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Investment Rating - The report maintains a "Buy" rating for the company, considering the significant growth in overseas revenue and the promising application space for its drug and medical device projects [4]. Core Insights - The company is undergoing a performance transformation period, with orderly progress in new drug and medical beauty projects. In H1 2025, the company achieved operating revenue of 130 million yuan, a year-on-year increase of 0.89%, while the net profit attributable to the parent company was 22 million yuan, a decrease of 21.08% [1][4]. - Domestic sales have decreased while exports have increased. The main business revenue remained stable compared to the same period last year, with product sales revenue at 125.56 million yuan, down 0.26% year-on-year, and technical service revenue at 3.78 million yuan, up 83.77% year-on-year. Domestic sales revenue was 20.48 million yuan, down 58.35%, while export revenue was 105.08 million yuan, up 36.96% [2][3]. Summary by Sections Financial Performance - In H1 2025, the company reported a total R&D investment of 42.60 million yuan, an increase of 52.44% year-on-year, with R&D investment accounting for 32.84% of operating revenue, up 11.11 percentage points year-on-year. The company is advancing its clinical trials for new drugs and has received regulatory approvals for its medical beauty devices [3][4]. Profit Forecast and Valuation - The profit forecast for the company remains at 53 million yuan for 2025, 124 million yuan for 2026, and 172 million yuan for 2027. The report highlights the potential for significant growth in overseas revenue and the development of its drug and device pipeline [4][10].

Core Insights - The report highlights a focus on various sectors including logistics, healthcare, technology, and machinery, with specific companies recommended for investment based on their recent performance and future potential [1][2][3] Macroeconomic Overview - The April PMI data indicates a decline in manufacturing sentiment, with the manufacturing PMI at 49.0%, down 1.5 percentage points from March, signaling a contraction in the sector [6][7] - High-tech manufacturing and equipment manufacturing have seen a notable drop in overseas demand, while the construction industry remains active [6][7] - The new orders index fell to 49.2%, a decrease of 2.6 percentage points, with export orders dropping significantly to 44.7%, the lowest since January 2023 [6][7] Healthcare Sector - JianKai Technology reported a revenue of 227 million yuan for 2024, a decline of 22.26%, with a net profit of 30 million yuan, down 74.22% [9][10] - In Q1 2025, the company achieved a revenue of 69 million yuan, a year-on-year increase of 6.66%, but the net profit decreased by 17.79% [9][10] - The company is advancing its innovative drug PEG-irinotecan into Phase III clinical trials, with other indications in Phase II, indicating potential future growth [11][12] Technology Sector - Boshi Software reported a revenue of 2.14 billion yuan for 2024, a growth of 4.79%, but a net profit decline of 7.44% [14][15] - The company is focusing on AI and electronic voucher businesses, expanding application scenarios to enhance revenue streams [16][17] - In Q1 2025, the company faced a revenue decline of 1.17%, with a net loss of 63 million yuan, indicating challenges in profitability [15][18] Machinery Sector - Bozhong Precision reported a revenue of 4.95 billion yuan for 2024, a growth of 2.36%, with a net profit of 398 million yuan, up 2.05% [19][20] - The company is expanding into new fields such as renewable energy, semiconductors, and robotics, which are expected to drive future growth [22][23] - In Q1 2025, the company experienced a revenue decline of 0.80%, with a net loss of 31 million yuan, attributed to upfront costs and equipment not yet accepted [21][23]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but new business developments, including innovative drugs and medical beauty products, are expected to drive future growth [1][2][5]. Financial Performance - In 2024, the company achieved a revenue of 227 million yuan, a year-on-year decrease of 22.26%, and a net profit of 30 million yuan, down 74.22% [1]. - For Q1 2025, the company reported a revenue of 69 million yuan, a year-on-year increase of 6.66%, while the net profit was 12 million yuan, down 17.79% [1]. Business Development - The company is in a transitional phase, facing pressure from domestic market price competition and a shift in international customer structure, leading to a decrease in orders and sales [2]. - The company has increased its R&D investment to 79.95 million yuan in 2024, a 38.28% increase year-on-year, with R&D expenses accounting for 35.21% of sales revenue [3]. Innovative Drug Progress - The innovative drug, PEG-irinotecan, has successfully entered Phase III clinical trials, with multiple indications in Phase II trials, showing promising results for small cell lung cancer [3]. - The company is also progressing with clinical trials for other indications, including glioblastoma and triple-negative breast cancer [3]. Medical Beauty Product Launch - A new medical beauty product, a cross-linked sodium hyaluronate gel, has been approved for market, aimed at correcting moderate to severe nasolabial folds [4]. - This product is expected to enhance the company's product portfolio and meet diverse market demands, potentially increasing core competitiveness [4]. Valuation Adjustments - Due to the impact of downstream customer demand, the company's profit forecasts have been adjusted, with expected net profits for 2025-2027 at 50 million, 74 million, and 98 million yuan respectively [5]. - The company's stock price corresponds to valuations of 73.7, 50.0, and 37.6 times earnings for the respective years, reflecting optimism about future growth despite short-term challenges [5].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 61.00 and a sector rating of "Outperform" [1][3]. Core Views - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit in 2024. However, the progress of its innovative drug, Pegylated Irinotecan, which has entered Phase III clinical trials, is promising. Additionally, the recent launch of its medical beauty products is expected to contribute positively to future performance, leading to a maintained "Buy" rating [3][5][7]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of RMB 227 million, a year-on-year decline of 22.26%, and a net profit of RMB 30 million, down 74.22%. For Q1 2025, revenue was RMB 69 million, up 6.66%, while net profit was RMB 12 million, down 17.79% [3][5][7]. Revenue and Profit Forecast - The revised profit forecast for 2025-2027 estimates net profits of RMB 50 million, RMB 74 million, and RMB 98 million respectively, with corresponding EPS of RMB 0.83, RMB 1.22, and RMB 1.62. The previous forecasts were significantly higher [5][6][7]. Clinical Development - The innovative drug Pegylated Irinotecan is progressing well, with successful patient enrollment in Phase III trials for small cell lung cancer and ongoing Phase II trials for other indications. The company has increased its R&D investment to RMB 79.94 million in 2024, accounting for 35.21% of sales revenue [7][8]. New Product Launch - The company’s medical beauty product, a cross-linked sodium hyaluronate gel, has been approved for market release, which is expected to enhance product diversity and meet market demand, potentially boosting future sales [7][8].