证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com | 最新收盘价（元） | 5.26 | | --- | --- | | 总股本/流通股本（亿股）50.42 | / 50.42 | | 总市值/流通市值（亿元）265 | / 265 | | 52 周内最高/最低价 | 8.51 / 4.39 | | 资产负债率(%) | 67.2% | | 市盈率 | 10.52 | | 第一大股东 | 上海弘康实业投资有限 | | 公司 | | 九州通(600998) 业务稳中有进，首创医药行业"股权+资产双上 市"平台 研究所 l 利润剔除特定因素实现较快增长，现金流改善明显 公司发布2024年年报：2024年营业收入 1518.1 亿元（+1.11%）， 归母净利润 25.07 亿元（+15.33%） ...

源杰科技(688498) 报告日期：2025 年 05 月 08 日 25Q1 快速增长，数通占比持续提升 ——源杰科技 2024 年年报&2025 年一季报点评 投资要点 ❑ 25Q1 快速增长，打造电信+数通双引擎 2024 年，公司营收 2.52 亿元，同比+74.6%，归母净利润-0.06 亿元，同比- 131.5%。毛利率 33.32%，同比-8.56pct。净利率-2.43%，同比-15.92pct。2025 年 Q1，公司营收 0.84 亿元，同比+40.5%，归母净利润 0.14 亿元，同比+35.9%，毛 利率 44.64%，同比+9.8pct，净利率 16.97%，同比-0.57pct。费用端持续向研发和 销售倾斜。公司在深耕电信市场的基础上，积极把握 AI 发展带来的数通市场机 遇，加速向"电信+数通"双轮驱动的高端光芯片解决方案供应商转型。 ❑ 数通业务占比有望持续提升，CW 光源批量出货 2024 年，公司数据中心及其他业务实现营收 4804 万元，同比+919%，毛利率为 71.04%，同比-13.9pct。在 AI 算力需求爆发的背景下，公司在 AI 数据中心市场 实现突破，尤其 ...

证券研究报告 | 2025年05月08日 祥生医疗（688358.SH） 优于大市 AI 赋能，产品持续推陈出新 2024 年四季度业绩亮眼。2024 年公司实现营收 4.69 亿元（-3.13%），归 母净利润 1.41 亿元（-4.08%），扣非归母净利润 1.27 亿元（-7.36%）。 其中 24Q4 单季营收 1.06 亿元（+29.77%），归母净利润 0.42 亿元 （+733.85%），扣非归母净利润 0.38 亿元（+1704.45%）。2024 年业绩 略有下滑，公司通过横向拓展超声矩阵和 SonoAI 技术的应用，不断提 升产品的市场竞争力，24Q4 业绩表现亮眼。2025 年一季度营收 1.28 亿 元（-9.16%），归母净利润 0.42 亿元（-8.62%），扣非归母净利润 0.39 亿元（-13.38%），收入端实现环比增长。 毛利率维持稳定，研发费用率提升。2024 年毛利率 58.95%（+0.15pp）， 毛利率基本维持稳定；销售费用率 11.73%（+0.82pp），管理费用率 8.03% （+0.81pp），研发费用率 16.99%（+1.06pp），财务费用率-8.7 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable start in Q1 2025 with revenue of 4.355 billion yuan, a year-on-year increase of 1.46%, and a net profit attributable to shareholders of 473 million yuan, up 4.59% year-on-year [2][4] - The company's core competitiveness lies in its 6+6 brand matrix, emphasizing product innovation in the beer business, which is expected to enhance brand asset accumulation [4] - The company is actively responding to macro challenges by optimizing its distributor system and investment strategies, maintaining a dividend payout ratio of over 80% [4] Financial Summary - Total revenue for 2023 is projected at 14.815 billion yuan, with a growth rate of 5.5%, while the net profit attributable to shareholders is expected to be 1.337 billion yuan, reflecting a year-on-year growth of 5.8% [3] - The gross profit margin is forecasted to be 49.1% in 2023, slightly decreasing to 48.1% by 2025 [3] - Earnings per share (EPS) for 2025 is estimated at 2.61 yuan, with corresponding price-to-earnings (P/E) ratios of 22.07, 21.12, and 19.93 for the years 2025, 2026, and 2027 respectively [3][4]

上 市 公 司 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 投资要点： 买入（维持） | 市场数据： | 2025 年 05 月 07 日 | | --- | --- | | 收盘价（元） | 89.18 | | 一年内最高/最低（元） | 121.53/50.21 | | 市净率 | 5.1 | | 息率（分红/股价） | 2.92 | | 流通 A 股市值（百万元） | 26,433 | | 上证指数/深证成指 | 3,342.67/10,104.13 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 17.61 | | 资产负债率% | 44.66 | | 总股本/流通 A 股（百万） | 531/296 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 05-07 06-07 07-07 08-07 09-07 10-07 11-07 12-07 01-07 02-07 03-07 04-07 05- ...

证券研究报告 电子 | 消费电子 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 王硕 SAC：S1350524120002 wangshuo@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 05 | 月 07 | | | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 77.48 | | | | | | 年 最 | 最 | 高 | / | | | | | 内 | 低 | | 一 | | （元） | | | | | | | | | | | | | 资料来源：聚源数据 | | | | | | | | | | | | | | | | | | | | 151.49/71.00 | | | | | | 总市值（百万元） | | | | | | | 88,354.36 | ...

Investment Rating - The report assigns an "Outperform" rating for the company, with a reasonable valuation range of 15.41 to 18.49 CNY per share, indicating a potential upside of 47% to 77% from the current price of 10.24 CNY [5][3]. Core Insights - The company is a leading player in the domestic zinc smelting industry, with a comprehensive business model that includes mining, smelting, and sales of non-ferrous metals, particularly lead, zinc, gold, and silver [1][27]. - The company has a robust production capacity, with an annual output of over 40,000 tons of lead and zinc metals, along with 1.8 to 2 tons of gold and approximately 60 tons of silver [1][38]. - The company has recently completed a significant asset restructuring, acquiring core lead and zinc assets, which has enhanced its operational capabilities and resource base [16][47]. Summary by Sections Business Overview - The company primarily engages in the mining and smelting of lead, zinc, and precious metals, with nearly half of its gross profit derived from precious metals [1][27]. - It operates three mines and has a total mining capacity of 860,000 tons per year, with significant resources in lead, zinc, gold, and silver [2][32]. Financial Performance - The company forecasts a substantial increase in net profit, projecting 1.1 billion CNY for 2025, representing a 40% increase from 2024 [4][3]. - Revenue is expected to grow from 19.4 billion CNY in 2023 to 20.9 billion CNY in 2025, reflecting a compound annual growth rate (CAGR) of 6.1% [4][28]. Resource and Production Capacity - The company has a total resource base of approximately 870,000 tons of lead and zinc metals, with gold and silver resources of 43 tons and 1,259 tons, respectively [35][2]. - The lead and zinc mining rights include high-grade ore with significant gold and silver content, ensuring a strong production outlook [35][32]. Market Dynamics - The report highlights an improving market for zinc processing fees, with domestic zinc concentrate processing fees rising, which is expected to enhance smelting profitability [2][3]. - The company benefits from its affiliation with China Minmetals, which provides access to a wide range of metal resources and operational synergies [45][46].

证券研究报告 | 公司点评 | 软件开发 安恒信息(688023) 报告日期：2025 年 05 月 08 日 经营质量拐点突围，AI 技术双向赋能 ——安恒信息 2024 年报&2025 一季报点评 事件： 点评 ❑ 整体营收增长承压，数据安全、信创、MSS 逆势增长 分业务看，公司主要业务板块表现略有分化，平台类产品下滑幅度相对较低，展 现出较强韧性。公司 2024 年网络安全基础产品收入 4.16 亿元，同比下降 8.49%；网络安全平台收入 7.49 亿元，同比下降 3.81%；网络安全服务收入 7.51 亿元，同比下降 9.17%。 在行业周期性调整背景下，公司通过战略聚焦与技术创新实现结构性突围，数据 安全、信创与 MSS 三大业务构筑增长新引擎，逆势实现突破性增长。其中： 分行业看，公司军团战略深化落地，电力、交通军团收入分别同比增长 70%+、 40%+，垂直行业拓展成效凸显。 ❑ 降本成效显著，经营现金流转正，经营质量实质性改善 公司 2024 年降本举措获得显著成效，2024 年末人员数量较 2023 年末进一步下降 7%（2023 年末较 2022 年末下降 11%），2024 年销售费 ...

证券研究报告 | 公司点评 | 软件开发 亚信安全(688225) 报告日期：2025 年 05 月 08 日 并购驱动高增长，AI 原生筑壁垒 ——亚信安全 2024 年报&2025Q1 点评 公司 2024 年网安业务现金流改善明显，网安业务经营性现金流净额同比增加 4.25 亿元，全年实现转正，反映回款管理与成本控制成效。 市场地位方面，公司在运营商、金融等高壁垒领域保持领先，IDC 数据显示其终 端安全市场份额稳居行业第二，云主机安全位列前三，并在零信任、身份管理等 细分赛道获 Gartner 推荐，为后续增长奠定基础。 ❑ 紧跟 AI 趋势，构建"安全+数智"双引擎 公司以"数据驱动、AI 原生"为核心战略，深度布局 AI 技术与安全场景融合， 强化在 AI 产业浪潮中的卡位优势。网络安全端，信立方大模型已在威胁检测、 告警关联等环节落地，IDC 报告认可其在 AI 与安全运营结合的创新性；子公司 亚信科技则聚焦大模型交付与行业应用，联合阿里云、火山引擎等生态伙伴，推 出覆盖政企、金融的端到端 AI 解决方案，2024 年签约国家电网、南航等头部客 户，在电力预测、设备诊断等场景实现技术突破。我们看 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][3]. Core Insights - The company, Hehe Information, is a leading player in the C-end productivity software market, driven by AI and overseas expansion [3][8]. - The company has a strong user base and brand influence, with expectations for continued growth in both C-end and B-end business segments [8][16]. - Revenue and profit margins have shown consistent improvement, with a projected revenue growth rate of 24.2% for 2025 [21][5]. Summary by Sections Company Overview - Hehe Information specializes in AI text recognition and commercial big data, having developed popular apps like "CamScanner" and "CamCard" [8][16]. - The company has been operational since 2006, focusing on text recognition and image processing technologies [16]. Financial Performance - From 2018 to 2024, the company's revenue increased from 196 million RMB to 1.438 billion RMB, with a compound annual growth rate (CAGR) of 39.39% [21][24]. - The net profit turned from a loss of 79 million RMB in 2018 to a profit of 401 million RMB in 2024, with a gross margin improvement from 72.54% to 84.28% [21][24]. Business Segments - The company's main revenue sources are from intelligent text recognition and commercial big data services, with the former contributing 84.53% of total revenue in 2024 [22][30]. - The "CamScanner" app generated 982 million RMB in revenue, accounting for 68.31% of the intelligent recognition segment [22][30]. Market Position and Growth Potential - The global market for intelligent text recognition services is expected to grow from 12.56 billion USD in 2023 to 32.9 billion USD by 2030, with a CAGR of approximately 14.8% [43][46]. - The Chinese market for intelligent text recognition services is projected to grow at a CAGR of 16.5%, outpacing global growth rates [43][46]. Product Development and Innovation - The company is expanding its product offerings, including new educational software aimed at the C-end market, which may become a new growth driver [8][16]. - The company has established a strong foothold in the B-end market, serving over 130 Fortune 500 companies and implementing solutions across nearly 30 industries [8][16].