Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading manufacturer in the small modulus gear industry, with a strong focus on micro gearboxes and reducers for humanoid robots, indicating high elasticity in production capacity release [4][6] - The company has established high technical barriers in micro gear technology, gaining recognition from global quality clients such as Bosch Group, which is also its largest customer [5][42] - The company has deep collaborations with clients like Star Dynamics, enhancing its position in the humanoid robot transmission market [6][44] Summary by Sections 1. Small Modulus Gear Industry Leader, High Elasticity in Robot Production Capacity Release - The company specializes in small modulus gears, with a complete product system and leading global technology in gear design, heat treatment, and testing [4][12] - The company has invested nearly 600 million yuan since its listing, with over 140 million yuan in equipment, indicating significant capacity release potential [4][27] 2. High Technical Barriers in Micro Gear Technology, Backed by Quality Clients - Small modulus gears require micron-level precision, making their processing highly challenging, with only a few companies mastering the entire process chain [5][38] - The company has long-term partnerships with top global clients, including Bosch Group, which accounted for 26% of its revenue in 2023 [5][42] 3. New Star in Humanoid Robot Transmission, Deep Collaboration with Clients - The company’s small modulus gears are crucial components in humanoid robots, enabling flexible and precise movements [44][45] - The company has developed both harmonic and planetary reducer technologies, with significant advantages in cost reduction during mass production [6][44] 4. Profit Forecast and Investment Recommendations - The company’s projected net profits for 2024-2026 are 19 million, 43 million, and 94 million yuan, respectively, with corresponding P/E ratios of 441.4, 197.9, and 90.4 times [4][7] - The company’s revenue for the first three quarters of 2024 was 371 million yuan, a year-on-year increase of 17%, while net profit decreased by 46% due to increased costs from new business expansions [27][30]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading manufacturer in the small modulus gear industry, with a strong focus on precision gearboxes and related components, and has a complete product system that is globally competitive [4][12] - The company has established deep collaborations with high-profile clients such as Bosch and Siemens, which enhances its credibility and market opportunities in the robotics sector [5][42] - The company has significant production capacity and investment in the robotics field, with a projected increase in net profit from 0.19 billion to 0.94 billion from 2024 to 2026, indicating high earnings elasticity [4][27] Summary by Sections 1. Small Modulus Gear Industry Leader - The company specializes in small modulus gears, which are critical components in precision gearboxes and reducers, and has a strong technological foundation [4][12] - The company has invested nearly 6 billion in production capacity since its listing, with over 1.4 billion in equipment investments, indicating a robust expansion strategy [4][27] 2. High Technical Barriers in Micro Gear Technology - Small modulus gears require micron-level precision and are difficult to manufacture, creating high entry barriers for competitors [5][38] - The company has received recognition from top global clients, including Bosch, which accounts for 26% of its revenue, enhancing its market position [5][42] 3. New Star in Humanoid Robot Transmission - The company has developed key components for humanoid robots, including precision gearboxes and reducers, and has established partnerships with clients like Star Dynamics [6][44] - The company’s products are essential for the flexible movement of robotic joints, leveraging its expertise in small modulus gears [44][46] 4. Financial Forecast and Investment Recommendations - The company’s revenue is projected to grow from 4.29 billion in 2022 to 9.29 billion by 2026, with a significant increase in net profit expected [7][28] - The company’s P/E ratio is expected to decrease from 441.4 in 2024 to 90.4 by 2026, indicating a potential undervaluation compared to peers [7][28]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in its existing business while innovative drugs are expected to bring additional revenue. The marketing reform effects are becoming evident, and the innovative drug Daxin is anticipated to gradually increase its market presence [6][8] Financial Performance Summary - In 2024, the company achieved revenue of 4.159 billion yuan, a year-on-year increase of 3.99% - The net profit attributable to the parent company was 712 million yuan, up 15.04% - The non-recurring net profit was 647 million yuan, an increase of 21.38% - The gross margin for 2024 was 49.97%, a decrease of 0.60 percentage points, while the net profit margin increased by 1.70 percentage points to 17.29% - Sales expense ratio decreased by 2.94 percentage points to 16.65%, while management expense ratio increased by 0.16 percentage points to 5.49% and R&D expense ratio decreased by 0.81 percentage points to 9.22% [6][10] Revenue Breakdown - The company's finished drug revenue was 2.522 billion yuan, a year-on-year increase of 8.42% - Raw material drug revenue was 876 million yuan, a year-on-year decrease of 8.37% - Medical device revenue was 687 million yuan, a year-on-year increase of 7.84% - The main business has maintained stable growth [7] Innovation and Drug Development - The first-class innovative drug Daxin is expected to enter the medical insurance negotiation by the end of 2024, with further market expansion anticipated - The II phase clinical trial for JX11502MA capsule, a treatment for schizophrenia, is nearing completion - The modified new drug for ulcerative colitis, Kangfu New Enteric Capsule, is also progressing well in its II phase clinical trial - The I phase clinical trial for JX2201 capsule, a first-class innovative drug for LP(a) hyperlipidemia, started in March 2025 - The III phase clinical trial for the schizophrenia treatment, Kalirazine Hydrochloride Capsule, has been completed and will soon submit for market approval [8] Earnings Forecast - The company’s net profit forecast for 2025-2027 is adjusted to 822 million yuan, 953 million yuan, and 1.106 billion yuan respectively - The earnings per share (EPS) for the same period is projected to be 0.95 yuan, 1.11 yuan, and 1.28 yuan respectively - The current stock price corresponds to a price-to-earnings (P/E) ratio of 15.4, 13.2, and 11.4 times for 2025, 2026, and 2027 respectively [6][10]

食品饮料/白酒Ⅱ 贵州茅台（600519.SH） 2024 年营收利润高增，2025 年定调合理积极 2025 年 04 月 07 日 投资评级：买入（维持） | 日期 | 2025/4/3 | | --- | --- | | 当前股价(元) | 1,568.88 | | 一年最高最低(元) | 1,910.00/1,245.8 | | | 3 | | 总市值(亿元) | 19,708.24 | | 流通市值(亿元) | 19,708.24 | | 总股本(亿股) | 12.56 | | 流通股本(亿股) | 12.56 | | 近 3 个月换手率(%) | 14.19 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 贵州茅台 沪深300 相关研究报告 《锚定全年目标，业绩平稳符合预期 —公司信息更新报告》-2024.10.29 《业绩好于预期，分红方案诚意十足 —公司信息更新报告》-2024.8.12 《收入高增势头不减，市场化改革进 程持续 — 公 司 信 息 更 新 报 告 》 -2024.5.1 | 张宇光（分析师） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The company is expected to achieve a revenue growth target of 9% for 2025, with a positive outlook for the upcoming years despite a slight adjustment in profit forecasts due to a slow recovery in liquor consumption [6][7] - The company reported a total revenue of 174.1 billion yuan for 2024, representing a year-on-year increase of 15.7%, and a net profit of 86.2 billion yuan, up 15.4% year-on-year, aligning with market expectations [6][9] - The company aims to maintain stable pricing for its flagship products while optimizing its product and channel structures to ensure continued growth [6][8] Financial Performance Summary - For 2024, the company achieved a gross margin of 92.1%, with a net profit margin of 51.3%, indicating stable profitability [9][11] - The projected net profits for 2025, 2026, and 2027 are 95.6 billion yuan, 105.9 billion yuan, and 114.4 billion yuan, respectively, with year-on-year growth rates of 10.9%, 10.7%, and 8.1% [6][11] - The earnings per share (EPS) for 2025 is estimated at 76.10 yuan, with corresponding price-to-earnings (P/E) ratios of 20.6, 18.6, and 17.2 for 2025, 2026, and 2027 [6][11][14] Revenue Breakdown - In 2024, the company generated revenue of 145.9 billion yuan from its flagship liquor and 24.7 billion yuan from its series liquor, with year-on-year growth rates of 15.3% and 19.7%, respectively [7][8] - The wholesale channel outperformed the direct sales channel, with revenues of 95.8 billion yuan and 74.8 billion yuan, reflecting year-on-year increases of 19.7% and 11.3% [8][9] Market Strategy - The company is actively optimizing its channel structure to address supply-demand mismatches, expanding beyond traditional distributors to include restaurants, supermarkets, and e-commerce platforms [8][9] - The company is focusing on maintaining a stable price for its flagship products while increasing market share through enhanced product offerings and strategic channel management [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in its existing business while innovative drugs are expected to bring additional revenue. The marketing reform effects are becoming evident, and the innovative drug Dazaxin is anticipated to gradually increase in volume [6][7][8] Financial Performance - In 2024, the company achieved revenue of 4.159 billion yuan, a year-on-year increase of 3.99% - The net profit attributable to the parent company was 712 million yuan, up 15.04% - The gross margin for 2024 was 49.97%, a decrease of 0.60 percentage points, while the net profit margin increased by 1.70 percentage points to 17.29% - The sales expense ratio decreased by 2.94 percentage points to 16.65%, while the management expense ratio increased slightly by 0.16 percentage points to 5.49% [6][10] Revenue Breakdown - The company's finished drug revenue was 2.522 billion yuan, a year-on-year increase of 8.42% - Raw material drug revenue was 876 million yuan, a year-on-year decrease of 8.37% - Medical device revenue reached 687 million yuan, a year-on-year increase of 7.84% [7] Future Projections - The company has adjusted its profit forecasts for 2025-2026 and added projections for 2027, expecting net profits of 822 million yuan, 953 million yuan, and 1.106 billion yuan respectively - The expected EPS for 2025-2027 is 0.95 yuan, 1.11 yuan, and 1.28 yuan, with corresponding P/E ratios of 15.4, 13.2, and 11.4 [6][10] Innovation Pipeline - The first-class innovative drug Dazaxin is expected to enter the medical insurance negotiation by the end of 2024, with further volume growth anticipated - Other innovative drugs are in various stages of clinical trials, including JX11502MA for schizophrenia and JX2201 for LP(a) hyperlipidemia [8]

基础化工 基础化工 2025 年 04 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-04 2024-08 2024-12 2025-04 基础化工 沪深300 相关研究报告 《中美贸易冲突升级，对主要化工品 直 接 出 口 影 响 较 小 — 行 业 周 报 》 -2025.4.6 《本周尿素市场工业刚需强劲，尿素 价格延续涨势 — 行业周报》 -2025.3.30 金益腾（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 美国无差别加征关税背景下，中国制造业在全球份额有望持续提升 当地时间 4 月 2 日下午，美国总统特朗普宣布对所有贸易伙伴设立 10%的"最低 基准关税"，其中对中国征收税率为 34%，关税总额提高至 54%。之后我国出台 一系列反制措施，包括对美国进口商品加征 34%关税。特朗普无差别加征关税的 出发点在于推动制造业回流美国，但制造业体系的建立并非朝夕间可完成，强制 加征关税短期可能会让全球需求减弱。我国制造业基础夯实，加上国内内需强劲， 短期内无惧海外需求减 ...

行 业 研 究 2025 年 04 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 2024-04 2024-08 2024-12 传媒 沪深300 相关研究报告 《AutoGLM 沉思实现"边想边干"， 继续布局 AI Agent—行业点评报告》 -2025.4.1 《吉卜力风格 AI 动漫再验多模态 AI 进化，继续布局 AI—行业点评报告》 -2025.3.31 《"赋能+重构"，AI 游戏扬帆起航 —行业深度报告》-2025.3.25 AI 日日新，供需两旺或助力文娱消费春意渐浓 ——行业周报 | 方光照（分析师） | 田鹏（分析师） | 肖江洁（联系人） | | --- | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | xiaojiangjie@kysec.cn | | 证书编号：S0790520030004 | 证书编号：S0790523090001 | 证书编号：S0790124070035 | 多模态 AI、Agent 日日新，社交/文娱/教育/电商等场景 AI ...

社会服务 2025 年 04 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 社会服务 沪深300 相关研究报告 《布鲁可 BFC 生态驱动品牌建设，关 注中国功效护肤和高端彩妆龙头—行 业周报》-2025.3.30 《清明出游预订增势良好，关注中国 服 务 消 费 平 台 出 海 — 行 业 周 报 》 -2025.3.23 《优质供给推动拼搭玩具全龄化渗 透，创作者经济蓬勃拉动 AI+美丽 — 行业周报》-2025.3.16 清明假期旅游稳健增长，迪士尼消费品矩阵持续丰富 ——行业周报 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（联系人） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790525020004 | 证书编号：S0790123070033 | 出行/旅游：清明假期旅游稳健增长，澳门 ...

建筑材料 2025 年 04 月 06 日 建材出口区域多元化，"对等关税"实际影响有限 ——行业周报 《新一轮地产优化政策出台，重视建 材布局机会—行业周报》-2025.3.30 《楼市成交量价齐升，重视建材布局 机会—行业周报》-2025.3.23 《两会明确稳楼市政策，重视建材布 局机会—行业周报》-2025.3.16 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 建材出口区域多元化，"对等关税"实际影响有限 4 月 3 日，美国总统特朗普正式签署"对等关税"行政令，宣布实施新一轮全面关 税政策。其中，对中国实施 34%的对等关税。2024 年我国对美建材出口 36.7 亿美 元，占我国建材出口总额 10.3%；对 RCEP 协定其他签署国建材出口达到 133 亿美 元，占建材出口 37.3％。其中东盟是我国建材最大出口地，2024 年出口 79 亿美 元，占我国建材出口 22.2％。2024 年，我国对共建"一带一路"沿线国家建材出口 145 亿美元，占我国建材出口总额的 40.7％。我国建材出口地区日趋多元化，"对等 关税"对我国建材出口全局影 ...