Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company expects significant revenue growth in 2024, with projected revenue between 3.11 billion to 4.26 billion yuan, representing a year-on-year increase of 93.40% to 164.91%. The net profit attributable to shareholders is forecasted to be between 8.50 million to 12.75 million yuan, marking a turnaround from losses [1] - The acquisition of AsiaInfo Technology is expected to enhance both revenue and profit, with the consolidation effect starting from November 9, 2024. The company aims to develop a dual strategy of "security + digitalization" to extend and enhance its product lines, with synergistic effects anticipated to become more evident in 2025 [1] - The company's original network security business is projected to achieve a revenue growth of 14% to 19% in 2024, despite a general industry slowdown. The focus on high-value customer segments and the increase in standardized product revenue are contributing to this growth [2] - Cost control measures have shown significant results, with a reduction in R&D and management expenses, while sales expenses have increased but yielded positive outcomes in revenue growth. The net cash flow from operating activities is expected to improve significantly in 2024 [3] Financial Summary - The company forecasts revenues of 3.65 billion, 9.95 billion, and 10.56 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 0.12 billion, 1.80 billion, and 2.77 billion yuan for the same years [4][5] - The earnings per share (EPS) is expected to recover from a loss of 0.73 yuan in 2023 to 0.03 yuan in 2024, and further to 0.45 yuan and 0.69 yuan in 2025 and 2026 respectively [5] - The company’s total assets are projected to grow from 3.40 billion yuan in 2023 to 6.52 billion yuan in 2026, indicating a strong growth trajectory [10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][11]. Core Insights - The company is a leading player in the domestic visual AI sector, with significant recovery in smartphone-related AI applications, achieving revenue of 581 million yuan in 2023, a year-on-year increase of 22.8% [1][36]. - The company is actively expanding its AI application technologies, particularly in smart glasses and AI commercial photography, which are expected to contribute significantly to new revenue streams [2][59]. - The smart driving solutions segment has shown rapid growth, with revenue reaching 74.29 million yuan in 2023, a year-on-year increase of 67.3% [3][36]. - Revenue forecasts for 2024-2026 are optimistic, with expected revenues of 815 million yuan, 984 million yuan, and 1.17 billion yuan, respectively, reflecting growth rates of 21.61%, 20.78%, and 18.90% [4][11]. Summary by Sections 1. Company Overview - The company has deep roots in the computer vision industry, leveraging over 30 years of experience and a strong foundation in edge AI technology [21]. - The controlling shareholder has a long-term stake in the company, which reflects confidence in its growth trajectory [26][29]. - The company has maintained a stable and highly skilled management team, with significant technical expertise [29][30]. 2. AI Application Expansion - The company has launched the PhotoStudio® AI smart commercial photography cloud studio, which is expected to enhance efficiency for e-commerce sellers and tap into a potential revenue space of hundreds of millions annually [2][59]. - The integration of AI capabilities into smart glasses is anticipated to open new market opportunities, with a focus on enhancing user experience through audio and visual functionalities [51][54]. 3. Financial Performance - The company reported a total revenue of 670.25 million yuan in 2023, with a compound annual growth rate of 14.42% from 2016 to 2023 [32]. - The net profit for 2023 was 88.49 million yuan, marking a significant year-on-year increase of 53.10% [32]. - The company has maintained a high gross margin of 90.35% in 2023, with expectations for continued profitability improvements in the coming years [33]. 4. Market Position and Growth Potential - The company is well-positioned in the smartphone visual AI market, with its solutions integrated into major global smartphone brands [23][37]. - The smart driving solutions segment is expected to continue its rapid growth, supported by increasing demand for advanced driver-assistance systems [3][36]. - The global AI smartphone market is projected to grow significantly, with the company poised to benefit from this trend through its innovative solutions [45][46].

Investment Rating - The investment rating for Jiangsu Bank is "Buy" and is maintained [8] Core Views - Jiangsu Bank's 2024 revenue and profit growth rates have rebounded compared to the first three quarters, outperforming expectations [2][4] - The bank's net profit attributable to shareholders is expected to grow by 10.8% year-on-year in 2024, with revenue growth projected at 8.8% [3][4] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.89% at the end of 2024, unchanged from the previous quarter [5] Summary by Sections Performance Overview - Jiangsu Bank's net profit attributable to shareholders for 2024 is projected to increase by 10.8%, an improvement of 0.7 percentage points from the previous three quarters [3] - Revenue is expected to grow by 8.8%, with an increase of 2.6 percentage points compared to the previous three quarters [3][4] Growth Drivers - The growth in net interest income and non-interest income is expected to drive the overall performance, aided by a favorable base effect and improved interest costs [4] - The bank is anticipated to maintain strong loan growth due to resilient credit demand in Jiangsu province [4][5] Asset Quality - The non-performing loan ratio is stable at 0.89%, and the provision coverage ratio is at 350%, down by 1 percentage point from the previous quarter [5] Financial Forecasts - Jiangsu Bank's net profit is forecasted to grow by 10.8% in 2024, followed by 8.1% in 2025 and 8.2% in 2026 [6] - The bank's book value per share (BPS) is projected to be 12.48, 14.05, and 15.44 for 2024, 2025, and 2026 respectively [6] Valuation - The current price corresponds to a price-to-book (PB) ratio of 0.77 for 2024, with a target price set at 14.05 per share, indicating a potential upside of 47% [6]

证券研究报告 | 行业专题 | 银行 银行股机构筹码追踪：筹码向中小行集中 ——2024Q4 末银行持仓数据点评 投资要点 ❑ 24Q4 银行公募持仓水平回升，北上资金持仓下降，筹码向中小行集中。 ❑ 整体水平：银行公募持仓回升 整体水平：24Q4 末银行股机构持仓水平小幅下降，24Q4 末偏股型公募+北上合计 持有银行股数较 24Q3 末微降 0.1%。其中，公募基金持仓回升，北上资金持仓下 降。24Q4 末，主动型公募、指数型公募、北上资金持股数环比提升 16.7%、10.1%、 -5.3%，占自由流通股比例环比分别+0.2pc、+0.1pc、-0.5pc。 子行业中：筹码向中小行集中，国有行、股份行、城商行、农商行 24Q4 末持股数 占自由流通股比例，分别较 24Q3 末-0.4pc、-0.1pc、+0.3pc、+0.4pc。 个股来看：①边际来看，优质中小行、低估值股份行资金增持力度加大。机构持 仓增幅最大的银行为渝农、江苏、华夏、常熟、苏州，24Q4 末持股数占自由流通 股比例，分别较 24Q3 末提升 3.2pc、2.0pc、1.5pc、1.1pc、1.1pc。②截面来看， 部分高股息银行如南京 ...

证券研究报告 | 宏观深度报告 | 中国宏观 2025 年地方两会有何亮点？ ——区域经济深度研究报告 核心观点 2025 年各地主要经济发展目标设定更为审慎，地方 GDP 加权目标值增速约为 5.26%， 预计全国 GDP 增速目标将设为 5%左右的概率较大。消费方面更合理更务实，投资方 面更审慎更重效益，产业政策关注先进制造业集群以及科技创新引领新质生产力，区 域政策预计加大区域战略实施力度。5 大看点如下： ❑ 看点 1：GDP 目标设定更为审慎 全国各地主要经济发展目标设定更为审慎，2025 年 GDP 加权目标值增速约为 5.26%（去年约 5.4%），今年维持经济目标不变的省份 15 个，下调目标的省份 15 个，上调目标的省份仅 1 个。分省看，浙江作为经济大省仍维持 5.5%的经济 增长目标。天津作为 2025 年唯一上调 GDP 目标的省份，预计将受益京津冀协同 发展区域重大战略，有望承接央企新业务新功能。重庆、河南均维持高于 5%目 标不变，预计将在生产端继续发力。浙江、北京、海南等多省将"消费"放到了 更加突出的位置，湖南、安徽、吉林将"提振消费"放在今年重点工作首位。 ❑ 看点 2：社 ...

证券研究报告 | 行业点评 | 保险Ⅱ 细化举措，入市再助推 ——《关于推动中长期资金入市工作的实施方案》点评 投资要点 事件概况：2025 年 1 月 22 日，经中央金融委员会审议同意，中央金融办、证监 会、财政部、人社部、央行、金监局等六部门联合印发《关于推动中长期资金入 市工作的实施方案》（以下简称《方案》，该《方案》是对中央经济工作会议的具 体贯彻落实，明确五大举措，重点引导商保资金等各类中长期资金进一步加大入 市力度。 1、对保险保障类资金实施长周期考核，提升股票配置占比 《方案》提到：引导大型国有保险公司、社保基金等提升股票配置比例及稳定 性；对国有保险公司经营绩效全面实行三年以上的长周期考核，ROE 当年度考 核权重不高于 30%，三年到五年周期指标权重不低于 60%；社保基金采用五年 以上的考核周期，基本养老金、企（职）业年金采用三年以上考核周期。 我们认为：（1）考核激励牵引：监管从考核机制层面，牵引各类资金加大中长 期资金配置，将各类资金运营管理者的实际利益统一到监管政策方向上，理顺微 观层面的利益机制，实现有效激励，打通堵点卡点，助力各类资金的入市力度。 （2）增量资金规模：四类保险保 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company is expected to achieve a revenue of 2.26-2.46 billion yuan in 2024, representing a year-on-year growth of 34.46%-46.36%, while the net profit attributable to shareholders is projected to be a loss of 290-390 million yuan, indicating a significant reduction in losses [1] - The company has set ambitious performance targets for its stock incentive plan, aiming for revenue of no less than 2.35 billion yuan in 2024, 2.53 billion yuan in 2025, and 2.74 billion yuan in 2026, with a positive net profit in 2025 [2] - The company has improved its cash flow management, achieving a positive operating cash flow of 90 million yuan in the first three quarters of 2024, a year-on-year increase of 138.1% [3] - Revenue forecasts for 2024-2026 have been adjusted to 2.37 billion, 2.58 billion, and 2.75 billion yuan respectively, with net profits projected at -301 million, 11 million, and 78 million yuan [4] Summary by Sections Revenue and Profit Forecast - The company anticipates a revenue of 2.37 billion yuan in 2024, a 41% increase from 2023, with a projected net loss of 301 million yuan [5] - For 2025, revenue is expected to reach 2.58 billion yuan, with a turnaround to a net profit of 11 million yuan, and in 2026, revenue is forecasted at 2.75 billion yuan with a net profit of 78 million yuan [5] Financial Performance - The company reported a significant improvement in operating cash flow, turning from negative to positive, with a net cash flow of 90 million yuan in the first three quarters of 2024 [3] - The gross margin is expected to improve from 46.15% in 2023 to 56.16% by 2026, indicating enhanced profitability [10] Stock Performance and Market Position - The company's stock closed at 6.85 yuan, with a total market capitalization of approximately 5.48 billion yuan [6] - The company is focusing on key industries and clients to enhance revenue conversion rates, which is expected to support its growth trajectory [2]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The report highlights that Kingsoft Office is a core player in the domestic software market, benefiting from the trends of domestic innovation (信创) and AI applications. The company is expected to see accelerated procurement of domestic office software by government sectors by 2025, driven by improved fiscal policies [1][27] - The AI application field is anticipated to experience explosive growth by 2025, with advancements in large model technology and successful commercialization of products like Notion AI and Microsoft 365 Copilot serving as benchmarks for domestic AI office products [1][28] - Kingsoft Office has a solid competitive advantage, being the only domestic office software provider that can compete with Microsoft in terms of functionality and user base. The company's SaaS business model ensures stable cash flow, and the promotion of the HarmonyOS system is expected to open new business opportunities [2][42] Summary by Sections Company Overview - Kingsoft Office is the leading domestic office software provider, having transitioned into the AI application phase. The company has a large user base and a strong network effect, which creates a solid barrier to competition [14][45] - The main products include WPS Office, WPS AI, and cloud collaboration services, which cater to various customer needs through a tiered approach [18][21] Industry Insights - The report indicates that the domestic innovation (信创) sector is entering a deep implementation phase, with government procurement of domestic office software expected to accelerate by 2025. This is supported by favorable fiscal policies aimed at alleviating funding challenges for local governments [27][31] - The AI application landscape is rapidly evolving, with significant advancements in large model technologies leading to accelerated industry applications. The report notes that domestic AI applications are expected to catch up with international counterparts in terms of commercialization [36][41] Financial Forecast and Valuation - The company is projected to achieve revenues of 52.44 billion, 64.51 billion, and 79.25 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.11%, 23.01%, and 22.84% [4][11] - The net profit attributable to shareholders is expected to be 15.49 billion, 18.55 billion, and 23.69 billion yuan for the same years, with growth rates of 17.58%, 19.74%, and 27.71% [4][11] - The report maintains a price-to-earnings (PE) ratio of 70 for 2025, compared to a peer average of 103, reinforcing the "Buy" rating [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Views - The company is expected to achieve performance that exceeds expectations over a longer time frame, driven by manufacturing advantages and anticipated price and volume increases [1]. Summary by Sections 1. Industry and Company Overview - The raw material pharmaceutical sector is showing signs of recovery, with prices expected to rebound as supply clears and demand increases [2]. - The company has a strong manufacturing advantage, with continuous increases in the output of key products like doxycycline and florfenicol, leading to improved capacity utilization [2][3]. 2. Market Expectations - There is a prevailing market view that the company's performance is heavily influenced by product price cycles due to its focus on large-volume raw materials [3]. - However, this perspective overlooks the company's manufacturing advantages and the predictable profitability of its core products [3]. 3. Catalysts for Growth - Potential catalysts for the company's growth include price increases for core products, enhanced capacity utilization, and the expansion of new business lines [4]. 4. Earnings Forecast and Valuation - The company is projected to have earnings per share (EPS) of 1.40, 1.76, and 2.17 yuan for the years 2024, 2025, and 2026, respectively [5]. - The estimated price-to-earnings (P/E) ratio for 2025 is 11 times, with a target market capitalization of 147 to 167 billion yuan, indicating a potential upside of 34% to 52% from the latest market value [5]. 5. Competitive Position - The company is a leading supplier in the macrolide and quinolone raw material markets, with a significant market share in key products [15][20]. - The competitive landscape for macrolide raw materials is stable, with the company holding a leading position in exports of azithromycin and clarithromycin [20][21]. 6. Manufacturing and Operational Strengths - The company has established a comprehensive manufacturing and management system, which enhances its competitive edge and allows for scalable production [38]. - The company aims to achieve global leadership in 30 large-scale products and maintain regular production of 80 products, indicating a robust growth strategy [3].

瑞鹄模具(002997) 报告日期：2025 年 01 月 21 日 | 财务摘要 | | --- | | Table_Forcast] [（百万元） | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入 | 1877 | 2771 | 3791 | 4923 | | (+/-) (%) | 60.7% | 47.6% | 36.8% | 29.9% | | 归母净利润 | 202 | 306 | 412 | 505 | | (+/-) (%) | 44.44% | 51.23% | 34.54% | 22.77% | | 每股收益(元) | 1.0 | 1.5 | 2.0 | 2.4 | | P/E | 39.98 | 26.44 | 19.65 | 16.01 | | ROE | 13.85% | 14.75% | 16.79% | 17.20% | 资料来源：Wind，浙商证券研究所 证券研究报告 | 公司点评 | 汽车零部件 设立全资机器人子公司，有望开辟第二增长曲线 ——瑞鹄模具点评报告 投资要点 ❑ 风险提 ...