Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.74, 1.28, and 1.89 RMB for the years 2025 to 2027, respectively [4]. Core Insights - The company reported a revenue of 1.768 billion RMB for 2024, representing a year-on-year growth of 41.37%, and a net profit of 179 million RMB, a significant increase of 491.56% compared to the previous year [1][4]. - The company has significantly enhanced its production capacity and efficiency, achieving a record production of 410,200 SiC substrates in 2024, which is a 56.56% increase year-on-year [2][3]. - The company is recognized as the second-largest manufacturer of conductive SiC substrates globally, holding a market share of 22.8% [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 487 million RMB, with a year-on-year growth of 4.32%, and a net profit of 36 million RMB, up 59.74% year-on-year [1]. Operational Analysis - The company has improved its core product capacity, with the Jinan plant steadily increasing output and the Shanghai plant achieving its annual production target ahead of schedule [2]. - The gross profit margin for 2024 was reported at 25.9%, indicating a significant improvement [2]. Research and Development - The company has made advancements in R&D, being the first in the industry to produce defect-free 8-inch substrates using a liquid-phase method, and has a total of 194 invention patents and 308 utility model patents [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 318 million RMB, 549 million RMB, and 814 million RMB, respectively, with corresponding growth rates of 78%, 73%, and 48% [4].

业绩简评 3 月 27 日公司发布 2024 年年报，2024 年实现营业收入 62.7 亿元，同降 7.5%；实现归母净利润 2.34 亿元，同降 47.5%；实现 扣非归母净利润 1.85 亿元，同增 2.0%。其中 Q4 实现营业收入 13.0 亿元，同降 29.4%、环降 21.3%，实现归母净利 0.56 亿元，同增 34.4%、环增 49.3%，实现扣非归母净利润 0.35 元，同降 37.3%、 环降 9.5%。非经常损益主要为政府补助。 经营分析 原材料自供降本，EVA 产品盈利水平维持高位。2024 年公司 EVA 产品销量 15.56 万吨，2024 年 1 月 9 万吨/年 VA 装置投产实 现了 EVA 装置的原料完全自给，进一步降低生产成本，在全年产 品均价同比下降 26%的背景下仍维持较高的盈利水平，全年 EVA 产 品毛利率达 30.12%。24Q4 起 EVA 价格开始上涨，截至 3 月底已较 底部上涨 16%以上，25Q2 光伏排产快速提升带动胶膜需求增长， 预计 EVA 价格及盈利有望持续修复。 多条新建装置顺利投产，新品放量积极开拓新市场。2024 年 公司多条新建装置顺 ...

业绩简评 3 月 27 日，公司披露 2024 年年报，归母净利润同比+201%、每股 分红同比+198%、NBV 增长 107%、CSM 较年初增长 4.1%。 经营分析 利润、分红均实现超预期增长。2024 年公司归母净利润同比+201% 至 262 亿，其中 Q4 55.5 亿元（上年同期-8.3 亿元）。归母净资产 分别较年初、Q3 末-8.4%、+5.7%。末期分红 1.99 元，全年分红 2.53 元，同比增长 198%，分红比例达 30.1%。CSM 较年初+4.1%。 Margin 改善驱动 NBV 高速增长，假设调整后 EV 仍实现增长。① 假设下调后（投资收益率 4%、风险贴现率 8.5%），NBV 仍实现 106.8% 增长，其中首年保费同比-5.0%，margin 提升 7.9pct 至 14.6%。 原保费口径，新单保费同比-4.6%，主要受趸交压降 33.2%，缴期 结构大幅优化，长期险首年期交占首年保费比例提升 12.6pct 至 70.1%。②假设调整后 EV 增长 3.2%，贡献分别为 NBV（2.5%）、EV 预期回报（6.6%）、运营偏差（1.9%）、投资偏差（8.1%） ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan in 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, marking increases of 1.5% and 18.3% respectively. The number of live broadcasts surged to 26,500, totaling over 49,800 hours, a growth of 110% [2]. - The product matrix has been optimized, leading to a significant increase in paying users. The number of paying users for large products and small products reached 181,500, with a notable decrease in the overall refund rate to 21.8% [2]. - The introduction of AI tools has enhanced operational efficiency, with a reduction in employee numbers by 11.1% while still supporting revenue growth. The company's cost expenses increased by 14.0%, but the expense ratios for sales, management, and R&D decreased [2]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00% respectively. Net profit forecasts for the same period are 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% respectively [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027 respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [5][13]. Core Insights - In 2024, the company achieved revenue of 2.362 billion RMB, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 203 million RMB, an increase of 13.58% [2]. - The company's software product revenue decreased by 13.95% due to fluctuations in downstream customer demand, while technical services revenue grew by 7.87% to 1.438 billion RMB [3]. - The company has upgraded its AI-enabled products, which are expected to drive revenue growth, and has launched various applications integrating AI functionalities [4]. - The marketing system is continuously improving, with a strategic goal to expand into overseas markets, establishing localized service teams in several countries [4]. Financial Performance Summary - The company forecasts revenues of 2.631 billion RMB, 2.923 billion RMB, and 3.239 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.40%, 11.10%, and 10.80% [5][10]. - The projected net profit for 2025, 2026, and 2027 is 276 million RMB, 319 million RMB, and 368 million RMB, reflecting growth rates of 36.06%, 15.46%, and 15.44% [5][10]. - The report indicates a decrease in employee numbers by 13.4% and a reduction in sales, management, and R&D expense ratios [3].

2025 年 03 月 28 日 原中航电测 2024 年实现营收 17.80 亿（同比+6.1%），实现归母净 利润 1.12 亿（同比+14.4%）。公司年度利润分配方案为拟向股东 每 10 股派发现金股利 0.14 元，成飞完成资产重组后，总股本从 5.91 亿股增加为 26.77 亿股，阶段性表观每股股利摊薄，后续将 恢复高分红水平。 中航成飞完成重组，最强主机厂华丽上市。根据公司 2024 年报未 来发展战略，公司全力打造"创新成飞、数字成飞、精品成飞" 三新成飞，将围绕航空主业协调发展支柱业务，拓展国内、国外 两方面市场，努力建成具有全球竞争力的世界一流创新型航空产 业集团。根据公司 2024 年董事会工作报告披露的 2025 年工作计 划，预计 2025 年全年营业收入超过 800 亿元，业绩实现稳健增长， 体现中航成飞强大发展韧性。 多措并举，产业链做大做强。对内协同成飞所、子公司巩固打造 "研-造-试-修-投"一体化高效协同机制，对外携手政府打造航 空产业园区，创设产投基金培育上游企业，造就最强"成飞军团"。 "1+1+N"（政府+龙头企业+配套企业）融合发展，"链主"与"链 属"企业高效协 ...

减值大幅收窄致归母净利大涨，非经营性及客观因素致核心归母 净利下降。24 年商誉及其他无形资产减值+金融资产及合同资产减 值损失合共 16.5 亿元，同比减少 24.2 亿元，使得经营利润同比 +144.4%。非经营性因素（少确认风险客商收入影响约 15%、长账 龄应收等坏账计提损失影响约 45%）及客观因素（非业主增值 、城服、商业运营、其他服务的经营利润下降，影响约 60%）共同 导致核心归母净利下降 22.9%。 业绩 2025 年 3 月 27 日，公司发布 2024 全年业绩：实现收入 439.93 亿元，同比+3.2%；归母净利润 18.08 亿元，同比+518.7%；核心 归母净利润 30.38 亿元，同比-22.9%。 经营分析 核心业务保持增长，占比进一步提升。24 年核心业务（物管服务+ 社区增值+三供一业）收入同比+9.4%，加回风险客商未收款后的 收入同比+10.2%。核心业务占总收入比例达 87%，同比+4.9pct。 压降关联方风险，独立性逐步加强。24 年关联方应收款原值压降 4.5 亿至 25.5 亿，计提减值拨备比例 74%。加回风险客商未收款 前，持续关连交易实际发生额占总 ...

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 Insights - The company reported a revenue of 6.27 billion RMB in 2024, a decrease of 7.5% year-on-year, and a net profit attributable to shareholders of 234 million RMB, down 47.5% year-on-year. However, the non-recurring net profit increased by 2.0% to 185 million RMB [2]. - The company has successfully reduced production costs through self-supply of raw materials for EVA products, maintaining a high gross margin of 30.12% despite a 26% decline in average product prices [3]. - New production facilities have been successfully launched, and new products are being actively developed to expand into new markets, including successful supply to leading clients in the lithium battery industry [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 1.3 billion RMB, a decline of 29.4% year-on-year and 21.3% quarter-on-quarter, while the net profit attributable to shareholders was 56 million RMB, an increase of 34.4% year-on-year and 49.3% quarter-on-quarter [2]. Operational Analysis - The company produced 155,600 tons of EVA products in 2024, with a new VA facility coming online in January 2024, allowing for complete self-supply of EVA raw materials [3]. - The EVA price has started to recover since Q4 2024, with a more than 16% increase from the bottom, and demand for EVA is expected to grow due to increased production in the photovoltaic sector [3]. Future Projects - Several new projects are expected to come online by 2025, including a 200,000 tons/year EVA facility and a 100,000 tons/year POE facility, which will enhance the company's competitiveness in new energy and biodegradable materials [4]. Profit Forecast and Valuation - The profit forecast for 2025-2026 has been adjusted to 280 million RMB and 590 million RMB, respectively, with a new forecast for 2027 set at 730 million RMB. The expected year-on-year growth rates for 2025-2027 are 20%, 110%, and 24% [5].

Investment Rating - The report maintains a recommendation for Yinhong Co., indicating a strong investment opportunity in the automotive thermal management sector with a projected net profit of 1.106 billion yuan for 2025, corresponding to a PE ratio of 21 times [5][20][21]. Core Insights - The report highlights the ongoing development and deployment of humanoid robots in various industries, particularly in automotive manufacturing, showcasing significant advancements in automation and efficiency [10][11][15]. - The U.S. is considering a national strategy for robotics to enhance competitiveness and innovation in the sector, which could lead to increased production capabilities and federal support for research and development [7]. - The report emphasizes the importance of key players in the supply chain, particularly those represented by T, and suggests that the focus should remain on leading companies in niche markets for long-term investment success [20][21]. Industry Dynamics - The U.S. is contemplating a national robotics strategy to foster industry growth and global competitiveness [7]. - The 2025 Zhongguancun Forum is set to highlight humanoid robot applications across various service scenarios [8]. - The China Generative AI Conference will take place on April 1-2, focusing on advancements in AI technologies [9]. Company Developments - Dongfeng Liuzhou Automobile has announced the deployment of 20 units of UBTECH's Walker S1 humanoid robots in its manufacturing facility to enhance automation [10]. - Guanggu Dongzhi plans to produce 300 humanoid robots in 2025, with future annual production expected to reach 1,000 units [15]. - Tianchuang Robotics unveiled its Tian Kui 1 explosive-proof humanoid robot at the 2025 Industry Conference, showcasing its capabilities in special operations [16]. Key Metrics - As of March 27, the robotics sector remains stable, with the sensor segment leading in growth at +1.5%, followed by lightweight components at +0.7% and micro motors at +0.4% [4][18]. - The top-performing stocks include Fulei New Materials (+10.0%), Huapei Power (+5.3%), and Zhaomin Technology (+4.5%) [19].

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][12]. Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 201% to 26.2 billion RMB, and a substantial increase in dividends by 198% [3][5]. - The New Business Value (NBV) grew by 107%, driven by improved margins and a favorable shift in premium structure [2][3]. - The report highlights a strong performance in both individual and bancassurance channels, with NBV growth of 37.2% and 516% respectively [4][5]. Performance Summary - The company's net profit for 2024 reached 26.2 billion RMB, with Q4 alone contributing 5.55 billion RMB, a turnaround from a loss of 0.83 billion RMB in the same period last year [3]. - The total dividend for the year was 2.53 RMB per share, with a payout ratio of 30.1% [3][5]. - The NBV growth was attributed to a margin improvement of 7.9 percentage points to 14.6%, despite a 5% decline in first-year premiums [3][4]. Financial Metrics - The company's total revenue for 2024 is projected at 132.6 billion RMB, with a growth rate of 85.27% [10]. - The expected earnings per share (EPS) for 2024 is 8.41 RMB, reflecting a significant recovery from the previous year's EPS of 2.79 RMB [10][11]. - The Price to Earnings (P/E) ratio for A shares is projected to be 6.11 for 2024, indicating a favorable valuation compared to historical levels [10][11]. Investment Outlook - The report anticipates that the company's NBV growth rate for Q1 could exceed 50%, with expectations for double-digit growth throughout the year [5]. - The asset allocation strategy shows a higher equity exposure compared to peers, suggesting potential benefits from market recovery [5]. - The current Price to Embedded Value (PEV) ratios for A/H shares are 0.56 and 0.29 respectively, positioning the company favorably within historical ranges [5].