Group 1: Industrial AI and Automation - The core business of the company shows stable growth, with revenue reaching 9.14 billion yuan in 2024, a year-on-year increase of 6% [3] - The industrial automation and intelligent manufacturing solutions segment achieved revenue of 5.64 billion yuan, up 14% year-on-year, accounting for 62% of total revenue [3] - The company has established a robot product business system, generating revenue of 56.01 million yuan in 2024, marking rapid growth from zero [4] Group 2: Alibaba's E-commerce and Cloud Computing - Alibaba is expected to achieve total revenue of 236.1 billion yuan in FY2025Q4, representing a year-on-year growth of 6% [9] - The Taotian Group's revenue is projected to grow by 5% to 98 billion yuan, with a gross merchandise volume (GMV) increase of 5% [10] - The cloud computing segment is anticipated to generate revenue of 30 billion yuan, reflecting a year-on-year growth of 17% [12] Group 3: Jitu Express Logistics - Jitu Express has expanded its logistics business across 13 countries, leveraging e-commerce growth in Southeast Asia and China [14] - The company achieved profitability in 2024, marking a significant turnaround [15] - Revenue projections for Jitu Express are set at 11.44 billion, 13.01 billion, and 14.89 billion USD for 2025-2027, with corresponding net profits of 343 million, 583 million, and 886 million USD [23] Group 4: Anhui Heli Engineering Machinery - Anhui Heli reported revenue of 17.325 billion yuan in 2024, a year-on-year increase of 0.99% [25] - The company has accelerated its overseas market expansion, achieving a 13% year-on-year increase in overseas revenue to 6.93 billion yuan [27] - The domestic market revenue decreased by 6% to 10.19 billion yuan, but the company is optimizing its industrial layout [27] Group 5: China Oriental Education - The company achieved revenue of 4.12 billion yuan in 2024, a year-on-year increase of 3.5%, with a net profit of 510 million yuan, up 88% [29] - The gross profit margin improved to 51.4%, driven by an optimized course structure [30] - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027 [31] Group 6: Weichai Power - Weichai Power reported revenue of 215.69 billion yuan in 2024, with a net profit of 11.4 billion yuan, reflecting a year-on-year growth of 26.5% [34] - The company plans to distribute a cash dividend of 3.47 yuan per 10 shares, totaling approximately 30.24 billion yuan [37] - Revenue projections for Weichai Power are set at 227.7 billion, 244.5 billion, and 263.5 billion yuan for 2025-2027, with corresponding net profits of 12.4 billion, 13.7 billion, and 15.5 billion yuan [38] Group 7: Hehe Information Technology - Hehe Information is a leading AI and big data company, with a revenue compound annual growth rate (CAGR) of 21% from 2022 to 2024 [39] - The company has a large user base, with 168 million monthly active users (MAU) across its core products as of Q3 2024 [39] - The intelligent text recognition market is projected to reach 33 billion USD globally by 2030, with a CAGR of 14.8% from 2023 to 2030 [44]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has successfully transitioned to quality education, which is expected to support revenue growth. In 2024, it achieved a revenue of 1.1 billion HKD, representing a year-on-year increase of 125.2%. The net profit attributable to the parent company was 190 million HKD, up 110.9% year-on-year [4][6]. - The company's contract liabilities at the end of 2024 were 600 million HKD, a year-on-year increase of 184.3%, which is anticipated to support revenue growth in 2025. The introduction of AI products is expected to enhance efficiency for both teachers and students [7]. Summary by Sections Financial Performance - In 2024, the company generated revenue of 1.1 billion HKD, with segments of quality education, full-time review, and tutoring contributing 710 million, 210 million, and 180 million HKD respectively, showing year-on-year growth rates of 411.7%, 1%, and 25.2% [6]. - The net profit for 2024 was 190 million HKD, with a lower growth rate compared to revenue due to adjustments in revenue structure leading to a decline in gross margin and an increase in sales and management expense ratios [6]. Future Projections - The company is projected to achieve revenues of 2.02 billion, 2.28 billion, and 2.54 billion HKD for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 320 million, 380 million, and 420 million HKD [7][8]. - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 9x, 8x, and 7x respectively, indicating a favorable valuation outlook [7][8]. Market Position - The company is recognized as a leader in K12 education in South China, successfully expanding its market presence in Guangzhou, Shenzhen, and Foshan. The increasing demand for education in the Greater Bay Area is expected to enhance its competitive position [7].

证券研究报告 2025年04月10日 传媒 合合信息(688615.SH)深度报告： 多年专注打磨"扫描全能王" ，定位AI和大数据赛道 评级：买入(首次覆盖) yangrw@ghzq.com.cn fangby@ghzq.com.cn tanrq@ghzq.com.cn chengzh@ghzq.com.cn 杨仁文(证券分析师) 方博云(证券分析师) 谭瑞峤(证券分析师) 程泽惠(联系人) S0350521120001 S0350521120002 S0350521120004 S0350124070002 | 最近一年走势 | | | | 市场数据 | 2025/04/09 | | --- | --- | --- | --- | --- | --- | | 229% | 合合信息 | 沪深300 | | 当前价格（元） | 198.89 | | 179% | | | | 52周价格区间（元） | 88.93-507.00 | | | | | | 总市值（百万） | 19,889.00 | | 129% | | | | 流通市值（百万） | 3,977.80 | | 79% | | | | 总股本（万股） ...

2025 年 04 月 10 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024 年完成股票激励一期解锁条件，2025 年加 速转型前景光明 ——潍柴动力（000338）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/09 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 潍柴动力 | -10.2% | 1.7% | -11.0% | | 沪深 300 | -6.5% | -2.5% | 4.3% | 2025 年 3 月 27 日晚，潍柴动力发布 2024 年年报：2024 年公司营 收 2156.9 亿元，yoy+0.8% ，其中 Q4 公司营收 537.4 亿元， yoy+0.3%。2024 年销售发动机 73.4 万台，其中 M 系列大缸径高功 率密度发动机 0.8 万台（同比持平）。2024 年整车销量 11.8 万台， 同比增长 2%，其中中重卡出口 5.9 万台，同比增长 15%；凯傲收入 实 ...

2025 年 04 月 10 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 王春宸 S0350123070046 | | | | wangcc@ghzq.com.cn | [Table_Title] 产品升级、学校网络和招生结构优化，看好利润 持续释放 ——中国东方教育（0667.HK）公司点评 最近一年走势 | 事件： | | --- | ①2025 年 4 月 3 日，公司旗下万通技校发布新闻稿，宣布 2025 年春季 大型校园人才双选会暨校企合作签约授牌仪式圆满落成。 ②公司 2025 年 3 月 27 日公告 2024 年年度业绩，2024 年实现营收 41.2 亿元，yoy+3.5%，归母净利润 5.1 亿元，yoy+88.0%。 投资要点: 相对恒生指数表现 2025/04/09 ...

2025 年 04 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 59 期 观点精粹: 最新报告摘要 加热器产能持续扩充，模块类新品加速开发--珂玛科技/半导体(301611/212701) 公司点评 高分红持续兑现，主业经营稳中向好--广日股份/专用设备(600894/216402) 公司点评 主业发展强劲，未来三年分红计划彰显发展信心--华立科技/文娱用品(301011/213605) 公司动态研究 热值提升大幅对冲煤价下行，Q1 吨毛利实现同比上涨 8 元/吨--新集能源/煤炭开采(601918/217401) 公司点 评 证券研究报告 1、最新报告摘要 1.1、加热器产能持续扩充，模块类新品加速开发--珂玛科技/半导体 (301611/212701) 公司点评 分析师：杜先康 S0350523080003 事件: 珂玛科技 4 月 7 日发布 2024 年报：2024 年公司实现收入 8.57 亿元，同比增长 78.45%；实现归母净利润 3.11 亿元，同比增长 279 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company has demonstrated stable operational performance with a focus on high dividends, achieving a cash dividend payout ratio of 144% in 2024, resulting in a dividend yield of 9.25% [9][10]. - The company is expected to benefit from the growth of Hitachi Elevator and the upward trend in its main businesses, including elevator assembly and after-market services [9]. Summary by Sections Recent Performance - In 2024, the company reported revenue of 7.26 billion yuan, a year-on-year decrease of 1.68%, while net profit attributable to shareholders was 812 million yuan, an increase of 6.56% [5]. - The gross margin was 15.42%, up by 1.02 percentage points, and the net profit margin was 10.95%, up by 1.19 percentage points [5]. Business Segments 1. **Hitachi Elevator**: - Revenue from Hitachi Elevator (China) was 27.56 billion yuan, a slight increase of 0.1%, with net profit of 3.32 billion yuan, down by 4.5% [6]. - The company received an investment income of 726 million yuan from Hitachi Elevator, a decrease of 6.6% [6]. 2. **Elevator Components and Logistics**: - Revenue was 3.96 billion yuan, a decrease of 0.5%, with a gross margin of 7.24% [6]. - The company made progress in expanding its customer base and product offerings [6]. 3. **Complete Elevator Business**: - The company sold 28,700 elevators in 2024, an increase of 1%, with revenue of 3.1 billion yuan, a decrease of 2% [6]. - The gross margin for this segment was 25.08%, an increase of 2.19 percentage points [6]. 4. **After-Market Services**: - The company benefited from policies promoting the installation and replacement of elevators in old buildings, with a year-on-year increase of 63% in renovation orders [7]. - The self-maintenance rate for elevators exceeded 20%, with plans to increase this through various strategies [7]. Financial Forecast - The company is projected to achieve revenues of 7.623 billion yuan in 2025, 8.053 billion yuan in 2026, and 8.490 billion yuan in 2027, with corresponding net profits of 871 million yuan, 947 million yuan, and 1.030 billion yuan respectively [8][9]. - The expected P/E ratios for the next three years are 11, 10, and 9 times [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The report highlights that the increase in coal quality has significantly offset the decline in coal prices, leading to a year-on-year increase in gross profit per ton of coal by 8 CNY in Q1 [5]. - The company has shown growth in both production and sales, with raw coal production increasing by 10.5% year-on-year to 5.54 million tons, and commodity coal production rising by 6.3% to 4.99 million tons [5]. - The report anticipates that the company's performance will be supported by the increase in coal quality and the rise in electricity generation, despite the current weak coal prices [9]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 23.0% over the past 12 months, while the index itself has increased by 3.2% [3]. - As of April 8, 2025, the current stock price is 6.53 CNY, with a market capitalization of approximately 16.92 billion CNY [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 131.7 billion CNY, 145.9 billion CNY, and 175.7 billion CNY, respectively, with growth rates of 3%, 11%, and 20% [8]. - The net profit attributable to the parent company is forecasted to be 23.04 billion CNY in 2025, with a slight decrease of 4% from the previous year, followed by increases of 15% and 19% in the subsequent years [9]. Operational Highlights - The company has successfully increased its electricity generation by 47% year-on-year in Q1, with total electricity generation reaching 3.6 billion kWh [5]. - The report notes that the construction of power plants is progressing smoothly, enhancing the company's coal-electricity integration strategy [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company's core business is experiencing strong growth, with significant performance improvements and a three-year dividend plan reflecting confidence in long-term development [2][3]. - The company reported a revenue of 1.017 billion yuan in 2024, representing a year-over-year increase of 24.65%, and a net profit attributable to shareholders of 84.65 million yuan, up 62.93% year-over-year [6]. - The company is expanding its overseas market presence, with overseas revenue reaching 134 million yuan in 2024, a year-over-year increase of 30.39% [6]. Financial Performance - The company expects revenues of 1.163 billion yuan in 2025, 1.256 billion yuan in 2026, and 1.320 billion yuan in 2027, with corresponding net profits of 110 million yuan, 133 million yuan, and 148 million yuan respectively [9][10]. - The gross profit margin for 2024 is projected at 29.97%, with a net profit margin of 8.32% [6]. - The company plans to distribute a cash dividend of 2 yuan for every 10 shares, totaling 29.34 million yuan, which is 34.66% of the net profit attributable to shareholders [6]. Business Segments - Revenue from gaming and amusement equipment sales is expected to reach 549 million yuan in 2024, with a gross margin of 27.44% [6]. - Revenue from anime IP derivative products is projected at 327 million yuan, with a gross margin of 42.75% [6]. - The amusement park operation segment is expected to generate 106 million yuan in revenue, although it shows a slight decline of 1.70% year-over-year [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [1][9][11] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 857 million yuan, a year-on-year increase of 78.45%, and a net profit of 311 million yuan, up 279.88% year-on-year [4][5] - The semiconductor module products are entering a rapid growth phase, with advanced ceramic materials revenue increasing by 94.54% to 768 million yuan, and semiconductor structural components revenue growing by 106.52% to 401 million yuan [5][6] - The company has a complete industrial chain for advanced ceramics and is one of the few domestic firms mastering the technology for ceramic materials, component manufacturing, surface treatment, and product testing [6][8] Financial Performance - In Q4 2024, the company reported revenue of 241 million yuan, a year-on-year increase of 88.97%, and a net profit of 85 million yuan, up 244.04% year-on-year [4][5] - The gross margin for advanced ceramic materials components was 63.19%, reflecting a year-on-year increase of 19.23 percentage points [6] - The company’s net profit margin reached 36.27%, an increase of 19.23 percentage points year-on-year [6] Production Capacity and Product Development - By the end of 2024, the company’s ceramic heater production capacity increased to over 100 units per month, more than tripling since the beginning of the year [8] - The company plans to expand its production capacity to nearly 200 units per month by the end of 2025, with new production facilities in Suzhou expected to be operational [8] - The company has developed multiple products in the ceramic heater and ultra-pure silicon carbide kit categories, with ongoing efforts to enhance production capabilities [7][8] Future Projections - Revenue projections for 2025-2027 are estimated at 1.16 billion, 1.48 billion, and 1.83 billion yuan, respectively, with corresponding net profits of 437 million, 541 million, and 672 million yuan [9][10] - The report anticipates a continued strong growth trajectory, with a projected PE ratio decreasing from 50 in 2025 to 33 in 2027, indicating improving valuation metrics [9][10]