2025年05月28日 证券研究报告|公司研究|公司点评 迪哲医药(688192) 2024 年年报和 2025 年一季报点评： 商业化产品快 速放量,研发管线持续推进 ◆ 2024 年年报和 2025 年一季报: 2024 年公司实现营业收入 3.60 亿元，同比增长 294.24%；归母净亏 损 8.46 亿元,同比减亏 23.63%。2025 年一季度营业收入 1.60 亿元,同 比增长 96.32%：归母净亏损 1.93 亿元，同比减亏 14.15%。 ◆ 舒沃哲：EGFR Exon20ins NSCLC 的二/后线治疗向 FDA 递交新药上 市申请；一线治疗获中、美两国突破性疗法认定 舒沃哲作为公司核心商业化产品,其二/后线治疗 EGFR Exon20ins NSCLC 适应症于 2023 年 8 月获得 NMPA 批准上市，成为全球首个且唯 一获批治疗 EGFR Exon20ins NSCLC 的口服靶向药。2025 年 1 月，舒沃 哲二/后线治疗 EGFR Exon20ins NSCLC 的 NDA 获得 FDA 受理并获优 先审评资格。 临床研究获得国际权威学术界的广泛认可,临床应用获多部权 ...

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行业报告:先进制造行业周报 2025年6月3日 中航证券有限公司 AVIC SECURITIES CO., LTD. 从国际人形机器人技能大赛看具身智能商业化进程 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造- -- 投资观点 ■ 重点推荐:信捷电气、北特科技、汉威科技、兆威机电、恒立液压、纽威股份、软通动力 ■ 重点跟踪行业——人形机器人： 资料来源:张江发布,中航证券研究所 ■ 核心个假组合;信捷电气、北特科技、兆威机电、恒立液压、组威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、轨通 动力、航锦科技、华伍股份、华阳集团、万马科技、绿的谐波、埃斯顿 ■ 本周专题研究：5月29日、以"具身智能、未来已来"为主题的2025张江具身智能开发者大会暨国际人形机器人技能大赛在上海浦东张江科学会堂 举行。2025国际人形机器人技能大赛是全球首个 ...

2025年06月02日 证券研究报告|行业研究|军工行业点评 国防军工 军工行业周报:机遇大于挑战、动力大于压力 报告摘要 全年观点请关注 2025 年军工投资策略《今朝更好看》。 一、核心观点 行业走势图 200/ 10% -10% -20% 作者 | 张超 | 分析师 | | --- | --- | | SAC 执业证书：S0640519070001 | | | 联系电话：010-59219568 | | | 邮箱：zhangchao@avicsec.com | | | 方晓明 | 分析师 | | SAC 执业证书：S0640522120001 | | | 联系电话：010-59562523 | | | 邮箱：fangxm@avicsec.com | | | 李博伦 | 分析师 | | SAC 执业证书：S0640525040001 | | | 联系电话: | | | 邮箱：libl@avicsec.com | | | 宋翰生 | 研究助理 | | SAC执业证书：S0640124040001 | | | 联系电话:18301145367 | | | 邮箱：songhs@avicsec.com | | 相 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1][9][12] Core Views - The company is showing signs of operational improvement with a diversified layout that is expected to create a new growth curve [1] - The core K12 business is experiencing steady growth, with a significant increase in enrollment and optimized tuition structure contributing to revenue growth [6][8] - The company is expected to enter a new phase of profitability, with forecasts indicating a turnaround in net profit starting from 2025 [6][9] Financial Performance - In 2024, the company achieved revenue of 320 million yuan, a year-on-year increase of 25.92%, while the net profit attributable to shareholders was -37 million yuan, an increase of 25.66% year-on-year [5][9] - The gross margin for 2024 was 27.45%, up 3.31 percentage points year-on-year, indicating improved profitability [6][9] - The company is projected to achieve revenues of 390.62 million yuan in 2025, with a significant expected increase in net profit to 25.11 million yuan [9][11] Business Segments - The K12 education service segment generated revenue of 260 million yuan in 2024, reflecting a year-on-year growth of 41.86% [8] - The vocational education segment is expanding, focusing on industry-education integration and training for government officials, with collaborations with major tech companies [7][8] - The company is enhancing its non-seasonal training offerings, which include new directions in AI and robotics, to counteract declines in traditional training revenue [7][8] Market Position - The company maintains a competitive edge in the K12 sector, with high admission rates to top universities, indicating strong academic performance [8] - The diversified educational offerings and strategic partnerships are expected to enhance market share and long-term growth potential [7][8] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 52.69 million yuan in 2026 and 77.17 million yuan in 2027, indicating a robust recovery [9][11] - The light asset model is anticipated to replicate success in new markets, further driving profitability [8][9]

Investment Rating - The report assigns an "Accumulate" rating for the industry [2]. Core Insights - The ongoing US-China trade conflict, particularly the "tariff war," presents both challenges and opportunities for China's civil aviation industry, as it faces dual pressures from developed countries' manufacturing return and developing countries' manufacturing diversion [1][2]. - The global civil aviation industry is experiencing significant supply chain pressures due to the "tariff war," affecting major players like Boeing and Airbus differently, with Boeing facing more substantial impacts [6][39]. - The "tariff war" is seen as a double-edged sword for China's large aircraft industry, potentially increasing costs and supply chain disruptions while simultaneously providing unprecedented opportunities for domestic aircraft development and supply chain autonomy [7][10]. Summary by Sections Section 1: Impact of the "Tariff War" on Global Civil Aviation - The global supply chain for aircraft manufacturing is highly integrated, with significant reliance on international suppliers, as exemplified by Boeing's 787 program, where nearly 70% of systems and components are sourced globally [1][29]. - The complexity of the supply chain has led to increased risks, including quality management challenges and delivery delays, which are exacerbated by the current trade tensions [2][6]. Section 2: Opportunities for China's Civil Aviation Industry - The "tariff war" may accelerate the domestic replacement process in China's large aircraft sector, pushing for greater self-sufficiency and innovation in key technologies [10][11]. - The C919 aircraft has achieved a domestic production rate of 60%, indicating progress in reducing reliance on foreign suppliers [8][10]. Section 3: Supply Chain Dynamics - China's large aircraft supply chain is characterized by a unique combination of globalization and self-sufficiency, which positions it well to navigate the current challenges [15][16]. - The report highlights the varying degrees of domestic replacement across different segments of the supply chain, with metal components largely produced domestically while composite materials still rely on imports [13][16]. Section 4: Market Dynamics and Future Outlook - The report anticipates that the "tariff war" will lead to a shift in market dynamics, with domestic airlines potentially increasing their procurement of Chinese-made aircraft as costs for foreign aircraft rise [12][39]. - The long-term outlook suggests that the pressures from the "tariff war" will catalyze advancements in China's civil aviation industry, enhancing its competitiveness in both domestic and international markets [10][11].

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][40]. Core Insights - The securities sector experienced a decline of 2.26% in the recent week, underperforming the CSI 300 index by 2.08 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.33, which is near the 20th percentile of 2020, suggesting it is at a historical low [1][3]. - The recent approval of 26 floating-rate funds by the CSRC marks a new phase in public fund fee reform, aiming to optimize the cost structure for investors and align the interests of fund companies with those of investors [2]. - Regulatory encouragement for industry consolidation is evident, with mergers and acquisitions seen as effective means for brokerages to achieve external growth and enhance overall competitiveness [3][6]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume for A-shares was 11,733 billion yuan, reflecting a week-on-week decrease of 7.34%. The average turnover rate was 3.80%, showing a slight increase of 0.08 percentage points [11]. - As of May 23, 2025, the total equity financing scale for the year reached 167.604 billion yuan, with IPOs contributing 23.9 billion yuan and additional offerings accounting for 126.6 billion yuan. The bond underwriting scale for April was 1,488.644 billion yuan, marking a year-on-year increase of 56.38% [16]. Insurance Weekly Data Tracking - The insurance sector saw a decline of 0.45%, underperforming the CSI 300 index by 0.28 percentage points. As of May 21, 2025, insurance capital has conducted a total of 7,677 research visits to A-share listed companies, focusing on high-dividend and technology growth sectors [7][8]. - The current strategy for insurance capital is to optimize a "barbell" asset allocation, balancing high-dividend assets for stable returns with investments in technology innovation and green low-carbon sectors for long-term growth opportunities [8].

Investment Rating - The industry is rated as "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [60][61]. Core Insights - The report emphasizes the ongoing trend of domestic substitution in the semiconductor industry, particularly in wafer foundries, where domestic players are expected to grow despite short-term pressures [1]. - The semiconductor equipment sector is experiencing a high level of demand, with top global companies maintaining revenue growth of over 20% year-on-year, reflecting a shift towards domestic equipment adoption [2]. - The semiconductor materials sector is showing signs of recovery, with significant revenue growth expected in 2024 and Q1 2025, although challenges remain in the silicon wafer segment [7]. Summary by Sections 1. Wafer Foundry - Domestic foundries are facing short-term performance fluctuations but are expected to benefit from the strategic positioning of advanced production lines in the long term [1]. - SMIC reported Q1 2025 revenue of $2.25 billion, up 28.4% year-on-year, but faced ASP pressure with a 9% quarter-on-quarter decline [1]. - Hua Hong Semiconductor's Q1 2025 revenue was $540 million, up 17.6% year-on-year, but also faced pricing pressures [1]. 2. Semiconductor Equipment - The top five global semiconductor equipment companies are experiencing high demand, with revenue growth of over 20% year-on-year, except for AMAT [2]. - The front-end equipment sector maintained a revenue growth rate of around 30%, although profit margins have varied significantly among companies [2][28]. - The back-end equipment sector is recovering, driven by demand for advanced packaging, with revenue growth of 49% in 2024 and 34% in Q1 2025 [6]. 3. Semiconductor Materials - The semiconductor materials sector is expected to see revenue growth of 22% in 2024 and 21% in Q1 2025, following a period of low performance in 2023 [7][52]. - Major companies like Dinglong Co., Anji Technology, and Jiangfeng Electronics are expected to show strong performance due to their solid fundamentals and comprehensive platform layouts [7][54]. - The overall profit for the semiconductor materials sector is projected to decline in 2024 due to losses in the silicon wafer segment, but excluding this segment, profits are expected to grow by 23% in 2024 [54].

Investment Rating - The industry investment rating is "Overweight" [3][22]. Core Insights - The report emphasizes the potential growth in the humanoid robot sector, forecasting a cumulative global demand of approximately 2 million units by 2030, indicating a significant breakthrough phase from 0 to 1 [6][16]. - The report highlights the advancements in Tesla's Optimus robot, showcasing its ability to perform complex household tasks and its ongoing software and hardware improvements [7][10]. - The report identifies key companies to watch in the humanoid robot supply chain, including Sanhua Intelligent Controls, Top Group, and North Special Technology, among others [6][16]. Summary by Sections Humanoid Robots - Tesla's Optimus robot has demonstrated capabilities in household tasks and is progressing towards mass production [7][10]. - Figure's robots have shown commercial viability by working continuously for 20 hours on production lines [10]. - Xiaopeng Motors plans to launch its fifth-generation humanoid robot by 2026, enhancing its computational capabilities [10][12]. - The first global standard for humanoid robot intelligence classification has been established, providing a framework for product design and performance benchmarking [15]. Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, strengthening the competitive edge of leading companies [17]. - The overall price center of the photovoltaic industry is declining, with a focus on cost reduction and efficiency improvements [17]. Energy Storage - The report highlights favorable policies for energy storage, driving growth in both generation and user-side storage sectors [17]. - Key companies in the energy storage sector are identified, including Xingyun Co., which collaborates with leading battery manufacturers [17]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a growing share from mainland China [18]. - The report emphasizes the importance of domestic substitution in the semiconductor sector [18]. Automation - The market for industrial consumables, particularly cutting tools, is expected to grow from 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [18]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [18]. Engineering Machinery - The report suggests focusing on leading companies in the engineering machinery sector, which are expected to maintain their competitive advantages [18].