Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 47.84 CNY, compared to the current stock price of 41.01 CNY [5]. Core Views - The company achieved a total revenue of 7.799 billion CNY in 2024, representing a year-on-year increase of 23.56%, while the net profit attributable to shareholders was 1.629 billion CNY, a decrease of 12.76% year-on-year [1]. - The domestic market is transitioning from a growth phase to a structural adjustment phase, while the overseas market continues to show good growth [1][2]. - The company’s product structure is improving, with significant revenue contributions from different types of aerial work platforms, particularly the boom-type series, which has become a key growth driver [1][3]. Revenue and Profitability - The company’s total revenue from domestic and international sales was 1.649 billion CNY and 5.523 billion CNY, respectively, with year-on-year changes of -22.23% and +43.83% [2]. - The gross profit margin for the main business was 35.04%, a decrease of 1.75 percentage points year-on-year, primarily due to the consolidation of CMEC's lower-margin revenue [2]. - The net profit margin was 20.89%, down 8.7 percentage points year-on-year, mainly due to increased expenses following the CMEC merger [2]. Global Competitiveness and Product Development - The company is enhancing its global competitiveness through a continuous globalization strategy and has successfully completed projects to increase production capacity for large intelligent aerial platforms [3]. - The company has introduced a range of differentiated and high-quality new products, expanding into new application scenarios such as large shipyards and rail transit [3]. Financial Forecast - The company is expected to achieve total revenues of 9.07 billion CNY, 10.25 billion CNY, and 11.59 billion CNY for the years 2025, 2026, and 2027, with growth rates of 16.3%, 13%, and 13.1%, respectively [9]. - Net profits are projected to be 1.86 billion CNY, 2.23 billion CNY, and 2.67 billion CNY for the same years, with growth rates of 14.4%, 19.9%, and 19.5% [9].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 98.00 CNY per share [5][7]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 1.943 billion CNY, a year-on-year increase of 32.42%, and a net profit of 348 million CNY, up 44.54% year-on-year [2][3]. - The growth is attributed to the strong sales of core products, particularly the low-concentration atropine eye drops, which were approved in March 2024 and are expected to have a large market due to the rising incidence of myopia among youth [4]. - The company has a comprehensive pipeline of ophthalmic products, covering various categories including myopia control, dry eye treatment, and anti-infection medications, which positions it well for future growth [4]. Financial Performance Summary - In 2024, the company reported revenues of 1.943 billion CNY, with the following breakdown: eye drops (1.366 billion CNY, +106.08%), gel/ointment (363 million CNY, -2.88%), medical services (133 million CNY, -62.13%), and solution (62 million CNY, +19.16%) [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 687 million CNY, 900 million CNY, and 1.137 billion CNY, representing growth rates of 103.2%, 31.0%, and 26.3% respectively [5][12]. - The expected earnings per share (EPS) for 2025 is 3.92 CNY, with a price-to-earnings (PE) ratio of 25 times [5][12].

2025 年 4 月 21 日 电子 台积电发布 2025Q1 财报，二季度指引 乐观 台积电发布 2025Q1 财报，指引二季度环比增长超 13%，同比 增长超 36% 4 月 17 日台积电发布 2025 年 Q1 财报，得益于人工智能应用中半 导体需求的激增，台积电 2025Q1 净利润同比增长超 60.2%，在财 报电话会上，台积电表示预计 2025Q2 销售额在 284 亿美元至 292 亿美元，环比增长超 13%，同比增长超 36%，远超市场预期的 271.6 亿美元。预计 2025 年以美元计的销售额增长率在 20%-30%区间中 段。台积电预计第二季度营业利润率将达 47%至 49%，上一季度为 48.5%。预计第二季度毛利率将达到 57%至 59%，上一季度为 58.8%。 台积电维持 2025 年资本支出在 380 亿-420 亿美元不变，预计 2025 年人工智能相关收入将实现翻倍增长。 2025 慕尼黑上海电子展圆满收官 4 月 17 日为期 3 天的 2025 慕尼黑上海电子展（electronica China 2025）于在上海新国际博览中心落下帷幕，今年慕尼黑展会围绕人 形机器 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 10.56 CNY, compared to the current stock price of 8.90 CNY as of April 18, 2025 [4]. Core Insights - The company is planning to acquire a 51% stake in Xuzhou Xugong Heavy Vehicle Co., Ltd. for 821 million CNY and to acquire and increase capital in Xuzhou Xugong Mining Machinery Co., Ltd. for a total of 9.07 billion CNY and 686 million CNY respectively, aiming to enhance its mining machinery business [1][2]. - The acquisition of heavy vehicles is expected to strengthen the company's competitive advantage in the mining machinery sector, contributing to the establishment of a complete product line and supporting the company's goal of becoming a top player in the global open-pit mining equipment industry [2][3]. - The financial performance of the heavy vehicle segment is projected to be stable, with expected revenues of 2.309 billion CNY in 2022, 2.616 billion CNY in 2023, and 2.288 billion CNY in 2024, alongside net profits of 113 million CNY, 82 million CNY, and 129 million CNY respectively [3]. Summary by Sections Acquisition Plans - The company plans to acquire a 51% stake in Xuzhou Heavy Vehicles for 821 million CNY and to directly hold 100% of Xugong Mining Machinery after a 9.07 billion CNY acquisition and a 686 million CNY capital increase [1][2]. Business Expansion - The acquisition will enhance the company's mining machinery capabilities, focusing on the production of non-road wide-body dump trucks and other vehicles, which are essential for open-pit mining operations [2]. - The company aims to create a comprehensive series of mining machinery products, establishing a new growth driver and targeting a strategic goal of reaching a 10 billion CNY industry scale [2]. Financial Projections - Revenue projections for the company from 2024 to 2026 are 94.08 billion CNY, 101.69 billion CNY, and 113.04 billion CNY, with net profits expected to be 6.01 billion CNY, 7.76 billion CNY, and 9.69 billion CNY respectively [10][12]. - The company is expected to maintain a strong market position, benefiting from both domestic and international demand for mining machinery [9][10].

2025 年 04 月 21 日 三一重工(600031.SH) 业绩弹性如期释放，挖机龙头再出发 事件：三一重工发布 2024 年年报，公司全年实现营业总收入 783.83 亿元，同比+5.9%，归母净利润 59.75 亿元，同比+31.98%； 单 Q4，公司实现营业总收入 200.23 亿元，同比+12.12%，归母净 利润 11.07 亿元，同比+141.15%。 β筑底复苏，挖机龙头再出发。根据工程机械工业协会，2024 年，挖机内销 10.05 万台，同比+11.74%；出口 10.06 万台，同比 -4.24%。周期复苏、挖机先行，公司作为行业龙头有望优先受益， 同时持续开拓国际化市场，收入表现企稳回升。 1）从产品结构上看：①挖掘机械：收入 303.74 亿元，同比+9.91%， 连续 14 年蝉联国内销量冠军；②混凝土机械：收入 143.68 亿元， 同比-6.18%，连续 14 年蝉联全球第一品牌；其中电动搅拌车连续 4 年国内市占率第一,收入首次超过燃油搅拌车。③起重机械：收 入 131.15 亿元，同比+0.89%，全球市占率大幅上升。④路面机械： 收入 30.01 亿元，同比+20. ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 49.73 CNY, compared to the current stock price of 42.39 CNY as of April 18, 2025 [5]. Core Insights - The company achieved a revenue of 815 million CNY in 2024, representing a year-on-year growth of 21.62%, and a net profit of 177 million CNY, which is a 99.67% increase year-on-year [1]. - In Q1 2025, the company reported a revenue of 209 million CNY, a 13.77% increase year-on-year, and a net profit of 50 million CNY, up 45.36% year-on-year [1]. - The company is benefiting from a recovery in downstream terminal demand, particularly in the smartphone and intelligent driving sectors, with significant growth in both areas [2]. Revenue Breakdown - In the smartphone segment, the company generated 675 million CNY in revenue for 2024, a 16.17% increase year-on-year, with a gross margin of 91.39% [2]. - The intelligent driving segment saw revenue of 127 million CNY in 2024, marking a 71.20% year-on-year growth, although the gross margin decreased to 84.49% [2]. Cost Management and R&D Investment - The company has successfully reduced its selling and management expense ratios, with selling expenses at 16.29% and management expenses at 10.49% for 2024, indicating improved operational efficiency [3]. - R&D expenses for 2024 were 398 million CNY, a 9.69% increase year-on-year, representing a R&D expense ratio of 48.81% [3]. Technological Advancements - The company has made significant progress in its Turbo Fusion technology, which has been integrated across various smartphone models, and is exploring deep integration with AIGC technology [4]. - The company is also increasing its investment in AI glasses, collaborating with Qualcomm on the AR1 Gen1 chip platform, and has successfully launched the first domestic AI glasses [10]. Business Expansion - The VisDrive® solution for intelligent driving is expanding its vehicle coverage and has secured multiple production model contracts, with plans for mass production in 2025 [11]. - The ArcMuse computing technology engine for intelligent commercial photography has significantly enhanced its model parameters, achieving integration with major e-commerce platforms [11]. Financial Projections - Revenue projections for the company are 997 million CNY in 2025, 1.23 billion CNY in 2026, and 1.51 billion CNY in 2027, with net profits expected to reach 241 million CNY, 312 million CNY, and 410 million CNY respectively [12][14].

2025 年 04 月 21 日 建筑 3 月基建投资环比提速，内需有望持续 发力 本周投资建议： 本周统计局发布数据，1-3 月份，狭义、广义基础设施投资分别同比 增长 5.80%、11.50%，环比 1-2 月分别+0.2pct、+1.56pct，狭义基 建投资增速比上年全年加快 1.4pct，或由于年初以来基建资金发行 较快，项目到位资金改善，实物工作量加快形成。截至 4 月 20 日， 城投债发行规模 1.82 万亿元，地方政府新增专项债发行规模 1.06 万 亿元（yoy+61%），特殊再融资专项债 1.72 万亿元（约占全年 2 万亿 额度的 86%）。 在基建三大分项中，电热气水投资增速持续维持高位且环比提升，1- 3 月，电热气水投资同比增长 26.00%（环比+0.60pct）；其次为水利、 环境和公共设施管理业投资同比增加 9.80%（环比+1.30pct），交通 运输、仓储和邮政业投资同比增长 3.80%（环比+1.10pct）。在基建各 主要细分行业中，1-3 月，水利管理业投资增速位居各细分行业首位， 为 36.8%，公共设施管理业投资同比增速为 4.90%（环比+2.3pct）， ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of HKD 36.38 [4][6]. Core Insights - The company has shown a continuous narrowing of losses, with a reported loss of RMB 170 million for the year 2024. The core product, the LZ901 shingles vaccine, has made significant progress, completing the enrollment of 26,000 healthy participants in its Phase III clinical trial by January 2024. The mid-term analysis results of the trial are expected in the second half of 2024, and the BLA for LZ901 has been accepted by the NMPA, indicating promising commercialization prospects [1][2][4]. Summary by Sections Financial Performance - The company reported a loss of RMB 170 million for 2024, which is a reduction from previous losses. Revenue projections for 2025 to 2027 are estimated at RMB 0.02 billion, RMB 10.51 billion, and RMB 17.95 billion respectively, with net profits expected to be RMB -300 million, RMB 1.42 billion, and RMB 5.08 billion [4][9]. Product Pipeline - The company has a diverse product pipeline, including three candidates in clinical stages and six in preclinical stages. The core product LZ901 is complemented by a biosimilar of adalimumab (K3) expected to enter Phase III trials in 2026, and other candidates targeting various diseases [3][4]. Market Positioning - LZ901 is positioned competitively with a unique tetrameric molecular structure that enhances immunogenicity, leading to higher neutralizing antibody titers compared to Shingrix. The expected retail price for LZ901 is between RMB 500 to 800 per dose, significantly lower than Shingrix, which is priced at approximately RMB 3,200 for two doses [2][4]. Valuation Model - The report utilizes a DCF valuation model, projecting a target price of HKD 36.38 based on expected revenue growth and profitability improvements over the next few years [4][11].

2025 年 04 月 20 日 长电科技(600584.SH) 封装技术驱动多元增长，汽车电子/运算业务表现亮眼 公司持续深化高性能封装技术在高附加值领域的应用，推动通讯、消 费、运算和汽车电子四大核心业务板块实现全面突破。按照 24 年收 入占比看，公司在通讯电子（占比 44.8%）、消费电子（占比 24.1%）、 运算电子（占比 16.2%，同比+38.1%）和汽车电子领域（占比 7.9%， 同比+20.5%，持续高于市场平均水平）均实现双位数增长，彰显公司 技术领先优势和持续发展动能。 研发加码+产能释放，有望打开盈利空间 投资建议： 我们预计公司 2025-2027 年收入分别为 402.77 亿元、451.1 亿元、 496.21 亿元，归母净利润分别为 24.01 亿元、31.73 亿元、40.52 亿 元（原预测 24-26 年归母净利润为 26.51 亿元、34.91 亿元、41.22 亿元）。采用 PE 估值法，考虑到公司在半导体封测领域的龙头地位， 叠加其在 2.5D/3D、SiP 等领域的技术优势，给予公司 2025 年 30 倍 PE，对应目标价 40.25 元/股，维持"买入-A" ...

公司在手机通讯、消费电子等传统存量市场应用领域内不断拓宽产品 线种类，新产品线延续了高速增长，份额提升明显。在汽车电子、数 据中心、AI+等新兴战略市场不断拓展客户，取得了多位全球顶级客 户的一致认可，实现了持续强劲的高速增长。 (1)消费电子：公司目前已实现消费电子领域客户的全面覆盖，新产 品份额持续提升，元器件主要的产品方向是进一步小型化、集成化， 公司在高精密电感领域具有行业领先优势。AI 端侧应用加速上行，A I 赋能手机、PC、可穿戴设备等应用场景，将对各类元器件带来增量 市场机遇。(2)汽车电子：公司产品在汽车电子具体应用十分广泛， 通过不断深入探索产品组合，截止目前，公司产品已实现三电系统等 电动化场景全面覆盖，并且延伸至智能驾驶、域控制器、智能座舱等 全方位智能化应用场景覆盖。(3)数据中心：公司密切与头部企业保 持合作与联系，凭借自身的工艺平台多样性，在 AI 服务器、DDR5、 企业级 SSD 等应用场景为客户提供了多种节能降耗的产品组合与方 案。 投资建议： 我们预计公司 2025-2027 年收入分别为 70.52 亿元、81.68 亿元、 93.99 亿元，归母净利润分别为 10.5 ...