Investment Rating - The report maintains a "Recommended" rating for Ruida Futures with a target price of 21.01 CNY, compared to the current price of 15.22 CNY [5][10]. Core Insights - Ruida Futures reported a significant increase in total operating revenue, achieving 1.81 billion CNY in 2024, a year-on-year growth of 95.5%. The net profit attributable to shareholders reached 380 million CNY, up 56.9% year-on-year [2][10]. - The investment income was a major contributor to the performance, with net investment income and fair value changes reaching 420 million CNY, a staggering increase of 439.7% year-on-year [10]. - The company is positioned as a leader in CTA asset management, with expectations for long-term performance growth driven by an increase in asset management scale [10]. Financial Summary - Total operating revenue projections for 2025, 2026, and 2027 are 1.98 billion CNY, 2.30 billion CNY, and 2.60 billion CNY, respectively, with year-on-year growth rates of 10%, 16%, and 13% [4]. - Net profit forecasts for the same years are 425 million CNY, 464 million CNY, and 498 million CNY, with growth rates of 11%, 9%, and 7% [4]. - Earnings per share (EPS) are projected to be 0.95 CNY, 1.04 CNY, and 1.12 CNY for 2025, 2026, and 2027, respectively [4].

公司研究 证 券 研 究 报 告 华辰装备（300809）2024 年报及 2025 年一季报点评 强推（维持） 与多家人形机器人零部件企业达成合作，新 品有望贡献业绩增量 当前价：41.40 元 事项： ❖ 公司发布 2024 年年度和 2025 年一季度报告，2024 年实现营业总收入 4.46 亿 元，同比减少 6.92%，归母净利润 0.62 亿元，同比减少 47.36%。2025 年一季 度实现营业总收入 1.26 亿元，同比增长 0.89%，归母净利润 0.24 亿元，同比 减少 13.11%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 446 | 583 | 931 | 1,189 | | 同比增速(%) | -6.9% | 30.8% | 59.5% | 27.7% | | 归母净利润(百万) | 62 | 120 | 192 | 256 | | 同比增速(%) | -47.4% | 93.2% | 60. ...

证 券 研 究 报 告 【点评报告】 形态学研究之十五：形态学在 ETF 轮动上的研究 ❖ 摘要 ETF 轮动，是指在不同 ETF 之间切换，根据市场情况调整投资组合。可涉及 到不同资产类别、行业或地区。比如如何选择 ETF，轮动的依据是什么，比如 动量、估值、宏观经济指标等。 本篇，我们提出了使用形态作为原始数据，将 ETF 成分股合成 ETF 信号的方 式来做 ETF 轮动。在先前报告中，我们已经成功基于成分股的形态构建了指 数、ETF 的择时策略，现在就是设计指标将同一截面下的各个 ETF 指数数据 可比，就可以构建 ETF 轮动策略。 当我们把 ETF 指数每天的多空个股个数求和后，除以当时该 ETF 指数的成分 股个数，在进行 30 天的 HMA 均线求解后，该指标就表征了该 ETF 从结构上 形态学的看多或者看空力量的变化与对比，由于都除以了成分股个数，也消除 了不同 ETF 因为成分股个数不同不可比的情况。 基于历史数据回测，不管是固定时间点调仓、每日调仓、或者是买入持有信号 消失退出策略等，都可跑赢万得偏股混合型基金指数。固定时间点调仓策略优 势在于计算量少，交易次数低，手续费少，但收益率也一 ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" due to its low valuation and potential for performance growth driven by industry recovery [2][9]. Core Views - The company reported a total revenue of 41.804 billion yuan in 2024, a year-on-year decrease of 41.24%, and a net profit attributable to shareholders of 0.33 million yuan, down 93.41% year-on-year. However, in Q4 2024, the net profit attributable to shareholders reached 6.12 million yuan, a significant increase of 2774.96% year-on-year [2][5]. - The steel industry is currently facing challenges, with a structural adjustment in demand leading to a decrease in steel prices. The average steel price index fell by 8.40% compared to 2023, while the cost reduction was only 4.41%, compressing profit margins [9]. - The company is optimizing operations and reducing costs, with a focus on differentiating its products. The proportion of high-end and key products increased from 48.43% in 2023 to 55.27% in 2024. Additionally, the company expanded its overseas market, achieving a 13% year-on-year increase in export volume [9]. - The company is expected to benefit from the recovery of the steel industry, with projected revenues of 44.564 billion yuan, 46.771 billion yuan, and 47.722 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 6.6%, 5.0%, and 2.0% [9][10]. Financial Summary - In 2024, the company achieved a gross margin of 0.95%, a decrease of 0.95 percentage points year-on-year. The projected net profit for 2025 is expected to be 565 million yuan, reflecting a year-on-year growth of 1623.3% [5][9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 385 in 2024 to 22 in 2025, indicating a significant improvement in valuation as earnings recover [5][10]. - The company’s total assets are projected to remain stable around 52 billion yuan from 2024 to 2027, with a debt-to-equity ratio of approximately 21% in 2025 [10].

公司研究 证券研究报 告 英搏尔（300681）2024 年报及 2025 年一季报点评 推荐（维持） 剔除股权激励费用后 24 年业绩实现增长，持续看 好公司作为低空经济供应链核心标的的长期潜力 当前价：33.16 元 ❖ 低空经济实现重大突破，公司为低空供应链核心标的。 1）亿航、亿维特到高域，印证公司在低空领域的竞争力与市场认可。2024 年，公司在 eVTOL 领域，与亿航智能签署战略合作协议和技术开发协议，并 达成与亿维特、高域等合作。从进度看，年报介绍：为亿航智能开发的新机 型的电推进系统已完成样机交付；同时，为亿航智能 EH216-S 机型建设了专 用的电推进系统产线，并实现了样机交付。与亿维特以及高域的样机开发进 展顺利。 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 2）展望 2 ...

证 券 研 究 报 告 仙乐健康（300791）2025 年一季报点评 强推（维持） 调整成效初显，布局提速拐点 事项： ❖ 公司发布 2025 年一季报。公司发布 25Q1 季报，公司实现营业总收入 9.54 亿 元，同增 0.28%，归母净利润 0.69 亿元，同增 8.9%，扣非归母净利润 0.65 亿 元，同增 0.21%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,211 | 4,746 | 5,377 | 5,962 | | 同比增速(%) | 17.6% | 12.7% | 13.3% | 10.9% | | 归母净利润(百万) | 325 | 404 | 502 | 588 | | 同比增速(%) | 15.7% | 24.4% | 24.2% | 17.0% | | 每股盈利(元) | 1.37 | 1.70 | 2.12 | 2.48 | | 市盈率(倍) | 19 | 15 | 12 | 10 | ...

公司研究 注：股价为 2025 年 4 月 23 日收盘价 物流综合 2025 年 04 月 24 日 证 券 研 究 报 告 厦门象屿（600057）2024 年报点评 强推（维持） 24 年业绩超预期，看好 25 年轻装上阵释放 业绩弹性 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 366,671 | 392,558 | 422,915 | 457,478 | | 同比增速(%) | -20.1% | 7.1% | 7.7% | 8.2% | | 归母净利润(百万) | 1,419 | 1,909 | 2,250 | 2,648 | | 同比增速(%) | -9.9% | 34.5% | 17.9% | 17.7% | | 每股盈利(元) | 0.48 | 0.54 | 0.66 | 0.80 | | 市盈率(倍) | 13 | 12 | 10 | 8 | | 市净率(倍) | 1 | 1 | 1 | 1 | 注：每股盈利扣除了 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company is projected to achieve a net profit of 914 million yuan in 2024, representing a year-on-year increase of 17.5%, indicating continuous improvement in performance and a commitment to active dividend distribution and share buybacks [1][6]. - The target price for the company's stock is set at 15.5 yuan, with the current price at 12.65 yuan, suggesting a potential upside of 22% [2][6]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue for 2024 is estimated at 22,095 million yuan, with a year-on-year growth of 9.9% [2][6]. - The net profit for 2025 is projected to be 1,709 million yuan, reflecting an 87.0% increase compared to 2024 [2][6]. - **Earnings Per Share (EPS)**: - EPS is expected to rise from 0.42 yuan in 2024 to 1.23 yuan by 2027 [2][6]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is forecasted to decrease from 31 in 2024 to 10 by 2027, indicating an improving valuation as earnings grow [2][6]. Operational Metrics - **Capacity and Load Factors**: - The Available Seat Kilometers (ASK) for 2024 is projected to increase by 17.3% compared to 2023, while the Revenue Passenger Kilometers (RPK) is expected to grow by 19.9% [6][7]. - The passenger load factor is anticipated to be 84.6% in 2024, a slight increase of 1.8 percentage points year-on-year [6][7]. - **Cost Management**: - Operating costs are expected to rise by 10.5% in 2024, with fuel costs specifically increasing by 8.6% [6][7]. - The company is focusing on cost control, with a projected decrease in unit costs per seat kilometer [6][7]. Shareholder Returns - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 220 million yuan, which represents 78.13% of the net profit attributable to shareholders [6][7].

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 177 yuan [2][10]. Core Insights - The company has demonstrated continuous high growth, with total revenue reaching 9.162 billion yuan in 2024, a year-on-year increase of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% [2][10]. - In Q1 2025, the company reported total revenue of 2.4 billion yuan, reflecting a 50.76% year-on-year growth, and a net profit of 506 million yuan, which is a 75.33% increase [2][10]. - The company has a strong focus on R&D, with 3.446 billion yuan invested in 2024, accounting for 37.61% of total revenue, and a 22.63% increase compared to the previous year [10]. - The company is positioned to benefit from the growing demand for AI inference, with expectations of sustained high growth in performance due to the launch of its new product, ShenSan 3 [10]. Financial Performance Summary - **2024 Financials**: Total revenue of 9.162 billion yuan, net profit of 1.931 billion yuan, and a net profit margin of 29.7% [5][10]. - **2025 Projections**: Expected revenue of 13.738 billion yuan and net profit of 2.902 billion yuan, with growth rates of 49.9% and 50.3% respectively [5][10]. - **2026-2027 Forecasts**: Revenue is projected to reach 19.503 billion yuan in 2026 and 26.327 billion yuan in 2027, with net profits of 4.219 billion yuan and 5.724 billion yuan respectively [5][10]. Market Position and Strategy - The company has established a comprehensive ecosystem involving nearly 5,000 partners across the supply chain, enhancing its capabilities in chip design and industry applications [10]. - The domestic market for its products is expanding, driven by increasing demand for localized solutions in critical sectors such as finance, telecommunications, and transportation [10]. - The company’s CPU and DCU products are increasingly being adopted in data centers and computing platforms, supporting the integration of intelligent and numerical computing [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][19]. Core Views - The company achieved a revenue of 347 million yuan in 2024, representing a year-on-year growth of 91.98%. However, it reported a net loss attributable to shareholders of 36.61 million yuan, an improvement from a loss of 52.25 million yuan in the previous year [1][4]. - The growth in the ship communication business is robust, with revenue reaching 280 million yuan, a staggering increase of 355.47% year-on-year. The company is also expanding into civilian products, leveraging its expertise in domestic self-control and information security [8]. - The company plans to acquire 100% of Xingwang Xintong, which is expected to enhance business synergy and accelerate growth. The acquisition includes a performance commitment of at least 180 million yuan in net profit over three years [8]. Financial Summary - For 2024, the total revenue is projected at 347 million yuan, with a growth rate of 92.0%. The net profit attributable to shareholders is expected to improve to a profit of 74 million yuan by 2025, with corresponding EPS of 0.48 yuan [4][8]. - The company’s total assets are estimated to grow from 1.716 billion yuan in 2024 to 2.325 billion yuan by 2027, indicating a strong upward trend in financial health [9]. - The company’s market capitalization is currently 2.918 billion yuan, with a circulating market value of 2.080 billion yuan [5].