Investment Rating - The report maintains an "Outperform" rating for the communication industry [1]. Core Insights - The communication sector is expected to be a significant value increment in the coming years, as highlighted by NVIDIA's updated roadmap for GTC2025 [3][15]. - The evolution from GB300 NVL72 to Vera Rubin NVL576 shows a clear path of advancement, with substantial improvements in performance metrics such as FP4 inference capabilities and memory [4][15]. - The report emphasizes the increasing value of copper connections, optical modules, and liquid cooling systems, driven by advancements in GPU technology [5][17]. Summary by Sections Industry Dynamics - NVIDIA's roadmap indicates that communication will remain a crucial area for value growth over the next few years, with products like Blackwell Ultra and Vera Rubin showcasing significant performance enhancements [3][15]. - The transition to measuring GPU counts by die rather than package has led to a notable increase in communication bandwidth, with projections showing annual growth rates of at least 100% for single-package bandwidth [5][16]. Investment Recommendations - The report suggests focusing on companies involved in copper connections, optical modules, and power supply systems, as these areas are expected to see increased demand due to technological advancements [6][19]. - For domestic computing power, companies like Unisplendour, Ruijie Networks, and Guangxun Technology are highlighted as key players to watch, alongside international firms such as NewEase and Tianfu Communication [20][19]. Market Overview - The overall market experienced a decline during the week of March 17-23, 2025, with major indices such as the Shanghai Composite Index dropping by 1.60% [9][19]. - Specific sectors like controllers and operators showed resilience, with gains of 2.2% and 1.4%, respectively, while the communication index fell by 3.85% [19][32]. Company Performance - Notable stock performances included Eastcom and Hengtong Optic-Electric, which saw increases of 18.38% and 4.08%, respectively, while companies like Guangxun Technology and Kingsoft faced significant declines [32][19].

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [5]. Core Insights - The company has shown significant growth in revenue and profit, with a compound annual growth rate (CAGR) of 22.1% in revenue from 860 million yuan to 2.33 billion yuan from 2018 to 2023, and a CAGR of 50.2% in net profit from 80 million yuan to 610 million yuan during the same period [3][19]. - The company is expanding its plasma collection capacity and product offerings, which are expected to drive long-term growth [4][19]. - The domestic market for immunoglobulin and blood products is growing, with the company positioned to capture a larger market share due to increasing demand and limited domestic supply [4][51]. Summary by Sections 1. Company Growth and Resource Expansion - The company has rapidly expanded its plasma collection stations and resources through mergers and acquisitions, particularly with the integration of subsidiaries Guangdong Shuanglin and Paisfiko [16][19]. - The company has a diverse product portfolio with 11 blood product varieties, ranking it among the top in the industry [40][69]. 2. Market Demand and Product Development - There is a strong demand for immunoglobulin and albumin products, with significant room for domestic product substitution as the market is currently dominated by imports [4][47]. - The company is actively developing new products, including the fourth-generation immunoglobulin and various coagulation factor products, which are expected to enhance its market position [4][71]. 3. Financial Projections and Valuation - Revenue projections for 2024-2026 are estimated at 2.91 billion yuan, 3.32 billion yuan, and 3.81 billion yuan, respectively, with corresponding net profits of 760 million yuan, 860 million yuan, and 980 million yuan [5][6]. - The company is expected to maintain a favorable price-to-earnings (P/E) ratio, projected at 21.1, 18.6, and 16.4 for the years 2024, 2025, and 2026, respectively [5][6].

生物医药Ⅲ 派林生物（000403.SZ） 买入-B(首次) 浆站采浆量稳步提升，新品种提供长期增长动力 2025 年 3 月 26 日 公司研究/深度分析 公司近一年市场表现 投资要点： | 市场数据：2025 年 | 月 3 | 日 25 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 22.00 | | 总股本（亿股）： | | | 7.31 | | 流通股本（亿股）： | | | 7.27 | | 流通市值（亿元）： | | | 159.93 | | 年 月 基础数据：2024 9 | 日 30 | | | --- | --- | --- | | 每股净资产（元）： | | 10.67 | | 每股资本公积（元）： | | 6.54 | | 每股未分配利润（元）： | | 3.01 | | 资料来源：最闻 | | | 分析师： 静丙、白蛋白需求旺盛，在研第四代静丙、凝血因子新品种提供长期增 长动力。狂免和破免是公司长期优势产品，2023 年公司在静丙、白蛋白国内 市场占比 6.5%、2.5%，国内进口人血白蛋白占比 64.4%，国产替代空间巨大； 国内静丙市 ...

研究早观点 2025 年 3 月 26 日 星期三 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | | 上证指数 | 3,369.98 | -0.00 | | | 深证成指 | 10,649.08 | -0.43 | | | 沪深 300 | 3,932.30 | -0.06 | | | 中小板指 | 6,637.14 | -0.36 | 优势继续加深 | | 创业板指 | 2,145.48 | -0.33 | | | 科创 50 | 1,031.70 | -1.36 | | | 资料来源：最闻 | | | | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 市场走势 【今日要点】 【山证新股】新股周报（2025.03.24-2025.03.28）-3 月份主板新股首日 涨幅和开板估值上升，创业板弘景光电上市 【行业评论】电子：山西证券电子行业周跟踪-存储行业复苏信号持续 放大，华为 PuraX 阔折叠正式发布 【行业评论】非银行金融：行业周报 ...

研究早观点 2025 年 3 月 26 日 星期三 | 指数 | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | | 上证指数 | 3,369.98 | -0.00 | | | 深证成指 | 10,649.08 | -0.43 | | | 沪深 300 | 3,932.30 | -0.06 | | | 中小板指 | 6,637.14 | -0.36 | 优势继续加深 | | 创业板指 | 2,145.48 | -0.33 | | | 科创 50 | 1,031.70 | -1.36 | | | 资料来源：最闻 | | | | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 市场走势 【今日要点】 【山证新股】新股周报（2025.03.24-2025.03.28）-3 月份主板新股首日 涨幅和开板估值上升，创业板弘景光电上市 资料来源：最闻 国内市场主要指数 【行业评论】电子：山西证券电子行业周跟踪-存储行业复苏信号持续 放大，华为 PuraX 阔折叠正式发布 【行业评论】非银行金融：行业周报 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the electronic industry [1]. Core Insights - The overall market experienced a decline during the week of March 17-21, 2025, with the Shanghai Composite Index falling by 1.60%, Shenzhen Component Index by 2.65%, and the ChiNext Index by 3.34%. The semiconductor sector also saw a drop, with the Shenwan Electronics Index down by 4.09% and the Wind Semiconductor Index down by 3.96% [12][24]. - Despite the overall market downturn, there are signs of recovery in the storage market, driven by national subsidies and demand for AI applications. NAND flash prices are expected to rise due to production cuts by major manufacturers [6][5]. - The report highlights significant individual stock performances, with Ocean King (+39.70%), Gylon Electronics (+24.96%), and Gongda Electronics (+19.95%) showing notable gains, while Huiwei Intelligent (-23.02%) and Furi Electronics (-19.52%) faced significant losses [24][6]. Market Overview - The market indices showed a general decline, with the major indices experiencing varying degrees of loss. The Philadelphia Semiconductor Index decreased by 0.89%, while the Taiwan Semiconductor Index increased by 1.76% during the same period [12]. - In the sub-sectors, electronic chemicals, optical optoelectronics, and discrete devices were among the worst performers, with declines of 2.89% and 3.55% respectively [12][15]. Data Tracking - The report includes data on the monthly sales and growth rates of the global semiconductor market, indicating a 26% year-on-year increase in the wafer foundry industry revenue in Q4 2024, driven by strong AI demand [30][59]. - The NAND flash market is expected to see price increases starting April 2025, as major manufacturers like Micron, Samsung, and SK Hynix announce price hikes due to supply constraints [3][6]. Industry News - Major industry news includes the launch of NVIDIA's new Blackwell Ultra GPU and Huawei's release of the Pura X foldable phone, which signifies advancements in AI and consumer electronics [3][5]. - The report notes that the demand for advanced packaging remains strong, with TSMC focusing on capacity expansion to alleviate market concerns regarding production and order adjustments [5][6].

电子 周跟踪（20250317-20250321） 领先大市-A(维持) 2025 年 3 月 25 日 行业研究/行业周报 电子行业近一年市场表现 资料来源：最闻 相关报告： 【山证电子】Manus 推出全球首款通用 型 AI Agent，博通一季度业绩超预期-山 西证券电子行业周跟踪 2025.3.13 董雯丹 投资要点 市场整体：本周（2025.3.17-2025.3.21）市场大盘普遍下跌，上证指数跌 1.60%，深圳成指跌 2.65%，创业板指跌 3.34%，科创 50 跌 4.16%，申万电子 指数跌 4.09%，Wind 半导体指数跌 3.96%。外围市场，费城半导体指数跌 0.89%，台湾半导体指数涨 1.76%。细分板块中，周涨跌幅前三为电子化学品 （-2.89%）、光学光电子（-3.55%）、分立器件（-3.55%）。从个股看，涨幅 前五为海洋王（+39.70%）、概伦电子（+24.96%）、共达电声（+19.95%）、 蓝黛科技（+17.47%）和帝科股份（+15.28%）；跌幅前五为慧为智能 （-23.02%）、福日电子（-19.52%）、维信诺（-18.98%）、视声智能（-17.9 ...

Investment Rating - The report does not explicitly provide an investment rating for the companies discussed [3]. Core Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of mainboard new stocks rising in March 2025 [1][12]. - In March, the first-day gains and opening valuations of new stocks on the ChiNext board decreased, while those on the mainboard increased [2][25]. - The report highlights specific new stocks that have recently been listed, including Hongjing Optoelectronics and Hengxin Life, which experienced significant fluctuations in their stock prices [1][25]. Summary by Sections New Stock Market Activity - In March 2025, the mainboard saw an increase in the first-day gains and opening valuations, while the overall activity in the new stock market declined, with only 12 out of 46 new stocks (26.09%) recording positive gains [1][12]. - The ChiNext board had new listings including Hongjing Optoelectronics and Hengxin Life, with first-day gains of 210.26% and 119.44% respectively, but later recorded declines exceeding 10% [25][26]. - The report notes that the total number of new stocks listed in 2023 has reached 333, raising a total of 407.88 billion yuan [12]. Key New Stocks - The report identifies key new stocks that have been listed since January 2023, including Hongjing Optoelectronics, Sikan Technology, and others, highlighting their core products and market performance [49][51]. - Specific attention is given to Sikan Technology, which focuses on 3D visual digital products and has shown promising financial forecasts [44][45]. Market Valuation Trends - The report indicates that the first-day price-to-earnings (P/E) ratios for new stocks on the ChiNext board have increased to 19.24 times in March, compared to 17.14 times in February, while the mainboard's P/E ratio decreased to 15.56 times [17][29]. - The opening valuations for new stocks on the mainboard have also shown an upward trend, with a notable increase in the first-day gains compared to previous months [29][33].

新股研究 新股周报（2025.03.24-2025.03.28） 3 月份主板新股首日涨幅和开板估值上升，创业板弘景光电上市 2025 年 3 月 25 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，3 月份主板新股首日涨幅和开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 12 只股票录得正涨幅(占比 26.09%，前值 48.84%)。 科创板：上周科创板无新股上市。周内思看科技录得周涨幅超 10%，合合信息、联芸科 技、佳驰科技录得周跌幅超-5%。 创业板：上周创业板弘景光电、恒鑫生活上市。周内汉朔科技录得周涨幅超 5%，恒鑫生 活、弘景光电等录得周跌幅超-10%。 沪深主板：上周沪深主板江南新材、新亚电缆上市。周内天和磁材、新亚电缆录得周涨 幅为正，江南新材、永杰新材录得周跌幅约-10%。 新股周期：2 月份无新股上市，创业板新股发行 PE 下降，主板新股发行 PE 上升。3 月 份创业板毓恬冠佳/常友科技/汉朔科技/弘景光电/恒鑫生活、主板汇通控股/永杰新材/江南 新材/新亚电缆上市，创业板新股首日涨幅和开板估值均下降，主板新股首日涨幅和开板 估值均上升，科创板/创业板首 ...

公司近一年市场表现 | 市场数据：2025 年 月 | | | | | 3 | 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元）： | | | 8.73 | | | | | | 年内最高/最低（元）： | | | | 15.05/7.84 | | | | | 流通 股/总股本（亿 A | | 24.69/24.75 | | | | | | | 股）： | | | | | | | | | 流通 A 股市值（亿股）： | 215.57 | | | | | | | | 总市值（亿元）： | 216.08 | | | | | | | | 基础数据：2024 年 | 12 | 月 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.96 | | 摊薄每股收益(元)： | | | 0.96 | | 每股净资产(元)： | | | 11.83 | | 净资产收益率(%)： | | | 8.72 | | 资料来源：最闻 | | | | 分析师： 胡博 执业登记编码：S0760522 ...