新坐标（603040.SH）：海外贡献业 绩增长，设立控股子公司进军丝杠 领域 近日，公司发布 2024 年财报及 2025 年一季报：2024 年公司实现营业收入 68,028.21 万元，同比增长 16.63%，实现归母净利润 21,160.51 万元，同比增 长 14.76 %。2025 年一季度实现营收 17,899.06 万元，同比增长 26.15%，归 母净利润 6,681.67 万元，同比增长 37.59%，对此，我们点评如下： 海外业务贡献业绩增长。2024 年公司境外营收规模为 29,231.90 万元，同比 增长 47.0%，境外营收占比 43.0%。其中两个海外子公司营收规模均实现增长， 尤其是欧洲公司。欧洲新坐标 2024 年实现营收 16,556.08 万元，同比增长 77.5%，墨西哥新坐标 2024 年营收为 4,295.32 万元，同比增长 24.9%。海外 业务的持续增长受益于公司产品在原有客户内部份额的提升和新客户的开拓， 如欧洲大众、MAN、卡特彼勒、Stellantis 等新项目陆续投产。我们认为，海 外业务的持续增长正是公司在技术、成本及服务响应等方面竞争力的体现。 ...

公 司 研 究 珠海港（000507.SZ）：业绩稳健，"双 轮驱动"战略持续推进 2025 年 5 月 6 日 推荐/维持 珠海港 公司报告 事件：2024 年公司实现营收 51.25 亿元，同比下降 6.1%，归母净利润 2.92 亿元，同比增长 5.4%，EPS 为 0.254 元。一季度公司营收 11.93 亿元，同比 下降 10.9%，归母净利润 0.78 亿元，同比增长 36.9%。 码头板块积极应对传统优势货种的需求下降，抗风险能力有所提升：受经济增 速下行影响，24 年公司旗下多个码头的传统优势货种需求承压，例如兴华港 口优势板块纸浆进口量下降，云浮新港主力的石材类货源也出现需求下滑。为 应对传统优势项目的下滑，各码头积极拓展新业务。兴华港口钢材、设备、吨 袋等货种增长显著；云浮新港积极向广西方向拓展货源腹地，并加大非石材货 源的业务开发力度；桂平新龙码头积极推广集装箱车辆高速费用减半政策，深 入挖掘黔江上游的货源腹地，弥补因市场竞争和需求不足而流失的货源。 24 年公司下属码头货物吞吐量 5784.35 万吨，同比增长 15.47%。港口板块 实现营收 7.80 亿元，同比下降 2.38%， ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company reported better-than-expected performance in Q1 2025, with revenue of 347 million yuan, a year-on-year increase of 51.16%, and a net profit attributable to shareholders of 17.76 million yuan, up 55.88% year-on-year [3][4]. - The increase in revenue is attributed to the consolidation of Chongqing Zhiguan Technology Co., Ltd. into the company's financial statements, which has expanded its functional materials business [4][5]. - The company is actively increasing production capacity, with a gross margin of 22.65% in Q1 2025, an increase of 2.41 percentage points compared to Q4 2024 [4]. - The acquisition of Chongqing Zhiguan is expected to significantly enhance the company's performance, with projected audited revenues of 180 million, 280 million, and 440 million yuan for the years 2024-2026 [5]. - The company has successfully achieved mass production of carbon fiber products, which are now being used in various applications, including laptop casings and components for foldable smartphones, aligning with the trend towards lightweight materials in the electronics market [6]. Financial Summary - The company forecasts revenue growth from 1.01 billion yuan in 2023 to 3.47 billion yuan in 2027, with a compound annual growth rate (CAGR) of 36.74% [10]. - The net profit is expected to increase from 114.67 million yuan in 2023 to 378.67 million yuan in 2027, reflecting a significant growth trajectory [10]. - Earnings per share (EPS) are projected to rise from 1.08 yuan in 2023 to 3.56 yuan in 2027 [10].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company reported better-than-expected performance in Q1 2025, with revenue of 347 million yuan, a year-on-year increase of 51.16%, and a net profit attributable to shareholders of 17.76 million yuan, up 55.88% year-on-year [3][4]. - The increase in revenue is attributed to the consolidation of Chongqing Zhiguan Technology Co., which has expanded the company's market presence in functional materials [5]. - The company has successfully entered the optical display functional materials sector through the acquisition of Chongqing Zhiguan, which is expected to significantly enhance its performance [5]. - The company has achieved mature mass production of carbon fiber products, which are increasingly being used in lightweight applications across various sectors, including consumer electronics and robotics [6]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 22.65%, an increase of 2.41 percentage points compared to Q4 2024 [4]. - The company's fixed assets reached 625 million yuan, a year-on-year increase of 24.42%, while inventory grew by 66.96% to 214 million yuan [4]. - The company forecasts earnings per share (EPS) of 1.43 yuan, 2.39 yuan, and 3.56 yuan for 2025, 2026, and 2027, respectively [6][10]. Market Position and Growth Potential - The company is positioned as a premium service provider in the domestic consumer electronics protective and functional products market, with expectations for continued growth in the carbon fiber processing sector [6]. - The global PC market is stabilizing, with a projected shipment of approximately 256 million units in 2024, which may benefit the company's carbon fiber products [6].

Investment Rating - The report maintains a "Recommended" rating for Zhuhai Port [2][11]. Core Views - In 2024, Zhuhai Port achieved a revenue of 5.125 billion yuan, a year-on-year decrease of 6.1%, while the net profit attributable to shareholders was 292 million yuan, an increase of 5.4% [3][11]. - The company's strategy of "dual-wheel drive" continues to advance, focusing on enhancing its competitive edge and risk resilience through diversification of cargo types and expansion into new business areas [4][11]. - The logistics segment has seen a significant improvement in gross margin, despite a revenue decline of 39.51%, with the gross margin increasing by 4.34 percentage points to 13.17% [4][11]. Summary by Sections Revenue and Profitability - The company's revenue for Q1 2025 was 1.193 billion yuan, down 10.9% year-on-year, but net profit increased by 36.9% to 78 million yuan, indicating a focus on high-quality business development [6][11]. - The overall revenue for 2024 was 5.125 billion yuan, with a projected increase to 5.294 billion yuan in 2025, reflecting a growth rate of 3.30% [12][11]. Cargo Handling and Operations - The total cargo throughput for the company's terminals in 2024 was 57.8435 million tons, a year-on-year increase of 15.47% [4][11]. - The port segment's revenue was 780 million yuan, down 2.38% year-on-year, with a gross margin of 44.58%, a decrease of 2.68 percentage points from 2023 [4][11]. Business Segments - The shipping segment faced weak demand, with bulk cargo transport down 36.10% to 9.289 million tons and container transport down 30.58% to 217,000 TEUs [5][11]. - The renewable energy segment reported a revenue of 2.435 billion yuan, a year-on-year increase of 3.29%, with a gross margin of 26.53% [5][11]. Future Projections - The forecast for net profit from 2025 to 2027 is 318 million yuan, 352 million yuan, and 396 million yuan, respectively, with corresponding EPS of 0.28, 0.32, and 0.37 yuan [11][12].

新坐标（603040.SH）：海外贡献业 绩增长，设立控股子公司进军丝杠 领域 近日，公司发布 2024 年财报及 2025 年一季报：2024 年公司实现营业收入 68,028.21 万元，同比增长 16.63%，实现归母净利润 21,160.51 万元，同比增 长 14.76 %。2025 年一季度实现营收 17,899.06 万元，同比增长 26.15%，归 母净利润 6,681.67 万元，同比增长 37.59%，对此，我们点评如下： 海外业务贡献业绩增长。2024 年公司境外营收规模为 29,231.90 万元，同比 增长 47.0%，境外营收占比 43.0%。其中两个海外子公司营收规模均实现增长， 尤其是欧洲公司。欧洲新坐标 2024 年实现营收 16,556.08 万元，同比增长 77.5%，墨西哥新坐标 2024 年营收为 4,295.32 万元，同比增长 24.9%。海外 业务的持续增长受益于公司产品在原有客户内部份额的提升和新客户的开拓， 如欧洲大众、MAN、卡特彼勒、Stellantis 等新项目陆续投产。我们认为，海 外业务的持续增长正是公司在技术、成本及服务响应等方面竞争力的体现。 ...

1-4 月，top10 / top11~top20 / top21~top30 / top31~top50 / top51~top100 房 企的销售金额（操盘）同比增速分别为-11.1%/-7.5%/3.5%/7.3%/-6.2%。其中， 4 月单月同比增速分别为-16.9%/-24.8%/52.9%/16.2%/-5.0%。 1-4 月，top10 / top11~top20 / top21~top30 / top31~top50 / top51~top100 房 企的销售金额（操盘）分组累计占比分别为 49.4%/16.7%/8.7%/11.7%/13.4%。 去年同期，分组累计占比分别为 51.8%/16.9%/7.9%/10.2%/13.3%。 重点房企销售： 1-4 月，51 家主流房企中，销售金额（全口径）最大的 5 家房企为保利/华润/ 中海/招商/绿城，销售金额分别为 876.1/685/665.2/497.8/477.2 亿元。 1-4 月，51 家主流房企中，销售均价（全口径）最高的 5 家房企为滨江/越秀/ 绿城/金隅/保利置业，销售均价分别为 3.98/3.94/3.41/3.05/ ...

Investment Rating - The report maintains a "Strong Buy" rating for Foxit Software [2][13]. Core Views - Foxit Software achieved a turnaround in profitability for 2024, with a revenue of 7.11 billion yuan (up 16.44% year-on-year) and a net profit attributable to shareholders of 0.27 billion yuan (a significant increase of 129.64% year-on-year) [3][6]. - The company is transitioning from perpetual licensing to a subscription model, with subscription revenue reaching 3.51 billion yuan in 2024 (up 62% year-on-year) [4][5]. - The split of domestic and international operations is aimed at capturing opportunities in the domestic market, particularly in high-value sectors such as government and healthcare [5][6]. Revenue and Profitability - In 2024, Foxit Software's revenue and net profit were 7.11 billion yuan and 0.27 billion yuan, respectively, while the first quarter of 2025 saw revenue of 2.02 billion yuan [3][4]. - The company's gross margin for 2024 was 93.41%, indicating strong profitability despite a slight decline [6][14]. - The report forecasts net profits of 0.33 billion yuan, 0.64 billion yuan, and 1.31 billion yuan for 2025, 2026, and 2027, respectively [13][14]. Market Expansion - Foxit Software has expanded its market presence in the Asia-Pacific region, with revenue growth rates of 53% and 56% for 2024 and the first quarter of 2025, respectively [4][5]. - The company has successfully integrated its acquisition of Foxit Kunpeng, enhancing its capabilities in document technology [5][6]. Financial Projections - The report projects a revenue growth rate of 19.12% for 2025 and 22.70% for 2026, with a long-term growth trajectory expected to continue [14]. - The company's PE ratios are projected to be 180, 93, and 45 for 2025, 2026, and 2027, respectively, reflecting strong future earnings potential [13][14].

Investment Rating - The report maintains a "Strong Buy" investment rating for Conch Cement [2][11]. Core Views - The cement industry is experiencing continued weakness, but Conch Cement is leveraging both organic growth and overseas expansion to create new opportunities [5][11]. - In 2024, Conch Cement's revenue is projected to be CNY 91.03 billion, a year-on-year decline of 35.44%, with a net profit attributable to shareholders of CNY 7.70 billion, down 26.21% [3][12]. - The company has seen a recovery in profit margins due to price increases since the third quarter of 2024, despite a decline in sales volume [3][4]. Summary by Sections Financial Performance - In 2024, Conch Cement's self-produced cement sales volume was 268 million tons, a decrease of 5.96% year-on-year [3]. - The average selling price of cement in 2024 was CNY 214.17 per ton, down 21.68% year-on-year [3]. - The company's comprehensive gross margin for Q1 2025 was 22.88%, an increase of 5.13 percentage points year-on-year, which helped offset the impact of declining sales volume [4]. Market Position - Conch Cement has maintained a market share increase despite a 9.50% decline in national cement production in 2024, showcasing its scale cost advantages [4]. - The company is actively pursuing regional capacity consolidation and overseas expansion, with new production lines in Uzbekistan and Cambodia [5]. Profit Forecast - The forecasted net profits for Conch Cement from 2025 to 2027 are CNY 9.36 billion, CNY 10.40 billion, and CNY 11.64 billion, respectively, with corresponding EPS of CNY 1.77, CNY 1.96, and CNY 2.20 [5][12].

公 司 研 究 海螺水泥（600585.SH）：行业持续 低迷，内生外延和海外拓展新空间 2025 年 5 月 3 日 强烈推荐/维持 海螺水泥 公司报告 海螺水泥 2024 年实现营业收入 910.30 亿元，同比下降 35.44%；归属于母公 司所有者的净利润为 76.96 亿元，同比下降 26.21%，扣非后归母净利润为 73.65 亿元，同比下降 26.10%，实现 EPS 为 1.46 元。2025 年一季度营业收 入和归母净利润分别为 190.51 亿元和 18.10 亿元，分别同比下降 10.67%和增 长 20.51%。 点评： 行业需求低迷下销量下降影响营业收入，价格三季度以来回升带动利润增长转 正。公司 2024 年和 2025 年一季度营业收入均同比下降，共同原因主要是行 业需求低迷，导致销量出现同比下降。2024 年公司自产水泥销量为 2.68 亿吨， 同比下降 5.96%；2025 年一季度在企业错峰生产的影响下公司销量同比下降。 而 2024 年营业收入的大幅下降主要是价格大幅下降所致，2024 年海螺水泥销 售价格为 214.17 元/吨，同比下降 21.68%。2025 年一季 ...