2025 年 04 月 14 日 公司点评 买入/维持 九号公司(689009) 目标价: 昨收盘:56.90 九号公司：2024Q4 扣非净利润增速亮眼，机器人业务表现靓丽 ◼ 走势比较 (20%) 10% 40% 70% 100% 130% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 九号公司 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 0.72/0.55 | | --- | --- | | 总市值/流通(亿元) | 40.81/31.28 | | 12 个月内最高/最低价 | 68.32/27.71 | | (元) | | 相关研究报告 <<九号公司：以旧换新+新强标助推 高端化利好两轮车品类，割草机器人 业务增长强劲>>--2024-12-19 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：jin ...

2025 年 4 月 14 日 行业周报 看好/维持 基础化工 基础化工 化工周报（4/7-4/13）： 溴素价格持续强势 ◼ 走势比较 相关研究报告 << 化 工 新 材 料 周 报 （ 20250331- 20250406）：溴素价格继续上涨，EVA 价格趋稳>>--2025-04-07 <<国光股份 2024 年报点评： 低成本 +新商业模式推动，公司业绩创新 高>>--2025-04-03 <<华鲁恒升 2024 年报点评： 双基地 效能提升，公司业绩韧性凸显>>-- 2025-04-03 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 供应紧张推动溴素价格大幅上涨。本周进口量减少，叠加企业库 存偏低，整体来看溴素供应仍有压力。2025 年 1-2 月份，中国共进口 13491.848 吨溴素,进口量环比减少 32.23%。其中，从以色列进口溴 6842.03 吨，占总进口来源的 51%；中 ...

2025 年 04 月 14 日 行业周报 看好/维持 纺织服装 纺织服装 纺服&零售周报:关税政策动态演变下，制造风险缓和，内需潜力 凸显(2025.4.7-4.13) ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 纺织服装 沪深300 相关研究报告 <<纺服&零售周报：对等关税超预期， 关注内需的配置机会(2025.3.31- 4.6)>>--2025-04-06 <<福瑞达 24 年财报点评：化妆品表 现稳健，期待业务调整后弹性释 放>>--2025-04-03 <<森马服饰 24 年财报点评：童装表 现持续亮眼，全域实现健康发展>>-- 2025-04-02 证券分析师：郭彬 电话： E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 报告摘要 本周财报更新：1）安踏体育：25Q1 公司流水同增中双位数，其中安 踏牌/FILA 实现高单位数增长，其他品牌（包括迪桑特、可隆、MAIA）流 水同增 65-70%，库销维持健康，整体运营表现超预期； ...

| 证券Ⅱ | 看好 | | --- | --- | | 保险Ⅱ | 看好 | | 多元金融 | 看好 | | ◼ 推荐公司及评级 | | | 方正证券 | 买入 | | 湘财股份 | 买入 | | 中国人寿 | 买入 | | 众安在线 | 增持 | 相关研究报告 2025 年 04 月 14 日 行业周报 看好/维持 非银行金融 非银行金融 非银行业周报（0407-0413）：险资权益投资空间拓宽 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 子行业评级 <<新华保险 2024 年年报点评：NBV 涨 势优异，业绩弹性显著>>--2025-04- 08 <<非银行业周报（0331-0406）：险企 重大股权投资行业扩围>>--2025- 04-07 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1 ...

Group 1: Investment Strategy - The report highlights three clear investment themes in response to tariff impacts: consumer sectors driven by domestic demand, technology sectors benefiting from domestic substitution logic, and high-dividend sectors such as banks and utilities that attract long-term capital inflows [10][11] - The report notes a significant V-shaped market reversal, with the ChiNext Index experiencing a historic single-day drop of 12.5% before recovering due to supportive measures from the central bank [10][11] - The average daily trading volume across the A-share market reached 1.6 trillion yuan, with a turnover rate of 4%, indicating strong market confidence [10][11] Group 2: U.S. Market Outlook - The report suggests that the panic phase in the U.S. stock market has passed, with expectations of short-term fluctuations leading to an upward trend due to reduced trade war intensity and potential negotiations [2][3] - It emphasizes that the U.S. stock market faces medium-term challenges from policy uncertainties and capital outflows, requiring clear policy direction and technical breakthroughs for a reversal [3][4] - The report indicates that the recent tariff exemptions on certain products from China, amounting to approximately 100 billion USD, could lead to a short-term rebound in related electronic sectors, although volatility is expected due to ongoing tariff policy uncertainties [10][11]

-20% -10% 0% 10% 20% 30% 40% 50% Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 工业资本货物 军工行业周报(2025.04.07-2025.04.13)：中国交付全球最大"人造太阳"重要部 件 走势比较 2025-04-13 行业周报 看好/维持 航空航天与国防Ⅲ 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 本周要闻： 中国交付全球最大"人造太阳"重要部件 据新华社报道，4 月 11 日，全球最大"人造太阳"国际热核聚 变实验堆(ITER)计划磁体馈线采购包项目迎来关键节点，其最后一套 校正场线圈内馈线部件在合肥竣工，并交付起运位于法国的 ITER 现 场。这标志着 ITER 磁体馈线系统中所有超大部件的研制顺利完成。 ITER 磁体馈线系统由中国科学院合肥物质科学研究院等离子体物理 研究所研制，被称为 ITER 磁体系统的"生命线"，校正场线圈内馈线 则是这一系统中尺寸 ...

Investment Rating - The report maintains a positive outlook on the engineering machinery sector, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [46]. Core Viewpoints - In March, domestic excavator sales exceeded expectations, with 19,517 units sold, representing a year-on-year increase of 28.5%. Export sales also grew by 2.87% to 10,073 units [10][11]. - The domestic market is anticipated to enter a new upward cycle, supported by continuous policy efforts, a gradual recovery in construction activity, and an ongoing equipment replacement cycle [10][11]. - The government plans to allocate 4.4 trillion yuan in special bonds for local governments, an increase of 500 billion yuan from the previous year, aimed at investment in construction and infrastructure [10]. - The average working hours for major engineering machinery products in March 2025 reached 90.1 hours, a year-on-year increase of 6.53% and a month-on-month increase of 94.3% [10]. - The report expects a strong recovery in domestic excavator sales throughout 2025, driven by both domestic and international demand [10][11]. Summary by Sections Industry Viewpoints and Investment Recommendations - The report emphasizes the strong performance of excavator sales in March and maintains a positive outlook on the engineering machinery sector [10][11]. Key Industry News - The bauma 2025 exhibition in Munich showcased the latest technologies and products in the engineering machinery sector, attracting significant global participation [11][12]. - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced continued support for urban renewal actions, which will benefit the engineering machinery sector [13]. - Major engineering projects are ramping up, leading to increased demand for construction machinery, as highlighted by a report on SANY Heavy Industry's production capacity [14][15]. Key Company Announcements - Various companies in the sector reported significant revenue growth in their 2024 annual reports, with notable increases in both revenue and net profit [28][31][32].

2025 年 04 月 10 日 行业日报 中性/维持 钢铁 太平洋钢铁日报（20250410）2025 年湖南省重点建设项目涉及 3 个钢铁项目 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/4/10 24/6/21 24/9/1 24/11/12 25/1/23 25/4/5 ◼ 推荐公司及评级 报告摘要 市场行情： 行业数据： 期货情况：螺纹钢 2510（+2.01%）；线材 2505（+3.49%）；热卷 2510 （+2.01%）；铁矿石 2509（+3.06%）；焦炭 2505（+1.91%）；焦煤 2505（- 0.38%）。 产品涨跌幅：铁矿石（+2.62%）；线材（+2.54%）；热轧卷板（+1.44%）； 螺纹钢（+1.65%）；焦炭（+1.59%）；焦煤（+0.27%）。 钢材现价（元/吨）：铁矿石（717.51）；线材（3354.59）；热轧卷板 （3247.64）；螺纹钢（3112.99）；焦炭（1567.24）；焦煤（964.37）。 铁矿石普氏指数：65%粉（108）；58%粉（81.45）；62%粉（95.75）。 2025 年 4 月 10 日， ...

2025 年 04 月 08 日 大类资产跟踪 投资策略 策略日报（2025.04.08）：央行、汇金发声维稳，内需依旧是主线 相关研究报告 <<策略日报（2025.04.07）：恐慌加 剧，以内需为主>>--2025-04-07 <<估值与盈利周观察——4 月第 1 期：市场分化，红利上成长下>>-- 2025-04-07 <<流动性与仓位周观察——4 月第 1 期：杠杆资金加速流出>>--2025-04- 07 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 债券市场：利率债普跌，长端跌幅大于短端。后续展望：关税超预期 下，外需难有较大期待时期，稳内需的必要性增强，预期时间点提前，降 准降息和流动性宽松可有更多期待。技术面上十年期国债突破 60 日均线 压力，后续目标指向新高。 股票市场：央行释放维稳信号，沪指反弹 1.58%，内需为主的农业、 消费领涨。今日市场个股涨多跌少，沪深京三市超 3200 股飘红，成交额 1.65 万亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has shown continuous high growth in performance, with a focus on expanding its computing power services and robotics sector [1][6] - In 2024, the company achieved a revenue of 7.41 billion yuan, representing a year-on-year growth of 59.08%, and a net profit of 692 million yuan, up 140.80% year-on-year [4][8] - The company is actively expanding its computing power services and has obtained NVIDIA Cloud Partner certification, enhancing its capabilities in AI model services and cloud computing [6] Financial Performance - The company reported a significant increase in revenue across various business segments, with intelligent IoT business revenue reaching 2.26 billion yuan, up 60.82% year-on-year [5] - The overall gross margin improved by 3.81 percentage points to 17.36% in 2024, driven by high-margin businesses [5][10] - The company forecasts revenues of 10.95 billion yuan, 14.52 billion yuan, and 18.55 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.09 billion yuan, 1.55 billion yuan, and 2.06 billion yuan [7][8] Business Expansion - The company is strategically focusing on the robotics sector, integrating its subsidiary to enhance its capabilities in developing products like robotic dogs and humanoid robots [6] - Collaborations with major enterprises in cloud computing and AI applications are underway, indicating a robust growth trajectory in these areas [6][8]