Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for commercial jet engine materials is experiencing significant growth, leading to a revaluation of the chromium salt industry chain [3] - ATI's aerospace business is showing strong growth, driven by the demand for aircraft engines, which is expected to boost performance [4][5] - The MRO (Maintenance, Repair, and Overhaul) market for aircraft engines is becoming a new growth point for the industry, with strong demand anticipated [6] Financial Performance - As of May 16, 2025, the current stock price is 21.41 yuan, with a market capitalization of 10,898.20 million yuan [3] - In Q1 2025, ATI's revenue from the commercial jet engine sector grew by 33.8% year-on-year, with the HPMC department's revenue in the U.S. increasing by 31.45% [5][15] - The company expects to achieve revenues of 49.85 billion yuan, 59.54 billion yuan, and 66.63 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.11 billion yuan, 9.28 billion yuan, and 11.80 billion yuan [10][11] Market Trends - The MRO market is projected to grow at a rate of 40%-50%, with significant contributions from partnerships with major companies like Pratt & Whitney [6] - The global aerospace engine market is dominated by major players, with GE Aerospace and CFM International holding a combined market share of 69% [6] Production Capacity - The company anticipates an increase in chromium salt production capacity from approximately 260,000 tons to over 350,000 tons following the completion of its Chongqing base relocation and technological upgrades [11][20]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7][8]. Core Insights - The company has demonstrated steady growth in its performance, with a revenue of 2.462 billion yuan in 2024, reflecting a year-on-year increase of 6.08%. The net profit attributable to the parent company was 325 million yuan, up 2.36% year-on-year [1][7]. - The company is focusing on enhancing its product competitiveness through increased R&D investment, which reached 112 million yuan in 2024, a 10.35% increase from the previous year [3][7]. - The company is expanding its production capacity with a planned investment of at least 850 million yuan for a new high-end intelligent CNC equipment project, expected to be completed by June 2027 [3][7]. Performance Overview - The company's revenue from large machining centers was 1.08 billion yuan in 2024, up 12.64% year-on-year, while vertical CNC machine revenue was 746 million yuan, up 15.44% year-on-year. However, horizontal CNC machine revenue decreased by 12.71% to 604 million yuan [2][7]. - Domestic revenue significantly increased to 2.107 billion yuan, a 31.34% rise, while overseas revenue fell to 342 million yuan, down 51.42% [2][7]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.742 billion yuan, 3.075 billion yuan, and 3.473 billion yuan, respectively, with corresponding net profits of 365 million yuan, 412 million yuan, and 471 million yuan [6][7]. - The report anticipates a continued growth trend, with a projected revenue growth rate of 11% in 2025, 12% in 2026, and 13% in 2027 [6][7]. Market Context - The overall market for metal cutting machine tools is expected to benefit from policy support and the rapid development of sectors such as new energy vehicles and artificial intelligence, which may enhance future demand for machine tools [7].

2025 年 05 月 17 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 联系人 ： 徐鸣爽 S0350124100008 xums@ghzq.com.cn [Table_Title] 以旧换新密集落地，2025 年重卡内需有望景气 回升 ——商用车行业动态研究 最近一年走势 | 行业相对表现 | | | 2025/05/16 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 商用车 | 1.5% | -7.5% | 27.0% | | 沪深 300 | 3.1% | -1.3% | 6.8% | 相关报告 《商用车行业深度研究：重卡景气 2025 年有望拐 点向上，重卡公司或迎戴维斯双击（推荐）*商用 车*戴畅》——2025-01-07 《商用车行业动态研究：2024 年重卡批发同比微 降，2025 年有望向上均值回归（推荐）*商用车* 戴畅》——2025-01-05 事件： 2025 年 4 月我国重卡交强险上险量 6.9 万台，同比增长 6%，1-4 月累计 同比增 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company is transitioning from a dealer-centric model to a direct sales approach, aiming to expand its second growth curve [5]. - The company has shown strong revenue growth, with a 13.50% year-on-year increase in 2024, reaching 1.7 billion yuan, and a 14.25% increase in Q1 2025 [2][10]. - The company is actively developing key components for humanoid robots, indicating a strategic move into high-growth sectors [5][10]. Revenue and Profitability - In 2024, the company achieved a net profit of 229 million yuan, reflecting a 14.84% year-on-year increase [2]. - The revenue breakdown for 2024 shows significant contributions from various segments, with programmable logic controllers (PLC) generating 648 million yuan, a 21.09% increase, and drive systems contributing 806 million yuan, a 10.57% increase [3][10]. Business Segments - The PLC segment has a gross margin of 56.25%, while the drive systems segment has a gross margin of 24.46% [3]. - The company is expanding its presence in high-end manufacturing industries such as renewable energy, semiconductors, and robotics [3][4]. Market Performance - The company's stock has outperformed the CSI 300 index significantly, with a 123.8% increase over the past 12 months [7]. - As of May 16, 2025, the stock price is 65.42 yuan, with a market capitalization of approximately 10.28 billion yuan [7][11]. Future Projections - Revenue forecasts for 2025 to 2027 are projected at 1.99 billion yuan, 2.32 billion yuan, and 2.72 billion yuan, respectively, with corresponding net profits of 274 million yuan, 335 million yuan, and 405 million yuan [9][10]. - The report anticipates a continued increase in profitability, with a projected return on equity (ROE) rising from 10% in 2024 to 12% by 2027 [11].

2025 年 05 月 16 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 81 期 观点精粹: 最新报告摘要 《中美日内瓦经贸会谈联合声明》点评——攻守之势迎转折，建议红利底仓叠加出口链弹性--资产配置报告 业绩整体好于预期，关注外卖长期投入产出效果--京东集团-SW/互联网电商(09618/214506) 点评报告（港股 美股） 毛戈平(1318.HK)深度报告：美妆先导，光蕴无界，熠熠生辉--毛戈平/化妆品(01318/217702) 公司 PPT 报告 （港股美股） 马应龙(600993)深度报告：深耕肛肠药品老字号，湿厕纸延伸带来新动力--马应龙/中药Ⅱ(600993/213702) 公 司 PPT 报告 现金投资+战略合作 52TOYS，强化 IP 衍生品业务布局--万达电影/影视院线(002739/217206) 公司点评 贴标债要关注什么？--债券研究周报 信用债双周跟踪--债券研究周报 定增强化信创、AIPC 及智算领域布局，鸿蒙+机器人加速发展--软通动力/IT 服务Ⅱ ...

2025 年 05 月 15 日 债券研究周报 研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn [Table_Title] 贴标债要关注什么？ 最近一年走势 刘畅》——2025-04-21 《债券研究周报：机构行为每周跟踪*靳毅，刘畅》 ——2025-04-14 《债券研究周报：大行注资落地，如何影响债市* 靳毅，刘畅》——2025-04-07 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 i 相关报告 《固定收益点评：固收+如何应对债市波动？*靳 毅，刘畅》——2025-04-29 《债券研究周报：机构行为每周跟踪*靳毅，刘畅》 ——2025-04-28 《债券研究周报：存款利率补降意味着什么*靳毅， 贴标债现状几何 2020 年以来，我国贴标债发行规模显著增长， 截至 2025 年 5 月 12 日，贴标债存续规模已超 3 万亿元，占信用债 比例达 9.59%，规模可观。从分类来看，贴标债主要分为科创债、 绿色公司债、乡村振兴公司债、"一带一路"公司债券、中小微企 业支持债、可持续挂钩债、双创债等一系列品种。科创债及绿债为 其中核心的品种，截至 ...

2025 年 05 月 15 日 债券研究周报 研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn [Table_Title] 信用债双周跟踪 最近一年走势 相关报告 刘畅》——2025-04-21 《债券研究周报：机构行为每周跟踪*靳毅，刘畅》 ——2025-04-14 《债券研究周报：大行注资落地，如何影响债市* 靳毅，刘畅》——2025-04-07 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 i 《固定收益点评：固收+如何应对债市波动？*靳 毅，刘畅》——2025-04-29 《债券研究周报：机构行为每周跟踪*靳毅，刘畅》 ——2025-04-28 《债券研究周报：存款利率补降意味着什么*靳毅， 本期（2025.04.28-2025.05.11，下同） 信用债发行规模 2,870.76 亿元，净融资-760.73 亿元；城投债发行规模 737.01 亿元，净融资 -815.07 亿元；产业债发行规模 2,133.75 亿元，净融资 54.34 亿元。 本期 信用债加权平均发行利率 2.05%。各券种加权平均发行利 率较上期（2025.04.14 ...

研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 2025 年 05 月 15 日 公司研究 评级：增持(维持) [Table_Title] 定增强化信创、AIPC 及智算领域布局，鸿蒙+ 机器人加速发展 ——软通动力（301236）公司点评报告 最近一年走势 | 相对沪深 300 | 表现 | | 2025/05/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 软通动力 | 9.5% | -15.1% | 53.0% | | 沪深 300 | 4.9% | 0.1% | 7.8% | | 市场数据 | | | 2025/05/14 | | 当前价格（元） | | | 59.84 | | 周价格区间（元） 52 | 29.20-80.50 | | --- | --- | | 总市值（百万） | 57,024.00 | | 流通市值（百万） | 40,710.07 | | 总股本（万股） | 95,294.12 | | 流通股本（万股） | 68,031.54 | | 日均成交额（百万） | 1,17 ...

研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 2025 年 05 月 15 日 公司研究 评级：买入(维持) [Table_Title] 现金投资+战略合作 52TOYS，强化 IP 衍生品业 务布局 ——万达电影（002739）公司点评 最近一年走势 | 相对沪深 | 300 | 表现 | 2025/05/15 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 万达电影 | | -6.0% | -19.8% | -22.2% | | 沪深 300 | | 3.9% | -0.8% | 7.8% | | 市场数据 | 2025/05/15 | | --- | --- | | 当前价格（元） | 10.64 | | 52 周价格区间（元） | 8.90-14.25 | | 总市值（百万） | 22,469.33 | | 流通市值（百万） | 22,188.50 | | 总股本（万股） | 211 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has a strong foothold in the hemorrhoid treatment market, with a stable patient base and significant growth potential due to the high prevalence of hemorrhoid diseases, which affects over 50% of the population. The overall annual growth rate for hemorrhoid medications is around 7% [7] - The company is expanding its product line into health and wellness sectors, particularly with eye creams and wet wipes, which are gaining traction in the market. The wet wipes segment is experiencing rapid growth, and the company holds competitive advantages in brand and product quality [8] - The company has implemented channel optimization strategies to enhance operational capabilities, focusing on expanding into county-level and lower-tier markets [8] Summary by Sections 1. Hemorrhoid Treatment Market Leadership - The company has over 400 years of history and a unique "Eight Treasure" formula that is recognized as a national intangible cultural heritage, providing a strong efficacy foundation for its products [11] - The company’s product portfolio includes a comprehensive range of hemorrhoid treatments, with a significant market share of 50% in retail sales [7][18] - The company’s pharmaceutical segment contributes 90% of its gross profit, indicating a robust revenue model [39] 2. Growth Potential in Health and Wellness - The company has launched products like the "Little Blue Wet Wipes," which have quickly gained popularity, ranking high on sales charts [28] - The health and wellness segment is expected to enhance brand recognition, especially among younger consumers, thereby increasing the penetration of OTC products [25] 3. Revenue and Profitability Forecast - Projected revenues for 2025-2027 are estimated at 4.346 billion, 5.025 billion, and 5.822 billion yuan, respectively, with net profits expected to be 624 million, 742 million, and 890 million yuan, corresponding to PE ratios of 18.59, 15.64, and 13.04 times [8]