北交所策略专题报告：开源证券北交所服务创新型中小企业主阵地与改革深化下的2025Q1掘金指南

Group 1 - The report highlights that the North Exchange (北交所) serves as a main platform for innovative small and medium enterprises, with a focus on companies showing high continuous growth and low valuations [2][10] - In Q1 2025, the total revenue of 266 listed companies on the North Exchange reached 40.358 billion yuan, representing a year-on-year growth of 5.30%, while the net profit attributable to shareholders was 2.612 billion yuan, down 9.03% year-on-year [2][10] - Revenue growth in various sectors for Q1 2025 includes high-end manufacturing (+9.50%), chemical new materials (+3.73%), consumer services (+4.86%), information technology (-0.91%), and pharmaceutical biology (+8.51%) [2][13] Group 2 - The report identifies 10 companies with a TTM P/E ratio below 40X, maintaining over 10% revenue growth in Q1 2025 and consistent growth from 2021 to 2024 [21][22] - The companies listed include Sanxiang Technology, Hechang Polymer, Development Technology, Deyuan Pharmaceutical, Jiezong Technology, Kaiter Co., Lusi Co., Mingyang Technology, Kangbiter, and Koru Intelligent Control [21][22] - Additionally, 11 companies are noted for maintaining over 10% growth in net profit excluding non-recurring items, with similar growth rates from 2021 to 2024 [24][25] Group 3 - The North Exchange A-shares saw an average daily trading volume of 34.864 billion yuan, an increase of 12.03% compared to the previous week, with a daily turnover rate of 9.04% [29][32] - The North Exchange 50 Index closed at 1422.43 points, reflecting a weekly increase of 3.13%, with a TTM P/E ratio of 50.69X [34][35] - The report indicates that as of May 16, 2025, 142 companies had a TTM P/E ratio exceeding 45X, accounting for 53.79% of the total, with 65 companies exceeding 105X, representing 24.62% [42][43]