证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 业绩承压，新产品新渠道探索打开成长空间 l 受消费环境影响，业绩承压 2024 年营业收入 6.92 亿元（-11.81%），归母净利润 1.75 亿元 （-31.34%），扣非净利润1.43 亿元（-36.96%），经营现金流净额 2.13 亿元（-32.25%）。2025Q1 营业收入 1.71 亿元（-22.68%），归母净利 润 0.58 亿元（-24.32%），扣非净利润 0.39 亿元（-42.91%）。收费疲 软导致公司业绩承压。 l 探索新渠道，推行经销商改制，拥抱新零售 公司持续巩固和完善"名医、名药、名店"销售模式，稳市场、稳 销售、挖潜力。省外市场实行经销改制模式，广东、安徽、湖北等完 成经销商改制。推进"百城千店"计划，探索连锁药店+专卖店模式，累 计开设 16 家连锁药店；大药房"批零一体"新商业经营模式正式上线。 同时，以数字化赋能营销改革，DIMS 第一期内容上线，寿仙谷营销 数智化进程进入试运行。 l 新产品丰富产品矩阵，落实大健康产业战略 20 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 公司基本情况 | 最新收盘价（元） | 14.42 | | --- | --- | | 总股本/流通股本（亿股）5.88 | / 5.59 | | 总市值/流通市值（亿元）85 | / 81 | | 52 周内最高/最低价 | 16.28 / 12.20 | | 资产负债率(%) | 28.9% | | 市盈率 | 16.20 | | 第一大股东 | 桂林三金集团股份有限 | | 公司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 桂林三金(002275) 盈利能力稳步提升，生物制药板块业务持续优化 l 业绩实现有质增长，盈利能力持续提升 2024 年营业收入 21.94 亿元（+1.03%），归母净利润 5.22 亿元 （+23.79%），扣非净利润 3.96 亿元（+3.64%），经营现金流净额 5.88 亿元 ...

发布时间：2025-07-02 证券研究报告：宏观报告 近期研究报告 《海外宏观周报：关税扰动下，联储 降息仍需等待》 - 2025.06.24 宏观研究 内外利好共振，成长风格迎来布局窗口 投资要点 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 从 6 月 PMI 指数来看，制造业景气度延续回升态势，供需两端步 入扩张区间，增长动能有所增长，供需缺口收窄，显示经济韧性仍强。 重点关注三点边际变化：一是尽管美关税政策仍存在不确定性，但随 着中美经贸磋商机制首次会议释放相对积极信号，以及市场对特朗普 关税可持续性的关注，叠加年内美联储降息预期走高，有效缓解了市 场担忧，市场情绪有所回暖，支撑需求和生产景气度回暖；二是市场 主体景气度有所分化，大型企业和中型企业景气度延续修复，而小型 企业景气度有待改善，冲击就业市场，就业市场景气度有所放缓；三 是短期就业市场景气度有所放缓，居民就业预期和收入预期或边际走 弱，或对有效需求 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company plans to acquire 100% of Solstice Optoelectronics for no more than 5.935 billion yuan, diversifying into the optical communication sector [4]. - The company aims to enhance its precision manufacturing capabilities and expand its customer base, particularly in the electric vehicle and communication equipment sectors [5]. - The LED business is expected to reduce losses significantly and potentially achieve profitability within the year [5]. - The touch display business is seeing improved profitability due to increased orders from major clients, with expectations for revenue and profit growth in the current year [6]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 440.0 billion yuan, 500.2 billion yuan, and 600.1 billion yuan, respectively, with corresponding net profits of 28.2 billion yuan, 36.1 billion yuan, and 49.0 billion yuan [7]. - The company anticipates a revenue growth rate of 19.67% in 2025 and 13.69% in 2026 [11]. - The earnings per share (EPS) are projected to increase from 1.54 yuan in 2025 to 2.68 yuan in 2027 [11].

证券研究报告：固定收益报告 发布时间：2025-07-01 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《7 月利率会破新低么？——流动性周 报 20250629》 - 2025.06.30 固收周报 生产稳中有升，物价走势分化 ——高频数据跟踪 20250629 核心观点 高频经济数据关注点：第一，生产端稳中有升，螺纹钢产量增加， 沥青、PX、全钢胎开工率升高，高炉、PTA 持平，半钢胎下降。第二， 房地产市场边际改善，商品房成交面积小幅回升。第三，物价走势分 化，原油价格大跌，焦煤、有色金属持续上涨；农产品价格低位企稳， 短期或将开启季节性上行趋势。第四，航运指数持续回落，BDI 指数 大幅下降。短期重点关注新一轮稳增长刺激政策落地、房地产市场恢 复情况及国际地缘政治变动影响。 生产：螺纹钢产量增加，沥青、PX、全钢胎开工率升高 6 月 27 日当周，焦炉产能利用率下降 0.16 pct，高炉开 ...

证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|首次覆盖 个股表现 -21% -13% -5% 3% 11% 19% 27% 35% 43% 51% 59% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 华策影视 传媒 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | | --- | --- | | 最新收盘价（元） | 7.51 | | 总股本/流通股本（亿股）19.01 / 16.24 | | | 总市值/流通市值（亿元）143 / 122 | | | 52 周内最高/最低价 | 9.88 / 4.88 | | 资产负债率(%) | 28.0% | | 市盈率 | 57.77 | | 第一大股东 | 傅梅城 | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 华策影视(300133) 影视剧基本盘稳健，关注算力及 AI 业务进展 ⚫ 事件回顾 2025 年 4 月 18 日，公司发布 2024 年年报及 2025 年一季报。 2024 年公司实现营业收入 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [9][15]. Core Insights - The establishment of the Aerospace Special Power Joint Innovation Center enhances the company's defense equipment business layout, focusing on both domestic and international military trade markets [5]. - The company's industrial explosive production capacity has been increased to 697,500 tons, with a strategic acquisition of 51% stake in Peru's EXSUR, marking a significant step in international expansion [6]. - The company is recognized as a leading player in the domestic mining service sector, with a growing international presence and increasing automation in operations [7]. - Revenue forecasts for the company indicate a significant growth trajectory, with expected net profits of 1.17 billion, 1.38 billion, and 1.61 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 22, 19, and 16 times [9][11]. Company Overview - The latest closing price of the company's stock is 33.94 yuan, with a total market capitalization of 25.8 billion yuan and a PE ratio of 28.73 [3]. - The company has a debt-to-asset ratio of 60.3%, indicating a moderate level of financial leverage [3]. - The largest shareholder is Guangdong Environmental Protection Group [3]. Financial Projections - The company is projected to achieve revenues of 21.52 billion yuan in 2025, with a growth rate of 57.65% compared to the previous year [11][14]. - The expected EBITDA for 2025 is 3.23 billion yuan, reflecting a significant increase from 2.08 billion yuan in 2024 [11][14]. - The net profit attributable to the parent company is forecasted to grow by 30.61% in 2025, reaching 1.17 billion yuan [11][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has shown significant growth in revenue and net profit, with a 2024 revenue of 95.23 billion yuan, representing a year-on-year increase of 37.65%, and a net profit of 14.65 billion yuan, up 282.63% [4] - The company is expanding its production capacity for disposable nitrile gloves, with an annual capacity expected to reach 870 billion units by the end of 2024 [5] - The company plans to enhance its product offerings and production efficiency through increased automation and new product development [6][8] Company Overview - The latest closing price of the company's stock is 23.68 yuan, with a total market capitalization of 153 billion yuan and a circulating market value of 111 billion yuan [3] - The company has a debt-to-asset ratio of 48.9% and a price-to-earnings ratio of 10.48 [3] Financial Performance - In Q1 2025, the company achieved a revenue of 24.94 billion yuan, a year-on-year increase of 13.20%, and a net profit of 3.53 billion yuan, up 48.08% [4] - The company’s revenue projections for 2025-2027 are 99.00 billion yuan, 122.63 billion yuan, and 143.68 billion yuan, with corresponding year-on-year growth rates of 3.96%, 23.87%, and 17.17% [8][10] Future Plans - The company aims to continue expanding its overseas production bases and enhance its R&D efforts to diversify its product range [6][8] - There is a focus on improving ESG governance and increasing communication with international capital [7]

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-01 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.50 | | --- | --- | | 总股本/流通股本（亿股）265.78 | / 205.88 | | 总市值/流通市值（亿元）5,183 | / 4,015 | | 52 周内最高/最低价 | 19.78 / 14.15 | | 资产负债率(%) | 55.2% | | 市盈率 | 16.12 | | 第一大股东 | 闽西兴杭国有资产投资 | | 经营有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 紫金矿业(601899) 拟收购哈国金矿，全球布局更进一步 l 公司拟收购哈萨克斯坦 RG 金矿 100%权益 紫金矿业全资子公司紫金黄金国际（拟分拆至香港联合交易所上 市的主体），拟以 12 亿美元对价，收购 Cantec ...

证券研究报告：国防军工|行业周报 发布时间：2025-07-01 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 1596.82 | | 52 | 周最高 | 1712.48 | | 52 | 周最低 | 1113.62 | 行业相对指数表现 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 行业投资评级 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《中邮军工周报 6 月第 3 周：美国介入 以伊冲突空袭伊朗核设施，歼 35A 首次 海外亮相巴黎航展》 - 2025.06.27 国防军工行业报告 9 月 3 日天安门将举行阅兵，传统主战力量和新域 新质力量均将参阅 ⚫ 投资 ...