证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 03 月 02 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 联系人 板块表现： DeepSeek 开源周落幕，腾讯系 AI 产品加速 投资评级： 看好（维持） ——传媒互联网行业周报（2025.2.24-2025.2.28） 投资要点： 本周观点：DeepSeek 开源周连续五天开源技术核心，继续引领国产 AI 底层能力新 范式，加速推动"技术平权"。同时，腾讯系 AI 产品包括元宝等加速能力迭代，建 议持续把握相关产业链投资机会。 AI 应用方向：DeepSeek 在 2025 年 2 月 24 日至 3 月 1 日的"开源周"中，连续五 天开源核心技术：1）Day1 开源一款用于 Hopper GPU 的高效型 MLA 解码核： FlashMLA，在 H800 SXM5 GPU 上具有 3000 GB/s 的内存速度上限以及 580 TFLOPS 的计算 ...

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 03 月 02 日 投资评级： 看好（维持） 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 生猪：标肥价差后市预期不足，二育逐步出栏兑现利润。 联系人 标肥价差虽处于近 2 年高位，但预计消费淡季边际支撑或不足，二育逐步出栏兑现 利润意愿增强，猪价或有下行压力。本周涌益数据最新猪价降至 14.51 元/kg，出栏 均重增至 126.52kg，15Kg 仔猪降至 560 元/头，175kg 标肥价差为 1.1 元/kg。短期 看，市场对后市价格及肥标价差持续强势预期不足，加之饲料原料涨价拉升增重成 本，二育群体出栏意愿增强，延后的供应压力开始显现，猪价或有下行压力；中长 期看全年总体供给偏多，猪价弱势较为确定。产能方面，1 月农业部全国能繁母猪存 栏量 4062 万头，即将超出 105%的 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 03 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 65%公司 2024 年收入实现正增长，29 家公司实现营收和利润双增长 20% ——北交所周观察第十五期（20250302） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年 2 月北证 50 指数涨幅超 23%，泛科技行业板块公司领涨。2025 年 2 月， 北证 50 指数（+23.53%），远领先于科创 50（+12.95%）和创业板指（+7.98%）。 从细分行业涨跌幅来看，2025 年 2 月通信、建筑材料、计算机等涨幅居前。在 DeepSeek 和机器人等泛科技产业链事件催化带动下，截至 2025 年 2 月 28 日，通 信、汽车和计算机三大产业链涨幅居前，三大细分行业年初至今涨幅中值超过 30%。 从具体公司来看，2025 年以来 29 家公司涨幅达到或超 ...

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 03 月 02 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 孙洁玲 SAC：S1350524120004 sunjieling@huayuanstock.com 全球肿瘤免疫研发进入双抗+ADC 联用新阶段 投资评级： 看好（维持） ——医药行业周报（25/2/24-25/2/28） 投资要点： 风险提示：行业竞争加剧风险，政策变化风险，行业需求不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 本周医药市场表现分析：2 月 24 日至 2 月 28 日，沪深 300 指数下跌 2.22%；医药生物 (申万)指数下跌 2.72%，相对沪深 300 指数超额收益为-0.49%。本周创新药板块表现强 劲，相关个股如诺诚健华-U、新诺威、益方生物-U 等涨幅居前，前期 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its innovative pipeline and potential in the heart failure market [5][65]. Core Insights - The company has a rich pipeline of innovative drugs, particularly the SGC001 antibody for acute myocardial infarction, which is expected to fill a significant clinical gap and has substantial domestic and international market potential [6][49]. - The company is actively expanding its innovative pipeline through subsidiaries focusing on nucleic acid drugs, antibody drugs, and probiotics, which are in various stages of development [7][20]. - The company has established itself as a leading brand in POCT (Point of Care Testing) and is integrating diagnostic and therapeutic strategies, particularly in the field of acute myocardial infarction [7][18]. Summary by Sections Market Performance - As of February 28, 2025, the closing price is 67.30 CNY, with a total market capitalization of 6,223.55 million CNY [3]. Financial Forecast - The company is projected to generate total revenues of 5.11 billion CNY in 2024, 6.02 billion CNY in 2025, and 7.08 billion CNY in 2026, with year-on-year growth rates of -5.61%, 17.85%, and 17.55% respectively [8][63]. - The net profit attributable to the parent company is expected to be -1.77 billion CNY in 2024, -0.68 billion CNY in 2025, and 0.43 billion CNY in 2026 [8][65]. Business Strategy - The company is leveraging its expertise in POCT to explore innovative drug development, establishing a multi-omics diagnostic technology platform and expanding into antibody and exosome drug fields [18][19]. - The SGC001 drug, developed for acute myocardial infarction, has received dual approval for clinical trials in both the US and China, highlighting its potential as a first-in-class treatment [48][49]. Competitive Position - The company is compared with peers in the POCT sector, such as Wanfu Biology and Jiuan Medical, indicating a stable POCT business and promising growth in innovative drug development [8][65].

证券研究报告 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 联系人 有色金属 行业定期报告 hyzqdatemark 2025 年 03 月 02 日 陈轩 chenxuan01@huayuanstock.com 板块表现： 俄铝恢复对美出口或拉大国内缺口，静待缺铝逻辑兑现 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/2/24-2025/2/28） 投资要点： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜：静待美国关税落地和非农数据等宏观催化，铜价短期宽幅震荡。本周沪铜跌 0.23%至 7.68 万元/吨。本周三特朗普下令对铜关税 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][49]. Core Viewpoints - The company is transitioning into the snack wholesale sector, which is expected to initiate a new growth era. The snack wholesale industry is experiencing rapid expansion, with market share increasingly concentrating among leading players [5][6][10]. - The company has established a strong market position in the snack wholesale sector, particularly in Jiangsu and Anhui, and is expanding into surrounding northern markets [6][10][39]. - The report anticipates significant revenue growth, projecting revenues of RMB 30.95 billion, RMB 48.98 billion, and RMB 59.99 billion for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 233.1%, 58.3%, and 22.5% [5][7][49]. Summary by Sections Market Performance - As of February 27, 2025, the closing price of the company's stock is RMB 94.16, with a total market capitalization of RMB 16,947.84 million [3]. Financial Forecasts and Valuation - The company is expected to achieve a net profit of RMB 254 million in 2024, RMB 526 million in 2025, and RMB 886 million in 2026, with year-on-year growth rates of 406.72%, 106.74%, and 68.52% respectively [5][49]. - The report highlights that the company's price-to-sales (P/S) ratio is significantly lower than the industry average, suggesting potential undervaluation [6][49]. Industry Overview - The snack wholesale industry is projected to reach a market size of RMB 154.7 billion by 2027, with a compound annual growth rate (CAGR) of 28% from 2019 to 2027 [6][26]. - The competitive landscape is characterized by a "two super, many strong" structure, with the company being one of the leading players alongside its main competitor [6][28]. Business Model and Strategy - The company has a robust supply chain and logistics system, with over 50,000 square meters of modern logistics warehouses and a digital supply chain system, enhancing its operational efficiency [6][39]. - The report notes the company's effective store expansion strategy, with a target of reaching 10,000, 13,500, and 16,000 stores by 2024, 2025, and 2026 respectively [8][43].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to experience a clear upward trend in the short term, with AI opening up high-end opportunities in the long term [5] - The company is projected to achieve a net profit of 6.323 billion yuan in 2025, representing a year-on-year growth of 13.11%, and 7.514 billion yuan in 2026, with an 18.83% growth rate [6] - The current price-to-earnings (PE) ratios are 17.04 for 2025 and 14.34 for 2026, indicating a favorable valuation given the company's competitive strength in emerging markets and opportunities driven by AI [6] Financial Performance Summary - The company achieved a revenue of 68.741 billion yuan in 2024, with a year-on-year growth of 10.35% [7] - The net profit for 2024 was 5.590 billion yuan, reflecting a slight increase of 0.96% year-on-year [7] - The company maintained a global smartphone market share of 8.6% in 2024, ranking fourth globally with a total shipment of 106.9 million units, a 12.7% increase year-on-year [8] - The company is focusing on expanding into emerging markets and upgrading its products, which has contributed to its stable market position [8] Future Outlook - The integration of AI technology is expected to enhance the company's product offerings, including the upcoming launch of smart glasses and flagship smartphones [8] - The company has established a partnership with Qualcomm to further drive product and market high-end development, which is anticipated to open new growth avenues [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has achieved significant results in transitioning military products to civilian use, particularly in the oil-gas spring sector, and is actively expanding into the robotics market with planetary roller screws [5] - The company is expected to benefit from an increase in sales scale due to improved penetration rates in downstream markets and the continued rollout of new products in various civilian applications [6][8] Financial Summary - The projected net profit for the company from 2024 to 2026 is estimated to be 109 million, 141 million, and 186 million yuan, corresponding to P/E ratios of 27.0, 20.8, and 15.8 times respectively [6] - The company focuses on the domestic mid-to-high pressure cylinder market, serving major industries such as automotive, energy extraction machinery, engineering machinery, and military equipment [6] - The company anticipates a revenue of 629 million yuan in 2024, reflecting a year-on-year decrease of 5.99%, while net profit is expected to grow by 37.02% to 109 million yuan [8] Market Performance - The closing price of the company's stock is 24.59 yuan, with a total market capitalization of 2,931.50 million yuan and a circulating market value of 1,600.60 million yuan [3]

Group 1: Medical Sector - Xinlitai (002294.SZ) - Xinlitai is a leading player in the chronic disease sector in China, particularly in the cardiovascular field, with significant R&D investment, exceeding 1 billion in 2023, accounting for 31% of its revenue [2][6][7] - The company is transitioning from single-agent to combination therapies, enhancing its competitive edge in the hypertension market, with projected revenue exceeding 5 billion by 2030 [7][9] - The innovative drug JK07 for heart failure, currently in clinical trials, shows promising potential in a vast market, with positive early results indicating safety and efficacy [8][9] Group 2: Machinery/Construction Sector - COFCO Technology (301058.SZ) - COFCO Technology is a leader in the grain storage and logistics technology sector, benefiting from a new wave of large-scale grain storage construction in China [10][11] - The cold chain logistics sector is expected to grow as the economy recovers, with COFCO's subsidiary positioned to capitalize on this trend, despite current challenges in resource distribution [11][12] - The introduction of "new agricultural productivity" may accelerate automation in grain storage, with significant potential for robotics in the sector, enhancing operational safety and efficiency [11][12]