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中国银河:首次覆盖纳微科技给予买入评级,目标价29.2元
Zheng Quan Zhi Xing· 2025-05-08 05:33
Core Viewpoint - Nanwei Technology has been covered for the first time with a "Buy" rating and a target price of 29.2 yuan, indicating strong growth potential in the domestic market for chromatography materials and instruments [1]. Financial Performance - In 2024, the company achieved revenue of 782 million yuan, a year-on-year increase of 33.33%, and a net profit attributable to shareholders of 83 million yuan, up 20.82%. The non-recurring net profit was 66 million yuan, showing a significant growth of 108.55% [2]. - For Q1 2025, the company reported revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to shareholders of 29 million yuan, up 72.98%. The non-recurring net profit was 25 million yuan, reflecting an 85.28% increase [2]. Business Segments - The core business of chromatography fillers and media generated revenue of 451 million yuan in 2024, a growth of 10.20%. The revenue from large molecule chromatography media was 249 million yuan, flat year-on-year, while small molecule chromatography fillers saw a 16.13% increase to 165 million yuan [3]. - The newly added chromatography analysis instruments and accessories contributed 154 million yuan, primarily from the acquisition of Fuli Instruments. Revenue from protein chromatography systems and accessories decreased by 33.41% to 40 million yuan, while liquid chromatography columns and sample pretreatment products increased by 26.15% to 73 million yuan [3]. Market Dynamics - The chromatography filler market is expanding, driven by the growth of biopharmaceuticals and peptide drugs. Currently, the market is dominated by imported manufacturers, with domestic market share at only about 10%. The emphasis on cost reduction and supply chain security is accelerating domestic substitution [4]. - The company has established a comprehensive product layout and has gained recognition from leading domestic pharmaceutical companies. In 2024, the number of customers increased to 792, with strategic cooperation agreements signed with five new clients [4]. Investment Outlook - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, benefiting from ongoing domestic substitution and a robust project pipeline. Revenue projections for 2025-2027 are 977 million, 1.17 billion, and 1.37 billion yuan, with net profits of 134 million, 203 million, and 290 million yuan respectively [5].
中国抵御外部冲击的科技密码 ——“底气从何而来”系列报道之一
Ke Ji Ri Bao· 2025-04-21 01:20
原标题:中国抵御外部冲击的科技密码 开栏的话创新是引领发展的第一动力。了解科技,才能了解国家发展的底气从何而来;读懂创新,才能 读懂向"新"而行的逻辑指向何处。加快推进高水平科技自立自强,是旷日持久、天翻地覆的山河巨变, 也是无处不在、润物无声的时光寄语。那些不断涌现的新成果、新现象、新热点、新趋势,到底会对我 们的生活产生怎样的改变?又会给经济发展带来哪些影响?本报推出"科技新观察"栏目,从科技创新一 线的火热实践中,从权威专家的深入解析里,为读者寻找答案。今日起刊发首个系列,为您解密抵御外 部冲击的硬核支撑。 ◎本报记者 近一段时间,美国政府所谓"对等关税"政策反复无常。与之相对,中方立场坚定而明确:谈,大门敞 开;打,奉陪到底。 中国底气何来?百年大变局,科技创新是关键变量,也是中国经济抵御外部冲击的硬核支撑。 在8年贸易战的淬炼中,中国经济始终向"新"而行,创新发展动能日益强劲。国际观察人士感叹:当美 国加倍征收关税时,中国在开设更多研发园区,大力推进人工智能驱动的创新,"在中国看到了未来的 样子"。 "建设稀土强国,迫切需要大力推进绿色化、高质化、高效化加工制造,加快形成合理开发、有序生 产、高效利 ...