Investment Rating - The report maintains a "Buy" rating for the company, considering its growth potential and industry outlook [4]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 3.932 billion yuan, a year-on-year increase of 20.95%. The net profit attributable to shareholders was 641 million yuan, up 257.59% year-on-year [2][4]. - The digital repair business generated 3.018 billion yuan in revenue, a 13.93% increase, while the smart energy business saw revenue of 867 million yuan, growing by 52.98% [2][4]. - The company is expanding into AI and robotics, launching integrated solutions that enhance operational efficiency and promote digital transformation across industries [2]. Financial Performance - The company forecasts revenues of 4.751 billion yuan, 5.644 billion yuan, and 6.584 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 769 million yuan, 926 million yuan, and 1.091 billion yuan [4][7]. - The earnings per share (EPS) are expected to be 1.70 yuan, 2.05 yuan, and 2.42 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 17.90, 14.87, and 12.62 [4][7]. Strategic Initiatives - The company is proactively addressing tariff risks by relocating some production to the U.S. and Mexico, aiming to mitigate the impact of potential tariffs on its products [3]. - The establishment of a comprehensive market service system across Europe, Asia-Pacific, the Middle East, and South America is part of the company's strategy to reduce reliance on the U.S. market [3].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 道通科技(688208)公司点评报告 2025 年 04 月 08 日 [Table_Title] 利润实现高速增长， "对等关税"影响有限 ——道通科技(688208.SH)2024 年年度报告点评 [Table_Summary] 事件： 公司于 2025 年 3 月 28 日收盘后发布《2024 年年度报告》。 点评： 业绩实现高速增长，数智能源业务发展迅速 2024 年，公司实现营业收入 39.32 亿元，同比增长 20.95%；实现归母净 利润 6.41 亿元，同比增长 257.59%；实现扣非归母净利润 5.41 亿元，同 比增长 47.42%。分业务来看，数字维修业务实现营业收入 30.18 亿元，同 比增长 13.93%，其中，汽车综合诊断产品实现收入 12.67 亿元；TPMS 系 列产品实现收入 7.06 亿元，同比增长 32.55%；ADAS 标定产品实现收入 3.90 亿元，同比增长 26.98%；软件升级服务实现收入 4.46 亿元，同比增 长 24.20%。在数智能源业务领域，公司打造了端到端智能充电网络解决 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company reported a stable growth in net profit excluding non-recurring items, with a 1.38% year-on-year increase in adjusted net profit to CNY 2.57 billion and an 11.3% increase in net profit excluding non-recurring items to CNY 2.18 billion for 2024 [1][2]. - The revenue for 2024 was CNY 56.91 billion, showing a slight year-on-year decline, while the gross margin improved to 58.85%, up 1.41 percentage points [1]. - The company is actively expanding its medical beauty segment, with a 3.47% year-on-year revenue growth in this area, contributing CNY 27.84 billion in revenue [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 56.91 billion, with a net profit of CNY 2.57 billion, and a net profit margin of 5.19%, reflecting a 0.29 percentage point increase year-on-year [1]. - The medical beauty segment generated CNY 27.84 billion in revenue, with a gross margin of 54.42% [2]. - The women's clothing segment saw a revenue decline of 2.97% to CNY 19.25 billion, while the infant and toddler segment decreased by 5.53% to CNY 9.21 billion [2]. Strategic Developments - The company has been actively pursuing external growth through acquisitions, with a total investment of CNY 9.5 billion planned for its medical management subsidiary [3]. - By the end of 2024, the company had established seven medical beauty acquisition funds with a total scale of CNY 28.37 billion, aiming to enhance its medical beauty business [3]. Earnings Forecast - The company projects earnings per share (EPS) of CNY 0.62, CNY 0.66, and CNY 0.69 for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios (P/E) of 26, 24, and 23 [4].

可选消费行业周报、月报 2025 年 04 月 08 日 [Table_Title] 清明假期出行稳健增长，关注内需表现 ——美护商社行业周报 [Table_Summary] 报告要点： 行业研究|可选消费 证券研究报告 市场表现 本周（2025.03.31-2025.04.03），申万商贸零售/社会服务/美容护理分 别-0.52%/0.49%/1.18%，在 31 个一级行业中排名第 17/8/4；同期上 证综指-0.28%，深证成指-2.28%，沪深 300 指数-1.37%。 细分子版块来看，本周旅游景区/化妆品/一般零售板块涨幅居前。旅游 景区板块受清明小长假催化涨 2.51%。化妆品/一般零售板块分别涨 1.72%/1.53%。互联网电商板块受美国关税政策超预期及小额包裹免 税政策取消影响跌-5.18%。 行业重点事件更新 （1）美护 2025 年 3 月，抖音平台美妆类目 GMV 超 235 亿元，同比增长 44.7%。 美容护肤类目 GMV 同比增长 47.7%；彩妆/香水/美容工具类目 GMV 同比增长 25%。 国货美妆品牌谷雨，正式启动 A 股 IPO。2024 年 GMV 突破 50 亿 ...

行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 04 月 08 日 [Table_Title] 清明假期出行稳健增长，关注内需表现 ——美护商社行业周报 2025 年 3 月，抖音平台美妆类目 GMV 超 235 亿元，同比增长 44.7%。 美容护肤类目 GMV 同比增长 47.7%；彩妆/香水/美容工具类目 GMV 同比增长 25%。 国货美妆品牌谷雨，正式启动 A 股 IPO。2024 年 GMV 突破 50 亿， 财务营收约 40 亿元，同比增长超 40%，其中线上占比 93%，线下占 比 7%，已入驻 20000+门店。 四环医药旗下子公司研发"少女针"获批上市。系国内获批的第三款 少女针。此前，国内只有华东医药（Ellansé®伊妍仕）和谷雨春美学 （Purajuve®塑妍真）获批上市。 （2）潮玩 量子之歌并购 Letsvan 正式进军潮流玩具市场。Letsvan 专注全球艺 术家的 IP 孵化、运营及版权商业化，已经成功构建了以"WAKUKU"、 "又梨 ZIYULI"等热门 IP 为核心的产品矩阵。 [Table_Summary] 报告要点： 市场表现 本周（2025 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6]. Core Insights - The low-altitude economy is transitioning from policy-driven to a multi-dimensional resonance phase involving technology, capital, and scenarios, with five major trends expected to reshape urban transportation, logistics, and tourism industries over the next 3-5 years [3]. - The mechanical equipment sector is showing resilience, with excavator sales increasing by over 20% year-on-year as of January-February 2025, and the engineering machinery import-export trade amounting to 8.426 billion USD [3]. - The government work report for 2025 highlights deep-sea technology, indicating that related industries are expected to catalyze gradually [3]. Summary by Sections Weekly Market Review - From March 30 to April 3, 2025, the Shanghai Composite Index fell by 0.28%, the Shenzhen Component Index by 2.28%, and the ChiNext Index by 2.95%. The Shenwan Mechanical Equipment Index decreased by 2.51%, underperforming the CSI 300 Index by 1.14 percentage points, ranking 26th among 31 Shenwan primary industries [2][11]. Key Sector Tracking - **Low-altitude Economy**: Expected to become a trillion-level new track, driven by the mass production of flying cars and the opening of airspace trials [3]. - **Mechanical Equipment**: The sector remains competitive despite external factors like tariffs, with strong domestic sales and export resilience. The overall industry is expected to continue its recovery [3]. Investment Recommendations - **Low-altitude Economy**: Recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Ao Wei among others [4]. - **Mechanical Equipment**: Suggested companies include Sany Heavy Industry, XCMG, and Huazhong CNC [4].

供给端，全球钨精矿产量整体成下降趋势，2024 年全国钨精矿开采总量控 制指标为 11.4 万吨，较 2023 年的 11.1 万吨上升 0.3 万吨，指标增速维持 较低水平，上游供给收紧有望持续提振钨价。需求端，随着全球制造业的持 续增长，尤其是航空航天、新能源汽车、电子信息等高端制造业的快速发展， 钨需求量保持稳定增长，硬质合金和钨丝是主要驱动力。价格端，钨精矿均 价逐年攀升，2024 年黑钨精矿均价 13.65 万元/吨，同比上涨 14.16%。 柿竹园优质资产注入上市公司，后续资产注入预期强烈 公司于 2023 年底停牌并策划实施收购柿竹园公司 100%股权项目，并于 2024 年年内完成资产交割，柿竹园公司正式纳入上市公司合并报表范围。 本次收购重组之后，公司的钨产业布局向上游资源端延申，形成了集钨矿 山、钨冶炼、硬质合金及深加工为一体的完整钨产业链。后续公司积极筹划 托管的其余 4 家矿山资产的注入，优质资产注入预期强烈。 [Table_Main] 公司研究|材料|材料Ⅱ 证券研究报告 中钨高新(000657)公司研究报告 2025 年 04 月 07 日 [Table_Title] 矿山到智造： ...

Investment Rating - The report maintains a "Hold" rating for the media industry [5] Core Insights - The media industry (Shenwan) experienced a weekly decline of 1.28%, ranking 22nd among sub-industries, while the Shanghai Composite Index fell by 0.28% and the Shenzhen Component Index dropped by 2.28% during the same period [10][16] - The best-performing stocks in the media sector included Chuanwang Media (+8.26%), Zhongnan Media (+7.45%), and Hengdian Film and Television (+7.11%) [16] - The report highlights the rapid iteration of domestic AI applications, with five Chinese AI applications among the top ten globally by monthly active users (MAU) [20][21] - The gaming sector saw "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three bestsellers during the week of March 31 to April 6, 2025 [29] - The domestic box office reached 462 million yuan, with the Qingming Festival period contributing 378 million yuan [32][34] Summary by Sections Market Performance - The media industry saw a decline of 1.28% from March 31 to April 6, 2025, with the publishing sector increasing by 1.50% while other sub-sectors like gaming and advertising fell [10][12] Key Industry Data - In March 2025, Chinese AI applications captured half of the top ten global MAU rankings, with ChatGPT leading at 446 million MAU, showing a growth of 11.20% [20][21] - The gaming sector's performance was bolstered by the Qingming Festival, with several interactive games seeing significant ranking improvements [29] - The total domestic box office for the week was 462 million yuan, with "My World Movie" leading the box office during the Qingming Festival [32][34] Key Events and Announcements - The report notes significant advancements in AI technology, including the release of Meta's Llama 4 series and OpenAI's plans for GPT-5 [38][40] - The introduction of new gaming titles is anticipated, with four new games set to launch in the week following April 7, 2025 [31]

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 7 日 [Table_Title] 特朗普"对等关税"落地，OFC 新技术多点开花 个股方面：本周（2025.3.31-2025.4.4）通信板块涨幅板块分析方 面 ， 恒 宝 股 份 （ 12.35% ） 、 东 土 科 技 （ 9.31% ） 、 ST 高 鸿 （8.23%）涨幅分列前三。 特朗普"对等关税"落地，中方发起反制 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.3.31-2025.4.4）上证综指回调 0.28%，深证成 指回调2.28%，创业板指回调 2.95%。本周申万通信回调0.79%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.3.31-2025.4.4）通信板块三级子行业中，其 他通信设备上涨幅度最高，涨幅为 1.71%，通信线缆及配套回调幅度 最高，跌幅为 3.35%，本周各细分板块主要呈回调趋势。 2025 年 4 月 ...

Investment Rating - The report assigns a "Buy" rating to the company [4][7]. Core Views - The tungsten supply-demand landscape is tightening, supporting an upward shift in tungsten prices. Global tungsten concentrate production is on a downward trend, with the 2024 national tungsten concentrate mining total control indicator set at 114,000 tons, a slight increase from 111,000 tons in 2023, indicating a low growth rate. This tightening supply is expected to continue boosting tungsten prices. On the demand side, the ongoing growth in global manufacturing, particularly in high-end sectors such as aerospace, new energy vehicles, and electronic information, is driving stable growth in tungsten demand, with hard alloys and tungsten wires being the main drivers. The average price of tungsten concentrate is rising annually, with the average price for black tungsten concentrate expected to reach 136,500 yuan/ton in 2024, a year-on-year increase of 14.16% [2][4]. Summary by Sections Company Overview - The company is a leading player in the tungsten industry, backed by China Minmetals Corporation, and operates a complete tungsten industry chain from mining to manufacturing. The acquisition of Shizhu Garden Company is expected to enhance the company's upstream resource layout, integrating tungsten mining, smelting, hard alloy, and deep processing [2][14]. Product and Market Position - The company maintains a leading position in the production of CNC cutting tools, with a steady increase in output. In the first half of 2024, the company produced 60 million CNC cutting blades, a year-on-year increase of 20%. The company is also expanding its production capacity for photovoltaic tungsten wires through its subsidiary Changcheng Tungsten Molybdenum [3][24]. Financial Performance and Forecast - The company is expected to see stable growth in net profit, with forecasts of 880 million yuan, 993 million yuan, and 1.126 billion yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to P/E ratios of 23.62, 20.94, and 18.46 for the same years [4][6]. Industry Dynamics - The tungsten industry is characterized by a tightening supply-demand balance, with global tungsten resources increasing while production is declining. The global tungsten resource reserve is projected to reach 460,000 tons in 2024, with China holding the largest share at 240,000 tons [47][61]. The average price of tungsten concentrate is expected to rise, with significant increases noted in both black and white tungsten concentrates [50][51].