Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Views - The company, Fangyi Pharmaceutical, focuses on high-value-added areas such as anti-allergy, anti-thrombotic, and antioxidant products, with a significant portion of its revenue coming from overseas markets [5][11]. - The company has established a CDMO (Contract Development and Manufacturing Organization) business, which is expected to drive future growth alongside its core pharmaceutical products [5][27]. - The financial forecast indicates steady revenue and profit growth, with projected revenues of 270.46 million, 324.56 million, and 398.62 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 19.54%, 20.00%, and 22.82% [4][5]. Summary by Sections Company Overview - Fangyi Pharmaceutical was founded in 2007 and is a leading domestic enterprise in specialty APIs and pharmaceutical intermediates, focusing on high-value areas [5][11]. - The company has a high concentration of ownership, with the largest shareholder, Dong Laishan, holding 39.20% of the shares, which enhances decision-making efficiency [1][5]. Product and Business Layout - The company specializes in high-end pharmaceutical intermediates and APIs, with products used in various therapeutic areas including anti-allergy and anti-thrombotic [27][28]. - The CDMO business, initiated in 2021, is showing promising results and is expected to become a new growth engine for the company [27][28]. Financial Performance - The company reported total revenue of 258.70 million yuan in 2022, with a projected increase to 270.46 million yuan in 2024, representing a growth rate of 19.54% [4][5]. - The net profit attributable to shareholders is expected to grow from 49.63 million yuan in 2024 to 74.74 million yuan in 2026, with growth rates of 2.17% and 22.11% respectively [4][5]. Industry Analysis - The global pharmaceutical market is projected to exceed 1.9 trillion USD by 2027, with China being a leading consumer market, driven by aging population and trends in innovative drug outsourcing [5][11]. - The CDMO market is expected to expand significantly, providing opportunities for companies with technological advantages and international presence [5][11].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 232.39 million yuan in 2024, representing a year-on-year growth of 10.09%, while net profit decreased by 40.81% to 21.06 million yuan due to increased depreciation, interest expenses, and reduced government subsidies [5][6] - The company is entering the mass production phase for its harmonic reducer products, which have already received small batch orders, indicating a potential for upward growth [6][8] - The company has increased its R&D investment, reaching 14.62 million yuan in 2024, accounting for 6.30% of its revenue, and has obtained multiple patents, enhancing its core competitiveness [6][8] Financial Summary - The company’s total revenue is projected to grow from 272.34 million yuan in 2025 to 412.36 million yuan in 2027, with respective growth rates of 17.19%, 23.17%, and 22.93% [8][10] - The net profit is expected to increase from 25.89 million yuan in 2025 to 41.86 million yuan in 2027, with growth rates of 22.93%, 29.56%, and 24.82% [8][10] - The company's P/E ratio is projected to decrease from 154 times in 2025 to 95 times in 2027, indicating an improving valuation over time [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 868 million yuan for 2024, representing a year-on-year growth of 22.46%, and a net profit of 177 million yuan, up 28.26% year-on-year [5] - The company's gross margin improved to 84.56%, an increase of 2.69 percentage points compared to 2023, indicating strong operational quality [5] - The sales of core products "Furuitong" and "Bokaiqing" saw significant growth, with sales revenue increasing by 26.17% compared to 2023, contributing to the overall revenue growth [7] - The company has a robust pipeline for new drug development, with a total of over 30 products under research, and has successfully obtained multiple drug registration certificates [8] Summary by Sections Financial Performance - The company achieved a net operating cash flow of 116 million yuan, a year-on-year increase of 23.4%, reflecting stable operational quality [5] - The projected revenues for 2025-2027 are 1,055.79 million yuan, 1,209.62 million yuan, and 1,451.55 million yuan, with respective growth rates of 21.57%, 14.57%, and 20.00% [9] - The projected net profits for the same period are 228.73 million yuan, 266.35 million yuan, and 313.23 million yuan, with growth rates of 29.24%, 16.45%, and 17.60% [9] Market Position and Strategy - The company has effectively optimized its cost structure and improved its product sales mix, leading to enhanced profitability [7] - The company is focusing on chronic disease markets, particularly diabetes and hypertension, which together accounted for 98.81% of total revenue [7] - The company is also making significant strides in emerging fields, with revenue from peripheral nerve and rare disease drugs increasing by over 130% year-on-year [7] Research and Development - The company invested 116.96 million yuan in R&D in 2024, a 6.74% increase from 2023, supporting its innovation-driven strategy [8] - The company has established partnerships with research institutions to explore new paths for innovative drug development [8] - The company aims to approve approximately seven new products annually from 2025 to 2027, further enriching its generic drug portfolio [8]

- The report tracks the performance of broad-based indices, showing that on April 8, 2025, all indices except CSI 2000 (-0.52%) rose, with SSE 50 (2.28%) and ChiNext Index (1.83%) leading the gains[11][12][14] - The indices are below their 5-day, 10-day, 20-day, 60-day, and 120-day moving averages, except SSE 50, which exceeded the 250-day moving average[14] - Turnover rates for indices on April 8, 2025, are as follows: CSI 2000 (4.87), CSI 1000 (3.18), ChiNext Index (3.14), CSI All Share (2.1), CSI 500 (2.0), CSI 300 (0.86), and SSE 50 (0.53)[16] - Daily return distribution analysis shows ChiNext Index has the highest positive skewness and kurtosis, while CSI 2000 has the lowest[22][23] - Risk premium analysis relative to 10-year government bond yields indicates SSE 50 (96.51%) and CSI 300 (93.41%) have high 5-year percentile values, while CSI 1000 (67.94%) and CSI 2000 (31.9%) are lower[28][30] - PE-TTM percentile values show CSI 500 (70.74%) and SSE 50 (50.83%) are relatively high, while CSI 300 (33.47%) and ChiNext Index (14.79%) are lower[40][41] - Dividend yield analysis reveals CSI 300 (99.92%) and CSI All Share (99.5%) are at high 5-year historical percentiles, while CSI 2000 (92.23%) and CSI 500 (90.33%) are lower[50][51] - Current net asset break rates are SSE 50 (30.0%), CSI 300 (20.0%), CSI 500 (16.4%), CSI 1000 (12.4%), CSI 2000 (7.4%), ChiNext Index (3.0%), and CSI All Share (10.86%)[52]

投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 2000（-12.83%）和创业板指（-12.5%）跌幅最大。当年涨跌情况，上证 50（-6.25%） 涨幅最大，其次是中证 2000（-6.54%）和中证 500（-7.66%），中证 1000（-7.74%） 和中证全指（-8.11%）涨幅缩小，而创业板指（-15.61%）涨幅最小。另外，除上 证 50，所有跟踪指数连续四周连阴。 ◆均线比较：所有跟踪指数已跌破其 5 日、10 日、20 日、60 日、120 日及 250 日 （除中证 2000）均线。市场暴跌严重，其中中证 2000 和创业板指距其各均线位置 相关研究报告 态 2025.04.07 A 股市场快照：宽基指数每日投资动 态 2025.04.02 A 股市场快照：宽基指数每日投资动 态 2025.04.01 较深度偏离。 ◆资金占比与换手：2025 年 4 月 7 日, 沪深 300（32.59%）交易金额占比最高，其 | 证券研究报告·金融工程报告 2025 | | --- | | 年 | | 4 月 8 | | 日 江海证券研究发 ...

执业证书编号：S1410525010001 | 投资评级： | 增持（上调） | | | --- | --- | --- | | 当前价格: | 39.09 | 元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 73.75 | | A 股股本(百万股) | 73.75 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 65.69 | | 12 个月最高/最低(元) | 41.98/9.23 | | 第一大股东 | 吴平 | | 第一大股东持股比例(%) | 26.56 | | 上证综指/沪深 300 | 3096.58/3589.44 | | 数据来源：聚源 注：2025 年 4 月 7 日数据 | | 证券研究报告·公司点评报告 2025 年 4 月 8 日 江海证券研究发展部 消费行业研究组 分析师：张婧 近十二个月股价表现 % 1 个月 3 个月 12 个月 相对收益 63.82 78.55 244.37 绝对收益 38.86 80.47 268.60 数据来源：聚源 注：相对收益与北证 50 相比 -35% 28% 91% 155% 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 28.46 yuan [2] Core Views - The company reported a revenue of 408 million yuan for 2024, representing a year-on-year growth of 19.82%, and a net profit attributable to the parent company of 101 million yuan, up 23.14% year-on-year [5][8] - The company is experiencing strong growth in high-end product categories, particularly in the honeycomb core material sector, which saw over 50% growth year-on-year [8] - The company is targeting three key growth areas: new energy, low-altitude economy, and aerospace, which are expected to drive demand for its aramid paper products [8] - The company maintains a positive long-term growth outlook, with projected net profits of 134 million, 162 million, and 199 million yuan for 2025, 2026, and 2027, respectively [8] Financial Summary - Total revenue is forecasted to grow from 340.47 million yuan in 2023 to 775.39 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.46% [7] - The net profit attributable to the parent company is expected to increase from 81.63 million yuan in 2023 to 198.92 million yuan in 2027, reflecting a CAGR of about 23.06% [7] - The company's return on equity (ROE) is projected to improve from 12.10% in 2023 to 15.92% in 2027 [7] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2023 to 1.36 yuan in 2027 [7] Market Performance - The company's stock has shown strong relative performance, with a 12-month relative return of 28.83% compared to the North China 50 index [4] - The stock price has fluctuated between a high of 31.88 yuan and a low of 11.00 yuan over the past 12 months [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The report highlights the rapid development of AI applications in the media industry, indicating significant investment opportunities [6][9] - The launch of the AutoGLM model by Zhiyuan represents a major advancement in AI technology, combining deep research capabilities with practical operational abilities [6][8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -1.87% compared to the CSI 300 index, with an absolute return of 8.02% [2] Key Developments - The AutoGLM model, released on March 31, 2025, is the first of its kind to integrate deep research and operational capabilities, marking a significant step forward in AI agent technology [6][8] - The model's development is based on a comprehensive stack of large model technologies, enhancing its performance in various tasks [8] Investment Recommendations - The report suggests focusing on companies such as Saiyi Information, Dingjie Smart, Hand Information, Focus Technology, and Huace Film & TV for potential investment opportunities in the AI application sector [9]

- The report tracks the performance of broad-based indices, showing that all indices declined on March 31, 2025, with the CSI 2000 (-1.21%) and ChiNext Index (-1.15%) experiencing the largest drops [1][7][8] - The CSI 2000 index recorded the highest trading volume share at 28.32%, followed by CSI 300 (22.22%) and CSI 1000 (22.17%) [12] - Turnover rates for indices were calculated using the formula: $\Sigma(\text{circulating shares of constituent stocks} \times \text{turnover rate}) / \Sigma(\text{circulating shares of constituent stocks})$ [12] - Daily return distributions were analyzed, revealing that ChiNext Index had the highest kurtosis and positive skewness, while CSI 2000 had the lowest [18][19] - Risk premium analysis showed that CSI 1000 and CSI 2000 had higher volatility, with CSI 1000 (28.10%) and CSI 2000 (17.94%) having notable 5-year percentile values [21][23] - PE-TTM values indicated that CSI 500 (82.89%) and CSI All Share (65.62%) had higher 5-year percentiles, while CSI 2000 (51.65%) and ChiNext Index (25.37%) were lower [30][31] - Dividend yield analysis highlighted that CSI 300 (98.43%) and CSI All Share (95.04%) were at high 5-year historical percentiles, while CSI 2000 (81.65%) and CSI 500 (59.92%) were relatively lower [36][37][38] - Current net-breaking rates showed CSI 2000 (5.3%) and ChiNext Index (3.0%) had the lowest values, reflecting market valuation attitudes [39]

Quantitative Models and Construction Methods Model Name: Risk Premium Model - **Construction Idea**: The model uses the yield of 10-year government bonds as a risk-free rate reference to observe the risk premium of various broad-based indices, measuring their relative investment value and deviation[21] - **Construction Process**: - Calculate the risk premium as the difference between the index yield and the risk-free rate - Observe the mean reversion phenomenon of the risk premium for each index - Analyze the volatility of the risk premium over time - Formula: $$ \text{Risk Premium} = \text{Index Yield} - \text{Risk-Free Rate} $$ - Parameters: Index Yield represents the yield of the broad-based index, and Risk-Free Rate represents the yield of the 10-year government bond[21][22][23] - **Evaluation**: The model shows significant mean reversion, with the risk premium of indices like CSI 1000 and CSI 2000 exhibiting higher volatility[22] Model Name: PE-TTM Model - **Construction Idea**: The model uses the PE-TTM (Price-to-Earnings ratio based on trailing twelve months) as a valuation reference to measure the investment value of various indices at the current point in time[26] - **Construction Process**: - Calculate the PE-TTM for each index - Compare the current PE-TTM with historical percentiles and values - Observe the trend and volatility of PE-TTM over time - Formula: $$ \text{PE-TTM} = \frac{\text{Current Price}}{\text{Earnings per Share (TTM)}} $$ - Parameters: Current Price represents the current market price of the index, and Earnings per Share (TTM) represents the earnings per share over the trailing twelve months[26][28][31] - **Evaluation**: The model indicates that indices like CSI 500 and CSI 1000 have higher PE-TTM percentiles, suggesting higher valuation levels[31] Model Backtest Results Risk Premium Model - **Current Risk Premium**: - SSE 50: -0.42%[24] - CSI 300: -0.45%[24] - CSI 500: -0.71%[24] - CSI 1000: -0.96%[24] - CSI 2000: -1.52%[24] - CSI All Share: -0.78%[24] - ChiNext Index: -0.79%[24] - **1-Year Percentile**: - SSE 50: 30.56%[24] - CSI 300: 31.35%[24] - CSI 500: 29.37%[24] - CSI 1000: 25.00%[24] - CSI 2000: 19.05%[24] - CSI All Share: 23.02%[24] - ChiNext Index: 30.56%[24] - **5-Year Percentile**: - SSE 50: 33.81%[24] - CSI 300: 33.25%[24] - CSI 500: 24.68%[24] - CSI 1000: 21.43%[24] - CSI 2000: 13.81%[24] - CSI All Share: 20.87%[24] - ChiNext Index: 30.48%[24] PE-TTM Model - **Current PE-TTM**: - SSE 50: 10.72[32] - CSI 300: 12.44[32] - CSI 500: 28.55[32] - CSI 1000: 38.40[32] - CSI 2000: 95.05[32] - CSI All Share: 18.07[32] - ChiNext Index: 32.22[32] - **1-Year Percentile**: - SSE 50: 61.57%[32] - CSI 300: 54.55%[32] - CSI 500: 88.02%[32] - CSI 1000: 69.42%[32] - CSI 2000: 92.56%[32] - CSI All Share: 69.83%[32] - ChiNext Index: 58.68%[32] - **5-Year Percentile**: - SSE 50: 59.34%[32] - CSI 300: 53.72%[32] - CSI 500: 83.55%[32] - CSI 1000: 69.09%[32] - CSI 2000: 51.49%[32] - CSI All Share: 67.69%[32] - ChiNext Index: 27.02%[32]