Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9][10]. Core Insights - The company, Kangchen Pharmaceutical, has established itself as a leader in the hemostatic enzyme market with its core product, Suling, which is the first high-purity hemostatic enzyme drug in China. The company is actively expanding its innovative drug pipeline, focusing on oncology and hematological diseases, with promising candidates such as KC1036 for esophageal squamous cell carcinoma and KC1086 for gynecological tumors [3][6][17]. - The traditional business is showing signs of stabilization, with Suling having lifted medical insurance restrictions in 2022, and the company is expected to enter a new growth phase [3][8]. Summary by Sections Company Overview - Kangchen Pharmaceutical, founded in 2003, focuses on the research, production, and sales of innovative drugs. It has a leading position in the hemostatic field with its product Suling and has expanded into oncology and bone metabolism through strategic acquisitions and R&D [6][17]. Innovative Drug Pipeline - The company has developed a differentiated and forward-looking innovative drug pipeline, particularly in oncology, with KC1036 targeting late-stage esophageal squamous cell carcinoma and KC1086 for gynecological tumors. The clinical data for KC1036 shows promising efficacy, with an overall response rate (ORR) of 29.2% and a disease control rate (DCR) of 83.3% [7][28][42]. Financial Projections - Revenue projections for the company are estimated at 831 million yuan, 904 million yuan, and 1.149 billion yuan for the years 2024 to 2026, respectively. The net profit attributable to shareholders is expected to be 42 million yuan, 147 million yuan, and 184 million yuan for the same period, with corresponding earnings per share (EPS) of 0.26 yuan, 0.92 yuan, and 1.15 yuan [9]. Market Potential - The market for esophageal cancer treatment is significant, with a high incidence rate in China. KC1036 is positioned to fill a gap in the treatment landscape, as there are currently no approved small molecule targeted therapies for this indication [28][30][42]. Stability of Core Products - The core products, Suling and Micagis, are expected to provide stable cash flow for the company. Suling's market performance is anticipated to improve following the lifting of insurance restrictions, while Micagis has completed goodwill impairment, further solidifying its financial stability [8][9]. R&D Investment - The company has shown a steady increase in R&D investment, reaching 176.47 million yuan in 2023, which accounts for 19.8% of its revenue, indicating a commitment to sustainable innovation [24][25].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 信创行业跟踪：贸易紧张局势加剧，科技自立加 速 报告要点 [Table_Summary] 4 月 2 日，美国政府宣布对中国输美商品征收"对等关税"。4 月 4 日，中方发布系列反制措 施。我们认为，A 股计算机板块对美国销售依赖度较小，影响有限，而中美持续竞争加剧倒逼 国内自主软硬生态加速构建，我国关键基础软硬件领域国产化率仍然较低，市场空间广阔。当 前时点，新一轮信创采购逐渐启动，订单催化叠加关税冲突倒逼，行业有望加速，重点推荐国 产 CPU 芯片和 AI 芯片、国产操作系统和数据库、涉密安全龙头和国产服务器厂商。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 信创行业跟踪：贸易紧张局势加剧，科技自立加 2] 速 [Table_Summary2] 事件描述 20 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a strong performance in its 2024 financial results, with total revenue of 28.68 billion, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 3.01 billion, a year-on-year decrease of 5.5%. The overall performance met the upper expectations, and after accounting for a new impairment of investment properties of 0.33 billion, the performance was considered to be above expectations [2][6] Summary by Relevant Sections Financial Performance - The gross profit margin improved steadily, with an operating profit margin (OPM) performance exceeding expectations. In 2024, the gross margin increased by 1 percentage point to 49.4%, driven by improvements in e-commerce and direct sales discounts [9] - The OPM for the second half of the year increased by 0.9 percentage points to 8.9%, and when excluding the impairment of investment properties, the OPM increased by 3.3 percentage points to 11.2% [9] Revenue and Growth - The company maintained a healthy growth in channels, with revenue growth aligning closely with sales growth across all channels. The offline new retail accounted for 85% of total sales, and the inventory turnover ratio was stable at four months [9] - The revenue growth trend appears positive, although increased expenses are anticipated. The company expects to see growth in bulk sales, but the divestment of overseas business, which accounts for 2% of total sales, has caused some drag [9] Future Outlook - Short-term revenue growth may be challenging due to significant expense increases related to Olympic sponsorship and associated marketing costs. The company is expected to balance expenses with growth, but short-term revenue growth may not be evident [9] - In the medium to long term, the company is focusing on optimizing operational quality and seeking growth opportunities amid intensified competition. The management has been working on improving operational efficiency, which may lead to a healthier growth trajectory in the future [9]

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] AI 系列跟踪（68）：Meta 发布最新模型"Llama 4"，OpenAI 即将发布 o3、o4-mini、GPT-5 1 报告要点 [Table_Summary] 近期海外 AI 大模型动作频繁，模型端持续快速迭代升级：OpenAI 称将在数周内发布 o3、o4- mini，将在几个月内发布 GPT-5。Meta 官宣开源大规模、多模态、长文本的 Llama 4，开启原 生多模态 AI 创新时代。 GPT-4o 近期爆火后，ChatGPT 的订阅人数及收入均实现了显著增长， 我们认为 GPT-4o 验证了多模态模型对 C 端用户的强吸引力及 AI 应用的价值变现潜力。AI 技 术及应用领域持续突破，建议持续关注 AI 在 IP、AI Agent、游戏、影视等领域的商业化落地。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Tab ...

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 复盘 2018 年加征关税，传媒板块影响几何？ 报告要点 [Table_Summary] 目前美国关税政策遵循 1998 年 WTO《电子商务暂停令》这一国际共识，主要针对有形商品， 而文化出版、游戏、影视等数字服务的跨境交易不涉及物理通关环节，不在关税管辖范围内。 我们复盘 2018 年上一轮美国加征关税对传媒板块影响，并未影响以腾讯为代表的互联网公司 资本开支节奏；行情演绎上，出版（特别是教育出版）等防御属性板块表现较优，而游戏、影 视院线等板块表现更多由行情景气度和监管等基本面驱动。 分析师及联系人 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] [Table_Title2] 复盘 2018 年加征关税，传媒板块影响几何？ [Table_Summary2] 事件描述 当地时间 4 月 2 日，美国总统特朗普在白宫签署两项关于所谓"对等关税"的行 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 季末扰动不改信用债配置机会 报告要点 [Table_Summary] 近期债市虽受季末流动性扰动，但信用债配置价值仍凸显，高评级长久期品种表现韧性较强， 理财规模季节性降幅同比收窄反映市场情绪趋稳；当前短端收益率下行背景下，券商债、保险 债及城投债展现票息优势，基金持续增持中长久期品种释放配置需求，叠加二季度供给压力趋 缓与城投信用风险缓释，"资产荒"逻辑延续下信用利差仍有压缩空间，建议聚焦中高评级城投 债及行业景气稳健的产业债，把握票息策略与久期平衡的配置窗口。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 季末扰动不改信用债配置机会 [Table_Summary2] 季末流动性扰动不改信用债配置主线 3 月末债券市场呈现典型季末波动特征，其中 10 年以上高评级信用债以 1.02%周 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is expected to achieve operating revenue of 8.849 billion yuan in 2024, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [2][5] - In Q4 2024, the company reported operating revenue of 2.667 billion yuan, a decline of 5.80% year-on-year, with a net profit of 24.29 million yuan, down 4.87% year-on-year [2][5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 93.54% [2][5] Summary by Sections Financial Performance - The company experienced a decline in revenue and profit in 2024, with total revenue down 7.94% and net profit down 68.55% year-on-year [2][5] - The overall gross margin slightly increased, but various expense ratios rose, leading to a significant decrease in operating profit, which fell by 78.04% year-on-year [11] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase of 1.03% in total asset proportion [11] Market Dynamics - The kitchen small appliance market faced challenges, with overall retail sales down 0.8% in 2024, attributed to market saturation and integration of product categories [11] - Domestic sales revenue decreased by 1.86%, while overseas sales revenue saw a more significant decline of 27.97% [11] - Online sales revenue grew by 1.44%, contrasting with a 19.05% decline in offline sales revenue [11] Future Outlook - The company is expected to benefit from national subsidies, with projected net profits of 253 million yuan, 278 million yuan, and 303 million yuan for 2025, 2026, and 2027 respectively [11] - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [11]

公司研究丨点评报告丨美的集团（000333.SZ） [Table_Title] 经营延续较好态势，注重长期股东回报 报告要点 [Table_Summary] 2024 年公司实现营业收入 4071.50 亿元，同比增长 9.44%，实现归母净利润 385.37 亿元，同 比增长 14.29%，实现扣非归母净利润 357.41 亿元，同比增长 8.39%。其中，2024Q4 公司实 现营业收入 881.75 亿元，同比增长 8.96%，实现归母净利润 68.38 亿元，同比增长 13.92%， 实现扣非归母净利润 53.65 亿元，同比下滑 12.55%。 丨证券研究报告丨 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美的集团（000333.SZ） cjzqdt11111 [Table_Title2] 经营延续较好态势，注重长期股东回报 [Table_Summary2] 事件描述 公司披露年报：2024 年公司实现营业收入 4071.50 亿元，同比 ...

[Table_Summary] 公司 2024 年实现营业收入 585.30 亿元，同比增长 9.17%，实现归母净利润 22.46 亿元，同比 增长 7.17%，实现扣非归母净利润 18.17 亿元，同比增长 4.88%。公司 2024 年四季度营业收 入 178.80 亿元，同比增长 24.26%，实现归母净利润 9.36 亿元，同比增长 100.14%，实现扣 非归母净利润 8.30 亿元，同比增长 121.56%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 丨证券研究报告丨 公司研究丨点评报告丨海信视像（600060.SH） [Table_Title] 运营效率持续优化，2024Q4 业绩增长亮眼 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海信视像（600060.SH） cjzqdt11111 [Table_Title2] 运营效率持续优化，2024Q4 业绩增长亮眼 [Table_Summary2] 事件描述 公司披露年报：公司 2024 年实现营业收入 585.30 ...

丨证券研究报告丨 公司研究丨点评报告丨三一重工（600031.SH） [Table_Title] 三一重工：拟回购股份并实施员工持股计划，彰 显长期发展信心 报告要点 [Table_Summary] 公司发布公告，拟回购股份 10-20 亿元，回购价格上限为 29.10 元/股，并拟将回购股份用于员 工持股计划，且不设置业绩考核目标，参加对象共计不超过 5552 人，购买回购股票的价格为 16.09 元/股。本次回购股份及员工持股计划激励力度大、覆盖面广，彰显公司对未来持续稳定 发展的信心和对公司价值的认可。销售端，Q1 公司国内销售或明显向好，今年内销改善有望持 续，海外受益新兴市场景气持续叠加高端市场有望突破，同时降本提质增效持续推进，公司今 年业绩及盈利能力有望上行。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 王硕 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_S ...