Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 40.36 billion RMB in 2024, representing a year-on-year growth of 11.3%, driven primarily by the express delivery business [2] - The express delivery business saw a revenue decline of 19.7% in 2024, while the freight business grew by 12.95% to 36.46 billion RMB, supported by improved delivery quality and sales capabilities [2] - In Q1 2025, the company reported a revenue of 10.41 billion RMB, a 12% increase year-on-year, but a net profit decline of 173.7% to -0.68 billion RMB due to increased resource investment and a 34% rise in transportation costs [2] Revenue and Profit Analysis - The company's gross margin decreased to 7.62% in 2024, down 1.06 percentage points, primarily due to increased transportation costs [3] - The operating expense ratio improved to 5.51%, down 1.06 percentage points, with sales expenses rising by 43.04% to 686 million RMB, reflecting ongoing investments in sales capabilities [3] - The company successfully reduced labor costs as a percentage of revenue by 4.37 percentage points through service upgrades and improved delivery coverage [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 970 million RMB and 1.07 billion RMB, respectively, with a new forecast for 2027 set at 1.18 billion RMB [4] - The report indicates a projected revenue growth rate of 10.50% for 2025 and a net profit growth rate of 13.05% [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Viewpoints - The company reported a revenue of 14.6 billion RMB for 2024, a year-on-year increase of 27.4%, and a net profit attributable to shareholders of 2.26 billion RMB, up 18.7% year-on-year [2]. - The company has a robust order backlog, with 13.2 billion RMB for 2024, reflecting a 25.8% year-on-year growth, and 15.72 billion RMB for Q1 2025, up 26.1% year-on-year [2]. - The company plans to distribute at least 45% of its profits as cash dividends annually from 2025 to 2027, with potential mid-term profit distributions [2]. Performance Analysis - The overseas business has established a significant presence with 5 production bases and 11 sales centers, generating 2.71 billion RMB in revenue for 2024, a 38.4% increase year-on-year [2]. - In the domestic market, the company has maintained a leading position in the power distribution sector, with significant contracts awarded, including 1.29 billion RMB from Southern Power Grid, a 68.3% increase year-on-year [3]. - The medical services segment achieved a revenue of 3.26 billion RMB in 2024, growing 17.1% year-on-year, with a gross margin of 34.3% [4]. Financial Forecasts - The company is projected to achieve revenues of 18.0 billion RMB, 22.04 billion RMB, and 26.48 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23%, 22%, and 20% [5]. - The net profit attributable to shareholders is expected to reach 2.87 billion RMB, 3.50 billion RMB, and 4.22 billion RMB for the same years, with growth rates of 27%, 22%, and 21% respectively [5]. - The current price-to-earnings (P/E) ratio is projected to be 13, 11, and 9 for the years 2025, 2026, and 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company achieved a revenue of 3.045 billion RMB in 2024, representing a year-on-year growth of 16.77%. The net profit attributable to shareholders reached 615 million RMB, a significant increase of 80.75% [1]. - The company is actively participating in national drug procurement initiatives, successfully winning bids for all products, which has led to a synergistic effect of increased sales volume and price adjustments [2]. - The company is expanding its international market presence, with international sales revenue growing by 20.15% year-on-year to 392 million RMB in 2024 [2]. - The company is advancing its research and development efforts, with multiple diabetes treatment products entering various clinical trial phases [3]. Summary by Sections Performance Review - In 2024, the company reported a revenue of 3.045 billion RMB, a 16.77% increase from the previous year. The net profit attributable to shareholders was 615 million RMB, up 80.75% [1]. - In Q1 2025, the company achieved a revenue of 985 million RMB, reflecting a 75.76% year-on-year growth, with net profit soaring by 224.90% to 312 million RMB [1]. Operational Analysis - The domestic formulation business is experiencing rapid growth, with a sales revenue increase of 315 million RMB attributed to successful participation in national drug procurement [2]. - The international market expansion is progressing steadily, with international sales revenue reaching 39.2 million RMB in Q1 2025, a 45.21% increase year-on-year [2]. Research and Development - The company is focusing on the development of fourth-generation insulin and other advanced diabetes treatments, with several products in late-stage clinical trials [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.101 billion RMB in 2025, 1.513 billion RMB in 2026, and 1.850 billion RMB in 2027, with corresponding EPS of 1.83 RMB, 2.52 RMB, and 3.08 RMB [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 3.9 billion RMB in 2024, representing a year-on-year growth of 77%, while the net profit attributable to shareholders decreased by 41% to 90 million RMB [2] - The growth in revenue is attributed to increased operational volume and rising shipping prices, with a 25% increase in total container volume to 309,600 TEU and a 65% increase in average shipping prices [3] - The gross margin decreased to 10.5%, down 4.8 percentage points year-on-year, primarily due to the rapid growth of low-margin supply chain trade services [4] - The company announced a profit distribution plan, proposing a cash dividend of 3 RMB per 10 shares, totaling up to 29.79 million RMB [4] Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 920 million RMB, a 49% increase year-on-year, but a net profit of -3 million RMB, a decline of 133% [2] Operational Analysis - The operational volume increased by 25% to 309,600 TEU, with the cross-border chemical logistics segment growing by 13% [3] - The supply chain trade services revenue surged by 271% to 1.35 billion RMB [3] Financial Metrics - The gross margin for 2024 was 10.5%, with a significant drop attributed to the low-margin supply chain trade services [4] - The company recorded credit impairment losses of 60 million RMB and fair value losses of 70 million RMB, impacting net profit [4] Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 are 210 million RMB, 270 million RMB, and 350 million RMB, respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant performance pressure, with a revenue decline of 33.0% in 2024, resulting in a revenue of 5.22 billion and a net profit drop of 63.8% to 970 million. The first quarter of 2025 shows a revenue of 910 million, down 10.4% year-on-year and 38.6% quarter-on-quarter, with a net profit of 60 million, down 42.6% year-on-year and 82.0% quarter-on-quarter. However, the company is expected to see a turnaround in performance in 2025 as the military industry recovers [2][3][4] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 52.2 billion (down 33.0%) and a net profit of 9.7 billion (down 63.8%). For Q1 2025, revenue was 9.1 billion (down 10.4% year-on-year, down 38.6% quarter-on-quarter) with a net profit of 0.6 billion (down 42.6% year-on-year, down 82.0% quarter-on-quarter). The expected operating indicators for 2025 are a revenue of 57 billion and a total profit of 11.45 billion [1][2] Operational Analysis - The company's performance has been under pressure due to delayed orders and price declines. The subsidiaries also faced challenges, with significant revenue drops. However, the subsidiary Zhihua Yongguang showed resilience, with a profit decline of 48.8%, which is significantly lower than the overall company decline of 63.8%, indicating a strong market position in semiconductor discrete devices [2][3] Profitability Analysis - The company’s gross margin for 2024 was 49.7% (down 9.6 percentage points), and the net margin was 18.6% (down 15.9 percentage points). For Q1 2025, the gross margin was 42.5% (down 5.1 percentage points year-on-year, down 7.5 percentage points quarter-on-quarter), and the net margin was 6.4% (down 3.6 percentage points year-on-year, down 15.6 percentage points quarter-on-quarter). The report anticipates an improvement in profit margins as orders recover in 2025 [3][4] Forecast and Valuation - The company is projected to achieve net profits of 1.28 billion, 1.63 billion, and 1.97 billion from 2025 to 2027, representing year-on-year growth rates of 31.62%, 27.93%, and 20.43%, respectively. The corresponding price-to-earnings ratios are expected to be 23.4, 18.3, and 15.2 times. The company is positioned as a leading platform for military components, with significant performance elasticity and sustainability advantages as the industry recovers [4]

氢能与燃料电池 买入 维持评级 氢能组 师：唐雪琪（执业 师：姚遥（执业 氢车产销势头上扬，中央 3 年拨付补贴超 50 亿元 行业数据点评 25Q1 装机势头上扬。3 月，燃料电池系统装机量 165.44MW，同比上升 177.8%；2025 年 1~3 月燃料电池系统累计 装机量 206.28MW，同比增长 102%，行业数据季节性波动。3 月均为高功率，以重卡为主，占比 97.3%。 3 月上险量 728 辆，Q1 淡季不淡。2025 年 3 月上险量为 728 辆，同比增长 87.2%。由于统计口径差异，中汽协公 布的 3 月燃料电池汽车产销分别为 365/377 辆，同比增长 36.2%/68.3%。2025Q1 上险量为 1143 辆，同比增长 42.9%。 东方电气单月装机量第一，本月以新兴第三方系统商为主。3 月，东方电气系统装机量第一，为 73.4MW，占比 44%； 荣创新能第二，装机 20.1MW，占比 12%；第三是氢扬动力，装机 15.8MW，占比 10%。2025 年 1~3 月，东方电气装机量 第一，为 73.4MW，占比 35%；荣创新能第二，为 20.1MW，占比 10%，国 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an upward adjustment in profit forecasts for 2025-2027 [5][14]. Core Insights - The company reported a revenue of 2.589 billion RMB in 2024, a decline of 4% year-on-year, while the net profit attributable to shareholders was a loss of 205 million RMB, showing significant improvement compared to the previous year [2]. - In Q1 2025, the company achieved a revenue of 588 million RMB, marking a 15% increase year-on-year, with a net profit of 25 million RMB, a remarkable growth of 564% [2]. - The PCB chemicals and chemical reagents segments showed improved profitability, with PCB chemicals revenue growing by 20% to 1.64 billion RMB and a gross margin increase of 1.04 percentage points [3]. - The company plans to optimize its production layout and strengthen cooperation across the supply chain to enhance competitiveness in the new energy materials sector, which has been adversely affected by industry cycles [3][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 2.589 billion RMB, with a projected increase to 3.007 billion RMB in 2025, reflecting a growth rate of 16.14% [10]. - The net profit is expected to recover to 110 million RMB in 2025, with further growth to 151 million RMB in 2026 and 187 million RMB in 2027 [10]. Business Segments - The PCB chemicals segment is a key growth driver, with a revenue increase of 20% in 2024, while the lithium battery materials segment faced challenges, with a 55% revenue decline [3]. - The company is reallocating 280 million RMB from the terminated high-performance lithium battery materials project to a new specialized chemical materials project, aimed at enhancing production capabilities in various industries [4]. Profitability and Valuation - The report projects net profits of 1.1 billion RMB and 1.51 billion RMB for 2025 and 2026, respectively, with a new forecast for 2027 at 1.87 billion RMB [5]. - The price-to-earnings (P/E) ratios for 2025-2027 are estimated at 66.25, 48.25, and 38.87 times, respectively [5].

事件 2025 年 4 月 23 日公司发布了 2024 年报和 2025 年 1 季报，公司 2024 年营业收入为 25.89 亿元，同比下滑 4%，归母净利润为亏损 2.05 亿元，同比大幅减亏；2025 年 1 季度营业收入为 5.88 亿元， 同比增长 15%，归母净利润为 0.25 亿元，同比增长 564%。 经营分析 PCB 化学品和化学试剂盈利改善，新能源材料有望优化实现减亏。 从公司分板块业务表现来看，2024 年 PCB 化学品和化学试剂收入 增长且盈利提升，PCB 化学品收入同比增长 20%达到 16.4 亿元， 毛利率同比提高 1.04pct，化学试剂收入同比增长 7%达到 4.7 亿 元，毛利率同比提高 4.09pct；受行业周期影响，新能源材料订单 需求不足且碳酸锂等产品价格持续低位，板块获利能力继续下降 导致经营亏损，2024 年锂电池材料收入同比下滑 55%至 2.6 亿元， 毛利率同比下滑 18.55pct。面对新能源材料行业周期性波动对经 营产生的不利影响，公司计划通过合理调整生产基地的布局，进一 步强化产业链上下游稳定协同合作关系，对产业链进行优化降本， 提高公司新能源产 ...

Investment Rating - The report suggests that the current sector has investment value, recommending a focus on operators with potential for increased capacity utilization, leading indicators in power generation per ton and heating ratio, lower reliance on subsidies, and higher cash dividend capabilities [1]. Core Insights - The report highlights that the waste incineration sector is entering a phase of positive free cash flow, with significant increases in dividend ratios expected in the coming years. The average dividend ratio is projected to rise from 35% in 2023 to 47% in 2024, driven by a 307% year-on-year increase in free cash flow [3][23][30]. - The report emphasizes the importance of collaboration with IDC (Internet Data Center) operators, which is expected to optimize cash flow curves and business models for waste incineration operators. This partnership is anticipated to create a win-win scenario for all parties involved [3][54]. Summary by Sections Section 1: Industry Overview - The waste incineration industry has achieved a 100% harmless treatment rate for domestic waste by the end of 2023, with a significant shift towards incineration over landfill methods [12][13]. - The fixed cost structure of waste incineration plants is characterized by a high proportion of depreciation and amortization costs, approximately 42.8%, leading to stable cash outflows [15][18]. Section 2: Financial Performance - The report notes that the waste incineration sector is expected to see a substantial increase in free cash flow, with the first year of positive free cash flow occurring in 2023. The average dividend payout ratio is projected to increase significantly in 2024 [3][23][30]. - The cash flow structure is stable, with variable costs linked to fuel prices being only 5.5% of total costs, while the majority consists of labor and auxiliary costs [15][18]. Section 3: Risks and Challenges - The report identifies several risks, including delayed subsidy payments, lower-than-expected capacity utilization for newly commissioned plants, and potential issues with the commercial model leading to accounts receivable delays [2][26]. - The impact of subsidy reductions on project internal rates of return (IRR) is highlighted, with a decrease of 0.1 CNY/KWh potentially lowering IRR from 7.9% to 6.2% [29][34]. Section 4: Strategic Recommendations - The report recommends focusing on regional operators in high electricity price areas (e.g., Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei) that have lower reliance on subsidies and higher cash dividend capabilities [1]. - Collaboration with IDC is seen as a strategic move to enhance cash flow and stabilize revenue streams, particularly in light of increasing energy demands from data centers [54][56].

业绩简评 4 月 23 日，公司发布 24 年&25Q1 业绩。24 年公司收入 37 亿元， 同比-10%，扣非归母净利润 2.9 亿元，同比-29%；25Q1 公司收入 6.8 亿元，同比-22%，扣非归母净利润 0.34 亿元，同比-59%。 经营分析 1、24 年电车 PTC 收入高增。分业务：24 年公司家电 PTC/电车 PTC/ 新能源装备/光通信分别收入 11.4/5.1/14.7/4.7 亿元，同比- 10%/+73%/-25%/-6%，毛利率分别 18.6%/20.1%/32.8%/10.6%，分 别-0.7/-4.0/-3.1/+0.9pct。 2、25Q1 净利率环比修复。24 年公司毛利率 23.35%，同比-0.2pct， 四费率 9.6%，同比-0.2pct，扣费归母净利率 7.8%，同比-2.1cpt； 25Q1 公司毛利率 22.34%，同比-1.35pct，四费率 11.74%，同比 +1.2pct，环比-3.4pct，扣非归母净利率 5.0%，同比-4.4pct，环 比+2.1pct，净利率环比提升主因减值降低。 3、积极拓品类拓方向，预镀镍逐步放量。①家电 PTC：公司 ...