证券研究报告 | 公司深度报告 2025 年 02 月 28 日 佰维存储（688525.SH） 深耕存储领域，布局先进测试工艺巩固领先地位 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 2025E 买入（维持评级） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,986 | 3,591 | 6,704 | 9,421 | 11,860 | 36,222 股票信息 | | | 增长率 yoy（%） | 14.4 | 20.3 | 86.7 | 40.5 | 25.9 | 14.3 | | | 归母净利润（百万元） | 71 | -624 | 176 | 598 | 764 | 行业 865 | 电子 | | 增长率 yoy（%） | -38.9 | -976.7 | 128.1 | 240.6 | 27.7 | 2025 年 2 月 27 日收盘价（元） 23.0 | 77.36 | | ROE（%） | 2.9 | -32.8 | 8.4 | 22.3 | 22.1 ...

证券研究报告 | 公司动态点评 2025 年 02 月 27 日 伟测科技（688372.SH） 24 年营收创历史新高，行业复苏促高端产品需求释放 | 2024 | | | | | | | --- | --- | --- | --- | --- | --- | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 733 | 737 | 1,077 | 1,300 | 1,590 | | 增长率 yoy（%） | 48.6 | 0.5 | 46.2 | 20.8 | 22.3 | | 归母净利润（百万元） | 244 | 118 | 128 | 235 | 295 | | 增长率 yoy（%） | 84.3 | -51.6 | 8.8 | 84.0 | 25.7 | | ROE（%） | 10.2 | 4.8 | 5.0 | 8.6 | 9.9 | | EPS 最新摊薄（元） | 2.14 | 1.04 | 1.12 | 2.06 | 2.59 | | P/E（倍） | 43.8 | 90.3 | 83.6 | 45.4 | 36.1 ...

证券研究报告 | 公司动态点评 2025 年 02 月 26 日 阿里巴巴-W（09988.HK） AI 战略持续推进，阿里云视觉生成基座模型万相 2.1 宣布开源 | 财务指标 | FY2023A | FY 2024A | FY 2025E | FY 2026E | FY 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 868,687 | 941,168 | 999,615 | 1,112,571 | 1,197,349 | | 增长率 yoy（%） | 1.83 | 8.34 | 6.21 | 11.30 | 7.62 | | 归母净利润（百万元） | 72,509 | 79,741 | 125,071 | 159,183 | 186,010 | | 增长率 yoy（%） | 17.03 | 9.97 | 56.32 | 27.27 | 16.85 | | ROE（%） | 7.35 | 8.11 | 12.54 | 14.81 | 15.59 | | EPS 最新摊薄（元） | 3.83 | 4.21 | 6.58 | 8.37 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][20]. Core Views - The company is expected to benefit from favorable policies and the integration of AI technology, which enhances its development prospects [1][9]. - The company reported significant revenue growth in 2024, with total revenue reaching 4.187 billion yuan, a year-on-year increase of 17.47% [1]. - The net profit for 2024 was 1.823 billion yuan, reflecting a year-on-year growth of 30% [1]. Financial Performance Summary - **Revenue Forecast**: The company's revenue is projected to grow from 3.564 billion yuan in 2023 to 6.819 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16.31% [1][12]. - **Net Profit Forecast**: The net profit is expected to increase from 1.402 billion yuan in 2023 to 3.137 billion yuan in 2027, with a CAGR of about 11.46% [1][12]. - **Earnings Per Share (EPS)**: The diluted EPS is forecasted to rise from 2.61 yuan in 2023 to 5.83 yuan in 2027 [1][12]. - **Return on Equity (ROE)**: The ROE is projected to remain strong, starting at 20.33% in 2023 and stabilizing around 19.84% by 2027 [1][12]. Business Segment Analysis - **Advertising and Internet Services**: This segment is expected to see significant growth, with a projected revenue increase of 49% in 2024 due to improved market conditions and enhanced product competitiveness [2][12]. - **Software Sales and Maintenance**: Revenue in this segment is forecasted to decline by 18.61% in 2024, primarily due to reduced demand following the completion of upgrades by brokerage firms [2][12]. - **Other Business Segments**: Fund sales and other transaction fees are expected to decrease by 20.50% in 2024, reflecting a decline in customer demand due to changing market conditions [2][12]. Strategic Developments - The company has integrated its large model technology with financial information services, enhancing its product offerings and customer engagement [4][9]. - The launch of an internet-based intelligent wealth management service platform aims to provide a comprehensive range of financial products and services, catering to diverse investor needs [9].

证券研究报告 | 行业周报 2025 年 02 月 23 日 医药 本周医药板块上涨 1.88%，AI 医疗热度延续 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002755.SZ | 奥赛康 | 买入 | 0.13 | 0.2 | 101.62 | 66.05 | | 01952.HK | 云顶新耀-B | 买入 | -2.93 | -0.12 | - | - | | 02105.HK | 来凯医药-B | 买入 | -0.9 | -1 | - | - | | 600079.SH | 人福医药 | 增持 | 1.33 | 1.59 | 15.02 | 12.56 | | 688192.SH | 迪哲医药 | 增持 | -2.01 | -1.33 | -22.96 | -34.7 | | 688315.SH | 诺禾致源 | 买入 | 0.47 | 0.53 | 41.0 | 36.36 | | ...

产能释放驱动 24Q4 收入修复，受益 AI 带动半导体需求回升 证券研究报告 | 公司动态点评 2025 年 02 月 21 日 华虹半导体（01347.HK） | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 2286 | 2004 | 2257 | 2610 | 3125 | | 增长率 yoy（%） | -7.7 | -12.3 | 12.6 | 15.6 | 19.7 | | 归母净利润（百万元） | 280 | 58 | 108 | 247 | 307 | | 增长率 yoy（%） | -37.8 | -79.2 | 85.2 | 129.5 | 24.4 | | ROE（%） | 4.4 | 0.9 | 1.7 | 3.8 | 4.5 | | EPS 最新摊薄（元） | 0.16 | 0.03 | 0.06 | 0.14 | 0.18 | | P/E（倍） | 31.8 | 153.3 | 82.8 | 36.1 | 29.0 | | P/B（ ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The strategic transformation of the company is showing significant results, with the AI+ healthcare model expected to reshape the valuation system [2][3]. - The company has focused on high-margin medical-grade remote health monitoring devices and services, leading to improved operational efficiency and profitability [2]. - The company is well-positioned to benefit from the expansion of the chronic disease management market and the emerging AI+ healthcare sector [8]. Financial Summary - Revenue projections for 2024-2026 are estimated at 1.013 billion, 1.266 billion, and 1.585 billion yuan, respectively, with year-over-year growth rates of 14.5%, 25.0%, and 25.2% [1][8]. - The net profit attributable to the parent company is expected to reach 64 million, 105 million, and 145 million yuan for the same period, reflecting year-over-year growth rates of 85.5%, 64.6%, and 38.2% [1][8]. - The company's return on equity (ROE) is projected to improve from 5.5% in 2024 to 10.9% in 2026 [1]. Business Segments - The health equipment segment is focusing on new product launches, including blood glucose meters and hearing aids, which are expected to gain market traction [2]. - The RPM (Remote Patient Monitoring) segment has established deep collaborations with leading clients in Europe and the US, creating a closed-loop business model [2]. - The cardiovascular digital chronic disease service segment is integrating remote health monitoring devices with AI software and medical services, with initial validation in various healthcare settings [2]. Market Position and Future Outlook - The company has accumulated a substantial amount of multi-dimensional physiological data from over ten million users, laying a solid foundation for developing a vertical AI model in the cardiovascular field [3]. - The report anticipates that the company will achieve a revenue of 1.013 billion yuan in 2024, with a corresponding net profit of 0.64 billion yuan, indicating a strong growth trajectory [8].

证券研究报告 | 行业动态点评 2025 年 02 月 20 日 通信 Figure 发布 Helix，端到端 AI 助力机器人持续拓展 Figure 发布 Helix，持续助力机器人长期发展。2025 年 2 月 20 日，Figure 正式宣布推出 Helix，Helix 是一个通用视觉-语言-动作（VLA）模型，它统一 了感知、语言理解和学习控制，以克服机器人领域的多个长期挑战。据 Figure 官网介绍，Helix 具备以下几大优势： 全上身控制：Helix 是第一个可以实现输出整个人形机器人上半身的高速连续 控制，包括手腕、躯干、头部和单根手指的 VLA 模型。 多机器人协作：Helix 是第一个可以在两个机器人上同时运行的 VLA 模型，使 它们能够解决共享的、长期的操作任务，处理它们以前从未见过的物品。 拿起任何东西：配备 Helix 的 Figure 机器人现在可以拿起几乎任何小型家用 物品，包括它们以前从未遇到过的数千种物品，只需遵循自然语言提示即可。 作者 分析师 侯 宾 执业证书编号：S1070522080001 邮箱：houbin@cgws.com 单个神经网络：与以前的方法不同，He ...

Investment Rating - The report maintains a rating of "Outperform" for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [5]. Core Insights - The Japanese securities industry has experienced increasing concentration, with the top five comprehensive securities firms dominating the market, accounting for over 40% of industry revenue and 45% of net profit as of 2023 [1][11]. - The number of foreign securities firms in Japan has significantly decreased from 52 in 2000 to just 9 by 2022, with their market share in revenue dropping from over 30% to approximately 1% [1][11]. - The industry has seen a stabilization in commission income, although the proportion of brokerage business has declined from 70.8% in 1990 to 24.6% in 2023 [3][34]. - The market has matured with a rise in institutional investors, whose share of the market increased from 4.7% in 1990 to 31.8% in 2023, while the share of individual investors decreased from 23.9% to 16.9% [3][41]. Summary by Sections 1. Japanese Securities Industry Transformation - The industry has a high concentration level, with major firms like Nomura and Daiwa leading the market [1][11]. - Total assets in the industry have shown an upward trend despite economic crises, with net assets surpassing 8.29 trillion yen in March 2024 [2][12]. - Net profit has stabilized post-2012, with ROE figures of 4.57% and 8.29% for the fiscal years 2022 and 2023 respectively [20][21]. 2. Cost Structure and Employee Dynamics - The industry's cost structure remains high, with a cost-to-income ratio of 83.6% in 2023, and management fees constituting a significant portion of total costs [28][30]. - The number of employees in the securities industry has halved since the peak in 1990, stabilizing around 85,000 by 2023 [31][32]. 3. Revenue Streams and Market Dynamics - Commission income has stabilized, with total commission income exceeding 2.7 trillion yen in 2023, but brokerage commissions have decreased significantly [34][35]. - Trading income has fluctuated but has stabilized, while financial income surged to 1.81 trillion yen in 2023, marking a 79.86% increase year-on-year [40][41]. 4. Case Studies of Differentiated Development - Daiwa Securities focuses on both domestic and international markets, enhancing its service offerings through technological innovation and strategic acquisitions [46][47]. - Rakuten Securities has leveraged its technological advancements to expand its market share, achieving a total account number exceeding 10.2 million in 2023 [64][65].

证券研究报告|行业专题报告 2025 年 02 月 17 日 传媒 事件：公募基金 24Q4 持仓披露完毕，传媒行业维持低配，细分板块及个股 表现有所分化。 24Q4 传媒行业维持低配，低配比例略有提升。24Q4 传媒行业重仓市值占 比为 0.81%，环比下降 0.1pct；传媒行业总市值/全 A 总市值为 1.54%，环 比下降 0.02pct。传媒行业整体维持低配，低配比例为 0.73%，环比上升 0.08pct。整体来看，传媒低配比例环比有所提升，持仓仍处低位，向后展 望，我们认为传媒行业有望受益于国内大模型性能的提升以及 API 服务定价 的下降有望加速国内 AI 应用落地，并逐步兑现业绩，此外伴随微信小店、 谷子经济等热点话题催动以及市场风险偏好提升，我们认为传媒行业配置有 望逐步企稳回升。 板块表现有所分化，游戏板块偏好度提升，影视院线板块偏好度持续回落。 分板块来看，游戏板块由超配下降至平配，广告营销、影视院线低配比例有 所扩大，数字媒体、出版及电视广播板块低配比例有所收窄： （1）24Q4 游戏板块超配比例为 0.11%，环比提升 0.07pct。板块整体偏好 度有所下降，24Q4 重仓市值为 ...