Investment Rating - The report assigns an initial investment rating of "Buy" for the company [1]. Core Insights - The company has signed a significant contract worth RMB 322.2 million, which is expected to positively impact its operating performance for 2025 and 2026 [4]. - The company has made substantial progress in the research and development of semiconductor testing equipment, particularly the FT testing machine, which has shown significant advancements and is expected to enhance market competitiveness [4]. - The company has a strong historical development trajectory, transitioning from display testing equipment to semiconductor testing, establishing partnerships with major industry players [5][6]. - The semiconductor testing equipment market is dominated by a few key players, presenting a significant opportunity for domestic alternatives, particularly in DRAM testing equipment [6][8]. Summary by Sections Company Overview - The company has evolved through three stages, starting with touch detection equipment for new display devices, moving to OLED testing technology, and currently focusing on semiconductor testing equipment [5][18]. - The company has established partnerships with leading manufacturers in both the display and semiconductor sectors, enhancing its market position [26]. Future Growth and Competitive Analysis - The company is well-positioned to benefit from the shift of display production capacity to mainland China, which increases the demand for domestically produced testing equipment [23]. - The company is focusing on DRAM testing machines and probe cards, which are critical for the semiconductor industry [26]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of RMB 84 million, RMB 193 million, and RMB 264 million for the years 2024 to 2026, respectively, with corresponding EPS of 0.89, 2.05, and 2.80 [8][10]. - The report highlights the company's strong growth potential in the semiconductor sector, justifying the "Buy" rating based on its unique technological capabilities and market positioning [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The domestic production registration application for "Hewei" has been accepted, marking a significant advancement in the localization process [5] - CKBA Phase II clinical data disclosure is imminent, with plans to actively expand into other indications [6] - The company aims to establish "Hewei" as a leading brand in the gastrointestinal field, targeting over 1 billion yuan in revenue within 3 to 5 years [5] Financial Summary - Expected revenues for 2024-2026 are 806 million, 1.005 billion, and 1.253 billion yuan, with growth rates of 5.9%, 24.7%, and 24.7% respectively [7] - Projected net profits for the same period are 137 million, 183 million, and 238 million yuan, with growth rates of -14.4%, 33.3%, and 30.1% respectively [7] - The expected EPS for 2024-2026 is 0.32, 0.43, and 0.56 yuan, corresponding to P/E ratios of 46, 34, and 26 times [7] - The gross margin is expected to improve from 60.6% in 2023 to 70.2% in 2026 [10]

泰恩康（301263） 公司点评 "和胃"国产化更进一步，CKBAⅡ期临床数据披露在即 | 投资评级：买入（维持） | | | | 主要观点： | | --- | --- | --- | --- | --- | | 报告日期： | | 2025-03-13 |  | 事件 | | 收盘价（元） | | | 20.91 | 境内生产药品注册上市许可申请《受理通知书》。 | | 近 12 个月最高/最低（元） 21.99/11.92 | | | | | | 总股本（百万股） | | | 425 | | | 流通股本（百万股） | | |  | 点评 | | 流通股比例（%） | | | 263  61.80 | 注册上市许可获受理，"和胃"国产化进程取得关键进展 | | 总市值（亿元） | | | 87 | | | 流通市值（亿元） | | | 54 | | | 公司价格与沪深 | | 走势比较 300 | | "和胃整肠丸"的国产化进程取得关键进展。 | | 60% | | | | | | 38% | | | | | | 17% | | | | | | -5% | | | | 知名头部品牌。 | | 3/ ...

执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 策略分析师：刘超 [Table_StockNameRptType] 策略研究 市场点评 | 报告日期： 2025-3-11 | | --- | | [Table_RptDate] | [Table_Author] 策略分析师：郑小霞 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 美股会进入熊市吗？ 主要观点 ⚫[Table_Su 市场异动 北京时间 3 月 11 日美股继续大跌，其中纳指、标普 500、道指分别收跌 4.00%、2.70%、2.08%，中概股纳斯达克金龙指数收跌 3.59%。行业层面， 标普 500 一级行业中，仅公用事业和能源上涨，信息技术（-4.34%）、可选 消费（-3.90%）、通讯服务（-3.54%）跌幅靠前。主题及个股层面，人工智 能与创新、半导体、科技巨头领跌，其中特斯拉下跌 15.43%、英伟达下跌 5.07%、苹果、脸书、谷歌均跌超 4%。CBOE 波动率攀升至 27.86 的阶段性 高点。 ⚫ 本轮 ...

- The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Model Construction Process - The report estimates the full hit yield for each stock using the average hit rate of Class A institutions. The calculation method for the full hit yield of each stock is: $$ \text{Full hit quantity} = \text{Maximum subscription limit} \times \text{Average hit rate of Class A institutions} $$ $$ \text{Full hit yield} = (\text{First board price} - \text{Initial price}) \times \text{Full hit quantity} $$ [36][38] Model Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42] Factor Construction Process - The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Factor Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The prospects for biomanufacturing are broad, contributing to industrial upgrades. Biomanufacturing, centered on industrial biotechnology, utilizes enzymes and microbial cells in the processing of target products, including bio-based materials, chemicals, and bioenergy. Synthetic biology plays a crucial role as a platform technology in biomanufacturing. The global synthetic biology market is expected to maintain rapid growth, reaching nearly $50 billion by 2028 [3][4][22]. - Technological breakthroughs combined with policy support are driving the synthetic biology industry forward. Factors such as reduced costs of gene synthesis and sequencing, along with advancements in efficient gene editing technologies, provide a solid technical foundation for the rapid development of synthetic biology. Governments worldwide are increasingly prioritizing the development of synthetic biology, with various supportive policies being introduced [4][28]. - Synthetic biology is reshaping industrial models, offering more efficient and environmentally friendly synthesis solutions. It addresses issues associated with traditional chemical synthesis and natural extraction methods, such as high costs, limited yields, and environmental pollution. With breakthroughs in gene editing, enzyme engineering, and metabolic engineering, synthetic biology not only reduces drug production costs but also enhances capacity, enabling large-scale industrial production [4][5]. Summary by Sections Industry Overview - Biomanufacturing is defined as the processing of target products using industrial biotechnology, involving enzymes and microbial cells. Synthetic biology is a key platform technology in this field, enabling the design and construction of biological systems for various applications [13][14]. Policy Support and Technological Breakthroughs - The development of synthetic biology is supported by various policies and technological advancements. Governments are investing in funding, technology, and talent development to foster innovation and industrialization in this field [28][29]. - Major countries are establishing synthetic biology research centers and networks, with the UK and the US leading in policy initiatives to promote synthetic biology [29][30]. Synthetic Biology's Impact on Industrial Models - Synthetic biology is transforming production methods, achieving tasks that traditional biotechnologies cannot, while providing more efficient and eco-friendly synthesis options. This shift is crucial for addressing environmental challenges and enhancing production efficiency [4][5]. Investment Recommendations - Companies to watch include Chuan Ning Biological, Kingfisher Biotech, Kylin Biotech, and Huaxi Biological, which are positioned to benefit from the growth in synthetic biology [5].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The bio-manufacturing sector has vast potential and is poised to drive a new wave of industrial revolution, leveraging industrial biotechnology to produce bio-based materials, chemicals, and bioenergy [3][4] - The global synthetic biology market is expected to maintain rapid growth, projected to approach $50 billion by 2028, with a compound annual growth rate (CAGR) of approximately 24% from 2023 to 2028 [22][24] - Technological breakthroughs and policy support are driving the synthetic biology industry forward, with significant advancements in gene synthesis, sequencing, and editing technologies [4][37] Summary by Sections Industry Overview - Bio-manufacturing utilizes industrial biotechnology, enzymes, and microbial cells, playing a crucial role in producing bio-based materials and chemicals [13] - Synthetic biology is a design-driven science that re-engineers biological systems for useful purposes, with applications across various sectors including healthcare, agriculture, and chemicals [13][22] Policy Support and Technological Breakthroughs - Governments worldwide are increasingly prioritizing synthetic biology, with strategic plans and funding initiatives to support its development [28][29] - The reduction in costs for gene synthesis and sequencing technologies has laid a solid foundation for the rapid advancement of synthetic biology [37] Synthetic Biology Reshaping Industry Models - Synthetic biology is transforming production models, offering more efficient and environmentally friendly synthesis solutions compared to traditional methods [4][22] - The industry is expected to significantly reduce carbon emissions, with estimates suggesting a reduction of 1 to 2.5 billion tons of CO2 annually by 2030 through industrial biotechnology [4] Related Companies - Companies to watch include Chuan Ning Bio, Kingfisher Biotech, and Kailai Ying, which are positioned to benefit from advancements in synthetic biology [5] Investment Recommendations - The report suggests focusing on companies like Chuan Ning Bio, Kingfisher Biotech, and others that are leveraging synthetic biology for growth [5]

D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：海口高新区扶持生物降解产业，巴 斯夫推出全球首个生物质平衡聚醚砜产品 | | | 报告日期： 2025-03-11 [Table_Chart] 行业指数与沪深 300 走势比较 29% -26% -15% -4% 7% 18% 3/24 6/24 9/24 12/24 3/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 3 月 4 日，巴斯夫推出了全球首个生物质平衡聚醚砜 (PESU)产品 ——Ultrason ® E 2010 BMB，并已获得 ISCC PLUS 认证。据 悉，此产品由废弃物制成生物质原料+100%绿电生产。根据 ISCC PLUS 认证规则，生物质平衡 Ultrason ® E 2010 产品源头 使用可再生原料取代化石原料，巴斯夫表示产品所需 50%的化石 原料被 ISCC PLUS 认证的生物循环原料所取代，其中可再生原 料来自有机垃圾（即非粮生物原 ...

（九号公司689009.SH/科沃斯603486.SH/安克创新300866.SZ/萤石网络688475.SH） 2025. 03. 10 分析师：邓 欣 S0010524010001 dengxin@hazq.com 分析师：成浅之 S0010524100003 chengqianzhi@hazq.com 联系人：唐楚彦 S0010124070002 tangchuyan@hazq.com 华安证券研究所 核心要点 1、产品升级：无边界产品正处快速迭代成熟+国牌涌入做大蛋糕阶段，从25年新品可窥行业升级路径： 证券研究报告•行业专题 无边界割草机新品趋势研判 ——25年前瞻专题之消费级机器人 华安证券研究所•拓展投资价值 PART 1 ✓ 升级点：❶基础性能提升。RTK+视觉逐步成为主流技术路线，九号公司/科沃斯均有完善。九号进一步实现RTK信号增 强；科沃斯从UWB走向复合技术，激光增强RTK和视觉融合方案；❷价格双向拓宽。九号此前以$999打开市场引发"模 仿效应"，科沃斯/追觅/库犸基于现有产品向下减配补齐入门、价位段向＄1k以下小型花园设备拓展；九号则进一步向上 突破，布局＄4k以上大型花园设备； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Kuaishou is a leader in the AI-driven video generation field, with its AI capabilities expected to enhance advertising efficiency [1][5] - The launch of the "Keling AI" app and its various product offerings indicate a strong commitment to AI development [3][4] - The company has shown significant user growth and competitive strength in the AI model capabilities, ranking 20th in a global list of generative AI applications [4] Financial Projections - Total revenue projections for 2024-2026 are estimated at 127.3 billion, 141.4 billion, and 155.7 billion CNY respectively, reflecting a growth rate of 20%, 12%, and 11% [6][8] - Non-GAAP net profit projections for the same period are 17.6 billion, 22.7 billion, and 27.8 billion CNY, with growth rates of 279%, 72%, and 29% [6][8] - The expected EPS (Non-GAAP) for 2024-2026 is 4.10, 5.27, and 6.47 CNY respectively [8] User Growth and Product Development - As of December 2024, Keling AI has 6 million users, generating 65 million videos and 175 million images [4] - The Keling AI app has introduced various membership tiers, enhancing user engagement and monetization opportunities [3] Advertising Efficiency - AI is anticipated to improve advertising efficiency and reduce content generation costs, benefiting both small and large advertisers [5] - The increase in advertising supply is expected to enhance revenue for advertising platforms, leading to a positive industry outlook [5]