证券研究报告 | 公司点评 gszqdatemark 2025 05 25 年 月 日 众生药业（002317.SZ） 头对头奥司他韦表现优异，公司呼吸药物市场领先地位进一步巩固。昂拉 地韦片是国内唯一一个与奥司他韦头对头开展 III 期临床试验并获批上市 的抗流感药物，昂拉地韦组在中位 TTAS 和发热缓解时间均比奥司他韦组 缩短了近 10%；体外病毒学研究表明，昂拉地韦对多种甲型流感病毒的抑 制能力显著优于奥司他韦以及玛巴洛沙韦，并且对于奥司他韦、玛巴洛沙 韦耐药的病毒株和高致病性禽流感病毒株均具有很强的抑制作用。此外， 昂拉地韦颗粒治疗 2-17 岁单纯性甲型流感患者的 III 期临床试验正在积 极推进中。随昂拉地韦片获批上市，公司成为国内唯一一家同时拥有新冠 和流感创新药的企业，公司将积极推动国内新冠与流感联防联治的诊疗步 伐，巩固呼吸管线药物市场的领先地位，带动公司业绩增长。 利空出清拐点显现，创新成果有望逐步落地。展望 2025 年，公司通过战 略聚焦核心业务板块，实现运营效率与盈利能力的双向提升；2025Q1 公 司经营指标呈现改善态势，实现归母净利润 8261 万元，同比增长 61%， 为全年 ...

证券研究报告 | 公司点评 gszqdatemark 2025 05 25 年 月 日 众生药业（002317.SZ） 流感药昂拉地韦片获批，创新成果逐步兑现 流感药昂拉地韦片获批。2025 年 5 月 22 日公司公告，控股子公司众生睿 创自主研发的一类创新药物昂拉地韦片（商品名：安睿威）获得国家药监 局批准上市。昂拉地韦片是具有明确作用机制和全球自主知识产权的全球 首款流感 RNA 聚合酶 PB2 蛋白抑制剂，适用于成人单纯性甲型流感患者 的治疗。 头对头奥司他韦表现优异，公司呼吸药物市场领先地位进一步巩固。昂拉 地韦片是国内唯一一个与奥司他韦头对头开展 III 期临床试验并获批上市 的抗流感药物，昂拉地韦组在中位 TTAS 和发热缓解时间均比奥司他韦组 缩短了近 10%；体外病毒学研究表明，昂拉地韦对多种甲型流感病毒的抑 制能力显著优于奥司他韦以及玛巴洛沙韦，并且对于奥司他韦、玛巴洛沙 韦耐药的病毒株和高致病性禽流感病毒株均具有很强的抑制作用。此外， 昂拉地韦颗粒治疗 2-17 岁单纯性甲型流感患者的 III 期临床试验正在积 极推进中。随昂拉地韦片获批上市，公司成为国内唯一一家同时拥有新冠 和流感创新 ...

新大陆（000997.SZ）公司事件点评 重磅政策落地，"网证"龙头扬帆起航 2025 年 05 月 25 日 ➢ 事件：根据公安部官网，2025 年 5 月 23 日，《国家网络身份认证公共服 务管理办法》已经 2025 年 2 月 27 日第 1 次公安部部务会议审议通过，并经国 家互联网信息办公室、民政部、文化和旅游部、国家卫生健康委员会、国家广播 电视总局同意，现予公布，自 2025 年 7 月 15 日起施行。 ➢ 公安部联合 5 部门推行，"网证"全面推广。从覆盖范围看，本次网证推广 政策，涵盖国务院公安部门、国家网信部门会同国务院民政、文化和旅游、卫生 健康、广播电视等部门。政策明确：1）国家网络身份认证公共服务是指国家根 据法定身份证件信息，依托国家统一建设的网络身份认证公共服务平台，为自然 人提供申领网号、网证以及进行身份核验等服务。2）网号，是指与自然人身份 信息相对应，由字母和数字组成、不含明文身份信息的网络身份符号；网证，是 指承载网号及自然人非明文身份信息的网络身份认证凭证。网号、网证可用于在 互联网服务及有关部门、行业管理、服务中非明文登记、核验自然人真实身份。 政策提到：鼓励有关 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The implementation of the "National Network Identity Authentication Public Service Management Measures" is expected to significantly benefit the company, as it is a leader in the "Net Certificate" industry [2][3]. - The company has pioneered the concept of "Digital Citizen" and has launched the first pilot project in Fuzhou, which positions it favorably in the market [3]. - The widespread use of electronic IDs will lead to substantial upgrades in various terminal scenarios, such as hotels and internet cafes, creating a significant market opportunity for the company [3]. Financial Forecasts - The company's projected net profits for 2025, 2026, and 2027 are estimated to be 1.28 billion, 1.50 billion, and 1.76 billion yuan respectively, with corresponding PE ratios of 24, 20, and 17 times [4][5]. - Revenue is expected to grow from 7.75 billion yuan in 2024 to 10.84 billion yuan in 2027, reflecting a compound annual growth rate of approximately 11.2% [5][11]. - The company's gross margin is projected to improve from 39.88% in 2024 to 45.65% in 2027, indicating enhanced profitability [11].

证 券 研 究 报 告 电魂网络（603258）2024 年报及 2025 年一季报点评 推荐（维持） 业绩短期有所承压，后续重点关注《修仙时 代》等新游上线表现 事项： ❖ 发布 24Q4 和 25Q1 财报：业绩短期有所承压。24Q4 公司实现收入 1.38 亿元， YOY-19.8%，QOQ-2.0%；实现归母净利润-0.44 亿元；实现扣非归母净利润- 0.46 亿元。25Q1 公司实现收入 1.02 亿元，YOY-25.6%，QOQ-25.8%；实现归 母净利润 0.02 亿元；扣非归母净利润基本盈亏平衡。Q4、Q1 业绩均有所承 压。2024 年整体实现收入 5.5 亿元，YOY-19%；实现归母净利润 3058 万元； 实现扣非归母净利润 530 万元。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 550 | 1,025 | 1,278 | 1,433 | | 同比增速(%) | -18.7% | 86.1% ...

Investment Rating - The report gives a "Strong Buy" investment rating for the company [2]. Core Views - The company is a leading enterprise in the advanced metal new materials sector, focusing on key demands and serving strategic emerging industries such as artificial intelligence, new energy, electronic information, and high-end equipment, indicating significant growth potential [1][14]. - The company has shown continuous growth in net profit, with a 49.26% year-on-year increase in 2024, despite a 7.50% decline in revenue [7][26]. - The company is actively involved in technological innovation, participating in 13 national-level research projects and obtaining 8 new patents in 2024 [7][47]. Summary by Sections Company Overview - Established in December 1998 and listed in May 2000, the company is a core platform for metal new materials under China Steel Research Group, focusing on R&D, production, and sales of advanced metal materials and products [14][15]. - The company serves over 50 countries and regions, with a strong reputation in the industry [15]. Business Segments - The company operates in four main business segments: high-end powder metallurgy materials, advanced functional materials, high-speed tool steel, and environmental engineering materials, serving various industries including aerospace, nuclear power, and high-end medical devices [15][19]. Tungsten and Molybdenum Industry - The company maintains a leading position in the tungsten and molybdenum sector, with a revenue of 2.022 billion yuan in 2024, reflecting a 22.98% year-on-year growth [36][38]. - The company is the largest deep-processing enterprise for tungsten and molybdenum in China, with a significant market share in various applications [37][38]. Rare Earth Magnetic Materials - The company has a production capacity of 12,000 tons of neodymium-iron-boron and plans to expand to 20,000 tons, focusing on smart production and high-end market services [7][36]. - The recovery in consumer electronics and the growth of humanoid robots and new energy vehicles provide growth opportunities in the permanent magnet sector [7][36]. Amorphous and Nanocrystalline Materials - The company signed contracts worth 1.17 billion yuan in 2024, with a revenue of 974 million yuan and a net profit of 51.35 million yuan, showing significant growth in this segment [7][10]. - The company is actively developing the amorphous strip market and has invested in a new 10,000-ton amorphous strip project [7][10]. Nuclear Fusion Market - The nuclear fusion sector presents a broad market prospect, with the company developing a full range of tungsten products for international fusion projects, generating approximately 40 million yuan in revenue in 2024 [7][10]. Financial Data and Valuation - The company is expected to achieve net profits of 387 million, 444 million, and 499 million yuan from 2025 to 2027, with corresponding P/E ratios of 34.3, 29.9, and 26.6 [8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][16]. Core Insights - The company's short-term performance is under pressure, with a focus on the upcoming launch of new games such as "Xiu Xian Shi Dai" [1][7]. - The company reported a revenue of 138 million yuan in Q4 2024, a year-over-year decline of 19.8%, and a revenue of 102 million yuan in Q1 2025, down 25.6% year-over-year [1][3]. - The overall revenue for 2024 is projected at 550 million yuan, reflecting a 19% year-over-year decrease, with a net profit of 30.58 million yuan [1][3]. Financial Performance Summary - The company’s total revenue is expected to grow significantly in the coming years, with projections of 1.025 billion yuan in 2025, 1.278 billion yuan in 2026, and 1.433 billion yuan in 2027, representing year-over-year growth rates of 86.1%, 24.8%, and 12.1% respectively [3][8]. - The net profit is forecasted to rebound sharply, with estimates of 311 million yuan in 2025, 401 million yuan in 2026, and 454 million yuan in 2027, showing year-over-year growth rates of 918.6%, 28.7%, and 13.3% respectively [3][8]. - The earnings per share (EPS) is projected to increase from 0.13 yuan in 2024 to 1.86 yuan in 2027 [3][8]. Product and Market Insights - The company’s core products, including "Meng San Guo 2" and "Meng Ta Fang," have stable operations, with "Meng San Guo 2" having over 100 million registered users and being included in the Hangzhou Asian Games [7][8]. - The company has a rich pipeline of new products, including "Luo Xuan Yong Shi" and "Jiang Hu Ru Meng," which are expected to contribute to revenue growth [7][8]. - The upcoming game "Xiu Xian Shi Dai," which will be published by Tencent, is anticipated to provide significant revenue and profit elasticity [7][8].

Investment Rating - The investment rating for the company is "Buy" [3][8] Core Viewpoints - The company is a leading supplier of robot motors and industrial automation solutions in China, with a compound annual growth rate (CAGR) of 10% in revenue and 8% in net profit over the past decade [7][15] - The company's "1+N" strategy focuses on the robotics sector while expanding into medical imaging, new energy, and logistics industries [15] - The company is expected to benefit from the growth of humanoid robots, with the global market for frameless torque motors projected to exceed 30 billion yuan by 2029, with humanoid robot applications accounting for 73% [7][70] Financial Summary - Revenue projections for the company are as follows: 547 million yuan in 2024, 684 million yuan in 2025, 859 million yuan in 2026, and 1,069 million yuan in 2027, reflecting growth rates of 8.1%, 25.0%, 25.5%, and 24.4% respectively [3][8] - Net profit forecasts are 49 million yuan in 2024, 86 million yuan in 2025, 109 million yuan in 2026, and 135 million yuan in 2027, with year-on-year growth rates of -19.4%, 76.0%, 26.2%, and 24.2% respectively [3][8] - The company's earnings per share (EPS) are projected to be 0.6 yuan in 2024, 1.0 yuan in 2025, 1.3 yuan in 2026, and 1.6 yuan in 2027 [3] Business Structure - The company operates in four main industries: robotics, medical imaging equipment, machine IoT, and general automation, with two systems (drive systems and control systems) and five main products (HMI, servo, PLC, stepper, and low-voltage frequency converters) [7][18][21] - In 2024, the revenue breakdown is expected to be 39% from robotics, 29% from machine IoT, 24% from general automation, and 8% from medical imaging equipment [19][20] Market Position - The company ranks among the top five domestic brands in the human-machine interface (HMI) market, which is projected to grow steadily, with a market size of approximately 9.28 billion yuan in 2024 [2][45] - The servo system market is accelerating in domestic production, with the company being a leader in the direct current servo and mobile robot segments [2][56] Growth Drivers - The three main growth drivers for the company are robotization, globalization, and domestic substitution [7][9] - The company is expected to launch its fourth-generation frameless torque motor in 2025, which will enhance its revenue contribution [10][70]

Investment Rating - The report assigns a "Buy" investment rating for Junting Hotel (301073.SZ) [1][9] Core Views - The company is experiencing operational pressure during its ramp-up phase, with regional performance showing continued divergence [2] - The focus is on the progress of direct-operated stores and the acceleration of franchise expansion [3] - Profitability is expected to improve as the direct-operated business ramps up and the franchise model operates with lower asset intensity [4] Summary by Sections Financial Performance - In 2024, total revenue reached 676 million yuan, a year-on-year increase of 27%, while net profit attributable to shareholders was 25 million yuan, a decrease of 17% [1] - For Q1 2025, total revenue was 162 million yuan, a slight increase of 1%, but net profit dropped by 39% to 3 million yuan [1] Operational Metrics - In 2024, the company's occupancy rate (OCC), average daily rate (ADR), and revenue per available room (RevPAR) decreased by 4 percentage points, 1%, and 7% respectively [2] - For Q1 2025, OCC, ADR, and RevPAR further declined to 56.51%, 471.8 yuan, and 266.6 yuan, reflecting a more significant drop due to various economic pressures [2] Expansion Strategy - The company has invested in 11 new direct-operated hotels, with 10 already opened, and is focusing on the ramp-up speed and stable profitability of these new openings [3] - A joint venture, Junxing Hotel Management, was established in December 2024, and the franchise model is set to launch in 2025, covering major urban clusters [3] Profit Forecast - The company is projected to achieve earnings per share (EPS) of 0.38 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 55 times [4][11] - Revenue is expected to grow from 777 million yuan in 2025 to 1,004 million yuan in 2027, with net profit forecasted to increase significantly in the coming years [11][12]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading platform-type SoC chip manufacturer, exploring new opportunities in the AI glasses and wearable markets [1]. - The company's revenue and net profit are expected to reach historical highs in 2024, indicating strong growth momentum [1]. - The shift towards high-margin smart Bluetooth audio chips and the expansion into smartwatches and glasses markets are key drivers for future growth [1]. Summary by Sections Company Overview - The company, established in 2015, specializes in low-power wireless SoC chips, with applications in AIoT scenarios, including smart wearables and home devices [12]. - The product lineup includes various generations of smart audio chips, with significant partnerships with major brands like Xiaomi, OPPO, and Huawei [12]. Financial Analysis - The company achieved a revenue of 3,263 million yuan in 2024, a year-on-year increase of 49.94%, and a net profit of 460.47 million yuan, up 272.47% [1][20]. - The revenue structure is diversifying, with significant growth in the smartwatch segment, which is expected to contribute 1,045 million yuan in revenue in 2024, a 116% increase year-on-year [22]. TWS Market - The TWS earphone market is experiencing a new growth phase driven by AI capabilities, enhancing user experience with features like real-time translation and intelligent noise cancellation [32][33]. - The company is well-positioned to challenge Qualcomm's ecosystem by offering competitive products across various price segments, with a market share of 16.07% in TWS chip applications [49]. Smartwatch and Wearable Devices - The global wearable wristband market is projected to grow, with the company focusing on smartwatches as a new growth engine, leveraging its advanced chip technology [58]. - The BES2800 chip, launched in 2024, integrates multiple functionalities and is expected to drive significant growth in the smartwatch market [59]. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 48.40 billion yuan in 2025, 64.72 billion yuan in 2026, and 79.80 billion yuan in 2027, with corresponding net profits of 9.3 billion yuan, 13.2 billion yuan, and 17.4 billion yuan [1]. - The current P/E ratios are 49, 35, and 26 for the years 2025, 2026, and 2027, respectively, which are slightly below the industry average, indicating potential for valuation appreciation [1].