医疗器械 | 基本状况 | | | --- | --- | | 总股本(百万股) | 416.52 | | 流通股本(百万股) | 212.93 | | 市价(元) | 79.01 | | 市值(百万元) | 32,908.94 | | 流通市值(百万元) | 16,823.80 | 地缘风险波动下业绩稳健，全球测序装机稳步攀升 华大智造（688114.SH） 证券研究报告/公司点评报告 2025 年 05 月 08 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | 营业收入（百万元） | | 2,911 | 3,013 | 3,607 | 4,500 | 5,597 | | | | 增长率 yoy% | | -31% | 3% | 20% | 25% | 24% | | 执业证书编号：S0740519040001 | | 归母净利 ...

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 家家悦（603708.SH） 证券研究报告/公司深度报告 2025 年 05 月 08 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） | | 17,763 | 18,256 | 18,566 | 19,258 | 20,066 | | 增长率 ...

北交所板块涨幅领先，多家拟上市企业更新审核状态 北交所 证券研究报告/行业定期报告 2025 年 05 月 08 日 报告摘要 北交所行情概览： 1）整体行情：截至 2025 年 4 月 30 日收盘，北证成份股 265 个，平均市值 27.8 亿 元。本周（2025.4.28-2025.4.30，下同）北证 50 指数涨跌幅 2.38%，收盘 1331.13 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.43%、0.04%、0.78%。 2）赛道行情：本周 A 股涨幅前五的行业为传媒、计算机、机械设备、电子、家用电 器，涨幅分别为 2.7%、2.5%、1.6%、1.3%、1.1%。 ——北交所周报（4.28-4.30） 3）个股行情：本周在北交所上市的 265 只个股中上涨 138 只、下跌 117 只、平盘 10 只，上涨比例 52.1%。 | 评级： 增持（维持） | | | --- | --- | | 分析师：冯胜 | | | 执业证书编号：S0740519050004 | | | Email：fengsheng@zts.com.cn | | | 北交所基本状况 | | | 上市公司数 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 1Q25保险资金重仓流通股深度跟踪 ——加仓交运、食饮，新进银行、通信 2 0 2 5 . 5 . 8 • 1Q25 主要鼓励政策为中央金融办《关于推动中长期资金入市工作的实施方案》、金监总局先后发布第二批长期 股票试点以及《关于调整保险资金权益类资产监管比例有关事项的通知 ◼ "中泰非银保险重仓流通股"体系介绍（欢迎关注Wind组合管理，PMS代码为W1428999213874） • 我们根据Wind平台收录的险资重仓流通股数据——即所有已披露定期报告的A股上市公司前十大流通股东名单 中含保险机构的持仓记录，经过调整后，形成分析样本集开展研究。2025年年初至今（2025年5月6日），组合 绝对回报为0.37%，相对回报为3.59%。 葛玉翔 证券分析师执业证书编号：S0740525040002 邮 箱：geyx01@zts.com.cn 蒋峤 证券分析师执业证书编号：S0740517090005 邮 箱：jiangqiao@zts.com.cn 1 摘要 ◼ 持续低利率环境下，险资再配置收益率面临考验， ...

证券研究报告/策略专题报告 2025 年 05 月 08 日 * [10] M. C. 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 2025 年一季报业绩变化有何投资指引？ 三、价格压力整体持续，政策支持下部分行业"困境反转" 2023 年以来我国经济需求侧增速不足的问题逐渐凸显，造成上市公司"增量不增利"。 2025 年 Q1 共有 23 个行业销售净利率低于 10%，其中有 13 个行业低于 5%，地产板 块整体亏损。边际变化方面，25 年一季度有 19 个行业归母净利润增速高于营收增速。 上游周期方面，钢铁、有色、基础化工等行业出现"困境反转"，利润改善明显。中 游制造方面，一季度受益于需求增加以及"特朗普关税"预期带来的抢出口，机械设 备与汽车行业利润率持续上行。电力设备当前结构性产能过剩仍存在，营收有所提升 但利润下滑。下游消费方面，受益于消费券以旧换新等终端消费政策支持，家用电器 板块 25 年一季度归母净利润同比增长 25.12%，业绩大幅超预期。 四、PB-ROE 视角下，部分行业存在估值修复潜力 执业证书编号：S074052012 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [9]. Core Viewpoints - The company has shown resilience in performance despite geopolitical risks, with steady growth in global sequencing installations [1]. - The core sequencing business is experiencing robust growth, with a significant increase in installed machines and market share, particularly in the domestic market [6]. - The company is positioned as a leader in the domestic sequencing market, benefiting from the ongoing trend of domestic substitution as competitors face challenges [6]. Financial Performance Summary - For 2024, the company reported revenue of 3.013 billion yuan, a year-on-year increase of 3.48%, and a net profit attributable to shareholders of -601 million yuan, a slight improvement of 1.10% year-on-year [3]. - The first quarter of 2025 saw a revenue decline of 14.26% year-on-year, with a net profit of -133 million yuan, reflecting a 33.67% increase compared to the previous year [3]. - The company’s revenue projections for 2025 to 2027 are 3.607 billion yuan, 4.500 billion yuan, and 5.597 billion yuan, respectively, with expected growth rates of 20%, 25%, and 24% [6]. Market Position and Strategy - The company achieved a historical high in new sales installations, with nearly 1,270 new machines sold in 2024, representing a 48.59% increase year-on-year [6]. - The global market share is approximately 7.1% based on revenue, and 28.2% based on new installations, indicating strong competitive positioning [6]. - The company is expanding its overseas presence with a marketing team of nearly 900 people, enhancing local support services to accelerate product adoption [6]. Cost and Efficiency Metrics - The company’s sales expense ratio for 2024 was 25.42%, a decrease of 3.16 percentage points year-on-year, while the management expense ratio increased by 1.83 percentage points to 19.98% [6]. - The gross margin for 2024 was 55.51%, down 3.96 percentage points year-on-year, primarily due to changes in product mix [6]. Future Outlook - The company is expected to continue benefiting from innovative product launches and global channel development, despite potential macroeconomic impacts on conventional business growth [6]. - The forecasted net profit for 2025 is -177 million yuan, with significant growth anticipated in subsequent years, reaching 182 million yuan by 2027 [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][23]. Core Views - The company has shown a strong performance in Q1 2025, with revenue reaching 759 million yuan, a year-on-year increase of 10.13% and a quarter-on-quarter increase of 8.69%. The net profit attributable to the parent company was 86.18 million yuan, up 112.70% year-on-year and 395.35% quarter-on-quarter [6]. - The report highlights that the company is approaching a performance inflection point, driven by robust growth in new business segments and significant improvements in profitability [3][6]. - The company is positioned as a leader in the raw material drug market, particularly in the low-price range of sartans, while non-sartan raw materials are identified as a core growth driver for the future [6]. Summary by Sections Financial Performance - For 2023, the company reported a revenue of 2,527.27 million yuan, with a year-on-year decline of 5.23%. However, projections for 2024 and beyond show a recovery with revenues expected to grow to 2,630.81 million yuan in 2024 and reaching 4,279.35 million yuan by 2027 [4][22]. - The net profit attributable to the parent company is forecasted to increase significantly from 27.36 million yuan in 2023 to 461 million yuan in 2027, reflecting a compound annual growth rate of 29.71% [4][22]. Business Segments - The report details that the non-sartan raw material segment achieved revenue of 189 million yuan in Q1 2025, marking a 57% year-on-year increase, indicating strong growth potential [6]. - The formulation business generated 80.77 million yuan in revenue, a 97% increase, with the number of approved formulations rising to 63, suggesting ongoing contributions to revenue growth [6]. Profitability Metrics - The gross margin for Q1 2025 was reported at 37.39%, an increase of 2.06 percentage points year-on-year, while the net margin reached 11.35%, up 5.47 percentage points year-on-year [6]. - The report anticipates that the company's gross margin will continue to improve, reaching 41.0% by 2027 [22]. Research and Development - R&D expenses for Q1 2025 were 53.45 million yuan, accounting for 7.04% of revenue, indicating a stable investment in innovation [6][22]. - The company plans to complete the process validation for 12 new raw material drug varieties by 2024, which is expected to drive future growth [6].

Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [12]. Core Views - The company's revenue and profit are under short-term pressure, but the long-term growth logic remains unchanged. The expected revenue for 2025 is projected at 62,496 million yuan, with a year-on-year growth rate of 7% [3][8]. - The first quarter of 2025 showed a revenue of 13.4 billion yuan, a 5% increase year-on-year, and a net profit attributable to shareholders of 554 million yuan, a 19% increase, aligning with expectations [4][9]. - The company anticipates a recovery in export sales in Q2, driven by improved demand in Europe and emerging markets, despite a subdued performance in North America [5][6]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 58,530 million yuan in 2024, 62,496 million yuan in 2025, 67,048 million yuan in 2026, and 72,752 million yuan in 2027, with respective growth rates of 9%, 7%, 7%, and 9% [3]. - The net profit attributable to shareholders is expected to grow from 2,246 million yuan in 2024 to 3,206 million yuan in 2027, with growth rates of 7%, 13%, 12%, and 12% respectively [3][8]. - The earnings per share (EPS) is projected to increase from 1.72 yuan in 2024 to 2.46 yuan in 2027 [3][8]. Profitability and Margin Analysis - The gross margin for Q1 2025 was reported at 15.93%, with an expected improvement in profit margins due to government subsidies boosting domestic sales prices [6][8]. - The net profit margin for Q1 2025 was 4.1%, slightly lower than the peak of 5.2% in Q4 2024, but still at a historically high level [7][8]. - The report indicates that the company is focusing on structural upgrades to enhance profitability in the long term, with expectations of higher net profit growth in Q2 and Q3 of 2025 [8].

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 核心观点：本报告主要强调家悦烘焙逻辑，结合公司基本面改善的确定性较高，若家 悦烘焙出现较好的品牌势能，则家家悦有望成为较好赔率的投资标的。 请务必阅读正文之后的重要声明部分 新烘焙，新家悦 ——家家悦首次覆盖报告 股价与行业-市场走势对比 首次覆盖，给予"增持"评级。因公司在现制烘焙领域的尝试仍处于早期，本报告在 盈利预测时暂不考虑家悦烘焙远期成为独立品牌以及独立门店扩张带来的收入和利 润 增 量 。 预 计 公 司 25/26/27 年 收 入 分 别 为 185.66/192.58/200.66 亿 元 ， yoy+2%/+4%/+4% 。 ...

业绩稳健增长，至期光子营收大增 光学光电子 | 分析师：王芳 | | --- | | 执业证书编号：S0740521120002 | | Email：wangfang02@zts.com.cn | | 分析师：杨旭 | | 执业证书编号：S0740521120001 | | Email：yangxu01@zts.com.cn | | 分析师：张琼 | | 执业证书编号：S0740523070004 | | Email：zhangqiong@zts.com.cn | | 基本状况 | | | --- | --- | | 总股本(百万股) | 470.25 | | 流通股本(百万股) | 468.15 | | 市价(元) | 35.18 | | 市值(百万元) | 16,543.40 | | 流通市值(百万元) | 16,469.58 | 福晶科技（002222.SZ） 证券研究报告/公司点评报告 2025 年 05 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...