Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.11 CNY, compared to the current price of 40.95 CNY [4][12]. Core Insights - The company is positioned as a leader in the domestic market for drug molecular building blocks, emphasizing a multi-dimensional approach to high-quality development, with signs of an inflection point in performance [2][16]. - The report highlights the company's continuous expansion of product varieties and quantities, significant R&D investments, and a growing international presence, which collectively contribute to its competitive edge [10][11]. Financial Summary - Projected total revenue (in million CNY) for 2024A to 2027E is as follows: 1,102 (2024A), 1,337 (2025E), 1,604 (2026E), and 1,909 (2027E), with year-on-year growth rates of 0.9%, 21.4%, 20.0%, and 19.0% respectively [3]. - Projected net profit attributable to shareholders (in million CNY) for the same period is: 117 (2024A), 146 (2025E), 179 (2026E), and 214 (2027E), with growth rates of 7.2%, 24.1%, 22.9%, and 19.6% respectively [3]. - Earnings per share (EPS) are projected to be 1.29 CNY (2024A), 1.60 CNY (2025E), 1.97 CNY (2026E), and 2.36 CNY (2027E) [3]. Company Overview - The company, established in 2007, provides professional and efficient drug molecular building blocks and scientific reagent products and services for new drug research and development [16][17]. - It has a robust product portfolio with over 128,000 types of stock items and the capability to offer more than 500,000 unique and functional drug molecular building blocks [17][21]. Industry Context - The domestic market is experiencing a recovery in demand, with a pressing need for domestic alternatives due to rising import costs and increased investment in local research and development [10][56]. - The overseas market is also showing signs of recovery, with an increase in demand from international pharmaceutical companies and contract research organizations (CROs) [10][56].

Investment Rating - The report maintains an optimistic outlook for the pharmaceutical industry in 2025, suggesting a potential for diverse investment opportunities as the sector's valuation is currently low [9][10]. Core Viewpoints - The pharmaceutical sector is expected to experience growth driven by macroeconomic factors and the performance of major products [9]. - The report emphasizes a shift from quantity to quality in the innovative drug sector, highlighting the importance of product differentiation and internationalization [9]. - The medical device sector is witnessing a recovery in bidding volumes and ongoing equipment upgrades, with specific attention on companies like Mindray and Yuyue [9]. - The report identifies a potential rebound in the CXO and life sciences services sector, with expectations of high profit elasticity as companies enter a return-on-investment phase [9]. - The traditional Chinese medicine sector is projected to benefit from policy advantages and market concentration, with specific companies recommended for investment [11]. Summary by Sections Overall Pharmaceutical Industry - In 2024, the pharmaceutical sector's comparable company revenue decreased by 0.9%, with a net profit decline of 8.5% [16]. - The medical device sector showed the highest revenue growth among sub-sectors, while traditional Chinese medicine faced the most significant revenue decline [16]. Innovative Drugs - The innovative drug sector's revenue for 2024 is projected at 565.3 billion, a 34.1% increase from the previous year, with several companies achieving profitability for the first time [18][19]. - The report highlights the increasing number of IND and NDA approvals for domestic innovative drugs, indicating a growing presence in international markets [19]. Medical Devices - The medical device sector is experiencing a recovery in bidding volumes, with a focus on imaging equipment and home medical devices [9]. - The report notes that the orthopedic and neurosurgery fields are seeing improved growth post-collection, with significant attention on companies like Aikang and Weili [9]. Traditional Chinese Medicine - The report anticipates a market rebound for essential medicines, with specific companies recommended for investment based on their unique product offerings and market positioning [11]. Retail and Distribution - The report expresses confidence in the retail pharmacy sector, driven by prescription outflow and an improving competitive landscape [11]. Medical Services - The report suggests that the medical services sector will benefit from anti-corruption measures and the expansion of commercial insurance, enhancing the competitiveness of private healthcare providers [11]. Blood Products - The blood products sector is expected to see growth due to relaxed approval processes and increased demand post-pandemic, with companies like Tiantan Biological and Boya Biological highlighted for their potential [11].

证券代码：301166 证券简称：优宁维 上海优宁维生物科技股份有限公司 投资者关系活动记录表 6.请问当前核心在研项目的进展如何？ 答：投资者您好。公司目前主要围绕抗体和蛋白等领域持续开展 研发投入，截至 2024 年末，杭州抗体研发中心累计研发产品（配对抗 体、病理 IHC 抗体、伴随诊断抗体等原料抗体）SPU 数超 2,900 个， 南京蛋白研发中心累计研发产品（药物靶点、细胞因子等）SPU 数超 1,700 个，新增 one step Elisa 试剂盒等抗体衍生产品。谢谢 编号：2025-004 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动类 | 媒体采访  业绩说明会 | | 别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 (电话会议) | | 参与单位名称及人 | 通过"价值在线"参加公司 2024 年度网上业绩说明会的投资者 | | 员姓名 | | | 时间 2025 | 年 月 日 4 29 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | ...

Core Points - Amazon Web Services announced the establishment of the Greater Bay Area Industry Digital Empowerment Center in collaboration with the Nanshan District government, marking its sixth center in China and the only one in the Greater Bay Area, aimed at providing high-quality technology and solutions for local enterprises [1] - The Go Global center is designed to serve both domestic companies looking to expand internationally and foreign enterprises seeking to enter the Chinese market, facilitating a comprehensive international service platform [1][3] Group 1: Go Global Center - The Go Global center aims to lower the "psychological threshold" for companies venturing into unfamiliar global markets by offering customized solutions based on real needs [3] - The center has formed a service team that proactively addresses the challenges faced by companies in their international expansion efforts [3] - The center provides extensive support to companies like Di Shang Tie, which operates over 170,000 electric logistics vehicles across more than 200 cities in China, helping them navigate potential risks in international partnerships [4][6] Group 2: Case Studies of Companies - Di Shang Tie has expressed that the center's expert team has significantly boosted their confidence in international expansion by providing comprehensive reports on potential overseas partners [4] - Companies like Rayman Optoelectronics and Ruivode have successfully expanded globally, with Rayman participating in high-profile events like the 2022 Beijing Winter Olympics and Ruivode engaging in over 300 international exhibitions in 2024 [5][10] - The center has provided tailored support to Ruivode in overcoming challenges in entering the Dutch market, including assistance with talent recruitment and establishing distribution channels [10] Group 3: Service Offerings - The Go Global center operates on a model that integrates government guidance, enterprise collaboration, and platform services, creating a market-oriented international service "joint fleet" [11] - The center has partnered with renowned service providers like Dun & Bradstreet for consulting services, offering access to a vast database of global enterprises [13] - The center aims to enhance the international business environment in Nanshan District, promoting two-way interaction between domestic and foreign enterprises to drive high-quality economic development [14]

证券研究报告 医药生物行业生命科学服务系列报告（一） ——海外公司 Bio-Techne & Thermo Fisher 西部证券研发中心 2025年3月14日 分析师 | 李梦园 S0800523010001 邮箱地址 limengyuan@research.xbmail.com.cn 分析师 | 谭雨露 S0800524100004 邮箱地址 tanyulu@research.xbmail.com.cn 核心结论 CONTENTS 目 录 CONTENTS 目 录 02 Thermo Fisher 公司概述 01 Bio-Techne 公司概述 生命科学服务国内相关标的 03 Bio-Techne 公司介绍 3.1 3.6 4.5 5.0 5.6 6.4 7.1 7.4 9.3 11.1 11.4 11.6 5.9 15.2% 26.4% 10.3% 12.8% 14.2% 11.0% 3.5% 26.0% 18.7% 2.8% 2.0% 6.7% 0% 5% 10% 15% 20% 25% 30% 0 2 4 6 8 10 12 14 2013 2015 2017 2019 2021 2023 2025 ...