华 发 集 团 旗 下 企 业 公司投资评级： 分析师声明 华金证券股份有限公司（以下简称"本公司"）经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司及其投资咨 询人员可以为证券投资人或客户提供证券投资分析、预测或者建议等直接或间接的有偿咨询服务。发布证券研究报告，是证券投资咨询 业务的一种基本形式，本公司可以对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投 资分析意见，制作证券研究报告，并向本公司的客户发布。 在法律许可的情况下，本公司及所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为 这些公司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务，提请客户充分注意。客户不应将本报告为作出其投资决策的 惟一参考因素，亦不应认为本报告可以取代客户自身的投资判断与决策。在任何情况下，本报告中的信息或所表述的意见均不构成对任 何人的投资建议，无论是否已经明示或暗示，本报告不能作为道义的、责任的和法律的依据或者凭证。在任何情况下，本公司亦不对任 何人因使用本报告中的任何内容所引致的任何损失负任何责任。 华金证券股份有限公司 ...

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook for its stock performance [25][26] Core Views - The company is expected to benefit from strong demand in the IoT chip terminal market, with projected revenue growth rates of 25%, 23%, and 20% for 2024-2026, respectively [9] - The IoT application processor chip business is anticipated to see significant growth, with revenue growth rates of 40%, 50%, and 50% for 2024-2026, driven by the expansion of smart city, smart home, and industrial IoT applications [9] - Other business segments are expected to grow at a steady rate of 20% annually from 2024 to 2026 [9] Financial Projections - Total revenue is projected to increase from CNY 729.29 million in 2024 to CNY 1,178.85 million in 2026, with a compound annual growth rate (CAGR) of 27.38% [10] - Gross margins for the IoT series chips are expected to improve from 15% in 2024 to 23% in 2026, reflecting better competitive positioning and product upgrades [9][10] - The company's PS (Price-to-Sales) ratio is forecasted to be 6.31x, 4.93x, and 3.90x for 2024-2026, respectively, which is below the average of comparable companies [10][11] Industry and Company Overview - The company specializes in IoT smart hardware SoC chips, with products widely used in smart home, security, office, and industrial IoT applications [25] - It has a significant market share in the global home camera market, exceeding 20% in both 2022 and 2023 [25] - The company is advancing its IoT camera chip technology towards higher resolution (up to 8K), enhanced AI capabilities, and improved power efficiency [23] Valuation and Peer Comparison - The company's valuation metrics (PS ratio) are lower than those of peers such as Allwinner Technology, Beken Corporation, and Telink Semiconductor, indicating potential undervaluation [11] - The report highlights the company's strong R&D capabilities, with over 75% of its IP being self-developed, which supports continuous innovation and product iteration [25]

http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 公司投资评级： 减持 — 未来 6-12 个月内相对同期相关证券市场代表性指数跌幅在 5%至 15%之间； 卖出 — 未来 6-12 个月内相对同期相关证券市场代表性指数跌幅大于 15%。 行业投资评级： 基准指数说明：A 股市场以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的） 或三板做市指数（针对做市转让 标的）为基准；香港市场以恒生指数为基准，美股市场以标普 500 指数为基准。 行业快报 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|------------------------------------------|----------------------------------|----------------------------------|----------------| | 2024 ...

Investment Rating - The industry investment rating is "Buy" for the stock of Shunling Environment, indicating an expected increase of over 15% in the next 6-12 months compared to the relevant market index [7][10]. Core Insights - The acquisition of core assets and technology from Bixin Energy by Weidi enhances its product strength in chillers and heat pumps, which is crucial for the cooling solutions market [2]. - The liquid cooling market is projected to reach a scale of $12.6 billion in China by the first half of 2024, with a year-on-year growth of 98.3%. The compound annual growth rate (CAGR) from 2023 to 2028 is expected to be 47.6%, reaching $10.2 billion by 2028 [7]. - The increasing power consumption of chips, alongside PUE energy efficiency requirements, is driving the demand for liquid cooling solutions, making it a preferred option for high-density computing centers [7]. Summary by Sections Company Developments - Weidi's acquisition of Bixin Energy's core assets focuses on the development and manufacturing of chillers, heat pumps, waste heat recovery, and air treatment equipment [2]. - Shunling Environment launched a modular liquid cooling system at the Asia Data Center Expo, designed to meet the needs of advanced computing centers [2]. Market Trends - The liquid cooling technology is expected to significantly improve data center cooling efficiency, with PUE values potentially dropping below 1.2, compared to traditional air cooling systems [7]. - The IDC report indicates that the liquid cooling server market in China is rapidly expanding, driven by the need for energy-efficient solutions in data centers [7]. Future Outlook - The report suggests a strong focus on companies like Yinvike, Shunling Environment, and others as potential investment opportunities in the growing liquid cooling market [2].

Investment Rating - The report assigns an investment rating of AA+/AA+ to the company and its convertible bond issuance [6][32]. Core Insights - The company, Nanjing Pharmaceutical, is positioned as a regional group enterprise in the pharmaceutical distribution industry, ranking sixth in the national pharmaceutical distribution sector as of 2022 [36][42]. - The company has a strong market presence in Jiangsu, Anhui, Fujian, Hubei, and parts of Yunnan, covering nearly 70 cities and demonstrating significant operational experience and brand recognition [36][42]. - The issuance of the convertible bond amounts to 1.081 billion yuan with a maturity of six years, a conversion price of 5.29 yuan, and a compensation interest rate of 6% [32][36]. - The company has shown resilience with a year-to-date stock price increase of 9.81% as of December 23, 2024, outperforming the industry index which declined by 12.37% [71]. Summary by Sections 1. Convertible Bond Analysis - The bond issuance is 10.81 billion yuan with a six-year term and an AA+/AA+ credit rating [6][32]. - The conversion price is set at 5.29 yuan, with a total dilution rate of 13.51% and a circulation dilution rate of 16.33% [32][36]. - The pure bond value is calculated at 98.99 yuan, with a yield to maturity (YTM) of 2.01%, indicating sufficient debt protection [32][36]. 2. Stock Analysis Company Overview - Nanjing Pharmaceutical focuses on the health industry, leveraging digital transformation and modern supply chain systems to enhance its pharmaceutical distribution business [36][42]. - The core business is pharmaceutical wholesale, accounting for over 94% of total revenue, with a sales increase of 6.35% in 2023 compared to 2022 [36][42]. Industry Analysis - The pharmaceutical distribution industry in China is experiencing stable growth, with a total sales scale of 27,516 billion yuan in 2022, reflecting a 6.0% year-on-year increase [41][42]. - The competitive landscape is intensifying, with major players expanding their logistics networks and capabilities [41][42]. 3. Financial Analysis - As of the first nine months of 2024, the company reported a revenue of 40.938 billion yuan, a 0.97% increase year-on-year, and a net profit of 442 million yuan, up 0.36% [45][46]. - The company's asset-liability ratio stands at 76.75%, indicating a high level of leverage typical in the pharmaceutical distribution sector [47]. 4. Valuation Performance - The company's price-to-earnings (PE) ratio is 11.57, lower than the industry average, suggesting potential valuation upside [49][73]. - The company’s market capitalization accounts for 79.99% of its total market value, with a significant portion of shares subject to lock-up until January 24, 2025 [71][73]. 5. Fundraising Project Analysis - The funds raised will be allocated to various projects, including digital transformation and logistics center expansion, aimed at enhancing operational efficiency and capacity [34][76].

公司投资评级： 分析师声明 http://www.huajinsc.cn/ 2 / 3 请务必阅读正文之后的免责条款部分 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何机构或个人接收到本报告而视其为本 公司的当然客户。 在法律许可的情况下，本公司及所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为 这些公司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务，提请客户充分注意。客户不应将本报告为作出其投资决策的 惟一参考因素，亦不应认为本报告可以取代客户自身的投资判断与决策。在任何情况下，本报告中的信息或所表述的意见均不构成对任 何人的投资建议，无论是否已经明示或暗示，本报告不能作为道义的、责任的和法律的依据或者凭证。在任何情况下，本公司亦不对任 何人因使用本报告中的任何内容所引致的任何损失负任何责任。 买入 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅大于 15%； 增持 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅在 5%至 15%之间； 倪爽声明，本人具有中国证券业协会授予的证券投资咨询执业资格， ...

华 发 集 团 旗 下 企 业 新股覆盖研究/ 公司近 3 年收入和利润情况 旗 图表目录 http://www.huajinsc.cn/ 星图测控 公 司 2021-2023 年 分 别 实 现 营 业 收 入 1.04 亿 元 /1.41 亿 元 /2.29 亿 元, YOY 依 次 为 289.35%/35.71%/61.90%; 实现归母净利润 0.35 亿元/0.51 亿元/0.63 亿元,Y0Y 依次 为 262. 45%/45. 62%/23. 41%。 最新报告期, 公司 2024 年 1-9 月实现营业收入 1.63 亿元,同比增加 34.34%;实现归母净利润 0.50 亿元,同比增加 82.10%。 数据来源：聚源、华金证券研究所 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 容主要基于招股书和其他公开资料内容、同行业上市公司选取存在不够准确的风 险、内容数据截选可能存在解读偏差等。具体上市公司风险在正文内容中展示。 http://www.huajinsc.cn/ 2 / 10 请务必阅读正文之后的免责条款部分 | --- | --- | --- | |--- ...

Group 1 - The implementation of the new "National Nine Articles" starting January 1, 2025, will significantly reduce the number of companies at risk of being classified as ST (Special Treatment) or facing delisting, as many companies have already responded to the new regulations by enhancing their self-management and increasing shareholder returns [1][16][42] - The number of companies potentially classified as ST due to insufficient dividends has decreased significantly, with 210 companies on the main board and 105 on the ChiNext and Sci-Tech Innovation boards identified as at risk, a reduction of 16 and 95 companies respectively compared to previous assessments [16][19][20] - The new regulations impose strict constraints on companies that fail to meet dividend standards, with specific thresholds set for different boards, which is expected to lead to an increase in actual dividend distributions in 2024 [16][19] Group 2 - Short-term and long-term perspectives indicate that small-cap growth stocks remain worthy of allocation, supported by favorable policies, external events, and liquidity conditions [2][37] - In the short term, the market is likely to see further positive policy implementations, including expanded equipment renewal and consumption stimulus measures, which will benefit small-cap growth stocks [2][37] - Long-term projections suggest that 2025 will likely be a phase of profit peak and credit stabilization, where high-performing small-cap stocks may outperform [2][37] Group 3 - The number of companies facing mandatory delisting due to major violations has decreased from 29 to 19, indicating improved compliance among listed companies [20][21] - The number of companies at risk of delisting due to regulatory compliance issues has slightly increased, with 19 companies identified that received negative or unqualified audit opinions [20][21] - Financially distressed companies have seen a significant reduction in potential delisting risks, with 76 new companies identified as at risk based on the latest financial data, down from 99 [20][21]

Investment Rating - The report assigns an investment rating of A+/A+ to the company and its convertible bonds [49]. Core Viewpoints - The company, Huakang Medical, is a modern comprehensive service provider for medical purification systems, focusing on creating clean, safe, and intelligent medical environments [51]. - The medical purification system market in China is substantial, with a market size of approximately 31.268 billion yuan annually, and the company holds a market share of about 4.32% as of 2023 [64]. - The company has experienced a decline in revenue and net profit in 2024, primarily due to delayed project timelines and increased accounts receivable [66]. Company Overview - Huakang Medical specializes in the research, design, implementation, and operation of medical purification systems, as well as the sale of medical equipment and consumables [51][87]. - The company serves various hospitals, including major public health institutions, and has a significant focus on the central region of China [62]. Industry Analysis - The medical purification system industry is characterized by a low level of market concentration, with many small players and few leading companies [9][42]. - The public healthcare system in China is rapidly developing, with a significant increase in the number of medical institutions, which is expected to drive demand for medical purification systems [54]. Financial Analysis - As of 2024, the company's liquidity ratios are relatively stable, with a current ratio of 1.97 and a quick ratio of 1.63, indicating good solvency compared to industry peers [69]. - The company's asset-liability ratio has increased to 44.17% in 2024, reflecting a rise in bank borrowings to support operational needs [67]. Valuation Performance - The company's price-to-earnings (P/E) ratio is 34.23, which is lower than the average of comparable companies, indicating potential for valuation improvement [71]. - The report anticipates a first-day conversion premium of approximately 28% for the convertible bonds, suggesting a favorable market reception [49]. Fundraising Project Analysis - The company plans to invest in several projects, including a smart medical IoT cloud platform upgrade and a logistics center for medical consumables, with total investments amounting to 84.032 billion yuan [4][74]. - The expected internal rate of return for the logistics center projects is estimated at 18.52% and 20.28%, indicating strong financial viability [75].

| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------------------------|----------------------------------|-----------| | 2024 年 12 月 23 日 \n半导体 | | | 行业研究●证券研究报告 \n行业快报 | | | SEMI 上调全球芯片设备销售额预期，国产厂 | 投资评级 | 领先大市 | | (维持) | | 商多措并举持续注入增长动能 | 一年行业表现 | | | | | 投资要点 | | | | | | SEMI 上调全球芯片设备销售额预期， 24 年中国大陆设备销售额达 490 亿美元 | | ...