❑ 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]

南京银行(601009) 报告日期：2025 年 04 月 22 日 南京银行业绩增速、收入结构和资产质量均超预期，核心营收快速增长，资产 质量继续改善。 数据概览 2025Q1 营收同比增长 6.5%，增速较 24A 下降 4.8pc；利润同比增长 7.1%，增速 较 24A 下降 2pc。2025Q1 末不良率 0.83%，持平于 24A 末水平；2025Q1 末拨备 覆盖率 324%，较 24A 末下降 12pc。 核心营收高增 南京银行 25Q1 营收利润超预期，营收和利润增速均落在 5%以上增长区间。 2025Q1 南京银行营收同比增长 6.5%，归母净利润同比增长 7.1%。其中： ①南京银行利息净收入改善幅度超预期，25Q1 南京银行利息净收入同比增长 17.8%，增速较 24A提升 13pc。背后得益于规模增速提升和息差同比稳定。25Q1 生息资产同比增长 19.4%，增速较 24Q4 末提升 4.9pc，其中贷款和债券规模增长 均进一步提速；测算 25Q1 单季息差（期初期末）1.41%，同比 24Q1 略高 1bp。 ②中收实现高增，25Q1 中收同比增长 18%，判断主要得益于理财和代销 ...

Investment Rating - The investment rating for Nanjing Bank is "Buy" [9] Core Insights - Nanjing Bank's performance in terms of growth rate, revenue structure, and asset quality has exceeded expectations, with core revenue growing rapidly and asset quality continuing to improve [1] - In Q1 2025, Nanjing Bank's revenue grew by 6.5% year-on-year, while profit increased by 7.1%, although both growth rates showed a decline compared to 2024 [2][3] - The bank's non-performing loan (NPL) ratio remained stable at 0.83% as of Q1 2025, consistent with the end of 2024, while the provision coverage ratio decreased to 324% [2][6] Summary by Sections Financial Performance - In Q1 2025, Nanjing Bank's net interest income improved significantly, increasing by 17.8% year-on-year, driven by higher asset growth and stable interest margins [3] - The bank's interest-earning assets grew by 19.4% year-on-year, with both loan and bond scales accelerating [3][5] - The bank's non-interest income also saw a substantial increase of 18% year-on-year, primarily due to strong performance in wealth management and agency sales [3] Asset Quality - The static indicators show that the NPL ratio was 0.83% and the attention rate was 1.15%, with the latter decreasing by 5 basis points [6] - The dynamic indicators indicate an improvement in the NPL generation rate, which fell to 1.46% for the trailing twelve months, showing a year-on-year improvement [6] Profit Forecast and Valuation - Nanjing Bank is expected to maintain a mid-to-high single-digit growth rate in profits, with projected net profit growth rates of 8.09%, 7.03%, and 6.80% for 2025-2027 [7][14] - The target price is set at 14.26 CNY per share, corresponding to a price-to-book (PB) ratio of 0.91, indicating a potential upside of 37% from the current price [7]

Market Overview - On April 21, the Shanghai Composite Index rose by 0.45%, the CSI 300 increased by 0.33%, the STAR 50 climbed by 1.07%, the CSI 1000 grew by 2.07%, and the ChiNext Index went up by 1.59% [4] - The best-performing sectors on April 21 were non-ferrous metals (+3.79%), computers (+2.72%), beauty and personal care (+2.11%), machinery equipment (+2.03%), and media (+2.03%). The worst-performing sectors were banking (-1.23%), food and beverage (-0.59%), real estate (-0.46%), coal (-0.32%), and transportation (-0.16%) [4][3] - The total trading volume for the A-share market on April 21 was 1,073.6 billion yuan, with a net inflow of 2.309 billion Hong Kong dollars from southbound funds [4][3] Company Analysis: SANY Heavy Industry - The report highlights that SANY Heavy Industry (600031) released its 2024 annual report, which exceeded expectations [5] - The company's net profit attributable to shareholders increased by 32% year-on-year, indicating improved profitability [5] - Investment opportunities are identified in the construction machinery industry, which is on an upward trend, with SANY's excavator revenue being a significant contributor to its performance [5] - Catalysts for growth include stabilization in domestic real estate and infrastructure investments, better-than-expected domestic excavator sales, accelerated international business, enhanced operational vitality, and rapid penetration of electric products [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is a leader in "integrated research and packaging testing" storage solutions, benefiting from the restart of production cuts by major overseas manufacturers and the rapid growth in storage demand driven by AI, indicating a potential upturn in the storage industry [1][2] - The company has established a comprehensive and differentiated product system, with clear domestic replacement opportunities, and is entering a phase of accelerated performance growth and project implementation [1][2] Summary by Sections Company Expectations - The market perceives the company as a low-end third-party storage module manufacturer with limited growth potential. However, the upward storage cycle, accelerated domestic replacement, and rapid growth in AI applications are expected to enhance the company's profit growth potential [2] - Major storage manufacturers like Samsung and SK Hynix have announced production cuts since late 2024, while AI is driving demand for high-capacity, high-performance storage solutions, indicating a price turning point in the storage industry [2] - The domestic willingness to adopt local storage solutions has significantly increased due to trade tensions, and the company offers a stable, high-quality product system [2] - The company is positioned in the supply chains of well-known AI/AR glasses manufacturers, which are expected to see significant sales growth in the coming years [2] - The company's C-end business has a clear growth trajectory, supported by strong brand recognition and consumer acceptance of domestic brands [2] Validation and Catalysts - Key indicators include storage product prices, the maturity and development of AI applications, AI glasses shipment volumes, the company's market share, and progress in its wafer-level packaging business [3] - Catalysts for growth include rising storage product prices, rapid growth in AI glasses shipments, and better-than-expected customer onboarding progress [3] Research Value - The report provides a deeper understanding of the company's competitive advantages, emphasizing the importance of integrated research and packaging testing for third-party module manufacturers [4] - The company is one of the earliest to adopt an integrated research and packaging testing model, which enhances product innovation, development efficiency, and quality assurance [4] - The company's unique firmware algorithms and self-developed packaging capabilities allow it to provide added value and meet diverse customer needs in niche storage markets [4] Profit Forecast and Valuation - Projected revenues for 2024-2026 are 6.704 billion, 8.532 billion, and 10.864 billion yuan, with year-on-year growth rates of 86.71%, 27.26%, and 27.33% respectively [10] - The expected net profits for the same period are 176 million, 544 million, and 965 million yuan, with significant growth anticipated [10] - Based on a 2025 net profit estimate of 544 million yuan, a PE ratio of 95 is applied, resulting in a target market value of 51.7 billion yuan, indicating an 81% upside potential from the current price [10]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Viewpoints - March shows slight recovery signs as it enters the traditional recruitment peak season, but the certainty of the employment market's recovery still needs to be observed [1] - The urban surveyed unemployment rate in March 2025 is 5.2%, a decrease of 0.2 percentage points month-on-month [2] - The number of new job postings increased by 20% year-on-year as of April 16, indicating a recovery in confidence [3] - In March 2025, 75 out of 81 sub-sectors experienced year-on-year growth in recruitment positions, with notable increases in domestic services, group buying/takeout, wind power equipment, electric motors, and logistics [4] - The BOSS Zhipin app's monthly active users (MAU) reached approximately 52.7 million in Q4 2024, with strong year-on-year growth rates of 17%, 25%, 30%, and 28% across the four quarters [5] Summary by Sections Macro Level - The urban surveyed unemployment rate in March 2025 is 5.2%, down by 0.2 percentage points month-on-month. The labor survey unemployment rates for different age groups are 16.5% (16-24 years), 7.2% (25-29 years), and 4.1% (30-59 years) [2] Micro Level - As of April 16, 2025, the number of new job postings increased by 20% year-on-year. In March, the number of new recruiting companies grew by 2%, and the number of new job postings increased by 17% year-on-year, indicating a continuous recovery in recruiter confidence [3][5] Industry Analysis - In March 2025, 75 out of 81 sub-sectors showed year-on-year growth in recruitment positions, with the domestic services sector leading at 113% growth, followed by group buying/takeout at 54% and wind power equipment at 46% [4][12] - The recruitment trends in various sub-sectors are still under observation, as the specific recovery points remain unclear [4] Job Seeker Trends - The BOSS Zhipin app's MAU reached approximately 52.7 million in Q4 2024, with strong growth rates of 17%, 25%, 30%, and 28% year-on-year across the quarters [5][20] - The job search interest has not shown significant improvement since November, indicating that the period from October to the Lunar New Year is traditionally not a peak time for job seeking [5] Profit Forecast and Valuation - The report includes a valuation of comparable companies in the human resources service sector as of April 18, 2025, with BOSS Zhipin's market value at 462 billion and projected revenues for 2025 at 83 billion [23]