Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [27]. Core Insights - The company achieved total revenue of 8.034 billion yuan in 2024, a year-on-year decrease of 15.93%, while the net profit attributable to shareholders was 375 million yuan, down 2.36% year-on-year. However, the net profit excluding non-recurring items increased by 34.41% to 398 million yuan [6][7]. - The decline in revenue is primarily attributed to intensified market competition in wind power and coal equipment, with the revenue from new energy equipment dropping by 78.74% [8][10]. - The company has successfully expanded its overseas market, with effective orders increasing by over 80% year-on-year, marking a historical high in both total volume and proportion of overseas orders [12]. - The company is a leader in the special robot industry, focusing on applications in safety, emergency response, and mining, thereby cultivating a second growth curve [13]. Financial Performance Summary - In 2024, the company reported a gross margin of 22.68%, an increase of 2.95 percentage points year-on-year, and a net margin of 4.42%, up 0.3 percentage points year-on-year [9][11]. - The revenue breakdown shows that the mining and heavy equipment segment accounted for 69.48% of total revenue, with a year-on-year decline of 8.51% [10]. - The company’s earnings per share for 2024 was 0.084 yuan, with a weighted average return on equity of 4.43% [6]. Revenue and Profit Forecast - The company forecasts revenues of 9.602 billion yuan, 10.581 billion yuan, and 11.426 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 541 million yuan, 623 million yuan, and 727 million yuan [14][15].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the CSI 300 index over the next six months [1][11]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and profits for 2024, but there are expectations for recovery in 2025 driven by increasing demand for lithium battery materials [5][6][8]. - The report highlights the growth in China's new energy vehicle sales and battery production, which is expected to boost the demand for cathode materials [6][8]. - The company has established long-term supply agreements with major clients, which are anticipated to positively impact future performance [9][11]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 7.593 billion yuan, a decrease of 49.80% year-on-year, with a net profit of 472 million yuan, down 75.48% [6][12]. - The operating cash flow increased by 30.74% to 1.598 billion yuan, indicating improved cash generation despite declining profits [6]. - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares [6]. Market Trends - In 2024, China's new energy vehicle sales reached 12.859 million units, a year-on-year increase of 36.10%, contributing to a growing demand for cathode materials [6][8]. - The production of power batteries in China grew by 40.96% in 2024, with expectations for continued growth in 2025 [6][8]. Product and Capacity Development - The company achieved a sales volume of 10.07 million tons of lithium battery materials in 2024, a significant increase of 60.53% year-on-year [8]. - The company is expanding its production capacity, with a total capacity of 129,000 tons by the end of 2024, and plans to add 80,000 tons of high-end capacity in 2025 [8][9]. Strategic Partnerships - The company has signed long-term supply agreements with SK On and LGES, which are expected to secure significant sales volumes and enhance market position [9][11]. - A strategic cooperation framework was established with Zhongwei Co., focusing on resource development and product supply [9]. Future Outlook - The company anticipates a recovery in performance in 2025, driven by increasing demand for lithium battery materials and stabilization of raw material prices [8][9]. - The projected earnings per share for 2025 and 2026 are 1.34 yuan and 1.85 yuan, respectively, with corresponding price-to-earnings ratios of 30.45 and 22.04 [11][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 523.57 billion yuan in 2024, representing a year-on-year growth of 3.1%, with a net profit of 33.01 billion yuan, up 8.4% year-on-year [5] - The basic business shows steady growth, with mobile communication service revenue reaching 202.5 billion yuan, a 3.5% increase year-on-year, and mobile value-added services growing by 16.1% [8] - The digital industry revenue reached 146.6 billion yuan, a 5.5% increase, with Tianyi Cloud revenue at 113.9 billion yuan, up 17.1% [8] - The company plans to distribute a final dividend of 0.0927 yuan per share, with an expected total dividend payout ratio exceeding 70% [10] - Capital expenditure is expected to decrease to 83.6 billion yuan in 2025, with a focus on increasing investment in computing power [10] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 131.6 billion yuan, a 3.84% increase year-on-year, and a net profit of 3.71 billion yuan, up 11.01% [5] - The company’s operating costs were 373.5 billion yuan, a 3.3% increase, with sales expenses decreasing by 1.1% [8] Business Segments - The mobile user ARPU was 45.6 yuan, a 0.44% increase, while the broadband ARPU was 47.6 yuan [8] - The company is enhancing its product offerings with AI-enabled devices and services, maintaining a competitive edge in the market [8] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 35.62 billion yuan, 38.19 billion yuan, and 40.80 billion yuan respectively, with corresponding PE ratios of 20.06X, 18.71X, and 17.52X [10] - The company aims to increase the proportion of cash dividends to over 75% of the annual profit within three years [10]

煤机业务再创新高，新能源汽车业务持续 突破 证券研究报告-年报点评 买入(维持) 专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 市场数据(2025-03-31) | 收盘价(元) | 15.85 | | --- | --- | | 一年内最高/最低(元) | 18.01/10.67 | | 沪深 300 指数 | 3,887.31 | | 市净率(倍) | 1.29 | | 流通市值(亿元) | 282.99 | 个股相对沪深 300 指数表现 -27% -20% -14% -7% -1% 6% 12% 18% 2024.04 2024.07 2024.11 2025.03 郑煤机 沪深300 资料来源：中原证券研究所，聚源 相关报告 《郑煤机(601717)季报点评：三季报增速小幅 放 缓 ， 煤 机 结 构 优 化 业 绩 稳 健 增 长 》 2024-11-06 《郑煤机(601717)公司深度分析：中报快速增 长，煤机、汽车零部件双轮驱动》2024-09-12 《郑煤机(601717)年报点评：煤机业务稳健增 长，汽车零部件盈 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase in stock price relative to the CSI 300 index in the next six months [6][18]. Core Views - The company's performance has been negatively impacted by falling prices of potassium and lithium, but there are expectations for a recovery in the future [3][4]. - The company reported a significant decline in revenue and net profit for 2024, with revenue of 15.134 billion yuan, down 29.86% year-on-year, and a net profit of 4.663 billion yuan, down 41.07% year-on-year [3][6]. - The first quarter of 2025 is projected to show a positive turnaround, with expected net profit growth of 20.97% to 28.47% [3]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 15.134 billion yuan, a decrease of 29.86% year-on-year, and a net profit of 4.663 billion yuan, down 41.07% year-on-year [3][6]. - The average selling price of potassium chloride fell by 13.76% to 2506.57 yuan/ton, while sales volume decreased by 16.56% to 4.6728 million tons [3]. - The average selling price of lithium carbonate dropped by 56.26% to 74,000 yuan/ton, despite a sales volume increase of 10.51% to 41,600 tons [3]. Market Outlook - The potassium chloride market is expected to gradually recover due to stable demand and supply constraints from major producers [4][5]. - The company is positioned to benefit from a potential increase in potassium fertilizer prices as the spring farming season approaches [5]. Production Capacity and Cost Advantages - The company has a potassium chloride production capacity of 5 million tons per year, leading the domestic market with approximately 35% market share [3]. - The lithium carbonate production capacity is currently 40,000 tons per year, with plans to expand to 43,000 tons in 2025, leveraging cost advantages from its salt lake resources [6]. Earnings Forecast - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 1.04 yuan and 1.18 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.93 and 14.07 based on the closing price of 16.56 yuan [6].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the CSI 300 index in the next six months [1][11][18]. Core Views - The company reported a significant year-on-year increase in net profit for Q4, continuing its high dividend policy. Total revenue for 2024 was 595.61 billion yuan, a slight decrease of 0.55% year-on-year, while net profit attributable to shareholders was 49.89 billion yuan, down 1.26% year-on-year. However, the net profit after deducting non-recurring items increased by 1.71% year-on-year [5][11]. - The company’s packaging meat products segment achieved a historical high in profit per ton, with a sales revenue of 247.88 billion yuan, down 6.16% year-on-year, but operating profit increased by 6.8% [11]. - The fresh products segment showed signs of recovery, with Q4 revenue and net profit both increasing significantly, indicating a turnaround in sales performance [11]. Summary by Relevant Sections Market Data - Closing price: 26.97 yuan - Market capitalization: 934.27 billion yuan - Price-to-book ratio: 4.42 [1]. Financial Performance - 2024 total revenue: 595.61 billion yuan, down 0.55% year-on-year - 2024 net profit: 49.89 billion yuan, down 1.26% year-on-year - Q4 revenue: 156.03 billion yuan, up 13.46% year-on-year - Q4 net profit: 11.85 billion yuan, up 63.27% year-on-year [5][11]. Profitability Metrics - Gross margin: 17.69% - Return on equity (diluted): 23.62% - Operating cash flow per share: 2.43 yuan [1][11]. Future Projections - Expected net profits for 2025, 2026, and 2027 are 57.51 billion yuan, 59.31 billion yuan, and 61.76 billion yuan respectively, with corresponding EPS of 1.66 yuan, 1.71 yuan, and 1.78 yuan [11][12].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -17% -12% -7% -2% 4% 9% 14% 19% 2024.04 2024.07 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,348.44 | 0.38 | | | 深证成指 | | 10,503.66 | -0.01 | | | 创业板指 | | 2,022.77 | -0.47 | | | 沪深 | 300 | 3,887.68 | 0.01 | | | 上证 | 50 | 2,443.97 | -0.52 | | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | | 中证 | 100 | 3,725.52 | -0.09 | | | 中证 | 500 | 5,89 ...

Core Insights - The report emphasizes the importance of technological modernization as a foundation for achieving high-quality development in China, aiming for a strategic goal of becoming a technological powerhouse by 2035 [6][9] - The manufacturing PMI for March 2025 is reported at 50.5, indicating a slight increase from the previous value of 50.2, suggesting a stable manufacturing environment [6][9] - The report highlights the ongoing efforts to clean up existing illegal charging policies, indicating a proactive regulatory approach [6][9] Domestic Market Performance - The Shanghai Composite Index closed at 3,335.75, down 0.46%, while the Shenzhen Component Index closed at 10,504.33, down 0.97% [4] - The average P/E ratios for the Shanghai Composite and ChiNext are reported at 14.25 and 37.48 respectively, indicating a mid-level valuation suitable for long-term investment [9][10] International Market Performance - The Dow Jones closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15% respectively [5] Industry Analysis - The report discusses the growth in the AI and computing power sectors, highlighting the increasing demand for data centers and AI infrastructure as key growth drivers [15][25] - The electrical equipment sector has shown strong performance, with the index rising 0.86% in March, outperforming the broader market [18] - The report notes a significant increase in domestic excavator sales and the release of humanoid robot products, indicating a robust machinery sector [28] Investment Recommendations - Investors are advised to focus on sectors such as electric power, precious metals, and diversified finance for short-term opportunities, while maintaining a balanced approach between defensive and growth stocks [12][14] - The report suggests that the new materials sector is expected to continue its growth trajectory, driven by increasing demand in manufacturing and technology integration [24] Key Data Updates - The report provides updates on the release of locked shares and the top ten active stocks in the Shanghai-Hong Kong Stock Connect, indicating market liquidity and investor interest [8]

《计算机行业月报：国内算力投入明显加 快，平台企业借势积极入局》 2025-03-13 《计算机行业深度分析：三大要素齐发力， AI 应用步入全面加速期》 2025-03-07 《计算机行业月报：DeepSeek-R1 带来 AI 技术突破，持续关注 GPT-5 的推出进程》 2025-02-13 计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 概况 ——计算机行业深度分析 证券研究报告-行业深度分析 强于大市(维持) 计算机相对沪深 300 指数表现 相关报告 联系人：李智 投资要点： 算力包括了计算、传输、存储三个方面的能力。算力基础设施是 数字基础设施的重要组成部分，是数字经济时代的新型生产力。 风险提示：国际局势的不确定性；下游企业削减开支。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1 页 / 共 55 页 AI 时代下，算力产业的发展趋势及河南 发布日期：2025 年 03 月 31 日 -26% -16% -5% 5% 16% 26% 37% 47% 2024.04 20 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [3][15]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][15]. - The company’s average on-grid electricity price in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% year-on-year, while the average market transaction price was approximately 0.3869 yuan per kilowatt-hour, down 3.85% year-on-year [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% compared to 2023 [8][10]. - The company plans to conduct 19 major overhauls in 2025, with a total overhaul duration of approximately 713 days in 2024, which is a reduction of about 207 days from 2023 [9][10]. - The company’s financing costs have decreased, and the cash dividend ratio has been continuously improved, with a proposed dividend of 4.797 billion yuan for 2024, raising the dividend ratio to 44.36% [14][15]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 86.804 billion yuan, with a net profit of 10.814 billion yuan, reflecting stable growth despite market price fluctuations [7][8]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan in 2024 [14]. Power Generation and Capacity - The company operates 28 nuclear power units with a total power generation of approximately 242.181 billion kilowatt-hours, marking a 6.08% increase from the previous year [8][10]. - The company’s total installed capacity reached 43.814 million kilowatts, accounting for 45.02% of the national total for operational and under-construction nuclear power units [13][10]. Future Outlook - The company is expected to see net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The company’s market transaction electricity volume is projected to increase, which may impact the average electricity price in 2025 [15].