2025 年 04 月 21 日 北交所行业研究 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn 联系人 ： 禹露 S0350124070012 yul06@ghzq.com.cn [Table_Title] 本周北证 50 涨幅延续、交易放缓，交大铁发提 交注册 ——北交所行业周报 最近一年走势 | 行业相对表现 | | | 2025/04/18 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 北证 | 50 | -7.45% | 18.34% | 65.34% | | 沪深 | 300 | -5.61% | -1.04% | 5.81% | 相关报告 《北交所行业周报：本周整体市场波动较大，鼎佳 精密、岷山环能两家企业上会通过（推荐）*中小 盘*罗琨》——2025-04-14 《北交所行业周报：北交所出台自律管理规则，本 周天工股份完成注册、下周两家企业上会（推荐） *中小盘*罗琨》——2025-04-07 《北交所行业周报：近期北证 50 指数有所回调， 本周开发科技上市（推荐）* ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 17.6 billion yuan in 2024, a decrease of 2% year-on-year, with a net profit attributable to shareholders of 2.5 billion yuan, down 45% year-on-year. The gross margin was 33%, down 8 percentage points [1]. - In Q4 2024, the company reported a revenue of 3.1 billion yuan, a decline of 31% year-on-year and 28% quarter-on-quarter, with a net loss of 450 million yuan, primarily due to significant impairment losses [1]. - The company is expected to see a recovery in its photovoltaic business in 2025, with new products and technologies in the battery and component sectors likely to drive growth in the next industry cycle [6]. Financial Performance Summary - For 2024, the company reported a revenue of 17.6 billion yuan and a net profit of 2.5 billion yuan, with a gross margin of 33% and a net profit margin of 15% [1]. - The semiconductor business is positioned for growth, with a focus on advanced process and packaging equipment, and the company has secured over 3.3 billion yuan in orders for semiconductor equipment [6]. - The company anticipates revenues of 16.5 billion yuan in 2025, 15.5 billion yuan in 2026, and 14.6 billion yuan in 2027, with net profits projected at 2.35 billion yuan, 2.43 billion yuan, and 2.52 billion yuan respectively [5][6]. Business Segment Analysis - Equipment and Services: Revenue of 13.4 billion yuan in 2024, up 4.3% year-on-year, with a gross margin of 36.36% [1]. - Materials: Revenue of 3.3 billion yuan, down 20% year-on-year, with a gross margin of 28.71%, significantly impacted by falling prices of quartz crucibles [1][6]. - The company has developed new products in the photovoltaic sector, including de-silvering equipment, which has shown promising results in customer testing [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business profits have shown a strong recovery in Q1 2025, with a non-recurring net profit of 1.03 billion yuan, representing a year-on-year increase of 13.92%. The main business profit reached 640 million yuan, up 116% year-on-year [6] - The report highlights the positive impact of the company's marketing system reform initiated in 2024, which is expected to enhance short-term profit recovery and long-term revenue growth and profitability [6] - The demand for cultured gallstones is expected to grow steadily due to an aging population and the shortage of natural gallstones, providing significant replacement opportunities [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 892 million yuan, down 8.04% year-on-year, while the net profit attributable to shareholders was 110 million yuan, up 10.70% year-on-year [4][6] - The report forecasts revenues for 2025-2027 to be 39.50 billion yuan, 43.45 billion yuan, and 47.80 billion yuan, respectively, with net profits of 5.46 billion yuan, 6.25 billion yuan, and 7.41 billion yuan [6][8] Market Position and Growth Drivers - The company is expected to maintain high growth in its OTC and hospital sales channels, with significant market share increases for products like "Bengtong Capsule" and "Jianpi Shengxue Granule" [6] - New product launches, including pediatric and prescription drugs, are anticipated to contribute to sustained growth in the prescription line [6] Long-term Outlook - The report emphasizes the long-term growth potential of cultured gallstones, driven by increasing health demands and the aging population, which is expected to benefit downstream products containing gallstones [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's profitability is expected to significantly improve in 2024, driven by trends in large-scale, intelligent, and electrified operations, which will support continuous performance growth [1][6] - The company achieved a revenue of 6.145 billion yuan in 2024, representing a year-on-year increase of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year [4][6] - The company is making significant progress in the new energy and autonomous driving sectors, with successful deliveries and increased sales of new energy vehicles and autonomous mining trucks [6][8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.145 billion yuan, with domestic revenue of 5.134 billion yuan (up 5.22% year-on-year) and overseas revenue of 1.011 billion yuan (up 3.03% year-on-year) [6][8] - The gross profit margin for 2024 was 21.45%, an increase of 2.37 percentage points year-on-year, attributed to the introduction of higher-margin large-tonnage and new energy products [6][7] - The net profit margin improved to 12.91%, up 2.32 percentage points year-on-year, reflecting enhanced profitability [7][8] Market Trends and Strategic Initiatives - The company is positioned to benefit from national policies promoting equipment upgrades in the mining sector, which will drive demand for large-scale and autonomous mining trucks [7][8] - The autonomous mining truck market is expected to grow significantly, with projections indicating an increase in the number of autonomous trucks deployed in open-pit mines [7][8] - The company aims to enhance its market share in the new energy sector by increasing the production scale of electric off-road dump trucks [7][8] Earnings Forecast - The company forecasts revenues of 7.067 billion yuan in 2025, 8.296 billion yuan in 2026, and 9.821 billion yuan in 2027, with corresponding net profits of 910 million yuan, 995 million yuan, and 1.148 billion yuan respectively [8][9] - The expected growth rates for revenue and net profit are 15% and 9% for 2025 and 2026, respectively, with a return on equity (ROE) projected at around 25% [9][10]

证券研究报告 2025年04月21日 有色金属 铝行业周报：去库表现强势，关注需求及出口走向 评级：推荐(维持) 陈晨（证券分析师） 王璇（证券分析师） S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn 最近一年走势 相关报告 -23% -14% -5% 4% 13% 23% 2024/04 2024/07 2024/10 2025/01 2025/04 有色金属 沪深300 《铝行业周报：关税压力缓解，铝价压制减弱，关注需求变化（推荐）*有色 金属*王璇，陈晨》——2025-04-14 《铝行业周报：关税冲击，海外铝价持续下跌，国内去库延续（推荐）*有色 金属*王璇，陈晨》——2025-04-06 《铝行业周报：铝去库表现好，关税压力下铝价震荡（推荐）*有色金属*王璇， 陈晨》——2025-03-31 沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | -8.7% | -0.0% | -5.5% | | 沪深300 | -5.9% | -1 ...

Group 1: Impact of US-China Competition on Markets - The types of US-China competition can be categorized into four main areas: trade, technology, finance, and geopolitical issues, with tariffs being the most impactful [4] - The technology competition began with significant events such as the ZTE incident in 2018 and the Huawei entity list in 2019, causing short-term market shocks of around 5%, while themes of self-sufficiency and countermeasures performed well structurally [4] - Financial competition included the designation of China as a currency manipulator in 2019 and the Foreign Companies Accountability Act from 2020 to 2022, which had a notable impact on Hong Kong stocks, leading to market shocks of 5-10% [4] - Geopolitical events, such as the closure of consulates and the Xinjiang cotton incident, typically resulted in short-lived market impacts, with recovery occurring within a week, while sectors like defense and self-sufficiency themes performed well [4] Group 2: Trade Dynamics - The trade conflict initiated on March 23, 2018, with the US imposing tariffs on $60 billion worth of Chinese imports, leading to a significant market downturn followed by a three-month period of volatility [11] - Following the escalation of tariffs in June 2018, the market experienced a deeper adjustment, with sectors like defense and technology showing relative resilience [14] - The recent imposition of a 34% "reciprocal tariff" on April 2, 2025, led to a rapid decline in the Shanghai Composite Index, with export-oriented sectors suffering while domestic demand sectors like agriculture and food performed well [25] Group 3: Technology Sector Developments - The US's ban on ZTE in April 2018 marked the beginning of a technology confrontation, leading to a quick release of risk aversion in the A-share market [30] - The arrest of Huawei's CFO in December 2018 escalated concerns about the globalization of Chinese tech firms, causing significant market declines, particularly in the TMT sector [33] - The implementation of the US Chip and Science Act in August 2022 and subsequent export controls have pressured the technology sector, but the narrative of self-sufficiency has gained traction, leading to potential recovery opportunities [42][44] Group 4: Geopolitical Events - The closure of consulates in 2020 led to a brief change in risk appetite, but the market quickly recovered as tensions did not escalate further [50] - The "Xinjiang cotton" incident in 2021 had minimal impact on the overall market, instead boosting domestic brands like Anta and Li Ning [51] - The visit of Nancy Pelosi to Taiwan in August 2022 initially caused market declines, but subsequent recovery was driven by rising expectations for domestic semiconductor production [52] Group 5: Financial Sector Insights - The designation of China as a "currency manipulator" in August 2019 led to a market downturn, but a subsequent liquidity easing allowed for a rapid recovery [60] - The Foreign Companies Accountability Act from 2020 to 2022 primarily impacted US-listed Chinese companies and Hong Kong stocks, but the long-term effects were manageable as many companies opted for secondary listings in Hong Kong [61]

2025 年 04 月 21 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 重磅新车密集上市， [T鸿abl蒙e_T智itle行] 第五界"尚界"亮 相 ——汽车行业周报 | 行业相对表现 | | | 2025/04/18 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 汽车 | | -12.5% | 1.4% | 17.1% | | 沪深 | 300 | -5.9% | -1.0% | 5.7% | 相关报告 《汽车行业周报：零跑 B10、比亚迪汉 L 上市，吉 利星耀 8 开启预售，特斯拉拟在摩洛哥建厂（推荐） *汽车*戴畅》——2025-04-15 《汽车行业周报：特朗普正式宣布全球对等关税政 策，多家车企发布 3 月销量（推荐）*汽车*戴畅》 ——2025-04-07 《马斯克提出星舰将于 2026 年携带"擎天柱"前 往火星，宇树 G1 机器人首次完成侧空翻——人形 机器人行业 2025 年 3 月月报（推荐）*汽车*吴铭 杰，戴畅》——20 ...

2025 年 04 月 21 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2025Q1 卡车销量同比增速显著优于行业，海外 +新能源双轮驱动有望实现新增长 ——福田汽车（600166）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 福田汽车 | -0.8% | -0.4% | -13.1% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | | | 2025/04/18 | | 当前价格（元） | | | 2.39 | | 周价格区间（元） 52 | | | 2.21-3.08 | | 总市值（百万） | | | 18,922.59 | | 流通市值（百万） | | | 15,508.30 | | 总股本（万股） | | | 791,740.04 | | 流通股本（万股） | | | 648,882.89 | | ...

Group 1 - The report highlights that in Q4 2024, the company achieved a record high revenue of 7.79 billion yuan, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [4][5] - The company reported a net profit attributable to shareholders of 0.14 billion yuan in Q4 2024, which represents a significant year-on-year decrease of 82.53% and a quarter-on-quarter decrease of 53.21% [5][6] - The company is focusing on accelerating project construction as a key strategy for growth, with the TianTai intelligent manufacturing production base project expected to enhance production capacity significantly [9][10] Group 2 - The report indicates that Zhongfu Industrial's revenue for 2024 reached 22.76 billion yuan, reflecting a year-on-year increase of 21.12%, while the net profit attributable to shareholders was 0.7 billion yuan, down 39.3% [12][13] - In Q4 2024, Zhongfu Industrial's revenue was 6.03 billion yuan, up 17.05% year-on-year, but the net profit was negative at -0.24 billion yuan, a drastic decline of 106.46% [12][13] - The report notes that the decline in aluminum oxide prices is expected to significantly reduce production costs for Zhongfu Industrial, enhancing profit margins in the future [13][14] Group 3 - The report states that Meinian Health achieved a revenue of 10.7 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit of 2.82 billion yuan, down 44.18% [17][18] - The company reported that its health check service revenue was 10.3 billion yuan, with a total of 15.38 million visits, indicating a 12% decline in customer visits [18][19] - The integration of AI technology is expected to enhance revenue generation and operational efficiency, with AI-related income reaching 220 million yuan in 2024 [18][20] Group 4 - The report discusses the global first humanoid robot marathon held in Beijing, indicating a growing interest and investment in humanoid robotics [21][22] - The establishment of the K-Humanoid Robot Alliance in South Korea, with a budget of 200 billion won (approximately 10.24 billion yuan), signifies a national commitment to advancing humanoid robotics [23][24] - The report emphasizes that the humanoid robot industry is poised for significant investment opportunities, likening its potential to the "ChatGPT moment" in technology [31][32] Group 5 - The report indicates that Electric Science Digital achieved a revenue of 10.7 billion yuan in 2024, reflecting a year-on-year increase of 7.05%, with a net profit of 5.51 billion yuan, up 10.77% [33][34] - The company is focusing on digital products and industry digitalization, with significant growth in its digital finance and smart manufacturing sectors [34][35] - The report projects that the company's revenue will continue to grow, with estimates of 11.84 billion yuan, 13.17 billion yuan, and 14.98 billion yuan for 2025-2027 [39][40] Group 6 - The report highlights that Huading Co. achieved a revenue of 1.156 billion yuan in Q1 2025, a year-on-year decrease of 44.53%, while the net profit increased by 17.26% to 0.94 billion yuan [41][42] - The company’s nylon segment reported a revenue of 1.133 billion yuan, with a production increase of 3.99% year-on-year [44][45] - The report notes ongoing project investments aimed at enhancing production capacity and market share in the high-end nylon segment [46]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong revenue growth, achieving a revenue of 999.5 million yuan in Q1 2025, representing a year-on-year increase of 30.1%. The net profit attributable to the parent company reached 131 million yuan, up 27.27% year-on-year [5][6] - The company continues to focus on enhancing brand strength and product quality while expanding its market presence, particularly in e-commerce and emerging channels [6] - The product structure is being optimized, with a significant increase in revenue from high-end product lines, contributing to a gross margin of 53.32% [6] Revenue and Profitability - In Q1 2025, the company's revenue from sanitary napkin products was 952 million yuan, reflecting a 35.8% year-on-year growth. The revenue from offline channels was 650 million yuan, up 49.0%, while e-commerce revenue was 322 million yuan, increasing by 8.6% [6] - The company maintains a good cost control ability, with a sales expense ratio of 33.99%, a management expense ratio of 2.45%, and a research and development expense ratio of 1.52% [6] Financial Forecast - The company is expected to achieve revenues of 4.309 billion yuan, 5.358 billion yuan, and 6.459 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 375 million yuan, 474 million yuan, and 571 million yuan for the same years [6][8]