Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company has shown significant improvement in its fourth-quarter performance, with a net profit of 1.29 billion yuan, reflecting a quarter-on-quarter growth of 16.09% [11]. - The company is focusing on upgrading its product structure, which has led to a 6% increase in bearing steel sales and a 38% increase in sales for automotive steel projects [11]. - The company plans to distribute a cash dividend of 5.07 yuan per 10 shares, totaling 2.56 billion yuan, which represents 49.95% of its net profit for 2024 [11]. Financial Information Summary - The company's revenue for 2024 is projected to be 109.20 billion yuan, a decrease of 4.2% year-on-year [11]. - The net profit attributable to the parent company for 2024 is expected to be 5.13 billion yuan, down 10.4% year-on-year [11]. - The earnings per share for 2025-2027 are forecasted to be 1.12, 1.20, and 1.28 yuan respectively [12]. - The gross margin for 2024 is expected to be 12.8%, with a projected increase to 15.0% by 2027 [5][11]. - The company's price-to-earnings ratio is projected to be 11.3 for 2025, decreasing to 9.9 by 2027 [5][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a comparable company PE average valuation of 20 times for 2025 [2][5]. Core Insights - The company's terminal sales in the first quarter exceeded wholesale sales by approximately 135,000 vehicles, indicating a healthy channel improvement. The overall wholesale sales in March reached 385,700 vehicles, a year-on-year increase of 1.1% and a month-on-month increase of 30.8% [10]. - The company is experiencing significant improvements in domestic sales of its self-owned brands, with a year-on-year increase of 58.7% in the first quarter. The sales of new energy vehicles in March reached 125,700 units, a year-on-year increase of 48.2% [10]. - The company is advancing its collaboration with Huawei, aiming to enhance its product development and marketing capabilities, which is expected to gradually improve the sales and brand influence of its self-owned brands [10]. Financial Summary - The company's revenue for 2022 was 720,988 million CNY, with a projected revenue of 611,672 million CNY for 2024, reflecting a year-on-year decline of 15.8%. However, revenue is expected to recover to 721,878 million CNY by 2026, with a growth rate of 7.1% [4]. - The net profit attributable to the parent company was 16,118 million CNY in 2022, projected to drop to 1,771 million CNY in 2024, before rebounding to 13,389 million CNY in 2026, with a growth rate of 8.2% [4]. - The earnings per share (EPS) are forecasted to be 0.15 CNY in 2024, 1.07 CNY in 2025, and 1.16 CNY in 2026 [2][4].

防务需求阶段性放缓导致营收下滑，为保 交付带来存货高增 核心观点 事件：公司发布 2024 年年报，2024 年全年实现营收 50.25 亿元（-19.08%），实现归母 净利润 3.47 亿元（-53.75%）。单季度看，2024Q4 实现营收 10.30 亿元 （+2.31%）， 实现归母净利润-0.65 亿元（-141.72%）。 盈利预测与投资建议 ⚫ 根据 24 年年报调整营收增速和毛利率，上调 25、26 年 EPS 为 1.93、2.35 元（前 值为 1.86、2.32 元），新增 27 年 EPS 为 2.77 元，参考可比公司 25 年 37 倍 PE， 给予目标价 71.41 元，维持买入评级。 风险提示：军品订单下放和收入确认进度不及预期；降价幅度具有不确定性等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,210 | 5,025 | 7,264 | 8,423 | 9,674 | | 同比增长 (%) | 3.2% ...

电子行业 行业研究 | 深度报告 AI 算力浪涌，PCB 加速升级 核心观点 投资建议与投资标的 ⚫ AI 服务器硬件迭代催生 PCB 行业结构性增长机遇，国产厂商高端替代有望加速。 建议关注有望受益于 AI 服务器浪潮的 PCB 厂商——沪电股份、胜宏科技、景旺电 子、深南电路、生益电子、方正科技、广合科技、威尔高、中富电路、奥士康等； 受益于 AI 端侧落地的 PCB 公司——鹏鼎控股、东山精密、世运电路、一博科技、 弘信电子、四会富仕、迅捷兴等；IC 载板相关厂商——深南电路、兴森科技、博敏 电子、联瑞新材、方邦股份、沃格光电等；以及上游 CCL 厂商——生益科技、南亚 新材、华正新材等。 风险提示 ⚫ AI 服务器渗透率不及预期；技术迭代风险；行业竞争加剧风险。 国家/地区 中国 行业 电子行业 报告发布日期 2025 年 04 月 01 日 看好（维持） | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company has shown significant improvement in its fourth-quarter performance, with a notable increase in net profit and gross margin compared to previous quarters [11]. - The company is focusing on upgrading its product structure, which has led to increased sales in key sectors such as bearing steel and automotive steel [11]. - The company has a strong commitment to high dividends, proposing a cash dividend of 5.07 yuan per 10 shares, which represents approximately 49.95% of its net profit for the year [11]. Financial Performance Summary - The company's revenue for 2024 is projected at 109.203 billion yuan, a decrease of 4.2% year-on-year [11]. - The net profit attributable to the parent company for 2024 is expected to be 5.126 billion yuan, down 10.4% from the previous year [11]. - The earnings per share (EPS) for 2025-2027 are forecasted to be 1.12, 1.20, and 1.28 yuan respectively [3][12]. - The gross margin is expected to improve from 12.8% in 2024 to 15.0% by 2027 [5][11]. Valuation and Price Target - Based on a price-to-earnings (PE) ratio of 14x for comparable companies, the target price is set at 15.68 yuan [3][12]. - The current stock price as of April 1, 2025, is 12.65 yuan, indicating potential upside [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.4 CNY based on a 20x P/E ratio for 2025 [4][6]. Core Views - The company has demonstrated steady revenue growth, with a projected revenue of 51.6 billion CNY in 2025, reflecting a 6.8% year-on-year increase [10]. - The company is leveraging technology and cost control to strengthen its market position, with a focus on high-end technology breakthroughs and integrated service capabilities [12]. - The company's net profit for 2024 is expected to be 3.1 billion CNY, a 4.1% increase from the previous year, indicating stable profitability [10][12]. Financial Performance Summary - Revenue for 2023 was 44.1 billion CNY, with a year-on-year growth of 23.7%, and is projected to reach 48.3 billion CNY in 2024 [10]. - The gross profit margin for 2024 is expected to be 15.7%, slightly down from 15.9% in 2023, while the net profit margin is projected to be 6.5% [10][12]. - The company’s EPS for 2025 is forecasted at 0.82 CNY, with a steady increase to 0.94 CNY by 2027 [4][10]. Market Position and Strategy - The company is positioned as a leading integrated oilfield service provider, focusing on technological advancements and cost leadership to enhance its competitive edge [12]. - The company has reduced its debt ratio to 46.4%, which supports future capital expenditures and technological investments [12]. - The report highlights the recovery in global oilfield service demand, particularly in the Asia-Pacific, Middle East, and Americas regions [12].

电子行业 行业研究 | 深度报告 AI 算力浪涌，PCB 加速升级 核心观点 投资建议与投资标的 ⚫ AI 服务器硬件迭代催生 PCB 行业结构性增长机遇，国产厂商高端替代有望加速。 建议关注有望受益于 AI 服务器浪潮的 PCB 厂商——沪电股份、胜宏科技、景旺电 子、深南电路、生益电子、方正科技、广合科技、威尔高、中富电路、奥士康等； 受益于 AI 端侧落地的 PCB 公司——鹏鼎控股、东山精密、世运电路、一博科技、 弘信电子、四会富仕、迅捷兴等；IC 载板相关厂商——深南电路、兴森科技、博敏 电子、联瑞新材、方邦股份、沃格光电等；以及上游 CCL 厂商——生益科技、南亚 新材、华正新材等。 风险提示 ⚫ AI 服务器渗透率不及预期；技术迭代风险；行业竞争加剧风险。 国家/地区 中国 行业 电子行业 报告发布日期 2025 年 04 月 01 日 看好（维持） | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 27.9 CNY based on a 10x PE ratio for comparable companies in 2025 [2][4]. Core Views - The company demonstrates steady performance with a projected revenue of 420.5 billion CNY in 2024, reflecting a year-on-year growth of 0.9%. The net profit attributable to the parent company is expected to reach 137.9 billion CNY, up 11.4% year-on-year, indicating a continuous improvement in profitability [9]. - The company has achieved a record high oil and gas net production of 727 million barrels of oil equivalent, showcasing its resource development capabilities as a leading offshore oil and gas player in China. Cost control measures have effectively maintained low costs per barrel, supporting high profitability resilience [9]. - The company plans to maintain stable capital expenditures, focusing on the development of deepwater oil and gas fields and the layout of new energy businesses, which positions it well to capitalize on the recovery of global energy demand and domestic policies supporting increased reserves and production [9]. Financial Summary - The company's financial performance is projected as follows: - Revenue (in million CNY): 416,609 in 2023, 420,506 in 2024, 429,067 in 2025, 454,713 in 2026, and 481,992 in 2027, with growth rates of -1.3%, 0.9%, 2.0%, 6.0%, and 6.0% respectively [7]. - Net profit (in million CNY): 123,843 in 2023, 137,936 in 2024, 132,565 in 2025, 142,004 in 2026, and 148,442 in 2027, with growth rates of -12.6%, 11.4%, -3.9%, 7.1%, and 4.5% respectively [7]. - Earnings per share (in CNY): 2.61 in 2023, 2.90 in 2024, 2.79 in 2025, 2.99 in 2026, and 3.12 in 2027 [7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company demonstrates steady performance with a revenue of 420.5 billion yuan in 2024, reflecting a year-on-year growth of 0.9% and a net profit of 137.9 billion yuan, up 11.4% year-on-year, indicating improved profitability [9] - The company has achieved a record high oil and gas net production of 727 million barrels of oil equivalent, showcasing its resource development capabilities as a leading offshore oil and gas player in China [9] - The company continues its high dividend policy, with A/H share dividends of 1.29 yuan/share and 1.40 HKD/share, corresponding to dividend yields of approximately 5.0% and 7.6% respectively, highlighting its long-term investment value [9] - Looking ahead to 2025, the company plans to maintain stable capital expenditures, focusing on deepwater oil and gas field development and new energy business layout, which is expected to enhance oil and gas production and release growth potential [9] Financial Performance Summary - Revenue (in million yuan): - 2023A: 416,609 - 2024A: 420,506 - 2025E: 429,067 - 2026E: 454,713 - 2027E: 481,992 - Year-on-year growth rates: - 2023A: -1.3% - 2024A: 0.9% - 2025E: 2.0% - 2026E: 6.0% - 2027E: 6.0% [7] - Net profit (in million yuan): - 2023A: 123,843 - 2024A: 137,936 - 2025E: 132,565 - 2026E: 142,004 - 2027E: 148,442 - Year-on-year growth rates for net profit: - 2023A: -12.6% - 2024A: 11.4% - 2025E: -3.9% - 2026E: 7.1% - 2027E: 4.5% [7] - Earnings per share (in yuan): - 2023A: 2.61 - 2024A: 2.90 - 2025E: 2.79 - 2026E: 2.99 - 2027E: 3.12 [7]

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看好（维持） 房地产行业 行业研究 | 行业周报 24 年行业整体亏损，进入结算压力期 ⚫ 第 13 周房地产板块指数弱于沪深 300 指数，弱于创业板指。房地产板块较沪深 300 指数相对收益为-1.7%。沪深 300 指数报收 3915.17，周度涨幅为 0.0%；创业板指 数报收 2128.21，周度涨幅-1.1%；房地产指数（申万）报收 2254.38，周度涨幅为 -1.7%。 ⚫ 地方性政策方面。宁波允许符合条件的缴存人提取公积金支付二手住房首付款；深 圳发布《关于规范城市更新实施工作的若干意见》的通知；青岛发布公积金新政 策，加大多子女家庭购房支持；安徽全面取消住房限制性措施推行"房票"货币化 安置；呼和浩特市优化住房公积金贷款提前部分还款条件，取消部分还本次数限 制；湖南优化现房销售试点，大力推行住房公积金"既提又贷"政策。 ⚫ 第 13 周新房销量较第 12 周增加，二手房销售量较第 12 周增加。第 13 周 44 大城 市新房销售为 2.7 万套，较 ...