Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][8]. Core Views - The company has achieved significant revenue growth, with a 2024 revenue of 6.704 billion yuan, representing an 86.71% year-on-year increase, and a net profit of 176 million yuan, an increase of 800 million yuan year-on-year [5][8]. - The company has established a strong competitive advantage in the smart wearable sector, particularly with its ePOP storage products, which are characterized by low power consumption and fast response times [6][7]. - The company is committed to integrated research and development in packaging and testing, leading the domestic market in storage packaging technology [7]. Revenue and Profitability - The company forecasts revenues of 6.704 billion yuan in 2024, 9.102 billion yuan in 2025, and 11.026 billion yuan in 2026, with corresponding EPS of 0.41 yuan, 1.52 yuan, and 1.85 yuan [8][12]. - The company is expected to benefit from the recovery of the storage market and the rapid development of AI glasses, leading to sustained revenue and profit growth [8]. Market Position and Product Development - The company has deepened its engagement in the smart wearable market, entering the supply chains of well-known AI/AR glasses manufacturers such as Meta and Xiaomi, with projected revenue from smart wearable storage products reaching approximately 800 million yuan in 2024 [6][8]. - The company is enhancing its wafer-level advanced packaging capabilities to meet the growing demand for advanced storage packaging and to support its storage business [7].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company has exceeded revenue and profit expectations, confirming an accelerated growth trajectory driven by its actuator business, which is expected to benefit from the wave of automotive electrification [4][5] - The company reported a revenue of 826 million yuan for 2024, representing a year-over-year increase of 26.5%, and a net profit of 147 million yuan, up 29.0% year-over-year [3][4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a record quarterly revenue of 272 million yuan, with year-over-year growth of 39.4% and a quarter-over-quarter increase of 32.1% [4] - The net profit and non-recurring net profit for Q4 were 52 million yuan and 43 million yuan, respectively, both marking historical highs with year-over-year increases of 49.6% and 37.8% [4] Business Growth Drivers - The actuator segment is identified as the core growth driver, with significant year-over-year growth of 42.0% in the first half of 2024 [5] - The report highlights the increasing application scenarios for actuators in electric vehicles, such as hidden door handles and electronic locks, which are expected to drive explosive growth in this segment [5] Future Outlook - Revenue forecasts for 2025 and 2026 are projected at 1.1 billion yuan and 1.4 billion yuan, respectively, with earnings per share (EPS) expected to be 1.1 yuan and 1.4 yuan [9] - The company is actively expanding into humanoid robotics and related fields, leveraging its strong foundation in temperature sensor technology [5][8]

2025 年 03 月 03 日 双林股份全资控股无锡科之鑫，务必关注丝杠内 螺纹磨床投资机会 推荐(维持) 事件 | 分析师：林子健 | S1050523090001 | | --- | --- | | linzj@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 汽车(申万) 9.2 8.4 32.9 沪深 300 1.9 -1.6 10.0 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 天眼查显示，双林股份 100%控股无锡科之鑫。双林股份发布 2025 年员工持股计划，目前员工持股计划已完成股票购买， 购买均价 37.9 元。 投资要点 ▌丝杠赛道进入产能建设阶段，设备成为关键环节 科之鑫专注于高精度机床研发，致力于为客户提供先进的磨 削技术解决方案。无锡市科之鑫机械制造有限公司创立于 2017 年，自主研发专利 30 多项。公司产品广泛应用于机器 人、汽车、医疗设备、航天航空等行业，主要包括高精度螺 纹磨床和定制机床。公司主要研究内外圈磨削技术、内螺纹 磨削技术、外螺纹磨削技术，已与多家上市公司 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3] Core Views - The company focuses on expanding its market share in the domestic market while strategically penetrating external markets, particularly emphasizing the development of its V series products [1][2] - The company aims to enhance its product structure and strengthen its brand influence, particularly in the 100-500 RMB price range, while also pushing for growth in the 500-800 RMB segment [1][2] Summary by Sections Domestic Market Strategy - The company is concentrating on improving market share in various cities within the province, with organizational restructuring to enhance brand operations [2] - The company plans to focus on core price segments based on regional differences to optimize market penetration [2] External Market Expansion - The company is leveraging its core product, the "Four Open," to expand into surrounding regions and integrate operations in the Yangtze River Delta [2] Financial Forecast - The company is projected to achieve revenues of 11,656 million RMB in 2024, with a growth rate of 15.4%, and net profit of 3,583 million RMB, reflecting a growth rate of 14.3% [5] - The adjusted EPS for 2024-2026 is forecasted at 2.87, 3.14, and 3.47 RMB respectively, with corresponding PE ratios of 18, 17, and 15 [3][5]

2025 年 03 月 02 日 分析师：吕思江 S1050522030001 lvsj@cfsc.com.cn 分析师：马晨 S1050522050001 machen@cfsc.com.cn —定量策略周观点总第 152 周 投资要点 ▌本周建议一览 核心观点：二月配中强调的"非美资产的波段行情"进入 中后期，可以开始关注包括中国长债、美股科技、红利在 内长期资产的左侧机会；但中国科技股带动的"东升西 落"、估值重构，仅仅只是棋至中盘，保持耐心仔细鉴别 其中真正受益的个股； 美股：继续保持较低仓位。美元真实流动性略有反弹、但 整体上看，美国消费数据和 PMI 偏弱，市场陷入衰退担 忧；PCE 回落未拐头让市场恐慌情绪暂缓，GDP 环比回落 符合预期；关注下周非农，三月 FOMC 议息会议指引比较 关键。结合仓位和资金面确认，我们仍然对美股保持谨 慎，等待更合适的抄底时机。 日股：延续 2025 年对日股的强烈看多。日元兑美元升值 趋势上周有暂缓，多头仓位比较拥挤，市场今年加息预期 从 2 次到 1 次，做多日元比较拥挤。市场担心主要集中在 是否会重演 2024 年 8 月初的风险资产崩盘。从当前美日 套息 ...

证 券 研 究 报 告 行业周报 期待创新支持政策继续推进落地 医药行业周报 医 药 行 业 观 点 1 .期待创新支持政策陆续推进落地。 根据国家医保局统计数据，2024年1~12月，医保统筹基金支出23824.42亿元，对比2023年同期，增长8.08%，除了满足的 就诊住院人次增长之外，医保增量主要给与了创新药。自2018年国家医保局成立，截至2024年底，医保目录净增加624个品 种，其中通过谈判新增的药品有446个。医保的纳入和支付支持是国产创新药上量最关键因素，根据艾力斯2024年业绩快报 数据，2024年艾弗莎销售额35.06亿元，对比纳入医保前的2021年，销售额扩大了14.86倍。2024年7月国常会通过发布《全 链条支持创新药发展实施方案》，2025年我们预计医保等多部门有望推动支持发展药品创新高质量发展的细则条款，而且在 定价方面给与创新药更大的市场自由度。支付方面，2024年医保已发布医保和商保协同策略，丙类目录预计2025年制定落 地第一版，多元化的支付体系正在构建形成。根据中再保险等估算，2024年创新药械医保支付比例为44%，个人现金支付比 例49%，商业健康保险支付7.7%，预 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3] Core Views - The company focuses on expanding its market share in the domestic market while strategically growing its presence in external markets. It aims to enhance its product offerings in the 100-500 RMB price range and increase the influence of its V3 product in the 600 RMB segment, targeting a 30% sales growth for V3 in 2024 [1][2] - The company has shown strong sales performance, with V6 hosting nearly 3,000 events and achieving over 100 million RMB in sales, representing a 72% growth [1] - The company is expected to continue its growth trajectory, with adjusted EPS forecasts for 2024-2026 being 2.87, 3.14, and 3.47 RMB respectively, corresponding to PE ratios of 18, 17, and 15 times [3] Summary by Sections Product Strategy - The company is focusing on the 100-500 RMB price range in Jiangsu province, maintaining a leading market share and planning to expand its product lines such as淡雅, 对开, and 四开 [1] - It is also working on enhancing its presence in the 500-800 RMB price range, particularly for the V3 product [1] Regional Strategy - The company is refining its operations within the province to reduce market share disparities among cities and is implementing a structural reform to improve brand operations [2] - For external markets, it is leveraging its core product 四开 to penetrate surrounding areas and strengthen partnerships, with stable growth observed in Shandong, Anhui, and Zhejiang [2] Financial Forecast - The company is projected to achieve a revenue of 11,656 million RMB in 2024, with a growth rate of 15.4%, and a net profit of 3,583 million RMB, reflecting a 14.3% increase [5] - The diluted EPS is expected to grow from 2.50 RMB in 2023 to 3.47 RMB in 2026, indicating a positive outlook for profitability [5]

证 券 研 究 报 告 行业周报 亏损逻辑催化生猪养殖板块投资机会 猪饲料板块有望实现量价齐升 —农林牧渔行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年03月02日 ◼ 分析师：娄倩 ◼ SAC编号：S1050524070002 ◼ 联系人：卫正 ◼ SAC编号：S1050124080020 投资要点 ①生猪养殖 商品猪出栏价重回下降通道，仔猪价格延续下降趋势 玉米延续上涨趋势，豆粕短期价格回调 ➢ 本周玉米和豆粕全国现货价格分别为2218.1和3729.1元/吨，周环比+0.6%和-2.05%。预计后续待豆粕部分回落结 束，玉米和豆粕价格仍会因多重中长期因素催化，进入波动上行的趋势。 重点推荐生猪养殖板块，猪饲料板块有望兑现量价齐升 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 邦基科技 603151.SH（2025年猪饲料需求伴随生猪养殖量提升，预计营收利润双提升，25Q1业绩就将兑现， 公司饲料产销规模有望实现快速增长。） 金河生物 002688.SZ（全球金霉素龙头地位稳固，全球化布局持续推进，看好未来国内牛羊养殖金霉素的运 用，目前国内牛羊市场还处于蓝海阶段，伴随肉消费的 ...

2025 年 03 月 02 日 硫酸、硫磺等涨幅居前，建议继续关注钛白粉 板块和轮胎板块 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) 3.3 -3.3 5.8 沪深 300 1.9 -1.5 10.0 市场表现 -20 -10 0 10 20 30 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业专题报告：从柔 性传感到人形机器人触觉革命》 2025-02-26 2、《基础化工行业周报：液氯、硫 酸等涨幅居前，建议继续关注钛白 粉板块和轮胎板块》2025-02-24 3、《基础化工行业周报：尿素、丙 酮等涨幅居前，建议继续关注钛白 粉板块和轮胎板块》2025-02-17 ▌ 硫酸、硫磺等涨幅居前，赖氨酸、丙烯腈等跌幅较大 本周涨幅较大的产品：硫酸（双狮 98%，18.64%），硫磺 （高桥石化出厂价格，15.34%），煤焦油（江苏工厂， 14.99%），合成氨（河北金源，11.67%），氯化钾（青海盐 湖 95%，9.80%），炭黑（江西黑豹 ...

2025 年 03 月 02 日 汽车尼龙管路龙头，积极拓展数据中心业务 —溯联股份（301397.SZ）公司动态研究报告 买入(首次) 投资要点 | 分析师：宝幼琛 | S1050521110002 | | --- | --- | | baoyc@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 分析师：林子健 | S1050523090001 | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-2 8 | | --- | --- | | 当前股价（元） | 37.43 | | 总市值（亿元） | 45 | | 总股本（百万股） | 120 | | 流通股本（百万股） | 55 | | 52 周价格范围（元） | 20.01-42.28 | | 日均成交额（百万元） | 61.06 | 市场表现 -40 -20 0 20 40 60 (%) 溯联股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌汽车尼龙管路龙头，业绩整体稳步增长 公司是一家专业从事汽车用尼龙流体 ...