证券研究报告 [Table_StockAndRank] 众鑫股份(603091) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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] 众鑫股份：市场竞争力突出，加速全球产业链 [Table_ReportDate] 2025 年 04 月 14 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报。2024 年实现收入 15.46 亿元（同比+16.6%），归 母净利润 3.24 亿元（同比+39.9%），扣非归母净利润 3.08 亿元（同比+34.8%）； 单 Q4 实现收入 3.98 亿元（同比+9.2%），归母净利润 0.88 亿元（同比+20.3%）， 扣非归母净利润 0.89 亿元（同比+32.4%）。 公司研究 [Table_ReportTy ...

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The report emphasizes the need to focus on advanced technology and companies with safety margins due to escalating trade risks [2][15] - The report highlights the recovery in the engineering machinery sector and suggests that companies like Hengli Hydraulic and Yizhiming are well-positioned to benefit from this trend [3][4][16] - The report notes that the geopolitical risks, particularly related to U.S. tariffs on Chinese imports, necessitate attention to companies with overseas production capabilities [15][16] Summary by Relevant Sections 1. Key Companies - **Hengli Hydraulic**: As a leading player in the domestic transmission sector, it is expected to benefit from the recovery in engineering machinery. The company has completed the construction of its linear actuator project and has begun small-scale production, with a focus on increasing investment in the ball screw sector for sustained growth [3][16] - **Yizhiming**: This company, a leader in injection molding and die-casting machines, is optimizing its competitive capabilities through continuous domestic and international expansion. It is anticipated that the macroeconomic recovery will support ongoing industry demand [4][17] - **Fosda**: Specializing in deep-cooling technology equipment, Fosda is projected to achieve a net profit of 258-295 million yuan in 2024, reflecting a year-on-year growth of 34.97%-54.33%. The company has a robust order book and is expected to enhance its profitability through increased overseas business [5][18] - **Sande Technology**: The company is focusing on instrument equipment and unmanned intelligent equipment, with an expected net profit of 138-152 million yuan in 2024, indicating a significant year-on-year growth of 156.81%-182.86% [8][19] - **Jiaocheng Ultrasonic**: This company is concentrating on ultrasonic equipment and solutions, with projected revenue of 580 million yuan in 2024, a year-on-year increase of 11.03% [9][20] 2. Market Trends - The report indicates that the engineering machinery sector is experiencing a recovery, with excavator sales in March 2025 reaching 29,590 units, a year-on-year increase of 18.5% [59] - The manufacturing PMI for March 2025 is reported at 50.5%, indicating a continued recovery in the manufacturing sector [29] - The report highlights the increasing demand for industrial robots, with a cumulative production of 91,088 units in the first two months of 2025, reflecting a year-on-year growth of 27.0% [51] 3. Recommendations - The report suggests focusing on key sectors such as engineering machinery (e.g., Sany Heavy Industry, LiuGong, XCMG) and humanoid robots (e.g., Hengli Hydraulic, Yizhiming) [16] - It also recommends monitoring companies with independent growth logic and strong fundamentals, such as Hengli Hydraulic and Sande Technology [16]

公司研究 证券研究报告 [Table_Title] Q4 平稳收官，中期增长动能充分 [Table_ReportDate] 2025 年 4 月 14 日 投资评级 买入 [T事ab件le：_S公um司ma发ry布] 2024 年年报。2024 年，公司实现营业收入 151.97 亿元， 同比+11.86%；归母净利润 13.25 亿元，同比+4.07%；实现扣非归母净利 润 11.70 亿元，同比+5.79%。其中，24Q4 公司实现营业收入 42.85 亿元， 同比+8.98%；归母净利润 3.71 亿元，同比+3.68%；实现扣非归母净利润 3.30 亿元，同比+12.01%。 [Table_ReportType] 公司点评报告 [安Ta琪bl酵e_母Sto(c6k0A0n2d9Ra8n)k] 上次评级 买入 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 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 点评： 风险因素：食品安全问题，行业竞争加剧 请阅读最后一页免责声明及信息披露 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 15.197 billion yuan in 2024, representing a year-on-year increase of 11.86%. The net profit attributable to the parent company was 1.325 billion yuan, up 4.07% year-on-year [1][4] - In Q4 2024, the company recorded a revenue of 4.285 billion yuan, with a year-on-year growth of 8.98%, and a net profit of 371 million yuan, reflecting a 3.68% increase year-on-year [1][4] - The company is focusing on expanding its market presence and enhancing production capacity, with a projected 21.6% increase in yeast product capacity in 2024 [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 15.197 billion yuan, with a year-on-year growth rate of 11.9%. The net profit attributable to the parent company was 1.325 billion yuan, showing a growth of 4.1% [5] - The gross profit margin for 2024 was 23.5%, slightly down by 0.67 percentage points compared to the previous year [4][5] - The company expects revenue growth of over 10% in 2025, despite a weak recovery in domestic demand in Q1 [4] Product and Market Development - In Q4, the revenue from yeast and deep-processed products was 31.43 billion yuan, marking a year-on-year increase of 20.83%. The company also introduced new food raw materials [4] - The company is expanding its overseas business, with a growth rate of 19.36% expected in 2024, and is actively establishing operations in Brazil, Algeria, and Indonesia [4] Earnings Forecast - The company forecasts EPS of 1.78 yuan, 1.99 yuan, and 2.33 yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 19X, 17X, and 14X [4][5]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent update from U.S. Customs on April 11, 2025, announced a reduction in tariffs for certain products, which is expected to benefit companies like Nvidia and Apple [2] - The tariff impact is now at a low level, presenting a recovery opportunity for the fruit supply chain and computing power chain [2] - Companies in the Apple supply chain have been diversifying their global production capacities, which has shown strategic value following the tariff exemption policy [2] - The Nvidia supply chain is less affected by tariffs due to the production of high-end AI products being largely outside mainland China [2] - Despite uncertainties regarding future tariff changes, the high-value technology products primarily generate profits for U.S. companies like Apple, Nvidia, and Qualcomm, making it counterproductive for the U.S. to sever ties with Chinese suppliers [2] - The current valuation levels of related stocks have significantly deviated from their fundamentals, indicating a potential recovery opportunity [2] Summary by Sections Tariff Impact - The U.S. has updated its exemption list, reducing tariffs on certain products, effective from April 5, 2025 [2] - Relevant product categories include smartphones, data processing devices, integrated circuits, and related components [2] Supply Chain Analysis - The Apple supply chain has established production capacities in countries like Vietnam, Thailand, India, and Mexico, enhancing resilience against geopolitical risks [2] - Nvidia's GB200 series products are expected to enter mass production, with previous restrictions potentially being lifted [2] Recommended Stocks - Suggested stocks in the fruit supply chain include Lens Technology, Lianyi Intelligent Manufacturing, Dongshan Precision, Sunny Optical, and Fuliwang [2] - Suggested stocks in the computing power chain include Industrial Fulian, Shenzhen South Circuit, Huadian Technology, Jingwang Electronics, Shenghong Technology, and Shengyi Technology [2]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 五洲特纸(605007) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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] 五洲特纸：产能加速扩张，盈利逐步回暖 [Table_ReportDate] 2025 年 04 月 13 日 报告内容摘要: [Table_S 事件： ummary] 1） 湖北项目进展顺利：2025 年 4 月 10 日五洲湖北 PM18 纸机顺利开机投产， 该纸机设计幅宽 8660mm、设计车速 1200m/min，单日产能超 1800 吨，年产 能达 55 万吨。伴随新纸机投产，公司湖北包装纸基地固费摊销、能耗节降等有 望稳步改善，推动包装纸盈利持续优化。 请阅读最后一页免责声明及信 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 五洲特纸(605007) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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] 五洲特纸：产能加速扩张，盈利逐步回暖 [Table_ReportDate] 2025 年 04 月 13 日 报告内容摘要: [Table_S 事件： ummary] 2）公司发布 2024 年报：24 年公司实现收入 76.56 亿元（同比+17.4%），归 母净利润 3.62 亿元（同比+33.2%），扣非归母净利润 3.27 亿元（同比+30.6%）； 24Q4 公司实现收入 21.90 亿元（同比+18.1%），归母净利润 0.35 亿元（同比 -79.0%），扣非归母净利润 0. ...

关注国产替代需求升级及消费电子、果链的修 复良机 [Table_ReportDate] 2025 年 4 月 13 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 [关注国产替代 Table_Title] 需求升级及消费电子、果链的修复良 机 [Table_ReportDate] 2025 年 4 月 13 日 本期内容提要: [Table_S [Table_Summary ummary] ] 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 请阅读最后一页免责声明及信息披露 http://w ...

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3]

政策强力托底，关税博弈持续 —— 量化市场追踪周报（2025W15） 2025 年 4 月 13 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 金工定期报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com 量化市场追踪周报(2025W15)：政策强力托底，关 税博弈持续 2025 年 4 月 13 日 主动权益基金仓位下行：截至 2025/4/11，主动权益型基金的平均仓位约 为 87.48%。其中，普通股票型基金的平均仓位约为 90.21%（较上周下降 1.04pct），偏股混合型基 ...