国泰君安晨报 2025 年 03 月 13 日 国泰君安证券股份有限公司 研究所 [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu011178@gtjas.com 登记编号：S0880516080007 [Table_ImportantInfo] 今日重点推荐 新股研究-IPO 专题：《科技企业 IPO 支持力度再强化，当周 新股上市恢复》2025-03-11 王政之（分析师）021-38674944、施怡昀（分析师）021-38032690、王思琪（分析师）021-38038671 两会经济主题记者会提及上市制度，科技企业 IPO 支持力度凸显。3 月 6 日，证监会主席 吴清在十四届全国人大三次会议经济主题记者会上表示，加快健全专门针对科技企业的支持机制。聚 焦科技创新活跃、体现新质生产力方向的领域，用好"绿色通道"、未盈利企业上市等制度，稳妥实 施科创板第五套上市标准，更精准支持优质科技企业发行上市。监管表态释放 IPO 积极信号，凸显了 对于科技创新企业上市的支持力度，未来预计科创企业将成为 A 股上市的主力军。 3 月第 1 周，次新板块随市场上行，新 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5][7]. Core Views - The company is positioned as a leading player in the heparin raw material market, with a strong potential for growth in its API business due to improving market conditions [3][4]. - The company is focusing on its sterile injection formulations, which are experiencing rapid growth in overseas markets, supported by a robust product matrix and strategic acquisitions [4][61]. - The global biosimilar market is expected to expand significantly, and the company is well-positioned to capitalize on this trend through both self-developed products and strategic partnerships [5][67]. Summary by Sections 1. Company Overview - The company has transitioned from a traditional heparin raw material supplier to a high-end injection formulation and biosimilar provider, covering multiple therapeutic areas [13][16]. 2. Heparin API Market Improvement - The heparin raw material market is showing signs of recovery, with expectations for price stabilization and potential revenue growth for the company [3][31]. - The company has a strong production and sales level in its heparin API business, which is crucial for funding its injection formulation expansion [36][37]. 3. Focus on Sterile Injection Formulations - The company's injection business has seen significant revenue growth, with a 12.8% increase in 2023 and a compound annual growth rate (CAGR) of 47.4% from 2018 to 2023 [41][46]. - The company has a diverse product line in the injection segment, including low molecular weight heparin and anti-tumor agents, with a strong competitive position in the domestic market [47][55]. 4. Biosimilar Drug Development - The global biosimilar market is projected to grow rapidly, with the company actively developing multiple biosimilar products and securing market entry through strategic acquisitions [67][72]. - The company has made significant progress in obtaining FDA approvals for its biosimilar products, positioning itself as a key player in the U.S. market [72][73]. 5. Financial Projections - The company is expected to achieve substantial profit growth, with projected net profits of 9.0 billion, 11.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026, respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for the companies discussed, including TuoSiDa and BaoFeng Energy, based on their growth potential and financial performance [8][9][10]. Core Insights - The semiconductor industry is witnessing a significant shift towards self-developed AI chips by major companies, driven by the increasing demand for AI applications and the need for efficient computing solutions [4][6]. - The healthcare sector is advancing with the introduction of brain-computer interface technologies, supported by new pricing guidelines from the National Healthcare Security Administration, which will facilitate clinical applications [7]. - The macroeconomic environment shows mixed signals, with U.S. employment data indicating a slight cooling but not severe enough to trigger recession fears, while fiscal policies under the Trump administration are impacting market sentiment [1][14]. Industry Summaries Semiconductor Industry - The competition between GPGPU and ASIC chips highlights the strengths and weaknesses of each technology, with ASICs excelling in low-precision tasks but lagging in memory bandwidth compared to GPGPUs [4]. - Major companies are investing heavily in R&D for AI chips, with the expectation that the demand for AI inference will continue to grow significantly [6]. Healthcare Sector - The successful implementation of brain-computer interface surgeries marks a breakthrough in medical technology, with new pricing projects established to support these innovations [7]. - The National Healthcare Security Administration's new guidelines will help standardize costs associated with brain-machine interface services, paving the way for broader clinical adoption [7]. Macroeconomic Environment - Recent U.S. economic data presents a mixed picture, with non-farm employment figures slightly below expectations, yet still within acceptable limits, alleviating some recession concerns [1][14]. - The divergence in fiscal narratives between the U.S. and Europe, particularly the shift towards tighter fiscal policies in the U.S., is creating volatility in market sentiments, impacting asset prices [1][14].

Investment Ratings - The report provides a "Buy" rating for China Jushi (中国巨石) and United Imaging Healthcare (联影医疗), indicating expected strong performance relative to the market [17][21] - The report maintains a "Buy" rating for Baofeng Energy (宝丰能源) and Kunming Pharmaceutical (昆药集团), suggesting positive growth prospects [33][24] Core Insights - The report highlights the recovery potential of the Hong Kong stock market from the perspective of the AH premium, which has decreased significantly, indicating room for valuation recovery [5][8] - The agricultural sector is experiencing adjustments in global crop production forecasts, with increased corn and wheat production, while rice production is slightly reduced [12][14][15] - China Jushi is positioned to benefit from emerging demand in the fiberglass industry despite traditional demand weaknesses, with expected revenue growth as prices stabilize [17][19] - United Imaging Healthcare is breaking the monopoly in the medical imaging sector, with a strong domestic market share and rapid overseas expansion [21][22] Summary by Sections AH Premium Analysis - The AH premium has gone through three distinct phases since 2010, with significant events influencing its trajectory, such as the launch of the Shanghai-Hong Kong Stock Connect [5][6] - As of March 11, 2025, the AH premium rate is at 132.79, indicating a significant decline from previous highs, suggesting a potential for recovery in Hong Kong valuations [8][9] Agricultural Sector Insights - USDA's March report indicates a global corn production increase of 1.7 million tons to 1.214 billion tons for 2024/2025, driven by favorable conditions in India and other countries [12] - Global wheat production is forecasted to rise by 3.44 million tons to 797 million tons, attributed to improved weather conditions in Australia and other regions [14] - Rice production is slightly adjusted down by 10,000 tons to 533 million tons, with consumption expected to rise [15] China Jushi Overview - China Jushi is the largest fiberglass producer globally, with a comprehensive product range and a recovery in revenue expected as prices stabilize [17][19] - The company is leveraging its cost advantages and global presence to enhance competitiveness in the fiberglass market [19] United Imaging Healthcare Overview - United Imaging Healthcare is rapidly expanding its market share in medical imaging, with a diverse product portfolio and strong growth in both domestic and international markets [21][23] - The company is expected to continue its growth trajectory, driven by increasing demand for imaging services and technological advancements [22][23] Kunming Pharmaceutical Overview - Kunming Pharmaceutical is optimizing its product layout and expanding its market presence, with projected net profits increasing from 6.48 billion yuan in 2024 to 7.45 billion yuan in 2025 [24][25] - The company is focusing on innovation and international expansion to drive future growth [26] Baofeng Energy Overview - Baofeng Energy reported a revenue increase of 13.2% to 32.98 billion yuan in 2024, with net profits rising by 12.2% [33] - The company is expected to benefit from new projects in Inner Mongolia and Xinjiang, enhancing its growth potential [35]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The CDMO segment is expected to become a new growth driver despite short-term pressure on the raw materials business. The CDMO segment is projected to achieve revenue of 1.884 billion yuan in 2024, a decrease of 6.05%, with a gross profit of 773 million yuan and a gross margin of 41.06% [3] - The pharmaceutical segment is experiencing rapid gross profit growth due to a differentiated competitive strategy, with expected revenue of 1.256 billion yuan in 2024, an increase of 0.51%, and a gross profit of 764 million yuan, reflecting a growth of 15.02% [3] - The overall revenue for 2024 is projected at 12.022 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to the parent company is expected to be 1.031 billion yuan, a decrease of 2.29% [9] Summary by Sections Financial Performance - The company reported total revenue of 12.022 billion yuan for 2024, with a net profit of 1.031 billion yuan, reflecting a decrease of 2.29% year-on-year. The fourth quarter alone saw revenue of 2.732 billion yuan, down 8.15%, and a net profit of 161 million yuan, down 20.85% [9] - The gross margin is expected to improve as the revenue share from the raw materials business declines and the shares from the CDMO and pharmaceutical segments increase [9] Revenue and Profit Forecast - Revenue is forecasted to grow to 13.272 billion yuan in 2025, 14.816 billion yuan in 2026, and 16.624 billion yuan in 2027, with corresponding net profits of 1.175 billion yuan, 1.392 billion yuan, and 1.693 billion yuan respectively [1][10] - The report anticipates a significant increase in the number of projects in the CDMO segment, with 1,601 projects quoted in 2024, a 77% increase, and 996 ongoing projects, a 35% increase [3] Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 17.62 for 2024, decreasing to 10.73 by 2027 [1][10] - The report highlights that the company is expected to maintain a competitive edge through continuous product innovation and improvements in production efficiency [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 12.02 billion yuan, reflecting a year-on-year increase of 4.77%. However, the net profit attributable to the parent company is expected to decline by 2.29% to 1.03 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) projects are growing rapidly, with a total of 1,601 quoted projects, a year-on-year increase of 77%, and 996 ongoing projects, a 35% increase year-on-year [5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards, now expecting net profits of 1.18 billion yuan and 1.37 billion yuan respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a gross margin of 23.85% and a net margin of 8.57% [4] - The CDMO business revenue for 2024 is reported at 18.84 billion yuan, with a gross margin of 41.06% [5] - The raw material drug intermediate business revenue is 86.51 billion yuan, showing an 8.3% increase year-on-year, while the formulation business revenue is 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan respectively, with corresponding net profits of 1.18 billion yuan, 1.37 billion yuan, and 1.65 billion yuan [8]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The report highlights a positive trend in the Chinese economy, with tax data indicating a continuous recovery over the past five months [18][19]. - The battery production in February reached 100.3 GWh, showing a year-on-year increase of 128.2% despite a month-on-month decline of 7.0% [34]. - The report discusses the strategic developments in robotics, with Anker Innovations outlining a three-phase robot evolution strategy [30][31]. Market Overview - The A-share market shows a total market capitalization of 642,679 million yuan for the Shanghai Composite Index, with a PE ratio of 12.03 and a PB ratio of 1.28 [3]. - The Shenzhen Component Index has a total market capitalization of 227,908 million yuan, with a PE ratio of 22.33 and a PB ratio of 2.31 [3]. - The ChiNext Index has a PE ratio of 33.58, indicating a higher valuation compared to other indices [3]. Industry Dynamics - Anker Innovations has defined its robot strategy into three stages, focusing on different types of robots, including cleaning and interaction robots [30][31]. - The battery industry is experiencing significant growth, with a total production of 208.1 GWh in the first two months of 2025, reflecting a year-on-year increase of 89.2% [34]. - The introduction of the "Lingxi X2" robot by Zhihui Jun showcases advancements in emotional computing and interaction capabilities [36][37]. Company Tracking - Anhui Heli plans to establish a factory in Thailand for industrial vehicles and lithium batteries, with a registered capital of approximately 4.26 billion yuan [43]. - Wide Great Materials signed a significant framework procurement contract worth 1.505 billion yuan with Mingyang Smart Energy for wind turbine components [45]. - Antu Bio received three medical device registration certificates, expanding its product line in the healthcare sector [47].

Financial Performance - The company's operating revenue for 2024 reached ¥12,021,863,029.21, an increase of 4.77% compared to ¥11,474,162,365.59 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥1,031,121,698.55, a decrease of 2.29% from ¥1,055,340,740.79 in 2023[22]. - The net profit after deducting non-recurring gains and losses was ¥984,439,126.95, down 4.09% from ¥1,026,437,851.58 in 2023[22]. - The cash flow from operating activities increased by 17.20% to ¥1,208,753,683.01 from ¥1,031,363,074.08 in 2023[22]. - Basic earnings per share for 2024 were ¥0.8864, a decrease of 1.78% from ¥0.9025 in 2023[22]. - The total assets at the end of 2024 were ¥12,729,008,610.16, a slight decrease of 0.30% from ¥12,767,664,072.34 at the end of 2023[22]. - The net assets attributable to shareholders increased by 8.34% to ¥6,741,964,785.16 from ¥6,222,728,875.43 at the end of 2023[22]. - The company reported a quarterly revenue of ¥3,198,046,619.86 in Q1 2024, with a net profit of ¥243,716,289.99 attributable to shareholders[26]. - The weighted average return on equity for 2024 was 16.09%, down from 18.17% in 2023[22]. - The gross profit margin for the pharmaceutical main business was 23.84%, a decrease of 1.76% from the previous year[74]. Research and Development - Research and development expenses for the company reached ¥64,147.18 million in 2024, representing a year-on-year increase of 2.66% and accounting for 5.34% of total revenue[39]. - The company has a total of 1,156 R&D personnel, including 54 PhDs and 405 Master's degree holders[39]. - The company is focusing on innovation and has established multiple technology centers across its business segments to enhance R&D capabilities[39]. - The company has strengthened its project application and patent acquisition processes, although specific numbers were not disclosed in the report[40]. - The company has submitted 409 patent applications, with 145 valid patents, including 134 inventions and 11 utility models[41]. - The company has established eight major technology platforms to support its API and CDMO businesses, enhancing its competitive edge in the market[56]. Market and Industry Outlook - The global pharmaceutical market is projected to reach $2.5 trillion by 2030, driven by an aging population and increasing healthcare demands[33]. - The Chinese pharmaceutical market is expected to grow to ¥2.89 trillion by 2030, capturing approximately 1/6 of the global market share[34]. - The company is actively involved in the production and sales of various pharmaceutical products, including APIs and innovative drug development services[38]. - The company is advancing its "2030 development strategy," focusing on refining raw materials, strengthening CDMO, and expanding into medical aesthetics[66]. Environmental Compliance - The company has established a comprehensive EHS management system, with 11 wastewater treatment systems capable of processing 5.4 million tons of wastewater annually[48]. - The company has implemented a "three simultaneous" system for new projects, ensuring environmental impact assessments are conducted alongside construction[154]. - The company is committed to enhancing its environmental monitoring capabilities as per national guidelines[153]. - The company is focusing on compliance with the latest environmental regulations, including the 2024 version of the Industrial Structure Adjustment Guidance Catalog[152]. - The company has achieved a reduction in various pollutants, with emissions from waste gas treatment facilities consistently below national and local standards[169]. Corporate Governance - The company operates under a "business unit + functional" management structure, which includes four business units and various functional departments[111]. - The company emphasizes independence from its controlling shareholders in terms of assets, personnel, and financial operations[113]. - The company has implemented internal control measures in accordance with its internal control implementation guidelines[112]. - The company has established a performance-based salary system for senior management, linking remuneration to both company and individual performance[126]. - The company has not reported any significant discrepancies in its governance practices compared to regulatory requirements[112]. Shareholder Returns - The company plans to distribute a cash dividend of ¥3.56 per 10 shares, totaling approximately ¥413,000,000 based on the adjusted share capital[5]. - The company reported a cash dividend of 412,405,913.06 CNY, with a total cash dividend including other methods amounting to 612,608,349.59 CNY, representing 100% of the total profit distribution[140]. - The company has a profit distribution policy that mandates a minimum cash dividend ratio of 40% during profit distribution when in a mature development stage with significant capital expenditure plans[140]. Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[116]. - The company is currently in the process of submitting domestic and international application materials for several products, indicating ongoing expansion efforts[85]. - The company is committed to enhancing its production capabilities while managing associated uncertainties in the development process[83]. - The company is pursuing multiple avenues for product line expansion, with several projects currently under review for market approval[84]. Employee and Talent Management - The company has recruited 21 key talents, including 11 PhDs, and hired 568 recent graduates in relevant fields to support innovation and capacity expansion[49]. - The company conducted a training needs survey in October, with an annual training plan developed by December based on strategic development needs[138]. - The total number of employees at the end of the reporting period is 7,060, with 4,281 in production, 1,774 in technical roles, and 339 in sales[135][136].

进一步汇聚产业资源。 本文为IPO早知道原创 作者｜C叔 作 为 横 店 集 团 的 唯 一 战 略 及 产 业 投 资 平 台 ， 横 店 资 本 此 次 投 资 将 助 力 威 脉 医 疗 及 其 核 心 产 品 YOUMAGIC高能单极射频加速在能量医学领域的创新研发进程，加快产品的量产交付以及商业化布 局。 横店资本长期专注于医疗健康相关领域的投资，结合集团旗下普洛药业、微度医疗等产业资源，在创 新药、医疗器械等领域进行了深度研究和投资布局。而YOUMAGIC研发公司威脉医疗多年深耕医疗 器械领域，通过创新 全力推进高端医疗器械国产化，发展方向与横店集团同频。 正如威脉医疗另一投资方紫牛基金创始合伙人张泉灵所言，真正有价值、有创新能力的医疗项目，需 要具备绝对的技术领先性，能瞄准市场真需求和政策窗口期，还要具备有韧劲的团队。市场上需要真 正有科学能力、科学精神、企业家精神的人，愿意去蹚科技成果商业化这条难点多的路，再加上资金 等资源投入才能够成事。而威脉医疗恰好具备这些特质，这也是连获由锡创投与苏州锦昇资本联合领 投的B+轮融资，以及本次横店资本战略注资的关键。 威脉医疗依托清华大学在能量源技术领域积 ...

普洛药业股份有限公司 关于获得药品补充申请批准通知书的公告 证券代码：000739 证券简称：普洛药业 公告编号：2024-55 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，普洛药业股份有限公司（以下简称"公司"）控股子公司浙江普洛康 裕制药有限公司（以下简称"康裕制药"）收到国家药品监督管理局（以下简称 "药监局"）下发的左氧氟沙星片《药品补充申请批准通知书》。现将有关情况 公告如下： 一、药品注册批准情况 1、产品名称：左氧氟沙星片 2、剂型：片剂 3、规格：0.25g 4、补充申请事项：新增 0.25g 规格 5、上市许可持有人：浙江普洛康裕制药有限公司 6、通知书编号：2024B05140 7、药品批准文号：国药准字 H20247277 8、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 本品此次申请事项符合药品注册的有关要求，批准增加 0.25g 规格，核发药品 批准文号。 二、药品其他相关情况 左氧氟沙星片为氧氟沙星的左旋光学异构体，为第三代喹诺酮类抗菌药，具 有抗菌谱广，抗菌作用强的特点；用于治疗成年人（≥18 岁）由指 ...