Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is a leading domestic AI+SaaS provider in the financial and tax services sector, deeply involved in government projects such as the Golden Tax Phase III and IV. The B-end business is accelerating with the launch of the "Xiyou" AI platform, which integrates AI and financial services, creating a new growth point [8][9] - The company has seen significant growth in its B-end active customer base, reaching 11.8 million in the first half of 2025, with expectations for the AIBM ecosystem service market to reach 390.7 billion yuan by 2028 [9][11] - The company’s revenue is projected to grow steadily, with expected revenues of 2.256 billion yuan, 2.924 billion yuan, and 3.493 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 175 million yuan, 363 million yuan, and 559 million yuan for the same years [13] Summary by Sections Company Overview - The company is a leading digital financial and tax service provider, focusing on digital governance and tax management solutions. It has transitioned from a G-end focus to a growing B-end business, with a stable revenue growth trajectory and a solid gross margin [17][22][40] - The company’s revenue has grown from 1.6 billion yuan in 2021 to 1.9 billion yuan in 2024, with a CAGR of 6.6% [35] B-end Digital Taxation Wave - The number of enterprises in China continues to rise, with a significant increase in the demand for compliance and tax optimization services among small and medium-sized enterprises (SMEs) due to more stringent tax regulations [44][48] - The company has developed the "Xiyou" AI platform to integrate AI with financial services, enhancing operational efficiency and compliance [55] Policy Support and G-end Business - The company benefits from favorable policies promoting digital transformation in tax services, with a clear positioning in G-end business and ongoing success in winning government contracts [12][20] Investment Recommendations - The company is expected to leverage its AI+SaaS capabilities to create a second growth point in the B-end market, with adjusted revenue forecasts indicating strong growth potential [13][15]

Investment Rating - The report assigns a "Buy" rating for the stock of Zhongsheng Pharmaceutical (002317) based on its strong commercial potential and strategic partnerships [1]. Core Insights - The report highlights the successful licensing agreement between Zhongsheng Ruichuang and Qilu Pharmaceutical for the production and commercialization of RAY1225 in China, which is expected to enhance cash flow and maximize future commercialization benefits [2][3]. - RAY1225 is a GLP-1/GIP dual-target peptide drug with promising clinical trial results, showing positive efficacy and safety, with expectations for commercialization by 2027-2028 [2]. - The partnership with Qilu Pharmaceutical, a leading Chinese pharmaceutical company, is seen as a significant advantage for domestic commercialization efforts [3]. Financial Projections - Revenue projections for Zhongsheng Pharmaceutical are estimated at RMB 2.601 billion, RMB 2.978 billion, and RMB 3.449 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 301 million, RMB 395 million, and RMB 508 million [3][4]. - The report anticipates a gradual improvement in earnings per share (EPS), forecasting RMB 0.35, RMB 0.47, and RMB 0.60 for the same years, with price-to-earnings (P/E) ratios decreasing from 61.17 to 36.29 [3][4].

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology (300476.SZ) [2][3] Core Views - Shenghong Technology is expected to achieve a net profit attributable to shareholders of approximately 4.16 to 4.56 billion yuan for the year 2025, representing a year-on-year growth of 260.35% to 295.00% [2] - The company is actively expanding its production capacity and is set to launch new materials, which is anticipated to drive significant revenue growth [2] - The company has established itself as a leader in the HDI (High-Density Interconnect) technology sector, with plans to advance to 10-layer 30-layer HDI product development [2] - Shenghong Technology's revenue is projected to reach 35.8 billion yuan in 2026 and 57.5 billion yuan in 2027, with net profits expected to be 10.5 billion yuan and 18.0 billion yuan respectively [2] Financial Summary - Revenue for 2023 is reported at 7.93 billion yuan, with projections of 10.73 billion yuan for 2024, 19.98 billion yuan for 2025, 35.80 billion yuan for 2026, and 57.54 billion yuan for 2027 [7] - The net profit attributable to shareholders is forecasted to grow from 671 million yuan in 2023 to 18.04 billion yuan in 2027, with significant year-on-year growth rates [7] - The latest diluted EPS is expected to increase from 0.77 yuan in 2023 to 20.73 yuan in 2027 [7] - The company’s return on equity (ROE) is projected to rise from 8.8% in 2023 to 47.8% in 2027 [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company has exceeded performance expectations in the third and fourth quarters, confirming a turning point in operations. Both the household storage and data center businesses are showing positive trends, with household storage demand recovering since the second half of 2025 and expected to continue into 2026. The data center business has accelerated overseas production since the second half of last year, achieving breakthroughs in both clients and products domestically. The synergy between these two main businesses is anticipated to drive accelerated performance in 2026 [1][8]. Financial Data and Valuation - Total revenue is projected to grow from 5,440 million in 2023 to 6,739 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21% [3][13]. - Operating profit is expected to increase from 1,018 million in 2023 to 1,155 million in 2026, with a significant growth rate of 54% in 2026 [3][14]. - Net profit attributable to shareholders is forecasted to rise from 845 million in 2023 to 992 million in 2026, with a growth rate of 58% [3][14]. - Earnings per share (EPS) is projected to increase from 1.45 in 2023 to 1.70 in 2026 [3][14]. - The price-to-earnings (PE) ratio is expected to decrease from 36.9 in 2023 to 31.4 in 2026, indicating a more attractive valuation over time [3][14]. Business Outlook - The household storage business is expected to see a turnaround, with demand recovering and optimistic guidance from major clients. The company is also focusing on enhancing its own brand to drive growth in 2026 [8]. - The overseas production of UPS (Uninterruptible Power Supply) is accelerating, with the company entering overseas supply chains since Q3 2025. This is expected to enhance the company's ability to capture external orders and improve its chances in the overseas HVDC (High Voltage Direct Current) market [8]. - Domestic demand for AIDC (Artificial Intelligence Data Center) is anticipated to grow, with the company successfully expanding its client base to include emerging internet companies and launching high-value solutions [8].

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology [5] Core Views - Shenghong Technology is expected to achieve a net profit attributable to shareholders of 4.16-4.56 billion yuan in 2025, representing a year-on-year growth of 260.35%-295.00% [1] - The company is recognized as a leader in AI PCB, capitalizing on the growth opportunities presented by AI development [3] - The expansion of production capacity and the release of new products are anticipated to significantly support the company's performance growth in the coming years [1][3] Financial Projections - Revenue is projected to reach 19.98 billion yuan in 2025, with a year-on-year growth rate of 86.2% [4] - The net profit for 2026 and 2027 is expected to be 10.5 billion yuan and 18.04 billion yuan, respectively, with growth rates of 140.6% and 71.8% [4] - The earnings per share (EPS) is forecasted to be 5.02 yuan in 2025, increasing to 20.73 yuan by 2027 [4] Production Capacity and Technology - Shenghong Technology is among the first globally to achieve large-scale production of 6-layer 24-layer HDI products and is advancing in the development of next-generation HDI technologies [2] - The company has the capability for R&D and mass production of high-layer PCBs exceeding 70 layers and is developing technology for over 100 layers [2] - The expansion plans for production bases in Thailand and Vietnam are progressing as scheduled, with domestic production facilities partially operational [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 23 yuan [2][6]. Core Views - The company is expected to accelerate its revenue growth in Q4 2025, with a projected revenue increase to mid-high single-digit growth. The net profit margin is anticipated to improve to around 6.5%, exceeding initial targets [6][7]. - The company has successfully launched new products that have become bestsellers, demonstrating strong innovation capabilities and market responsiveness [6][7]. - The outlook for 2026 is optimistic, with expectations of continued double-digit growth in the low-temperature dairy segment and positive growth in the ambient segment following adjustments [6][7]. - The company is projected to achieve a net profit margin of 7.2% by 2027, ahead of its five-year plan [6][7]. Financial Summary - Total revenue is forecasted to reach 10,665 million yuan in 2024, with a year-on-year growth rate of -2.9%. By 2027, revenue is expected to grow to 12,519 million yuan, with a growth rate of 5.8% [2][3]. - Net profit is projected to increase from 538 million yuan in 2024 to 993 million yuan in 2027, reflecting a compound annual growth rate of 16% [2][3]. - Earnings per share (EPS) are expected to rise from 0.62 yuan in 2024 to 1.15 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 30 to 16 over the same period [2][3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 23 yuan [2][6]. Core Insights - The company is expected to accelerate its revenue growth in Q4 2025, with a projected overall revenue growth rate reaching mid-to-high single digits. The net profit margin is anticipated to improve to around 6.5%, exceeding initial targets [6][7]. - The company has successfully launched new products that have performed well in the market, indicating strong innovation capabilities and effective management [6][7]. - The outlook for 2026 is positive, with expectations of continued double-digit growth in the low-temperature dairy segment and a recovery in the ambient dairy segment [6][7]. Financial Summary - Total revenue is projected to reach 10,665 million yuan in 2024, with a year-on-year growth rate of -2.9%. By 2027, revenue is expected to grow to 12,519 million yuan, with a growth rate of 5.8% [2]. - Net profit is forecasted to increase from 538 million yuan in 2024 to 993 million yuan in 2027, reflecting a compound annual growth rate of 24.8% in 2024 and 16.0% in 2027 [2]. - Earnings per share (EPS) are expected to rise from 0.62 yuan in 2024 to 1.15 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 30 to 16 over the same period [2][6].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - WuXi AppTec's revenue for 2025 is projected to be 45.46 billion yuan, representing a year-on-year growth of 15.8%. The net profit attributable to shareholders is expected to reach 19.15 billion yuan, a significant increase of 102.7% [5][8]. - The company's continuous operating business revenue growth exceeded expectations, with a 21.4% increase compared to previous guidance of 17-18% [6]. - The fourth quarter of 2025 showed a revenue of 12.6 billion yuan, reflecting a 9.2% quarter-on-quarter growth, and a net profit of 7.08 billion yuan, which is a 142.5% increase year-on-year [5][6]. Financial Performance Summary - For 2025, the company reported a total revenue of 45.46 billion yuan, with a continuous operating business revenue growth of 21.4% [5][6]. - The fourth quarter of 2025 saw a stable net profit margin of 35.1%, slightly lower than the previous quarter but significantly higher than the same quarter last year [7]. - The projected revenues for 2025, 2026, and 2027 are 45.46 billion yuan, 51.55 billion yuan, and 58.82 billion yuan, respectively, with corresponding net profits of 19.15 billion yuan, 16.73 billion yuan, and 19.32 billion yuan [8][10].

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price set at 53.12 CNY [6][13]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 900 million to 930 million CNY in 2025, representing a year-on-year growth of 40.42% to 45.10% [2][13]. - The company is fully embracing AI technology, which is driving rapid growth in performance. The application of AI agents across various scenarios is facilitating project delivery [2][13]. - The projected earnings per share (EPS) for 2025-2027 are 1.37 CNY, 1.77 CNY, and 2.14 CNY respectively, with a downward adjustment from previous estimates [13]. Financial Summary - Total revenue is forecasted to grow from 3,251 million CNY in 2023 to 7,638 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.2% [4]. - Net profit attributable to shareholders is expected to increase significantly from 179 million CNY in 2023 to 1,438 million CNY in 2027, with a CAGR of 21.1% [4]. - The company’s return on equity (ROE) is projected to rise from 5.6% in 2023 to 26.2% in 2027 [4]. Market Data - The current stock price is 39.62 CNY, with a 52-week price range of 26.89 CNY to 46.86 CNY [7]. - The company has a total market capitalization of 26,553 million CNY and a total share capital of 670 million shares [7]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 148.15 in 2023 to 18.47 by 2027, indicating an improving valuation as earnings grow [4][15]. - The price-to-book (P/B) ratio is expected to decline from 8.26 in 2023 to 4.84 in 2027, reflecting a more favorable valuation over time [14][15].

核心产品国内商业化合作落地，看好未来 销售潜力 众生药业点评报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 张澄(分析师) | 010-58067988 | zhangcheng5@gtht.com | S0880525040130 | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 公司核心减重创新药产品 RAY1225 国内商业化权益授予齐鲁制药，合作总包金额 达 10 亿元，再度验证产品临床价值与未来商业化潜力。 投资要点： [Table_Market] 交易数据 | 52 周内股价区间(元) | 10.45-26.61 | | --- | --- | | 总市值(百 ...