捷昌驱动（603583）公司研究报告 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 04[Table_StockInfo 月 01 日收盘价（元）] | 40.09 | | --- | --- | | 52 周股价波动（元） | 14.66-52.88 | | 总股本/流通 A 股（百万股） | 383/382 | | 总市值/流通市值（百万元） | 15373/15324 | 市场表现 [Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 [Table_QuoteInfo] -18.29% 22.71% 63.71% 104.71% 145.71% 2024/4 2024/7 2024/10 2025/1 捷昌驱动 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | 3.9 | 49.0 | 62.2 | | --- | --- | --- | --- | | 相对涨幅（%） | 3.9 | 47.1 | 63.4 | | 资料来源：海通证券研究所 | | | | 分析师:徐柏乔 Tel:(0 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company reported a total revenue of 6.07 billion yuan in 2024, representing a year-on-year increase of 1.5%. However, the net profit attributable to the parent company was 55.81 million yuan, a significant decline of 87.7% [6]. - The board proposed a final and special dividend totaling 0.04 HKD per share, with a payout ratio of approximately 92.5% of the net profit, and plans to maintain a payout ratio of no less than 40% in the future [6]. - The revenue structure shows that the main brands contributed significantly to the total revenue, with Taier, Song Hotpot, and Jiumaojiu accounting for 72.7%, 14.7%, and 9.0% respectively [6]. - The company is optimistic about its brand incubation capabilities and supply chain advantages, expecting a turnaround in profitability as it optimizes its restaurant brand mix [8]. Financial Performance Summary - In 2024, the company had a total revenue of 6.07 billion yuan, with a year-on-year growth of 1.5%. The net profit was 55.81 million yuan, down 87.7% from the previous year [10]. - The operating profit margin at the restaurant level was 12.6%, a decrease of 5.4 percentage points year-on-year, while the core operating profit margin was 4.2%, down 6.4 percentage points [6]. - The company anticipates revenues of 6.92 billion yuan, 7.97 billion yuan, and 9.15 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 15.1%, and 14.7% [8][10]. Brand and Restaurant Performance - The total number of restaurants under the company reached 807 in 2024, with a net increase of 81 restaurants year-on-year. Taier and Song Hotpot continued to expand, while Jiumaojiu saw a slight decrease in the number of restaurants [7]. - The average customer spending for Taier, Jiumaojiu, and Song Hotpot decreased by 5.3%, 5.2%, and 8.8% respectively, indicating pressure on both volume and pricing [7]. Cost Structure and Profitability - The cost of raw materials and consumables increased by 0.9% to 2.16 billion yuan, accounting for 35.6% of total revenue [8]. - Employee costs rose by 13.1% to 1.75 billion yuan, representing 28.8% of total revenue, primarily due to a comprehensive salary increase in the second half of 2023 [8]. - Rent expenses increased by 16.5% to 1 billion yuan, accounting for 16.5% of total revenue, driven by an increase in the number of restaurants [8].

[Table_MainInfo] 行业研究/农业 证券研究报告 行业周报 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 猪价持续震荡，关注生猪养殖板块 市场表现 [Table_QuoteInfo] -16.81% -8.23% 0.35% 8.93% 17.51% 26.09% 2024/1 2024/4 2024/7 2024/10 农业 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《目标坚定，路径清晰，高增高质发展》 | | --- | | 2025.03.24 | | 《猪价僵持局面或将打破，水产、白鸡价 | | 格持续上涨》2025.03.24 | | 《持续推进高质量发展，精进成长领航》 | | 2025.03.21 | 分析师:冯鹤 Tel: (021)23183993 Email:fh15342@haitong.com 证书:S0850523040003 分析师:巩健 Tel:(021)23185702 Email:gj15051@haitong.com 证书:S0850522110002 联系人:蔡 ...

Group 1: Fixed Income Plus Product Performance Tracking - As of March 28, 2025, there are 1,162 fixed income plus funds in the market, with a total scale of 15,703.02 billion [3][7][8] - The median performance of various fund types for the week of March 24-28, 2025, is as follows: mixed bond type I fund 0.13%, mixed bond type II fund 0.10%, partially bond mixed fund 0.11%, flexible allocation fund 0.12%, bond type FOF fund 0.09%, and mixed type FOF fund 0.10% [12][14] - The performance median for conservative, stable, and aggressive funds during the same period is 0.12%, 0.11%, and 0.11% respectively [12][14] Group 2: Major Asset Allocation and Industry ETF Rotation Strategy Tracking - The macro environment forecast for Q2 2025 indicates inflation, with the March returns for the CSI 300 Index, China Government Bond Total Wealth Index, and Shanghai Gold Exchange AU9999 contract being 0.65%, -0.53%, and 7.14% respectively [3][4] - Recommended industry ETFs for March 2025 include: Southern CSI Nonferrous Metals ETF (512400.SH), Guotai CSI All-Share Securities Company ETF (512880.SH), Guotai CSI Coal ETF (515220.SH), E Fund CSI Petrochemical Industry ETF (516570.SH), and Guotai CSI All-Share Communication Equipment ETF (515880.SH) [3][4] Group 3: Absolute Return Strategy Performance Tracking - The macro timing-based stock-bond 20/80 rebalancing strategy yielded a weekly return of 0.19% with a cumulative return of -1.15% for 2025 [3][4] - The macro timing-based stock-bond risk parity strategy achieved a weekly return of 0.23% and a cumulative return of -0.87% for 2025 [3][4] - The macro timing and industry ETF rotation-based stock-bond 20/80 rebalancing strategy had a weekly return of -0.02% and a cumulative return of -0.79% for 2025 [3][4]

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 汉朔科技（301275）公司研究报告 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 03[Table_StockInfo 月 31 日收盘价（元）] | 69.15 | | --- | --- | | 52 周股价波动（元） | 66.11-86.96 | | 总股本/流通 A 股（百万股） | 422/32 | | 总市值/流通市值（百万元） | 29209/2196 | 市场表现 [Table_QuoteInfo] -8.40% -0.40% 7.60% 15.60% 23.60% 2024/4 2024/7 2024/10 2025/1 汉朔科技 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | - | - | - | | --- | --- | --- | --- | | 相对涨幅（%） | - | - | - | | 资料来源：海通证券研究所 | | | | 分析师:杨林 Tel:(021)23183969 Tel:(021) ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][20] Core Views - The company reported a revenue of 13.716 billion yuan in 2024, a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [5][6] - The company's profitability is under pressure primarily due to macroeconomic factors and a sluggish liquid market, with a gross margin of 20.85% and a net margin of 7.23% in 2024 [6][12] - The gas sales revenue was 8.1 billion yuan, down 1.15% year-on-year, while the revenue from air separation equipment increased by 6.77% to 4.525 billion yuan [6][18] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [5][6] - The company expects a recovery in gas sales and profitability in the coming years, with projected revenues of 16.04 billion yuan in 2025 and 17.49 billion yuan in 2026 [8][23] Business Segments - The gas business continues to expand, with six new gas investment projects signed in 2024, increasing the total oxygen production capacity to 3.5 million Nm³/h [7][12] - The equipment business is accelerating its internationalization, with a record high order amount of 5.512 billion yuan for air separation equipment in 2024 [7][19] Market Outlook - The company is positioned as a leader in the industrial gas sector, with a strong cash flow and the ability to penetrate various downstream industries [20][22] - The projected earnings per share (EPS) for 2025 is 1.06 yuan, with a reasonable valuation range of 25.50 to 27.63 yuan per share based on a PE ratio of 24-26 times [10][20]

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 恒生电子（600570）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] | 27.61 | | --- | --- | | 52 周股价波动（元） | 15.23-37.30 | | 总股本/流通 A 股（百万股） | 1892/1892 | | 总市值/流通市值（百万元） | 52232/52232 | | 相关研究 | | | [Table_ReportInfo] 《Q3 业绩仍承压，市场回暖经营拐点或将到 | | | 来》2024.11.08 | | | 《营收持稳利润承压，股权激励彰显信心》 | | 2024.09.10 市场表现 [Table_QuoteInfo] -32.62% -15.62% 1.38% 18.38% 35.38% 52.38% 2024/4 2024/7 2024/10 2025/1 恒生电子 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | ...

股票数据 | 03[Table_StockInfo 月 31 日收盘价（元）] | 34.84 | | --- | --- | | 52 周股价波动（元） | 11.75-44.41 | | 总股本/流通 A 股（百万股） | 599/599 | | 总市值/流通市值（百万元） | 20857/20857 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -21.27% 19.73% 60.73% 101.73% 142.73% 183.73% 2024/4 2024/7 2024/10 2025/1 数据港 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | -1.6 | 66.1 | 68.3 | | --- | --- | --- | --- | | 相对涨幅（%） | -2.2 | 63.5 | 70.0 | | 资料来源：海通证券研究所 | | | | | 分析师:余伟民 | | --- | | Tel:(010)50949926 | | Email:ywm11574@haitong.com | | 证书:S0850517090006 | | 分析师:杨彤昕 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2]. Core Insights - The company achieved an operating revenue of 2,937.98 billion yuan in 2024, a year-on-year decrease of 2.48%, while the net profit attributable to shareholders was 164.68 billion yuan, a year-on-year increase of 2.02% [7][8]. - The report highlights that the fourth quarter saw a decline in oil prices, which negatively impacted profitability, particularly in the oil and gas and new energy sectors [7][10]. - The report projects net profits for 2025-2027 to be 160.9 billion, 162.7 billion, and 165.3 billion yuan respectively, with a reasonable valuation range of 11.32 to 13.07 yuan per share based on a price-to-book ratio of 1.3-1.5 times [7][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 164.68 billion yuan, with a fourth-quarter net profit of 32.16 billion yuan, reflecting an 8.05% year-on-year increase but a 26.77% quarter-on-quarter decrease [8][10]. - The company’s total assets reached 2,753.01 billion yuan, with a debt-to-asset ratio of 37.9% [26]. Business Segment Analysis - **Oil and Gas and New Energy Business**: The EBIT for this segment was affected by falling oil prices, with quarterly EBIT figures of 12.89, 15.22, 16.80, and 4.09 USD per barrel [11][13]. - **Refining and Chemical Business**: This segment saw improved profitability due to expanded price differentials, with EBIT figures of 3.19, 2.24, 0.67, and 2.46 USD per barrel [15]. - **Natural Gas Sales**: The EBIT for this segment increased in the fourth quarter to 0.76 yuan per cubic meter, attributed to effective cost control and rising domestic gas prices during the heating season [19][20]. Future Outlook - The company expects stable growth in net profits over the next few years, with a projected EPS of 0.88 yuan for 2025 [6][7]. - The report maintains a positive outlook on the company's ability to navigate market fluctuations and achieve profitability [7][23].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative performance above the market benchmark [9][14][20]. Core Insights - The company has demonstrated significant improvements in lean management, leading to accelerated performance in emerging sectors such as low-altitude economy and artificial intelligence [6][7]. - The financial forecasts predict a steady growth in revenue and net profit over the next few years, with a projected revenue of 36.09 billion yuan in 2025, representing a year-on-year growth of 12.5% [9][14]. - The report highlights the company's strategic initiatives in various emerging industries, aiming to establish a new industrial ecosystem through technological breakthroughs and standard-setting [7][8]. Financial Performance and Forecast - **Revenue and Profit Forecasts**: - 2023: Revenue of 28.89 billion yuan, net profit of 199 million yuan - 2024: Revenue of 32.07 billion yuan, net profit of 352 million yuan, YoY growth of 11.01% and 76.59% respectively - 2025E: Revenue of 36.09 billion yuan, net profit of 408 million yuan, YoY growth of 12.5% and 15.9% respectively - 2026E: Revenue of 40.43 billion yuan, net profit of 477 million yuan, YoY growth of 12.0% and 16.8% respectively - 2027E: Revenue of 44.81 billion yuan, net profit of 554 million yuan, YoY growth of 10.8% and 16.2% respectively [6][9][14]. - **Key Financial Ratios**: - Gross margin is expected to improve from 42.3% in 2023 to 47.6% in 2027 - Net asset return is projected to increase from 5.5% in 2023 to 14.5% in 2027 [6][9][14]. Business Segments and Growth Drivers - **Measurement Services**: Revenue growth of 5.0% annually, with a gross margin of 50.5% [9][10]. - **Integrated Circuit Testing and Analysis**: Expected revenue growth of 30.0% in 2025, with a gross margin of 45.5% [10][11]. - **Electromagnetic Compatibility Testing**: Anticipated revenue growth of 12.0% in 2025, with a gross margin of 55.0% [11][12]. - **Life Sciences**: Revenue growth of 4.0% in 2025, with a gross margin of 40.0% [12][13]. - **Data Science Analysis and Evaluation**: Projected revenue growth of 23.0% in 2025, with a gross margin of 56.0% [13][14]. Valuation and Market Comparison - The report estimates a reasonable valuation range for the company at 23.10-24.50 yuan per share based on a PE ratio of 33-35 times for 2025, considering the company's higher growth rate compared to peers [9][14][15]. - The average PE ratio for comparable companies is noted to be 25.52 times for 2025, indicating the company's growth potential justifies a premium valuation [9][15].