伟创电气（688698.SH）2024 年年报点评 业绩稳健增长，新市场新领域持续放量 2025 年 04 月 17 日 ➢ 事件：2025 年 4 月 15 日，公司发布 2024 年年报。2024 年，公司实现营 收 16.40 亿元，同比+25.7%；归母净利润 2.45 亿元，同比+28.4%；扣非归母 净利润 2.40 亿元，同比+31.5%。单 24Q4，公司实现营收 4.83 亿元，同比 +34.5%，环比+25.2%；归母净利润 0.35 亿元，同比+2.13%，环比-54.55%； 扣非归母净利润 0.34 亿元，同比+7.8%，环比-53.8%。 ➢ 公司产品线完备，核心业务稳健增长。公司产品线完备，目前已具备 0.4kW 至 8,000kW 的变频器、100W 至 200kW 的伺服系统、控制系统包含 PLC 及运 动控制器等。变频器产品，24 年公司收入 10.35 亿元，同比+27.18%，毛利率 42.98%，同比基本持平。伺服产品，24 年公司收入 4.95 亿元，同比+17.09%， 毛利率 32.48%，同比+3.7Pcts。数字能源产品（逆变器、电池、充放电测试设 备、储能 ...

电科数字（600850.SH）2024 年年报点评 数字化产品业务持续发力，24 年业绩稳步增长 2025 年 04 月 17 日 ➢ 事件概述：2025 年 4 月 14 日公司发布 2024 年年报，2024 年公司实现营 业收入 107.06 亿元，较上年同期增加 7.05%；归母净利润 5.51 亿元，同比增长 10.77%。 ➢ 数字化产品业务持续发力，低空等领域取得拓展成果。2024 年，公司数字 化产品业务板块实现收入 7.91 亿元，同比增长 10.98%。1）低空数字领域：构 建实时信号处理平台，低空雷达信号处理机已实现批产，并应用于气象雷达系列 装备。这一成果不仅体现了公司在低空数字信号处理技术上的领先性，更为气象 监测等领域提供了关键技术支持，有助于提高气象预报的准确性和及时性。2） 信号处理领域：研制边端智能推理平台，以国产 AI、CPU 芯片为核心，通过精 心的硬件设计、驱动适配和算力模型开发，具备训练及推理两种场景的数据精度 运算能力。这一平台有效提升了目标搜索识别等边端智能处理效能，在安防监控、 智能交通等领域有着广泛的应用前景，能够实现对复杂环境中目标的快速准确识 别和处理。3 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 10.706 billion yuan in 2024, representing a year-on-year increase of 7.05%, and a net profit attributable to shareholders of 551 million yuan, up 10.77% from the previous year [1]. - The digital product business continues to thrive, with revenue reaching 791 million yuan in 2024, a growth of 10.98% year-on-year [2]. - The industry digitalization business segment generated revenue of 9.172 billion yuan, reflecting a year-on-year increase of 7.93% [3]. - The company is expected to achieve revenues of 12.052 billion, 13.302 billion, and 14.895 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 626 million, 690 million, and 794 million yuan for the same years [4][5]. Summary by Sections Digital Product Business - The low-altitude digital field has seen advancements, including the development of a real-time signal processing platform and mass production of low-altitude radar signal processing machines, enhancing meteorological monitoring capabilities [2]. - The company has developed an edge intelligent inference platform utilizing domestic AI and CPU chips, improving data precision in various applications such as security monitoring and intelligent transportation [2]. - In the electronic equipment sector, the company is expanding into motion control and environmental control applications, establishing comprehensive control capabilities [2]. Industry Digitalization Business - The company is enhancing its digital financial capabilities, developing governance products for financial open-source software, which have been applied in major financial institutions [3]. - In the public service sector, the company is focusing on digital transformation needs, particularly in traffic digitalization, and has implemented solutions in Jiangxi [3]. - The company has secured qualifications for data center construction, reinforcing its technical strength and market expansion capabilities [3]. Financial Projections - The company forecasts a revenue growth rate of 12.6% in 2025, followed by 10.4% in 2026 and 12.0% in 2027 [5]. - The projected earnings per share (EPS) are 0.91, 1.01, and 1.16 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 26, 23, and 20 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 18.66 billion yuan in 2024, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 1.35 billion yuan, up 20.5% year-on-year [1] - The copper alloy segment showed significant growth, with sales volume reaching 241,000 tons, a 22.2% increase year-on-year, driven by high-end product capacity release [1][2] - The photovoltaic segment maintained high profitability despite a 20% decline in sales volume, achieving a net profit of 920 million yuan, a 9% increase year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 4.07 billion yuan, a decrease of 22.3% year-on-year and 28.9% quarter-on-quarter, primarily due to impairment losses [1] - The company plans to distribute a cash dividend of 5.01 yuan per 10 shares, totaling 410 million yuan, with a dividend payout ratio of 30% [1] Copper Alloy Segment - The copper alloy segment's net profit reached 440 million yuan in 2024, a 54.6% increase year-on-year, with a net profit per ton of 1,812 yuan, up 380 yuan year-on-year [1] - The company is progressing with a 30,000-ton special alloy strip project and plans to launch a 20,000-ton special alloy wire project by June 2025 [1] Photovoltaic Segment - The company’s photovoltaic module sales volume was 2,051 MW in 2024, down 20% year-on-year, mainly due to U.S. tariff policies [2] - Despite the decline in sales volume, the photovoltaic segment's profitability remains strong, with a net profit of 920 million yuan [2] - The company plans to expand its U.S. production capacity, with a 2 GW TOPCon module capacity expected to be operational by April 2025 [2] Impairment Losses - The company recorded asset impairment losses of 510 million yuan in 2024, primarily in Q4, with fixed asset impairments of 160 million yuan and inventory impairments of 350 million yuan [3] Investment Projections - The company forecasts net profits of 1.28 billion yuan in 2025, 1.53 billion yuan in 2026, and 1.96 billion yuan in 2027, with corresponding PE ratios of 11, 9, and 7 times [4][8]

博威合金（601137.SH）2024 年年报点评 铜合金业绩高速增长，期待美国光伏产能投产 2025 年 04 月 16 日 ➢ 事件：公司发布 2024 年年报。1）业绩：2024 年公司实现营收 186.6 亿 元，同比+5.1%，归母净利 13.5 亿元，同比+20.5%，扣非归母净利 13.3 亿元， 同比+16.3%；单季度看，24Q4 实现营收 40.7 亿元，同比-22.3%，环比-28.9%， 归母净利 2.6 亿元，同比-23.1%，环比-44.3%，扣非归母净利 2.7 亿元，同比- 22.7%，环比-40.9%，Q4 业绩环比下滑主要受减值拖累；2）分红：2024 年拟 每 10 股派发现金股利 5.01 元（含税），合计现金分红 4.1 亿元，分红率 30.0%。 ➢ 铜合金：高端产品产能释放，业绩贡献高速增长。1）量：24 年铜合金销量 24.1 万吨，同比+22.2%，带材、棒材、线材、精密细丝销量均实现同比增长， 其中带材销量 7.0 万吨，同比+42.2%，增幅最为明显，主要由于 5 万吨带材项 目爬坡，截至 24 年底月度产能利用率已超过 90%；2）利：24 年铜合金实现 ...

震有科技（688418.SH）公司事件点评 签订 15 亿美元光纤总包项目，"低空+低轨"助力成长 2025 年 04 月 16 日 ➢ 事件：4 月 15 日，震有科技发布公告，公司与刚果民主共和国光纤公司签 署了关于"刚果民主共和国国家骨干光纤宽带网络项目"的总包工程框架协议， 合同金额为 15 亿美元（不含税）。 ➢ 公司大额订单签订有望在后续对公司业绩产生明显积极影响。本项目采用总 价合同模式，总包预算金额为 15 亿美元。项目由"框架协议+订单"构成，订 单为本协议的组成部分；每个订单独立验收，独立结算；公司以收到预付款为执 行订单的前提，不存在前期垫资风险，共计 48 个月完成整个工程。我们认为本 次合作的具体落实将有助于进一步拓展公司在非洲地区光通信业务的市场布局， 提高市场竞争力，项目确收也将对公司未来业绩产生明显积极影响。 ➢ 横向前瞻拓展低空经济布局，多维度推进低空场景应用。低空经济领域的发 展离不开稳定、高效的通信网络支持，公司所布局的通信产品技术，可以为低空 经济业务做好通信侧的支撑。公司旗下的鹏有（深圳）飞行科技有限公司， 持 续探索于 eVTOL（电动垂直起降飞行器）起降站点建设、 ...

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 Views - The company reported a revenue of 14.237 billion yuan for 2024, a year-on-year decrease of 43.32%, and a net profit attributable to shareholders of 930 million yuan, down 43.76% year-on-year [1]. - The company is expanding its global footprint with projects in Indonesia and Morocco, enhancing the resilience of its supply chain for new energy materials [2]. - The company is actively developing new technologies, including solid-state batteries and silicon-based anodes, which significantly improve product competitiveness [3]. - Future revenue projections for 2025-2027 are 14.537 billion, 20.683 billion, and 27.161 billion yuan, with year-on-year growth rates of 2.1%, 42.3%, and 31.3% respectively [4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.968 billion yuan, a year-on-year decline of 17.50%, but a quarter-on-quarter increase of 22.78% [1]. - The gross margin for Q4 2024 was 24.85%, showing a year-on-year increase of 2.55 percentage points [1]. - The net profit margin for Q4 2024 was 6.84%, reflecting a slight year-on-year increase [1]. Sales and Production - The company sold 437,800 tons of negative electrode materials in 2024, a year-on-year increase of 20.97%, while the revenue from negative electrodes was 10.692 billion yuan, down 13.04% due to price declines [2]. - The sales volume of positive electrode materials was 19,800 tons, a year-on-year decrease of 51.71%, with revenue of 3.079 billion yuan [2]. Strategic Initiatives - The company has successfully launched an integrated project in Indonesia with an annual production capacity of 80,000 tons of new energy lithium battery negative materials [2]. - In Morocco, the company has initiated projects for the production of 50,000 tons of lithium-ion battery positive materials and 60,000 tons of negative materials [2]. - The company has established production lines for solid-state electrolytes and developed advanced silicon-carbon anode materials, enhancing its technological capabilities [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported strong Q1 2025 results with revenue of 4.848 billion, net profit of 0.980 billion, and net profit after deducting non-recurring items of 0.959 billion, representing year-on-year growth of 39.23%, 47.62%, and 53.55% respectively [1]. - The core product lines showed robust growth, with energy drink revenue at 3.900 billion (up 25.7% YoY) and electrolyte water revenue at 0.570 billion (up 261.5% YoY), achieving a double-digit market share of 11.8% [2]. - The company is expanding its national presence, with revenue outside Guangdong reaching 3.090 billion (up 44% YoY), and significant growth in various regions including East China and Southwest China [2]. - The gross margin improved by 1.7 percentage points YoY, driven by lower raw material costs and scale effects, while the net profit margin increased by 1.8 percentage points YoY [3]. - The company is expected to achieve revenue of 20.519 billion, 25.329 billion, and 30.273 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 4.512 billion, 5.696 billion, and 6.962 billion [4]. Summary by Sections Financial Performance - Q1 2025 revenue reached 4.848 billion, with a net profit of 0.980 billion, reflecting strong growth across product lines [1]. - The company anticipates revenue growth rates of 29.5%, 23.4%, and 19.5% for the years 2025, 2026, and 2027 respectively [4]. Product and Market Strategy - The company is focusing on channel expansion and product diversification, with significant contributions from new product lines and marketing efforts [2]. - The electrolyte water segment has seen a remarkable increase in revenue, indicating a successful product strategy [2]. Cost Management and Profitability - The gross margin has improved due to favorable raw material prices and operational efficiencies, with a stable expense ratio [3]. - The company is expected to maintain a strong profitability trajectory with increasing net profit margins over the forecast period [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price corresponding to a P/E ratio of 32 for 2025, 25 for 2026, and 21 for 2027 [4]. Core Insights - The company reported strong Q1 2025 results, with revenue of 4.848 billion yuan, net profit of 980 million yuan, and adjusted net profit of 959 million yuan, reflecting year-on-year growth of 39.23%, 47.62%, and 53.55% respectively [1]. - The core product lines showed robust growth, particularly electrolyte water, which saw a revenue increase of 261.5% year-on-year, contributing to 11.8% of total revenue [2]. - The company is focusing on channel expansion and product diversification, with significant contributions from new products and a strong brand presence in the market [2][3]. Financial Performance - The gross margin improved by 1.7 percentage points year-on-year, driven by lower raw material costs and economies of scale [3]. - The company expects revenue growth of 29.5%, 23.4%, and 19.5% for 2025, 2026, and 2027 respectively, with net profit growth of 35.6%, 26.3%, and 22.2% for the same periods [4][5]. - The sales revenue for Q1 2025 was 4.863 billion yuan, an increase of 18.75% year-on-year, indicating strong cash flow management [2]. Market Strategy - The company is enhancing its platform strategy and expanding its product matrix, with plans for overseas market exploration [3]. - The growth strategy includes a focus on high-value products and a commitment to increasing market penetration across various regions [2][3].