结构性分化，把握龙头配置价值 ——中药行业2025年2月月报 长城证券产业金融研究院 分析师：刘鹏 执业证书编号：S1070520030002 邮箱：liupeng@cgws.com 分析师：袁紫馨 执业证书编号：S1070122080041 邮箱：yuanzixin@cgws.com 评级：强大于市（维持） 2025.03.03 01 核心观点 核心观点 1、 2024年 中 药 行 业分 化加大 ，头部 效应凸 显，竞 争格局 有望重 塑 2024年多因素影响行业竞争局，头部企业优势集中，华润系（华润三九、东阿阿胶、昆药集团、江中药业）、片仔癀名贵 OTC龙头、 奇 正藏药 院内贴 膏龙头 通过品 牌壁垒 和渠道 优势普 遍实现 稳健增 长，中 小企业 受成本 端压力 、集采 政策、 医保控 费、消费 疲软等 因素共 振 陷 入 亏 损 或利润 同比下 滑，行 业整体 承压， 2025年 业 绩 压 力减弱 下弹性 有望释 放 2、 估 值 与复盘 • 2月中药板块下跌1.15%， 大 幅 跑输 沪深300和 SW 医 药 生 物指数 ，主要 系科技 成长股 资金虹 吸效应 及"AI+医 疗" 关 注 景 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4]. Core Insights - The company has exceeded profit expectations, driven by its self-developed multimodal AI algorithm models that enhance commercialization efficiency [1]. - The social business segment continues to grow rapidly, with significant contributions from products like MICO, YoHo, and SUGO, the latter expected to see over 200% revenue growth in 2024 [2]. - The premium game "Alice's Dream" has entered a profit phase, contributing to the company's second growth curve [3]. - The company has repurchased approximately 43 million shares, reflecting confidence in its operations and market sentiment [3]. Financial Performance Summary - Revenue is projected to grow from 33.08 billion CNY in 2023 to 62.43 billion CNY in 2025, with a compound annual growth rate (CAGR) of approximately 22.5% [1][8]. - Net profit is expected to increase from 4.76 billion CNY in 2024 to 9.86 billion CNY in 2026, with a notable growth rate of 71.6% in 2025 [1][8]. - The company's P/E ratio is forecasted to decrease from 13.1 in 2024 to 6.3 in 2026, indicating improved valuation metrics [1][8]. - The return on equity (ROE) is projected to stabilize around 29% by 2026, reflecting strong profitability [1][8]. Business Strategy and Market Position - The company is committed to its "bush" strategy, focusing on AI empowerment and diversifying its product offerings to cover more segments in the global social entertainment market [8]. - The self-developed multimodal algorithm model Boomiix is expected to enhance operational efficiency across various business functions, significantly improving user engagement and monetization [2]. - The company aims to strengthen its position in the Middle East while exploring growth opportunities in Southeast Asia, Japan, South Korea, and North America [2].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock price in the next six months [5]. Core Views - The company is actively advancing its layout in the robotics sector and enhancing competitiveness across multiple segments [1]. - The establishment of a joint venture with Suzhou Ishikawa aims to strengthen the company's capabilities in the differential gear field, with a total investment of 200 million RMB [2][3]. - The company anticipates significant growth in net profit for 2024, projecting an increase of 70% to 87% year-on-year, supported by rapid growth in the new energy vehicle parts business [4]. Financial Summary - **Revenue Growth**: The company expects revenue to grow from 1,472 million RMB in 2022 to 3,584 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 19.8% [1]. - **Net Profit**: Projected net profit is expected to rise from 211 million RMB in 2022 to 550 million RMB in 2026, with a notable increase of 77.4% in 2024 [1][4]. - **Return on Equity (ROE)**: ROE is forecasted to improve from 10.4% in 2022 to 17.2% in 2026 [1]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.33 RMB in 2022 to 0.86 RMB in 2026 [1]. Strategic Initiatives - The company is focusing on a dual business strategy in "automotive + aerospace," leveraging rich customer resources and aiming for enhanced profitability through new projects and products [4][9]. - The joint venture with Suzhou Ishikawa is expected to integrate technology and resources, improving product precision and delivery efficiency, thereby increasing market share [3][4].

证券研究报告 | 公司动态点评 2025 年 03 月 04 日 阿特斯（688472.SH） 组件业务显现韧性，大储放量穿越周期 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 47,536 | 51,310 | 46,161 | 48,983 | 56,887 | | 增长率 yoy（%） | 69.7 | 7.9 | -10.0 | 6.1 | 16.1 | | 归母净利润（百万元） | 2,157 | 2,903 | 2,291 | 3,530 | 4,074 | | 增长率 yoy（%） | 6065.4 | 34.6 | -21.1 | 54.1 | 15.4 | | ROE（%） | 18.3 | 13.4 | 9.8 | 13.2 | 13.3 | | EPS 最新摊薄（元） | 0.58 | 0.79 | 0.62 | 0.96 | 1.10 | | P/E（倍） | 18.6 | 13.8 | 17.5 | 11.4 | 9.9 | | ...

证券研究报告 | 公司动态点评 2025 年 02 月 28 日 顺络电子（002138.SZ） 汽车&数据中心业务高速成长，24 年业绩实现稳步提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,040 | 5,897 | 7,059 | 8,194 | 9,331 | | 增长率 yoy（%） | 18.9 | 17.0 | 19.7 | 16.1 | 13.9 | | 归母净利润（百万元） | 641 | 832 | 1,048 | 1,309 | 1,538 | | 增长率 yoy（%） | 48.0 | 29.9 | 25.9 | 24.9 | 17.5 | | ROE（%） | 11.3 | 13.7 | 15.7 | 17.1 | 17.0 | | EPS 最新摊薄（元） | 0.79 | 1.03 | 1.30 | 1.62 | 1.91 | | P/E（倍） | 40.2 | 31.0 | 24.6 | 19.7 | 16.7 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is deeply engaged in the storage field, focusing on semiconductor memory research, design, packaging, testing, production, and sales, with a comprehensive product line including embedded storage, PC storage, automotive-grade storage, enterprise storage, and mobile storage [1][12] - The company has established an integrated R&D and packaging testing business model, enhancing its core competitiveness in the semiconductor storage industry [1][12] - The company is expected to see significant growth in revenue and profit due to the recovery of the storage industry and the expansion of domestic and international customer bases [7][30] Summary by Sections 1. Company Overview - The company was founded in September 2010 and successfully listed on the Shanghai Stock Exchange in December 2022, focusing on semiconductor memory products and advanced packaging testing services [12][13] - The company has developed a "5+2+X" strategic framework to drive stable growth, focusing on five major application markets and two key growth areas: chip design and advanced packaging [15][12] 2. Demand Side - Storage prices have stabilized and are beginning to rise, driven by increased demand for storage devices due to the rapid development of artificial intelligence technologies [2][3] - The market for embedded products is experiencing supply tightness due to the discontinuation of low-capacity NAND resources by original manufacturers [2] 3. Supply Side - The domestic chip replacement is accelerating, with Chinese companies like Yangtze Memory Technologies and Changxin Memory Technologies rapidly increasing their market share [3][6] - The report highlights that China's DRAM production capacity has surpassed 11% of global capacity, with expectations for further growth [3] 4. Financial Performance - The company achieved a revenue of 50.25 billion yuan in the first three quarters of 2024, a year-on-year increase of 136.76%, driven by the recovery of the storage industry and significant growth in product sales [30][31] - The forecasted net profits for 2024-2026 are 176 million yuan, 598 million yuan, and 764 million yuan respectively, with corresponding EPS of 0.41 yuan, 1.39 yuan, and 1.77 yuan [7][30] 5. Competitive Advantages - The company possesses strong technical capabilities in embedded storage and has established a comprehensive product matrix covering various storage types, enhancing its competitive edge in the market [7][18] - The company is actively expanding its advanced packaging capabilities, which are expected to be operational by 2025, providing a full suite of storage and advanced packaging testing solutions [7][21]

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（ ...