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Investment Rating - The report gives a "Buy" rating for the company, with a first-time coverage [16] Core Views - The company is a leading domestic manufacturer of civil electrical products, with a strong presence in the electrical connection, smart electrical lighting, and new energy sectors [16] - The company has expanded its business from converters and wall switches to a comprehensive ecosystem, including digital accessories, LED lighting, and new energy charging piles [16] - The company's revenue grew from 5.366 billion yuan in 2016 to 15.695 billion yuan in 2023, with a CAGR of 14.36%, and net profit attributable to the parent company grew from 1.407 billion yuan to 3.870 billion yuan, with a CAGR of 13.48% [16] - The company's new energy business, including charging piles and energy storage, is expected to drive medium- to long-term growth [16] Financial Performance - Revenue for 2024E, 2025E, and 2026E is projected to be 170.77 billion yuan, 186.74 billion yuan, and 203.25 billion yuan, respectively, with year-on-year growth rates of 8.8%, 9.4%, and 8.8% [3] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be 4.306 billion yuan, 4.774 billion yuan, and 5.276 billion yuan, respectively, with year-on-year growth rates of 11.3%, 10.9%, and 10.5% [3] - The gross profit margin is expected to remain stable at around 43.2%-43.5% from 2024E to 2026E [3] - ROE is projected to increase from 27.6% in 2024E to 28.5% in 2026E [3] Business Segments Electrical Connection - The electrical connection segment, including converters and digital accessories, is the company's core business, contributing 47.14% of total revenue in 2023 [16] - Revenue from the electrical connection segment grew from 5.124 billion yuan in 2018 to 7.387 billion yuan in 2023, with a CAGR of 7.59% [16] - The company has introduced innovative products such as track sockets and Z-generation series sockets, which have been well-received by users [16] Smart Electrical Lighting - The smart electrical lighting segment, including wall switches, LED lighting, and smart lighting, contributed 50.43% of total revenue in 2023 [16] - The company has expanded its LED lighting product line from bulbs to include light strips, ceiling lights, and other lighting products, with rapid growth in sales [16] - The company is focusing on the development of smart lighting solutions, including the "Muguang" brand, which offers smart lighting systems for various home scenarios [16] New Energy - The new energy segment, including charging piles and energy storage, achieved revenue of 380 million yuan in 2023, a year-on-year increase of 148.37% [16] - The company has launched a series of charging guns and charging piles for both B2B and B2C markets, catering to different charging scenarios [16] - In the energy storage sector, the company has introduced products for both household and industrial use, such as the 125KW and 230KWh liquid-cooled industrial energy storage cabinets [16] Market and Industry Trends - The global smart socket market is expected to grow from 2.384 billion USD in 2022 to 4.7588 billion USD by 2036, with a CAGR of 14.2% [61] - The Chinese LED lighting market is projected to grow from 701.2 billion yuan in 2023 to 716.9 billion yuan in 2024, driven by increasing penetration rates [61] - The global energy storage market is expected to grow significantly, with new installations reaching 147GW to 256GW by 2030 in China, driven by the "carbon neutrality" goal [90] Management and Governance - The company has a highly professional management team, led by Chairman Ruan Liping, who has extensive experience in the civil electrical industry [25] - The company has implemented a robust equity incentive plan, with 888 employees covered in the 2024 restricted stock incentive plan [25] - The company has a strong focus on R&D, with R&D expenses increasing from 180 million yuan in 2016 to 673 million yuan in 2023, accounting for 4.29% of revenue [34]

列车运行 控制系统 60% 铁路安全 防护系统 25% 高速铁 路列车 运行监 测系统 15% 2024年上半年公司分业务收入结构 资料来源：wind，华安证券研究所 资料来源：wind，华安证券研究所 资料来源：公司财报、华安证券研究所 资料来源：公司财报，华安证券研究所 2018 年公司以发行股份及现金支付方式购买了蓝信科技 100%股权。2019 年 1 月蓝信科技开始纳入上市公司合并报表范围。 蓝信科技，是我国动车组 DMS 系统、EOAS 系统等产品的核心供应商。主要产 品包括动车组列控动态监测系统（DMS 系统）、动车组司机操控信息分析系统（EOAS 系统）、高速铁路列控数据信息化管理平台等，其中 DMS 系统、EOAS 系统车载设 备是我国动车组的标准配置。 图表 10 蓝信科技产品列表 | --- | --- | --- | |----------------------------------|---------------------------------------------------------------------------------------------------- ...

1 华安研究• 拓展投资价值 证券研究报告 拨云见月，关注新的增长变量 ——2025年医药投资策略报告 分析师：谭国超(S0010521120002)，邮箱：tangc@hazq.com | --- | --- | --- | |-------|-----------------------------------------------------------|-------------------------------| | | | | | | | | | | 分析师：李昌幸(S0010522070002)，邮箱：licx@hazq.com | | | | 分析师：李 婵(S0010523120002)，邮箱：lichan@hazq.com | | | | 分析师：陈珈蔚(S0010524030001)，邮箱：chenjw@hazq.com | | | | 分析师：钱 琨(S0010524110002)，邮箱：qiankun@hazq.com | | | | 分析师：杨馥瑗(S0010524080001)，邮箱：yangfuyuan@hazq.com | | | | 联系人：任婉莹(S001012306 ...

2 2 ✓ 在春节假期后至3月中旬的1-1.5个月时间内， 基建开工链条存在稳定规律的强季节效应 机会。包括：工程咨询服务、环保设备、 专业工程、环境治理、非金属材料、水泥、 通用设备、金属新材料。 消费者信心依旧尚未明显修复，就业信心再度下滑 8 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|-----------------|---------|---------|---------|---------|-------|---------|-------|---------|---------|-------------------- ...

证券研究报告 华安证券研究所 2024年三季报总结及2025投资展望 华安证券研究所 2）需求端改善，优先修复：药明康德、凯莱英、康龙化成、诺思格等； 华安研究• 拓展投资价值 敬请参阅末页重要声明及评级说明 我们以22家CXO公司为例（具体样本公司见下页）,2024前三季度板块整体实现营业收入636.17亿元,同比下降7.76%;归母净利润107.97 亿元,同比下降33.88%。表观业绩增速放缓,我们认为有多项因素导致,1）2023年部分大订单交付等因素，同期业绩相对高基数，如药 明康德、凯莱英、博腾股份等；2）部分细分赛道高景气，需求旺盛，业绩表观较好，如诺泰生物、圣诺生物等；3）行业竞争加剧，部 分企业增速放缓，盈利能力有所下降。 = 四 四 周示受故公里 200 100% 180 80% 160 60% 140 120 40% 100 20% 80 60 0% 40 -20% 20 0 -40% 2021Q1-3 2022Q1-3 2023Q1-3 2024Q1-3 2022Q1-3 2023Q1-3 2024Q1-3 3Q22 3Q23 3Q24 2022Q1-3 2023Q1-3 2024Q1- ...

证券研究报告 11 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|-------------------|------------|-------------------------------|-------------------|-------------------|---------------------|----------------------|--------------------------|---------------------------|--------|-------------|-------------|-------------|-------------|-------------|-------------| | | 最新市值 （亿元） | PE（TTM ） | PE （ 2024E, wind 一 致预期） | 营业收入 （亿元） | 营业收入 同比增长 | 归母净利 润（亿元 ...

[Table_CompanyRptType1] 新里程（002219） | --- | --- | --- | --- | --- | --- | |-------|------------------------------------------------------|--------|--------------------------|--------------|------------------| | | ⚫ [Tab 重要财务指标 le_Profit] \n主要财务指标 | 2023A | 2024E | 单位 \n2025E | : 百万元 \n2026E | | | 营业收入 | | 3590 4098 4848 5479 | | | | | 收入同比（ % ） | 13.6% | 14.1% | 18.3% | 13.0% | | | 归属母公司净利润 | | 31 117 256 334 | | | | | 净利润同比（ % ） | -80.3% | 280.4% | 118.5% | 30.5% | | | 毛利率（ % ） | 30.1% | 32.3% | 33.4% | 34 ...

[Table_IndN电am力eRp设tTy备pe] 行业周报 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Industry Investment Rating - The report does not explicitly mention an overall industry investment rating, but it provides detailed analysis and recommendations for specific companies within the medical device and healthcare sectors [4][9][12][25][65][69][101][103][126][199][203][269][276] Core Views - The competitiveness of China's medical device manufacturing is improving, with a trade surplus of $5.303 billion in the first half of 2024, driven by increased exports of hospital diagnostic and therapeutic products and disposable consumables [4] - The medical sector's overseas expansion is a strategic move under domestic policy trends, with developed countries remaining the optimal choice due to their high consumption levels and stable political environments [9] - Global supply chain restructuring presents opportunities, with Chinese medical device companies accelerating overseas investments through acquisitions and factory constructions [12] - The domestic medical device market is expected to recover by 2025, driven by increased demand from new hospital constructions and equipment updates [118] - The home medical device market is growing rapidly, with a CAGR of 25.94% from 2015 to 2020, and is expected to continue expanding due to technological advancements and increased consumer demand [214][215] Key Company Summaries Medical Device Companies - **Midea Medical**: Overseas revenue grew by 18% in the first half of 2024, with strong performance in core products like patient monitors and blood cell analyzers. The company is also seeing rapid growth in its seed businesses, including minimally invasive surgery and AEDs [65] - **United Imaging Healthcare**: The company is focusing on self-developed technologies and has achieved significant progress in core components for MR, MI, CT, XR, and RT devices. It is also expanding its overseas market presence [69] - **Yahui Long**: The company is a leader in the domestic IVD market, with strong growth in its self-produced chemiluminescence products. It is also expanding its overseas market presence [101] - **Antu Bio**: The company is expected to benefit from the elimination of high base effects in molecular diagnostics and the favorable impact of centralized procurement on market share [103] - **New Industries**: The company is a leader in the domestic chemiluminescence market, with strong growth in both domestic and overseas markets. It is also expanding its product portfolio and improving its market share [126] Home Medical Device Companies - **Sannuo Bio**: The company is a leader in the domestic blood glucose monitoring market, with strong growth in both traditional BGM and emerging CGM products. It is also expanding its overseas market presence [199] - **Kefu Medical**: The company is focusing on core product categories and leveraging its online and offline channel advantages to drive growth. It is also expanding its product portfolio through acquisitions and self-development [203] - **Yahui Long**: The company is a leader in the domestic IVD market, with strong growth in its self-produced chemiluminescence products. It is also expanding its overseas market presence [101] Market Trends and Opportunities - The global medical device market is expected to reach $582.6 billion in 2023, with North America, Europe, and Southeast Asia being key regions for overseas expansion [239] - The domestic medical device market is expected to recover by 2025, driven by increased demand from new hospital constructions and equipment updates [118] - The home medical device market is growing rapidly, with a CAGR of 25.94% from 2015 to 2020, and is expected to continue expanding due to technological advancements and increased consumer demand [214][215] Policy and Regulatory Environment - The Chinese government is promoting large-scale equipment updates and consumer goods replacement, with a focus on medical equipment. This is expected to drive significant growth in the medical device market [136] - Centralized procurement policies are expected to benefit leading domestic companies by increasing market share and driving down costs [103][126] Financial Performance and Projections - **Midea Medical**: The company is expected to achieve revenue of RMB 40.357 billion in 2024, with a net profit of RMB 13.881 billion [66] - **United Imaging Healthcare**: The company is expected to achieve revenue of RMB 10.828 billion in 2024, with a net profit of RMB 1.397 billion [161] - **Sannuo Bio**: The company is expected to achieve revenue of RMB 4.317 billion in 2024, with a net profit of RMB 357 million [200] - **Kefu Medical**: The company is expected to achieve revenue of RMB 3.207 billion in 2024, with a net profit of RMB 357 million [204]