证券研究报告 | 行业专题 | 工程机械 工程机械 报告日期：2025 年 05 月 15 日 4 月挖掘机内销同比增长 16%；工程机械反转逻辑持续验证 ——工程机械行业月度报告 事件：据中国工程机械工业协会，2025 年 4 月销售各类挖掘机 22142 台，同比增长 17.6%，其中国内销量 12547 台，同比增长 16.4%；出口量 9595 台，同比增长 19.3%。 工程机械内外销拐点或已现，反转逻辑持续验证中。考虑到农林、市政需求驱动 小微挖需求增长、我国主机厂在矿山机械领域持续突破及水利需求带来的大挖及 超大挖需求，国内更新需求有望逐步启动等因素影响，预计 2025 年 5 月挖掘机 内销有望延续正增长态势。考虑到我国工程机械主机厂海外市占率提升，"一带 一路"区域城镇化与工业化推进带来的基建和地产需求增长等因素影响，预计 2025 年 5 月挖掘机外销有望延续正增长趋势。 ❑ 1-4 月装载机总销量同比增长 16%，内销同比增长 28%，外销同比增长 4% 2025 年 4 月装载机销量 11653 台，同比增长 19.2%，其中国内销量 7191 台，同 比增长 35.4%；出口销量 4 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]

证券研究报告 | 行业点评 | 机械设备 机械设备 报告日期：2025 年 05 月 15 日 印巴冲突凸显反无人机需求，重视激光武器重点公司 ——激光设备行业点评报告 投资要点 事件：印巴冲突激化，两国空中直接对抗后紧急停火 4 月 24 日起，印度和巴基斯坦两国陆军在克什米尔地区的实际控制线两侧小规模 交火。在此后的两周里，冲突不断升级，两国均发动了空中远程打击。 据新华社 5 月 7 日消息，巴空军在对印度空军采取的反击行动中击落 5 架印军战 机。随后的 5 月 10 日，局势突然降温，双方宣布停火。 无人机战场应用加速普及，成为未来战争中最为重要的作战平台 随着无人机技术的快速发展及其作战效能的显著提升，无人机已成为未来战争中 最为重要的作战平台。在俄乌冲突、中东冲突等热点地区，各种无人机充斥着战 场，执行侦察、监视、攻击和电子战等任务。此次印巴冲突中，印度和巴基斯坦 均使用了无人机向对方发动大规模攻击。 受益反无人机需求增长，激光设备市场有望进一步增长 1、无人机在军事领域的应用与民用领域的"黑飞"，推动反无人机市场急剧增 长。据 Polaris Market Research 数据，2021 年 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The recent escalation of the India-Pakistan conflict has highlighted the urgent demand for anti-drone technologies, particularly laser weapon systems [1] - The rapid development and effectiveness of drone technology have made drones a crucial platform in modern warfare, as evidenced by their extensive use in conflicts such as Ukraine and the Middle East [1] - The global anti-drone market is projected to grow significantly, from USD 843 million in 2021 to USD 5.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 27% [2] Summary by Sections Section 1: Industry Overview - The conflict between India and Pakistan has led to increased military drone usage, emphasizing the need for effective countermeasures [1] - Drones are now recognized as vital combat platforms in various global conflicts, performing tasks such as reconnaissance and electronic warfare [1] Section 2: Market Growth - The anti-drone market is expected to expand rapidly due to both military applications and the rise of unauthorized civilian drone flights [2] - Laser weapon systems are particularly advantageous for countering drones due to their low collateral damage, cost-effectiveness, and rapid response capabilities [2] Section 3: Investment Recommendations - Key companies to focus on include: - Raycus Laser, a leader in fiber laser technology, with a projected shipment of 174,700 units in 2024, a year-on-year increase of 9.77% [3] - Lianchuang Optoelectronics, which has successfully developed laser countermeasure systems and is expected to see growth driven by domestic and foreign demand [3] - Changguang Huaxin, which is also positioned to benefit from the rising demand in the laser weapon sector [3]

Market Overview - On May 14, the Shanghai Composite Index rose by 0.86%, the CSI 300 increased by 1.21%, the STAR Market 50 gained 0.41%, the CSI 1000 was up by 0.15%, the ChiNext Index increased by 1.01%, and the Hang Seng Index rose by 2.3% [3][4] - The best-performing sectors on May 14 were non-bank financials (+3.99%), transportation (+1.79%), food and beverage (+1.68%), comprehensive (+1.31%), and retail (+1.18%). The worst-performing sectors were defense and military (-0.74%), beauty and personal care (-0.39%), machinery and equipment (-0.37%), social services (-0.17%), and electric equipment (-0.16%) [3][4] - The total trading volume for the A-share market on May 14 was 13,499.15 billion yuan, with a net inflow of 6.707 billion Hong Kong dollars from southbound funds [3][4] Important Recommendations Jiangnan Yifan (301023) - The company is recognized as a hidden champion in micro and special reduction motors, continuously expanding its downstream application scenarios [3][4] - Key drivers include comprehensive planning in humanoid robotics, aiming to provide high-quality motors and components for the robotics industry, and exceeding expectations in global power grid investments [5] - Revenue projections for 2025-2027 are 364 million, 451 million, and 543 million yuan, with growth rates of 29%, 24%, and 20% respectively. Net profit is expected to be 114 million, 135 million, and 159 million yuan, with growth rates of 20%, 19%, and 18% respectively [5] Weisheng Information (688100) - The company is a leader in the domestic power IoT sector, driven by three growth logics: opportunities in downstream distribution network intelligence investment, leveraging experience to expand into smart city markets, and actively pursuing overseas market opportunities [6][7] - Revenue forecasts for 2025-2027 are 3,405 million, 4,167 million, and 5,027 million yuan, with growth rates of 24.04%, 22.39%, and 20.65% respectively. Net profit is projected to be 781 million, 955 million, and 1,152 million yuan, with growth rates of 23.86%, 22.29%, and 20.56% respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to maintain its leading position in the anesthesia and analgesia field, with steady growth from its core subsidiary, Yichang Renfu. The approval of new products and a rich R&D pipeline lay a solid foundation for long-term growth. The entry of China Merchants Group is anticipated to inject new momentum into the company's development, optimize governance, and bring about industrial synergies [1][12][11]. Financial Performance - In 2024, the company achieved operating revenue of 25.435 billion yuan, a year-on-year increase of 3.71%. The net profit attributable to shareholders was 1.33 billion yuan, a year-on-year decrease of 37.70%. The decline in profit was primarily due to increased sales, management, and financial expenses totaling 441 million yuan, credit impairment losses of 283 million yuan, and asset impairment losses of 394 million yuan, including a goodwill impairment of 202 million yuan related to Beijing Barui Medical [1][2]. - For Q1 2025, the company reported operating revenue of 6.137 billion yuan, a year-on-year decrease of 3.61%, but the net profit attributable to shareholders increased by 11.09% to 540 million yuan, indicating significant improvement in profitability [2]. Growth Potential - The growth of Yichang Renfu is driven by the launch of new products, with 2024 revenue reaching 8.702 billion yuan (up 7.97% year-on-year) and net profit of 2.703 billion yuan (up 11.30% year-on-year). Other subsidiaries also showed positive growth, with Epic Pharma achieving a revenue increase of 27.83% [3][4]. - The company plans to achieve operating revenue of over 27 billion yuan in 2025, with a gross profit margin exceeding 45%. The expansion of its pipeline in anesthesia products and the exploration of new application scenarios are expected to sustain revenue growth in the medium to long term [4][12]. Profitability and Debt Servicing Ability - In Q1 2025, the company's profitability showed recovery, with a sales gross margin of 48.56%, an increase of 2.16 percentage points year-on-year. The net profit margin after deducting non-recurring items was 8.65%, up 1.36 percentage points year-on-year. The asset-liability ratio continued to improve, reaching 43.32% at the end of 2024, down from 44.49% at the beginning of the year [5][10]. Shareholder Confidence - The restructuring of the controlling shareholder is progressing smoothly, with China Merchants Bio-Science increasing its stake, reflecting confidence in the company's future. The controlling shareholder is expected to hold 23.70% of the voting rights, which is anticipated to enhance governance and development momentum [11][12].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a Q1 2025 revenue of $2.03 billion, a year-on-year increase of 1.3%, with a net profit of $75.76 million, down 24.2% year-on-year. The manufacturing segment generated $1.33 billion in revenue, up 5.9% year-on-year, while the retail segment saw revenue of $700 million, down 6.5% year-on-year [1][2][4] Summary by Sections Manufacturing Business - The manufacturing segment's revenue reached $1.33 billion in Q1 2025, with a shipment volume of 61.9 million pairs, reflecting a 5.3% increase year-on-year. The average selling price (ASP) was $20.00, down 2.5% year-on-year. Revenue in April 2025 increased by 10.5% year-on-year, supported by strong orders from key clients like Adidas and Asics [2][3] - The capacity utilization rate was 91% in Q1 2025, up 3 percentage points year-on-year. However, uneven capacity loading and rising labor costs pressured profit margins, leading to a gross margin of 17.7%, down 2.6 percentage points year-on-year [3] Retail Business - The retail segment reported revenue of $700 million in Q1 2025, a decrease of 6.5% year-on-year. The number of offline stores decreased to 3,437, with same-store sales down 13.9% due to weak foot traffic and store closures. Conversely, online retail revenue grew by 20% year-on-year, with live-streaming sales surging by 230% [4] - The gross margin for the retail segment was 32.7%, down 0.5 percentage points year-on-year, while the net profit margin was 2.7%, down 0.5 percentage points [4] Earnings Forecast and Valuation - The company is expected to achieve revenues of $8.5 billion, $9.0 billion, and $9.6 billion for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 3%, 6%, and 7%. The net profit is projected to be $410 million, $460 million, and $520 million for the same years, with corresponding growth rates of 5%, 13%, and 12% [5][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to continue its growth driven by sustained high investment in R&D and ongoing internationalization and innovation efforts [1][5] - The company reported a rapid profit growth and improved cash flow, with a 2024 revenue of 41.067 billion yuan, a slight decrease of 0.80% year-over-year [1] - The core innovative products, including the PD-1 monoclonal antibody and CAR-T cell therapy, have shown steady revenue growth [1][2] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 2.770 billion yuan, an increase of 16.08% year-over-year, with a non-GAAP net profit of 2.314 billion yuan, up 15.10% [2] - The gross margin improved, and the selling expense ratio increased by 2.45 percentage points year-over-year, while management expenses decreased by 355 million yuan [2] Business Segmentation - The pharmaceutical segment generated 28.924 billion yuan in revenue, with a segment profit of 3.250 billion yuan, reflecting a year-over-year growth of 65.73% [3] - The medical devices and diagnostics segment reported a revenue of 4.323 billion yuan, a decrease of 1.53% due to declining COVID-related product sales [3] - The healthcare services segment achieved a revenue of 7.647 billion yuan, an increase of 14.61%, although it still reported a loss of 315 million yuan [4] Future Outlook - The company plans to maintain high R&D investment, with a total of 5.554 billion yuan allocated in 2024, representing 16.98% of the pharmaceutical business revenue [5] - The company is advancing its internationalization strategy, with several products receiving approvals in the US and Europe [6][11] - The earnings per share (EPS) forecast for 2025-2027 is projected at 1.22, 1.37, and 1.57 yuan, respectively, with a price-to-earnings (P/E) ratio of 20 times based on the closing price on May 13, 2025 [12]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a Q1 2025 revenue of $2.03 billion, a year-on-year increase of 1.3%, with a net profit of $75.76 million, down 24.2% year-on-year. The manufacturing segment generated $1.33 billion in revenue, up 5.9% year-on-year, while the retail segment saw revenue of $700 million, down 6.5% year-on-year [1][2][4] Summary by Sections Manufacturing Business - The manufacturing segment's revenue reached $1.33 billion in Q1 2025, with a shipment volume of 61.9 million pairs, reflecting a 5.3% year-on-year increase. The average selling price (ASP) was $20.00, down 2.5% year-on-year. Revenue in April 2025 increased by 10.5% year-on-year, supported by strong orders from key clients like Adidas and Asics [2][3] - The capacity utilization rate was 91% in Q1 2025, up 3 percentage points year-on-year. However, uneven capacity loading and rising labor costs pressured profit margins, leading to a gross margin of 17.7%, down 2.6 percentage points year-on-year [3] Retail Business - The retail segment generated $700 million in revenue, down 6.5% year-on-year, primarily due to weak consumer demand in China and a decline in foot traffic. Online retail revenue, however, grew by 20% year-on-year, with live-streaming sales increasing by 230% [4] - The gross margin for the retail segment was 32.7%, down 0.5 percentage points year-on-year, while the net profit margin was 2.7%, down 0.5 percentage points [4] Earnings Forecast and Valuation - The company expects to achieve revenues of $8.5 billion, $9.0 billion, and $9.6 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3%, 6%, and 7%. The net profit is projected to be $410 million, $460 million, and $520 million for the same years, corresponding to growth rates of 5%, 13%, and 12% [5][11]

舍得酒业(600702) 报告日期：2025 年 05 月 14 日 短期业绩承压，股权激励提振信心 ——舍得酒业更新报告 投资要点 ❑ 产品结构承压，关注政商务消费需求恢复 1 ）利润端：25Q1 白酒收入 14.42 亿元，同比-26.5%，或因渠道库存消化，蓄力 后续健康发展。25Q1 公司毛利率/净利率同比-4.8/ -4.2pcts 至 69.4%/21.9%。 25Q1 管理费用率同比-0.01pct 至 7.89%，未来有望继续下降。 销售费用率同比 +3.03pct 至 19.36% ，我们认为或因春节期间市场费用投放力度加大。 2）资产端：应收账款及票据 4.95 亿元（同比-19%，下同），存货 53.51 亿元 （+18%），应付票据及账款 12.59 亿元（+22%），合同负债 2.06 亿（-12%），24 年末为 1.65 亿元。 3）现金流：销售收现 16.23 亿（-15%），经营性净现金流为 2.24 亿（+107%）。 ❑ 品味舍得短期承压，电商渠道增速较快 1）分产品：25Q1 中高档酒/普通酒实现收入 12.34 亿元/2.08 亿元，同比- 28.46%/-12.59 ...