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].

Investment Rating - The report assigns a "Buy" rating for the stock based on its performance relative to the benchmark index [14]. Core Insights - The company's product business is experiencing rapid growth, while the CDMO service business is facing temporary challenges [2][3]. - The company has a rich pipeline of cell culture products, which is expected to enter a phase of intensive realization [4]. - The planned acquisition of Pengli Bio aims to establish a full industry chain, enhancing the company's service offerings [5]. Revenue Summary - In 2024, the company achieved total revenue of 297 million, a year-on-year increase of 22.26% [1]. - The product business generated 244 million in revenue, up 42.00% year-on-year, while the service business saw a decline of 25.66% to 53 million [2]. - Domestic revenue slightly decreased by 0.81% to 202 million, while overseas revenue surged by 144.01% to 94 million [2]. Profitability Summary - The company's gross margin for 2024 was 53.03%, down 5.82 percentage points year-on-year, primarily due to the service business's underperformance [3]. - The product business maintained a gross margin of 69.99%, an increase of 0.49 percentage points, while the service business reported a negative gross margin of -25.29% [3]. - The net profit attributable to the parent company was 21 million, a significant decrease of 61.04% year-on-year [1]. Financial Forecast - The company is projected to achieve revenues of 388 million, 499 million, and 636 million in 2025, 2026, and 2027, respectively [7]. - The net profit attributable to the parent company is expected to rebound to 70 million in 2025, with further increases to 103 million and 145 million in the following years [7]. - The diluted EPS is forecasted to be 0.62 yuan in 2025, increasing to 1.28 yuan by 2027 [7].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 奥浦迈(688293) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@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] 培养基产品业务高速增长，CDMO 服务业务阶 段性拖累 [Table_ReportDate] 2025 年 04 月 16 日 [Table_S 事件：2025 ummar年y]4 月 15 日，公司发布 2024 年年度报告。2024 年公司实现 营业收入 2.97 亿元，同比增长 22.26%；公司实现归母净利润 2,105 万元， 同比减少 61.04%；实现归母扣非净利润 659 万元，同比减少 81.03%。 点评： ➢ 培养基产品业务高速增长，CDMO 服务业务阶段性拖累 ...

Investment Rating - The investment rating for Junduoli Technology (001311.SZ) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for the company's integrated die-casting business and customer structure optimization [2][4]. Core Views - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 420 million yuan, down 14.4% year-on-year [2][4]. - The fourth quarter of 2024 saw a revenue of 1.1 billion yuan, a decline of 5.3% year-on-year, with a net profit of 80 million yuan, down 24.1% year-on-year [2][4]. - The decline in performance is attributed to terminal fluctuations and increased costs, including asset depreciation and impairment provisions [4]. - The company is positioned to ramp up its integrated die-casting production, having established multiple large-scale production lines and secured several customer orders, with expectations for significant contributions to performance starting in the second half of 2025 [4][5]. - The company is projected to achieve revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 580 million yuan, 700 million yuan, and 820 million yuan for the same years [4][5]. Summary by Sections Financial Performance - In 2024, the total revenue was 3.59 billion yuan, with a year-on-year growth rate of -8.2% [5]. - The net profit attributable to the parent company was 420 million yuan, reflecting a year-on-year decrease of 14.4% [5]. - The gross profit margin for 2024 was 21.08%, down 2.13 percentage points from the previous year [4][5]. Business Outlook - The integrated die-casting business is expected to enter a phase of large-scale production starting in the second half of 2025, following a period of investment and business development [4]. - The company has established a strong customer base, including major clients such as NIO, Leap Motor, and Li Auto, and has accumulated experience in advanced equipment, product yield, cost control, and process design [4]. Earnings Forecast - The forecast for 2025-2027 indicates a revenue growth trajectory with expected revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan, respectively [5]. - Corresponding net profits are projected to be 580 million yuan, 700 million yuan, and 820 million yuan for the same years, with price-to-earnings ratios of 10, 9, and 7 times [4][5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and profitability recovery. Core Insights - The company achieved a revenue of 559 million yuan in 2024, representing a year-over-year increase of 20.63%, with a net profit of 72 million yuan, up 107.51% year-over-year [1][2] - The growth in revenue is attributed to the successful promotion of its overseas self-owned brands and the stable demand for life science products, particularly in cell culture and liquid handling segments [2] - The gross margin improved to 41.41% in 2024, an increase of 10.79 percentage points year-over-year, indicating a recovery in profitability [2] - Future revenue projections for 2025-2027 are 682 million, 827 million, and 992 million yuan, with corresponding net profits of 99 million, 122 million, and 150 million yuan, reflecting growth rates of 22.2%, 21.1%, and 20.0% respectively [2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 559 million yuan, a 20.63% increase from 2023, with a net profit of 72 million yuan, marking a 107.51% increase [3] - The gross margin for 2024 was 41.41%, up from 30.6% in 2023, indicating improved cost management and pricing stability [3] - The company’s sales expenses were 6.15% of revenue, while management expenses were 8.13%, and R&D expenses were 4.70% [2] Revenue Breakdown - The revenue from biological culture products was 172 million yuan, up 9.08% year-over-year, while liquid handling products generated 337 million yuan, a 22.64% increase [2] - International revenue reached 351 million yuan, a 23.50% increase, with overseas self-owned brand income rising by 46.07% [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 682 million, 827 million, and 992 million yuan, with net profits projected at 99 million, 122 million, and 150 million yuan respectively [3] - The expected P/E ratios for 2025, 2026, and 2027 are 20, 16, and 13 times, indicating a favorable valuation trend [2][3]