Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company is expected to experience a turning point in performance, with a significant increase in overseas revenue contributing to its growth [1][7]. - The company has achieved a notable increase in the sales of TOPCon solar cells, with a 12.62% year-on-year growth in sales volume, and over 90% of sales coming from N-type TOPCon cells, which saw a 50.6% increase [7]. - The establishment of a 10GW battery production capacity in Oman is anticipated to enhance the company's global competitiveness and profitability [7]. Financial Summary - The company's revenue for 2024 is projected at 99.5 billion yuan, a decrease of 46.66% year-on-year, with a net profit attributable to the parent company of -591.11 million yuan, reflecting a decline of 172.47% [2][7]. - For the years 2025 to 2027, the company is expected to recover, with net profits projected at 783.22 million yuan, 1.14 billion yuan, and 1.38 billion yuan respectively, indicating significant growth rates of 232.50%, 45.44%, and 21.27% [2][8]. - The average earnings per share (EPS) are forecasted to improve from -2.58 yuan in 2024 to 6.03 yuan by 2027 [2][8]. Revenue and Profitability Projections - The company's revenue is expected to grow from 99.5 billion yuan in 2024 to 184.3 billion yuan by 2027, with growth rates of 30.53%, 23.40%, and 14.97% in the following years [2][8]. - The gross margin for solar cells is projected to improve significantly, from 0.5% in 2024 to 12.5% by 2027 [8]. - The company anticipates a recovery in profitability due to improved pricing in the domestic supply chain and enhanced overseas market performance [7].

2[Table_ReportInfo] 2025 年 03 月 17 日 证券研究报告•金融工程专题报告 量化配置研究系列六 基于产业链和交易结构的豆粕期货择时框架 风险提示 本报告结论完全基于公开的历史数据进行统计、测算，文中部分数据有一定滞 后性，同时存在第三方数据提供不准确风险；模型均基于历史数据得到的统计 结论且模型自身具有一定局限性并不能完全准确地刻画现实环境以及预测未 来；模型根据历史规律总结，历史规律可能失效；模型结论基于统计工具得到， 在极端情形下或存在解释力不足的风险，因此其结果仅做分析参考。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 联系人：缪金瑾 邮箱：mjj@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 豆粕分析框架：豆粕是大豆压榨豆油的副产物，主用于养殖饲料，三者行情通 常呈正相关。豆粕分析考虑四大方面：总供给、总需求、市场情绪和产业链。 其中供给是关键因素，豆粕供给 99.9%来源国内压榨，原料大豆 84%来源进口， 主要看巴西和美国。厄尔尼诺和拉尼娜 ...

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 豪迈科技（002595）机械设备 目标价：——元（6 个月） 数据来源： Wind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 相对指数表现 -12% 1% 14% 28% 41% 55% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 豪迈科技 沪深300 买入 （维持） 当前价：53.42 元 业绩实现快速增长，三大业务持续向好 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8813.37 | 10339 ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8] - The company’s revenue for 2024 was $594.49 million, reflecting a decrease of 29.19% year-on-year, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a growth of 57.65% [2][8] - The life sciences segment showed steady growth, with external revenue of approximately $450 million in 2024, up 10.2% year-on-year, driven by platform upgrades and operational efficiency improvements [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a gross profit of $270 million, with a gross margin of 45.77% [10] - The projected net profit for 2025 is $309.95 million, with a significant drop in profitability expected in 2026 [2][8] - The earnings per share (EPS) for 2024 was $1.37, but is expected to decline to $0.14 in 2025 [2][8] Revenue Breakdown - Life Sciences Services and Products: Expected revenue growth of 15% in 2025, reaching $523.2 million [9] - Biologics Development Services: Anticipated revenue of $114 million in 2025, with a recovery expected after a decline in 2024 [9] - Industrial Synthetic Biology Products: Projected revenue growth of 25% in 2025, reaching $65 million [9] Strategic Development - The company plans to invest in R&D for antibody drug development and AI drug development, aiming to enhance product reliability and cost-effectiveness [7][8] - Expansion of production capacity in North America and Europe is a key focus to meet customer demands and mitigate supply chain risks [7][8] Market Position - The company’s market capitalization is approximately $27.69 billion, with a 52-week price range of HKD 8.23 to HKD 16.74 [5] - The stock has shown a relative performance against the Hang Seng Index, with fluctuations noted over the past year [4]

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 钧达股份（002865）电力设备 目标价：——元（6 个月） | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9951.94 | 12990.00 | 16030.00 | 18430.00 | | 增长率 | -46.66% | 30.53% | 23.40% | 14.97% | | 归属母公司净利润（百万元） | -591.11 | 783.22 | 1139.13 | 1381.48 | | 增长率 | -172.47% | 232.50% | 45.44% | 21.27% | | 每股收益 EPS（元） | -2.58 | 3.42 | 4.97 | 6.03 | | 净资产收益率 ROE | -15.21% | 16.36% | 19.74% | 19.95% | | PE | -23 | 17 | 12 | 10 | | ...

Investment Rating - The report does not specify a clear investment rating for the company [1][6]. Core Views - The company's performance in 2024 met expectations, with a total revenue of 28.1 billion yuan, a year-on-year decrease of 10.5%, and a net profit attributable to the parent company of 10.5 billion yuan, an increase of 31.3% [6][9]. - The sales of the main product, New Huo Su, experienced a decline, with a total sales revenue of 24.3 billion yuan, down 13.6% year-on-year [6][9]. - The company plans to continue high cash dividends, proposing a cash dividend of 0.728 yuan per share, totaling 630 million yuan, which accounts for 60% of the net profit attributable to shareholders [6][9]. Summary by Sections Financial Performance - Revenue for 2024 was 28.1 billion yuan, with a growth rate of -10.45% [2][9]. - Net profit attributable to the parent company was 10.5 billion yuan, with a growth rate of 31.26% [2][9]. - Earnings per share (EPS) for 2024 was 3.26 yuan [2][9]. - The return on equity (ROE) was 26.75% [2][9]. Future Projections - Revenue projections for 2025-2027 are 29.6 billion yuan, 33.2 billion yuan, and 37.3 billion yuan, respectively, with growth rates of 5.56%, 12.14%, and 12.26% [2][9]. - Net profit projections for 2025-2027 are 9.4 billion yuan, 10.5 billion yuan, and 11.3 billion yuan, respectively [6][9]. Product Sales Forecast - New Huo Su sales are projected to be 25.1 billion yuan in 2025, with a growth rate of 3% [8][9]. - Other product sales are expected to grow significantly, with projections of 452.8 million yuan in 2025, reflecting a growth rate of 21.1% [8][9]. Cost and Profitability - The gross profit margin for 2024 was 94.2%, with a slight decrease expected in the following years [6][9]. - The company aims to control the cost ratio to within 70% for 2025 [6][9].

2025年 03月 17日 证券研究报告·宏观简评报告 数据点评 开年经济稳中向好,新产业表现亮眼 2025年1-2月经济数据点评 | 点评 | 西南证券研究院 | | | --- | --- | --- | | ● 工业增加值增速走低,高技术制造业增速逆势升高。2025年 1-2月,全国规 | 分析师:叶凡 | 模以上工业增加值同比增长 5.9%,较 2024年全年增速升高 0.1个百分点,高 | | 执业证号:S1250520060001 | 于市场预期,但较 2024年 12月单月同比增速回落 0.3个百分点。其中,采矿 | 电话:010-57631106 | | 业增加值同比增速较 2024年 12月走高 1.96个百分点至 4.3%,而制造业增加 | 邮箱:yefan@swsc.com.cn | 值同比增速下滑 0.5个百分点至 6.9%,电力、热力、燃气及水生产和供应业 | | 分析师:刘彦宏 | 增加值同比增速持平于 2024年 12月。分行业看,2025年 1-2月,铁路、船 | 执业证号:S1250523030002 | | 舶、航空航天和其他运输设备制造业、电气机械和器材制造业、汽车制造业 ...

Economic Overview - In January-February 2025, China's industrial added value grew by 5.9% year-on-year, slightly higher than the 2024 annual growth rate by 0.1 percentage points, but down 0.3 percentage points from December 2024[2] - High-tech manufacturing saw a year-on-year growth of 9.1%, exceeding the December 2024 growth rate by 1.2 percentage points, driven by policy support and advancements in AI technology[2] Real Estate Market - Real estate development investment fell by 9.8% year-on-year, but the decline narrowed by 3.5 percentage points compared to December 2024[3] - The sales area and sales revenue of commercial housing decreased by 5.1% and 2.6% year-on-year, respectively, with the decline in sales area expanding by 4.6 percentage points[3] Infrastructure Investment - Fixed asset investment (excluding rural households) increased by 4.1% year-on-year, surpassing market expectations and up 0.9 percentage points from the 2024 annual growth rate[2] - Narrowly defined infrastructure investment grew by 5.6% year-on-year, while broadly defined infrastructure investment rose by 9.95%, an increase of approximately 2.53 percentage points from December 2024[2] Manufacturing Investment - Manufacturing investment increased by 9.0% year-on-year, up 0.65 percentage points from December 2024, and outpacing the national fixed asset investment growth by 4.9 percentage points[4] - High-tech industry investment rose by 9.7% year-on-year, higher than the 8% growth rate in 2024, with significant increases in sectors like information services and aerospace[4] Consumer Spending - Retail sales of consumer goods grew by 4% year-on-year, matching market expectations and up 0.3 percentage points from December 2024[5] - Categories such as communication equipment and sports goods saw substantial growth, with communication equipment sales increasing by 26.2% year-on-year, largely due to new subsidy policies[5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1]. Core Views - The company is transitioning into the robotics sector, aiming for a high-end intelligent manufacturing transformation. This strategic move is expected to create new profit growth points [7]. - The company has a strong position in the crankshaft business, with a gross margin of 29.7% in 2023, which is an increase of 3.5 percentage points year-on-year. The company is also expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company has successfully opened overseas markets, with significant sales growth in large crankshafts and new energy gear products, indicating potential for future growth [7]. - The company has launched an equity incentive plan to boost confidence among management and core personnel, with specific profit targets set for the coming years [7]. Financial Summary - **Revenue Forecast**: The company expects revenues to grow from 1,352.32 million CNY in 2023 to 3,021.46 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 25.46% [2][12]. - **Net Profit Forecast**: The net profit attributable to the parent company is projected to increase from 103.53 million CNY in 2023 to 400.71 million CNY in 2026, with a CAGR of 41.46% [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - **Return on Equity (ROE)**: ROE is forecasted to improve from 4.47% in 2023 to 13.06% in 2026 [2][12]. - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 81 in 2023 to 21 in 2026, indicating a more attractive valuation over time [2][12]. Business Segments - **Crankshaft Business**: The company anticipates a revenue growth rate of 36.42% in 2024, driven by multiple new product launches and increased production capacity [9]. - **New Energy Gear Products**: Revenue from new energy electric drive gears is expected to grow significantly, with projections of 0.25 million CNY in 2024 and reaching 3 million CNY by 2026 [12]. - **Clutch and Other Products**: The clutch segment is expected to see slower growth, while other business areas are projected to maintain steady growth rates [9][12]. Investment Strategy - The report suggests that the company's strategic investments in robotics and new energy sectors, combined with its strong existing business in crankshafts, position it well for future growth. The equity incentive plan further aligns management's interests with shareholder value creation [7][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1]. Core Insights - The company is transitioning into the robotics sector, aiming for high-end intelligent manufacturing, which aligns with its strategic planning [7]. - The company has made significant investments in acquiring a 35% stake in Changban (Yangzhou) Robot Technology Co., and plans to establish a joint venture to enter the humanoid robot and intelligent equipment market [7]. - The company’s crankshaft business remains strong, with a gross margin of 29.7% in 2023, and it is expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company is successfully penetrating overseas markets, with notable sales growth in large crankshafts and new energy gear products [7]. - A stock incentive plan has been introduced, reflecting the company's confidence in achieving ambitious profit targets over the next three years [7]. Financial Performance Summary - The company’s projected revenue for 2023 is 1,352.32 million CNY, with expected growth rates of 19.18% in 2023, 26.32% in 2024, 40.98% in 2025, and 25.46% in 2026 [2][12]. - The net profit attributable to the parent company is forecasted to be 103.53 million CNY in 2023, with significant growth expected to 180.25 million CNY in 2024, 283.26 million CNY in 2025, and 400.71 million CNY in 2026 [2][12]. - The earnings per share (EPS) is projected to increase from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - The return on equity (ROE) is expected to rise from 4.47% in 2023 to 13.06% in 2026 [2][12]. Business Segment Analysis - The crankshaft segment is expected to see a revenue increase from 733 million CNY in 2023 to 1,682 million CNY in 2026, with a gross margin stabilizing around 30% [9][12]. - The new energy electric drive gear segment is projected to grow significantly, with revenues expected to reach 300 million CNY by 2026, reflecting a high gross margin of 27% [12]. - The company is also focusing on expanding its precision forging and gear businesses, with substantial growth rates anticipated in the coming years [9][12].