证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 海信家电（000921.SZ） 收入业绩增长稳健，净利率稳步提升 事件：公司发布 2025 年一季报。2025Q1 实现营业收入 248.38 亿 元，同比增长 5.76%；实现归母净利润 11.27 亿元，同比增长 14.89%。 净利率稳步提升。毛利率：2025Q1 公司毛利率同比-0.22pct 至 21.41% 。费率端： 2025Q1 销 售 / 管 理 / 研 发 / 财 务 费 率 为 9.55%/2.39%/3.32%/0.02% ， 同 比 变 动 -0.45pct/- 0.25pct/+0.02pct/+0.33pct。财务费用变动主要系汇兑损益波动所 致。净利率：公司 2025Q1 净利率同比+0.03pct 至 6.58%。 销售商品收到的现金稳步增长。2025Q1 公司经营性现金流净额 0.65 亿元，同比-58.3%。其中销售商品收到的现金为 193.06 亿元， 同比+10.81%。 一季度空调行业产销稳步增长，出口表现优于内销。据奥维云网数 据，2025 年一季度空调生产 5597.2 万台 ...

公司发布 2025 年一季报，业绩同比小幅下降。公司 2025 年一季度实现 营业收入 4.29 亿元，同比下降 2.96%；实现归母净利润 0.41 亿元，同比 下降 2.99%；实现扣非归母净利润 0.40 亿元，同比下降 1.43%。受制于 下游客户资本开支需求减弱、下游产业链终端市场的竞争加剧，公司业绩 短期承压，但我们认为公司已渡过低谷期，看好未来公司需求恢复。 证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 苏试试验（300416.SZ） 25Q1 业绩同比小幅下降，期待公司后续拐点往上 公司费率整体较为稳定，高研发投入为后续公司增长蓄力。公司 2025 年 一季度期间费用率 31.41%，同比上行 0.28pct；其中，销售费用率为 8.48%，同比增长 0.37pct；管理费用率为 12.46%，同比下降 0.71pct； 财务费用率为 1.57%，同比下降 0.36pct；研发费用率为 8.89%，同比增 长 0.96pct，公司期间费用率稳健。公司 2025 年一季度毛利率为 40.44%， 同比下降 2.03pct，我们认为，公司在市场竞争加剧的背 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant growth in Q1 2025, with revenue reaching 619 million yuan, a year-on-year increase of 317.34%, and net profit attributable to shareholders at 69 million yuan, up 990.26% [1] - The substantial growth is primarily driven by the completion of the "Fish-Solar Complementary" project, which contributed significantly to the company's performance [1] - The company is positioned to benefit from the increasing demand for coal power upgrades and auxiliary equipment, with a projected market potential of 700 million to 2.9 billion yuan over the next three years [2] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to become new growth engines for future performance [3] Financial Summary - The company is projected to achieve revenues of 1.987 billion yuan in 2025, with a year-on-year growth rate of 51.2%, and net profits of 212 million yuan, reflecting a growth rate of 128.2% [4] - Earnings per share (EPS) are expected to be 1.72 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 15.1, 12.4, and 10.4 for 2025, 2026, and 2027 respectively [4][5] - The financial outlook indicates a steady increase in revenue and profit margins, with net profit margins projected to improve from 8.4% in 2023 to 11.1% by 2027 [4]

Core Insights - The report highlights a significant decline in global trade and Chinese exports following the implementation of new tariffs, particularly affecting exports to the US while showing some improvement in exports to Vietnam [4] - The report anticipates that China's exports in April may see a notable decline, but "trans-exports" could partially offset this impact, with overall export figures not expected to turn significantly negative due to low base effects [4] Macroeconomic Analysis - Global trade indicators have shown a downturn since April, with a notable drop in US container bookings and port truck transport volumes, indicating a larger decline in US imports [4] - In China, high-frequency data related to exports to the US has weakened, while indicators for exports to Vietnam have improved, suggesting a shift in trade dynamics [4] - Industrial operating rates in sectors like automotive and textiles have recently weakened, likely linked to the impact of increased tariffs [4] Industry Performance Mechanical Sector - Peak Technology (688279.SH) reported slightly better-than-expected performance in Q1 2025, with a focus on expanding applications in home appliances, automotive, and industrial sectors [8] - The company is positioned to benefit from the growing demand for high-performance motor control chips due to advancements in automation and smart technologies [8] Food and Beverage Sector - Haitian Flavor Industry (603288.SH) achieved Q1 2025 revenue of 8.315 billion yuan, a year-on-year increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% [9] - The company is expected to benefit from the recovery in the restaurant sector and plans for overseas expansion, with projected net profits for 2025-2027 of 7.01 billion, 7.82 billion, and 8.65 billion yuan respectively [10] Construction and Decoration Sector - China State Construction (601668.SH) demonstrated resilience with a 40% increase in infrastructure orders, while maintaining stable net profit margins [14] - The company is projected to achieve net profits of 44.8 billion, 45.4 billion, and 45.6 billion yuan from 2025 to 2027, reflecting a slight decline in 2025 followed by modest growth [14] Electrical Equipment Sector - Tian Shun Wind Power (002531.SZ) is facing short-term performance pressures but is expected to see improvements as offshore wind projects ramp up [15] - Qingda Environmental Protection (688501.SH) is projected to achieve significant revenue growth, with expected revenues of 1.987 billion, 2.384 billion, and 2.785 billion yuan from 2025 to 2027 [16] Home Appliances Sector - Hisense Home Appliances (000921.SZ) reported Q1 2025 revenue of 24.838 billion yuan, a 5.76% year-on-year increase, with net profit rising by 14.89% [20] - The company is expected to maintain steady growth in net profits over the next few years, with projections of 3.75 billion, 4.186 billion, and 4.602 billion yuan for 2025-2027 [20] Steel Construction Sector - Precision Steel Structure (600496.SH) has shown improved report quality and rapid growth in overseas business, with projected net profits of 570 million, 640 million, and 710 million yuan from 2025 to 2027 [22]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report updates the high - frequency data of various aspects of the economy from April 19th to April 25th, 2025. The overall fundamental high - frequency index is stable, with different trends in production, demand, prices, inventory, transportation, and financing [10][11]. Summary According to the Directory 1. Total Index: Fundamental High - Frequency Index Stable - The current Guosheng fundamental high - frequency index is 125.2 points (previous value: 125.1 points), with a year - on - year growth of 3.8% (previous value: 3.7%), and the year - on - year increase has rebounded. The long - short signal for interest - rate bonds is long, and the signal factor has dropped to 5.5% (previous value: 5.8%) [1][10]. 2. Production: Electric Furnace Operating Rate Drops Slightly - The industrial production high - frequency index is 125.0, with a year - on - year growth of 3.8% (previous value: 3.7%). The electric furnace operating rate is 64.1% (previous value: 64.7%); the polyester operating rate is 91.8% (previous value: 91.0%); the semi - tire operating rate is 78.1% (previous value: 78.4%); the full - tire operating rate is 62.5% (previous value: 65.4%); the PTA operating rate is 80.0% (previous value: 76.7%); the PX operating rate is 77.4% (previous value: 78.2%) [10][12][17]. 3. Real Estate Sales: New Home Sales Remain Negative Year - on - Year - The high - frequency index of commercial housing sales is 45.4, with a year - on - year decline of 13.2% (previous value: 13.5%). The commercial housing transaction area of 30 large and medium - sized cities has increased to 22.0 million square meters, and the premium rate of land transactions in 100 large and medium - sized cities has dropped to 4.3% [10][12][31]. 4. Infrastructure Investment: Asphalt Operating Rate Rises Slightly - The high - frequency index of infrastructure investment is 116.6, with a year - on - year decline of 0.8% (previous value: 1.5%). The operating rate of petroleum installations is 30.7% (previous value: 28.7%) [10][12][39]. 5. Exports: Export Commodity Prices Rise Slightly - The high - frequency index of exports is 144.9, with a year - on - year growth of 6.1% (previous value: 6.7%). The CCFI index has increased to 1122 points, and the RJ/CRB commodity price index has increased to 296.5 points [1][10][49]. 6. Consumption: Movie Box Office Remains Below the Same Period in Previous Years - The high - frequency index of consumption is 119.4, with a year - on - year growth of 0.9% (previous value: 0.7%). The average daily movie box office has increased to 35.62 million yuan, and the average daily retail sales of passenger car manufacturers on April 25th are 54,522 vehicles [2][10][60]. 7. CPI: Pork Prices Rise Slightly - The predicted month - on - month CPI is 0.1% (previous value: - 0.1%). The average wholesale price of pork is 20.9 yuan/kg (previous value: 20.8 yuan/kg); the average wholesale price of 28 key monitored vegetables is 4.6 yuan/kg (previous value: 4.7 yuan/kg); the average wholesale price of 7 key monitored fruits is 7.6 yuan/kg (previous value: 7.5 yuan/kg); the average wholesale price of white - striped chickens is 17.3 yuan/kg (previous value: 17.3 yuan/kg) [2][10][68]. 8. PPI: Non - Ferrous Metal Prices Rise - The predicted month - on - month PPI is - 0.3% (previous value: - 0.3%). The ex - works price of thermal coal at Qinhuangdao Port (Shanxi origin) is 658 yuan/ton (previous value: 664 yuan/ton); the futures settlement price of Brent crude oil is 67 US dollars/barrel (previous value: 66 US dollars/barrel); the spot settlement price of LME copper is 9,371 US dollars/ton (previous value: 9,123 US dollars/ton) [2][10][76]. 9. Transportation: Passenger Transport Rises, Freight Remains Flat - The high - frequency index of transportation is 126.5, with a year - on - year growth of 5.9% (previous value: 5.5%). The passenger volume of the subway in first - tier cities has increased to 39.54 million person - times, the highway logistics freight rate index remains flat at 1050 points, and the number of domestic flights has increased to 12,780 [2][11][87]. 10. Inventory: Steel Stocks Continue to Decline - The high - frequency index of inventory is 159.3, with a year - on - year growth of 6.6% (previous value: 6.4%). The total inventory of soda ash has dropped to 1.691 million tons [2][11][95]. 11. Financing: Net Financing of Government Bonds Rises - The high - frequency index of financing is 224.7, with a year - on - year growth of 14.7% (previous value: 14.1%). The cumulative net financing of local bonds has increased to 162.5 billion yuan, the cumulative net financing of credit bonds has increased to 115.9 billion yuan, and the 6M national - share bank acceptance bill transfer discount rate has dropped to 1.07% [3][11][108].

证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 同花顺（300033.SZ） 一季度业绩符合预期，AI 金融流量变现领军 事件：4 月 24 日，公司发布 2025 年一季报，实现营业总收入 7.48 亿元，同比增加 20.90%；实现归属上市公司股东的净利润 1.20 亿元，同比增加 15.91%，业绩符合预 期。 经营性现金流净额良好，合同负债同比+67.39%。1）公司发布 2025 年一季报，实 现营业总收入 7.48 亿元，同比增加 20.90%；实现归属上市公司股东的净利润 1.20 亿 元，同比增加 15.91%；实现扣非后归母净利 1.13 亿元，同比+13.72%。2）2025 年 一季度经营活动现金流净额 3.13 亿元，同比+720.40%，经营性现金流净额良好。3） 2025Q1公司销售/管理/研发费用分别为 1.66/0.63/2.91 亿元，同比+47.36%/-2.33%/- 3.72%；销售费用增幅较大主要系加大营销推广力度，销售人员薪酬及广告宣传费增加 所致。4）2025Q1 公司合同负债 18.68 亿元，同比+67.39%，环比+2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [3][6]. Core Insights - The company, Zhejiang Haideman, is a leading domestic lathe manufacturer, with expectations for significant growth in its robotics business. The company reported a revenue of 765 million yuan in 2024, a year-on-year increase of 15.31%, but a decline in net profit by 12.27% to 26 million yuan [1][3]. - The decline in performance is attributed to delays in revenue recognition due to longer acceptance cycles for automation projects. Despite short-term profitability pressures, the company is optimizing its product structure, with high-end CNC lathes now accounting for nearly 90% of sales [1][2]. Financial Performance Summary - In 2024, the company achieved a revenue of 765 million yuan, with a year-on-year growth rate of 15.3%. However, the net profit decreased to 26 million yuan, reflecting a decline of 12.3% [5]. - For the first quarter of 2025, the company reported a revenue of 142 million yuan, a decrease of 13.96% year-on-year, and a net profit of 2.12 million yuan, down 24.58% [1][5]. - The company is expected to see a gradual increase in net profit from 35 million yuan in 2025 to 76 million yuan by 2027, with corresponding growth rates of 34.8% and 24.0% respectively [3][5]. Industry Outlook - The humanoid robotics industry is rapidly developing, creating a demand for high-precision machining equipment, which is a core competency of the company. The shift towards domestic production of key components like planetary roller screws and reducers is expected to benefit the company significantly [2]. - The company is advancing its technology towards high-end, intelligent, and composite products, which positions it well to meet the increasing demands for precision and efficiency in emerging sectors [2].

证券研究报告 | 固定收益点评 gszqdatemark 2025 04 28 年 月 日 固定收益点评 基金增持了哪些转债——25Q1 基金转债持仓分析 2025Q1 公募基金持有转债规模占转债总市值的比重环比下降 0.87pcts，仓位小幅上升了 0.01pcts。截止 2025Q1，转债市场存量余 额 6920.52 亿元，环比 24Q4 增加 0.24%；公募基金持有转债市值 2822.74 亿元，占转债总市值的 40.79%，较 24Q4 减少 0.87pcts；公募基金持有 转债仓位为 0.819%，较 24Q4 上升 0.01pcts。 2025Q1，可转债基金平均收益略跑赢中证转债指数。受权益市场行情影 响，25Q1 转债市场主要指数上涨。可转债基金 25Q1 的区间平均收益率 为 16.73%，收益率为正的可转债基金有 39 只，其中华宝可转债债券 25Q1 收益率表现最好为 46.51%；东方可转债债券的收益率同样表现优异为 37.26%。另外仅有工银可转债债券的收益率为-0.24%。可转债基金中跑 赢中证转债指数的有 21 只，胜率 52.50%；跑赢转债债基指数的为 18 只， 胜率为 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to achieve rapid revenue growth in 2024, with a projected revenue of 3.652 billion yuan, representing a year-on-year increase of 20.4%. The net profit attributable to shareholders is forecasted to be 282 million yuan, up 36.9% year-on-year [4] - The company is deepening its global layout, effectively mitigating trade risks. In 2024, the company's export and domestic sales are projected to be 2.535 billion yuan and 1.108 billion yuan, respectively, with year-on-year growth rates of 18.85% and 24.99% [2] - The company is expanding its robot components business, which is seen as a significant growth direction. A new actuator business center is planned to focus on key areas such as linear actuators and rotary modules [2] Financial Summary - The company achieved a revenue of 3.034 billion yuan in 2023, with a projected increase to 4.406 billion yuan in 2025, reflecting a growth rate of 20.7% [4] - The net profit attributable to shareholders is expected to rise from 206 million yuan in 2023 to 466 million yuan in 2025, indicating a growth rate of 65.1% [4] - The company's overall gross margin for 2024 is projected to be 29.57%, an increase of 0.41 percentage points year-on-year [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.136 billion yuan in 2024, a year-on-year decline of 14.56%, and a net profit attributable to shareholders of -261 million yuan [1] - In Q1 2025, the company achieved a revenue of 315 million yuan, a year-on-year increase of 24.16%, and a net profit attributable to shareholders of 25.43 million yuan, a year-on-year increase of 78.56% [1] - The new games "Star Wings" and "Heroic Legend" have received positive feedback and are expected to expand into new markets [2] - The integration of AI applications through the "Give Mai" platform is showing promising results, enhancing user engagement and social interaction [3] - Collaborations with NIO and Lantu Motors for cloud gaming support are set to enhance the entertainment experience in vehicles [4] - Revenue projections for 2025-2027 are 1.533 billion, 1.809 billion, and 1.990 billion yuan respectively, with net profits expected to be 141 million, 166 million, and 192 million yuan [4] Financial Overview - In 2024, the company experienced a revenue decline of 14.56% compared to 2023, with a projected revenue growth of 35% in 2025 [5] - The net profit for 2024 is projected to be -261 million yuan, with a significant recovery expected in 2025 with a net profit of 141 million yuan [5] - The earnings per share (EPS) is expected to recover from -0.53 yuan in 2024 to 0.29 yuan in 2025 [5] - The company’s price-to-earnings (P/E) ratio is projected to be 37, 32, and 27 for the years 2025, 2026, and 2027 respectively [5]