证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 陕西能源(001286.SZ) | | | 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 煤矿电厂投运助力业绩新高，产能持续扩张 未来可期 [Table_ReportDate] 2025 年 04 月 18 日 [Table_S 事件：202ummar 5 年y ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兴蓉环境(000598.SZ) | | | 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 公用环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 主营业务毛利率上行，经营质量稳步提升 [Table_ReportDate] 2025 年 4 月 18 日 [Table_S 事件：2025 ummar年y]4 月 17 日晚，兴蓉环境发布 2024 年度报告。2024 年公司 实现营业收入 90. ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company reported a revenue of 1.155 billion yuan for 2024, representing a year-on-year growth of 11.68%. The net profit attributable to the parent company was 161 million yuan, a 27.26% increase year-on-year [1]. - The company achieved a significant increase in operating cash flow, with a net amount of 328 million yuan for 2024, up 160.69% year-on-year, indicating strong cash generation capabilities [2]. - The company is focusing on strategic expansion despite external challenges, showcasing confidence in future operations [2]. - Research and development expenses accounted for 23.07% of revenue in 2024, reflecting the company's commitment to innovation in data security and artificial intelligence [2]. Financial Performance Summary - In 2024, the company's total revenue was 1,155 million yuan, with a growth rate of 11.7% compared to 2023. The net profit attributable to the parent company was 161 million yuan, with a growth rate of 27.3% [4]. - The gross margin for 2024 was 67.28%, a slight decrease of 1.55 percentage points year-on-year [2]. - The company forecasts earnings per share (EPS) of 0.32 yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 49.89 [5]. Product and Market Insights - The company's network security products generated 767 million yuan in revenue for 2024, a year-on-year increase of 11.05%. The security service business saw a revenue increase of 30.76%, reaching 91 million yuan [2]. - The company has made significant inroads in key industries such as telecommunications, government, and energy, with notable revenue contributions from these sectors [2]. - The company has successfully deployed its anti-DDoS management platform across multiple provinces and has participated in major projects with leading telecommunications operators [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company achieved a revenue of 1.64 billion yuan in 2024, representing a year-on-year growth of 25.7%, and a net profit attributable to the parent company of 245 million yuan, up 28.4% year-on-year [1][4]. - The company is deeply engaged in the humanoid robot sector, offering a complete set of motion actuator solutions, with all core components developed in-house, showcasing advantages such as lightweight, modularity, efficiency, high performance, and precision [4]. - The overseas business maintained high growth, with revenue reaching approximately 455.61 million yuan in 2024, a 45.23% increase compared to the previous year, as the company continues to expand into regions such as Asia, Africa, and Latin America [4]. - Profit forecasts indicate that the net profit attributable to the parent company is expected to be 320 million yuan, 380 million yuan, and 470 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 29%, 21%, and 22% [4]. Financial Summary - Total revenue is projected to grow from 1.305 billion yuan in 2023 to 2.805 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 18.5% [3]. - The gross profit margin is expected to remain stable, with estimates of 39.2% in 2024 and gradually declining to 38.4% by 2027 [3]. - The return on equity (ROE) is forecasted to increase from 9.9% in 2023 to 17.8% in 2027, indicating improved profitability and efficiency [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 50.74 in 2023 to 20.75 by 2027, suggesting a more attractive valuation over time [3].

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com [Table_Title] 对等关税与美国国内不同利益群体的博弈 [Table_ReportDate] 2025 年 4 月 17 日 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 特朗普"对等关税"反复多变或与美国国内博弈有关。美国并非铁板一块， 笼统地讨论美国如何可能并不确切，特朗普背后至少有红脖子劳工、金融 资本、科技资本等几种不同利益群体，"对等关税"计划的反复多变可能 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 启明星辰(002439.SZ) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 坚持"AI+安全"融合战略，盈利能力有望恢复 [Table_ReportDate] 2025 年 4 月 17 日 [Table_S 事件：启明星辰 ummary]发布 2024 年年度报告，2024 年公司实现营收 33.15 亿元， 同比下降 26.44%；实现归母净利润-2.26 亿元，同比由盈转亏；实现扣非净 利润-1.32 亿元；单 2024Q4 来看，公司实现营收 9.89 亿元，同比下降 49.88%；实现归母净利润-0.16 亿元；实现扣非净利润 0.16 亿元。 请阅读最后一页免责声明及信息披露 h ...

[Table_StockAndRank] 恒力石化(600346.SH) | | | 上次评级 买入 证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [石化龙头业绩稳步增长， Table_Title] 化工新材料增量空间可期 [Table_ReportDate] 2025 年 4 月 17 日 [Table_S 事件： ummary] 2025 年 4 月 16 日晚，恒力石化发布 2024 年年度报告。2024 年公 司实现营业总收入 2362.73亿元，同比增长 0.63%；实现归母净利润 70.44 亿元， ...

[Table_StockAndRank] 恒力石化(600346.SH) | | | 上次评级 买入 证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [石化龙头业绩稳步增长， Table_Title] 化工新材料增量空间可期 [Table_ReportDate] 2025 年 4 月 17 日 [Table_S 事件： ummary] 2025 年 4 月 16 日晚，恒力石化发布 2024 年年度报告。2024 年公 司实现营业总收入 2362.73亿元，同比增长 0.63%；实现归母净利润 70.44 亿元， ...

[Table_StockAndRank] 爱玛科技(603529) 投资评级 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com [Table_OtherReport] 爱玛科技：一季度稳健增长，产品结 构改善 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 爱玛科技：产品力提升，核心受益政策增量 [Table_ReportDate] 2025 年 04 月 16 日 [Table_S 事件：爱玛科技发布 ummary] 2024 年年度报告。2024 年 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for the company's performance in the coming years, suggesting a favorable investment perspective [1][4]. Core Viewpoints - The company achieved a revenue of 21.606 billion yuan in 2024, representing a year-on-year increase of 2.7%, with a net profit attributable to shareholders of 1.988 billion yuan, up 5.7% year-on-year [1]. - The electric bicycle business showed steady growth, while the electric tricycle business performed exceptionally well, with electric tricycle sales increasing by 28.9% [2]. - The company is restructuring its product lineup to enhance market coverage and has implemented a "flagship product" strategy to attract target consumer groups [2]. - Profitability and operational efficiency are continuously improving, with a gross margin of 17.8% in 2024, up 1.3 percentage points year-on-year [3]. - The company is expected to benefit significantly from new national standards and trade-in policies in 2025, with projected net profits of 2.641 billion yuan, 3.073 billion yuan, and 3.440 billion yuan for 2025, 2026, and 2027 respectively [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 21.606 billion yuan, with a gross margin of 17.8% and a net profit of 1.988 billion yuan [1][3]. - The sales of electric bicycles and electric two-wheel motorcycles accounted for 85.5% of total revenue, with sales of 9.905 million units, a decrease of 3.7% year-on-year [2]. - The company’s operating cash flow for 2024 was 3.166 billion yuan, indicating strong cash generation capabilities [3]. Product Strategy - The company has launched strategic new products targeting various market segments, including fashionable products for women and high-end flagship models [2]. - The focus on product differentiation through high-end configurations and smart technology aims to solidify the company's market position [2]. Future Outlook - The company is expected to see stable sales growth in Q1 2025, with potential demand delays due to supply constraints [4]. - Long-term projections indicate a continuous improvement in profit margins and average selling prices due to optimized product structures and scale advantages [4].