Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased its R&D investment, and its innovative pipeline is gradually entering a harvest period. The FDA has approved the clinical trial for the YKYY018 aerosol inhalation agent for the prevention and treatment of RSV infections. Despite facing pressure on its operating performance in 2025, the company is optimistic about its long-term growth potential due to its innovative layout and small nucleic acid technology platform [3][4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.759 billion yuan, a year-on-year decrease of 41.20%. The net profit attributable to the parent company was -148 million yuan, down 170.56% year-on-year. The non-recurring net profit attributable to the parent company was -168 million yuan, a decrease of 182.95% year-on-year [3][4] - The company has adjusted the price of its "Ginkgo Leaf Extract Injection" at the end of 2024, which has impacted its performance. The R&D expenses have increased significantly, contributing to the net profit decline [3][4] - The sales expense ratio for the first three quarters of 2025 was 28.64%, down 7.37 percentage points; the management expense ratio was 10.67%, up 5.18 percentage points; the R&D expense ratio was 18.00%, up 9.27 percentage points; and the financial expense ratio was 0.59%, up 0.47 percentage points [3][4] Earnings Forecast - The revised earnings forecast for the company indicates net profits attributable to the parent company of -183 million yuan, -53 million yuan, and 69 million yuan for 2025, 2026, and 2027 respectively. The original forecasts were 51 million yuan, 206 million yuan, and 561 million yuan [3][4] - The expected EPS for 2025, 2026, and 2027 is -0.41 yuan, -0.12 yuan, and 0.15 yuan respectively, with the current stock price corresponding to P/E ratios of -60.6, -208.5, and 161.2 times [3][4] Innovative Pipeline Progress - The company is advancing its innovative drug pipeline, with key traditional Chinese medicine (TCM) drugs in the final review stage for NDA. The small nucleic acid innovative drugs YKYY015 and YKYY029 have received approval for clinical trials in the US and China, with ongoing Phase I trials domestically [4] - The RSV mRNA vaccine YKYY025 and VZV mRNA vaccine YKYY026 have also received approval for clinical trials in the US. The company has completed the Phase IIa clinical trial for its first domestic antisense nucleic acid drug for primary liver cancer [4]

证券研究报告·公司点评报告·计算机设备 苏州科达（603660） 把握 AI+机遇，积极拓展海外市场 2025 年 11 月 28 日 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） | 1,816 | 1,331 | 1,396 | 1,594 | 1,853 | | 同比（%） | 15.19 | (26.73) | 4.92 | 14.18 | 16.21 | | 归母净利润（百万元） | (264.45) | (203.45) | 7.79 | 39.90 | 108.07 | | 同比（%） | 54.65 | 23.07 | 103.83 | 412.39 | 170.82 | | EPS-最新摊薄（元/股） | (0.46) | (0.35) | 0.01 | 0.07 | 0.19 | | P/E（现价&最新摊薄） | (21.57) | (28.03) | 732.36 | 142.93 | 52. ...

证券研究报告 2025 年 11 月 28 日 湘财证券研究所 公司研究 妙可蓝多（600882.SH） 品牌破圈，国产替代加速 核心要点： 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2015 年公司全面转型升级，将业务重心聚焦于奶酪领域确立"聚焦奶 酪"发展战略，收购天津妙可蓝多公司和达能乳业上海工厂。2021 年之后 与蒙牛订立股份认购协议，通过整合打通产业链上下游、双品牌运作，协 同效应显现。2021 年之后，妙可蓝多奶酪市占率稳居市场第一。根据妙可 蓝多 2023 年年报数据，在 2023 年中国奶酪品牌销售额中，妙可蓝多奶酪 市场占有率超过 35%，奶酪棒市场占有率更超过 40%，公司稳居行业第一 并持续扩大领先优势。 ❑ 品牌破圈，成人+B 端市场放量打开增长空间 ❑ 携手蒙牛，龙头地位再夯实 近十二个月公司表现 % 1 个 月 3 个月 12 个月 相对收益 11.5 -26.4 66.4 绝对收益 9.2 -12.4 99.2 注：相对收益与沪深 300 相比 公 ...

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 28 Nov 2025 环球富盛理财有限公司 联化科技 Lianhe Chemical Technology (002250.SZ) 盈利能力修复，新能源板块打开未来成长空间 Profitability repair & New energy sector opens up future growth space 最新动态 ➢ 做大成熟医药业务，大力投入新方向的开发。2025 年以来，公司在医药产品技术研发方面持续发力，从传统小 分子药物拓展到氨基酸、多肽、PROTAC/ADC 连接子、寡核苷酸等。团队通过持续开发、加速赋能客户的早期 临床项目转化，为客户提供开发 ADC/PROTAC 药物所需的多样性 Linker 合成服务，并具备多肽，PEG 等类型 Linker 克级到百克级别的交付经验。同时，公司能够根据客户需求进行 Linker 的结构和合成路线的设计及优化。 这些新方向的尝试有望拓展公司医药 CDMO 业务的服务领域，帮助公司承接更多的项目。 ➢ 植保 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.08 CNY [6][13]. Core Insights - The company is continuously optimizing its business structure, leading to improved operational quality and successful expansion into new businesses, particularly in AI, HarmonyOS, and international markets, which are expected to drive new growth [2][13]. - The company has secured a significant amount of new business contracts, totaling approximately 350 million CNY in the first three quarters of 2025, particularly in agriculture, energy, and chemicals [13]. - The company has received certification as an excellent architecture partner from Alibaba Cloud, enhancing its collaboration in cloud solutions and addressing challenges related to data compliance and operational efficiency for enterprises going overseas [13]. - The company is deepening its involvement in the HarmonyOS ecosystem, having launched a joint innovation solution for the financial sector with Huawei and other leading service providers [13]. Financial Summary - Total revenue is projected to grow from 6,601 million CNY in 2023 to 8,533 million CNY in 2027, with annual growth rates of 1.9%, 4.5%, 5.1%, 7.7%, and 9.3% respectively [4][14]. - Net profit attributable to the parent company is expected to fluctuate, with a decrease to 124 million CNY in 2024, followed by a recovery to 216 million CNY in 2025 and further growth to 333 million CNY by 2027 [4][14]. - Earnings per share (EPS) is forecasted to be 0.21 CNY in 2024, recovering to 0.37 CNY in 2025 and reaching 0.57 CNY by 2027 [4][14]. - The company’s return on equity (ROE) is expected to improve from 3.0% in 2024 to 6.6% in 2027 [4][14]. Market Data - The current stock price is 13.79 CNY, with a market capitalization of 8,072 million CNY [7][13]. - The stock has a 52-week price range of 10.65 CNY to 16.94 CNY [7]. - The company has a price-to-earnings (P/E) ratio of 37.14 based on the current price and diluted share capital [4][15].

2025 年 11 月 28 日 公司研究/公司快报 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S0760523110002 邮箱：duyushu@sxzq.com 储能 海博思创（688411.SH） 买入-A(首次) 国内储能稳居龙头，海外市场正在突破 事件描述 公司上市以来股价表现 | 年 月 市场数据：2025 | 11 | 日 25 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 299.46 | | 年内最高/最低（元）： | | | 426.01/57.00 | | 流通A股/总股本（亿）： | | | 0.38/1.80 | | 流通 A 股市值（亿）： | | | 113.60 | | 总市值（亿）： | | | 539.30 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 3.58 | | 摊薄每股收益(元)： | | | 3.58 | | 每股净资产(元)： ...

Investment Rating - The report assigns a "Buy-B" investment rating to the company, with a target price of 39 yuan for 2026, based on a 5x price-to-sales (PS) ratio [4][6]. Core Insights - The company has demonstrated significant revenue growth and a reduction in losses, achieving 615 million yuan in revenue for the first three quarters of 2025, a year-on-year increase of 19.59%. The net profit loss narrowed to 63 million yuan, a substantial improvement of 52 million yuan compared to the previous year [2]. - The decision not to adjust the conversion price of the "Xinhai Convertible Bonds" reflects the board's confidence in the company's long-term value and growth prospects. This decision sends a positive signal to the market [3]. - The company is expected to leverage its dual-platform technology capabilities in analog and MCU, along with a comprehensive solution that integrates chips, algorithms, scenarios, and AI, to achieve effective growth in key strategic areas such as BMS, industrial precision measurement, PC, and automotive electronics [4]. Financial Performance Summary - Revenue projections for 2025 to 2027 are 899 million yuan, 1.124 billion yuan, and 1.303 billion yuan, respectively. The expected net profits for the same period are 7 million yuan, 53 million yuan, and 125 million yuan, indicating a positive trend towards profitability [4][10]. - The company has maintained a high level of strategic R&D investment while optimizing its operational management and cost structure, which has further enhanced its profitability [2]. Market Position and Growth Potential - The company is actively expanding into high-end sectors such as automotive electronics and industrial control, while also launching its first high-performance MCU chip with AI processing capabilities. This positions the company well for future growth and value recovery [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.46 CNY [3][6]. Core Insights - The company plans to acquire Deep Blue Co., which is expected to enhance its data center liquid cooling layout and increase profitability [2][10]. - The financial forecasts for EPS from 2025 to 2027 are projected to be 1.14 CNY, 1.51 CNY, and 1.93 CNY respectively, with a maintained average PE valuation of 39 times for comparable companies in 2025 [3]. - The acquisition of Deep Blue Co. will strengthen the company's capabilities in controllers and drivers, particularly in the data center liquid cooling sector, which is anticipated to contribute positively to revenue and profit growth [10]. Financial Summary - The company's revenue is projected to grow from 11,018 million CNY in 2023 to 21,502 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.5% [5][11]. - Operating profit is expected to increase from 816 million CNY in 2023 to 2,107 million CNY in 2027, with a notable growth rate of 67.7% in 2023 [5][11]. - The net profit attributable to the parent company is forecasted to rise from 612 million CNY in 2023 to 1,631 million CNY in 2027, with a growth rate of 59.7% in 2023 [5][11]. - The gross margin is projected to improve slightly from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to increase from 5.6% to 7.6% over the same period [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 84.4 yuan based on a 40x P/E ratio for 2026 [3][6]. Core Insights - The company is expected to see significant growth in its chip inductor business, driven by advancements in ASIC power supply applications and a strong position in high-frequency applications [2][8]. - The pricing strategy for inductor products is well-structured, allowing the company to maintain healthy margins while expanding market share [8]. - The introduction of Google's TPU and the potential for increased demand in ASIC power management are seen as key growth drivers for the company's products [8]. Financial Performance Summary - Revenue is projected to grow from 1,159 million yuan in 2023 to 2,945 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 22% [5]. - Net profit attributable to the parent company is expected to increase from 256 million yuan in 2023 to 753 million yuan in 2027, with a CAGR of around 23% [5]. - Earnings per share (EPS) are forecasted to rise from 0.88 yuan in 2023 to 2.60 yuan in 2027 [5]. Valuation Metrics - The company is currently trading at a P/E ratio of 46.6 for 2025, which is expected to decrease to 29.4 by 2027 [5][9]. - The projected P/B ratio is expected to decline from 7.2 in 2025 to 5.2 in 2027, indicating improving valuation metrics over time [5][9].

C h i n a R e s e a r c h D e p t . C o m p a n y U p d a t e 恒瑞医药(600276.SH) Buy 买进 主业稳健，BD 交易将增厚公司业绩 结论及建议： ➢ 公司业绩：公司 2025Q1-Q3 实现营收 231.9 亿元，YOY+14.9%,录得归母净 利润 57.5 亿元，YOY+24.5%,扣非后净利 55.9 亿元，YOY+21.1%，公司业 绩符合预期，主要是公司计入对外许可首付款作为收入，提升了营收及净 利水平。其中 Q3 单季度实现营收 74.3 亿元，YOY+12.7%,录得归母净利润 13.0 亿元，YOY+9.5%,扣非后净利 13.2 亿，YOY+16.9%。 | 年度截止 12 月 31 日 | | 2023 | 2024 | 2025F | 2026F | 2027F | | --- | --- | --- | --- | --- | --- | --- | | 纯利 (Net profit) | RMB 百万元 | 4302 | 6337 | 10093 | 9093 | 10407 | | 同比增减 | % | 10 ...