Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company focuses on high-speed interconnect chips, with its capacity chips becoming a new growth engine. In 2024, interconnect chips and the Tsingdai server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan in 2024, a year-on-year increase of 59%, and a net profit of 1.412 billion yuan, a year-on-year increase of 213% [1][11]. - The company is one of the three major DDR5 memory interface chip manufacturers globally, leading the second-generation iteration of DDR5. The continuous iteration of CPUs supporting higher-speed DDR5 will drive the large-scale use and upgrade of DDR5 memory modules [2][45]. - The MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company has decided to shift its R&D focus from AI computing chips for data centers to PCIe Switch chips [3][12]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, with a year-on-year growth of 59%. The net profit reached 1.412 billion yuan, marking a year-on-year increase of 213%. The revenue and net profit for Q1 2025 were 1.222 billion yuan and 525 million yuan, respectively, both setting quarterly records [1][11][16]. - The company's revenue from interconnect chips was 3.349 billion yuan, with a gross margin of 62.7% in 2024 [24][22]. Product Development - The company has successfully launched multiple high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, with a combined revenue of approximately 422 million yuan in 2024, which is eight times that of 2023 [2][56]. - The company has initiated the second-generation iteration of DDR5 memory interface chips, with the second-generation RCD chip shipments exceeding those of the first generation in 2024 [46][45]. Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with a CAGR of 20% in revenue from 2016 to 2024 and a CAGR of 41% in net profit during the same period [11][16]. - The global market for memory interface chips is expected to reach $5.7 billion by 2031, with the company being one of the three main suppliers [40][41]. Valuation - The report provides a reasonable valuation range for the company's stock at 84.50 to 93.89 yuan, representing a premium of 11% to 24% over the closing price of 75.84 yuan on May 27 [5][4].

A股市场今天（5月28日）窄幅震荡，主要指数小幅下跌。截至收盘，上证指数跌0.02%，深证成指跌 0.26%，创业板指跌0.31%，科创50指数跌0.23%，北证50指数跌1.39%。 比亚迪（002594）刷屏。 A股市场主要股指今天（5月28日）走低，食品饮料板块表现较好。 个股方面，整体表现分化，多只人气股高台"跳水"，但也有不少股票连续涨停。 此外，比亚迪A股和H股双双跌超2%，其中H股一度大跌超3%，该股已连跌三个交易日。近期，关 于"比亚迪山东经销商爆雷"的消息持续刷屏。 A股市场主要股指走低 行业板块和赛道方面，食品饮料板块领涨，板块涨幅超过1.5%，欢乐家（300997）"20cm"涨停，新乳 业（002946）、均瑶健康（605388）等股票涨停，东鹏饮料（605499）、李子园（605337）、阳光乳业 （001318）等股票大幅上涨。 | 代码 | 名称 | | 涨幅% | 现价 | 涨跌 | 采价 | 更价 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300997 | 欢乐家 | R | 20.01 | 20.87 | 3 ...

比亚迪刷屏。 A 股市场主要股指今天（ 5 月 28 日）走低 ， 食品饮料板块表现较好。 个股方面，整体表现分化，多只人气股高台"跳水"，但也有不少股票连续涨停。 此外，比亚迪A股和H股双双跌超2%，其中H股一度大跌超3%，该股已连跌三个交易日。近期，关于"比亚迪山东经销商爆雷"的消息持续刷屏。 A股市场主要股指走低 A股市场今天（5月28日）窄幅震荡，主要指数小幅下跌。截至收盘，上证指数跌0.02%，深证成指跌0.26%，创业板指跌0.31%，科创50指数跌0.23%，北证50指数 跌1.39%。 行业板块和赛道方面，食品饮料板块领涨，板块涨幅超过1.5%，欢乐家"20cm"涨停，新乳业、均瑶健康等股票涨停，东鹏饮料、李子园、阳光乳业等股票大幅上 涨。 | 代码 | 名称 | . | 涨幅% | 现价 | 涨跌 | 买价 | 更价 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300997 | 欢乐家 | R | 20.01 | 20.87 | 3.48 | 20.87 | | | 002946 | 新乳V | R | 10.03 | 19.9 ...

Group 1 - The core viewpoint emphasizes the continuous catalysis in the innovative drug sector of the pharmaceutical and biotechnology industry, with a focus on areas such as anti-tumor, autoimmune, GLP-1, stem cells, and gene therapy [1] - The CXO sector is expected to see a valuation recovery due to supportive policies for innovative drug development in China and a reduction in overseas geopolitical risks [1] - In the blood products sector, there is an increasing demand for intravenous immunoglobulin (IVIG) in critical care, driven by an expanding market and a price increase in high-end chromatography IVIG, with a short-term shortage expected to persist [1] Group 2 - The vaccine sector is under pressure, but some key companies are showing marginal performance improvements, with attention on new areas such as shingles and the penetration potential of domestic high-cost performance HPV manufacturers [1] - In traditional Chinese medicine, it is recommended to focus on companies related to fertility subsidies [1] - The medical device sector is experiencing accelerated replacement due to centralized procurement, with a focus on the replacement potential in electrophysiology and neurointervention fields [1] Group 3 - The low-value consumables industry is gradually completing inventory destocking, with attention on cyclical upward opportunities and the potential of the GLP-1 industry chain [1] - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in vaccine research, production, and sales from the A-share market [1] - The Vaccine Biotechnology Index aims to reflect the overall performance of listed companies related to vaccines and biotechnology [1]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 eejournal 。 近年来，CXL正在成为大家的焦点。 事实上，在开发 CXL 标准、基于该标准生产早期计算机硬件（内存模块和内存服务器）以及从该 硬件获取一些性能数据方面确实取得了长足的进步。从性能数据中，现在可以确定哪些应用程序最 适合使用基于 CXL 的内存子系统，哪些不适合。 内存专家Jim Handy在一个分享中概述了 CXL 的现状。他首先指出，就像七个盲人摸象一样， CXL 凭借其在各个修订版本中新增的功能，拥有了丰富的功能。CXL 可用于： 根据应用程序的不同，其中一些功能将比其他功能更重要，正如 Handy 通过来自可能使用 CXL 内存的不同系统 OEM 的回应所说明的那样： Handy 还 指 出 ， CXL 是 一 个 相 对 较 新 的 标 准 。 CXL 联 盟 于 2019 年 发 布 了 CXL 1.0 和 CXL 1.1。CXL 2.0 于 2020 年底发布，它增加了 CXL 交换的概念，以支持数据中心机架内的多个主 机 xPU。CXL 3.0、3.1 和 3.2 增加了多项功能，包括多个交换机层，以支持跨机 ...

Core Viewpoint - The recent performance of the STAR Market 100 Index and its ETF indicates a positive trend, with significant movements in individual stocks and a notable partnership between a Chinese pharmaceutical company and Pfizer [3][4][5]. Group 1: STAR Market 100 Index Performance - As of May 21, 2025, the STAR Market 100 Index rose by 0.21%, with notable increases in stocks such as Sangfor Technologies (19.99%) and Zai Lab (3.58%) [3]. - The STAR Market 100 Index ETF (588030) also increased by 0.21%, with a recent price of 0.97 yuan, and a one-month cumulative increase of 2.01% [3]. - The ETF's trading volume showed a turnover rate of 1.66%, with a total transaction value of 1.04 billion yuan [3]. Group 2: Fund Flows and Growth - The STAR Market 100 Index ETF experienced a net inflow of 2.30 billion yuan over the last five trading days, with an average daily net inflow of 459.57 million yuan [4]. - The ETF's recent financing net purchase reached 1.36 million yuan, with a total financing balance of 307 million yuan [5]. - The ETF's one-year net value increased by 18.03%, with a maximum monthly return of 27.67% since its inception [5]. Group 3: Strategic Partnerships - Recently, Sangfor Technologies and its subsidiaries entered into an exclusive licensing agreement with Pfizer, granting Pfizer global rights for a dual-specific antibody in China [3][4]. Group 4: Market Position and Trends - The Chinese innovative drug sector is expected to become a preferred choice for business development transactions due to its low R&D costs and high efficiency, positioning China as a center for low-cost R&D and production [4]. - The STAR Market 100 Index ETF closely tracks the STAR Market 100 Index, which consists of 100 medium-cap stocks with good liquidity from the STAR Market [4].

万联证券表示，2024年和2025年一季度医药细分板块业绩分化，医疗研发外包、医院、其他生物制品收 入和利润端表现较好。化学制药板块受市场关注，聚焦创新驱动、国产化、政策免疫主线。建议关注创 新药领域，选择技术壁垒高、迭代快的细分标的，重视企业研发及商业化能力；国产高端设备和关键原 材料替代机会显著；美联储降息周期下，Biotech融资回暖为CXO企业带来订单增长，关注全球化布局 及新兴技术平台企业；自主可控且竞争格局优化的赛道如血制品、药店、中药等也值得关注。 中国银河表示，医药板块经历长期调整，估值较低，公募持仓低配。2025年政策支持商保发展，支付端 改善可期，创新药械受益。医药行情有望修复，结构性机会仍存。建议关注创新药产业链、出海及细分 行业龙头，医药消费复苏亦值得关注。行业逻辑在于政策红利释放和市场需求回升，创新驱动及细分领 域龙头优势将凸显，医药消费回暖将提供增长动力。 （本文内容来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 今日，医药板块早盘活跃，截至发稿，三生国健、一品红19.99%涨停，舒泰神涨超9%，新诺威、益方 生物、科兴制药、热景生物等跟涨。相 ...

Financial Data and Key Metrics Changes - Total revenue for Q4 was $177 million, near the midpoint of guidance, while service revenue totaled $171.6 million, also near the midpoint of guidance [29] - Year-over-year growth in service revenue, excluding Fuse customers, accelerated to 4.6% from 2.7% in Q3, marking the highest growth rate in 10 quarters [10] - For fiscal year 2025, service revenue excluding Fuse customers grew 2.8%, compared to 1.8% in fiscal year 2024 [10] - Gross margin for the quarter was 69%, at the low end of guidance, driven by a revenue mix with lower margin platform usage revenue growing to approximately 13.5% of total revenue [30] - Operating margin was 10%, at the high end of guidance, with stock-based compensation declining to 4.6% of total revenue, a multiyear low [31] Business Line Data and Key Metrics Changes - The number of customers with three or more products increased 13% year-over-year to over 700 customers, indicating successful cross-selling [11] - Sales of Microsoft Teams integration saw new license sales up 72% in Q4, with cumulative licenses sold growing 30% year-over-year to over 550,000 seats [12] - The transition from the legacy Fuse platform is on track, with remaining revenue from Fuse customers reduced to under 5% of service revenue, down from approximately 11% in Q4 2024 [29] Market Data and Key Metrics Changes - The company noted a shift in the economic picture due to recent tariff actions and global uncertainty, impacting sales cycles and spending [7] - The U.S. market experienced some chaos in March and April, with elongated deal cycles, while the rest of the world continued to perform steadily [44] Company Strategy and Development Direction - The company is focused on building a durable, cash-generative business that creates long-term value, emphasizing disciplined execution and platform innovation [7] - A massive transformation began in fiscal year 2023, with a clear plan to fix the financial model, invest in innovation, and improve customer experience outcomes [9] - The go-to-market model has been rebuilt around solution selling and partner enablement, with ongoing adjustments to improve performance [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, citing a solid foundation for growth and the expectation of high single-digit revenue growth and double-digit operating margins in the coming years [25] - The company anticipates that the headwinds from the Fuse platform will lessen significantly in fiscal year 2027, allowing for improved growth rates [25] - Management remains realistic about challenges ahead but sees signs of a tailwind, with growth accelerating in the core business [24] Other Important Information - The combined cash flow from operations for fiscal years 2024 and 2025 is the highest in the company's history, representing over half of its market capitalization [10] - The company has made significant progress in debt reduction, with over $209 million reduced since August 2022, enhancing financial flexibility [28] Q&A Session Summary Question: What are you hearing from your field reps regarding macro impacts? - Management noted elongated deal cycles and some shrinking depending on urgency, with a calmer environment in May compared to earlier months [42][43] Question: Can you clarify the status of your go-to-market changes? - The company is approximately 60-70% through the go-to-market rebuild, focusing on solution selling and fine-tuning processes [46] Question: What is the adjusted service revenue growth forecast for fiscal year 2026, excluding Fuse? - The company expects positive growth rates for fiscal year 2026, with the headwinds from Fuse expected to diminish [48][52] Question: What is driving the expected high single-digit growth by fiscal year 2028? - Growth is anticipated from increased multi-product customers, improved retention rates, and the rollout of new products [76][80] Question: How is the cash flow guidance for fiscal year 2026 structured? - The guidance reflects investments in growth, with a focus on maintaining stable net income despite some margin compression [60] Question: Why is the company winning in the CCaaS space? - The company offers a complete solution with best-in-breed technology from a single vendor, which is appealing to mid-market and enterprise customers [64][66]

拐点已现，积极配置 ——CXO 2024&2025Q1业绩综述 行业评级：看好 2025年05月14日 | 分析师 | 郭双喜 | 王帅 | | --- | --- | --- | | 邮箱 | guoshuangxi@stocke.com.cn | wangshuai@stocke.com.cn | | 电话 | 19801116960 | 13548094491 | | 证书编号 | S1230521110002 | S1230523060003 | 1 1、股价复盘： 2、财务分析： ➢ 本土：业绩、订单&AI是主线。 2024.12.31至2025.04.30，医疗研发外包指数上涨0.82%，跑赢医药生物（申 万）指数0.64pct，其中药明生物（+31.55%） 、药明合联（+23.65%） 、泓博医药（+16.11%） 、凯莱英 （+7.77%）、药明康德（+7.50%）表现较好。 95% ➢ 海外：业绩分化，CDMO更强劲。2024.12.31至2025.04.30，Lonza及LABCORP领涨。从指引看跨国CXO公 司只有Lonza对CDMO业务（胶囊与健康原料CHI以外业务）2025年指引 ...

泰格医药营收同比下降超10%，归母净利润、扣非净利润分别下滑79.99%、42.13%，均创下历史最大跌 幅。主因临床订单价格战挤压利润空间，临床试验技术服务板块的毛利率从38.21%降至29.56%，降幅 高达8.65个百分点。同时 ，公司持有的君实生物、信达生物等Biotech股权二级市场估值缩水导致全年 非经常性损益亏损4.5亿元。 博腾股份更是由盈转亏，历史首次出现年度亏损，当期归母净利润、扣非净利润分别为-2.88亿 元、-2.72亿元。由于博腾股份九成收入来自小分子业务，在新兴赛道布局滞后，因而成为利润下滑幅 度最大的厂商之一。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2024年，CXO赛道企业业绩显著承压，20家CXO企业实现营业收入870亿元，同比下滑4.3%；归母净利 润133.3亿元，同比下降23.9%；扣非净利润132.4亿元，降幅20.1%。从企业角度看，药明康德、康龙化 成、泰格医药、凯莱英、博腾股份五大头部企业净利润全线下滑。 其中，药明康德营收、净利润分别同比下滑2.73%、1.37%，历史首次出现营收、利润双降；康龙化成 归母净利润虽同比增长1 ...