证 券 研 究 报 告 行业研究 电力设备及新能源 2025 年 05 月 19 日 人形机器人行业周报（20250512-20250518） 华为优必选全面合作落地，人形机器人首登 推荐（维持） 科技节"科学红毯" 华创证券研究所 证券分析师：苏千叶 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.3% | -6.1% | 6.9% | | 相对表现 | 5.2% | -4.1% | 0.1% | -17% -4% 9% 22% 24/05 24/07 24/10 24/12 25/03 25/05 2024-05-20~2025-05-16 电力设备及新能源 沪深300 相关研究报告 《光伏行业周报（20250512-20250518）：4 月印度 光伏装机同比高增，光伏玻璃价格有所松动》 2025-05-18 《输变电设备行业跟踪报告： ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 41 yuan [2][8]. Core Views - The company's short-term performance is under pressure, with a revenue decline of 15.81% in 2024, resulting in a total revenue of 7.19 billion yuan. The net profit attributable to shareholders was -0.38 billion yuan, compared to 0.64 billion yuan in the same period last year [2][4]. - In Q1 2025, the company reported a revenue of 1.47 billion yuan, down 20.35% year-on-year, with a net profit of -0.03 billion yuan [2][4]. - Despite the short-term challenges, the company is enhancing operational efficiency, with a 2.94% increase in specimen testing volume and a 50.88% revenue share from tertiary hospitals in 2024, up 7.75 percentage points year-on-year [8][9]. Financial Summary - **2024 Financial Performance**: - Total revenue: 7.19 billion yuan, down 15.8% - Net profit: -0.38 billion yuan, a decrease of 159.3% - Earnings per share: -0.82 yuan [4][9]. - **2025-2027 Projections**: - Expected revenue growth: 0.3% in 2025, 9.4% in 2026, and 10.5% in 2027 - Projected net profit: 0.96 billion yuan in 2025, 6.80 billion yuan in 2026, and 7.88 billion yuan in 2027 [4][9]. - **Valuation Metrics**: - Price-to-earnings ratio (P/E): 148 in 2025, decreasing to 18 by 2027 - Price-to-book ratio (P/B): stable around 1.9 [4][9]. Operational Efficiency - The company has optimized logistics routes, resulting in a 7.29% reduction in logistics costs. Additionally, procurement strategies have been improved, leading to a 15.54% decrease in reagent costs [8][9]. - The integration of AIoT technology has enhanced laboratory efficiency by 21% [8][9]. Market Position - The company maintains a leading market share, with significant growth in innovative product lines, including a 69.7% increase in revenue from specialized cancer screening and a 170% increase in RNA-seq revenue [8][9].

公司研究 证 券 研 究 报 告 通威股份（600438）2024 年报及 2025 年一季报点评 推荐（维持） 降本增效持续推进，海外市场拓展顺利 目标价：20.50 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 91,994 | 109,645 | 130,009 | 142,355 | | 同比增速(%) | -33.9% | 19.2% | 18.6% | 9.5% | | 归母净利润(百万) | -7,039 | -4,314 | 3,076 | 4,655 | | 同比增速(%) | -151.9% | 38.7% | 171.3% | 51.3% | | 每股盈利(元) | -1.56 | -0.96 | 0.68 | 1.03 | | 市盈率(倍) | -11 | -18 | 25 | 17 | | 市净率(倍) | 1.6 | 1.8 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 ...

公司研究 证 券 研 究 报 告 生物股份（600201）2024 年报&2025 年一季报点评 推荐（下调） 事项： 公司发布 2024 年年报&2025 年一季报：24 年实现营收 12.55 亿，同比下降 21.45%，归母净利 1.09 亿，同比下降 61.58%，扣非归母净利 4948.73 万元， 同比下降 80.55%。25 年一季度实现营收 3.52 亿，同比增长 1.06%，归母净利 7648.11 万元，同比下降 27.57%，扣非归母净利 5901.56 万元，同比下降 38.09%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,255 | 1,514 | 1,750 | 2,018 | | 同比增速(%) | -21.4% | 20.6% | 15.6% | 15.3% | | 归母净利润(百万) | 109 | 197 | 250 | 316 | | 同比增速(%) | -61.6% | 80. ...

风电行业周报（20250512-20250518） 证 券 研 究 报 告 周内广东海风招标 0.5GW，陆风中标均价为 推荐（维持） 1619 元/kW ❑ 风机数据跟踪：周内广东海风招标 0.5GW 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | PB（倍） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 东方电缆 | 50.24 | 2.29 | 2.94 | 3.65 | 21.92 | 17.11 | 13.77 | 4.28 | 推荐 | | 中天科技 | 13.68 | 1.19 | 1.35 | | 11.47 | 10.11 | | 1.22 | 推荐 | | 明阳智能 | 10.55 | 1.11 | 1.42 | | 9.53 | 7.45 | | 0.79 | 推荐 | | 时代新材 | 11.69 | ...

Investment Rating - The report upgrades the investment rating of Tianwei Foods (603317) to "Strong Buy" [2][8] Core Views - The low point has passed, and the value of the company is becoming evident, with expectations for gradual recovery in operations throughout the year [2][8] - The company is expected to achieve double-digit growth in the medium to long term, driven by both internal improvements and external acquisitions [8][9] Financial Summary - **Revenue Forecast**: - 2024A: 3,476 million - 2025E: 3,666 million - 2026E: 4,033 million - 2027E: 4,426 million - Year-on-year growth rates: 10.4% (2024A), 5.5% (2025E), 10.0% (2026E), 9.8% (2027E) [3][9] - **Net Profit Forecast**: - 2024A: 625 million - 2025E: 629 million - 2026E: 704 million - 2027E: 801 million - Year-on-year growth rates: 36.8% (2024A), 0.7% (2025E), 11.9% (2026E), 13.8% (2027E) [3][9] - **Earnings Per Share (EPS)**: - 2024A: 0.59 - 2025E: 0.59 - 2026E: 0.66 - 2027E: 0.75 [3][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 18 (2024A), 18 (2025E), 16 (2026E), 14 (2027E) - Price-to-Book (P/B) ratio: 2.5 (2024A), 2.5 (2025E), 2.4 (2026E), 2.3 (2027E) [3][9] Market Position and Strategy - The company is focusing on product innovation and market expansion, particularly in hot pot base materials and Chinese-style seasonings, to capture a broader consumer base [8][9] - The company aims to enhance its market share through new product iterations and targeting younger demographics [8][9] - The report highlights the importance of maintaining a high dividend payout ratio, which has exceeded 90% in recent years, providing a stable cash flow and attractive yield for investors [8][9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 27 CNY and a current price of 21.13 CNY [2][6]. Core Insights - The company has shown steady growth in Q1 2025, with revenue reaching 615 million CNY, a year-over-year increase of 8.18%. The net profit attributable to the parent company was 49 million CNY, up 21.33% year-over-year [6]. - The company's traditional security business is recovering, with revenue from security lens business in 2024 reaching 1.627 billion CNY, a year-over-year increase of 13.23% [6]. - The automotive optical business is expanding rapidly, with revenue from automotive components reaching 334 million CNY and 228 million CNY, representing year-over-year growth of 51.8% and 164.89%, respectively [6]. - The company is actively developing molded glass products for AI glasses and other consumer electronics, which opens up new growth opportunities [6]. - The forecast for net profit attributable to the parent company has been revised upwards for 2025-2027 to 281 million CNY, 367 million CNY, and 458 million CNY, respectively [6]. Financial Summary - Total revenue for 2024 is projected at 2.743 billion CNY, with a year-over-year growth rate of 27.9%. The net profit attributable to the parent company is expected to be 184 million CNY, reflecting a significant year-over-year increase of 494.9% [2][7]. - Earnings per share (EPS) is forecasted to be 0.49 CNY in 2024, increasing to 1.22 CNY by 2027 [2][7]. - The company’s total assets are estimated to reach 5.310 billion CNY in 2024, with a debt-to-equity ratio of 81.6% [7].

证 券 研 究 报 告 风电行业周报（20250512-20250518） 周内广东海风招标 0.5GW，陆风中标均价为 推荐（维持） 1619 元/kW 华创证券研究所 证券分析师：黄麟 ❑ 风机数据跟踪：周内广东海风招标 0.5GW 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | PB（倍） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 东方电缆 | 50.24 | 2.29 | 2.94 | 3.65 | 21.92 | 17.11 | 13.77 | 4.28 | 推荐 | | 中天科技 | 13.68 | 1.19 | 1.35 | | 11.47 | 10.11 | | 1.22 | 推荐 | | 明阳智能 | 10.55 | 1.11 | 1.42 | | 9.53 | 7.45 | | 0.79 | 推荐 | ...

Investment Rating - The report maintains a "Recommendation" rating for Yuyue Medical [1][7]. Core Views - The company achieved a revenue of 7.566 billion yuan in 2024, a decrease of 5.09% year-on-year, with a net profit attributable to the parent company of 1.806 billion yuan, down 24.63% [1][3]. - In Q1 2025, the company reported a revenue of 2.436 billion yuan, an increase of 9.17% year-on-year, while the net profit attributable to the parent company was 625 million yuan, down 5.26% [1][3]. - The report highlights rapid growth in Continuous Glucose Monitoring (CGM) products, which saw over 100% growth in 2024, while the overall business remains stable despite high base effects [7]. Financial Summary - For 2024, total revenue is projected at 7.566 billion yuan, with a year-on-year growth rate of -5.1%. The net profit is expected to be 1.806 billion yuan, with a decline of 24.6% [3][8]. - Forecasts for 2025 to 2027 indicate revenues of 8.560 billion yuan, 9.717 billion yuan, and 11.200 billion yuan, respectively, with corresponding growth rates of 13.1%, 13.5%, and 15.3% [3][8]. - The projected net profit for 2025 is 2.024 billion yuan, reflecting a growth of 12.1% year-on-year, with further increases expected in subsequent years [3][8]. Product Performance - The CGM segment is highlighted for its strong performance, with a 40.20% increase in revenue in 2024, driven by market demand for continuous glucose monitoring solutions [7]. - The respiratory treatment solutions faced challenges with a 22.42% decline in revenue due to high base effects from 2023, although home respiratory devices and nebulizers showed growth [7]. - The home health monitoring solutions segment saw a slight revenue decline of 0.41%, but certain products like electronic blood pressure monitors achieved double-digit growth [7]. Market Position and Future Outlook - The company is actively expanding its product matrix and enhancing its market presence both domestically and internationally, particularly in the CGM and respiratory device sectors [7]. - The report projects a target price of 47 yuan based on a DCF model, indicating a potential upside from the current price of 35.75 yuan [3][7].

证 券 研 究 报 告 【每周经济观察】 五问"大而美法案"——海外周报第 90 期 ❖ 核心观点： 1）2025 年 5 月 12 日，美国国会众议院筹款委员会公布"大而美法案"，核心 内容包括税制改革、医疗改革、移民政策、国防预算、能源政策以及教育与福 利等六个部分。2）根据 Tax Foundation 的测算，该法案可能减税约 3.3 万亿美 元，增加约 1500 亿美元国防支出，但削减 1.13 万亿美元 Medicaid 和学生贷 款支出，使长期 GDP 增长 0.6%，2025~2034 年间赤字增加 3.3 万亿美元。3） 截至 2025 年 5 月 18 日，"大而美法案"仍在众议院委员会审议阶段，尚未进 入众议院全体投票，法案在共和党内部面临分歧，或面临修改与妥协。4）短 期需要关注的关键时间节点包括 5 月 18 日晚 10 点、5 月底、6 月中旬以及 7 月 4 日。5）外资对"大而美法案"的看法谨慎乐观但伴随显著不确定性，预 计法案可以部分抵消关税政策的冲击，看好金融股以及国债收益率曲线中段。 ❖ 一、五问"大而美法案"。 （一）什么是"大而美法案"？ 2025 年 5 月 12 ...