--- 上海银行 2024 年年报点评 事件： [Table_Summary] 上海银行发布 2024 年年报，全年实现营业收入 529.86 亿元，同比增长 4.79%，实现归母净利润 235.60 亿元，同比增长 4.50%。其中，第四季度 实现营业收入 134.44 亿元，同比增长 19.06%，实现归母净利润 59.73 亿 元，同比增长 14.86%。全年加权平均 ROE 为 10.01%，同比下降 0.35 个 百分点。 点评： [Table_Info1] 上海银行(601229) 城商行Ⅱ/银行 [Table_Title] 证券研究报告 / 公司点评报告 业绩稳健增长，资产质量提升 -20% 0% 20% 40% 60% 80% 2024/4 2024/7 2024/10 2025/1 上海银行 沪深300 利息收入占比下降，投资收益显著提升。2024 年公司营收同比增长 4.79% 至 529.86 亿元，其中利息净收入 324.86 亿元，同比下降 7.62%，占营收 比例同比下降 8.23 个百分点至 61.31%，但仍主导公司营收；手续费及佣 金净收入为 39.59 亿元，同比下降 19 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 173.1 CNY, compared to the closing price of 129.05 CNY on April 25, 2025 [5]. Core Insights - The company achieved a revenue of 89.175 billion CNY in 2024, representing a year-on-year growth of 7.09%, and a net profit of 31.853 billion CNY, up 5.44% year-on-year. For Q1 2025, revenue was 36.940 billion CNY, with a growth of 6.05%, and a net profit of 14.860 billion CNY, growing by 5.80% [2][3]. - The core product, the eighth-generation "Pu Wu," generated 67.875 billion CNY in revenue, accounting for 76.11% of total revenue, with an 8.07% year-on-year increase. Other liquor products contributed 15.251 billion CNY, representing 17.10% of total revenue, with an 11.79% increase [2]. - The company is focusing on continuous product innovation and brand enhancement, launching new products and optimizing channel structures, including expanding its direct sales and e-commerce presence [3]. Financial Summary - The company forecasts earnings per share (EPS) of 8.79 CNY, 9.52 CNY, and 10.51 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 15X, 14X, and 12X [3]. - Revenue is projected to grow from 89.175 billion CNY in 2024 to 95.317 billion CNY in 2025, with a growth rate of 6.89% [4]. - The net profit is expected to increase from 31.853 billion CNY in 2024 to 34.104 billion CNY in 2025, reflecting a growth rate of 7.07% [4].

[Table_Title] 证券研究报告 / 公司点评报告 蓝莓持续兑现，业绩保持高增 事件： 公司发布 2024 年年报及 2025 年一季报：2024 年实现营收 52.9 亿元，同 比+28.4%，归母净利润 5.8 亿元，同比+148.1%；2025 年一季度实现营 收 21.0 亿元，同比+15.0%，归母净利润 6.3 亿元，同比+38.0%。 [Table_Summary] 点评： 蓝莓步入扩产节奏，利润实现大幅增长。公司 2024 年蓝莓产季在上半 年成功收官，下一产季于当年 Q4 拉开序幕，带动公司蓝莓业务持续高 增，产销量快速爬坡。2024 年公司生鲜消费类产品实现销售量 4.9 万吨， 同比+99.2%，同时生鲜消费业务实现收入 21.4 亿元，同比+251.3%。随 着新产季的深入，2025 年公司蓝莓业务预计保持稳步增长，一季度生鲜 消费类业务销售收入增加 1.6 亿，增长 16.94%，带动公司 Q1 实现归母 净利润同比高增。此外，公司在营销端的改革成果斐然，通过大力开展 渠道与品牌建设，不断加强与山姆、京东、OLE 等大型 KA 客户的合作， 持续强化"爱莓庄"、"迷迭蓝"等品 ...

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-04-28 $$i k\neq\pm i k$$ 航发集团召开集体业绩说明会，航发赛道保持高景气度 报告摘要： [Table_Summary] 板块回顾：上周申万国防军工指数上涨 0.15%，上证指数上涨 0.56%，深 证成指上涨 1.38%，创业板指数上涨 1.74%，沪深 300 指数上涨 0.38%， 国防军工板块涨幅在 31 个申万一级行业中排名第 22。截至周五收盘， 申万国防军工板块 PE(TTM)为 72.51 倍，各子板块中航天装备为 104.77 倍，航空装备为 59.03 倍，地面兵装为 115.87 倍，航海装备为 83.42 倍， 军工电子为 82.55 倍。 航发集团召开集体业绩说明会。4 月 25 日，中国航发控股上市公司 2024 年度集体业绩交流活动在成都举行。航发动力 2024 年营收 478.8 亿元， 同比增速 9.48%；归母净利润 8.6 亿元，同比下滑 39.48%，主要原因系 公司在航空发动机关键技术领域的高研发投入导致成本上升；其次，原 材料价格波动和来自供应链端的压力对公司生 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - Gold remains in a bull market despite short-term fluctuations due to easing US-China trade tensions and concerns over Federal Reserve independence [9][10]. - Copper prices are stabilizing, presenting opportunities for low-position equity investments, supported by demand and supply-side disruptions [10]. Summary by Sections 1. Research Insights - Gold: The bull market is not over. Short-term price adjustments are normal due to market reactions to US-China trade dynamics and Federal Reserve concerns. The underlying bullish logic for gold remains intact, with expectations of continued inflows of capital in the long term [9]. - Copper: Prices are showing signs of stabilization, with demand supported by increased operating rates and supply disruptions. The report suggests focusing on equity assets for long-term investment [10]. 2. Sector Performance - The non-ferrous metals index increased by 1.59%, outperforming the broader market by 1.03%. Gold led the sector with a 4.58% increase [13]. 3. Metal Prices and Inventory - Basic metals prices generally increased, with SHFE copper rising to 77,640 CNY/ton and LME copper reaching 9,360 USD/ton. The report highlights a decrease in inventories for several metals, indicating a tightening supply [34][39]. - Precious metals saw a decline in gold prices by 0.9% to 3,298 USD/oz, while silver prices increased by 1.7% to 33.01 USD/oz [48].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company reported a significant increase in profits due to the rapid price rise of prebaked anodes, with a net profit of 272 million yuan in 2024, compared to a loss of 723 million yuan in 2023. The first quarter of 2025 showed a net profit of 244 million yuan, marking a 676% year-on-year increase [1][2]. - The production and sales of prebaked anodes reached new highs in 2024, with production at 3.2645 million tons (up 10.25% year-on-year) and sales at 3.3169 million tons (up 11.35% year-on-year). Exports surged by 34.3% [2]. - The price of prebaked anodes stabilized in 2024 and began to rise sharply in 2025, with an average price of 5,039.5 yuan per ton in 2024 (down 20.2% year-on-year) and 5,848.4 yuan per ton in Q1 2025 (up 13.9% year-on-year) [2]. - The company's gross profit margin improved significantly, reaching 17.03% in Q1 2025, up from 8.94% in Q4 2024 [2]. Production Capacity and Expansion - The company achieved a total prebaked anode production capacity of 3.46 million tons in 2024, with ongoing expansion projects expected to increase capacity to approximately 5 million tons by the end of 2025 [3]. - New projects include a 600,000-ton project in Guangxi and a 320,000-ton project in Jiangsu, both aiming for completion by the end of 2025 [3]. Financial Projections - The company forecasts net profits of 1.069 billion yuan, 1.143 billion yuan, and 1.426 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 7.9, 7.4, and 6.0 [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Views - The signing of the zirconium-hafnium separation technology transfer contract accelerates the company's expansion into the zirconium-hafnium industry chain, enhancing its competitive edge in key sectors such as semiconductors and aerospace [2][3]. - The company has secured significant orders from major clients, including a contract worth 245 million yuan with Nanjing Youtian for nuclear-grade sponge zirconium, expected to positively impact the company's performance in 2025 [3]. - The company is actively developing solid-state battery materials and has begun small-scale supply of zirconium-based electrolyte materials, indicating a strategic focus on emerging technologies [4]. Summary by Sections Technology Transfer - The company’s subsidiary, Liaoning Huaxiang, has signed an agreement to acquire zirconium-hafnium separation and purification technology for 20 million yuan, which will allow for rapid expansion into the zirconium-hafnium market [1][2]. Client Orders - Liaoning Huazir has entered into a sales contract with Nanjing Youtian to supply nuclear-grade sponge zirconium starting in March 2025, with a contract value of 245 million yuan, which is expected to enhance the company's financial performance [3]. Product Development - The company has completed the small-scale supply of zirconium-based solid electrolyte materials for solid-state batteries, demonstrating strong performance and potential for future growth in this sector [4]. Financial Forecast - The company is projected to achieve net profits of 202 million yuan, 274 million yuan, and 309 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 48.86X, 36.00X, and 31.92X [5][6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company achieved a revenue of 4.697 billion yuan in 2024, representing a year-on-year increase of 14.65%. The net profit attributable to shareholders was 908 million yuan, up 8.56% from the previous year [1]. - The automotive testing industry is expected to see growth driven by advancements in intelligent driving technologies, which will increase both the demand for testing services and the price per vehicle tested [2]. - The automotive technical services segment reported a revenue of 4.125 billion yuan in 2024, reflecting a growth of 21.36% year-on-year, supported by the transformation of China's automotive industry and regulatory enhancements [2]. - The company is enhancing its capital innovation and expanding its testing facilities, including partnerships to establish an overseas service network [3]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 5.637 billion yuan, 7.328 billion yuan, and 9.161 billion yuan, respectively, with corresponding net profits of 1.138 billion yuan, 1.505 billion yuan, and 1.852 billion yuan [4][3]. - The earnings per share (EPS) are expected to grow from 0.92 yuan in 2024 to 1.85 yuan in 2027, indicating a strong upward trend in profitability [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.15 in 2024 to 10.59 in 2027, suggesting an attractive valuation as earnings grow [4].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% within the next six months [7]. Core Insights - The company is entering a high growth phase, with a backlog of orders amounting to 6.322 billion yuan, of which 79.61% are from intelligent manufacturing equipment [2]. - The company has partnered with Harbin Institute of Technology to develop humanoid robots, focusing on key technologies such as bionic motion structure design and intelligent perception [3]. - The company has invested in several robotics firms, holding 13.46% of Harbin Sizerui Intelligent Medical Equipment Co., Ltd. and 5.56% of Suzhou Zhuzheng Robotics Co., Ltd. [4]. Financial Summary - In 2024, the company achieved a revenue of 2.863 billion yuan, an increase of 11.59% year-on-year, while the net profit attributable to shareholders was 524 million yuan, a decrease of 1.76% [1]. - Revenue projections for 2025, 2026, and 2027 are 3.816 billion yuan, 3.981 billion yuan, and 4.180 billion yuan, respectively, with net profits expected to be 756 million yuan, 796 million yuan, and 804 million yuan [4][5]. - The company's earnings per share (EPS) for 2024 is projected at 0.52 yuan, increasing to 0.74 yuan in 2025 and 0.78 yuan in 2026 [5][13].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high annual performance in 2024, with revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit attributable to shareholders of 453 million yuan, up 31.59% year-on-year [1][2] - The growth in revenue is driven by the rapid expansion of data center construction, particularly in energy-saving temperature control products, which generated 2.441 billion yuan in revenue, a 48.83% increase year-on-year [2] - The company's electronic cooling products are expected to see significant growth due to increasing performance and power density in various electronic devices [3] Financial Summary - For 2024, the company reported a gross margin of 28.75%, down 3.60 percentage points year-on-year, primarily due to changes in accounting policies [2] - The projected revenues for 2025-2027 are 6.378 billion yuan, 8.611 billion yuan, and 11.194 billion yuan, respectively, with corresponding net profits of 702 million yuan, 960 million yuan, and 1.161 billion yuan [3][4] - The company’s net profit margin for 2024 is projected at 9.9%, with a net asset return rate of 16.88% [4]