医药生物 | 证券研究报告 — 调整盈利预测 2025 年 4 月 3 日 688236.SH 买入 原评级：买入 市场价格:人民币 15.17 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 24.0 14.8 24.0 (25.3) 相对上证综指 21.4 13.9 21.4 (34.3) (46%) (34%) (22%) (10%) 2% 14% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Apr-25 春立医疗 上证综指 | 发行股数 (百万) | 383.57 | | --- | --- | | 流通股 (百万) | 174.44 | | 总市值 (人民币 百万) | 5,818.73 | | 3 个月日均交易额 (人民币 百万) | 27.97 | | 主要股东持股比例（%） | | | 史春宝 | 30.96 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 2 日收市价为标准 相关研究报告 《春立医疗》20240407 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has formed a product matrix in PC MCU and is consolidating its advantages in the HarmonyOS ecosystem through AIoT integration [3][8] - The company's revenue for 2024 is projected to be RMB 702 million, representing a year-on-year growth of 62.2% [7][8] - The net profit attributable to the parent company for 2024 is expected to be a loss of RMB 173 million, but this loss has narrowed by RMB 92 million compared to the previous year when excluding share-based payment impacts [8] Summary by Sections Stock Performance - The company's stock has shown an absolute increase of 20.8% year-to-date and 21.7% over the past 12 months [2] Financial Projections - Revenue projections for the upcoming years are as follows: - 2025: RMB 980 million (39.5% growth) - 2026: RMB 1,302 million (32.9% growth) - 2027: RMB 1,656 million (27.2% growth) [7][9] - The estimated EPS for 2025 is -0.73 RMB, with a gradual improvement expected by 2027 to 0.66 RMB [5][9] Business Performance - The MCU chip business revenue for 2024 is projected at RMB 326 million, a year-on-year increase of 68% [8] - The analog signal chain chip business is expected to see a revenue increase of 137% year-on-year, reaching RMB 181 million [8] - The AIoT chip business is projected to grow by 18% year-on-year, with revenue of RMB 182 million [8] Strategic Developments - The company is transitioning its MCU and ADC products towards high-end markets, with significant R&D investments [5][8] - The company has established a health big data cloud platform through its subsidiary, enhancing its position in the HarmonyOS ecosystem [8]

电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 3 日 688352.SH 增持 原评级：增持 市场价格:人民币 12.24 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 4.8 (0.9) 0.9 13.3 相对上证综指 2.2 (1.7) 1.0 4.5 发行股数 (百万) 1,189.04 (23%) (11%) 0% 12% 23% 35% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 颀中科技 上证综指 | 流通股 (百万) | 359.88 | | --- | --- | | 总市值 (人民币 百万) | 14,553.82 | | 3 个月日均交易额 (人民币 百万) | 128.97 | | 主要股东(%) | | | 合肥颀中科技控股有限公司 | 33.4 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 1 日收市价为标准 相关研究报告 《颀中科技》20240902 《颀中科技》20240 ...

基础化工 | 证券研究报告 — 调整盈利预测 2025 年 4 月 3 日 002258.SZ 买入 原评级：买入 市场价格:人民币 8.81 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 8.9 6.8 6.5 (4.6) 相对深圳成指 4.8 7.8 5.7 (13.4) 发行股数 (百万) 800.44 流通股 (百万) 799.15 总市值 (人民币 百万) 7,051.85 3 个月日均交易额 (人民币 百万) 81.88 主要股东持股比例（%） (29%) (19%) (9%) 0% 10% 20% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 利尔化学 深圳成指 业绩短期承压，精草铵膦产能布局推进 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 1 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工：农化制品 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bo ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady revenue growth in 2024, but profitability has declined. New growth drivers include humanoid robots, AI/AR glasses, foldable screens, and server cooling solutions, supporting the "Buy" rating [3][8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of RMB 44.211 billion, a year-on-year increase of 29.6%. However, the net profit attributable to the parent company decreased by 14.5% to RMB 1.753 billion. The gross margin was 15.8%, down 4.2 percentage points year-on-year [7][8] - The company expects earnings per share (EPS) of RMB 0.34, RMB 0.47, and RMB 0.56 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26.6x, 19.3x, and 16.1x [5][7] Revenue Breakdown - The AI terminal segment generated revenue of RMB 40.73 billion in 2024, up 32.8% year-on-year, but the gross margin fell by 4.4 percentage points to 17.4%. Key growth areas include sensors and related modules, as well as imaging display products, both exceeding 100% growth [8] - The automotive and low-altitude economy sectors contributed RMB 2.12 billion in revenue, a 52.9% increase year-on-year. However, the clean energy business saw a 25% decline in revenue to RMB 1.17 billion due to a significant reduction in customer orders [8] Growth Drivers - The company is making progress in humanoid robots, AI/AR glasses, foldable screens, and server-related businesses. For instance, the humanoid robot segment is expected to enter mass production in 2025, with a gross margin of approximately 60% [8] - The AI/AR glasses and XR wearable devices are anticipated to grow rapidly with the upcoming release of new products in 2025. The foldable screen products have already seen significant shipments, and the server business has begun to penetrate customer supply chains [8]

计算机 | 证券研究报告 — 调整盈利预测 2025 年 4 月 3 日 301153.SZ 买入 原评级：买入 市场价格:人民币 26.54 板块评级:强于大市 本报告要点 2024 年中科江南毛利率同比提升，与华为 深化合作有望打开公司新成长空间。 jingwen.zheng@bocichina.com 证券投资咨询业务证书编号：S1300525010001 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 2.1 (6.8) (5.0) (57.9) 相对深圳成指 (2.0) (5.8) (5.9) (66.8) 发行股数 (百万) 349.92 (51%) (37%) (23%) (9%) 5% 19% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 中科江南 深圳成指 | 流通股 (百万) | | 205.87 | | --- | --- | --- | | 总市值 (人民币 百万) | | 9,286.88 | | 3 个月日均交易额 (人民币 百万) | | ...

(%) 今年 至今 1 个月 3 个月 12 个月 绝对 (3.1) (4.5) (7.7) 2.3 相对上证综指 (5.4) (5.0) (7.2) (7.4) (28%) (18%) (9%) 1% 10% 20% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 莱特光电 上证综指 电子 | 证券研究报告 — 公司深度 2025 年 4 月 2 日 688150.SH 增持 原评级：未有评级 市场价格:人民币 20.78 板块评级:强于大市 本报告要点 公司为国内 OLED 终端材料领先企业。看 好公司下游需求提升、OLED 材料国产化 率提高带来的良好发展机遇，首次覆盖，给 予 增持 评级。 股价表现 | 发行股数 (百万) | 402.44 | | --- | --- | | 流通股 (百万) | 179.34 | | 总市值 (人民币 百万) | 8,362.65 | | 3 个月日均交易额 (人民币 百万) | 94.33 | | 主要股东 | | | 王亚龙 | 49.52% ...

Investment Rating - The report maintains a rating of "Buy" for the company [1][3][5] Core Views - The company reported a revenue of RMB 284.42 billion for 2024, representing a year-on-year growth of 10.07%, and a net profit attributable to shareholders of RMB 10.17 billion, an increase of 23.51% year-on-year [1][4][5] - The recovery of domestic consumption is expected to drive logistics demand, while the company is actively expanding into international markets to seek additional growth opportunities [1][4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 11.78 billion, RMB 13.61 billion, and RMB 15.67 billion, respectively, with year-on-year growth rates of 15.9%, 15.5%, and 15.1% [1][5][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 284.42 billion and a net profit of RMB 10.17 billion, marking a significant milestone as the net profit exceeded RMB 10 billion for the first time [4][3] - The gross margin improved to 13.9%, up by 1.11 percentage points, and the net profit margin increased to 3.59%, up by 0.53 percentage points [4][5] Business Segments - The express logistics segment generated revenue of RMB 205.78 billion, growing by 7.66% year-on-year, while the supply chain and international segments saw a revenue increase of 17.53% to RMB 70.49 billion [4][5] - The growth in traditional business segments was supported by the expansion of express delivery services and the penetration into county-level markets for same-city delivery [4][5] Future Outlook - The company's future performance is expected to be driven by the gradual recovery of domestic consumption and the progress of international market expansion [5][4] - The earnings per share (EPS) for 2025-2027 are projected to be RMB 2.36, RMB 2.73, and RMB 3.14, respectively, with corresponding price-to-earnings (P/E) ratios of 18.2, 15.8, and 13.7 [5][4]

强大于市 房地产行业第 13 周周报（2025 年 3 月 22 日-2025 年 3 月 28 日） 本周新房成交面积同比转负、二手房成交面积同比涨幅 收窄；土拍溢价率同环比均提升 新房成交面积环比涨幅扩大，同比由正转负。二手房成交面积同环比涨幅均收窄；新房库存面 积同环比均下降，去化周期同环比均下降。 核心观点 政策 本周，佛山发布房地产融资白名单新规，指导符合条件项目"能报尽报"，确保资金拨付"能 早尽早"；深圳出台城市更新新规，加强统筹规划，审慎新增更新单元计划，清理无效项目， 完善融资支持、税收优惠及安置补偿政策，推动存量项目落地；安徽发布《推动经济持续 回升向好细化政策举措》，推行"房票"等货币化安置方式，引导企业建设"好房子"；青岛首 批配售型保障房于 3 月 27 日启动选房，共涉及 3613 套房源；安达市、岳阳市分别公布《安 达市保障性住房工作实施方案》和《岳阳市配售型保障性住房管理办法（征求意见稿）》。 投资建议 风险提示 房地产行业 | 证券研究报告 — 行业周报 2025 年 4 月 2 日 房地产调控升级；销售超预期下行；融资收紧。 相关研究报告 《70 城房价环比跌幅持续收窄，一 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][6]. Core Views - The company has shown significant growth in revenue and net profit for 2024, driven by the launch of several high-frequency, high-resolution bridge chip products and accelerated development in automotive electronics [4][9]. - The company is actively expanding into high-performance computing (HPC) and high-speed communication chip sectors, indicating a positive operational outlook [4][9]. Financial Summary - The company’s revenue for 2024 is projected to be RMB 466 million, representing a year-on-year growth of 44.2%. The net profit attributable to the parent company is expected to reach RMB 144 million, a 40.6% increase [8][9]. - The company’s earnings per share (EPS) for 2025 is estimated at RMB 2.04, with a corresponding price-to-earnings (P/E) ratio of 55.5 [6][8]. - The company’s EBITDA for 2024 is projected at RMB 133 million, with a growth rate of 61.9% [10]. Product Development and Market Position - The company has launched multiple new products in 2024, including high-resolution chips that support 4K@144Hz resolution and various automotive applications [9]. - The automotive chip and system solutions division was established at the end of 2024, aiming to enhance the company’s position in the automotive SerDes market [9]. Growth Drivers - The semiconductor industry recovery has led to increased demand from downstream customers, contributing to the company's strong revenue growth [9]. - The company’s R&D expenses have increased significantly, reaching nearly RMB 100 million in 2024, which is 21.5% of its revenue, indicating a strong commitment to innovation [9].