Investment Rating - The report assigns a "Buy-A" investment rating for the company, with a target price of 15.00 CNY for the next six months [5]. Core Insights - The company is gradually becoming an international innovative pharmaceutical enterprise, with its innovative pipeline entering a harvest period, focusing on large molecules, small molecules, and traditional Chinese medicine [10][30]. - The company has made significant progress in its research and development pipeline, particularly with its product Yilishu, which has been approved for sale in 34 countries, including China, the US, and the EU [30][46]. - The company expects to achieve a net profit of 609 million CNY in 2025, with a year-on-year growth of 57.8% [7][72]. Summary by Sections 1. Company Overview - The company focuses on research and innovation in the pharmaceutical health sector, with a diverse product pipeline in areas such as hematological oncology, inflammation, metabolism, dermatology, gynecology, and pediatrics [10]. - The controlling shareholder, Cheng Xianfeng, holds 42.85% of the company's shares [13]. 2. Large Molecule Innovative Drugs - The company has made progress in its research pipeline, with Yilishu being a new generation G-CSF long-acting preparation that has been approved in multiple countries [30][33]. - The domestic market is expected to see rapid sales growth for Yilishu due to a commercial cooperation agreement with Zhengda Tianqing [50]. - The global G-CSF drug market is projected to grow steadily, with the company having established sales in 34 countries [51][54]. 3. Small Molecule Drugs - The company has differentiated its product offerings in the small molecule drug sector, focusing on unique and specialized products [57]. - Sales of small molecule drugs have shown significant growth, with revenue increasing from 453 million CNY in 2021 to 887 million CNY in 2023 [59]. 4. Traditional Chinese Medicine - The company has a wide range of traditional Chinese medicine products, with several exclusive varieties that contribute to steady growth in this segment [60][61]. - Revenue from traditional Chinese medicine increased from 643 million CNY in 2021 to 934 million CNY in 2023 [68]. 5. Raw Material Business - The company maintains a leading position in the vitamin B5 (calcium pantothenate) market, with stable demand expected to drive growth [65]. - The price of calcium pantothenate is currently at a historical low, with limited downside risk [69]. 6. Profit Forecast and Valuation Analysis - The company is projected to achieve revenues of 60.42 billion CNY, 70.30 billion CNY, and 81.29 billion CNY from 2025 to 2027, with corresponding net profits of 6.09 billion CNY, 7.40 billion CNY, and 8.88 billion CNY [72].

公司研究丨深度报告丨雪峰科技（603227.SH） [Table_Title] 民爆与能化双轮驱动，掘金西部黄金赛道 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 新疆是全国民爆行业景气度较高的地区，而公司是全疆唯一能够生产硝酸铵的企业，既能够自 供硝酸铵，又具备牌照的区位优势；此外广东宏大入主之后，承诺向公司注入民爆产能并优化 区域布局，有望为公司带来较大的收入及利润弹性。预计 2025-2027 年公司实现归母净利润为 7.5、8.9、9.4 亿元，首次覆盖给予"买入"评级。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 雪峰科技（603227.SH） cjzqdt11111 [Table_Title2] 民爆与能化双轮驱动，掘金西部黄金赛道 [Table_Summary2] 公司概况：民爆+能化双轮驱动 雪峰科技是一家民爆和能化双轮驱动的公司，业务涵盖 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to see significant growth in its non-net profit for Q1 2025, with a year-on-year increase of 23.63% [1] - The company is focusing on enhancing its market presence through the expansion of its store network and new sales channels, which has shown promising results [3] - The company anticipates that reforms will yield positive results in 2025, despite a slight adjustment in profit forecasts due to industry adjustments [5] Financial Performance Summary - For 2024, the company's revenue is projected to be 5.22 billion yuan, with a year-on-year growth of 5.32% [6] - The company's gross profit margin for 2024 is expected to be 82.76%, slightly down from the previous year, while the net profit margin is projected to be 25.71% [4] - The company reported a decrease in the number of distributors in Q1 2025, but an increase in the average scale of distributors, indicating a shift towards larger, more efficient operations [3] Sales and Product Performance - The mid-range product "Zhen Niang Ba Hao" is identified as a key driver for revenue growth, with a significant increase in sales volume [2] - The sales of high-end liquor in 2024 increased by 2.73% in volume, while the average price per ton decreased by 0.72% [2] - The company has successfully increased its market share through the opening of 10,000 new stores in 2024 [3] Future Projections - Revenue projections for 2025-2027 are 5.48 billion, 5.85 billion, and 6.18 billion yuan respectively, with corresponding net profits of 1.42 billion, 1.55 billion, and 1.67 billion yuan [5] - The company’s earnings per share (EPS) is expected to grow from 2.75 yuan in 2024 to 3.42 yuan in 2027 [6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to see significant growth in its non-net profit for Q1 2025, with a projected increase of 23.63% year-on-year [1] - The company is focusing on enhancing its market presence through the expansion of its store network and new sales channels, which has shown promising results [3] - The company anticipates that reforms will yield positive results in 2025, despite a slight adjustment in profit forecasts due to industry adjustments [5] Financial Performance Summary - For 2024, the company expects revenue of 5.217 billion yuan, with a year-on-year growth of 5.32% [6] - The company's gross profit margin for 2024 is projected to be 82.76%, slightly down from the previous year, while the net profit margin is expected to be 25.71% [4] - The company’s revenue for Q1 2025 is projected at 959 million yuan, with a year-on-year growth of 2.74% [1] Product Performance Summary - The company's mid-range product, Zhenniang No. 8, is a key driver of revenue growth, although the growth rate for mid-range products is under pressure due to high base effects [2] - In 2024, the revenue from high-end and mid-range products was 4.764 billion yuan and 264 million yuan, respectively, with year-on-year growth rates of 1.99% and 29.14% [2] Market Strategy Summary - The company has successfully increased its dealer network, with a total of 61 dealers in 2024, although the average scale of dealers has decreased by 7.02% [3] - The company opened 10,000 new stores in 2024, focusing on key markets to expand its market share [3] Financial Projections Summary - The company’s projected revenue for 2025 is 5.484 billion yuan, with a net profit of 1.416 billion yuan, reflecting a growth rate of 5.58% [6] - The projected PE ratios for 2025, 2026, and 2027 are 15.49X, 14.18X, and 13.15X, respectively [5]

丨证券研究报告丨 公司研究丨点评报告丨保利发展（600048.SH） [Table_Title] 转债定价彰显公司价值，估值仍有修复空间 报告要点 [Table_Summary] 优异的转债定价表明公司内在价值正逐渐受到认可，在手土储充裕且不断盘活低效库存，投拓 转积极加速公司资产优化速度。周期压力已经在业绩端有所兑现，后续大幅下行空间有限。重 视股东回报与市值管理，持续巩固龙头地位引领行业发展，公司估值仍有较大修复空间。 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 保利发展（600048.SH） cjzqdt11111 [Table_Title2] 转债定价彰显公司价值，估值仍有修复空间 [Table_Summary2] 事件描述 公司成功发行85亿元6年期可转换公司债券，首年票面利率2.20%，之后每年固定增加0.05%。 事件评论 风险提示 1、毛利率何时触底存在不确定性；2、如若房价继续下行，公司仍 ...

还记得去年"以死相逼"宁波税务局的博汇股份吗？真相出炉，老板 出局，十年利润一朝亏光，套现 2.6 亿胜利离场！ 导语：所谓的十年盈利，不过是仰仗税收政策的优惠…… 作者：市值风云 App：贝壳 XY 近两年，地方国资接盘上市民企的现象并不少见，但无锡国资拟斥资 6.8 亿接盘 博汇股份（300839.SZ）这一事件还是受到了大众的热烈讨论。 还记得去年 3 月那条轰动市场的大新闻吗?"某公司短短 9 个月欠税近 5 亿！" 没错，正是博汇股份。 （来源：博汇股份公告 20240329） 而且这 5 亿税款还都是消费税！要知道，消费税可是和销量绑定的 KPI，这家公 司用 9 个月时间干出了 5 亿消费税"成绩单"，说明产品卖得相当火爆啊！ 那为何又要欠税不缴？如今还沦落成为旧主的弃子？ 一、无锡国资频频"揽 A" 2025 年 2 月，博汇股份披露控股权变更公告，接盘方为国资背景的无锡惠山原 鑫曦望产业升级并购投资合伙企业（以下简称原鑫曦望），公司实控人也将从金 碧华变为无锡市国资委。 此次控股权变更分三个阶段：转让、定增、弃权。 其次，原鑫曦望将用不超过 4.17 亿资金，认购博汇股份定增股票，持股比例将 ...

英诺激光（301021.SZ） 受益 WLG 光学创新与先进封装，激光领军企业打开长足发展空间 证券研究报告 | 公司深度报告 2025 年 05 月 29 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | 2025E 买入（首次评级） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 368 | 447 | 534 | 701 | 903 | 36,222 股票信息 | | | 增长率 yoy（%） | 15.1 | 21.4 | 19.7 | 31.1 | 28.9 | 14.3 | | | 归母净利润（百万元） | -4 | 22 | 51 | 80 | 131 | 行业 865 | 机械 | | 增长率 yoy（%） | -119.9 | 585.2 | 135.7 | 54.8 | 64.6 | 2025 年 5 月 28 日收盘价（元） 23.0 | 27.53 | | ROE（%） | -0.5 | 1.8 | 5.0 | 7.3 | 10.6 | 总市值（百 ...

公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季度报告。2024 年实现营收 19.6 亿 元，同比+26.1%；实现归母净利润 1.1 亿元，同比+178.5%。2025 年 Q1，实 现营业收入 3.9 亿元，同比+11.1%，环比-50.4%；实现归母净利润 0.2 亿元， 同比+84.3%，环比-14.2%。 事件点评 电力电子及自动化 中恒电气（002364.SZ） 买入-B(首次) 国内 HVDC 方案先行者，利润保持高增长态势 2025 年 5 月 29 日 公司研究/公司快报 市场数据：2025 年 5 月 29 日 收盘价（元）： 16.35 年内最高/最低（元）： 20.48/5.21 流通A股/总股本（亿）： 5.58/5.64 流通 A 股市值（亿）： 91.25 总市值（亿）： 92.14 基础数据：2025 年 3 月 31 日 基本每股收益(元)： 0.04 HVDC 方案行业领先，有望充分受益于直流方案渗透率提升。2024 年， 公司数据中心电源、电力操作电源系统、通信电源系统、技术服务维护在营 收中占比分别为 34.1%、24.4%、15.6%、1 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.86 CNY, reflecting a 25% premium based on the company's growth rate and a PE ratio of 41 times for 2026 [2][5]. Core Views - The company has won a bid for a semi-physical simulation testing system from LiaoShen Industrial Group, with a contract value of 36.5 million CNY, indicating a recovery in industry demand and potential improvement in the company's fundamentals [1][8]. - The company has adjusted its revenue forecasts for 2025 and 2026, with EPS estimates revised to 0.13 CNY and 0.46 CNY respectively, and a new estimate for 2027 at 0.68 CNY [2]. - The report highlights the increasing demand for military simulation systems, driven by the need for reliable and stable testing methods for guided weapons, which is expected to create significant incremental demand from military exercises and weapon evaluations [8]. Financial Summary - The company's projected revenue for 2025 is 275 million CNY, with a year-on-year growth of 60%, and is expected to reach 464 million CNY by 2027, maintaining a growth rate of approximately 29.2% [4][11]. - The operating profit is forecasted to turn positive in 2025, reaching 14 million CNY, and is expected to grow to 77 million CNY by 2027, reflecting a significant recovery in profitability [4][11]. - The net profit attributable to the parent company is projected to be 13 million CNY in 2025, with a substantial increase to 68 million CNY by 2027, indicating a strong turnaround from previous losses [4][11].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][9]. Core Views - The company is gradually returning to normal operations, with a strong confidence signal from the equity incentive plan launched in 2024, and an upward brand trajectory expected in 2025 [2][4]. - The company has established itself as a leading player in the medical and consumer health sectors, with significant growth potential in both segments [2][4]. Summary by Sections Company Overview - The company, established in 1991, has become a leading brand in the medical and consumer health sectors in China, with two main brands: "Winner" and "Purcotton" [2][16]. - The business covers various fields including wound care, infection protection, personal care, family care, maternal and infant care, and home textiles [2][16]. Consumer Products Segment - The "Purcotton" brand leverages its strong medical background to create a comprehensive range of cotton-based products, targeting family consumption across various scenarios [3][44]. - Key products include cotton soft towels and sanitary napkins, with the former showing a market capacity of over 100 billion and a growth rate of 38.6% in Q1 2025 [3][44]. - The sanitary napkin market is valued at over 100 billion, with a remarkable growth of 73.5% in Q1 2025, driven by quality improvements and effective marketing strategies [3][57]. Medical Supplies Segment - The medical supplies segment has shown resilience, with a 12% growth in internal revenue since the second half of 2024, excluding GRI [3][4]. - In Q1 2025, the medical supplies segment's exports grew by 84.1%, indicating strong international demand, particularly in Europe and Japan [3][4]. - The company is enhancing its local production and operational capabilities in the U.S. following the completion of the GRI acquisition, which is expected to reduce risks in expanding overseas [3][4]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 10.4 billion, 12.4 billion, and 14.7 billion from 2025 to 2027, with year-on-year growth rates of 50.1%, 19.0%, and 18.8% respectively [4][11]. - The current stock price corresponds to a PE ratio of 27X for 2025, slightly below the average of comparable companies, indicating a favorable investment opportunity [4][11].