Investment Rating - The investment rating for the company is "Buy" and is maintained [2][9] Core Views - The company achieved a revenue of 3.4 billion yuan in 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 630 million yuan, up 5.10% year-on-year [5][6] - The radar equipment and related systems business generated revenue of 2.673 billion yuan, a significant increase of 20.04% year-on-year, while the smart rail transit business saw a decline of 48.92% [6] - The company is actively expanding its international market presence, particularly in military trade, with expected sales to other subsidiaries of China Electronics Technology Group reaching 2.182 billion yuan in 2025, a substantial increase of 415% [7] - The company is focusing on developing new strategic emerging industries, including low-altitude economy and commercial aerospace, and has made significant progress in these areas [7] - The company anticipates net profits of 712 million yuan, 819 million yuan, and 1.008 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 32, 28, and 23 [9][11] Company Overview - The latest closing price of the company's stock is 18.58 yuan, with a total market capitalization of 23.1 billion yuan [4] - The company has a total share capital of 1.242 billion shares, with a debt-to-asset ratio of 35.1% and a price-to-earnings ratio of 36.43 [4]

Investment Rating - The investment rating for the company is "Buy" [14] Core Views - The company reported a revenue of 21.514 billion yuan for 2024, a year-on-year decrease of 8.60%, and a net profit attributable to shareholders of 0.772 billion yuan, down 34.51% year-on-year [5] - The decline in profitability for 2024 is attributed to multiple factors including falling steel prices, tight cash flow among downstream customers, and increased competition in the industry [6] - The company is expected to see improvements in orders and profitability in 2025, with a projected revenue of 23.9 billion yuan, representing an increase of 11.3% year-on-year, and a net profit of 1.061 billion yuan, up 37.4% year-on-year [8][10] Company Overview - The latest closing price of the company's stock is 19.18 yuan, with a total market capitalization of 13.2 billion yuan [4] - The company has a total share capital of 690 million shares, with 496 million shares in circulation [4] - The company’s debt-to-asset ratio stands at 61.9% and its price-to-earnings ratio is 17.12 [4] Financial Performance - In Q4 of 2024, the company achieved a revenue of 5.627 billion yuan, a decrease of 14.36% year-on-year, and a net profit of 0.117 billion yuan, down 59.74% year-on-year [5] - The company’s production volume for 2024 was 4.51 million tons, a slight increase of 0.51% year-on-year, while sales volume reached 4.33 million tons, up 1.82% year-on-year [6] - The company’s operating cash flow net inflow for 2024 was 0.57 billion yuan, a decrease of 0.52 billion yuan compared to the previous year [7] Future Outlook - The company’s first quarter of 2025 showed an improvement in steel structure production, reaching 1.0491 million tons, an increase of 14.29% year-on-year, and new contracts signed amounted to approximately 7.052 billion yuan, up 1.25% year-on-year [8] - Long-term cost reduction potential is expected to be enhanced through increased investment in automation and robotics [8] - The projected earnings per share (EPS) for 2025 and 2026 are 1.54 yuan and 2.09 yuan respectively, with corresponding price-to-earnings ratios of 12.92 and 9.52 [10][13]

证券研究报告：建筑装饰 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|维持 个股表现 -42% -36% -30% -24% -18% -12% -6% 0% 6% 12% 18% 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 鸿路钢构 建筑装饰 资料来源：聚源，中邮证券研究所 公司基本情况 一季度订单/产量改善，长期降本空间打开：公司 25Q1 钢结构产 量为 104.91 万吨，同比+14.29%，新签合同约 70.52 亿元，同比+1.25%， 考虑到今年专项债发行有望加快落实，以及公司销售策略的变化，我 们判断 25 年公司新签订单及产量将显著好于 24 年；长期来看，公司 持续加大研发投入，夯实成本优势，通过机器人替代进一步打开降本 空间。 | 最新收盘价（元） | 19.18 | | --- | --- | | 总股本/流通股本（亿股）6.90 / 4.96 | | | 总市值/流通市值（亿元）132 / 95 | | | 52 周内最高/最低价 | 21.42 / 10.92 | | 资产负债率(%) | 61.9% | ...

证券研究报告：金融工程报告 发布时间：2025-04-21 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《Meta LIama 4 开源，OpenAI 启动先 锋计划——AI 动态汇总 20250414》 - 2025.04.15 《融资盘被动爆仓导致大幅净流出， GRU 模型仍未配置成长——行业轮动周 报 20250413》 – 2025.04.14 《"完美买点"触发，后市积极看涨—— 微 盘 股 指 数 周 报 20250413 》 - 2025.4.14 《陆股通 Q1 增持汽车电子机械，减持 电力通信化工——陆股通 2025Q1 持仓 点评》 - 2025.04.13 《上证受政策影响但未跌破重要点位， ETF 大幅流入科创芯片等 TMT 方向—— 行 业 轮 动 周 报 20250406 》 – 2025.04.06 《"924"以来融资资金防守后均见到行 情低点，仍关注科技配置机会 ...

Investment Rating - The investment rating for Xingchen Technology (301536) is "Buy" and is maintained [2][9] Core Views - The company reported a revenue of 2.354 billion yuan in 2024, representing a year-on-year increase of 16.49%, and a net profit attributable to shareholders of 256 million yuan, up 25.18% year-on-year [6][7] - In Q1 2025, the company achieved a revenue of 665 million yuan, a year-on-year increase of 26.36% and a quarter-on-quarter increase of 23.04%, with a net profit of 51 million yuan, which is a slight increase of 0.48% year-on-year but a decrease of 14.73% quarter-on-quarter [6][7] - The company is focusing on the "Vision + AI" and "Perception + Computing" core concepts, with applications in various intelligent perception terminal devices, including smart security, smart IoT, and smart automotive [7] Summary by Sections Company Overview - Latest closing price: 54.03 yuan - Total shares/ circulating shares: 4.21 billion / 1.87 billion - Total market value / circulating market value: 22.7 billion / 10.1 billion - 52-week high / low price: 91.18 / 28.06 - Debt-to-asset ratio: 31.0% - Price-to-earnings ratio: 87.15 [4] Financial Performance - Revenue forecast for 2025, 2026, and 2027 is expected to be 2.901 billion, 3.712 billion, and 4.605 billion yuan respectively, with net profits of 300 million, 405 million, and 543 million yuan respectively [9][11] - The company plans to maintain a high R&D investment rate, with approximately 6.02 billion yuan in R&D expenditure for 2024, representing about 25.59% of revenue [8] Market Position and Strategy - The company has seen a recovery in downstream application demand, with significant growth in consumer demand in 2024 [7] - The company has established a dedicated 3D perception business line after acquiring 3D ToF-related assets, launching iToF series products for multimedia and robotics markets [8] - The company aims to develop a comprehensive solution combining 3D perception and AI computing to support various applications [8]

Quantitative Models and Construction 1. Model Name: GRU Model - **Model Construction Idea**: The GRU model is a machine learning-based quantitative model designed to capture complex patterns in stock price movements and factor relationships[3][19][23] - **Model Construction Process**: The GRU (Gated Recurrent Unit) model is trained on historical stock data, incorporating various financial and technical indicators as input features. The model uses a recurrent neural network structure to process sequential data, enabling it to predict stock price trends and factor performance. Specific details on the training parameters or architecture were not provided in the report[3][19][23] - **Model Evaluation**: The GRU model demonstrated strong performance in multi-factor strategies and outperformed other models in certain market conditions, particularly in the small-cap stock universe[7][29][33] 2. Model Name: Barra1d Model - **Model Construction Idea**: The Barra1d model is a factor-based quantitative model that utilizes the Barra risk model framework to analyze and predict stock returns[3][19][23] - **Model Construction Process**: The Barra1d model incorporates style factors such as size, value, momentum, and volatility, along with industry and country factors. It uses historical data to estimate factor exposures and risk premiums, which are then applied to construct long-short portfolios[3][19][23] - **Model Evaluation**: The Barra1d model experienced significant drawdowns in certain market conditions, particularly in the CSI 500 and CSI 1000 stock universes, indicating sensitivity to market volatility[5][26][29] 3. Model Name: Open1d Model - **Model Construction Idea**: The Open1d model focuses on short-term price movements and factor dynamics, leveraging daily open prices as a key input[3][19][29] - **Model Construction Process**: The Open1d model uses daily open prices and other technical indicators to construct long-short portfolios. It emphasizes short-term momentum and volatility factors to capture rapid market movements[3][19][29] - **Model Evaluation**: The Open1d model achieved strong performance, with its excess returns reaching new highs for the year, particularly in the CSI 1000 stock universe[6][29][33] 4. Model Name: Close1d Model - **Model Construction Idea**: The Close1d model is similar to the Open1d model but focuses on daily closing prices to capture end-of-day market dynamics[3][19][29] - **Model Construction Process**: The Close1d model uses daily closing prices and technical indicators to construct long-short portfolios. It emphasizes factors such as closing momentum and volatility to predict stock movements[3][19][29] - **Model Evaluation**: The Close1d model demonstrated strong performance, particularly in the CSI 1000 stock universe, with consistent positive excess returns[6][29][33] --- Model Backtesting Results 1. GRU Model - Weekly excess return: 0.46%-1.43% relative to the CSI 1000 index[7][33][34] - Year-to-date excess return: Not explicitly provided 2. Barra1d Model - Weekly excess return: 0.46%[33][34] - Year-to-date excess return: 2.10%[34] 3. Open1d Model - Weekly excess return: 1.43%[33][34] - Year-to-date excess return: 3.90%[34] 4. Close1d Model - Weekly excess return: 1.38%[33][34] - Year-to-date excess return: 1.87%[34] 5. Multi-Factor Strategy - Weekly excess return: 1.01%[33][34] - Year-to-date excess return: 2.15%[34] --- Quantitative Factors and Construction 1. Factor Name: Momentum - **Factor Construction Idea**: Momentum factors are designed to capture the tendency of stocks with strong past performance to continue performing well in the short term[15][16][19] - **Factor Construction Process**: - Historical excess return mean: $0.74 \times \text{volatility of excess returns} + 0.16 \times \text{cumulative excess return deviation} + 0.1 \times \text{residual return volatility}$[15] - **Factor Evaluation**: Momentum factors showed strong performance in the current market, particularly in high-volatility environments[3][19][23] 2. Factor Name: Valuation - **Factor Construction Idea**: Valuation factors aim to identify undervalued stocks based on financial ratios such as price-to-book (P/B) and price-to-earnings (P/E)[15][16][19] - **Factor Construction Process**: - Valuation factor: $1 / \text{P/B ratio}$[15] - **Factor Evaluation**: Valuation factors demonstrated strong performance in the small-cap stock universe, particularly in the CSI 1000 index[6][29][33] 3. Factor Name: Growth - **Factor Construction Idea**: Growth factors focus on identifying stocks with high earnings and revenue growth potential[15][16][19] - **Factor Construction Process**: - Growth factor: $0.24 \times \text{earnings growth rate} + 0.47 \times \text{revenue growth rate}$[15] - **Factor Evaluation**: Growth factors performed well across multiple stock universes, particularly in high-growth environments[3][19][23] 4. Factor Name: Volatility - **Factor Construction Idea**: Volatility factors measure the risk associated with stock price fluctuations, often used to identify low-risk investment opportunities[15][16][19] - **Factor Construction Process**: - Volatility factor: $0.74 \times \text{historical return volatility} + 0.16 \times \text{cumulative return deviation} + 0.1 \times \text{residual return volatility}$[15] - **Factor Evaluation**: Volatility factors showed mixed performance, with low-volatility stocks underperforming in certain market conditions[5][26][29] --- Factor Backtesting Results 1. Momentum Factor - Weekly excess return: 0.89%[17][19][23] - Year-to-date excess return: 42%[17][19][23] 2. Valuation Factor - Weekly excess return: 1.68%[17][19][23] - Year-to-date excess return: 1.14%[17][19][23] 3. Growth Factor - Weekly excess return: 1.20%[17][19][23] - Year-to-date excess return: 4.03%[17][19][23] 4. Volatility Factor - Weekly excess return: 0.16%[17][19][23] - Year-to-date excess return: 8.10%[17][19][23]

—微盘股指数周报 20250406》 证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《"完美买点"触发，后市积极看涨— —微盘股指数周报 20250413》 - 2025.04.14 《4 月是否还会有"最后一跌"？ — - 2025.03.31 《微盘领涨创下历史新高，4 月临近仍 有调整压力 ——微盘股指数周报 20250316》 - 2025.03.03 《微盘股下周或将震荡盘整 ——微盘 《扩散指数有高位回调风险 ——微盘 股指数周报 20250216》 - 2025.02.17 《微盘股基金 Q4 规模平稳，基金加仓 仍有空间 ——微盘股 2024Q4 基金季 报点评》 - 2025.02.13 《全面牛市正在到来，微盘有望修复 前高 ——微盘股指数周报 20250209》 - 2025.02.10 金工周报 基本面与量价共振，如遇回调即是买点 ——微盘股指数周报 20250420 ⚫ 投资要点 本周微盘因子中基本面和量价因子均表现较好，说明资金买入微 盘股已经 price ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [14]. Core Insights - The company achieved a revenue of 2.74 billion yuan in 2024, representing a year-on-year increase of 2.96%. However, the net profit attributable to shareholders decreased by 14.35% to 194 million yuan [3][4]. - The company is experiencing a significant growth in general power products, with a revenue increase of 83.56% to 132 million yuan, while the revenue from motor products decreased by 12.27% to 436 million yuan [4]. - The company is increasing its R&D investments and expanding its product line, including the development of high-power variable frequency generators and various cleaning machines [5]. Financial Performance - The company forecasts revenues of 3.19 billion yuan, 3.68 billion yuan, and 4.18 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.56%, 15.17%, and 13.74% [6][10]. - The net profit attributable to shareholders is expected to grow to 235 million yuan, 278 million yuan, and 327 million yuan in the same years, with growth rates of 21.11%, 18.41%, and 17.78% [6][10]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 16.04, 13.55, and 11.50, respectively [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company reported a revenue of 6.084 billion yuan for 2024, representing an 8.55% year-on-year growth, and a net profit attributable to shareholders of 921 million yuan, which is a 1.19% increase [3][11]. - The company is positioned as a leading third-party testing enterprise, with strong operational quality and growth resilience, expected to navigate through economic cycles effectively [7][9]. - The company is focusing on high-quality development and actively entering emerging sectors such as AI testing and low-altitude economy, while also enhancing its service capabilities for major clients [6]. Financial Performance Summary - In 2024, the company achieved a gross margin of 49.47%, an increase of 1.42 percentage points year-on-year, with the life sciences segment showing the highest gross margin growth [5]. - The company’s revenue projections for 2025 to 2027 are 6.698 billion, 7.408 billion, and 8.150 billion yuan, with respective growth rates of 10.08%, 10.61%, and 10.02% [11][12]. - The net profit attributable to shareholders is forecasted to be 1.058 billion, 1.197 billion, and 1.349 billion yuan for the years 2025 to 2027, with growth rates of 14.83%, 13.19%, and 12.70% respectively [11][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][15]. Core Insights - The company reported a revenue of 10.702 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit attributable to shareholders of 282 million yuan, down 44.18% [3][8]. - The average revenue per customer (ARPU) increased by 8% to 672 yuan, while the total number of customers decreased by 12% to 15.38 million [4][6]. - The company is expanding its AI strategy, with AI-related revenue contributing 216 million yuan, representing 24% of total income from individual tests [6][8]. - The company plans to acquire equity in 19 health examination centers to enhance market share and optimize its business structure [7][8]. Financial Summary - The company’s gross margin for 2024 was 42.78%, remaining stable, while the net profit margin decreased to 2.64% due to credit impairment losses [5][8]. - Forecasted revenues for 2025, 2026, and 2027 are 11.717 billion yuan, 12.698 billion yuan, and 13.726 billion yuan, respectively, with corresponding net profits of 602 million yuan, 901 million yuan, and 1.152 billion yuan [8][11]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 34, 23, and 18, respectively [8][11].