Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company has demonstrated stable revenue growth, with a 6.9% year-on-year increase in revenue to 2.13 billion yuan in 2024 and a 2.2% increase in net profit to 170 million yuan [1]. - The internationalization strategy has shown effectiveness, with overseas revenue reaching 767 million yuan in 2024, a 59% increase year-on-year, contributing to 36% of total revenue [3]. - The company is expanding its global footprint, establishing subsidiaries in Saudi Arabia and Indonesia, and has gained recognition in the European market [3]. - The company’s products serve a wide range of industries, mitigating cyclical impacts, and it focuses on high-end markets for European-style cranes and robotics [4][5]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 410 million yuan, an 18.4% increase year-on-year, and a net profit of 34 million yuan, up 38.4% [1]. - The gross profit margin for Q1 2025 was 27.3%, a slight decrease of 1.1 percentage points year-on-year, while the net profit margin improved to 8.65%, an increase of 1.3 percentage points [1]. - The company’s R&D expenses increased by 27% to 128 million yuan in 2024, with an R&D expense ratio of 6% [1]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 2.4 billion yuan, 2.7 billion yuan, and 3.1 billion yuan, respectively, with corresponding net profits of 211 million yuan, 253 million yuan, and 301 million yuan [9][10]. - The company is expected to benefit from the increasing penetration of high-end European-style cranes and the effectiveness of its global expansion strategy [9].

Investment Rating - The report maintains a "Recommended" rating for the industry [1][21]. Core Insights - The human-shaped robot industry is expected to open up broader market opportunities beyond automobiles, with significant investment potential as the industry transitions from 0 to 1 [21]. - Recent developments include the global delivery of 220 units of the Chery Mocha robot and the establishment of a mass production pilot line for humanoid robots by Junpu Intelligent [4][5][21]. - The report highlights the rapid iteration of products and business collaborations within the robot industry, indicating a potential "ChatGPT moment" for humanoid robots [21]. Summary by Sections Industry Performance - The electric equipment sector has shown a relative performance decline of -10.0% over the past month, -5.4% over three months, and -1.0% over the past year, compared to the CSI 300 index [3]. Recent Developments - Chery's Mocha humanoid robot has achieved global batch delivery, marking a significant milestone in the industry [4]. - Junpu Intelligent is constructing its first mass production pilot line for humanoid robots, aiming for an initial capacity of approximately 1,000 units per year [5]. - Midea's humanoid robot is set to begin operations in a factory, demonstrating efficiency comparable to human workers [5]. - A joint venture between Lens Technology and Zhiyuan Robotics has been established to focus on humanoid robot assembly and development [6]. - Yinshi Robotics has completed nearly 100 million RMB in Series B financing to enhance its technology and market expansion efforts [7]. Key Companies to Watch - The report suggests focusing on companies with core component expertise and active involvement in humanoid robotics, including: - Sanhua Intelligent Control (actuator assembly) - Top Group (actuator assembly) - Zhongjian Technology (actuator assembly) - Best (screw rod) - Zhenyu Technology (screw rod) - Beite Technology (screw rod) - Xiamen Precision (screw rod) - Fulian Precision (reducer) - Lide Harmonic (reducer) - Shuanghuan Transmission (reducer) [21].

2025 年 05 月 05 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 短期业绩承压，静待公司国内外市场拓展兑现 ——浩洋股份（300833）公司动态研究 最近一年走势 投资要点: 浩洋股份于 2025 年 4 月 24 日发布 2024 年年报和 2025 年一季报： 1）2024：公司实现营收 12.1 亿元，同比-7.1%；归母净利润 3.0 亿 元，同比-17.6%；经营活动现金流 2.7 亿元，同比-31%；销售毛利 率 50.4%，同比+0.4pct，销售净利率 25.2%，同比-3.1pct。从产品 端来看，收入下降的原因系舞台娱乐灯光设备营收同比下降 10.6%， 同比下降 1.3 亿元。从销售结构来看，收入下降的原因主要系全球化 受阻、地缘政治冲突加剧、产业链重构等使经济面临的不确定性加 大，从而导致 2024 年外销/内销分别同比下降 0.76/0.17 亿元。 2）2024Q4：公司实现营收 2.7 亿元，同比-9.6%；归母净利润 0.4 亿元，同比-22. ...

2025 年 05 月 05 日 公司研究 评级：买入(维持) [Table_Title] 扎实推进降本增效，聚酯龙头迈向高质量发展 ——新凤鸣（603225）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 新凤鸣 | -10.1% | -7.2% | -23.2% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 10.78 | | 周价格区间（元） 52 | | | 9.53-16.29 | | 总市值（百万） | | | 16,436.96 | | 流通市值（百万） | | | 16,296.90 | | 总股本（万股） | | | 152,476.44 | | 流通股本（万股） | | | 151,177.14 | | 日均成交额（百万） | | | 117.04 | | 近一月换手（%） | | | 0.81 | | 研究所： | | | | --- ...

研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 吴铭杰 S0350524090003 wumj@ghzq.com.cn [Table_Title] 2025 年 Q1 营收&利润同比稳步增长，第三曲线 业务快速开拓 2025 年 05 月 05 日 公司研究 评级：买入(维持) ——银轮股份（002126）2025 年 Q1 季报点评 《银轮股份（002126）2024 年年报点评：2024 年 Q4 利润环比增速受减值拖累，2024 全年新增订单 充沛（买入）*汽车零部件*戴畅，吴铭杰》—— 2025-04-22 《银轮股份（002126）2024 年 Q3 季报点评：2024 年 Q3 归母净利润同比提升，热交换业务未来成长 空间广阔（买入）*汽车零部件*戴畅，吴铭杰》— —2024-10-30 国海证券研究所 请务必阅读正文后免责条款部分 相关报告 事件: 2025 年 4 月 29 日，银轮股份发布 2025 年 Q1 季报：2025 年 Q1 实现 营收 34.16 亿元，同比+15.05%；实现归母净利润 2.12 亿元，同比 +10.8 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][10][11]. Core Insights - The company reported a revenue of 760 million yuan for 2024, a year-on-year decrease of 23.8%, while the net profit attributable to shareholders reached 140 million yuan, showing a significant increase of 334% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 190 million yuan, a slight decline of 0.6% year-on-year, with a net profit of 37.37 million yuan, reflecting a growth of 68.1% year-on-year [3]. - The improvement in profitability is attributed to a 46.2% decrease in procurement costs for software, hardware, and services, leading to a 14.2 percentage point increase in overall gross margin [2][10]. Financial Performance Summary - For 2024, the company’s gross margin improved to 46%, with a net profit margin of 18.1%, up by 14.9 percentage points year-on-year [2][11]. - The company’s operating expenses as a percentage of revenue were 29.8% for sales, 12.7% for management, and a reduction in R&D expenses due to increased capitalized expenditures [2]. - The forecast for 2025-2027 indicates expected revenues of 960 million yuan, 1.185 billion yuan, and 1.387 billion yuan, respectively, with net profits projected at 203 million yuan, 293 million yuan, and 372 million yuan [9][10][11]. AI Integration and Product Development - The company has integrated AI into its curriculum, generating revenue of 27.31 million yuan from AI education services in 2024 [4]. - The AI live classes have shown positive feedback during internal testing, enhancing the classroom experience with real-time interaction and monitoring of student engagement [4][8]. Market Performance - As of April 30, 2025, the company's stock price was 7.15 yuan, with a market capitalization of approximately 14.78 billion yuan [6][11]. - Over the past 12 months, the company's stock has outperformed the CSI 300 index, with a return of 173.9% compared to the index's 4.6% [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates resilience in its operating performance and continues to provide high dividends [2] - The company is expected to achieve revenue growth driven by multiple projects, maintaining a "Buy" rating [9] Financial Performance Summary - In 2024, the company achieved operating revenue of 236.3 billion yuan, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 7.044 billion yuan, up 2.0% year-on-year [4] - The company's cash flow from operating activities was 22.7 billion yuan, a decrease of 3.4% year-on-year [4] - The gross margin was 9.9%, down 1.4 percentage points year-on-year, while the net margin improved by 0.04 percentage points to 3.0% [4] Segment Performance - In 2024, revenue from refining products was 108.1 billion yuan, down 10% year-on-year, with a gross margin of 13.1% [4] - PTA revenue was 68.1 billion yuan, down 6% year-on-year, with a gross margin of 3.4% [4] - New materials revenue increased by 22% year-on-year to 41.8 billion yuan, with a gross margin of 14.1% [4] Future Projections - The company is projected to achieve revenues of 248.5 billion yuan in 2025, 264 billion yuan in 2026, and 276.3 billion yuan in 2027 [9] - Net profit is expected to reach 8.742 billion yuan in 2025, 9.735 billion yuan in 2026, and 11.540 billion yuan in 2027 [9] - The projected P/E ratios are 12 for 2025, 11 for 2026, and 9 for 2027 [9] Dividend Policy - The company plans to distribute a cash dividend of 0.45 yuan per share in 2024, totaling 3.168 billion yuan, with a payout ratio of 45% [7] - The focus will shift towards optimizing operations, reducing debt, and enhancing dividends following the peak of capital expenditures [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - In Q1 2025, the company achieved revenue of 190 million yuan, representing a year-on-year increase of 20.20%. The net profit attributable to shareholders was 36 million yuan, up 2.84% year-on-year, while the net profit after deducting non-recurring gains and losses was 35 million yuan, reflecting a 15.26% increase year-on-year [5][8] - The company is focusing on expanding its market share in precision injection parts and molds, particularly in the automotive and high-end home appliance sectors, while accelerating the development of its robotics products [8][10] - The company is expected to see continued growth driven by both its main business and emerging sectors, with projected revenues of 959 million yuan, 1.144 billion yuan, and 1.321 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 27%, 19%, and 15% [10][11] Financial Performance - The company's gross margin for Q1 2025 was 34.63%, a decrease of 0.42 percentage points year-on-year, and the net profit margin was 19.44%, down 3 percentage points year-on-year, primarily due to rising expense ratios and reduced government subsidies [8][10] - The company has developed several new precision components for humanoid robots, leveraging its experience in engineering plastics and precision manufacturing [8][10] Future Projections - The earnings per share (EPS) are projected to be 0.78 yuan, 0.95 yuan, and 1.10 yuan for 2025, 2026, and 2027 respectively, with net profit attributable to shareholders expected to reach 190 million yuan, 230 million yuan, and 267 million yuan during the same period [10][11]

2025 年 05 月 05 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2025Q1 归母净利润同比扭亏为盈，加速整合 2025 年 4 月 30 日，公司公告 2024 年年报及 2025 年一季报，2024 年公司营收 4.19 亿元，同比+27.42%；归母净利润-0.96 亿元，2023 年 同期-0.56 亿元；扣非后归母净利润-0.89 亿元，2023 年同期-0.67 亿元。 2025Q1，公司营收 0.91 亿元，同比+11.75%；归母净利润 0.02 亿 元，2024 年同期-0.36 亿元；扣非后归母净利润-0.14 亿元，2024 年同 期-0.15 亿元。 投资要点: EDA 产业资源 ——概伦电子（688206）2024 年年报和 2025 年 一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 概伦电子 | -6.9% | ...