证券研究报告 | 行业周报 2025 年 05 月 07 日 电力设备及新能源 氢能政策持续利好，促进氢能全链发展 行情回顾：截至 2025 年 4 月 30 日，氢能源指数收盘价为 1889.69 点，本 周涨跌幅为 0.47%，2025 年初至今涨跌幅为 6.35%。氢能行业周涨幅前 五的公司为渝三峡 A、新锦动力、中自科技、利元亨、华阳变速，涨幅分 别为 33.16%、29.32%、18.16%、16.14%、13.88%；氢能行业周跌幅 前五的公司为昇辉科技、ST 新动力、山东海化、海泰新能、林洋能源，跌 幅分别为-20.31%、-19.89%、-15.66%、-13.70%、-12.89%。 重点事件点评：国家能源局发布我国首份氢能发展报告；国家级实验室落 户河北秦皇岛；我国首创"大容量风电离网制氢系统"通过鉴定；欧盟鼓 励加大对哈萨克斯坦氢能未来的支持；世界首条洲际液氢走廊协议签约； 荷兰补贴 28 亿欧元扩大绿氢生产和使用；广西政府发布文件支持氢能制 储输用全产业链发展；国家能源局发布文件支持民企开展氢能等绿色能源 项目合作；温州市发展和改革委员会发布《温州市支持新能源汽车产业发 展十条政策意见 ...

证券研究报告 | 行业周报 2025 年 05 月 06 日 医药 本周医药板块上涨 0.49%，百济神州 BCL-2 抑制剂申报上市 | 股票 | 股票 | 投资 | EPS（元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002755.SZ | 奥赛康 | 买入 | 0.2 | 0.28 | 93.95 | 67.11 | | 01952.HK | 云顶新耀 | 买入 | -0.94 | 0.58 | - | - | | 600079.SH | 人福医药 | 增持 | 1.59 | 1.86 | 13.13 | 11.22 | | 688192.SH | 迪哲医药 | 增持 | -1.33 | -0.08 | -43.54 | -723.88 | | 688315.SH | 诺禾致源 | 买入 | 0.53 | 0.62 | 26.53 | 22.68 | | 688321.SH | 微芯生物 | 增持 | 0.05 | 0.23 | 3 ...

证券研究报告 | 公司动态点评 2025 年 04 月 30 日 创耀科技（688259.SH） 下游需求放缓，业绩短期承压。2024 年受全球经济增速放缓及终端市场整体 需求下降的影响，公司接入网业务规模有所下降。2024 年公司实现主营业务 收入 5.92 亿元，同比下降 10.44%。实现归母净利润 6047.48 万元，同比增 长 3.48%，实现扣非后归母净利润 4510.07 万元，同比增长 4.42%。其中 24Q4 单季度实现营收 1.64 亿元，同比下降 20.5%，环比增长 15.3%；单季 度归母净利润 1358.85 万元，同比下降 26.21%，环比增长 14.01%。分产品 看，2024 年公司软件与集成电路业务收入同比下降 10.44%，通信芯片与解 决方案业务营业收入同比下降 15.10%，营业成本同比下降 8.81%，毛利率 下降 4.89 pct；其中接入网网络芯片及解决方案业务中的产品以及技术开发 服务取得的营业收入同比小幅下降，电力线载波通信芯片与解决方案业务取 得的营业收入同比小幅增长。芯片版图设计服务营收同比增长 13.23%，毛 利率为 21.28%。从费用端看： ...

事件：公司发布 2024 年年度报告、2025 年第一季度报告，24Q4 实现营收 25.2 亿元，同比-9.9%；归母净利润 0.64 亿元，同比+28.1%；扣非归母净 利润 0.72 亿元，同比-2.3%。25Q1 实现营收 26.2 亿元，同比+0.4%；实现 归母净利润 1.3 亿元，同比 48.5%；扣非归母净利润 1.4 亿元，同比+40.4%。 证券研究报告 | 公司动态点评 2025 年 04 月 30 日 新乳业（002946.SZ） 25Q1 利润超预期，低温品类延续增长助力盈利提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 10,987 | 10,665 | 10,889 | 11,379 | 12,005 | | 增长率 yoy（%） | 9.8 | -2.9 | 2.1 | 4.5 | 5.5 | | 归母净利润（百万元） | 431 | 538 | 655 | 801 | 913 | | 增长率 yoy（%） | 19.3 ...

鸿日达（301285.SZ） 研发加码全年利润承压，新业务蓄力构筑业绩修复动能 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 721 | 830 | 1,230 | 1,652 | 2,039 | | 增长率 yoy（%） | 21.3 | 15.2 | 48.1 | 34.3 | 23.4 | | 归母净利润（百万元） | 31 | -8 | 43 | 145 | 182 | | 增长率 yoy（%） | -37.0 | -124.4 | 670.4 | 236.4 | 25.3 | | ROE（%） | 2.7 | -0.7 | 4.1 | 12.3 | 13.2 | | EPS 最新摊薄（元） | 0.15 | -0.04 | 0.21 | 0.70 | 0.88 | | P/E（倍） | 192.7 | -789.0 | 138.3 | 41.1 | 32.8 | | P/B（倍） | 5.6 | 5.8 | 5.6 | 5.0 | 4.4 | 资 ...

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 in the next six months [4]. Core Viewpoints - The company is experiencing steady revenue recovery, with a projected revenue of 124.25 billion yuan in 2023, slightly increasing to 150.12 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.5% from 2025 to 2027 [1]. - The net profit attributable to the parent company is expected to decline from 9.33 billion yuan in 2023 to 8.43 billion yuan in 2024, before gradually increasing to 9.46 billion yuan by 2027, indicating a focus on long-term growth despite short-term challenges [1]. - The company is undergoing a structural transformation, shifting from a primary focus on operator networks to a collaborative development model involving "network + computing power + terminals," with over 35% of revenue coming from the second curve business [2][3]. Financial Summary - Revenue is projected to decrease by 2.4% in 2024, followed by a recovery with a growth rate of 7.0% in 2025 and maintaining similar growth rates through 2027 [1]. - The gross margin is under pressure during the transformation phase, with a reported gross margin of 34.27% in Q1 2025, down 7.75 percentage points year-on-year, primarily due to intense competition in the computing power and terminal markets [2]. - The company anticipates that the computing power business will become a major growth driver, particularly with the launch of DeepSeek, which is expected to shift demand from training to inference, thus expanding the market size [2]. Earnings Forecast - The forecasted net profit for the company is 8.58 billion yuan in 2025, 8.88 billion yuan in 2026, and 9.46 billion yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 17.5, 16.9, and 15.9 respectively [3][4].

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 [4][17]. Core Insights - The company is experiencing rapid growth in overseas revenue, with a projected 61.96% year-on-year increase in overseas sales to approximately 224.37 million yuan in 2024, primarily driven by the sales growth of albumin paclitaxel in the EU [2]. - The company is actively pursuing an "internationalization" strategy, enhancing its overseas marketing structure and focusing on key disease areas, which has established it as a model for the domestic pharmaceutical industry's expansion abroad [2]. - The company has a strong pipeline of innovative drugs, particularly in oncology, immunology, and degenerative diseases, with several projects showing promising preclinical results and progressing towards clinical trials [3]. Financial Summary - The company is projected to achieve a revenue of 1.407 billion yuan in 2024, representing a year-on-year growth of 11.7%, and is expected to turn a profit with a net profit of 31 million yuan [1]. - The company's revenue is expected to grow significantly over the next few years, reaching 2.701 billion yuan by 2027, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2027 [1]. - The return on equity (ROE) is expected to improve from -12.0% in 2023 to 14.1% by 2027, indicating a recovery in profitability [1]. Market Position - The company has established a strong presence in over 40 emerging market countries, covering regions such as Central and South America, Southeast Asia, and the Middle East and North Africa [2]. - The company maintains leading market shares in several domestic products, including "Sai Ruojin" in the short-acting interferon market and "Lai Ting" in the infliximab market [8].

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][16]. Core Views - The company's Q1 2025 performance showed significant growth, with revenue reaching 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year but down 1.43% quarter-on-quarter [1][3]. - The new game "Wanjian Changsheng" has performed well, contributing to revenue and profit growth, and is expected to launch in additional regions, including Hong Kong, Macau, and Europe and the United States [2][3]. - The company is also focusing on upcoming game launches, such as "Zhangjian Chuanqi," which is set to officially launch in the first half of 2025, and the SLG game "Jiumu Zhiye," expected in the second half of 2025 [2][3]. Financial Summary - For 2023A, the company reported revenue of 4.185 billion yuan, with a projected decline of 19.0% year-on-year. However, revenue is expected to recover in 2025E to 4.409 billion yuan, reflecting a growth rate of 19.3% [1][9]. - The net profit attributable to shareholders for 2023A was 1.461 billion yuan, with a projected decline of 23.0% year-on-year. By 2025E, net profit is expected to rise to 1.134 billion yuan, indicating a growth rate of 20.0% [1][9]. - The company's return on equity (ROE) for 2023A was 27.8%, with a projected decline to 20.9% in 2024A, before stabilizing around 19.0% by 2027E [1][9]. Revenue and Profitability Metrics - The company's gross margin is projected to remain stable around 88.5% from 2023A to 2027E, indicating strong profitability [9]. - The earnings per share (EPS) for 2023A was 15.62 yuan, with projections of 15.74 yuan in 2025E and 19.92 yuan in 2027E, reflecting a positive growth trajectory [1][9]. Market Position and Future Outlook - The company is positioned in the media industry and has a total market capitalization of approximately 16.8 billion yuan as of April 28, 2025 [5]. - The report emphasizes the importance of new game launches in driving future growth, alongside the stabilization of existing game revenues [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [5][23]. Core Insights - The company reported a revenue growth of 26.4% year-on-year in Q1 2025, driven by strong performance in its smart security and smart IoT businesses [2][3]. - The smart security business generated revenue of 1.588 billion yuan in 2024, up 10.1% year-on-year, while the smart IoT business saw a significant increase of 38.6%, contributing to 20.2% of total revenue [3]. - The company has a strong technological foundation in AI and low-power applications, with over 100 million self-developed AI chips shipped, enhancing its product offerings [4][5]. Financial Summary - For 2023, the company expects total revenue of 2.020 billion yuan, with a projected growth rate of -14.7%. By 2024, revenue is expected to rise to 2.354 billion yuan, reflecting a growth rate of 16.5% [1][16]. - The net profit attributable to shareholders is forecasted to be 205 million yuan in 2023, with a significant increase to 256 million yuan in 2024, representing a year-on-year growth of 25.2% [1][11]. - The company's gross margin for 2024 is projected at 35.79%, slightly down from the previous year, while the net profit margin is expected to improve to 10.89% [2][11]. Business Segments - The smart security segment remains the largest, accounting for 67.5% of total revenue in 2024, benefiting from the company's expertise in ISP and AI technologies [3]. - The smart IoT segment is emerging as a new growth driver, with its revenue expected to continue rising due to the increasing share of new products like smart robots and industrial HMI [3][4]. Market Position - The company is positioned as a leading player in the domestic video security SoC chip market, leveraging its advanced low-power technology and ISP capabilities to expand into edge AI applications [5][6].

Investment Rating - The report upgrades the investment rating to "Buy" based on expected growth in the PCB and semiconductor sectors driven by AI and electric vehicle demand [4][9]. Core Insights - The company reported a revenue of 954 million yuan for 2024, a year-on-year increase of 15.09%, while the net profit attributable to shareholders was 161 million yuan, a decrease of 10.38% [1][2]. - In Q1 2025, the company achieved a revenue of 242 million yuan, representing a year-on-year growth of 22.31% and a significant sequential increase of 2.63% [1][2]. - The company is focusing on high-end PCB products, with over 60% of sales coming from mid-to-high-end products in 2024, and is expanding its international presence, particularly in Southeast Asia [3][9]. Financial Performance Summary - Revenue projections show a steady increase from 829 million yuan in 2023 to 2,380 million yuan by 2027, with a compound annual growth rate (CAGR) of 27.1% [1][10]. - The net profit is expected to rise from 179 million yuan in 2023 to 470 million yuan in 2027, with a notable increase of 74.2% in 2025 [1][10]. - The company's return on equity (ROE) is projected to improve from 8.8% in 2023 to 15.5% in 2027, indicating enhanced profitability [1][10]. Market Trends and Strategic Focus - The report highlights the acceleration of high-end PCB trends and the company's strategic focus on high-end markets such as HDI boards and IC substrates, which are expected to drive future growth [3][9]. - The company is also benefiting from the domestic substitution trend in the semiconductor sector, with its IC substrate products achieving international standards [3][9].