丨证券研究报告丨 公司研究丨点评报告丨鼎捷数智（300378.SZ） [Table_Title] 数智未来峰会亮点频出，AI 全面赋能业务创新 报告要点 [Table_Summary] 6 月 19 日，公司以"AI 创变、破界生长"为主题，于武汉举办第四届数智未来峰会。会上创新 发布多款 AI 相关套件，并设立多个 AI 专题论坛共话 AI 落地现状与未来，标志公司 AI 赋能业 务融合与场景创新进展积极。公司坚定拥抱 AI 战略初显成效，商业化进展积极看好 2025 放 量。预计公司 2025-2027 年实现归母净利润 1.96 亿元、2.38 亿元、2.87 亿元，对应增速为 26%、22%、21%，对应 PE 为 44.4x、36.5x、30.2x，持续推荐。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎捷数智（300378.SZ） cjzqdt11111 [Table_Title2] 数智未来峰会亮点频出，AI 全面赋能业务创 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9][11]. Core Viewpoints - The company has a solid position as a leader in the secondary equipment sector, with a robust competitive advantage and a diversified business model. The current valuation is low, and the company offers high dividends, with a dividend yield among the industry leaders [9][11]. - The company has achieved a compound annual growth rate (CAGR) of 12.8% in revenue and net profit over the past 19 years, indicating stable development [3][6]. - The management team possesses extensive industry experience and expertise, positioning the company for new growth opportunities in the context of the new power system [3][6]. Summary by Sections Company Overview - Founded in 1994 by Yang Qixun, an academician of the Chinese Academy of Engineering, the company has over 30 years of history. It started with relay protection technology and has expanded its business to cover various segments of power generation, transmission, distribution, usage, and storage [3][6][17]. Market Position - The company's secondary system business, particularly relay protection, is a cornerstone of its operations and is currently experiencing favorable growth opportunities. The State Grid's conventional bidding for secondary equipment has maintained a scale of 4 to 5 billion yuan, with a significant increase expected in 2025 [7][40]. Financial Performance - The company has shown consistent revenue growth, with a CAGR of 12.8% from 2006 to 2024. The revenue growth rate reached 20.86% in 2024, marking a new high since 2022 [23][25]. - The company's net profit reached 716 million yuan in 2024, with a CAGR of 12.8% from 2005 to 2024, indicating strong internal governance and recovery post-2019 [37][38]. Business Segments - The company has seen significant growth in its power plant and industrial automation business, with an annual growth rate of 20.6% from 2019 to 2024. This segment has become a major contributor to overall revenue growth [8][25]. - The company is actively expanding into new areas such as renewable energy services, microgrids, and energy storage, with notable projects in offshore wind and data centers [8][9]. Investment Outlook - The company is expected to achieve net profits of 844 million yuan and 958 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 16 and 14 times [9].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's gross margin for the liquor lees fermentation feed business is expected to recover in 2025 as production capacity utilization increases, which will help dilute fixed costs [2] - The company has adjusted its sales strategy and is strengthening its product offerings to support continued expansion in the liquor lees fermentation feed business [4] - The company is exploring strategic investment models to introduce state-owned capital to alleviate financial pressure [9] Financial Summary - Revenue is projected to grow from 351 million yuan in 2023 to 829 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 35.8% [1] - The net profit attributable to the parent company is expected to increase from 27 million yuan in 2023 to 81 million yuan in 2027, reflecting a significant recovery after a projected loss in 2024 [1] - The company's return on equity (ROE) is anticipated to improve from 3.1% in 2023 to 8.9% in 2027 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 59.8 in 2023 to 19.9 in 2027, indicating a more attractive valuation over time [1] Production Capacity and Market Development - The company expects to reach a production capacity of 470,000 tons by 2025, with 300,000 tons of new capacity in the ramp-up phase [3] - New customer acquisitions, including partnerships with leading companies in the industry, are expected to contribute to sales growth in 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.70 and a sector rating of "Outperform" [2][5]. Core Insights - The company has experienced rapid growth in performance, particularly in the methionine and new materials sectors, with orderly capacity release and ongoing project construction [5][10]. - For 2024, the company achieved a revenue of RMB 21.61 billion, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of RMB 5.87 billion, up 117.01% year-on-year [5][11]. - The first quarter of 2025 saw a revenue of RMB 5.44 billion, reflecting a 20.91% year-on-year growth, and a net profit of RMB 1.88 billion, which is a 116.18% increase year-on-year [5][13]. Financial Performance Summary - The company’s revenue and net profit for 2024 were significantly boosted by the sales and price increases of key products in the nutrition segment, alongside effective cost management [10][11]. - The gross margin for 2024 was 41.78%, an increase of 8.80 percentage points year-on-year, while the net margin reached 27.29%, up 9.26 percentage points year-on-year [10]. - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares to all shareholders [5]. Earnings Forecast - The earnings forecast for 2025-2027 projects net profits of RMB 64.65 billion, RMB 74.16 billion, and RMB 79.25 billion respectively, with corresponding earnings per share of RMB 2.10, RMB 2.41, and RMB 2.58 [7][15]. - The report anticipates a price-to-earnings ratio of 10.3, 9.0, and 8.4 for the years 2025, 2026, and 2027 respectively [7][15]. Shareholder Information - The major shareholder is Xinhengcheng Holdings Group Co., Ltd., holding 50.08% of the company [10].

Investment Rating - The report assigns an "Accumulate" investment rating to the company [2]. Core Viewpoints - The company is a global leader in smart imaging devices, experiencing rapid business growth driven by continuous innovation in imaging technology and a strong brand presence [7][11]. - The market for smart imaging devices is expected to expand significantly, with a projected global user base of approximately 900 million and a penetration rate of about 10% in 2023, indicating substantial growth potential [7][31]. - The company maintains a competitive edge through its focus on product and technology innovation, effective marketing strategies, and a comprehensive global distribution network [7][45]. Company Overview - The company, established in 2015 in Shenzhen, has developed a strong brand and technological advantage under the leadership of founder Liu Jingkang [11]. - The company has achieved a compound annual growth rate (CAGR) of approximately 56.8% in revenue and 77.6% in net profit from 2019 to 2024 [7][11]. - The product portfolio includes consumer-grade products like the Insta360 ONE X, GO, and Ace Pro, which have contributed significantly to revenue growth [11][19]. Industry Analysis - The smart imaging device market is projected to grow at a CAGR of 14.3% from 2023 to 2027, with a total market size of 36.47 billion yuan in 2023 [31]. - The primary product categories include action cameras and panoramic cameras, with significant demand from outdoor sports enthusiasts and Vlog creators [31][35]. - The company has captured a leading market share in the consumer-grade panoramic camera segment, with a 67.2% share in 2023, significantly outperforming competitors [7][42]. Competitive Landscape - The company has established itself as a key player in the smart imaging device market, with a strong focus on technological innovation and product differentiation [42][45]. - The competitive landscape is characterized by a mix of established brands and emerging players, with the company positioned to leverage its advanced technology and marketing strategies to capture additional market share [42][44]. Financial Projections - The company is expected to achieve net profits of 11.5 billion yuan in 2025, with a year-on-year growth rate of 15.3% [7][64]. - Revenue from consumer-grade smart imaging devices is projected to grow by 45.3% in 2025, with a gross margin of approximately 51.5% [64].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Views - The company is a leading provider of energy IoT solutions, showcasing strong internal growth momentum with significant revenue and profit increases projected for the coming years [7]. - The international expansion strategy has yielded notable results, with a focus on the Middle East and the establishment of an overseas factory in Indonesia, driving substantial growth in international revenue [7]. - The company is well-positioned to benefit from increased investments in the domestic power grid, with a projected total investment of over 6,500 billion yuan by the State Grid in 2025 [7]. - The development of self-researched chips creates a competitive edge, ensuring a robust order backlog that supports future growth [7]. - The company is expected to see significant profit growth from 2025 to 2027, with attractive valuation metrics [7]. Company Overview - The company specializes in providing comprehensive IoT solutions across the entire industry chain, including sensing, networking, and application layers [12]. - Key products include electric monitoring terminals, water and gas sensors, communication gateways, and IoT application solutions [12][16]. Financial Data and Valuation - Projected total revenue for 2023 is 2,225 million yuan, with a year-on-year growth of 11%, and expected to reach 6,146 million yuan by 2027 [3]. - The net profit attributable to shareholders is projected to grow from 525 million yuan in 2023 to 1,280 million yuan in 2027, reflecting a compound annual growth rate of approximately 27% [3]. - The company’s current price-to-earnings (PE) ratio is 31.3, expected to decrease to 12.8 by 2027, indicating an attractive valuation [3]. Industry Overview - The electric monitoring terminal market is experiencing rapid growth due to the acceleration of smart grid construction and the digital transformation of industries [25]. - The demand for water, gas, and heat sensing terminals is increasing, driven by the need for efficient resource management in urban public utilities [28]. - Communication modules are essential for enabling data transmission between devices, with a growing market for smart home and industrial applications [32]. Investment Logic - The company’s early market positioning and dual growth drivers from the Middle East and emerging markets are expected to create future value [7]. - Record-breaking investments in the power grid are anticipated to enhance the company’s growth prospects in the smart grid sector [7]. - The collaboration with leading enterprises and strategic partnerships in the IoT space strengthens the company’s market position [20][21].

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company, Zhongsheng Pharmaceutical, has a solid foundation in traditional Chinese medicine and is innovating to drive future growth. The company has established a development strategy focusing on traditional Chinese medicine as the base, innovation as the lead, and specialty as the focus. The product pipeline is rich and diverse, covering major therapeutic areas such as cardiovascular, respiratory, ophthalmology, and digestion [4][14] - The company is expected to see steady growth in its traditional Chinese medicine segment and significant potential from its innovative drug pipeline. The projected net profits for 2025-2027 are estimated at 308 million, 345 million, and 392 million yuan, respectively, with corresponding EPS of 0.36, 0.41, and 0.46 yuan [4][6] Summary by Sections Company Overview - Zhongsheng Pharmaceutical was established in 1979 and officially restructured in 2001, becoming a top 100 pharmaceutical company in China. It focuses on drug research, production, and sales, with key products including the Compound Xue Shuan Tong series, Nao Shuan Tong capsules, and Zhongsheng pills [4][14] Business Structure and Strategy - The company has formed a sustainable business structure with innovative drugs as the leading development driver, traditional Chinese medicine as the business foundation, and chemical generic drugs as beneficial support. The core products are expected to maintain steady growth despite short-term challenges from price reductions due to centralized procurement [5][30] Financial Performance and Forecast - The company's revenue for 2023 was 2,611 million yuan, with a projected increase to 2,802 million yuan in 2025, reflecting a year-on-year growth of 13.5%. The net profit is expected to recover from a loss in 2024 to 308 million yuan in 2025, with a net profit margin of 11% [7][30] - The gross margin for 2024 is projected at 56.1%, with a net margin of 11.0%. The company has effectively controlled its expense ratios, which are expected to further decline as the innovative pipeline matures [7][30] Product Pipeline and Innovation - The innovative drug pipeline focuses on major indications, including COVID-19, influenza, weight loss, and MASH. Key products include the globally first peptide-based 3CL inhibitor for COVID-19, which was conditionally approved in March 2023, and an influenza treatment approved in May 2025 [6][14] - The company has a rich product pipeline that covers various diseases and promotes departmental collaboration, enhancing its competitive edge in the market [32][35] Market Position and Competitive Advantage - The company has established a strong market position with its core products, particularly the Compound Xue Shuan Tong series, which has seen a significant increase in market share due to its clinical evidence and academic promotion efforts [36][38] - The sales of the Compound Xue Shuan Tong capsules are expected to stabilize and grow, benefiting from demographic trends and the increasing demand for chronic disease treatments [36][39]

Investment Rating - The report maintains a "Buy" rating for the company [14] Core Viewpoints - Sanofi Bio is positioned as a leading domestic blood glucose monitoring company, with its BGM business maintaining steady growth and expected to capture nearly 50% of the retail market share by the end of 2024 [4][9] - The company launched its third-generation CGM technology in 2023, which is anticipated to become a significant growth driver alongside its existing BGM business [4][10] - The CGM market is characterized by large scale and high barriers to entry, with trends indicating domestic substitution and increased penetration rates [10][11] - The company has established a strong channel advantage and brand foundation in the domestic blood glucose monitoring sector, which is expected to facilitate rapid market capture in the short term and sustained growth through product iterations in the medium to long term [4][12] - Internationally, the company's CGM products have been launched in multiple countries, with plans to leverage overseas subsidiaries to penetrate mainstream markets in Europe and the US [4][12] Summary by Sections Company Overview - Sanofi Bio has been deeply engaged in the blood glucose monitoring field for 20 years, with a stable growth in its BGM business. The global BGM market has shown stable growth rates of 5%-7% from 2016 to 2022, with expectations for continued single-digit growth due to increasing diabetes patient data and significant room for penetration [9][46] Market Position - By the end of 2024, Sanofi's blood glucose monitoring products are expected to hold nearly 50% of the domestic retail market share, with over 22 million users and extensive coverage across hospitals and pharmacies [9][55] - The company achieved top sales in the blood glucose category on major e-commerce platforms during promotional events, indicating strong market performance [9][55] CGM Market Insights - The global CGM market has grown from $1.7 billion in 2015 to $5.7 billion in 2020, with a CAGR of 28.2%. The market share of CGM is expected to increase significantly, indicating a trend towards CGM replacing BGM [10][73] - In China, the CGM penetration rate is significantly lower than in the US and Europe, suggesting substantial growth potential as domestic products gain approval and market share [11][79] Financial Projections - The company is projected to achieve net profits of 432 million, 542 million, and 658 million yuan from 2025 to 2027, with corresponding P/E ratios of 27, 22, and 18 times [12]

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Viewpoints - The company has been deeply engaged in the refrigeration valve industry for over 30 years and is a global leader in this field. The downstream demand for refrigeration components is showing a marginal improvement, and the increasing penetration of variable frequency air conditioners is expected to drive demand for high-priced valves, leading to stable revenue growth for the company. Additionally, the company is actively expanding into the thermal management business for electric vehicles, leveraging its technological advantages to capture market share [3][6][9]. Summary by Sections Company Overview - The company is a global leader in the refrigeration components industry, with a market share of 38.2% for shut-off valves, 45.0% for four-way valves, and 32.5% for electronic expansion valves projected for 2025-2027. The company has faced challenges in the past due to aggressive diversification and financial difficulties of its former controlling shareholder, but has since stabilized its operations under the ownership of Gree Electric Appliances [6][7][9]. Competitive Position and Market Outlook - The company maintains a leading position in the refrigeration valve market due to high entry barriers and strong customer relationships. The demand for household air conditioning is improving, and the company is well-positioned to benefit from this trend. The forecasted market shares for the company in various valve segments are expected to increase steadily from 2025 to 2027 [7][8]. New Growth Opportunities - The global electric vehicle market is experiencing significant growth, with a CAGR of 48.8% from 2014 to 2024. The complexity of thermal management systems in electric vehicles is expected to create substantial demand for valves, which the company is well-equipped to meet. The company has already established a competitive edge in large-diameter valves and aims to secure first-tier supplier opportunities with major manufacturers [8][9]. Financial Projections - The company is projected to achieve net profits of 1.178 billion, 1.339 billion, and 1.521 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.02, 8.82, and 7.76 [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][18]. Core Views - The company is focusing on expanding its product categories internally while also pursuing external growth through acquisitions. The performance in 2024 is expected to be impacted by fluctuations in the operations of its associate company, Weimeizi, and underperformance from its subsidiary, Shanenkang, leading to impairment provisions for long-term equity investments and goodwill [1][5]. - The company has a significant production capacity for toothbrushes and wet wipes, and it is actively expanding its toothpaste category, with production capacity increasing from 60 million to 120 million units [3]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 320 million yuan, a year-on-year increase of 13.3%, but the net profit attributable to the parent company was 10 million yuan, a decline of 34.5% year-on-year [1]. - For the full year 2024, the company reported revenue of 1.3 billion yuan, up 21.8% year-on-year, but a net loss of 80 million yuan, a significant decline of 183.6% year-on-year [1][10]. - The gross margin for 2024 was 23.9%, an increase of 0.7 percentage points year-on-year, with specific margins for oral care and wet wipes being 22.6% and 23.5%, respectively [2][11]. Product Segment Summary - In 2024, toothbrush revenue was 500 million yuan, an increase of 8.5% year-on-year, with sales volume reaching 420 million units, a rise of 14.7%. The average price per unit decreased by 5.5% to 1.19 yuan [1]. - Wet wipes generated revenue of 390 million yuan, up 15.3% year-on-year, with sales volume of 5.28 billion pieces, an increase of 19.0%, while the average price per unit decreased by 4.0% to 0.07 yuan [1]. Strategic Initiatives - The company is enhancing its support for its subsidiary, Shanenkang, focusing on developing major customer relationships and implementing performance evaluation mechanisms to improve its financial performance [4]. - The company is also prioritizing the development of its own brand products alongside its ODM business, aiming for scale growth in toothpaste, toothbrushes, and orthodontic care products while ensuring reasonable profit margins [3].