Investment Rating - The investment rating for the company is "Hold (First Coverage)" [1] Core Views - The company is a national high-tech enterprise specializing in the research, production, and sales of veterinary raw materials, pharmaceutical raw materials, and intermediates, with a comprehensive product range covering anti-infection and analgesic fields [6][9] - The company has a dual-driven model of "sulfonamide + non-sulfonamide" and is actively expanding into the pet medicine market and high-end intermediates [6][24] - Despite a decline in revenue and profit due to intensified market competition and reduced end demand, the company is expected to reverse its difficulties through overseas market expansion and new product development [6][24] Financial Forecast - Total revenue (in million) for 2022A, 2023A, 2024E, 2025E, and 2026E is projected to be 264.42, 215.10, 166.62, 189.96, and 238.31 respectively, with growth rates of -1.72%, -18.65%, -22.54%, 14.01%, and 25.45% [5] - Net profit attributable to the parent (in million) for the same years is forecasted to be 112.68, 84.76, 50.75, 62.11, and 88.56, with growth rates of -3.37%, -24.78%, -40.12%, 22.39%, and 42.58% [5] - The company’s P/E ratios for 2024-2026 are projected to be 32.47, 26.53, and 18.61 respectively [5] Company Overview - The company was established in 2007 and listed on the Beijing Stock Exchange in February 2024, becoming one of the most competitive enterprises in the sulfonamide raw material and intermediate industry [9][10] - The actual controllers of the company are Ye Shan Hai and Ye Jin Zhi, holding a combined 50.5% of the shares, indicating a concentrated and stable ownership structure [19] Product and Business Layout - The company focuses on three main areas: veterinary raw materials, pharmaceutical raw materials, and intermediates, with a comprehensive product chain and strong competitive position [24][25] - Key products include sulfanilamide sodium, crystalline sulfanilamide, and celecoxib, with international certifications such as EU CEP and Japan MF [6][32] Industry Analysis - The global pharmaceutical market is expected to reach $1.9 trillion by 2027, driven by an aging population and increasing chronic disease prevalence [6] - The veterinary raw material market is projected to reach $83.764 billion by 2030, with a compound annual growth rate (CAGR) of 8.2% [6]

证券研究报告·行业点评报告 2025 年 3 月 14 日 江海证券研究发展部 计算机行业 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.83 8.25 22.97 绝对收益 0.62 5.35 31.7 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-计算机行业： xAI 发布 Grok 3 聊天机器人，推理性能出 众 – 2025.02.20 DeepSeek 开源模型发布，多家云厂商宣 布接入 – 2025.02.11 投资要点： 3. 江海证券-行业点评报告-计算机行业： 谷歌推出 Gemini 2.0，OpenAI 启动 12 天 新品发布周期 – 2024.12.16 分析师：张婧 阿里发布 QwQ-32B 推理模型，轻量化 大模型将加速 AI 落地 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资 ...

Investment Rating - Industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the government's support for innovative drug development, as indicated by the mention of an "Innovative Drug Catalog" in the 2025 government work report [4] - The release of clinical trial design guidelines for new drugs targeting late-stage gastric cancer is expected to accelerate the development of precision medicine [4] - The integration of payment and supply-side initiatives, such as the expansion of the medical insurance wallet, is aimed at promoting biopharmaceutical innovation [4] - The introduction of the "Neurosystem Medical Service Pricing Project Guidelines" by the National Healthcare Security Administration is a significant step towards standardizing medical service pricing [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -14.16% compared to the CSI 300 index, with an absolute return of -4.66% [3] Key Developments - The guidelines for neurosystem medical services include the integration of 82 main projects and the establishment of pricing for invasive and non-invasive brain-computer interface technologies [6] - The brain-computer interface industry is projected to reach a market size of $7.63 billion by 2029, driven by advancements in semiconductor and electronic information technologies [7] - Various countries, including the US, Japan, and EU, are implementing policies to support the development of brain-computer interface technologies [7] Investment Recommendations - Investors are encouraged to focus on companies with advantages in technology research and market positioning within the brain-computer interface industry [8] - Key sectors to watch include precision diagnostics and AI healthcare, neuro-interventional devices, neuro-regulation and brain-computer interfaces, and rehabilitation medical equipment [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The report highlights significant advancements in AI technology, particularly with the release of various AI models such as Alibaba's QwQ-32B and Google's Gemini 3, indicating a trend towards smaller yet more efficient AI models [4][3] - The AI assistant product Manus has gained substantial popularity, showcasing its ability to handle complex tasks independently, which reflects the evolving capabilities of AI applications [4][3] - The report suggests that the AI inference large models are transitioning towards a "small but powerful" approach, marking a new phase in AI development with increasing penetration rates in various applications [4] Performance Overview - Over the past 12 months, the industry has shown a relative return of 22.97% compared to the CSI 300 index, with an absolute return of 31.7% [2] - The industry has experienced a relative return of 8.25% over the last three months and 0.83% over the last month [2] Recent Developments - Alibaba Cloud launched the open-source inference model QwQ-32B with 32 billion parameters, comparable to the 671 billion parameter DeepSeek-R1 model, demonstrating strong performance in various benchmarks [4] - Google introduced the Gemini 3 AI model, designed to support developers in creating AI applications across multiple devices, capable of analyzing text, images, and short videos [4] - Lucheng Technology released the open-source video generation model Open-Sora 2.0, which has 11 billion parameters and is cost-effective in terms of training expenses [4]

Core Insights - The report highlights a significant market divergence in the recent stock market performance, with large-cap blue-chip stocks (CSI 300) and the ChiNext Index underperforming, while the North Exchange 50 and the CSI 1000 showed better performance, particularly the CSI 1000 which increased by 5.44% during the period from February 24 to March 8, 2025 [4][6] - The report identifies specific stocks with notable performance, such as Haomiao Technology (186.44%), AVIC Teda (98.90%), and Wanda Bearings (78.43%) as top gainers, while companies like Yunchuang Data (-15.15%), Parallel Technology (-18.53%), and Guangmai Technology (-20.86%) faced significant declines [4][6] - The North Exchange's IPO requirements focus on innovation indicators, intellectual property, industry standards participation, and compliance, reflecting a strategic push towards supporting innovative small and medium enterprises [7] Market Analysis - The North Exchange 50 is characterized by a preference for growth-oriented small-cap stocks, with notable trading activity in stocks like Zhuozhao Point Glue, which had a trading amplitude of 29.99% and a turnover rate of 35.51% [9] - The industrial machinery, photovoltaic equipment, and biotechnology sectors have shown strong performance, indicating a recovery in the industrial sector supported by policy measures [9][11] - The report notes that while certain industries like industrial machinery and electronic devices are performing well, competition remains fierce, and companies must maintain innovation and cost advantages to sustain profitability [11] Investment Recommendations - The report suggests focusing on high-growth sectors such as semiconductors, AI, and new energy, while also considering defensive stocks with high dividends or low valuations [10] - It emphasizes the importance of avoiding loss-making stocks and traditional manufacturing sectors that may not perform well in the current market environment [10] - The report indicates that stocks with low price-to-earnings ratios (25-40 times) may offer defensive characteristics, while those with extremely high ratios could pose valuation risks [9][10]

证券研究报告·行业点评报告 2025 年 3 月 14 日 江海证券研究发展部 执业证书编号：S1410524050001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 2.01 -3.97 -14.16 绝对收益 2.18 -4.52 -4.66 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：2025 政府工作报告首次提及制定"创 新药目录"，支持创新药发展 – 2025.03.11 2. 江海证券-行业点评报告-医药生物行 业：晚期胃癌新药临床试验设计指导原则 发布，助力精准医疗加速发展 – 2025.02.19 3. 江海证券-行业点评报告-医药生物行 业：激发支付与供给两端新活力：医保钱 包开通地扩容，天津市全链条力推生物医 药创新 – 2025.02.14 4. 江海证券-行业点评报告-医药生物行 业：糖尿病新药怡诺轻开出全国首张处方 – 2025.02.13 5. 江海证券-行业点评报告-医药生物行 业：AI 赋能医药行业纵深发展，提升医疗 服务水平 – 2025.02.12 医药行业研究组 分析师：吴春 ...

Group 1 - The report highlights a significant divergence in the stock market, with large-cap blue-chip stocks (CSI 300) and the ChiNext Index underperforming, while the North Exchange 50 and the CSI 1000 performed well, particularly the CSI 1000 which saw a notable increase of 5.44% [7][8] - The report indicates that the North Exchange is focusing on innovative indicators, intellectual property and technology achievements, industry standard participation, information disclosure and compliance, and market positioning for new IPOs [6][8] - The report identifies structural opportunities in the market, particularly in the industrial machinery and emerging technology sectors, while cautioning about high volatility and valuation deviation risks [7][8] Group 2 - The industrial machinery sector showed strong performance with several stocks, such as New Weiling and Jike Co., seeing significant gains, attributed to the recovery in the industrial sector and policy support [7][8] - The report suggests focusing on high-growth sectors such as semiconductors, AI, and new energy for investment opportunities, while recommending defensive stocks with high dividends or low valuations [7][8] - The report notes that the North Exchange's development is heavily influenced by policy changes, which could impact market conditions and investment decisions [8]

证券研究报告·金融工程报告 2025 年 3 月 13 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.03.13 ◆市场表现：2025 年 3 月 12 日, 各宽基指数（表 1）涨跌各现，其中中证 2000（0.73%） 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 和中证 1000（0.23%）上涨，而创业板指（-0.58%）和上证 50（-0.49%）跌幅最大。 当年涨跌情况，中证 2000（14.21%）涨幅最大，其次是中证 1000（10.23%）和中 证 500（5.5%），中证全指（4.82%）和创业板指（2.32%）涨幅缩小，而上证 50 （-0.59%）涨幅最小。另外，中证 2000 出现连续三日连阳。 ◆均线比较：上证 50 跌破 5 日均线，沪深 300 跌破 5 日及 20 日均线。创业板指位 于 5 日、10 日及 20 日均线之下。 ◆资金占比与换手：2025 年 3 月 12 日, 中证 2000（29.24%）交易金额占比最高， 相关研究报告 态 2025. ...

证券研究报告·行业点评报告 2025 年 3 月 13 日 江海证券研究发展部 分析师：任沐昕 执业证书编号：S1410524050002 行业评级：中性（首次） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 6.58 0.63 -4.3 绝对收益 6.77 -1.89 4.86 数据来源：聚源 注：相对收益与沪深 300 相比 相关研究报告 机械军工行业研究组 环保装备产业高质发展获得政策支撑 事件： 2025 年 3 月 12 日，工业和信息化部发布《促进环保装备制造业高质量发展的若 干意见》，以下简称《意见》。 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 环保设备Ⅱ行业 环保装备产业势头稳定，高质量发展具有远期战略意义。作为绿色环保产业的 重要组成部分，环保装备制造业的大力发展是推进传统制造业转型升级的重要 保障，同时也是推进战略性新兴产业发展与培养新质生产力的急迫需要。当前， ...

证券研究报告·行业点评报告 2025 年 3 月 13 日 江海证券研究发展部 通信行业 执业证书编号：S1410525010001 联系人：吴雁宇 一箭 18 星，千帆星座第五批组网卫星发射成功。 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.21 8.26 20.64 绝对收益 0.4 5.75 29.81 数据来源：聚源 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-通信行业：5G 发展提速，产业应用开花 – 2025.03.06 2. 江海证券-行业点评报告-通信行业： VideoWorld 提出，无需依赖语言模型 – 2025.02.11 3. 江海证券-行业点评报告-通信行业： Cosmos 世界基础模型开放，机器人和自 动驾驶汽车应用加速 – 2025.01.13 4. 江海证券-行业点评报告-通信行业：AI 产业高速成长，算力重要性持续凸显 – 2025.01.06 星互联网高速发展，持续看好 – 2024.12.09 分析师：张婧 卫星互联网发展持续深化，长期看好 事件： 投资要点： 5. 江 ...