证券研究报告 | 公司深度 | 自动化设备 1）场景优势：公司作为工控龙头，具有 40 多个行业的 Know-how，贴近一线下 游客户的真实需求，而这正是目前产业发展中最稀缺的一环，谁能先找到应用场 景，谁就能先进入产品开发-验证-迭代-量产的正循环。 2）平台优势：基于公司现有的电机、电压产品等技术平台，针对人形机器人轻 量化和高精度等需求进行定制化开发具备较高的确定性。相较于单一零部件生产 制造商，公司具备系统定义和集成能力。 ❑ 盈利预测与估值 短期，工控周期筑底，有望回升，新能源车业务进入收获期，稳步贡献利润；长 期，公司"战略力+产品力+组织力"持续发挥优势，国产替代加速，人形机器人 打开成长空间，有望再造一个汇川。预计公司未来三年营业收入为 376/455/546 亿元，归母净利润为 49/58/69 亿元，同比增长 4%/18%/19% 。EPS 分别为 1.8、 2.2、2.6 元。 ❑ 风险提示：制造业复苏不及预期；新能源汽车市场竞争加剧；产品技术开发进 度不及预期；人形机器人商业化进展不及预期。 工控龙头，人形机器人业务打开空间 ——汇川技术深度报告 投资要点 ❑ 我们认为公司在人形机器 ...

Market Overview - On April 22, the Shanghai Composite Index rose by 0.25%, while the CSI 300 fell by 0.02%, the STAR Market 50 decreased by 0.31%, the CSI 1000 dropped by 0.06%, and the ChiNext Index declined by 0.82%. The Hang Seng Index increased by 0.78% [3][4] - The best-performing sectors on April 22 were retail (+1.03%), building materials (+1.02%), transportation (+0.9%), real estate (+0.84%), and pharmaceuticals (+0.82%). The worst-performing sectors included media (-1.08%), telecommunications (-0.97%), computers (-0.9%), machinery (-0.8%), and electrical equipment (-0.66%) [3][4] - The total trading volume for the A-share market on April 22 was 11,212.07 billion yuan, with a net inflow of 21.36 billion HKD from southbound funds [3][4] Company Analysis: Miao Ke Lan Duo (600882) - In Q1 2025, Miao Ke Lan Duo achieved an operating income of 1.23 billion yuan, representing a year-on-year increase of 6.3%. The net profit attributable to shareholders was 80 million yuan, up 114.9% year-on-year, while the net profit excluding non-recurring items was 60 million yuan, reflecting a 110.2% increase [5] - The company is expected to see revenue growth in its BC business and profit elasticity from B-end business through domestic raw material substitution and product structure optimization. Efficiency improvements in expense management are also anticipated, leading to expected revenues of 5.48 billion, 6.18 billion, and 7.01 billion yuan for 2025-2027, with net profits of 210 million, 310 million, and 420 million yuan respectively [5] Company Analysis: iFlytek (002230) - iFlytek is projected to achieve revenues of 29.088 billion, 36.368 billion, and 45.388 billion yuan for 2025-2027, with year-on-year growth rates of 24.61%, 25.02%, and 24.80%. The net profit attributable to shareholders is expected to reach 962 million, 1.414 billion, and 1.992 billion yuan, with growth rates of 71.73%, 47.03%, and 40.85% respectively [7] - The company has released upgrades for its iFlytek Spark model and is advancing its AI and software applications, which are seen as catalysts for growth [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved rapid revenue growth in 2024, with total revenue of 760 million yuan, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 92 million yuan, up 66% year-on-year [1] - The gross margin improved to 35.3% in 2024, an increase of 4.7 percentage points year-on-year, with a net profit margin of 12.1%, up 3.5 percentage points year-on-year [2] - The company is expanding its production capacity, particularly in Anhui Weisen, which saw a revenue increase of 73% to 150 million yuan in 2024 [3] - Revenue forecasts for 2025-2027 are projected at 910 million, 1.07 billion, and 1.24 billion yuan, with corresponding net profits of 130 million, 180 million, and 230 million yuan, indicating compound annual growth rates of 35% over three years [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 210 million yuan, a 15% year-on-year increase, and a net profit of 21 million yuan, up 71% year-on-year [1] - The first quarter of 2025 showed a revenue of 200 million yuan, a 20% year-on-year increase, with a net profit of 29 million yuan, up 40% year-on-year [1] Gross Margin and Profitability - The gross margin for 2024 was 35.3%, with quarterly improvements throughout the year, and a slight decrease to 34.2% in Q1 2025 [2] - The net profit margin reached a new high of 16.0% in Q1 2025, reflecting strong operational efficiency [2] Growth Drivers - Anhui Weisen's significant growth and ongoing capacity expansion projects are key contributors to the company's future growth [3] - The company is investing in technological upgrades and new projects to sustain its growth trajectory [3] Valuation and Forecast - The company is expected to maintain strong revenue and profit growth, with a projected PE ratio decreasing from 25 in 2024 to 10 by 2027 [4]

动储营收大幅成长，大客户、AI 终端、机器人增量可期 ——欣旺达点评报告 投资要点 高。近年来，下游新能源车的细分赛道格局已经逐渐稳定，各个梯队之间逐渐转 为有序和良性的竞争，在此背景下，公司动力电池业务凭借"聚焦+差异化"的 策略，获得了国内外众多知名车企的认可，在国内市场方面，公司量产交付了多 个爆款车型，在国际市场方面，公司新获多个全球知名车企项目的定点，因此公 司动力电池业务收入呈现良好的上升趋势，进一步向盈亏平衡点靠近。 ❑ 锂威的整体利润贡献进一步成长 2024 年公司消费类电池实现营业收入 304 亿元，同比增长 6.52%，实现毛利率 17.65%，同比增加 2.74pcts，盈利提升的核心原因在于消费类电芯业务的生产规 模逐步扩大，电芯自供比例不断提升。2024 年浙江锂威和惠州锂威共实现营业 收入近 60 亿元，同比增长约 17%，合计净利润约为 10.9 亿元，同比增长约 69%，手机电芯业务市场份额稳步提升，行业地位进一步夯实，笔电应用领域作 为公司新增长点已进入头部客户供应链。随着锂威的成长，欣旺达在手机、平 板、PC 和可穿戴等市场的 cell+pack 一体化供应逐渐打开，特别是 ...

Investment Rating - The investment rating for the company is "Add" (maintained) [6] Core Views - The company achieved a revenue of 1.56 billion yuan in 2024, representing a year-on-year increase of 13.4%, and a net profit of 160 million yuan, up 14.1% year-on-year [1] - The adult toothpaste segment showed excellent growth, with revenue increasing by 16.1%, while the e-commerce channel remains the core driver of the company's growth [2] - The optimization of product structure has significantly boosted the gross margin, which reached 49.37% in 2024, up 5.3 percentage points year-on-year [3] Financial Performance - In 2024, the company reported a net cash flow from operating activities of 181 million yuan, a year-on-year increase of 20.1% [4] - The company's gross margin for adult toothpaste was 50.47%, reflecting a 5.5 percentage point increase year-on-year [3] - The company’s net profit margin for 2024 was 10.33%, a slight increase of 0.06 percentage points year-on-year [3] Market Position - The company has maintained a steady increase in market share, ranking third in the offline retail channel for toothpaste products, and second among domestic brands [5] - The "Cold Acid Spirit" brand has seen its market share in the sensitive toothpaste segment increase from 61.74% in 2022 to 64.72% in 2024 [5] Earnings Forecast - The company is expected to achieve revenues of 1.87 billion yuan, 2.27 billion yuan, and 2.80 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.65%, 21.73%, and 23.21% [10] - The forecasted net profit for 2025 is 196 million yuan, representing a year-on-year growth of 21.75% [10]

❑ 财务表现：利润端亏损收窄， 商业化有望加速。 证券研究报告 | 公司点评 | 化学制药 泽璟制药(688266) 报告日期：2025 年 04 月 22 日 商业化加速，看好创新数据催化 ——泽璟制药 2024 年报&2025Q1 业绩点评 投资要点 ❑ 2025 年公司后期管线商业化有望加速，多纳非尼稳健放量，重组人凝血酶医保 内首年放量，吉卡昔替尼、rhTSH 商业化在即，助力公司逐渐扭亏为盈；早期 管线 ZG005、ZG006 等早期数据已初步验证，看好其全球竞争力，更多数据读 出有望催化公司估值进一步提升。 2024 年公司实现收入 5.33 亿元，同比增长 37.91%，主要是因为多纳非尼片商业 化推广稳步推进，销量增加所致；归母净利润-1.38 亿元，同比减亏 1.41 亿元； 扣非归母净利润-1.71 亿元，同比减亏 1.78 亿元。此外 2024 年，公司经营活动产 生的现金流量净额 0.38 亿元，主要是因为收到重组人凝血酶独家市场推广授权 款 2.8 亿元。 2025Q1 公司实现收入 1.68 亿元，同比增长 54.87%，主要是因为公司重组人凝血 酶 2025 年纳入国家医保目录后 ...

证券研究报告 | 公司点评 | 软件开发 北路智控(301195) 报告日期：2025 年 04 月 22 日 营收保持稳健增长，公司产品服务体系持续完善 ——北路智控 2024 年报点评 投资要点 ❑ 4 月 21 日，公司披露 2024 年报。2024 年公司实现营业总收入 11.29 亿元（YoY +12.05%），实现归母净利润 2.01 亿元（YoY -10.56%）。全年公司智能矿山监控 及集控系统业务保持快速增长，未来公司依托完善产品服务矩阵，有望受益国 家矿山智能化需求而实现高质量增长。 ❑ 受益我国矿山智能化需求，公司完善产品体系未来有望实现高质量增长 近年来，公司在无人驾驶、AI、矿鸿、通信、监控等领域持续取得技术突破。公 司依托自身在通信、监控、自动控制等领域积累的技术优势，通过建设研发中心 等方式不断进行企业技术升级、延伸，实现了在危险化工品生产领域、非煤矿山 领域的技术借鉴和拓展，确保通过"强链+延链"的方式实现公司业务的高效可 持续成长，完整覆盖了智能矿山行业的关键环节，形成了全流程闭环的产品体 系，产品的多样性、功能性和完整性在行业内处于领先地位，未来有望受益于国 家新型工业化进 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a total revenue of 23.343 billion yuan for 2024, representing a year-over-year increase of 18.79%. The net profit attributable to shareholders was 560 million yuan, down 14.78% year-over-year, while the net profit after deducting non-recurring items was 188 million yuan, up 59.36% year-over-year. The net cash flow from operating activities was 2.495 billion yuan, a significant increase of 613.40% year-over-year. In the first quarter of 2025, the company achieved a revenue of 4.658 billion yuan, up 27.74% year-over-year [1][2] Financial Performance Summary - In 2024, the company achieved a gross margin of 42.63%, with sales, management, and R&D expense ratios at 17.49%, 6.23%, and 16.67% respectively, all showing a decrease compared to the previous year. For Q1 2025, the gross margin was 40.18%, with expense ratios of 19.99%, 7.59%, and 20.33%, indicating significant improvement in operational efficiency [2][3] Business Segment Growth - The company's smart education segment generated revenue of 7.229 billion yuan in 2024, up 29.94% year-over-year. The open platform business achieved 5.172 billion yuan, up 31.33%, while the smart automotive and medical segments reported revenues of 989 million yuan and 692 million yuan, up 42.16% and 28.18% respectively. The integration of AI technology into various industries is expected to continue driving high-quality growth [3][4] AI Application Development - The company has established a diverse product matrix in the medical field, providing AI-enabled solutions to various clients. By the end of 2024, the AI assistant had provided approximately 910 million AI consultation suggestions and assisted in producing standardized electronic medical records over 350 million times [9] Future Revenue and Profit Forecast - The company is projected to achieve revenues of 29.088 billion yuan, 36.368 billion yuan, and 45.388 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 24.61%, 25.02%, and 24.80%. The net profit attributable to shareholders is expected to reach 961 million yuan, 1.414 billion yuan, and 1.992 billion yuan for the same years, with growth rates of 71.73%, 47.03%, and 40.85% respectively [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a total revenue of 379 million yuan in 2024, representing a year-over-year increase of 18.24%, while the net profit attributable to shareholders was 41.45 million yuan, down 27.89% year-over-year [2][3] - In Q1 2025, the company achieved a revenue of 38.79 million yuan, reflecting a year-over-year growth of 21.73%, but reported a net loss of 15.63 million yuan, with the loss narrowing by 26.51% compared to the previous year [2][3] - The company is focusing on physical AI and building a comprehensive service platform, while continuing to integrate quality resources through multi-dimensional acquisitions [5][6] Revenue and Profitability - The company's overall revenue scale maintained good growth, with a gross margin of 71.86% in 2024, an increase of 2.43 percentage points year-over-year [3] - The revenue from the core CAE software products reached 228 million yuan in 2024, growing by 21.72% year-over-year, with a gross margin of 96.39% [4] - The technical services segment saw a significant revenue increase of 3150.08% year-over-year, reaching 10.82 million yuan, driven by acquisitions [4] Strategic Focus and Acquisitions - The company is concentrating on physical AI, launching a series of solutions aimed at upgrading industrial manufacturing intelligence [5] - In December 2024, the company strategically invested 88 million yuan to acquire a majority stake in a company specializing in electronic information equipment technology [6] - The company plans to acquire a 51% stake in another technology firm focused on smart manufacturing, which will enhance its capabilities in physical AI applications [6] Financial Forecast - The company is projected to achieve revenues of 566 million yuan, 788 million yuan, and 1.07 billion yuan for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 49.54%, 39.11%, and 36.27% [11] - The net profit attributable to shareholders is expected to reach 68.88 million yuan, 102.37 million yuan, and 142.02 million yuan for the same years, with growth rates of 66.18%, 48.62%, and 38.73% [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is a leading player in modified plastics, with significant growth in 2024 driven by multiple business segments, including special engineering plastics, which are expected to benefit from emerging industries such as new energy vehicles, low-altitude economy, humanoid robots, and AI [3][7] - The company achieved a revenue of 60.514 billion yuan in 2024, a year-on-year increase of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% year-on-year [7] - The company is expanding its production capacity and has a complete industrial chain from resin synthesis to modification applications, with new projects expected to contribute to growth in the coming years [3][9] Financial Summary - In 2024, the company reported a revenue of 60.514 billion yuan, with a year-on-year growth of 26.23%, and a net profit of 0.825 billion yuan, reflecting a significant increase of 160.36% [7][11] - For Q1 2025, the company achieved a revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, up 138.20% year-on-year [7] - The company forecasts net profits of 1.487 billion yuan, 2.037 billion yuan, and 2.552 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.56, 0.77, and 0.97 yuan [9][11]