证券研究报告 | 公司深度 | 基础建设 新疆交建(002941) 报告日期：2025 年 03 月 05 日 立新疆大地，借基建春风 ——新疆交建深度报告 投资要点 ❑ 新疆地区最大的交通基建公司之一，超 80%业务分布于新疆省内 公司是新疆维吾尔自治区国资委直接管辖的路桥施工企业集团，主要业务涵盖公 路、桥梁等市政工程，是新疆维吾尔自治区最大的交通基础设施建设企业之一。 公司以工程施工业务为主营业务，在公路施工领域经验丰富，拥有地区领先的施 工资质，在特殊地质及气候等条件下具备丰富施工经验。截至 2024 年 6 月 30 日，公司 83%的业务分布在新疆省内，施工业占总收入比例超 95%。 ❑ 新疆独特区位优势带动基建需求旺盛 1）公路里程持续增长，年度投资规模保持高位。2023 年末全国公路总里程达 544 万公里，4 年 CAGR 为 2.1%；全国公路桥梁达 107.93 万座、9528.82 万延 米， 4 年 CAGR 分别为 5.3%、12%；全年完成公路固定资产投资 3.9 万亿元， 同比基本持平。2）新疆公路投资额持续增长。2019 年-2023 年，新疆公路交通 固定资产投资整体呈上升 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The group has seven subsidiaries that have simultaneously received recognition as national high-tech enterprises, affirming their technological innovation capabilities [8] - The company is positioned to benefit from the rapid development of humanoid robots, with a projected market demand of approximately 2.04 million units by 2030, translating to a market space of about 305 billion yuan, where the hollow cup motor could account for around 20.4 billion yuan [2][8] - The smart controller business is expected to benefit from the AI wave, with a national market size projected to reach trillions, and a CAGR of 13% over the past five years [2] - The company is undervalued as a pure smart controller manufacturer, as it is transitioning towards self-integrated systems based on its deep technological foundation in "four electrics and one network" [2] Financial Summary - The company reported a revenue of 8,992 million yuan in 2023, with projections of 10,542 million yuan in 2024, 12,116 million yuan in 2025, and 14,273 million yuan in 2026, reflecting growth rates of 1.3%, 17.2%, 14.9%, and 17.8% respectively [2] - The net profit attributable to the parent company is expected to recover from 516 million yuan in 2023 to 670 million yuan in 2024, 887 million yuan in 2025, and 1,085 million yuan in 2026, with growth rates of -37.2%, 30.0%, 32.5%, and 22.2% respectively [2] - The earnings per share (EPS) are projected to increase from 0.4 yuan in 2023 to 0.5 yuan in 2024, 0.7 yuan in 2025, and 0.9 yuan in 2026 [2] Research and Development - The company's R&D investment accounted for 9.28% of its revenue in 2023, with a total investment of 834 million yuan and a workforce of 2,004 R&D personnel [10] - The cumulative number of patents reached 3,228, including 1,138 invention patents [10][14] Market Position and Valuation - The company is recognized as a leader in smart controllers and is expected to see significant growth in the humanoid robot sector [6] - The company's P/E ratio is projected to decrease from 42.8 in 2023 to 20.3 in 2026, indicating a potential for value re-evaluation [2][17]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has established a wholly-owned subsidiary, Nanjing Zhilin Future Intelligent Technology Co., Ltd., to incubate AI-powered products aimed at the children and new family sectors, driving industry transformation [1] - The company is enhancing its market share through the cash acquisition of the remaining 35% stake in Leyou International, which will become a wholly-owned subsidiary, further integrating the supply chain [3] - The company's three-expansion strategy focuses on diversifying its business model through large stores, small stores, franchises, warehouses, live streaming, and social commerce, with significant sales achieved through live streaming events [4] - The company is projected to achieve revenues of 9.739 billion, 11.320 billion, and 12.689 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 201 million, 334 million, and 395 million yuan, indicating strong growth potential [5] Summary by Sections Company Overview - The company is a leading player in the mother and baby retail sector, with over 1,000 digital direct-operated stores and more than 8,000 professional parenting consultants, leveraging extensive data resources for AI integration [2] Financial Forecast - Revenue for 2023 is expected to be 8.753 billion yuan, with a growth rate of 2.73%. Forecasted revenues for 2024, 2025, and 2026 are 9.739 billion, 11.320 billion, and 12.689 billion yuan, reflecting growth rates of 11.27%, 16.24%, and 12.09% respectively [6] - The company anticipates net profits of 105 million yuan for 2023, with significant increases projected for the following years, reaching 201 million, 334 million, and 395 million yuan in 2024, 2025, and 2026, respectively [6] Market Position - The company has a strong market presence, with over 75% penetration in cities with populations exceeding 500,000, and continues to expand its franchise model [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has received recognition for its technological innovation, with seven subsidiaries being certified as national high-tech enterprises, which will provide a 15% income tax rate benefit from 2024 to 2026, potentially enhancing profit margins [1][8] - The company is positioned to benefit from the growing humanoid robot industry, with an expected demand of approximately 2.04 million units by 2030 in China and the US, representing a market space of about 305 billion yuan, with the company's hollow cup motors expected to capture around 7% of this value [1] - The smart controller segment is anticipated to thrive due to the AI wave, with a national market projected to grow at a CAGR of 13% over the past five years [1] - The company is undervalued as it is primarily viewed as a smart controller manufacturer, while it is actually advancing towards becoming a comprehensive solution provider based on its deep technology foundation [1] Financial Summary - The company reported a revenue of 8,992 million yuan in 2023, with projections of 10,542 million yuan in 2024, 12,116 million yuan in 2025, and 14,273 million yuan in 2026, reflecting growth rates of 1.3%, 17.2%, 14.9%, and 17.8% respectively [2] - The net profit attributable to the parent company is expected to increase from 516 million yuan in 2023 to 670 million yuan in 2024, 887 million yuan in 2025, and 1,085 million yuan in 2026, with growth rates of -37.2%, 30.0%, 32.5%, and 22.2% respectively [2] - The earnings per share (EPS) is projected to rise from 0.4 yuan in 2023 to 0.5 yuan in 2024, 0.7 yuan in 2025, and 0.9 yuan in 2026 [2] - The price-to-earnings (P/E) ratio is expected to decrease from 42.8 in 2023 to 20.3 in 2026 [2] - The return on equity (ROE) is projected to improve from 8.5% in 2023 to 12.7% in 2026 [2] Research and Development - The company maintains a long-term R&D investment ratio of 7-10% of revenue, with R&D spending reaching 834 million yuan in 2023, accounting for 9.28% of revenue [10] - The company has a total of 3,228 patents, including 1,138 invention patents, indicating a strong focus on innovation [10][14]

——地产行业 25Q2 投资策略 投资要点 证券研究报告 | 季度行业策略报告 | 房地产 估值筑底凸显配置价值 ❑ 维持 2025 年度策略投资思路 我们在 2025 年 1 月发布的《2025H1 地产板块投资思路梳理》从政策面、基本 面明确了上半年地产板块的投资思路。2025 年 Q1 近结束，我们先前部分判断 得到验证，验证的判断包括： 1）万科事件的推进验证了我们认为 2025 年房企出现违约风险可控的判断； 2）两会期间住建部倪虹部长提出的 2000 年以前的老旧小区纳入到城市更新改 造范畴中，印证我们之前对继续推进"大力发展城中村"的政策预期； 3）新房销售价格结构性企稳或上涨的判断有了初期印证迹象，但还需要继续跟 踪，3-4 月小阳春还未结束。 ❑ 关于 25Q2 地产板块投资的思考 基本面方面，二季度既有 5 月淡季，也有 6 月销售年内高峰，还有开发商 4 月 份年报集中公告。利空因素我们判断可能来自于基本面回调的影响，地产板块在 经历过 2 月份阶段性估值修复，可能会受 4 月房企年报业绩释放、5 月行业销售 淡季基本面回调的影响。截止 2025 年 3 月 11 日，11 家千亿规模销 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company has established a wholly-owned subsidiary, Nanjing Zhilin Future Intelligent Technology Co., Ltd., to incubate AI-powered smart products aimed at the children and new family sectors, driving industry transformation [1] - The company is enhancing its market share through the cash acquisition of the remaining 35% stake in Leyou International, which will become a wholly-owned subsidiary, further integrating the supply chain [3] - The company's three-expansion strategy focuses on diversifying its business model through large stores, small stores, franchises, warehouses, live streaming, and social commerce, with significant sales achieved through live streaming events [4] - The company is projected to achieve revenues of 9.739 billion, 11.320 billion, and 12.689 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 201 million, 334 million, and 395 million yuan [5] Summary by Sections Company Overview - The company is a leading player in the mother and baby retail sector, with over 1,000 digital direct-operated stores and more than 8,000 professional parenting consultants, leveraging extensive data resources for AI integration [2] Financial Forecast - Revenue is expected to grow by 11%, 16%, and 12% in the years 2024, 2025, and 2026 respectively, while net profit is forecasted to increase significantly by 91%, 66%, and 18% during the same period [5][6] - The current market capitalization corresponds to a price-to-earnings ratio of 93, 56, and 48 for the years 2024, 2025, and 2026 respectively [5] Strategic Initiatives - The company is actively pursuing a three-expansion strategy that includes increasing product categories, market segments, and business formats, with a focus on accelerating franchise openings in lower-tier cities [4]

证券研究报告 | 公司点评 | 通用设备 五洲新春(603667) 报告日期：2025 年 03 月 11 日 与杭州新剑签订战略合作协议，夯实客户基础促进长期发展 ——公司点评报告 事件：公司2025年3月11日发布《关于签订战略合作框架协议的公告》。 ❑ 与杭州新剑签订战略合作框架协议，绑定丝杠领域核心客户促进长期发展 公司与杭州新剑于近日签订《战略合作框架协议》，进一步推动行星滚柱丝杠、 微型滚珠丝杠等零部件产品和智能汽车用丝杠产品的生产配套。 合作内容：1）现阶段：公司与杭州新剑针对行星滚柱丝杠、微型滚珠丝杠的行 星滚柱和螺母套部件、谐波减速器，智能汽车用线控系统丝杠（REPS），机械电 子（EMB）制动系统丝杠，智能主动悬架滚柱丝杠，后转向梯形丝杠等核心零部 件和组件产品展开多维度的全方位的战略合作。2）后续：在行星滚柱丝杠、微 型滚珠丝杠等零部件产品和智能汽车用丝杠产品业务拓展中，若涉及双方相关产 品，甲乙双方承诺优先选择对方作为核心配套商；在对方不能满足客户要求的情 况下，双方可考虑其他第三方配套供应。 积极影响：1）本次合作协议签订，借助双方的优势资源，技术互补的特点共同 为行业及客户提供更多 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 03 月 12 日 浙商早知道 2025 年 03 月 12 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：3 月 11 日上证指数上涨 0.41%，沪深 300 上涨 0.32%，科创 50 下跌 0.4%，中证 1000 上涨 0.47%，创业板 指上涨 0.19%，恒生指数下跌 0.01%。 行业：3 月 11 日表现最好的行业分别是美容护理（+4.78%)、国防军工（+2.26%)、食品饮料（+1.92%)、钢铁（+1.76%)、 农林牧渔（+1.73%)，表现最差的行业分别是电子（-0.32%)、汽车（-0.32%)、医药生物（-0.13%)、家用电器（-0.12%)、 计算机（-0.05%)。 资金：3 月 11 日全 A 总成交额为 15198 亿元，南下资金净流出 40.41 亿港元。 【浙商大制造中观策略 邱世梁/王华君/周向昉】机械设备 行 ...

Investment Rating - The report maintains a "Positive" investment rating for the AI+Healthcare industry [6] Core Insights - The reasoning and multimodal capabilities of large models are continuously upgrading, and application costs are decreasing, driving healthcare institutions to accelerate the integration of AI technology. The global generative AI market in healthcare is expected to reach $17.2 billion by 2031, with a compound annual growth rate (CAGR) of 32.60% from 2023 to 2031 [1][18] - The current phase of AI in healthcare has transitioned into a multimodal integration stage, addressing issues such as information silos and data fragmentation that existed in earlier AI applications. Large models utilize a "pre-training + fine-tuning" architecture to process multimodal healthcare data [1][12] - DeepSeek, a domestic open-source large model, is characterized by low cost and high performance, accelerating its penetration into the healthcare industry. It can quickly analyze various types of medical data, aiding doctors in complex case management [2][13] - Major international players like NVIDIA and Microsoft are actively entering the healthcare sector, leveraging their core capabilities through acquisitions and ecosystem empowerment. Companies like Tempus AI and HIMS have successfully commercialized AI solutions, showing significant revenue growth [3][42] Summary by Sections 1. Large Model Technology Upgrade Driving AI in Healthcare - The evolution of AI technology in healthcare has progressed through four key stages: rule-driven systems, traditional machine learning, deep learning with single-modal models, and the current multimodal integration era [11] - The multimodal capabilities of large models enable comprehensive data processing, enhancing clinical decision support, drug development, and telemedicine applications [12][18] 2. International Landscape: Major Players and Innovations - NVIDIA and Microsoft are leading the charge in AI healthcare, with NVIDIA focusing on hardware and ecosystem investments, while Microsoft integrates AI tools into its cloud services [22][28] - Tempus AI has built the largest multimodal database, supporting personalized treatment plans and achieving significant revenue growth [35][37] - HIMS has seen rapid growth in subscription users and revenue, driven by its AI-powered healthcare solutions [42][43] 3. Domestic AI+Healthcare Company Overview - Domestic companies in the AI healthcare sector can be categorized into three types: general large model providers, data service companies, and traditional medical IT companies transitioning to AI [4][47] - iFlytek's Starfire medical model has shown superior performance in diagnostic recommendations and health consultations compared to other models [48][50] - Yunzhisheng is leveraging its self-developed "Shanhai" large model to provide specialized medical information support [54]

证券研究报告 | 行业点评 | 机械设备 机械设备 报告日期：2025 年 03 月 11 日 智元发布灵犀 X2 及通用具身基座大模型，重视智元链投资机会 ——人形机器人点评报告 投资要点 1）运动智能：视频中 X2 展现了使用滑板车、平衡车、自行车等运动能力，通过 数据驱动的算法范式，智能体能从每秒数万次的环境交互和动作数据中，找到突 破运动瓶颈的方法。2）交互智能：灵犀 X2 是第一台具备复杂交互能力的"灵动 机器人"，使用了基于 Diffusion 的生成式动作引擎和基于 VLM 的 "硅光动语" 多模态交互大模型，通过边缘侧大脑、端到端的模型架构及大量工程优化，拥有 毫秒级的交互反应，视听说功能完备；并集成了动作模态，拥有呼吸韵律、好奇 心、肢体语言及其他拟人动作。未来有望进一步将 Reaction-Agent 作为情感计算 引擎，赋予机器人更多情绪表达的能力。3）作业智能：X2 本体支持柔性阻抗控 制，可装配灵巧手等末端，完成穿针引线等精细作业。 ❑ 3 月 10 日，智元机器人发布首个通用具身基座大模型 GO-1，标志着具身智能向 通用化、开放化、智能化方向快速迈进。 1）强大的泛化能力：基于大 ...