Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Views - The company achieved a revenue of 1.078 billion yuan in 2024, representing a year-on-year increase of 15.7%, while the net profit attributable to the parent company was 177 million yuan, down 3.98% year-on-year [1] - The large clinical business segment generated revenue of 512 million yuan in 2024, showing a robust growth of 41.19% year-on-year, indicating a strong support for the company's service sector in the next three years [2] - The self-developed new drug pipeline is progressing well, with key products entering various clinical phases, suggesting that 2025 may be a year of significant new drug transformations for the company [3] - The gross profit margin for 2024 was 50.18%, a decrease of 6.5 percentage points year-on-year, but is expected to stabilize as the market competition in pharmaceutical research stabilizes [4] - The operating cash flow for 2024 was 32 million yuan, a significant decrease, but the company is expected to recover quickly due to its strategic focus on serving large pharmaceutical clients [5] - The revenue forecast for 2025-2027 is set at 1.280 billion, 1.501 billion, and 1.756 billion yuan, with respective year-on-year growth rates of 18.73%, 17.19%, and 17.05% [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.078 billion yuan and a net profit of 177 million yuan, with a notable decline in Q4 revenue to 162 million yuan, down 32.62% year-on-year [1] - The gross profit margin for 2024 was 50.18%, reflecting a decrease due to increased competition in the generic drug market and a higher proportion of lower-margin clinical service revenue [4] Growth Potential - The large clinical business segment is expected to continue its high growth trajectory, with a revenue increase of 41.19% in 2024 [2] - The self-developed new drug pipeline is advancing, with multiple products entering clinical trials, indicating potential for significant revenue contributions starting in 2025 [3] Profitability and Cash Flow - The company’s R&D expense ratio increased to 15.94% in 2024, driven by accelerated clinical progress of core self-developed pipelines [4] - Operating cash flow was reported at 32 million yuan, reflecting challenges in accounts receivable turnover, but a recovery is anticipated [5] Earnings Forecast - The company’s revenue projections for 2025-2027 are 1.280 billion, 1.501 billion, and 1.756 billion yuan, with net profits expected to grow to 179 million, 216 million, and 262 million yuan respectively [6]

❑ Q4 营收利润实现稳定增长 全年实现营收 10.44 亿元，同比增长 31.49%，实现归母净利润 3.62 亿元，同比 增长 22.22%，实现扣非归母净利润 3.41 亿元，同比增长 24.14%。全年毛利率达 89.63%，略微下降。费用率方面，销售、管理、研发费用率分别为 32.03%、 9.16%、19.79%，同比变化 -4.38、-0.23、-1.00 pct。全年经营性现金流为 4.73 亿 元，同比增长 36.95%。 分业务来看，软件产品使用授权营收达 8.94 亿元，同比增长 22.79%，毛利率达 99.69%，数据及行业解决方案营收达 0.98 亿元，同比增长 204.51%，运维服务营 业收入达 0.38 亿元，同比增长 38.50%。数据库一体机销售达 0.13 亿元，同比增 长 179.59%。 公司营收主要增长原因在于 证券研究报告 | 公司点评 | 软件开发 达梦数据(688692) 报告日期：2025 年 04 月 15 日 行业信创打开公司营收、利润增长新格局 ——达梦数据 2024 年度点评报告 投资要点 Q4 实现营收 4.15 亿元，同比增长 19.34%，实 ...

虹软科技(688088) 报告日期：2025 年 04 月 15 日 整体盈利能力大幅提升，商拍+AI 眼镜业务有望打开空间 ——虹软科技 2024 年报&2025 一季报点评 投资要点 ❑ 4 月 14 日，公司披露 2024 年报及 2025 年一季报。2024 年公司实现营业总收入 8.15 亿元（YoY +21.62%），实现归母净利润 1.77 亿元（YoY +99.67%），公司经 营效率大幅优化下盈利能力大幅提升。2025 年公司在智能手机、智能汽车业务 稳步增长的基础上，有望加速推进 AI 眼镜、AI 商拍业务的商业化落地，打开 新成长极。 证券研究报告 | 公司点评 | IT 服务Ⅱ ❑ 2024 年公司主营业务良好增长，盈利能力大幅提升 2024 年全年，公司实现营业总收入 8.15 亿元（YoY +21.62%），实现归母净利润 1.77 亿元（YoY +99.67%），扣非后归母净利润为 1.56 亿元（YoY+128.93%），盈 利能力大幅提升。公司全年整体毛利率为 90.43%（YoY +0.08pct），销售/管理/研 发费用率分别为 16.29%/10.49%/48.81%， ...

Investment Rating - The report maintains a "Positive" investment rating for the controlled nuclear fusion industry [5]. Core Insights - Controlled nuclear fusion is viewed as the ideal ultimate energy source for humanity, characterized by its abundant resources, cleanliness, safety, and efficiency [1][13]. - The industry is approaching a critical point, with engineering feasibility verification underway, and significant advancements expected in the near future [2][45]. - The global market for nuclear fusion equipment is projected to reach trillions, with a compound annual growth rate (CAGR) of approximately 23% from 2023 to 2035 [3][6]. Summary by Sections 1. Controlled Nuclear Fusion: The Ideal Ultimate Energy - Nuclear fusion involves the combination of two lighter atomic nuclei into a heavier nucleus, releasing substantial energy [1]. - Controlled nuclear fusion aims to harness this process under artificial conditions, making it a clean and sustainable energy source [1][13]. - The primary methods for achieving controlled fusion include magnetic confinement, inertial confinement, and gravitational confinement, with magnetic confinement being the focus of current research [1][19]. 2. Approaching Technical Singularity - The feasibility of nuclear fusion has been validated since the 1990s, and the industry is now in the engineering verification phase [2]. - If the engineering Q value exceeds 1, energy gain is possible; a Q value greater than 30 could lead to commercialization [2]. - Domestic and international efforts are catalyzing the industry, with significant milestones achieved recently, such as the "Circulation Three" project reaching high temperatures [2][45]. 3. Market Space Estimation - The global nuclear fusion equipment market is expected to see new additions worth trillions from 2031 to 2035, with a CAGR of about 23% [3][6]. - The domestic market for fusion equipment is projected to exceed hundreds of billions, with numerous projects planned and clear timelines established [2][3]. 4. Key Companies to Watch - The report highlights several key players in the midstream equipment sector, including: - Lianchuang Optoelectronics (high-temperature superconducting magnets) - Guoguang Electric (specialized microwave devices) - Antai Technology (divertors) [3][4]. - Upstream material suppliers such as Western Superconducting, Yongding Co., and Jingda Co. are also noted for their potential benefits from the industry [3].

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 04 月 15 日 关税 2.0 对产业债主体影响几何？ 核心观点 本文使用海外营收占比和美元存款/货币资金两种指标，并结合公开信息大致推测对美 出口较多的行业的产业主体对美出口敞口。从宏观行业和微观主体两个角度看，我们 认为关税政策对产业债信用风险的影响可控。 ❑ 我国对美出口情况概览 美国虽为我国第一大出口国，但我国对美贸易依赖度正逐渐下降，自从 2018 年贸易战 1.0 发生 以来，我国对美出口金额占比由 20%降至当前的 13%。不过，2018 年贸易战 1.0 爆发后关税清 单内商品对美出口显著下降，此次"全覆盖关税"作用下对美出口后续走势可能与此前类似。将 各类中国出口美国商品的 HS 编码转化为所属申万行业，对美出口金额较高的行业依次是电子、 轻工制造、电力设备、纺织服装、基础化工和汽车，该六大行业合计占对美出口总额的 80%以 上。 ❑ 如何衡量产业债发行主体出口敞口？ 美国对华加征关税将抬升出口成本，削弱企业盈利能力，出口型行业信用风险也可能随之上升。 但是，对美出口金额较高的行业产业债余额仅占全部 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 15 日 浙商早知道 2025 年 04 月 15 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 【浙商机械 邱世梁/王华君/何家恺/姬新悦】中大力德（002896）公司深度：精密减速器厚积薄发，卡位人形机器 人优质赛道——20250413 大势：4 月 14 日上证指数上涨 0.76%，沪深 300 上涨 0.23%，科创 50 上涨 0.25%，中证 1000 上涨 1.3%，创业板 指上涨 0.34%，恒生指数上涨 2.4%。 行业：4 月 14 日表现最好的行业分别是纺织服饰（+2.56%)、煤炭（+2.5%)、有色金属（+2.46%)、商贸零售（+2.37%)、 社会服务（+2.09%)，表现最差的行业分别是家用电器（-0.6%)、食品饮料（-0.36%)、房地产（+0.2%)、建筑材料 （+0.28%)、国防军工（+0.32%)。 资金：4 月 14 日全 A 总成交额为 13127 亿元，南下资金净流入 57.80 亿港元。 浙商早 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The report highlights the continuous upward development of the domestic innovative drug industry, with the company solidifying its leading position in clinical CRO and expecting sustained long-term performance growth due to international breakthroughs [1][11] - The company's 2024 revenue was reported at 6.603 billion RMB, a year-over-year decrease of 10.58%, primarily due to the impact of specific vaccine project bases and the cancellation of some domestic innovative drug clinical operation orders in H2 2024 [1][12] - The net profit attributable to the parent company for 2024 was 405 million RMB, reflecting a significant year-over-year decline of 79.99% [12] Summary by Sections Business Performance - Clinical trial technical service revenue for 2024 was 3.178 billion RMB, down 23.75% year-over-year, mainly due to the impact of specific vaccine projects and a decline in new order amounts for domestic innovative drug clinical operations [2] - Revenue from clinical trial-related and laboratory services was 3.296 billion RMB, showing a year-over-year increase of 5.61%, driven by strong demand and efficiency improvements [3] Profitability - The overall gross margin for 2024 was 33.95%, a decrease of 4.63 percentage points year-over-year, with clinical trial technical services gross margin at 29.56%, down 8.65 percentage points [4] - The report anticipates a gradual recovery in profitability, with expectations for gross margins to return to higher levels as order execution stabilizes [4] Order and Contract Insights - The company reported a net new contract amount of 8.42 billion RMB for 2024, a year-over-year increase of 7.3%, with a total backlog of contracts amounting to 15.78 billion RMB, up 12.1% year-over-year [11] - The overseas clinical operation business continues to grow rapidly, particularly in North America, with expectations for more high-quality MRCT orders [11] Financial Forecast - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.18, 1.40, and 1.70 RMB respectively, with a projected PE ratio of 38 times for 2025 [12]

证券研究报告 | 公司点评 | 种植业 投资要点 北大荒公告 2024 年业绩：24 年公司实现营收 53.39 亿元，同比+5.83%，归母净利润 10.87 亿元，同比+2.21%。单四季度公司实现营收 9.81 亿元，同比-7.89%，归母净利 润-2.60 亿元，亏损同比扩大 0.30 亿元。 ❑ 耕地发包业务延续增长，增收措施成效显著 1）耕地发包主业：公司积极采取机动地竞价、超规模阶梯收费等增收措施，实 现土地承包费收入稳健增长，24 年该业务营收 37.32 亿元，同比+8.7%。2）农产 品销售：24 年农产品销售实现营收 1.80 亿元，同比+11.60%，主要系粮食生产能 力与供给质量稳步提升。3）农资销售： 24 年农资业务实现营收 11.03 亿元，同 比-8.28%，主要系农资价格同比下滑。4）其他：公司工业、经贸业务均处于长 期停业状态，工业企业收入以出租资产为主，24 年实现营收 142 万元，同比+ 45 万元；经贸企业以清理应收和销售原有存货为主，24 年实现营收 4186 万元，同 比+ 4141 万元；房地产业务 24 年实现营收 126 万元，同比+5532 万元。 ❑ ...

京北方(002987) 报告日期：2025 年 04 月 14 日 AI 驱动收入增长，现金流大幅改善 ——京北方 2024 年报点评 投资要点 证券研究报告 | 公司点评 | 软件开发 ❑ 营收稳健增长，经营性现金流高增 2024 年实现营业收入 46.36 亿元，同比增长 9.29%；归母净利润 3.12 亿元，同比 下滑 10.36%。公司现金流质量显著提升，经营性现金流净额同比增长 99.25%至 2.61 亿元。 2024 年，归母净利率为 6.72%，同比下滑 1.p47ct，主要系核心业务毛利率下滑以 及费用刚性。综合毛利率 22.40%，同比小幅下降 0.92pct，销售/管理/研发费用率 为 1.84%/3.70%/9.21%，同比分别+0.08pct/+0.38pct/-0.07pct。 ❑ 基石业务稳健，AI 相关业务高速增长 软件及 IT 解决方案实现收入 30.07 亿元，是公司发展基石，其中金融科技解决方 案产品线收入 13.00 亿元，同比增长 9.41%。人工智能及大数据创新产品线收入 0.80 亿元，同比增长 65.29%，成为增长新引擎。业务数字化运营条线收入 16.29 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5][14]. Core Views - Chow Tai Fook is a leading brand in the gold and jewelry industry, with strong brand power, product strength, and channel capabilities. The company's brand transformation strategy aims to enhance store efficiency and improve profit margins through fixed-price products, which is expected to drive performance beyond expectations. A high dividend yield of 6%-7% is anticipated for the fiscal year 2026 [1][14]. Summary by Sections 1. Overperformance Logic - Chow Tai Fook demonstrates strong advantages in brand influence and product design iteration. The company is expected to achieve same-store sales growth beyond expectations starting from fiscal year 2024, despite market concerns about significant declines in same-store sales due to high gold prices and intensified competition [2][3]. 2. Brand and Product Upgrades - The company is actively pursuing brand transformation, including: 1. Brand image upgrades with new concept stores launched in Hong Kong and other cities, achieving higher store efficiency than average [3]. 2. Product structure upgrades with the introduction of unique series like "Chuanfu" and "Forbidden City," leading to a significant increase in sales of fixed-price gold products [4]. 3. Enhanced store profitability through optimized retail networks and clear performance indicators [3][4]. 3. Profitability Improvement - The proportion of high-margin fixed-price gold products is increasing, contributing to an upward trend in gross margins. The sales performance of new product lines has been impressive, with the "Chuanfu" series generating over HK$24 billion in retail value since its launch [4][10]. 4. Financial Forecasts - The company is projected to achieve revenues of HK$901 billion, HK$907 billion, and HK$955 billion for fiscal years 2025 to 2027, with corresponding net profits of HK$56 billion, HK$76 billion, and HK$83 billion. The net profit margin is expected to improve from 6.2% to 8.4% in fiscal year 2026 [14][17]. 5. Target Price and Valuation - Given the rapid growth of high-margin products and a high dividend payout ratio, the target market capitalization for fiscal year 2026 is set at HK$1,139 billion, based on a 15x valuation [15].