——彩虹股份（600707.SH）首次覆盖报告 公司深度研究 | 彩虹股份 液晶面板利润稳增，玻璃基板加速替代 【盈利预测】我们预计彩虹股份 2024-2026 年营收分别为 125.3、157.4、 187.3 亿元，归母净利润分别为 13.06、23.78、35.94 亿元，参考可比公司 估值给予彩虹股份 2025 年 17 倍 PE 估值，对应 2025 年目标市值 404.30 亿元，首次覆盖，给予"买入"评级。 【报告亮点】考虑到面板行业回暖，公司在玻璃基板方面有较高壁垒，有望 率先在国产化进程中受益。我们认为，一方面 LCD 面板行业的供需格局优 化有望带动行业利润的修复，面板业务有望稳中有进，另一方面，彩虹股份 的玻璃基板业务随着产能持续扩张有望迅速发展成为第二成长曲线。 【主要逻辑】（一）液晶面板业务：面板周期凛冬已过，供需格局持续优化。 液晶面板业务作为公司深耕多年的基石业务，一方面，公司积极优化商业策 略和业务结构使其保持稳定的市场竞争力。另一方面，面板供需格局持续优 化叠加下游需求走强，行业有望景气上行。短期看，TV 面板涨价趋势已经 开启。中长期看，电视大尺寸化加速利好中长期面板需求， ...

证券研究报告 医药生物行业生命科学服务系列报告（一） ——海外公司 Bio-Techne & Thermo Fisher 西部证券研发中心 2025年3月14日 分析师 | 李梦园 S0800523010001 邮箱地址 limengyuan@research.xbmail.com.cn 分析师 | 谭雨露 S0800524100004 邮箱地址 tanyulu@research.xbmail.com.cn 核心结论 CONTENTS 目 录 CONTENTS 目 录 02 Thermo Fisher 公司概述 01 Bio-Techne 公司概述 生命科学服务国内相关标的 03 Bio-Techne 公司介绍 3.1 3.6 4.5 5.0 5.6 6.4 7.1 7.4 9.3 11.1 11.4 11.6 5.9 15.2% 26.4% 10.3% 12.8% 14.2% 11.0% 3.5% 26.0% 18.7% 2.8% 2.0% 6.7% 0% 5% 10% 15% 20% 25% 30% 0 2 4 6 8 10 12 14 2013 2015 2017 2019 2021 2023 2025 ...

ERN DE STER 行业日报 | 北交所 市场震荡调整,深海科技亮相政府工作报告 证券研究报告 2025年03月14日 北交所市场点评 -- -20250313 ● 核心结论 行情回顾:1)指数层面:3月13日北证50 收跌-3.1%,成交额达419.7 亿 元,较昨日下跌 0.6 亿元。2)个股层面:当日北交所264家公司中 112家 上涨,152 家下跌,4 家涨停。其中涨幅前五的个股分别为:凯腾精工 (+30.0%)、克莱特(+30.0%)、美心翼申(+30.0%)、坤博精工(+30.0%)、 安徽风凰(+22.6%),跌幅前五的个股分别为:天铭科技(-12.5%)、华 原股份(-11.1%)、中泰航达(-9.7%)、浩森科技(-8.7%)、威博液压(-8.5%)。 新闻汇总:1)央行:根据国内外经济金融形势和金融市场运行情况,择机 | 分析师 | | --- | | 曹森元 S0800524100001 | | 19821289688 | | caosenyuan@research.xbmail.com.cn | | 相关研究 | | 北交所:定向可转债审批加速,助力北交所再 | | -20250 ...

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors within the industry [3]. Core Insights - The financial industry experienced a mixed performance this week, with the non-bank financial index rising by 1.24%, lagging behind the Shanghai and Shenzhen 300 index by 0.14 percentage points. The banking index increased by 1.13%, also underperforming the broader index [1][8]. - The government work report indicated a focus on stabilizing the real estate and stock markets, which is expected to benefit brokerage firms as intermediaries in capital market stability [2][11]. - The report highlights the potential for insurance companies to benefit from long-term investment reforms and the expected recovery in the economy, which may improve their asset performance [14][15]. Summary by Sections Brokerage Sector - The brokerage sector saw a weekly increase of 0.73%, underperforming the Shanghai and Shenzhen 300 index by 0.66 percentage points. The sector's price-to-book (PB) ratio is currently at 1.43x [11][12]. - The number of new accounts opened in February reached 2.8359 million, a month-on-month increase of 80.6%, indicating a warming market and potential for A-share IPO normalization [2][12]. - Recommended stocks include Huatai Securities, Guotai Junan, China Galaxy, and Dongfang Caifu, with a focus on those benefiting from increased retail investor participation [3][13]. Insurance Sector - The insurance sector rose by 1.72%, outperforming the Shanghai and Shenzhen 300 index by 0.33 percentage points. The 10-year government bond yield has seen a slight increase, indicating a potential recovery in the sector [14][15]. - The report emphasizes the importance of long-term investment reforms and the establishment of private equity funds by major insurers to invest in quality listed companies [14][15]. - Recommended stocks include China Life, Ping An, and New China Life, focusing on those with stable dividends and strong asset performance [3][15]. Banking Sector - The banking index increased by 1.13%, lagging behind the Shanghai and Shenzhen 300 index by 0.26 percentage points, with a current PB ratio of 0.65x [16][17]. - The government plans to issue 500 billion yuan in special bonds to support state-owned commercial banks in capital replenishment, with the first round of funding expected to start by the end of June [17][18]. - Recommended banks include China Merchants Bank, Hangzhou Bank, and Ningbo Bank, focusing on those with strong retail business and regional economic momentum [3][18].

证券研究报告 水泥拐点或至：行业供需端新变化及当前情况梳理 西部证券研发中心 2025年3月13日 分析师 | 张欣劼 S0850518020001 核心观点 水泥行业拐点或至 请务必仔细阅读报告尾部的投资评级说明和声明 2 • 需求端：房屋新开工拐点将近，需求或比预期好。100城三线城市住宅拿地面积已连续两月回正，2025年1、2月累计同比 +38.87%、+16.00% ，300城三线城市拿地面积也有所好转，1、2月累计同比+0.53%、-11.80%（24年11、12月累计同比 分别为-17.64%，-20.68%） 。若三线城市拿地回暖信号进一步传导至300城全样本拿地面积，有望拉动整体地产新开工面 积提升，促进水泥需求端改善。 • 供给端：1）2025年3月6号，国家发展改革委主任表示将分行业出台化解重点产业结构性矛盾具体方案，推动落后低效产能 退出，扩大中高端产能供给，让供给侧更好地适应市场需求的变化。2）限制超产政策执行落地可期。24年10月工信部推出 的《水泥玻璃行业产能置换实施办法》提出生产线实际日产量不得超过备案产能的110%、超产产能在2025年底前需补齐产 能指标，因此，我们预计202 ...

Investment Rating - The report gives a "Buy" rating for the company [4][15]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.53 billion, 7.81 billion, and 10.59 billion yuan for 2024-2026, representing year-on-year growth of +6.6%, +72.3%, and +35.5%, respectively, with corresponding PE ratios of 30.5, 17.7, and 13.0X [4][15]. - The company is a leader in the offshore wind tower market and is benefiting from the acceleration of offshore wind construction, particularly in overseas markets [4][15]. - The company is executing a dual-sea strategy, successfully exporting offshore wind towers and monopiles, with production capacity expansion to support this growth [4][15]. Summary by Sections Domestic Offshore Wind Demand - Domestic offshore wind installation demand is expected to be released, with continuous shipments from the company. The domestic offshore wind projects that were previously delayed are now resuming, with significant projects in Guangdong and Jiangsu expected to start construction [4][15]. - The domestic offshore wind competition capacity for 2023 is 25.8GW, and for 2024 it is 25.35GW, indicating a robust pipeline for future growth [4][15]. International Offshore Wind Demand - International offshore wind demand is beginning to ramp up, with the company positioned as a leading exporter of offshore wind towers and monopiles. The global offshore wind installation is projected to see significant growth starting in 2026, particularly in Europe, where new installations are expected to reach 8.40GW in 2026 [2][4]. - The company has already exported nearly 100,000 tons of offshore wind towers and monopiles in 2023, with a full order book for future deliveries [2][4]. Export Capacity and Advantages - The company has established three major offshore engineering bases in Penglai, Tangshan, and Panjin, with a combined export capacity of 1.5 million tons once fully operational. Additionally, the company is developing its own fleet of large deck transport vessels to enhance its export capabilities [2][4]. - The company’s international orders are robust, and it has received recognition from overseas clients, further solidifying its position as a leader in offshore wind exports [2][4]. Financial Performance and Projections - The company’s revenue from wind tower manufacturing is expected to grow significantly, with projected year-on-year growth rates of -5%, +48%, and +28% for 2024-2026 [9][10]. - The company’s revenue structure has been upgraded, with a CAGR of 26.53% from 2019 to 2023, and it is anticipated that the profitability will improve as the company continues to push for offshore wind exports [24][30].

行业日报 | 北交所 定向可转债审批加速，助力北交所再融资常态化 证券研究报告 2025 年 03 月 13 日 北交所市场点评——20250312 核心结论 行情回顾：1）指数层面：3 月 12 日北证 50 收跌-0.6%，成交额达 420.3 亿 元，较昨日上涨 38.5 亿元。2）个股层面：当日北交所 264 家公司中 127 家 上涨，1 家平盘，136 家下跌，3 家涨停。其中涨幅前五的个股分别为：立方 控股（+30.0%）、华原股份（+30.0%）、美心翼申（+29.9%）、凯添燃气（+27.8%）、 机科股份（+23.6%），跌幅前五的个股分别为：倍益康（-8.4%）、万达轴 承（-7.5%）、西磁科技（-5.4%）、星辰科技（-5.3%）、纬达光电（-5.2%）。 相关研究 北交所：市场震荡分化，主题轮动下聚焦科技 主线与国产替代机遇—北交所市场点评—— 20250311 2025-03-12 北交所：历史新高前博弈情绪趋浓，把握政策 方向，做好中长期布局—北交所市场点评—— 20250310 2025-03-11 北交所：周内放量上涨超 6%，高波动下流动 性博弈加剧 — 北 交 所 市 ...

公司深度研究 | 深高速 华南公路元老，深耕公路主业，大环保业务有望步入收获期 证券研究报告 2025 年 03 月 13 日 深高速（600548.SH）首次覆盖报告 摘要内容 【核心结论】我们认为公司作为华南地区公路元老，公路主业的收益质量较 高，有望实现稳健增长。大环保业务前景向好，清洁能源发电、固废资源化 处理业务未来盈利可期。绝对估值法（DDM 估值）下计算的目标价为 12.55 元，首次覆盖，给予"增持"评级。 【报告亮点】公司 2024 业绩预告发布后，市场对公司业务未来发展持有较 为悲观的预期。我们认为，公司主营业务未来增长向好。①受益于深中通道 对公司沿江项目和机荷项目的引流作用，叠加宏观经济复苏、粤港澳大湾区 政策支持，公司公路业务有望稳健增长；②大环保业务有望步入收获期，清 洁能源发电项目、餐厨垃圾处理两项业务均具备一定的进入壁垒，经过近 10 年的探索发展，有望迈入收获期。 公司是华南老牌高速公路运营企业，深耕公路主业，开拓大环保业务。1） 华南地区高速公路元老，实控人为深圳市国资委。2）深耕公路主业，开拓 大环保业务。3）财务复盘：2014-2023 年，营业收入呈先升后降的趋势， ...

行业点评 | 计算机 从 Copilot 到 Agent：AI 编程的范式革新 AI Coding 正在成为 Agent 商业化的突破口。我们认为编程领域的规则明确 性为 Agent 应用提供了天然约束框架，编程环境的技术特性为 Agent 自纠错 提供了理想试验场，同时编程原子化任务与大模型链式推理机制深度契合。 而在需求端，企业开发效率的刚需则创造了明确付费意愿，AI 编程领域已逐 步形成"技术验证-产品迭代-商业变现"的完整闭环。 AI 大模型在编程中的应用发展分为"Copilot→Agent→Multi-Agent"三个 阶段，目前各大厂商 AI coding 产品多处于第一阶段向第二阶段迈进的关键 节点。1）第一阶段：LLM as Copilot。大模型作为 Copilot，辅助程序员完 成任务，但并不改变软件工程的专业分工。2）第二阶段：LLM as Agent。 Agent 能够自主完成一部分任务，成为一个单一职能专家，能够自主使用工 具完成预定的任务。人在这个阶段的作用是给定上下文完成知识对齐。3） 第三阶段：LLM as Multi-Agent。多智能体互相协作完成复杂任务，人类则 负责创意 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][4] Core Views - The company is actively extending its layout in the computing ecosystem by launching products and solutions in storage, cybersecurity, big data, and cloud computing, achieving a full industry chain layout [2] - The company has invested in several quality assets, forming comprehensive coverage of the computing power industry chain, from upstream chips and server hardware to downstream cloud service providers [2] - With the expansion of capital expenditure by downstream customers and continuous optimization of products for generative AI scenarios, the company is expected to enhance its competitive advantage and accelerate the commercialization of new-generation products [2] Financial Performance Summary - In 2024, the company achieved operating revenue of 13.148 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 1.911 billion yuan, a year-on-year increase of 4% [1][4] - For Q4 2024, the company reported operating revenue of 5.106 billion yuan, a year-on-year decrease of 23%, and a net profit attributable to shareholders of 1.142 billion yuan, a year-on-year increase of 5% [1][4] - The direct sales model generated revenue of 12.191 billion yuan, down 12% year-on-year, with a gross margin of 29.60%, up 0.93 percentage points from 2023 [1] - The distribution model generated revenue of 910 million yuan, down 16% year-on-year, with a gross margin of 22.25%, up 0.07 percentage points from 2023 [1] - The company effectively controlled accounts receivable, which amounted to 2.268 billion yuan at the end of 2024, a year-on-year decrease of 10% [1] Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 2.805 billion yuan, 3.489 billion yuan, and 3.996 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 46.8%, 24.4%, and 14.5% [2][3]