Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company has signed a licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707, receiving an upfront payment of $1.25 billion, which is the largest for a Chinese innovative drug license-out, along with potential milestone payments of $4.8 billion and double-digit royalties on net sales [4][6] - The company is expected to achieve revenue growth of 12% to 14% from 2025 to 2027, with projected revenues of 102.01 billion, 114.94 billion, and 131.53 billion yuan respectively [6] - The net profit forecast for the same period is 23.45 billion, 26.48 billion, and 30.27 billion yuan, reflecting a growth rate of 12.2% to 14.3% [6] Summary by Sections Financial Performance - The company is projected to have operating revenues of 7,836 million yuan in 2023, increasing to 10,201 million yuan in 2025, with a year-on-year growth rate of 14% in 2023 and 12% in 2025 [2] - The net profit attributable to the parent company is expected to rise from 1,549 million yuan in 2023 to 2,345 million yuan in 2025, with a significant increase of 35% in 2024 [2] - Earnings per share (EPS) is forecasted to grow from 0.65 yuan in 2023 to 0.98 yuan in 2025 [2] Market Position and Prospects - The PD1×VEGF dual antibody market is expected to grow significantly, with SSGJ707 showing promising clinical data and a strong partnership with Pfizer, which enhances the clinical development speed in the U.S. [6] - The company has a robust pipeline with four mid-to-late stage monoclonal antibodies, including IL17, which is expected to be commercialized in 2025, indicating a strong potential for revenue generation [6] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 28.5 in 2023 to 18.9 in 2025, indicating an improving valuation as earnings grow [2] - The price-to-book (P/B) ratio is expected to decline from 3.2 in 2023 to 2.4 in 2025, reflecting a more attractive valuation over time [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company has signed a licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707, receiving an upfront payment of $1.25 billion, which is the largest for a Chinese innovative drug license-out, along with potential milestone payments of $4.8 billion and double-digit royalties on net sales [4][6] - The company is expected to achieve revenue growth of 12% to 14% from 2025 to 2027, with projected revenues of 102.01 billion, 114.94 billion, and 131.53 billion yuan respectively [6] - The company is anticipated to see a significant acceleration in domestic revenue due to multiple late-stage clinical assets, including IL17 monoclonal antibody expected to commercialize in 2025 [6] Summary by Sections Financial Forecasts - Projected operating revenue (in million yuan): 7,836 (2023A), 9,108 (2024A), 10,201 (2025E), 11,494 (2026E), 13,153 (2027E) with growth rates of 14%, 16%, 12%, 13%, and 14% respectively [2] - Expected net profit attributable to shareholders (in million yuan): 1,549 (2023A), 2,090 (2024A), 2,345 (2025E), 2,648 (2026E), 3,027 (2027E) with growth rates of -19%, 35%, 12%, 13%, and 14% respectively [2] - Earnings per share (in yuan): 0.65 (2023A), 0.87 (2024A), 0.98 (2025E), 1.10 (2026E), 1.26 (2027E) [2] Market Position and Development - The PD1×VEGF dual antibody market is validated, with significant clinical results from competitors enhancing the outlook for SSGJ707 [6] - The company’s collaboration with Pfizer is expected to accelerate clinical development in the U.S. due to Pfizer's robust clinical and commercialization capabilities [6] Valuation Metrics - Projected P/E ratios: 28.5 (2023A), 21.2 (2024A), 18.9 (2025E), 16.7 (2026E), 14.6 (2027E) [2] - Projected P/B ratios: 3.2 (2023A), 2.9 (2024A), 2.4 (2025E), 2.0 (2026E), 1.7 (2027E) [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company has strong revenue growth and is on the verge of breakthroughs in its clinical pipeline [4][5] - The recent licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707 is a significant milestone, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion, along with double-digit royalties on net sales [4][5] - The company is expected to achieve substantial revenue growth from its main business, with key products in late-stage clinical development [5] Financial Summary - Projected revenue for 2023A is 1,014 million, with a growth rate of 23% year-over-year; expected revenue for 2025E is 1,370 million, with a growth rate of 15% [3] - Projected net profit for 2023A is 295 million, with a staggering growth rate of 498% year-over-year; expected net profit for 2025E is 300 million, reflecting a decline of 57% [3] - Earnings per share (EPS) is projected to be 0.48 for 2023A and 0.49 for 2025E [3] Clinical Pipeline and Market Potential - The company has four mid-to-late stage clinical assets, each expected to generate over 1 billion in revenue, with the IL17 monoclonal antibody anticipated to be commercialized in 2025 [5] - The IL1β monoclonal antibody is expected to submit its NDA in 2025, targeting a large patient population with limited treatment options [5] Valuation Metrics - The company is projected to have a P/E ratio of 116.5 for 2025E and a P/B ratio of 6.1 for the same year [3] - The net asset return rate (ROE) is expected to be 5% for 2025E, with a net profit margin of 21.5% [7]

| 基本状况 | | | --- | --- | | 总股本(百万股) | 4,025.39 | | 流通股本(百万股) | 4,025.39 | | 市价(港元) | 4.51 | | 市值(百万港元) | 18,154.52 | | 流通市值(百万港元) | 18,154.52 | 房地产开发 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 业绩短期承压，积极布局核心城市 ——越秀地产年报点评 越秀地产（00123.HK） 证券研究报告/公司点评报告 2025 年 05 月 21 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：由子沛 | | 营业收入（百万元） | 80,353 | 86,401 | 90,375 | 92,634 ...

gzitiao 立足线缆深耕军工，业绩有望持续改善 电网设备 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：马梦泽 执业证书编号：S0740523060003 Email：mamz@zts.com.cn | 总股本(百万股) | 525.74 | | --- | --- | | 流通股本(百万股) | 452.94 | | 市价(元) | 8.39 | | 市值(百万元) | 4,410.95 | | 流通市值(百万元) | 3,800.13 | 相关报告 通达股份（002560.SZ） 证券研究报告/公司点评报告 2025 年 05 月 20 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：陈 ...

证券研究报告 【中泰汽车|何俊艺团队】汽车周报（05/12-05/18） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 2025年5月21日 1 目 录 一、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 ◼ 周 ...

北交所进一步支持发行科技创新债券，服务新质生产力 ——北交所点评报告 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：杨帅 执业证书编号：S0740524040002 Email：yangshuai01@zts.com.cn | | | | 上市公司数 | 265 | | --- | --- | | 行业总市值(亿元) | 8,414.15 | | 行业流通市值(亿元) | 5,018.26 | 1、《北交所修订募集资金指引和重组 相关规则，强化监管与激发市场活力 并举》2025-05-20 2、《北交所交易热度上涨，募集资金 管理新规即将实施》2025-05-18 3、《北交所存量股票 920 代码上线， 独 立 代 码 增 强 市 场 辨 识 度 》 2025-05-16 北交所 证券研究报告/行业点评报告 2025 年 05 月 22 日 评级： 增持（维持） 报告摘要 中国人民银行、中国证监会联合发布通知，支持发行科技创新债券 1）党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相 适应的科技金融体制。近日，中 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [5] Core Viewpoints - The current banking sector rally is based on a two-phase logic: the first phase focuses on the certainty of bank stocks, while the second phase involves a "rush" by public funds that are underweight in banks. The outlook for bank stocks remains strong due to their stability and dividend value in an uncertain economic environment [7][10][12]. Summary by Sections 1. Two-Phase Logic of the Current Banking Rally - The first phase emphasizes the relative certainty of bank stocks amid economic uncertainty, highlighting the resilience and dividend value of the banking sector [7][10]. - The second phase indicates a "rush" by active funds that are underweight in bank stocks, with a reported underweight difference of 8.33% in Q1 2025, the largest among all sectors [7][12]. 2. Outlook for the First Phase Logic - The certainty of bank stocks is a strong logic, with expectations of continued market activity supported by favorable policies. The banking sector is transitioning from a "pro-cyclical" to a "weak-cyclical" phase due to three main reasons: increased correlation with fiscal policies, a stable customer base supported by national credit, and a controlled risk release environment [7][21][22]. 3. Stability of Banking Sector Performance - The banking sector shows strong fundamental resilience, with a non-performing loan generation rate of 0.64% in Q1 2025, indicating a slight improvement. The provision coverage ratio stands at 237.99%, ensuring stability in asset quality and profit growth [12][13][19]. 4. Outlook for the Second Phase Logic - The second phase requires monitoring of policy details and the behavior of public funds. The "Action Plan for Promoting High-Quality Development of Public Funds" is expected to shift fund allocations towards larger weight sectors, potentially increasing capital inflows into the banking sector [20][22]. 5. Investment Recommendations - The report suggests focusing on banks with regional advantages and strong certainty, particularly city commercial banks in regions like Jiangsu, Shanghai, and Chengdu, as well as large banks with high dividends such as Agricultural Bank, Construction Bank, and Industrial and Commercial Bank [20][24].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Sino - US trade friction has shown substantial easing after the Geneva economic and trade talks. The two sides announced a 90 - day suspension of new tariffs, retained some low - level tax rates, and established a follow - up dialogue mechanism, with China taking the leading role in this round of negotiations [4]. - Although the "reciprocal tariffs" suspension is beyond expectations, the comprehensive tax rate between China and the US remains at a relatively high level. If the 24% tariff is re - implemented later, the US's comprehensive tariff on China may still remain above 50% [4]. - In the short term, the narrative of "rising in the East and falling in the West" is strengthened, and risk appetite is repaired. However, there are still structural differences, and the room for tariff reduction in the medium and long term is limited [4][5]. - The market index is expected to maintain strong resilience. Funds are expected to rotate around sub - sectors with high first - quarter report performance and medium - term industrial trends, and investors are advised to make low - level layouts in relevant sub - sectors [5]. 3. Summary by Relevant Catalogs Market Review - **Market Performance**: Most major market indices rose last week, with the ChiNext 50 having a relatively large increase of 2.00%. Among major industries, the financial index and optional consumption index performed relatively well, with weekly changes of 1.91% and 1.69% respectively, while the information technology index and telecommunications service index performed weakly, with weekly changes of - 0.84% and - 0.55% respectively. Among the 30 Shenwan primary industries, 19 industries rose, with beauty care, non - bank finance, and automobiles having relatively large increases of 3.08%, 2.49%, and 2.40% respectively, and computer, national defense and military industry, and media having relatively large declines of 1.26%, 1.18%, and 0.77% respectively [8][16][18]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 12662.67 billion yuan (the previous value was 13534.26 billion yuan), which was at a relatively high historical level (84.90% of the three - year historical quantile) [20]. - **Valuation Tracking**: As of May 16, 2025, the valuation (PE_TTM) of the Wind All - A Index was 19.05, an increase of 0.14 from the previous week, and it was at the 66.90% quantile of the historical level (in the past 5 years). Among the 30 Shenwan primary industries, 18 industries' valuations (PE_TTM) recovered [25]. Market Observation - **How the market may evolve after the Sino - US talks in Switzerland**: The Sino - US trade friction has eased, but there are still structural differences. The current tariff "cooling" is more like a "temporary truce", and the tariff pressure may rise again in the future. In the short term, it can boost investors' risk appetite [4][5]. - **Investment Recommendations**: The market index is expected to maintain strong resilience. Investors are advised to make low - level layouts in sub - sectors such as public utilities and other dividend - type assets, AI upstream and Hang Seng Technology leaders, gold, nuclear power equipment, military industry, and pet and beauty related to the consumption downgrade of young people. They should also pay attention to high - quality leading stocks in the CSI 300 whose institutional allocation concentration is significantly lower than the index component ratio [5]. Economic Calendar - The report mentions to pay attention to global economic data, but specific data is not provided [27]

Production Insights - In April, the industrial added value increased by 6.1% year-on-year, down 1.6 percentage points from the previous value of 7.7%[4] - The export delivery value rose by 0.9% year-on-year, a decrease of 6.8 percentage points from the previous value of 7.7%[4] Investment Trends - Fixed asset investment (excluding rural households) in April was 147,024 million yuan, with a year-on-year growth of 4.0%, down from 4.2%[5] - The year-on-year growth rate for April's fixed asset investment was 3.5%, a decline of 0.8 percentage points from the previous value of 4.3%[5] - Real estate development investment in the first four months was 27,730 million yuan, with a cumulative year-on-year decline of 10.3%[6] Consumption Patterns - The total retail sales of consumer goods in April reached 37,174 million yuan, with a year-on-year growth of 5.1%, down 0.8 percentage points from the previous value of 5.9%[7] - Restaurant income in April grew by 5.2% year-on-year, a decrease from the previous growth of 5.6%[7] Employment Data - The urban survey unemployment rate in April was 5.1%, a slight improvement from previous months[8] - The average working hours for employees in April were 48.3 hours per week, a minor decrease from 48.5 hours in March[8] Overall Economic Assessment - April showed short-term fluctuations in both production and demand, with production growth rates declining due to a weak base last year[9] - Investment growth rates also showed volatility, with a notable decline in real estate investment and a steady performance in infrastructure investment[9]