821) is the fastest progressing ADC in China for treating urothelial carcinoma, currently in Phase III clinical trials [6][9]. Innovative Product Pipeline - The company is advancing multiple differentiated targets, including 9MW1911 (for COPD) and 9MW3011 (for blood disorders), with significant global development progress [7][30]. - The biosimilars have begun commercializing, contributing to cash flow for innovative drug development [7][30]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 2.09 billion, 8.51 billion, and 15.14 billion RMB, respectively, with significant year-on-year growth rates [8][10]. - The company expects to achieve a net profit margin improvement, with net losses decreasing from 1.09 billion RMB in 2024 to 258 million RMB in 2026 [10].