Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.95 CNY, compared to the current stock price of 23.93 CNY [5]. Core Views - The company reported a total revenue of 1.299 billion CNY for 2024, representing a year-on-year increase of 17.58%, and a net profit of 315 million CNY, up 52.2% year-on-year, slightly exceeding the performance guidance [2][3]. - Both domestic and international businesses are growing simultaneously, with significant expansion into new fields. Domestic revenue reached 653 million CNY, while overseas revenue was 646 million CNY, accounting for 50.09% of total revenue [2]. - The company has established wholly-owned subsidiaries in the US, Germany, India, Japan, and Brazil, indicating a strong international presence [2]. Revenue Structure - The revenue from high-altitude safety lifting equipment, protective equipment, and work clothing was 889 million CNY, 355 million CNY, and 46 million CNY, respectively, with year-on-year growth rates of 16.41%, 23.71%, and 1.26% [2]. - The company has diversified its applications across 17 industries, including power grids, telecommunications, thermal power, construction, and bridges, with non-power generation revenue increasing by 171.75% year-on-year [2]. Order Growth and Profitability - The company signed new orders in 2024 with a year-on-year growth of approximately 35%, with overseas orders growing faster than domestic ones [3]. - The gross margin and net margin for the year were 45.49% and 24.24%, respectively, with the net margin showing a significant improvement due to cost control measures [3]. - The company plans to enhance budget management and deepen cost reduction efforts, which are expected to further improve profitability [3]. Market Outlook - The domestic wind power market is projected to see significant growth, with installed capacity expected to reach 105-115 GW in 2025, representing a year-on-year growth of 22.8% to 34.5% [4]. - The company is well-positioned to benefit from the anticipated recovery in the offshore wind power sector, with a projected installed capacity of 10-15 GW [4]. - The company has a strong ability to withstand tariff risks due to its established presence in the US market and a high market share in its main products [9]. Financial Projections - Revenue projections for 2025-2027 are 1.61 billion CNY, 1.87 billion CNY, and 2.15 billion CNY, with year-on-year growth rates of 24.1%, 16%, and 14.9% respectively [10]. - Net profit projections for the same period are 410 million CNY, 490 million CNY, and 600 million CNY, with growth rates of 30.6%, 20.2%, and 22.3% respectively [10]. - The company is expected to maintain a strong performance relative to the industry, driven by cost control and structural optimization [10].

国投证券宏观定期报告 周度经济观察 ————经济数据亮眼，市场焦点切换 袁方1 张端怡（联系人）2魏薇（联系人）3 2025 年 04 月 22 日 内容提要 一季度经济的修复主要来源于抢出口背景下的供应扩张，同时稳增长政策 在消费、基建等领域也产生了积极影响。二季度经济的状态取决于出口下滑的幅 度与稳增长政策的力度，这需要自下而上的观察评估。 当前市场的关注集中在 4 月下旬的政治局会议，围绕稳增长政策力度和节 奏的表述，以及中美之间在关税层面的谈判进展。考虑到内外部政策与短期经济 的不确定性，我们倾向于认为权益市场总体在震荡的过程中。 受关税政策反复以及美联储官员鹰派发声的影响，近期美国市场避险情绪 持续升温。美股下跌，美债收益率下行，黄金价格大幅上涨。特朗普政策的无常 与美国经济的减速，对黄金价格的支撑未来有望延续。 风险提示：（1）地缘政治风险 （2）政策出台超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520080004 2联系人，zhangdy2@essence.com.cn，S1450123040 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 21.45 CNY, compared to the current stock price of 18.48 CNY [5]. Core Views - The company's revenue for 2024 reached 16.486 billion CNY, a year-on-year increase of 1.15%, while the net profit attributable to shareholders was 2.022 billion CNY, up 17.86% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 4.506 billion CNY, reflecting an 8.02% year-on-year growth, and a net profit of 436 million CNY, which is a 15.18% increase year-on-year [1]. - The internationalization strategy has shown results, with the company increasing its market share and achieving a record export volume of over 100,000 units [1][2]. Revenue Structure - In 2024, domestic revenue was 9.385 billion CNY, down 1.4% year-on-year, while international revenue was 6.846 billion CNY, up 4.75% year-on-year, with international revenue accounting for 41.53% of total revenue, a historical high [2]. - The company’s gross margin and net margin for 2024 were 23.55% and 13.11%, respectively, showing improvements of 2.77 percentage points and 1.84 percentage points year-on-year [2]. Profitability Enhancement - The company’s profitability has significantly improved, with the gross margin reaching its highest level since 2017 and the net margin hitting a historical high [2]. - The domestic market has benefited from marketing reforms and organizational upgrades, leading to increased penetration of high-value electric products [2]. - The overseas market has seen strengthened capabilities in high-end markets and emerging markets, contributing to profit growth [2]. Industry Upgrade - The company has established two intelligent production bases, effectively reducing production costs and shortening delivery times [3]. - The project for the intelligent transformation of high-end large-tonnage forklifts is progressing steadily, with significant growth in sales of large-tonnage forklifts [3]. Future Projections - Revenue projections for 2024-2026 are 18.01 billion CNY, 20 billion CNY, and 22.39 billion CNY, with growth rates of 9.2%, 11%, and 11.9%, respectively [9]. - Net profit projections for the same period are 2.16 billion CNY, 2.41 billion CNY, and 2.71 billion CNY, with growth rates of 6.8%, 11.8%, and 12.3% [9].

Investment Rating - The investment rating for TCL Smart Home is maintained at "Buy-A" with a 6-month target price of 12.72 CNY per share [4]. Core Views - TCL Smart Home reported a robust revenue growth of 9.6% year-on-year (YoY) in Q1 2025, achieving a revenue of 4.6 billion CNY. The net profit attributable to shareholders increased by 34.0% YoY to 300 million CNY, while the net profit excluding non-recurring items rose by 31.3% YoY to 290 million CNY. The growth is attributed to the continued increase in exports of the Oma refrigerator and improved cost management [1][2]. - The company is focusing on expanding its market presence in Latin America and the Middle East and Africa, which is expected to enhance export orders [1]. - The gross profit margin for Q1 2025 was reported at 22.6%, an increase of 2.3 percentage points YoY, primarily due to favorable exchange rates and reduced shipping costs compared to the previous year [1][2]. Financial Performance Summary - In Q1 2025, the operating cash flow net amount increased by 140 million CNY YoY, driven by a 670 million CNY increase in cash received from sales, while cash paid for purchases rose by only 400 million CNY [2]. - The forecasted earnings per share (EPS) for 2025 and 2026 are projected to be 1.06 CNY and 1.16 CNY, respectively, with a price-to-earnings (PE) ratio of 12x for 2025 [2][4]. - The company’s revenue is expected to grow from 15.18 billion CNY in 2023 to 25.49 billion CNY by 2027, with net profit increasing from 787 million CNY to 1.4 billion CNY over the same period [10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 47.84 CNY, compared to the current stock price of 41.01 CNY [5]. Core Views - The company achieved a total revenue of 7.799 billion CNY in 2024, representing a year-on-year increase of 23.56%, while the net profit attributable to shareholders was 1.629 billion CNY, a decrease of 12.76% year-on-year [1]. - The domestic market is transitioning from a growth phase to a structural adjustment phase, while the overseas market continues to show good growth [1][2]. - The company’s product structure is improving, with significant revenue contributions from different types of aerial work platforms, particularly the boom-type series, which has become a key growth driver [1][3]. Revenue and Profitability - The company’s total revenue from domestic and international sales was 1.649 billion CNY and 5.523 billion CNY, respectively, with year-on-year changes of -22.23% and +43.83% [2]. - The gross profit margin for the main business was 35.04%, a decrease of 1.75 percentage points year-on-year, primarily due to the consolidation of CMEC's lower-margin revenue [2]. - The net profit margin was 20.89%, down 8.7 percentage points year-on-year, mainly due to increased expenses following the CMEC merger [2]. Global Competitiveness and Product Development - The company is enhancing its global competitiveness through a continuous globalization strategy and has successfully completed projects to increase production capacity for large intelligent aerial platforms [3]. - The company has introduced a range of differentiated and high-quality new products, expanding into new application scenarios such as large shipyards and rail transit [3]. Financial Forecast - The company is expected to achieve total revenues of 9.07 billion CNY, 10.25 billion CNY, and 11.59 billion CNY for the years 2025, 2026, and 2027, with growth rates of 16.3%, 13%, and 13.1%, respectively [9]. - Net profits are projected to be 1.86 billion CNY, 2.23 billion CNY, and 2.67 billion CNY for the same years, with growth rates of 14.4%, 19.9%, and 19.5% [9].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 98.00 CNY per share [5][7]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 1.943 billion CNY, a year-on-year increase of 32.42%, and a net profit of 348 million CNY, up 44.54% year-on-year [2][3]. - The growth is attributed to the strong sales of core products, particularly the low-concentration atropine eye drops, which were approved in March 2024 and are expected to have a large market due to the rising incidence of myopia among youth [4]. - The company has a comprehensive pipeline of ophthalmic products, covering various categories including myopia control, dry eye treatment, and anti-infection medications, which positions it well for future growth [4]. Financial Performance Summary - In 2024, the company reported revenues of 1.943 billion CNY, with the following breakdown: eye drops (1.366 billion CNY, +106.08%), gel/ointment (363 million CNY, -2.88%), medical services (133 million CNY, -62.13%), and solution (62 million CNY, +19.16%) [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 687 million CNY, 900 million CNY, and 1.137 billion CNY, representing growth rates of 103.2%, 31.0%, and 26.3% respectively [5][12]. - The expected earnings per share (EPS) for 2025 is 3.92 CNY, with a price-to-earnings (PE) ratio of 25 times [5][12].

2025 年 4 月 21 日 电子 台积电发布 2025Q1 财报，二季度指引 乐观 台积电发布 2025Q1 财报，指引二季度环比增长超 13%，同比 增长超 36% 4 月 17 日台积电发布 2025 年 Q1 财报，得益于人工智能应用中半 导体需求的激增，台积电 2025Q1 净利润同比增长超 60.2%，在财 报电话会上，台积电表示预计 2025Q2 销售额在 284 亿美元至 292 亿美元，环比增长超 13%，同比增长超 36%，远超市场预期的 271.6 亿美元。预计 2025 年以美元计的销售额增长率在 20%-30%区间中 段。台积电预计第二季度营业利润率将达 47%至 49%，上一季度为 48.5%。预计第二季度毛利率将达到 57%至 59%，上一季度为 58.8%。 台积电维持 2025 年资本支出在 380 亿-420 亿美元不变，预计 2025 年人工智能相关收入将实现翻倍增长。 2025 慕尼黑上海电子展圆满收官 4 月 17 日为期 3 天的 2025 慕尼黑上海电子展（electronica China 2025）于在上海新国际博览中心落下帷幕，今年慕尼黑展会围绕人 形机器 ...

2025 年 04 月 21 日 徐工机械(000425.SZ) 拟注入重型车辆、增资徐工矿机，打造 矿山机械完整业务版图 事件一：徐工机械拟以 8.21 亿元收购南京徐工汽车制造有限公 司（简称"徐工南汽"）持有的徐州徐工重型车辆有限公司（简称 "重型车辆"）51%股权。交易完成后，重型车辆将成为公司控股 子公司，纳入合并报表范围；事件二：公司拟以 9.07 亿元收购徐 州徐工产业投资合伙企业持有的徐州徐工矿业机械有限公司（简 称"徐工矿机"）股权。交易完成后，公司由间接持股徐工矿机 100% 股权变为直接持有徐工矿机 100%股权，同时向徐工矿机增资 6.86 亿元。增资完成后，徐工矿机注册资本为 19 亿元。目前两大议案 均已被公司董事会审议通过。 补齐矿机业务版图，扩充相关设备产能。①重型车辆收购方面， 重型车辆成立于 2020 年，主营业务为非公路宽体自卸车（简称 "宽体车"）、洒水车等整车的研产销服，其中宽体车主要用于露 天矿料转运，系结合了公路重卡与工程机械技术系统设计而成， 属于中国特有的新兴产品，在成本、安全性、可靠性、售后服务 便捷及时性上具备综合优势。重型车辆此次收购并表，有利于公 司建 ...

2025 年 04 月 21 日 三一重工(600031.SH) 业绩弹性如期释放，挖机龙头再出发 事件：三一重工发布 2024 年年报，公司全年实现营业总收入 783.83 亿元，同比+5.9%，归母净利润 59.75 亿元，同比+31.98%； 单 Q4，公司实现营业总收入 200.23 亿元，同比+12.12%，归母净 利润 11.07 亿元，同比+141.15%。 β筑底复苏，挖机龙头再出发。根据工程机械工业协会，2024 年，挖机内销 10.05 万台，同比+11.74%；出口 10.06 万台，同比 -4.24%。周期复苏、挖机先行，公司作为行业龙头有望优先受益， 同时持续开拓国际化市场，收入表现企稳回升。 1）从产品结构上看：①挖掘机械：收入 303.74 亿元，同比+9.91%， 连续 14 年蝉联国内销量冠军；②混凝土机械：收入 143.68 亿元， 同比-6.18%，连续 14 年蝉联全球第一品牌；其中电动搅拌车连续 4 年国内市占率第一,收入首次超过燃油搅拌车。③起重机械：收 入 131.15 亿元，同比+0.89%，全球市占率大幅上升。④路面机械： 收入 30.01 亿元，同比+20. ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 49.73 CNY, compared to the current stock price of 42.39 CNY as of April 18, 2025 [5]. Core Insights - The company achieved a revenue of 815 million CNY in 2024, representing a year-on-year growth of 21.62%, and a net profit of 177 million CNY, which is a 99.67% increase year-on-year [1]. - In Q1 2025, the company reported a revenue of 209 million CNY, a 13.77% increase year-on-year, and a net profit of 50 million CNY, up 45.36% year-on-year [1]. - The company is benefiting from a recovery in downstream terminal demand, particularly in the smartphone and intelligent driving sectors, with significant growth in both areas [2]. Revenue Breakdown - In the smartphone segment, the company generated 675 million CNY in revenue for 2024, a 16.17% increase year-on-year, with a gross margin of 91.39% [2]. - The intelligent driving segment saw revenue of 127 million CNY in 2024, marking a 71.20% year-on-year growth, although the gross margin decreased to 84.49% [2]. Cost Management and R&D Investment - The company has successfully reduced its selling and management expense ratios, with selling expenses at 16.29% and management expenses at 10.49% for 2024, indicating improved operational efficiency [3]. - R&D expenses for 2024 were 398 million CNY, a 9.69% increase year-on-year, representing a R&D expense ratio of 48.81% [3]. Technological Advancements - The company has made significant progress in its Turbo Fusion technology, which has been integrated across various smartphone models, and is exploring deep integration with AIGC technology [4]. - The company is also increasing its investment in AI glasses, collaborating with Qualcomm on the AR1 Gen1 chip platform, and has successfully launched the first domestic AI glasses [10]. Business Expansion - The VisDrive® solution for intelligent driving is expanding its vehicle coverage and has secured multiple production model contracts, with plans for mass production in 2025 [11]. - The ArcMuse computing technology engine for intelligent commercial photography has significantly enhanced its model parameters, achieving integration with major e-commerce platforms [11]. Financial Projections - Revenue projections for the company are 997 million CNY in 2025, 1.23 billion CNY in 2026, and 1.51 billion CNY in 2027, with net profits expected to reach 241 million CNY, 312 million CNY, and 410 million CNY respectively [12][14].