Investment Rating - The industry rating is "Neutral" for the biopharmaceutical sector, indicating a balanced outlook with expected returns between -5% and 5% relative to the CSI 300 index over the next six months [3][10]. Core Insights - The pharmaceutical sector experienced a slight decline of -0.40% on March 28, 2025, outperforming the CSI 300 index by 0.04 percentage points, ranking fifth among 31 sub-industries [5]. - Merck's subcutaneous Keytruda (pembrolizumab) formulation MK-3475A has successfully completed a key Phase 3 clinical trial, demonstrating non-inferiority in pharmacokinetics compared to intravenous administration, with a median injection time of only 2 minutes. The FDA has accepted the Biologics License Application (BLA) for review, expected to be completed by September 23, 2025 [6]. Market Performance - The performance of various sub-sectors within the pharmaceutical industry shows that other biological products (+0.58%) and blood products (+0.46%) performed well, while offline pharmacies (-2.16%) and medical research outsourcing (-1.26%) lagged behind [5]. - Notable stock performances include Guanhao Biological (+11.87%), Yipinhong (+10.81%), and Sihuan Biological (+10.18%) leading the gains, while Bid Medical (-11.15%), Wohua Pharmaceutical (-7.19%), and Tigermed (-6.61%) faced significant declines [5]. Company Highlights - Tian Tan Biological reported a revenue of 6.032 billion yuan for 2024, a year-on-year increase of 16.44%, with a net profit of 1.549 billion yuan, up 39.58% [6]. - Baile Tianheng achieved a remarkable revenue of 5.823 billion yuan, a staggering increase of 936.31%, with a net profit of 3.708 billion yuan, marking a turnaround from losses [6]. - Kailaiying reported a revenue of 5.805 billion yuan, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [7]. - Zhaoyan New Drug reported a revenue of 2.018 billion yuan, a decline of 15.07%, with a net profit of 74 million yuan, down 81.34% [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.00, compared to the last closing price of 39.87 [1]. Core Insights - The company, Zhimin Da (688636), is a leading player in the domestic embedded computer industry, focusing on key national sectors and providing customized solutions, products, and services [4][11]. - The demand for embedded computers in key sectors is expected to grow significantly due to the acceleration of national defense information construction and the increasing sophistication of equipment [5][45]. - The company is well-positioned to benefit from the recovery of orders in key sectors, with expectations of improved financial performance in the coming years [5][24]. Summary by Sections 1. Company Overview - Zhimin Da has over 20 years of experience in embedded technology, ensuring its leading position in the industry through core technical advantages [12][13]. - The company has a stable revenue growth rate, with a compound annual growth rate of 13.85% from 2019 to 2024, and a gross margin maintained above 40% [24]. 2. Market Demand - The embedded computer market is experiencing significant growth driven by the demand for intelligent equipment in various sectors, including communications and healthcare [4][42]. - The global market for embedded systems in key sectors is projected to grow from USD 101.9 billion in 2020 to USD 238.0 billion by 2027, with a CAGR of 12.9% [44]. 3. Product Applications - The company’s products are widely used in key sectors, including airborne and missile systems, with a focus on enhancing capabilities in these areas [5][28]. - The company has expanded its product offerings to include applications in satellite and drone markets, which are expected to contribute to future growth [5][28]. 4. Financial Projections - The company’s net profit is projected to be CNY 0.19 million, CNY 1.13 million, and CNY 1.54 million for 2024, 2025, and 2026 respectively, with corresponding EPS of CNY 0.17, CNY 1.01, and CNY 1.37 [5][7].

2025 年 03 月 28 日 公司点评 买入/维持 国邦医药(605507) 目标价: 25.00 昨收盘:20.63 医药原料药毛利占比近半，动保原料药市占率进一步提升 走势比较 (10%) 4% 18% 32% 46% 60% 24/3/27 24/6/8 24/8/20 24/11/1 25/1/13 25/3/27 国邦医药 沪深300 股票数据 | 总股本/流通(亿股) | 5.59/3.02 | | --- | --- | | 总市值/流通(亿元) | 115.29/62.25 | | 12 个月内最高/最低价 | 23.09/14.76 | | (元) | | 相关研究报告 <<股票回购彰显信心，看好业绩弹性 释放>>--2025-03-11 <>--2024-10-21 <>--2024-08-30 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 事件 2025 年 3 月 27 日，公司发布 2024 年年报， ...

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807) [1][8] Core Views - The company has demonstrated steady revenue growth, with a significant increase in electrolytic aluminum production [1][8] - The report highlights the company's integrated green aluminum development trend, which is expected to support long-term growth [8] Financial Performance Summary - For the year 2024, the company achieved revenue of 54.45 billion yuan, a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 4.41 billion yuan, up 11.5% year-on-year [4][9] - In Q4 2024, the company reported revenue of 15.27 billion yuan, an increase of 18.3% year-on-year, but a decline in net profit to 590 million yuan, down 59.2% year-on-year due to rising costs [4][6] - The company's production volumes for 2024 included 1.409 million tons of alumina, 2.938 million tons of primary aluminum, 1.254 million tons of aluminum alloys and processing products, and 806,000 tons of carbon products, with notable growth in primary aluminum production [5][6] Cost and Profitability Metrics - The overall expense ratio decreased year-on-year to 1.91% in 2024, while the gross margin and net margin were 13.2% and 8.1%, respectively [6][9] - The report indicates that the average prices for aluminum and alumina in Q4 2024 were 20,600 yuan/ton and 5,300 yuan/ton, respectively, with a significant increase in costs observed [6][9] Balance Sheet and Financial Ratios - By the end of 2024, the company's debt-to-asset ratio was 23.2%, a decrease of 2.3 percentage points year-on-year, indicating improved financial stability [7][9] - The return on equity (ROE) for the year was 15.6%, reflecting a slight increase from the previous year [7][9] Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 5.41 billion yuan, 5.84 billion yuan, and 6.05 billion yuan, respectively, with corresponding growth rates of 22.5%, 7.9%, and 3.6% [7][9]

诺思格(301333) 目标价: 昨收盘:53.20 全年业绩略低于预期，静待临床 CRO 行业复苏 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/27 24/6/8 24/8/20 24/11/1 25/1/13 25/3/27 ◼ 股票数据 | 总股本/流通(亿股) | 0.97/0.57 | | --- | --- | | 总市值/流通(亿元) | 51.38/30.4 | | 12 个月内最高/最低价 | 73.08/33.05 | | (元) | | 相关研究报告 2025 年 03 月 27 日 公司点评 买入/维持 临床试验运营有所波动，SMO 业务稳定增长。分业务来看，临床试验 运营实现收入 3.20 亿元，同比下降 9.74%，毛利率为 29.98%，同比减少 9.84pct；SMO 业务实现收入 2.05 亿元，同比增长 10.19%，毛利率为 30.21%，同比增加 0.64pct；数统业务实现收入 1.01 亿元，同比增长 26.35%，毛利率为 49.06%，同比增加 5.58pct；生物样本检测业务实现收 入 0.64 亿元，同比增长 74.09%； ...

2025 年 03 月 27 日 公司点评 | 总股本/流通(亿股) | 19.23/19.21 | | --- | --- | | 总市值/流通(亿元) | 653.29/652.87 | | 12 个月内最高/最低价 | 46.86/26.97 | | (元) | | 相关研究报告 <<高增长延续，产品结构持续优 化>>--2024-10-23 <<业绩持续超预期，5G 打开未来增长 天花板>>--2019-06-27 <<沪电股份深度报告：5G 时代的弄潮 儿>>--2019-06-17 买入/维持 沪电股份(002463) 昨收盘:33.98 沪电股份 24 年年度报告：AI 服务器及交换机 PCB 驱动业绩新高， 关注高端产能带来增量空间 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/26 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 ◼ 股票数据 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析 ...

Investment Rating - The report maintains an "Add" rating for the company with a target price of 435 HKD, compared to the last closing price of 410.40 HKD [1][3]. Core Insights - The company, Mixue Group, reported a total revenue of 24.829 billion CNY for 2024, reflecting a year-on-year growth of 22.3%, and a net profit of 4.437 billion CNY, which is a 41.4% increase year-on-year [1][3]. - The company has over 46,479 stores, with a significant expansion in lower-tier cities, indicating strong store opening momentum [2][3]. - The gross margin improved to 32.46% in 2024, up by 2.9 percentage points, driven by enhanced supply chain efficiency and reduced raw material costs [3][5]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 24.829 billion CNY, with a growth rate of 22% [5]. - The net profit for 2024 was 4.437 billion CNY, showing a growth rate of 41% [5]. - The average revenue per store was 591,000 CNY, a decrease of 3.2% year-on-year [1][2]. Store Expansion - As of the end of 2024, the company had 46,479 stores, with a net increase of 8,350 stores year-on-year [2]. - The company opened 10,555 new franchise stores in 2024, with a closure rate of 3.8% [2]. Profitability and Margins - The gross margin for 2024 was 32.46%, an increase of 2.9 percentage points from the previous year [3]. - The net profit margin rose significantly to 19.94%, up by 2.2 percentage points [3]. Future Projections - Revenue growth is projected at 20% for 2025, 18% for 2026, and 16% for 2027 [3][5]. - Net profit growth is expected to be 15% in 2025, 19% in 2026, and 17% in 2027 [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][11]. Core Insights - The company's performance aligns with expectations, with the core product, Lukan Satuzumab, anticipated to become a blockbuster drug due to its rapid sales growth potential and multiple approved indications [1][4][5]. - The company reported a revenue of 1.933 billion yuan for 2024, reflecting a year-on-year growth of 25.5%, with a significant reduction in annual losses [3][7]. Financial Summary - Revenue projections for 2025-2027 are estimated at 2.093 billion yuan, 4.046 billion yuan, and 6.451 billion yuan, respectively, with growth rates of 8%, 93%, and 59% [7]. - The company expects to reduce its net losses significantly, with projections of -582 million yuan in 2025, -485 million yuan in 2026, and a profit of 836 million yuan in 2027 [7]. - The diluted earnings per share (EPS) is projected to improve from -1.20 yuan in 2024 to 3.68 yuan in 2027 [7]. Product Development and Market Potential - Lukan Satuzumab has received approval for two indications and is expected to gain a third indication by late 2025, which will enhance its market potential [4][5]. - The company has established a sales team of over 400 personnel, targeting major hospitals and expanding into lower-tier markets, which is expected to drive rapid sales growth [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company achieved total revenue of 27.947 billion yuan in 2024, representing a year-on-year growth of 13.80%, with a net profit attributable to shareholders of 3.099 billion yuan, up 6.10% year-on-year [4][10] - In Q4 2024, the company reported revenue of 7.384 billion yuan, a significant increase of 32.29% year-on-year, and a net profit of 797 million yuan, reflecting a growth of 4.71% [5][6] - The domestic revenue growth outpaced international revenue, with domestic sales increasing by 15.24% to 15.447 billion yuan, while overseas sales grew by 12.07% to 12.501 billion yuan [5] Financial Performance - The company's gross margin for Q4 2024 was 26.84%, a decrease of 2.40 percentage points year-on-year, attributed to a high base in 2023 and changes in revenue structure [6] - The net profit margin for Q4 2024 was 10.73%, down 2.45 percentage points year-on-year, indicating short-term pressure on profitability [6] - The company expects net profits for 2025, 2026, and 2027 to be 3.776 billion yuan, 4.550 billion yuan, and 5.531 billion yuan respectively, with corresponding EPS of 1.01 yuan, 1.22 yuan, and 1.48 yuan [7][10] Business Segments - The revenue from the refrigeration and air conditioning parts business was 16.561 billion yuan, growing by 13.09%, while the automotive parts business revenue reached 11.387 billion yuan, up 14.86% [5] - The company is positioned to benefit from global clean energy initiatives and China's dual carbon goals, with expectations for continued growth in both the refrigeration and automotive sectors [7]

2025 年 03 月 27 日 公司点评 买入/维持 歌尔股份(002241) 昨收盘:26.95 盈利水平显著提升，把握 AI 端侧创新机遇 ◼ 走势比较 (10%) 12% 34% 56% 78% 100% 24/3/27 24/6/7 24/8/18 24/10/29 25/1/9 25/3/22 歌尔股份 沪深300 ◼ 股票数据 总股本/流通(亿股) 34.91/30.84 总市值/流通(亿元) 940.75/831.02 12 个月内最高/最低价 (元) 30.63/14.57 相关研究报告 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公 司 研 究 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 事件：歌尔股份发布 2024 年报，2024 年公司实现营收 1009.54 亿元，同 比增长 2.41%，实现归母净利润 26.65 亿元，同比增长 114.93%；单 Q4 来 看，2024Q4 公司实现 ...