Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is acquiring a quality asset group from Future Pharmaceuticals for a total price of RMB 356 million, which includes various injectable products and their associated rights [7] - The acquisition is expected to enrich the company's product pipeline and enhance profitability, particularly in the pediatric medication sector [7] - The company has successfully defended against a lawsuit, which is anticipated to remove valuation pressure on its products [7] - The core products, including the Wuling and Bailing series, are expected to see steady growth in production and sales, supported by a planned issuance of convertible bonds for capacity expansion [7] - The company's projected net profit for 2025 is RMB 660 million, with upward adjustments for 2026 and 2027 net profits to RMB 910 million and RMB 1.13 billion, respectively [7] Financial Projections - Total revenue is forecasted to grow from RMB 2.58 billion in 2024 to RMB 4.52 billion in 2027, with a compound annual growth rate (CAGR) of approximately 16.25% [1][8] - The net profit attributable to the parent company is expected to increase from RMB 508 million in 2024 to RMB 1.13 billion in 2027, reflecting a CAGR of 24.22% [1][8] - The earnings per share (EPS) is projected to rise from RMB 0.72 in 2024 to RMB 1.61 in 2027 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease from 23.83 in 2024 to 10.72 in 2027, indicating improving valuation metrics [1][8]

医药生物/中药Ⅱ 佐力药业（300181.SZ） 拟收购未来医药资产组丰富产品结构，营销协同发展 2025 年 12 月 15 日 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-12 2025-04 2025-08 佐力药业 沪深300 相关研究报告 《2025H1 利润快速增长，战略性拓展 布局大健康 —公司信息更新报告》 -2025.8.20 《2024 营收利润增长亮眼，营销发力 强化品牌护城河 —公司信息更新报 告》-2025.4.26 余汝意（分析师） 巢舒然（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790525110001 投资评级：买入（维持） | 日期 | 2025/12/12 | | --- | --- | | 当前股价(元) | 18.32 | | 一年最高最低(元) | 21.07/13.88 | | 总市值(亿元) | 128.49 | | 流通市值(亿元) | 110.45 | | 总股本(亿股) | 7.01 | | 流通股本(亿股) | 6.0 ...

可孚医疗引入飞利浦家庭健康监测设备 可孚医疗(301087) 公司调研简报 股票研究 / [Table_Date] 2025.12.15 2025-12-15 [Table_Industry] 医药/必需消费 本报告导读： 我国家用医疗器械领军企业可孚医疗与皇家飞利浦（Royal Philips）正式签署战略合 作协议。双方将围绕多款家庭健康监测设备开展深度合作，让高品质健康科技产品 更广泛地进入我国市场。 投资要点： 股 票 研 究 公 司 调 研 简 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [table_Authors] 风险提示。海外经营环境风险，新业务条线开拓进展不及预期风险。 [Table_Finance] 财务摘要(百万元) 2023A 2024A 2025E 2026E 2027E 营业总收入 2,854 2,983 3,358 3,819 4,366 (+/-)% -4.1% 4.5% 12.6% 13.7% 14.3% 净利润(归母) 254 312 375 456 530 (+/-)% -15.7% 22.6% 20.3% 21.7% 16.2% 每股净收益(元) 1 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 报告原因：首次覆盖 增持（首次评级） | 市场数据： 2025 年 12 月 12 日 | | | --- | --- | | 收盘价（元） | 5.87 | | 一年内最高/最低（元） | 7.21/3.71 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 2.39 | | 流通 A 股市值（百万元） | 12,146 | | 上证指数/深证成指 3,889.35/13,258.33 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 4.15 | | 资产负债率% | 44.20 | | 总股本/流通 A 股（百万） | 2,069/2,069 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 12-12 01-12 02-12 03-12 04-12 05-12 06-12 07-12 08-12 09-12 10-12 11-12 12-12 皖维高新 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.12 CNY, representing a dynamic price-to-earnings ratio of 20 times for 2026 [4][7]. Core Insights - The company has signed an agreement to acquire a multi-trace element injection asset group from Future Pharmaceuticals for a total price of 356 million CNY, which includes both marketed and in-development products [1][2]. - The market for multi-trace element injections is expected to continue growing, with an estimated market size of approximately 1.8 billion CNY in 2024, driven by new product launches and increasing demand in pediatric and adult critical care nutrition [2][3]. - The acquired asset group generated a net profit of 45.79 million CNY from January to September 2025, indicating strong profitability [2]. - The acquisition is anticipated to optimize the company's product portfolio and enhance its marketing network, facilitating a comprehensive health product and service chain covering all age groups [3]. Financial Projections - Revenue growth rates are projected at 14.7%, 15.9%, and 14.7% for 2025, 2026, and 2027 respectively, while net profit growth rates are expected to be 28.6%, 24.2%, and 23.7% for the same years [3][8]. - The company's main revenue is forecasted to increase from 1,942 million CNY in 2023 to 2,958 million CNY in 2025, with net profit rising from 383 million CNY to 653 million CNY in the same period [8][9].

证券研究报告·北交所公司深度报告·工程机械 万通液压（920839） 万通液压系列报告之二——极客精神传动全 球，油气弹簧驱动底盘新变革 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 668.54 | 628.51 | 740.12 | 913.26 | 1,163.20 | | 同比 | 32.46 | (5.99) | 17.76 | 23.39 | 27.37 | | 归母净利润（百万元） | 79.35 | 108.72 | 144.08 | 184.97 | 242.18 | | 同比 | 25.28 | 37.02 | 32.52 | 28.38 | 30.93 | | EPS-最新摊薄（元/股） | 0.67 | 0.92 | 1.22 | 1.56 | 2.05 | | P/E（现价&最新摊薄） | 68.89 | 50.28 | 37.94 | 29.55 | 22.57 | wual@dwz ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company is a mature manufacturer of copper-based materials, with a wide range of applications in various sectors including PCB manufacturing, photovoltaic cell copper plating, and power semiconductor cooling [1][2]. - The growth in the AI PCB market is expected to significantly enhance the demand for upstream copper ball and copper oxide powder products, driven by the rapid development of electronic technology and the structural growth in the PCB industry [2][3]. - The company has a comprehensive customer base that includes major domestic and international PCB manufacturers, and its products exhibit superior performance compared to industry standards [3]. Financial Projections - Revenue is projected to reach 10.86 billion yuan in 2025, 13.94 billion yuan in 2026, and 17.01 billion yuan in 2027, with corresponding net profits of 266 million yuan, 451 million yuan, and 643 million yuan respectively [4][10]. - The company is expected to achieve a net profit growth rate of 50.83% in 2025 and 69.58% in 2026, indicating strong profitability potential [10]. - The projected P/E ratios for 2025, 2026, and 2027 are 40.22, 23.76, and 16.65 respectively, suggesting an attractive valuation as earnings grow [4][10].

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 技术赋能转型，具身智能赛道再添新力 --- 点评报告 [Table_Summary] 事件：公司以 1 亿元全资设立机器人子公司，同步调整组织架构增设机 器人业务板块。这是其依托汽车零部件领域积累的高精密制造技术优势， 向具身智能核心赛道延伸的关键布局，既契合高端制造产业升级趋势， 也为公司开辟了第二增长曲线。 深耕汽车零部件，顺势延伸布局具身智能。公司在模具开发、高精密加 工及热处理领域拥有核心技术，转型具备天然协同性。同时公司在发动 机高压共轨系统喷油器、新能源汽车电机轴等产品上积累了成熟的精密 制造经验，这些能力与机器人核心零部件的生产要求高度匹配。其次公 司此前有提前布局研发，很大程度上降低转型试错成本。已在 9 月与长 三角哈特机器人产业技术研究院签署共建研发实验室协议，由研究院组 建技术团队，公司提供场地、资金及设备支持，联合研发机器人关键零 部件，为子公司业务落地奠定技术基础。子公司注册资本 1 亿元，经营 范围包含：智能机器人的研发；智能机器人销售；人工智能行业应用系 统集成服务；人工智能基础资源与技术平台 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the new energy transformer sector and is accelerating its overseas expansion while developing AIDC to create a second growth curve [1] - The company has achieved significant revenue and net profit growth, with a projected CAGR of 35% and 54% from 2020 to 2024, respectively [1] - The company is expected to return to a rapid growth trajectory by 2026, driven by overseas sales and data center business expansion [1] Summary by Sections 1. Focus on Energy and Information Industry, Actively Expanding Global Market - The company has successfully expanded its overseas customer base and is positioning itself in the data center product market [12] - The strategic focus is on energy and information sectors, with new energy products contributing significantly to revenue [15] - The company has a relatively dispersed shareholding structure, with a strong management team [18] 2. New Energy and Distribution Market Opportunities - The overseas market for new energy and distribution transformers is vast, with significant growth potential [37] - The company has made important breakthroughs in overseas markets, particularly in the U.S. distribution market [58] - The company is well-positioned to benefit from the high demand for transformers driven by AIDC and grid upgrades [51] 3. Diversified AIDC Product Layout, Creating a Second Growth Engine - The global AIDC installed capacity is rapidly increasing, driving high demand for medium-voltage transformers [3] - The company has diversified its product offerings in the AIDC sector, achieving significant progress in both domestic and international markets [3] 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 2.8 billion, 4.9 billion, and 7.4 billion yuan from 2025 to 2027, with corresponding P/E ratios of 49, 29, and 19 times [1] - The target price for 2026 is set at 45.8 yuan, based on a 40 times P/E ratio [1]

新凤鸣（603225.SH） 2025 年 12 月 14 日 基础化工/化学纤维 投资评级：买入（维持） | 日期 | 2025/12/12 | | --- | --- | | 当前股价(元) | 15.68 | | 一年最高最低(元) | 19.50/9.67 | | 总市值(亿元) | 239.05 | | 流通市值(亿元) | 237.65 | | 总股本(亿股) | 15.25 | | 流通股本(亿股) | 15.16 | | 近 3 个月换手率(%) | 66.26 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-12 2025-04 2025-08 新凤鸣 沪深300 相关研究报告 《长丝供需格局向好，PTA 或将否极 泰来—公司信息更新报告》-2025.11.1 《Q2 业绩同环比增长，看好金九银十 长丝旺季弹性—公司信息更新报告》 -2025.8.29 《Q1 业绩同比小幅增长，减值损失对 业绩有所拖累—公司信息更新报告》 -2025.4.29 投建埃及长丝项目，全球化布局进一步提速 ——公司信息更新报告 公 司 信 息 更 新 报 告 | 金益腾（ ...