证券研究报告·公司点评报告·化学制药 科伦药业（002422） 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,454 | 21,812 | 25,300 | 27,822 | 30,605 | | 同比（%） | 12.69 | 1.67 | 15.99 | 9.97 | 10.00 | | 归母净利润（百万元） | 2,456 | 2,936 | 3,534 | 4,241 | 4,675 | | 同比（%） | 44.03 | 19.53 | 20.37 | 20.01 | 10.23 | | EPS-最新摊薄（元/股） | 1.54 | 1.84 | 2.21 | 2.65 | 2.93 | | P/E（现价&最新摊薄） | 23.56 | 19.71 | 16.37 | 13.64 | 12.38 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 05 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 券商业绩大幅增长；产险基本面全面改善 2025 年 05 月 05 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 luoyk@dwzq.com.cn 行业走势 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 非银金融 沪深300 相关研究 《供给侧改革驱动价值重估，AI 赋能 效率提升——证券行业 2025 年中期 投资策略【勘误版】》 2025-05-04 《券商 IT&互联网金融 2024 年及 2025Q1 综述-- 市场活跃抬升业绩，科 技驱动差异竞争》 2025-05-04 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 3 个交易日（2025 年 04 月 28 日-2025 年 04 ...

证券研究报告 忽视关税噪音，关注自主科技 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年5月5日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本周市场回顾 注：上周交易日为4月28日-30日 （如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指数走势 4 注：本报告所涉及个股/公司仅代表与产业或交易 ...

证券研究报告·行业深度报告·传媒 传媒行业深度报告 24Q4&25Q1 业绩综述：25Q1 板块整体优于 市场预期，影视及游戏行业表现亮眼 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 出版报刊：教育出版监管影响收入，所得税政策变动产生一次性影响。 2024 年、2025Q1 出版报刊行业收入同比下降 2%及 4%，教育出版领域 的监管政策对相关企业产生了影响，一般图书出版领域整体平稳。2024 年、2025Q1 归母净利润分别同比下降 34%及同比增长 34%，行业归母 净利润的波动主要与递延所得税资产/负债的变动有关,而毛利和费用变 化幅度不大。考虑到财务稳健性及股息率，推荐：南方传媒、山东出版， 建议关注中原传媒、中南传媒、凤凰传媒、长江传媒、皖新传媒等；其 他出版方面，推荐中文在线，建议关注果麦文化等。 2025 年 05 月 05 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 周良玖 执业证书：S0600517110002 021-60199793 zhoulj@dw ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is expected to benefit from the ramp-up in semiconductor and display equipment [1] - Revenue for 2024 is projected to be 9.83 billion yuan, with a year-on-year growth of 21.53%, while net profit is expected to be 925.91 million yuan, reflecting a slight increase of 1.31% [1] - The company is increasing its R&D investment, particularly in the semiconductor and display sectors, with R&D spending expected to reach 950 million yuan in 2024, a year-on-year increase of 24.6% [7] Financial Summary - Total revenue for 2023 is reported at 8.09 billion yuan, with a significant year-on-year increase of 94.99% [1] - The projected net profit for 2025 is 764.86 million yuan, a decrease of 17.39% compared to 2024 [1] - The company's gross margin for 2024 is expected to be 28.1%, down 2.4 percentage points year-on-year [7] - The company’s total assets are projected to be 23.84 billion yuan in 2024, with total liabilities of 16.31 billion yuan [8] Market Position and Strategy - The company is focusing on advanced packaging in the semiconductor sector and has successfully launched several core devices, achieving a leading market share in laser grooving equipment [7] - In the display sector, the company has expanded its product offerings to include solutions for Mini/Micro LED technologies [7] - The company aims to enhance its production capacity and reduce operational costs through technological upgrades, targeting a component power output of 780W by the end of 2025 [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the ramp-up of PCB equipment and composite copper foil equipment [1] - The revenue for 2024 is projected to be 7.50 billion yuan, a year-on-year decrease of 17.5%, primarily due to the drag from new energy electroplating equipment [7] - The company has successfully developed and is ramping up production of advanced PCB electroplating and new energy electroplating equipment, which is expected to enhance its technical capabilities and market position [7] Financial Summary - Total revenue for 2023 was 9.09 billion yuan, with a projected decline to 7.50 billion yuan in 2024, followed by a recovery to 9.64 billion yuan in 2025 [1][8] - The net profit attributable to the parent company is expected to drop from 1.51 billion yuan in 2023 to 692.7 million yuan in 2024, before rebounding to 1.47 billion yuan in 2025 [1][8] - The earnings per share (EPS) is forecasted to decrease from 0.51 yuan in 2023 to 0.23 yuan in 2024, with a recovery to 0.49 yuan in 2025 [1][8] Operational Insights - The company's gross margin for 2024 is expected to be 33.5%, down 8.2 percentage points year-on-year, while the net profit margin is projected at 9.24%, down 7.4 percentage points year-on-year [7] - As of the end of Q4 2024, the company's contract liabilities increased by 69.7% year-on-year to 368 million yuan, and inventory rose by 54.1% year-on-year to 634 million yuan [7] - The company is the only one globally to achieve large-scale production of new energy lithium electroplating film equipment, indicating a strong competitive edge in this niche market [7]

2025 年 05 月 05 日 证券分析师 曾朵红 证券研究报告·公司点评报告·光伏设备 禾迈股份（688032） 2024 年报及 2025 一季报点评：2025Q1 微逆 出货环增，全年有望恢复稳健增长，储能放 量高增 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,026 | 1,993 | 3,062 | 4,448 | 6,094 | | 同比（%） | 31.86 | (1.63) | 53.62 | 45.30 | 36.99 | | 归母净利润（百万元） | 511.85 | 344.22 | 505.79 | 710.30 | 936.45 | | 同比（%） | (3.89) | (32.75) | 46.94 | 40.43 | 31.84 | | EPS-最新摊薄（元/股） | 4.13 | 2.77 | 4.08 | 5.72 | 7.55 | | P/E（现价&最新摊薄） | 2 ...

证券分析师：朱国广 执业证书编号：S0600520070004 联系邮箱：zhugg@dwzq.com.cn 二零二五年五月五日 请务必阅读正文之后的免责声明部分 1 核心观点 2 证券研究报告 医药行业2024年及2025Q1总结报告： 药店、医药流通增长较好，CXO环比持续改善 医药行业：405家医药上市公司2024同比2023的销售收入、归母净利润、扣非归母净利润总额增速分别为-0.46%、-6.73%、- 11.97%。2024年Q4收入增长最快的三个细分领域依次为CXO、医疗器械、医药流通；2025Q1收入增长最快的三个细分领域 依次为CXO、药店、医药流通。 中药：62家中药上市公司2024年同比2023年的收入、归母净利润、扣非归母净利润总额增速为-3.9%、 -14.6%、-0.2% ； 2025Q1同比2024Q1的收入、归母净利润、扣非归母净利润总额增速分别为-6.4%、-3.2%、-4.35%。客观经济环境变化、疾 病发病率的变化叠加医药院内外政策影响，24年及25Q1增速明显放缓。建议关注：东阿阿胶、佐力药业、健民集团等。 化学制剂：96家化学制剂公司2024年同比2023年的收入、归 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's progress in the semiconductor business has exceeded expectations, with a focus on developing new products such as pressure control valves and high-performance ALD valves, leading to a revenue increase of 30% year-on-year in the semiconductor segment [3] - The company has established a joint venture to provide liquid cooling solutions for critical industries, enhancing its market position [3] - Due to a slowdown in performance, the profit forecast for 2025-2026 has been adjusted downwards, but the company is still expected to maintain high growth in the semiconductor parts business, justifying the "Accumulate" rating [3] Financial Summary - Total revenue for 2024 is projected at 28.49 billion yuan, a year-on-year increase of 5.1%, with the semiconductor business contributing 8.6 billion yuan, up 30% [8] - The net profit attributable to the parent company for 2024 is expected to be 2.26 billion yuan, down 4.1% year-on-year [8] - The earnings per share (EPS) for 2025 is estimated at 0.77 yuan, with a dynamic P/E ratio of 41.48 times [1][3] - The company’s operating cash flow for 2024 is projected to be 4.26 billion yuan, a significant increase of 94% year-on-year [8]

2025 年 05 月 05 日 证券研究报告·公司点评报告·医疗服务 通策医疗（600763） 2024 年报及 2025 一季报点评：业绩符合预 期，Q1 业绩增速环比改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,847 | 2,874 | 3,152 | 3,499 | 3,904 | | 同比（%） | 4.70 | 0.96 | 9.68 | 11.00 | 11.59 | | 归母净利润（百万元） | 500.44 | 501.43 | 561.89 | 633.14 | 716.43 | | 同比（%） | (8.72) | 0.20 | 12.06 | 12.68 | 13.16 | | EPS-最新摊薄（元/股） | 1.12 | 1.12 | 1.26 | 1.42 | 1.60 | | P/E（现价&最新摊薄） | 35.87 | 35.80 | 31.95 | 28.35 | ...