➢ 钴：产能扩张产销增加，毛利率逆势提升。1）量：24 年钴产品产量 2.1 万 吨，同比+31.5%，销量 1.9 万吨，同比+22.8%，主要由于国内钴产能扩张；2） 库存：截至 24 年底，钴产品库存 2199 吨，同比增加 1397 吨；3）价：24 年国 内金属钴均价 18.4 万元/吨，同比-27.8%，其中 24Q4 均价 16.3 万元/吨，环 比-4.1%；25Q1 钴均价 17.2 万元/吨，环比+5.5%；4）利：尽管钴价下跌，24 年钴产品毛利率 7.6%，同比+4.1pct，我们预计主要由于公司在钴价低迷时主动 调整产品结构，增加氯化钴和电钴产量。 腾远钴业（301219.SZ）2024 年年报及 2025 年一季报点评 业绩高增长，期待铜钴同步扩产 2025 年 04 月 24 日 ➢ 事件：公司发布 2024 年年报及 2025 年一季报。1）业绩：2024 年公司实 现营收 65.4 亿元，同比+18.0%，归母净利 6.9 亿元，同比+81.2%，扣非归母 净利 6.7 亿元，同比+83.4%；单季度看，24Q4 实现营收 16.5 亿元，同比+5.2%， 环比-2.0%，归 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7][12]. Core Views - The company has demonstrated rapid revenue growth, with Q1 2025 revenue reaching 2.4 billion yuan, a year-on-year increase of 50.76%, and net profit of 506 million yuan, up 75.33% year-on-year [1][2]. - A significant increase in contract liabilities, which reached 3.237 billion yuan at the end of Q1 2025, compared to 903 million yuan at the end of 2024, suggests a strong demand outlook [2][3]. - The company has established a robust ecosystem by collaborating with nearly 5,000 enterprises, universities, and research institutions, enhancing its technological capabilities and product offerings [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net cash flow from operations of 2.522 billion yuan, a substantial improvement from a negative cash flow of 68 million yuan in the same period last year [2]. - The company’s inventory stood at approximately 5.8 billion yuan, with prepaid accounts increasing by 31% to 1.62 billion yuan compared to the end of 2024 [2]. Technological Leadership - The company focuses on continuous R&D, with 90.18% of its technical staff holding master's degrees or higher, ensuring its technological edge in the market [4]. - The DCU (Data Center Unit) developed by the company supports various precision computing capabilities, making it suitable for scientific and AI applications [4]. Future Outlook - The company is expected to maintain rapid growth in its CPU business and enhance its DCU business, with projected net profits of 3.076 billion yuan, 4.441 billion yuan, and 6.144 billion yuan for 2025, 2026, and 2027, respectively [5][6]. - The projected PE ratios for the next three years are 113, 78, and 56, indicating a favorable valuation trend [6][10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its industry leadership and growth potential [6][8]. Core Views - The company reported a revenue of 5.22 billion yuan for 2024, a year-over-year decline of 33.0%, and a net profit of 970 million yuan, down 63.8% year-over-year. The first quarter of 2025 also showed a revenue of 910 million yuan, down 10.4% year-over-year, with a net profit of 59 million yuan, down 42.6% year-over-year. The performance aligns with expectations despite significant challenges in the market [3]. - The company is expected to achieve a revenue of 5.7 billion yuan in 2025, representing a year-over-year growth of 9.2%, and a total profit of 1.145 billion yuan, up 3.1% year-over-year. These figures are budget estimates and do not represent a definitive profit forecast for 2025 [4]. - The company is positioned as a core supplier in the domestic high-tech electronic components sector, leveraging its reliable product system and full industry chain collaboration to capitalize on opportunities in emerging fields such as commercial aerospace, low-altitude economy, civil aviation, and new energy vehicles [6]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profit due to market cyclicality and price reductions. The gross margin fell by 9.6 percentage points to 49.7%, and the net margin decreased by 15.8 percentage points to 18.6% [3]. - The company's subsidiaries also reported varying degrees of revenue and profit declines in 2024, with the main subsidiary, Zhihua YG, generating 1.24 billion yuan in revenue, down 38.0% year-over-year, and a net profit of 500 million yuan, down 48.8% [4]. Cost and Cash Flow - The company's operating expenses decreased by 6.9% year-over-year to 1.39 billion yuan in 2024, but the expense ratio increased by 7.5 percentage points to 26.7% due to a significant drop in revenue [5]. - As of the end of Q1 2025, the company reported improved operating cash flow of 1.6 billion yuan compared to 1.23 billion yuan in 2023 [5]. Profit Forecast - The company forecasts net profits of 1.134 billion yuan, 1.371 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 27x, 22x, and 19x [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 2.017 billion yuan in 2024, representing a year-on-year increase of 4.32%. However, the net profit attributable to shareholders decreased by 11.77% to 661 million yuan [1][4]. - The increase in online revenue, which accounted for 54.96% of total revenue, was a significant factor in the revenue growth. Online sales reached 1.108 billion yuan, up 20.03% year-on-year [2][4]. - The company is focusing on enhancing its medical device segment and is actively developing recombinant collagen materials, with several products in clinical stages [4]. Revenue and Profitability - The company's gross margin for 2024 was 81.73%, a slight decrease of 0.5 percentage points year-on-year. The net profit margin was 32.78%, down 5.98 percentage points, primarily due to increased sales and marketing expenses [3][4]. - The projected net profits for 2025, 2026, and 2027 are expected to be 721 million yuan, 797 million yuan, and 901 million yuan, respectively, indicating a growth rate of 9.0%, 10.7%, and 13.0% [4][5]. Financial Forecast - The forecasted revenue for 2025 is 2.308 billion yuan, with a growth rate of 14.4%. The projected earnings per share for 2025 is 1.80 yuan, with a price-to-earnings ratio of 18 [5][7]. - The company’s operating expenses are expected to increase, with sales expenses projected at 889 million yuan in 2025, reflecting a continued investment in marketing [7][8].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company's performance in 2024 met expectations, with a revenue of 5.581 billion yuan, a year-on-year increase of 13.72%, and a net profit attributable to shareholders of 303 million yuan, a significant year-on-year growth of 626.56% [3][4]. - The first quarter of 2025 showed strong growth, with revenue reaching 1.598 billion yuan, up 49.92% year-on-year, and a net profit of 134 million yuan, reflecting a year-on-year increase of 465.80% [3][4]. - The lithium battery anode business saw a substantial increase in shipments, with a total of 225,800 tons shipped in 2024, representing a year-on-year growth of 55.66% [5][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 1.697 billion yuan, a year-on-year increase of 22.53%, and a net profit of 119 million yuan, up 21.43% year-on-year [4]. - The gross margin for Q4 2024 was 24.20%, an increase of 2.11 percentage points year-on-year [4]. - The company expects revenues of 6.918 billion yuan, 9.243 billion yuan, and 11.650 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 23.9%, 33.6%, and 26.0% [6][7]. Business Development and Market Position - The company is actively expanding its overseas customer base, establishing stable partnerships with major domestic and international lithium battery manufacturers [6]. - The company is progressing with the construction of its integrated anode material project in Qujing, Yunnan, and planning a production base in Morocco [5][6]. - The magnetic equipment business generated revenue of 388 million yuan, maintaining stability [5].

吉祥航空（603885.SH）2024 年年报点评 战略布局渐显成效，分红回购提升投资者信心 2025 年 04 月 24 日 ➢ 2025 年 4 月 21 日公司发布 2024 年年报：2024 年公司营业收入 221 亿元， 同比+9.9%，归母净利润 9.1 亿元，同比+18%，扣非归母净利润 8.0 亿元，同比 +10.6%；4Q24 公司营业收入 46.0 亿元，同比+9.2%，归母净亏 3.6 亿元（4Q23 归母净亏 3.6 亿元），扣非归母净亏 3.9 亿元（4Q23 扣非归母净亏 3.9 亿元）。2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收 入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。 ➢ 4Q24 国际运力投放同比大幅增长弥补价格下滑影响，油价同比回落抬升利润 中枢。四季度公司座公里营收 0.34 元，同比-5%，行业价格普遍下滑的环境下公司 单季度营收同比仍有 9%增速与公司国际航线运力投放加大有关（4Q24 国际港澳台 ASK 同比+129%、国内-3%）。四季度油价同比明显回落对冲了降价影响，4Q24 国 内航空煤油 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [6][8]. Core Views - The company has demonstrated significant revenue growth, with a 2024 revenue of 6.54 billion yuan, up 18% year-on-year, and a net profit of 690 million yuan, up 81.2% year-on-year [3]. - The copper and cobalt production capacities are expected to expand simultaneously, which is anticipated to sustain high growth in performance [5][6]. Financial Performance Summary - **2024 Performance**: - Revenue: 6.54 billion yuan, +18.0% YoY - Net Profit: 690 million yuan, +81.2% YoY - Q4 2024 Revenue: 1.65 billion yuan, +5.2% YoY, -2.0% QoQ - Q1 2025 Revenue: 1.46 billion yuan, -3.6% YoY, -11.6% QoQ [3][4]. - **Copper Segment**: - 2024 copper production: 55,000 tons, +9.8% YoY - 2024 copper sales price: 63,000 yuan/ton, +10.5% YoY - 2024 copper product gross margin: 33.6%, +3.1 percentage points YoY [4]. - **Cobalt Segment**: - 2024 cobalt production: 21,000 tons, +31.5% YoY - 2024 cobalt sales price: 184,000 yuan/ton, -27.8% YoY - 2024 cobalt product gross margin: 7.6%, +4.1 percentage points YoY [5]. Future Projections - The company projects net profits of 910 million yuan in 2025, 1.12 billion yuan in 2026, and 1.43 billion yuan in 2027, with corresponding PE ratios of 15, 12, and 9 [6][7]. - Revenue is expected to grow to 9.11 billion yuan in 2025, reflecting a growth rate of 39.3% [7][12]. Investment Recommendations - The report suggests that the ongoing expansion in copper production and the anticipated increase in cobalt prices due to supply constraints in the Democratic Republic of Congo will positively impact the company's profitability [6][5].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has demonstrated rapid revenue growth, with Q1 2025 revenue reaching 2.4 billion yuan, a year-on-year increase of 50.76%, and net profit of 506 million yuan, up 75.33% year-on-year [1][2]. - A significant increase in contract liabilities indicates sustained demand, with contract liabilities at the end of Q1 2025 reaching 3.237 billion yuan, up from 903 million yuan at the end of 2024, reflecting a strong market demand [2][3]. - The company has established a robust ecosystem by collaborating with nearly 5,000 enterprises, universities, and research institutions, enhancing its product offerings in general-purpose and AI computing markets [3][4]. Financial Performance and Forecast - The company is projected to achieve net profits of 3.076 billion yuan, 4.441 billion yuan, and 6.144 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 113, 78, and 56 [5][6]. - Revenue forecasts indicate a growth trajectory with expected revenues of 13.868 billion yuan in 2025, 19.588 billion yuan in 2026, and 26.859 billion yuan in 2027, reflecting growth rates of 51.4%, 41.3%, and 37.1% respectively [6][10]. - The company has maintained a high level of R&D investment, with 90.18% of its technical staff holding master's degrees or higher, ensuring its technological leadership in the industry [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company demonstrated robust growth in 2024, achieving a revenue of 6.444 billion yuan, a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.8% year-on-year [1]. - The company is actively expanding into multiple business areas, focusing on technological innovation and self-research, particularly in offshore wind power and data center solutions [3]. - Revenue projections for 2025-2027 are estimated at 8.106 billion yuan, 9.688 billion yuan, and 11.033 billion yuan, with corresponding growth rates of 26%, 20%, and 14% [3]. Financial Performance Summary - In 2024, the company's gross margin was 22.29%, a decrease of 0.40 percentage points year-on-year, while the net profit margin was 10.28%, an increase of 0.22 percentage points year-on-year [2]. - The revenue structure for 2024 shows that the box transformer revenue was 4.239 billion yuan, accounting for 65.79% of total revenue, with a growth of 22.60% year-on-year [2]. - The company reported a net profit of 1.12 billion yuan in Q1 2025, reflecting a year-on-year growth of 25.01% [1]. Revenue and Profit Forecast - The forecast for total revenue is 8.106 billion yuan for 2025, with a growth rate of 25.8%, and a net profit of 865 million yuan, reflecting a growth rate of 30.5% [4]. - The projected earnings per share for 2025 is 2.77 yuan, with a price-to-earnings ratio (PE) of 15 [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7][12]. Core Insights - The company achieved a revenue of 770 million yuan in 2024, representing a year-over-year growth of 2.88%. The net profit attributable to shareholders was 177 million yuan, with a year-over-year increase of 12.21% [1]. - The company's star products continue to show high growth, with the PMC Ultra Bright series experiencing a revenue increase of 45.6% in 2024 and 44% in Q1 2025 [2]. - The company's profitability is steadily improving, with a gross margin of 58.42% in Q1 2025, reflecting a year-over-year increase of 0.35 percentage points [3]. - The company is actively expanding its product lines and enhancing brand strength, particularly in the youth myopia prevention market, with a new product series "Easy Control Pro 2.0" [4]. Financial Performance Summary - In 2024, the company reported total revenue of 770 million yuan, with projected revenues of 891 million yuan in 2025, 1,045 million yuan in 2026, and 1,244 million yuan in 2027, indicating a growth rate of 15.7% in 2025 [6][10]. - The net profit attributable to shareholders is expected to grow from 177 million yuan in 2024 to 207 million yuan in 2025, with a projected growth rate of 16.8% [6][10]. - The company's earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.03 yuan in 2025, with a price-to-earnings (PE) ratio of 47x for 2025 [6][10].