最近不少朋友私下找我唠，药明康德这走势看得人心里直打鼓——前阵子跟着板块磨磨唧唧调，这两天前三季度120.76亿净利一出来，又有人急着问"能不 能直接冲"？我是帮主郑重，干了20年财经记者，跟着A股涨跌熬了无数个日夜，今儿就用咱吃饭的"四筛铁律"，把药明康德扒得明明白白，中长线该蹲还 是冲，听我慢慢唠透。 咱先过第一筛——估值筛。现在药明康德的PE大概在35倍上下，对比CXO行业平均45倍的水平，再回头看它自己历史上40-55倍的估值中枢，现在这价格不 算贵，甚至有点"被低估"的意思。中长线投资最怕啥？怕高位接盘，估值这关把住了，就相当于给持仓上了层"安全垫"，哪怕短期波动，心里也有底。 聊到这儿，观点就很明确了：药明康德现在处于"估值修复+基本面支撑"的阶段，短期可能因为板块轮动有小波动，但中长期来看，CXO的行业需求没减、 公司的龙头地位没动、业绩还在实打实兑现，这三个"没变化"，就决定了它不是短期炒作的票，而是有中长线持有的价值。 咱中长线投资者，不追涨、不盲从，实操策略就抓两点：第一，别趁着现在涨就急着往里冲，要是回调到20日均线附近，而且估值还在合理区间，这时候可 以小仓位试错，记得再用"四筛铁律" ...

Core Viewpoint - Yian Technology's Q3 report shows a staggering net profit increase of 10,957.08% year-on-year, raising questions about its investment potential [1] Valuation Screening - The current PE ratio of Yian Technology is 24,157, significantly higher than the industry average, indicating a potential overvaluation [3] - The substantial net profit increase is partly due to a low base from the previous year, and the company's operational improvements are evident in its three-digit growth in non-recurring net profit [3] Fundamental Screening - The company has a solid foundation with a 70% increase in contract liabilities compared to the end of last year, indicating future revenue reserves [3] - Yian Technology has established itself in the magnesium alloy market, supplying major clients like BYD and Tesla, but its total revenue has slightly decreased by 3.34% in the first three quarters [3] Trend Screening - The magnesium alloy market is projected to grow at an annual rate of 20%-25%, positioning Yian Technology in a favorable sector supported by government policies [4] - The company is exploring new markets, including biodegradable magnesium bone screws, which could open new growth avenues [4] Capital Flow Screening - On October 24, the company saw a net inflow of over 8.5 million in principal funds, signaling positive market sentiment [4] - Institutional investors have shown interest, with new entries from Hong Kong Central Clearing and significant share transfers, indicating confidence in the company's long-term value [4] Strategic Insights - Short-term investment in Yian Technology is cautioned against due to high valuation, while mid-to-long-term observation is recommended, focusing on the successful launch of magnesium bone screws and progress in the Mexican factory [5] - The company should be monitored for valuation adjustments and revenue growth alignment with profit increases before making investment decisions [5]