[Table_Title] 研究报告 Research Report 16 May 2025 美国能源 US Energy 国际工业+能源周报(05/10-05/15):美国和沙特阿拉伯达成价值 1420 亿美元 的武器销售协议，Meta 上调 AI 数据中心资本支出预测 Global industrials + Energy Updates: US and Saudi Arabia Reached $142 Billion Arms Sales Deal; Meta Raises AI Data Center Capex Forecast 杨斌 Bin Yang 毛琼佩 Olivia Mao 杨钰其 Yuqi Yang 明悦馨 Ella Ming bin.yang@htisec.com olivia.qp.mao@htisec.com yq.yang@htisec.com ella.yx.ming@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) ...

Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 57.68, compared to the current price of RMB 49.90 [1]. Core Insights - The report emphasizes the company's focus on enhancing its rehabilitation core business while expanding into the emerging medical aesthetics energy source market. The company is expected to experience a second growth phase due to its strategic positioning in these sectors [1][8]. - Revenue for 2024 is projected to be RMB 400 million, a decrease of 13.45%, with a net profit attributable to shareholders of RMB 102 million, down 25.16% [8]. - The company is upgrading its core products and expanding its offerings in rehabilitation, particularly in pelvic, mental, and neurological rehabilitation [8]. Financial Summary - For 2023, the company reported revenue of RMB 462 million, with a net profit of RMB 136 million. The forecast for 2024 shows a decline in revenue to RMB 400 million and a net profit of RMB 102 million [3][5]. - The earnings per share (EPS) for 2025 and 2026 are forecasted at RMB 1.28 and RMB 1.51, respectively, with an additional forecast for 2027 at RMB 1.81 [8]. - The company maintains a net asset return rate of 6.3% for 2024, with a projected increase to 9.9% by 2027 [3][5]. Product Line Performance - The report details the performance of various product lines, indicating that electrical stimulation revenue is expected to decline by 41.75% to RMB 37 million, while magnetic stimulation revenue is projected to decrease by 13.92% to RMB 172 million in 2024 [8]. - The company is actively developing new products, including the Vishee NEO series in electrical stimulation and upgraded models in magnetic stimulation, which are set to be certified in the second half of 2024 [8]. Market Positioning - The company is strategically positioning itself in the medical aesthetics market by developing products such as shaping magnets and picosecond lasers, targeting gynecology, dermatology, and medical aesthetics applications [8]. - The report highlights the company's efforts to achieve sales breakthroughs in maternal and child channels and light medical aesthetics markets in 2024 [8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 60.68 RMB per share, reflecting a potential upside from the current price of 47.47 RMB [1][8]. Core Insights - The company's revenue is steadily growing, with a notable performance in recurring net profit attributable to shareholders (NPAtS), which surged nearly 60% in 2024. The education business has rebounded with over 20% growth after a decline in 2023, while smart automotive and open platform businesses have also shown strong performance. The continuous upgrades of the company's foundation models are expected to further solidify its leadership in the AI sector [1][8]. Financial Summary - In 2024, the company achieved a revenue of 23.34 billion RMB, representing an 18.79% year-over-year increase. The net profit attributable to shareholders was 560 million RMB, down 14.78% year-over-year, while the recurring NPAtS reached 188 million RMB, up 59.36% year-over-year. For Q1 2025, revenue was 4.66 billion RMB, up 27.74% year-over-year, with a net profit attributable to shareholders of -193 million RMB [3][8]. Revenue Forecast - Revenue forecasts for 2025 and 2026 are set at 28.06 billion RMB and 33.80 billion RMB, respectively, with an additional forecast for 2027 at 41.03 billion RMB. The company is expected to maintain a strong revenue growth rate despite its substantial revenue base [1][8]. Business Performance - The company's various business segments, including smart education, open platform, smart city, consumer, smart automotive, operator, and smart healthcare, reported revenues of 7.23 billion RMB, 5.17 billion RMB, 3.62 billion RMB, 2.71 billion RMB, 0.99 billion RMB, 1.90 billion RMB, and 0.69 billion RMB, respectively, with year-over-year changes of +29.94%, +31.33%, -8.1%, +20.8%, +42.16%, -9.31%, and +28.18% [3][8]. AI Model Development - The Spark foundation model has become a crucial growth driver for the company, leading in project awards in 2024. The model was upgraded on April 21, matching the performance of industry leaders like OpenAI and DeepSeek while maintaining a smaller parameter size [1][8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 46.67, compared to the current price of RMB 40.13 [1][8]. Core Insights - In 2024, the company is projected to achieve revenue of RMB 2.87 billion (+0.96%) and a net profit attributable to shareholders of RMB 501 million (+0.20%). The recurring net profit attributable to shareholders is expected to be RMB 496 million (+3.18%) [8]. - The company is focusing on expanding its dental services through a "regional main hospital + branch" model, having completed five major clusters in Zhejiang province. The revenue from these clusters in 2024 is expected to be RMB 548 million, RMB 382 million, and RMB 184 million respectively [8]. - The company is shifting its strategy for provincial expansion from traditional self-built models to a combination of acquisitions and asset-light franchising, aiming for a national network at lower costs and higher efficiency. Revenue from outside the province is projected to be RMB 277 million (+4.83%) in 2024 [8]. Financial Summary - The company’s financial performance shows a steady increase in revenue and net profit over the forecast period. Revenue is expected to grow from RMB 2.87 billion in 2024 to RMB 3.40 billion by 2027, with net profit increasing from RMB 501 million to RMB 665 million in the same period [5][8]. - The earnings per share (EPS) forecast has been adjusted to RMB 1.26 for 2025, RMB 1.36 for 2026, and a new forecast of RMB 1.49 for 2027 [8]. - The company’s medical service revenue is expected to reach RMB 2.73 billion in 2024, with significant contributions from dental implants, orthodontics, pediatrics, restoration, and general services [8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 24.18, compared to the current price of RMB 20.89 [1][9]. Core Insights - The company is exploring growth drivers across four major business areas, with a focus on chronic disease management and dual platforms. The revenue for infectious disease testing is projected to be RMB 1.04 billion in 2024, reflecting a growth of 9.50%. The chronic disease management segment is expected to generate RMB 1.37 billion, a significant increase of 22.38% [10][12]. - The report highlights breakthroughs in luminescence, molecular diagnostics, and pathology fields, with new products and technologies being introduced to enhance market competitiveness [11][12]. - The company has established a robust international sales team, exporting products to over 150 countries, which has contributed to rapid growth in non-U.S. overseas markets [12]. Financial Summary - For 2024, the company is expected to achieve a revenue of RMB 3.07 billion, representing a year-on-year increase of 10.85%. The net profit attributable to shareholders is forecasted at RMB 562 million, up 15.18% [3][9]. - The earnings per share (EPS) estimates have been adjusted to RMB 1.34 for 2025 and RMB 1.57 for 2026, with a new forecast of RMB 1.82 for 2027 [9][10]. - The financial metrics indicate a net profit margin improvement, with the net profit expected to grow steadily over the next few years [3][9].

Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 107.53, while the current price is RMB 89.30 [1]. Core Insights - The report highlights that the company's increased investment in R&D and sales is impacting short-term profitability, with a focus on expanding indications for growth hormone and developing new pipelines [1][8]. - The company is expected to achieve revenue of RMB 13.47 billion in 2024, a decrease of 7.55%, and a net profit of RMB 2.58 billion, down 43.01% [8]. - The report adjusts the EPS forecast for 2025 and 2026 to RMB 6.72 and RMB 7.08 respectively, and introduces a new EPS forecast for 2027 at RMB 7.49 [8]. Financial Summary - The company is projected to have a revenue of RMB 14.19 billion in 2025, with a net profit of RMB 2.74 billion, reflecting a 6.1% increase from 2024 [5]. - The net profit margin is expected to decline due to increased R&D and sales expenses, as well as management costs associated with new business unit structures [8]. - The company's net asset return rate is projected to be 11.2% in 2024, down from 20.5% in 2023 [5]. Revenue and Profit Trends - The core subsidiary, Jinsai, is expected to generate revenue of RMB 10.67 billion in 2024, a decrease of 3.73%, with a net profit of RMB 2.68 billion, down 40.67% [8]. - The report notes a significant decline in sales for the shingles vaccine, with revenue expected to be RMB 1.23 billion in 2024, a drop of 32.64% [8]. R&D and Product Development - Jinsai is accelerating new product R&D and enhancing talent acquisition, which is increasing personnel and R&D costs, thereby reducing profitability [8]. - The company is expanding the applications of growth hormone in assisted reproduction and adult growth hormone deficiency, while also developing a diverse innovation pipeline [8].

Group 1 - Investment Rating: Outperform [1] - Target Price: RMB 59.13, current price is RMB 47.65 [1] - Market Capitalization: RMB 5,718 million [1] Group 2 - Core View: The company maintains high growth in overseas revenue while domestic revenue gradually recovers [3][10] - Q4 performance showed significant improvement with revenue of RMB 182 million (+38.50% QoQ) and net profit of RMB 40 million (+58.59% QoQ) [9] - The company has successfully developed nearly 50 high-quality GMP-grade products, enhancing its innovation capabilities [11] Group 3 - Financial Summary: - 2024 revenue forecast: RMB 645 million (+18.6%) - 2025 revenue forecast: RMB 796 million (+23.5%) - 2026 revenue forecast: RMB 977 million (+22.7%) - 2027 revenue forecast: RMB 1,199 million (+22.7%) [2] - Net profit attributable to shareholders for 2024 is forecasted at RMB 124 million (-19.4%) [2] - R&D expenses for 2024 are projected to be RMB 165 million (+32.37%) [11] Group 4 - Revenue Breakdown: - Domestic revenue for 2024 is RMB 216 million (+16.76%) - Overseas revenue is RMB 429 million (+19.62%) [10] - Major revenue contributions come from recombinant proteins (RMB 536 million, +17.35%) and testing services (RMB 17.45 million, +12.63%) [10] - The company has over 5,000 biological reagent products sold and applied in 2024 [11]

Investment Rating - The investment rating for the company is "Outperform" with a target price of 24.29 RMB, compared to the current price of 14.71 RMB [1][8]. Core Insights - The company aims to strengthen its competitiveness in the medical equipment market through innovation and continuous divestment of non-core businesses, while also expanding its overseas market presence [1][8]. - In 2024, the company is projected to achieve revenue of 10.02 billion RMB (+0.1%) and a net profit attributable to shareholders of 692 million RMB (+5.8%) [1][8]. - The forecasted EPS for 2025 and 2026 is 1.35 RMB and 1.59 RMB respectively, with a new forecast for 2027 at 1.79 RMB [1][8]. Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue 10,012 million RMB, Net Profit 654 million RMB - 2024A: Revenue 10,021 million RMB, Net Profit 692 million RMB - 2025E: Revenue 10,664 million RMB, Net Profit 819 million RMB - 2026E: Revenue 11,337 million RMB, Net Profit 967 million RMB - 2027E: Revenue 12,044 million RMB, Net Profit 1,083 million RMB [3][5]. - Key Financial Ratios: - Net Asset Return Rate: 2024A at 9.1%, increasing to 11.0% by 2027E - Current PE Ratio: 12.90 for 2024A, decreasing to 8.24 by 2027E [3][5]. Business Structure and Market Focus - The company is focusing on the manufacturing of medical equipment and pharmaceutical equipment, with these sectors accounting for 58.93% of revenue in 2024 [1][8]. - The international business revenue is expected to reach 271 million RMB in 2024, reflecting a growth of 12.43% [1][8]. - The medical equipment sector is projected to generate 3.74 billion RMB in revenue in 2024, while the pharmaceutical equipment sector is expected to achieve 2.17 billion RMB, marking a growth of 12.9% [1][8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 68.25, indicating a potential upside from the current price of RMB 51.35 [1][8]. Core Insights - The company has experienced significant revenue growth, with 2024 revenue reaching RMB 114.77 billion, a year-on-year increase of 74.24%. The net profit attributable to shareholders was RMB 2.29 billion, up 28.55% year-on-year [8]. - In Q1 2025, the company reported revenue of RMB 46.86 billion, a remarkable 165.31% increase year-on-year, and a net profit of RMB 463 million, up 52.78% year-on-year [8]. - The company is focused on building full-stack AI capabilities and has launched several innovative products, including an enterprise platform for AI model development and a high-performance AI general server [8]. - The company has a high customer concentration, with the top five customers accounting for 74.13% of total sales in 2024 [8]. Financial Summary - Revenue projections show a steady increase from RMB 65.87 billion in 2023 to RMB 210.86 billion by 2027, with a compound annual growth rate (CAGR) of approximately 34.8% from 2024 to 2025 [3][5]. - Net profit attributable to shareholders is expected to grow from RMB 1.78 billion in 2023 to RMB 4.68 billion by 2027, reflecting a CAGR of about 22.2% [3][5]. - The company's R&D expenses are projected to rise significantly, indicating a commitment to innovation and product development [8]. Product and Regional Performance - In 2024, server and components revenue constituted 99.33% of total revenue, amounting to RMB 114.00 billion, with a gross profit margin of 6.76% [8]. - Domestic revenue was RMB 80.69 billion, representing 70.30% of total revenue, while overseas revenue surged to RMB 34.08 billion, accounting for 29.70% of total revenue, with a staggering year-on-year growth of 256.98% [8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 50.17 RMB per share, representing a potential upside of 49% from the current price of 44.20 RMB [1][8]. Core Insights - The company has entered a high growth phase, with Q1 2025 revenue growth exceeding 20% for the first time since Q2 2021. However, the G-end business continues to pressure overall profits [1][8]. - EPS forecasts for 2025 and 2026 are set at 0.63 RMB and 0.87 RMB, respectively, with a new forecast for 2027 at 1.18 RMB. The current profit levels do not align with the revenue scale due to G-end drag [1][8]. - The company reported a revenue of 1.95 billion RMB in 2024, up 6.38% YoY, and a net profit attributable to shareholders of 113 million RMB, up 35.01% YoY [1][8]. Financial Summary - In Q1 2025, the company achieved a revenue of 449 million RMB, a 23.72% increase YoY, while the net profit attributable to shareholders was 25 million RMB, down 24.50% YoY [1][8]. - The company’s 2024 revenue from its ToB business was 1.18 billion RMB, up 8.46% YoY, with a net profit of 249 million RMB, up 1.60% YoY. The ToG business generated 763 million RMB in revenue, up 3.37% YoY, but incurred a net loss of 136 million RMB, reducing losses significantly from 2023 [1][8]. - The report highlights that the company’s AI products now contribute over 20% to its digital tax business revenue, indicating a strong integration of AI into its service offerings [1][8].