Investment Rating - The report provides a positive investment rating for the MCE therapy in the treatment of B cell autoimmune diseases, particularly systemic lupus erythematosus (SLE) [8][10]. Core Insights - The report highlights the urgent need for effective treatments for SLE, which currently lacks a root-cause therapy, and emphasizes the potential of B cell-targeted therapies like MCE to address this unmet clinical need [10][22]. - It discusses the advantages of MCE therapy over existing treatments such as CAR-T and TCE, particularly in terms of safety and efficacy in depleting pathogenic B cells [10][42]. - The report identifies key companies to watch in the clinical progress of MCE therapies, including 宜明昂科, 赛诺菲, Dren Bio, and LTZ Therapeutics [11][12]. Summary by Sections 1. B Cell Autoimmune Diseases: Diverse Types and Large Population - Autoimmune diseases involve the immune system mistakenly attacking the body's own tissues, with significant prevalence among conditions like rheumatoid arthritis (RA), systemic lupus erythematosus (SLE), multiple sclerosis (MS), and others [14][15]. 2. SLE: Large Population and Heavy Disease Burden - SLE affects approximately 7.8 million people globally, with a significant patient population in China, estimated at around 1 million [18][19]. - The disease presents severe symptoms and complications, leading to a high demand for effective treatments [19]. 3. SLE Treatment: Significant Unmet Clinical Needs, B Cell Therapy as a Mainstream Development - Current treatments for SLE are inadequate, with a low long-term remission rate and high recurrence risk [20][21]. - Innovative therapies that can achieve long-term remission or potential cures are urgently needed in the SLE treatment landscape [22]. 4. T Cell Killing: CAR-T and TCE - CAR-T and TCE therapies are explored for their potential to target and deplete pathogenic B cells, with CAR-T showing promising long-term efficacy in SLE patients [25][26]. - However, challenges such as high costs and safety concerns remain significant barriers to widespread adoption [32][33]. 5. Myeloid Cell Killing: MCE - MCE therapy utilizes myeloid cells to target and eliminate pathogenic B cells, showing potential for improved safety profiles compared to CAR-T and TCE therapies [47][50]. - The report emphasizes the innovative mechanisms of MCE and its potential to address the limitations of existing therapies [52].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 12.15 CNY, reflecting an expected outperformance of over 20% compared to the benchmark index in the next six months [3][8]. Core Views - The company reported a revenue of 1.579 billion CNY for 2024, a decrease of 4.01% year-on-year, and a net profit of 31 million CNY, down 72.04% year-on-year. However, in Q1 2025, the company achieved a revenue of 305 million CNY, marking a year-on-year increase of 27.52% and a return to profitability with a net profit of 1.5806 million CNY [2][4]. - The decline in 2024 revenue was primarily due to the downturn in the traditional smart hardware business, influenced by the real estate sector's challenges. Conversely, innovative business segments showed growth, with a revenue of 671 million CNY, up 18.70% year-on-year, accounting for 42.48% of total revenue [2][7]. - The company is focusing on an "AI + Parking" strategy, aiming to transform its business model and enhance operational efficiency through advanced data analytics and AI technologies [2][7]. Financial Summary - For 2024, the total revenue is projected to be 1.579 billion CNY, with a year-on-year growth rate of -4.0%. The net profit is expected to be 31 million CNY, with a significant decline of 72.0% [2][8]. - Forecasts for 2025 to 2027 indicate revenues of 1.911 billion CNY, 2.293 billion CNY, and 2.733 billion CNY, respectively, with corresponding growth rates of 21.1%, 20.0%, and 19.2% [2][8]. - The projected net profit for 2025 is 176 million CNY, reflecting a substantial increase of 460.2% year-on-year, with further growth expected in subsequent years [2][8].

❖ 核心观点 证 券 研 究 报 告 【宏观专题】 自下而上：微观财报中的 8 个宏观看点 ❖ 二、收入分配：薪资增速仍高，一次分配优化 1）制造业薪酬增速不低，且相对收入水平提升。2024 年，制造业上市公司人 均薪酬为 17.6 万元，同比增长 4.4%，与城镇居民可支配收入增速（4.6%）大 体持平。从相对水平看，2024 年，制造业人均薪酬与金融业之比由降转升，录 得 2012 年来最高值，即从相对薪酬层面看，有利于人才流入制造业。 2）上市公司层面的"劳动者报酬占比"提升，近似以薪酬总额/营业收入衡量 上市公司层面的劳动者报酬占比。2021 年来，制造业上市公司中劳动者报酬 占比持续提升，2023 年为 9.3%，2024 年升至 9.9%、为 2012 年来的最高值。 ❖ 三、盈利问题：整体承压，境外业务利润率较高 时值年报季，我们透过微观财报观察宏观趋势。客观来看，当前部分企业经营 可能面临一些压力，包括当期盈利走弱、回款不畅，以及衡量企业预期的资本 开支、货币资金增速转负。但同时，一些积极的线索正在形成： 1）消费线索。当前制造业薪酬增长稳健（同比 4.4%），同时上市公司层面"劳 动者报酬占 ...

Investment Rating - The report maintains a "Buy" recommendation for the industry [3] Core Insights - The report highlights the urgent need for innovative therapies in the treatment of systemic lupus erythematosus (SLE), a condition with a significant patient burden and no current curative treatment options [7][19][21] - B cell-targeted therapies, particularly myeloid cell engagers (MCE), are emerging as promising solutions for SLE, with the potential to achieve deep and lasting depletion of pathogenic B cells [9][10][19] - The report emphasizes the clinical progress of companies like Yiming Oncology, Sanofi, Dren Bio, and LTZ Therapeutics, which are leading in the development of MCE therapies [10][19] Summary by Sections B Cell Autoimmune Diseases - Autoimmune diseases are characterized by the immune system mistakenly attacking the body's own tissues, with a wide variety of B cell autoimmune diseases affecting millions globally, including rheumatoid arthritis (39.8 million), systemic lupus erythematosus (7.8 million), and multiple sclerosis (2.8 million) [13][14] SLE: Patient Population and Disease Burden - SLE is a complex autoimmune disease affecting multiple systems and organs, with a significant prevalence in women aged 20-40, leading to severe health impacts and a strong desire for effective treatments [17][18] SLE Treatment: Unmet Clinical Needs - Current treatments for SLE are inadequate, with a low long-term remission rate and high recurrence risk, highlighting the need for innovative therapies that can provide sustained relief and potentially cure the disease [19][20][21] T Cell-Based Therapies: CAR-T and TCE - CAR-T and T cell engagers (TCE) are being explored for their ability to target and deplete pathogenic B cells, with CAR-T showing promising long-term efficacy in SLE patients [24][37] - However, CAR-T therapies are expensive and complex, while TCEs offer a more standardized and potentially safer alternative, though they may not achieve the same depth of B cell depletion [41][43] Myeloid Cell Engagers (MCE) - MCE therapies represent a novel approach by utilizing myeloid cells to target and eliminate pathogenic B cells, with initial clinical data suggesting promising safety and efficacy profiles [9][10][46] - Companies like Yiming Oncology are at the forefront of this innovation, with upcoming clinical data expected to provide further insights into the effectiveness of MCE therapies for SLE [10][19]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][24]. Core Insights - The company achieved a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%. The net profit attributable to the parent company was 562 million yuan, up 15.18% year-on-year [2][4]. - For Q1 2025, the company reported a revenue of 800 million yuan, a decrease of 7.06% compared to the previous year, with a net profit of 189 million yuan, down 13.37% [2][4]. - The company is expected to see continued growth in revenue and net profit, with projections of 3.525 billion yuan in revenue for 2025, a 15% increase, and a net profit of 647 million yuan, also a 15.2% increase [4]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,065 million yuan - Net profit: 562 million yuan - Earnings per share: 1.17 yuan - Price-to-earnings ratio: 19 times [4][5] - **2025 Projections**: - Expected revenue: 3,525 million yuan - Expected net profit: 647 million yuan - Expected earnings per share: 1.34 yuan - Projected price-to-earnings ratio: 16 times [4][5] Business Segment Performance - **Chronic Disease Management Testing**: Revenue reached 1.369 billion yuan, growing by 22.38% year-on-year, driven by market share gains in domestic emergency departments and international expansion [9]. - **Infectious Disease Testing**: Revenue was 1.042 billion yuan, up 9.5%, with increased market share in respiratory disease testing during peak seasons [9]. - **Prenatal and Genetic Testing**: Revenue of 294 million yuan, a 9.97% increase, supported by a dual-driven strategy focusing on market share and product innovation [9]. - **Drug Abuse Testing**: Revenue declined to 286 million yuan, down 13.39%, due to intensified competition in the North American market, although small client orders increased [9]. Valuation and Price Target - The report estimates a total valuation of 13.6 billion yuan for the company, leading to a target price of 28 yuan per share, based on discounted cash flow (DCF) analysis [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company reported a revenue of 4.264 billion yuan in 2024, reflecting a growth of 3.32%, while the net profit attributable to shareholders increased significantly by 94.14% to 385 million yuan [2][4]. - In Q1 2025, the company achieved a revenue of 999.2 million yuan, a growth of 2.87%, but the net profit decreased by 30.19% to 51 million yuan [2][4]. - The company has expanded its distribution channels, covering nearly 9,000 hospitals across China and achieving a 99% coverage rate in the top 100 retail pharmacy chains [8]. Financial Performance Summary - **2024 Financials**: Total revenue was 4.264 billion yuan, with a net profit of 385 million yuan. The core business, excluding isolation protective products, saw a revenue increase of 15.80% [4][8]. - **2025 Projections**: Expected revenue growth of 12.6% to 4.8 billion yuan, with net profit projected to reach 439 million yuan, a 14% increase [4][9]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 1.65 yuan, with a price-to-earnings (P/E) ratio of 12 [4][9]. Market Expansion - The company has made significant strides in both domestic and international markets, with domestic revenue from core business growing by 18.08% and overseas revenue increasing by 14.64% [8]. - The company has established an international marketing center and is penetrating markets in Southeast Asia, the Middle East, North America, and South America [8]. Investment Recommendations - The report adjusts the net profit forecast for 2025-2027 to 440 million, 510 million, and 590 million yuan respectively, with corresponding P/E ratios of 12, 10, and 9 [8][9]. - A discounted cash flow (DCF) model estimates the company's overall valuation at 7.5 billion yuan, leading to a target price of approximately 28 yuan per share [8].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][24]. Core Insights - The company reported a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%. The net profit attributable to the parent company was 562 million yuan, up 15.18% year-on-year. For Q1 2025, the revenue was 800 million yuan, down 7.06% year-on-year, with a net profit of 189 million yuan, down 13.37% year-on-year [2][4]. Financial Performance Summary - **2024 Financial Performance**: - Total revenue: 3.065 billion yuan (+10.85%) - Net profit: 562 million yuan (+15.18%) - Non-recurring net profit: 497 million yuan (+19.90%) [2][4] - **2025 Q1 Financial Performance**: - Total revenue: 800 million yuan (-7.06%) - Net profit: 189 million yuan (-13.37%) - Non-recurring net profit: 172 million yuan (-17.57%) [2][4] Financial Projections - **Revenue Forecast**: - 2025E: 3.525 billion yuan (+15.0%) - 2026E: 4.024 billion yuan (+14.2%) - 2027E: 4.637 billion yuan (+15.2%) [4][10] - **Net Profit Forecast**: - 2025E: 647 million yuan (+15.2%) - 2026E: 745 million yuan (+15.1%) - 2027E: 861 million yuan (+15.7%) [4][10] - **Earnings Per Share (EPS)**: - 2025E: 1.34 yuan - 2026E: 1.55 yuan - 2027E: 1.79 yuan [4][10] Valuation - The report estimates a total valuation of 136 billion yuan for the company, leading to a target price of 28 yuan per share based on the DCF model [9][10]. Business Segment Performance - **Chronic Disease Management Testing**: Revenue of 1.369 billion yuan (+22.38%) in 2024, with significant market share gains in domestic and overseas markets [9]. - **Infectious Disease Testing**: Revenue of 1.042 billion yuan (+9.50%) in 2024, with growth in both domestic and international markets [9]. - **Prenatal and Newborn Screening**: Revenue of 294 million yuan (+9.97%) in 2024, driven by market share consolidation and product innovation [9]. - **Drug Abuse Testing**: Revenue of 286 million yuan (-13.39%) in 2024, facing increased competition but achieving growth in small client orders [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][4][23]. Core Insights - The company reported a revenue of 4.264 billion yuan in 2024, reflecting a growth of 3.32%, while the net profit attributable to shareholders increased significantly by 94.14% to 385 million yuan [2][4]. - In Q1 2025, the company achieved a revenue of 992 million yuan, a year-on-year increase of 2.87%, but the net profit decreased by 30.19% to 51 million yuan [2][4]. - The company has expanded its distribution channels, covering nearly 9,000 hospitals across China and achieving a 99% coverage rate in the top 100 chain pharmacies [8]. Financial Performance Summary - **2024 Financials**: Total revenue was 4.264 billion yuan, with a net profit of 385 million yuan. The core business revenue, excluding isolation protective products, grew by 15.80% [4][8]. - **2025 Projections**: Expected revenue growth of 12.6% to 4.8 billion yuan, with net profit projected to reach 439 million yuan, a 14% increase [4][9]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 1.65 yuan, with a price-to-earnings (P/E) ratio of 12 [4][9]. Market Expansion - The company has seen robust growth in both domestic and international markets, with overseas revenue reaching 2.475 billion yuan in 2024, a 14.64% increase [8]. - The company has established an international marketing center and is making inroads into North and South American markets [8]. Investment Recommendations - The report adjusts the net profit forecast for 2025-2027 to 440 million, 510 million, and 590 million yuan respectively, with corresponding P/E ratios of 12, 10, and 9 [8][9]. - A discounted cash flow (DCF) model estimates the company's overall valuation at 7.5 billion yuan, leading to a target price of approximately 28 yuan per share [8].

美国共同基金业绩比较基准如何披露并监管？ （1）美国证监会（SEC）自 1993 年起逐步完善对共同基金业绩比较基准的监 管框架，对基准重视程度高。1993 年，SEC 发布的《共同基金业绩与投资组 合管理人披露规则》首次要求共同基金在招募说明书中披露与宽基指数的业绩 对比；1998、2001、2022 年分别对 Form N-1A 进行数次修订。发展至今，Form N-1A 对于业绩比较基准相关披露规定已较为明确。 （2）渠道端提高对业绩比较基准的披露要求。2020 年 12 月美国证监会修订 了《1940 年投资顾问法》，投资顾问仅展示收益而无视指数基准表现的情况存 在虚假陈述嫌疑，推荐采用相关指数或基准作为比较，披露其投资业绩。 （3）行业自律层面，GIPS 作为行业较为权威的统一标准规范行业发展。GIPS 对于基准的设定原则、披露方法进行了细致的规定，为行业自律提供指导。 证 券 研 究 报 告 非银金融行业跟踪报告 如何定义比较基准？海外经验与考核探讨 推荐（维持） ——公募基金改革跟踪系列报告二 前言：5 月 7 日，证监会印发《推动公募基金高质量发展行动方案》，提出强 化业绩比较基准的约束作用， ...

评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,118 | 6,046 | 6,902 | 7,692 | | 同比增速(%) | 19.2% | 18.1% | 14.2% | 11.4% | | 归母净利润(百万) | 1,628 | 2,015 | 2,378 | 2,660 | | 同比增速(%) | 11.4% | 23.7% | 18.0% | 11.9% | | 每股盈利(元) | 0.76 | 0.94 | 1.11 | 1.25 | | 市盈率(倍) | 22 | 18 | 15 | 14 | | 市净率(倍) | 5.5 | 4.1 | 3.4 | 2.8 | 公司研究 证 券 研 究 报 告 恺英网络（002517）2024 年报和 2025 年一季报点评 推荐（维持） Q4 符合、Q1 超预期，产品储备丰富，关注 AI 应用上线进度 事项： 事件：24Q4 符合预期，25Q1 大超预期。公司发布 24 ...