博士眼镜（300622.SZ）2024 年年报点评 线上线下全渠道发展，持续发力布局智能眼镜赛道 2025 年 04 月 18 日 ➢ 事件：博士眼镜发布 2024 年年报。24 年公司实现营收 12.03 亿元，同比 +2.29%；归母净利润 1.04 亿元，同比-19.08%；扣非归母净利 0.88 亿元，同 比-24.03%。24Q4，公司实现营收 2.88 亿元，同比+6.33%；归母净利润 0.20 亿元，同比-33.89%；扣非归母净利润 0.15 亿元，同比-32.56%。 ➢ 整体营收持续增长，隐形眼镜系列产品营收微降。24 年，公司实现营收 12.03 亿元，同比+2.29%。分产品来看，1）光学眼镜及验配服务：24 年营收 8.06 亿 元，同比+1.78%。2）成镜系列产品：24 年营收 1.78 亿元，同比+11.97%，主 要系是款式更新、推广活动带动线上销售量增长提升。3）隐形眼镜系列产品： 24 年营收 1.56 亿元，同比-5.03%。4）其他：24 年营收 0.63 亿元，同比+3.37%。 ➢ 24 年毛利率同比-1.36pct，归母净利率同比-2.27pct 至 8.62 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company has shown significant growth in its non-GAAP net profit, which increased by 144.46% year-on-year, despite a decline in net profit attributable to shareholders by 41.52% [1][4]. - The acquisition of the remaining 48% stake in Aipuyang Technology has positioned the company as a leader in the domestic AI programming software market, with promising growth potential in its IDE business [2][4]. - The company is actively integrating AI into its firmware business and is expected to benefit from the trend of domestic substitution in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 323 million yuan, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 32.84 million yuan [1]. - The forecast for 2025-2027 indicates a significant recovery in net profit, projected at 86 million yuan in 2025, 119 million yuan in 2026, and 167 million yuan in 2027, with corresponding PE ratios of 60X, 43X, and 31X [5][4]. Business Strategy - The company is focusing on creating a dual layout of "AI + IDE," with its SnapDevelop tool deeply integrated with leading AI models, enhancing its software development capabilities [3][4]. - Strategic collaboration with DCloud, which has over 9 million front-end developer users, is expected to accelerate the promotion of SnapDevelop and expand the company's market reach [2][4].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company has shown significant growth in its non-recurring net profit, with a 144.46% increase year-on-year, despite a 41.52% decline in net profit attributable to shareholders [1][4]. - The acquisition of the remaining 48% stake in Aipuyang Technology has positioned the company as a leader in the "AI + IDE" programming software sector, with promising growth potential in its IDE business [2][4]. - The company is actively integrating AI into its firmware business and is expected to benefit from the trend of domestic substitution in the semiconductor industry [4]. Financial Performance - In 2024, the company reported an operating income of 323 million yuan, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 33 million yuan [1][5]. - The projected net profit for 2025-2027 is expected to be 86 million, 119 million, and 167 million yuan, respectively, with corresponding PE ratios of 60X, 43X, and 31X [4][5]. - The company’s gross profit margin is projected to improve from 52.20% in 2024 to 57.16% by 2027 [11].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company is a leader in the turbocharger components industry, with a three-tiered strategic layout that positions it for future growth. The revenue scale continues to grow, with a compound annual growth rate (CAGR) of 10.9% from 2019 to 2023. In Q1-Q3 2024, the company achieved revenue of 1.04 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 220 million yuan, up 7.1% year-on-year [3][4][5]. Summary by Sections 1. Introduction - The report provides an in-depth analysis of the company, which has been focused on precision component manufacturing since its establishment. It has expanded its business boundaries and formed a three-tiered industrial strategy covering traditional precision components, new energy vehicle components, and linear motion functional components [13]. 2. Precision Component Leader - The company has a rich product matrix, with turbocharger components being the main revenue source, accounting for over 70% of total revenue since 2019. The company has established long-term stable business relationships with major manufacturers in the turbocharger and engine sectors [28][31]. 3. Turbocharger Components - The company continues to deepen its internal capabilities, establishing a solid foundation for performance. The increasing strictness of passenger car emission standards is expected to drive the penetration rate of turbochargers. The market for turbocharger components is projected to grow steadily, with expected revenues of 1.12 billion, 1.22 billion, and 1.33 billion yuan from 2024 to 2026, representing year-on-year growth rates of 10%, 9.5%, and 9% respectively [3][4][5][49]. 4. New Energy Vehicle Components - The company is actively advancing its new energy vehicle components business through both organic growth and acquisitions. The first phase of the Anhui Best factory is expected to contribute approximately 810 million yuan in annual output value, with revenues projected to reach 210 million, 380 million, and 610 million yuan from 2024 to 2026, reflecting year-on-year growth rates of 40%, 80%, and 60% respectively [4][5]. 5. Linear Motion Functional Components - The company is making significant strides in the linear motion functional components sector, with plans to start mass production of planetary roller screws by 2025. Expected revenues for this segment are projected to be 10 million, 90 million, and 270 million yuan from 2024 to 2026, with year-on-year growth rates of 800% and 200% in 2025 and 2026 respectively [5][4]. 6. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.5 billion, 1.88 billion, and 2.41 billion yuan from 2024 to 2026, with year-on-year growth rates of 12%, 25%, and 28%. Net profits attributable to shareholders are projected to be 310 million, 380 million, and 520 million yuan, with growth rates of 19%, 23%, and 35% respectively. The report suggests a price-to-earnings (PE) ratio of 42, 34, and 25 for the years 2024 to 2026 [5][7][34].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in Shenzhen, the United States, and Malaysia [2]. - The company is venturing into the humanoid robot sector, collaborating with various partners to innovate in joint module components, which is expected to create a second growth curve [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, representing a year-on-year growth of 25.34% and a quarter-on-quarter increase of 9.28%. The net profit for the same period was 455 million yuan, up 12.07% year-on-year and 23.64% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 27.26%, an increase of 2.98 percentage points year-on-year and 3.84 percentage points quarter-on-quarter [1]. Market Expansion - The company has strengthened relationships with major clients such as CATL, LG, and Tesla, ensuring long-term strategic cooperation [2]. - A strategic cooperation agreement was signed with Inpai Battery in February 2025, securing 100% of the supply share for power and energy storage battery structural components for the next five years [2]. Production Capacity - The company is investing up to 1.2 billion yuan in a new production base for precision structural components for new energy batteries in Shenzhen [2]. - An investment of up to 49 million USD is planned for a new production base in the United States, alongside a project in Malaysia with a budget of up to 600 million yuan [2]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 14.97 billion yuan, 18.20 billion yuan, and 21.78 billion yuan, respectively, with year-on-year growth rates of 24.4%, 21.6%, and 19.6% [4]. - The net profit attributable to shareholders is expected to reach 1.795 billion yuan, 2.183 billion yuan, and 2.620 billion yuan for the same years, with growth rates of 21.9%, 21.6%, and 20.1% [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][11]. Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in Shenzhen, the United States, and Malaysia [2]. - The company is venturing into the humanoid robot sector, collaborating with various partners to innovate in joint module components, which is expected to create a second growth curve for the company [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, representing a year-on-year growth of 25.34% and a quarter-on-quarter increase of 9.28%. The net profit for the same quarter was 455 million yuan, up 12.07% year-on-year and 23.64% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 27.26%, an increase of 2.98 percentage points year-on-year, while the net margin was 13.21%, a decrease of 1.83 percentage points year-on-year [1]. Market Expansion - The company has strengthened its relationships with major clients such as CATL, LG, and Tesla, ensuring long-term strategic cooperation. Additionally, it signed a strategic cooperation agreement with Inpai Battery for a 100% supply share of battery structural components over the next five years [2]. - The company is actively expanding its market presence both domestically and internationally, which is expected to enhance its profitability and competitive edge [2]. Future Projections - The company is projected to achieve revenues of 14.97 billion yuan, 18.20 billion yuan, and 21.78 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.4%, 21.6%, and 19.6% [4]. - The net profit attributable to shareholders is expected to reach 1.795 billion yuan, 2.183 billion yuan, and 2.620 billion yuan for the same years, with growth rates of 21.9%, 21.6%, and 20.1% [4].

城投随笔系列 外部冲击之下的城投融资 2025 年 04 月 18 日 近期，在美国推出"超预期对等关税"的背景下，国内城投融资政策是否 会有转变？政策走向如何展望？本文聚焦于此。 ➢ 2018 年，城投融资有何变化？ 以史为鉴，我们先复盘 2018 年中美贸易摩擦后国内的政策应对。 2018 年，中美贸易摩擦分阶段升级，美国对我国加征关税的商品规模从 500 亿美元逐步扩大至 2500 亿美元，涵盖机械、通信设备等高附加值领域。 我国央行的货币政策实行多目标制，在外部冲击的压力下，这一阶段"稳 增长"目标的重要性上升。央行全年通过四次定向降准和 MLF 操作释放中长期 流动性，并创新 TMLF 工具定向支持小微企业和民营企业。 2018 年中之后，央行在保持"稳健中性"主基调的同时，通过结构性工具 和预期管理，逐步引导货币环境向"宽信用"过渡：2018 年新增人民币贷款较 2017 年同比多增 18.3 万亿元，其中 7-12 月同比多增 12.7 万亿元；企业债券 融资 2018 年同比多增 2 万亿元。 另一方面，2018 年初，正临严控地方政府隐性债务的大环境，基建增速处 于下滑态势，城投融资政策在" ...

九丰能源（605090.SH）24 年年报&25 年一季报点评 利润接连新高，分红回购彰显发展信心 2025 年 04 月 18 日 ➢ 事件：2025 年 4 月 17 日，公司发布 2024 年年度报告和 2025 年第一季度 报告。2024 年，公司实现营业收入 220.47 亿元，同比下滑 17.01%；实现归母 净利润 16.84 亿元，同比大增 28.93%；实现扣非归母净利润 13.50 亿元，同比 增长 1.12%。2025 年第一季度，公司实现营业收入 54.84 亿元，同比下滑 13.41%；实现归母净利润 5.06 亿元，同比增长 5.40%；实现扣非归母净利润 4.68 亿元，同比增长 1.38%。 ➢ LNG 业务快速发展，公司积极开拓交通燃料和气电市场。2024 年，公司天 然气业务 LNG 销量合计 274 万吨（包含能源服务销量），同比增长 20.39%， 其中，归属于清洁能源业务的销量为 218 万吨，同比增长 15.20%，归属于能源 服务业务的销量为 39 万吨，同比略增 0.80%。一方面，在资源端，公司与长约 合作方马石油保持良好合作关系，并在风险敞口可控条件下进行现 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved record profits, with a significant increase in net profit for 2024, reflecting strong operational performance despite a decline in revenue [1]. - The LNG business is rapidly developing, with a 20.39% increase in total LNG sales to 2.74 million tons in 2024, driven by strong demand in the transportation fuel and gas-electricity markets [2]. - The LPG business is expected to grow significantly following the completion of a new terminal project, despite a slight decline in sales in 2024 [3]. - The special gases segment is showing potential growth, with helium and hydrogen sales increasing by 22.65% and 66.75% respectively in 2024 [3]. - The company plans to distribute a cash dividend of 0.83 yuan per share for 2024, with a total cash dividend of 780 million yuan, resulting in a dividend payout ratio of 46.33% [4]. - The company forecasts net profits of 1.74 billion yuan for 2025, with an expected EPS of 2.68 yuan, indicating a PE ratio of 9 times based on the closing price on April 17, 2025 [4][5]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 22.05 billion yuan, a decrease of 17.01% year-on-year, while net profit attributable to shareholders increased by 28.93% to 1.68 billion yuan [1][5]. - For Q1 2025, the company achieved operating revenue of 5.48 billion yuan, down 13.41% year-on-year, but net profit grew by 5.40% to 506 million yuan [1]. Business Segments - The LNG segment saw a total sales volume of 2.74 million tons in 2024, with a 20.39% increase, and a focus on transportation fuel and gas-electricity markets [2]. - The LPG segment's sales were 1.84 million tons in 2024, down 3.68%, but the company anticipates growth with the new terminal project [3]. - The special gases segment, including helium and hydrogen, showed promising growth with significant increases in sales volumes [3]. Dividend and Share Buyback - The company plans to distribute a total cash dividend of 780 million yuan for 2024, with a dividend payout ratio of 46.33% and a projected dividend yield of 5.30% for 2025 [4]. - A share buyback plan of 200 to 300 million yuan is also in place, reflecting confidence in future growth [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company reported a revenue of 1.945 billion yuan in 2024, representing a year-on-year growth of 6.38%, and a net profit attributable to shareholders of 113 million yuan, which is a 35.01% increase [1]. - The company's To B business continues to grow, with revenue reaching 1.177 billion yuan, a year-on-year increase of 8.46%, and the active user base of the Yiqiwin platform surpassing 10.7 million, up 30% year-on-year [2]. - The company is fully embracing AI transformation, with AI product revenue accounting for over 20% of its smart tax and finance business [2][3]. - The compliance tax optimization products are expected to become a core growth engine, with significant user growth in both basic and advanced compliance products [3]. Financial Forecasts - The company is projected to achieve net profits of 267 million yuan, 387 million yuan, and 504 million yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 137%, 44.8%, and 30.3% [4]. - The estimated revenue for 2025 is 2.263 billion yuan, reflecting a growth rate of 16.3% [4]. - The current market valuation corresponds to a price-to-earnings (PE) ratio of 70 for 2025, 49 for 2026, and 37 for 2027 [4].