2025 年 04 月 14 日 公司点评 买入 /首次 广东宏大(002683) 广东宏大 2024 年报点评： 海内外业务双管齐下，并购项目助力业绩持续增长 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/4/12 24/6/23 24/9/3 24/11/14 25/1/25 25/4/7 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：广东宏大发布 2024 年年报，全年实现营业收入 136.52 亿元， 同比增长 17.61%；归母净利润 8.98 亿元，同比增长 25.39%。公司拟每 10 股派现 4.5 元（含税）。 点评： 各业务板块协同发力，业绩持续增长。公司 2024 年实现营业收入 136.52 亿元，同比增长 17.61%；归母净利润 8.98 亿元，同比增长 25.39%。 其中，第四季度实现营业收入 43.8 亿元，同比增长 19.46%，归母净利润 2.48 亿元，同比增长 13.07%。新疆、西藏及海外市场收入增幅显著，验 证"大客户+大项目"战略成效。作为营收主要驱动力，2024 ...

Group 1 - The market experienced a broad decline, with consumption and stability sectors performing relatively better [3][10] - The major indices showed a general decline in valuation, with the stable sector performing the best and the ChiNext index performing the weakest [3][10] - The agricultural, forestry, animal husbandry, and fishery, retail, and national defense industries had the highest gains, while power equipment, telecommunications, and machinery equipment performed the weakest [13][35] Group 2 - The overall valuation of the broad market indices has declined, with the current valuations of major indices at around the 50% historical percentile [26][27] - The valuation of various sectors is differentiated, with non-bank financials, coal, oil and petrochemicals, non-ferrous metals, public utilities, transportation, and agriculture at near one-year lows [35][38] - The consumer sector is noted to have relatively cheap valuations based on PE and PB deviation metrics [38][43] Group 3 - The earnings expectations across industries have been generally revised downwards, with the steel sector seeing the largest upward adjustment and the real estate sector experiencing the largest downward adjustment [49]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][13]. Core Views - The company is positioned as a leader in the UHMWPE fiber industry, with new capacity releases expected to support continued growth. The demand for UHMWPE fibers in the military sector is steadily increasing, and applications in humanoid robotics and other technological fields are anticipated to further enhance industry prospects [7]. - The company achieved a significant revenue increase in Q4 2024, with a year-on-year growth of 82.5% and a quarter-on-quarter growth of 28.0%. The net profit for the same quarter grew by 130.6% year-on-year [5]. - The company is actively expanding its 3+X industrial layout, which includes the acquisition of a 75.8% stake in Chaomeisi for 240 million yuan, enhancing its capabilities in aramid fiber production [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 649 million yuan, a year-on-year increase of 1.41%, while the net profit was 130 million yuan, a decrease of 15.25%. The Q4 2024 revenue was 222 million yuan, with a net profit of 49 million yuan [4][5]. - The company expects to achieve a net profit of approximately 44.44 million yuan in Q1 2025, representing a year-on-year growth of about 153.27% [5]. Industry Outlook - The UHMWPE industry is undergoing a profitability recovery, with the company focusing on both organic growth and external acquisitions to strengthen its market position [10][12]. - The report forecasts significant revenue growth for the company, with projected revenues of 942 million yuan in 2025, reflecting a growth rate of 45.09% [9]. Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.86 yuan, 1.05 yuan, and 1.23 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17.06, 13.95, and 11.84 [9].

联泓新科 2024 年报点评： 持续聚焦新材料产品，打造国家级"绿色工厂" 2025 年 04 月 14 日 公司点评 买入/维持 联泓新科(003022) ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 股票数据 | 总股本/流通(亿股) | 13.36/13.36 | | --- | --- | | 总市值/流通(亿元) | 183.64/183.64 | | 12 个月内最高/最低价 | 18.04/11.94 | | (元) | | 相关研究报告 <<24H1 主营业务盈利改善，持续聚焦 新材料>>--2024-08-08 <<产品价格下滑致业绩承压，持续聚 焦新材料>>--2024-04-01 <<重点项目稳步推进，专注于高端新 材料的"绿色工厂">>--2023-05-04 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190 ...

2025 年 04 月 14 日 行业周报 看好/维持 非银行金融 非银行金融 非银行业周报（0407-0413）：险资权益投资空间拓宽 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 子行业评级 | 证券Ⅱ | 看好 | | --- | --- | | 保险Ⅱ | 看好 | | 多元金融 | 看好 | | ◼ 推荐公司及评级 | | | 方正证券 | 买入 | | 湘财股份 | 买入 | | 中国人寿 | 买入 | | 众安在线 | 增持 | 相关研究报告 <<新华保险 2024 年年报点评：NBV 涨 势优异，业绩弹性显著>>--2025-04- 08 <<非银行业周报（0331-0406）：险企 重大股权投资行业扩围>>--2025- 04-07 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1 ...

2025 年 4 月 14 日 行业周报 看好/维持 基础化工 基础化工 化工周报（4/7-4/13）： 溴素价格持续强势 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/4/8 24/6/19 24/8/30 24/11/10 25/1/21 25/4/3 相关研究报告 << 化 工 新 材 料 周 报 （ 20250331- 20250406）：溴素价格继续上涨，EVA 价格趋稳>>--2025-04-07 <<国光股份 2024 年报点评： 低成本 +新商业模式推动，公司业绩创新 高>>--2025-04-03 <<华鲁恒升 2024 年报点评： 双基地 效能提升，公司业绩韧性凸显>>-- 2025-04-03 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 供应紧张推动溴素价格大幅上涨。本周进口量减少，叠加企业库 存偏低，整体来看溴素供应仍有压力。2025 年 1- ...

2025 年 04 月 14 日 行业周报 看好/维持 纺织服装 纺织服装 电话： E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 报告摘要 本周财报更新：1）安踏体育：25Q1 公司流水同增中双位数，其中安 踏牌/FILA 实现高单位数增长，其他品牌（包括迪桑特、可隆、MAIA）流 水同增 65-70%，库销维持健康，整体运营表现超预期；公告以 2.9 亿美 元现金收购德国狼爪，预计在 25Q2 或 Q3 完成交割，多品牌战略布局继续 推进；2）华利集团：24 年收入 240 亿元/同+19.35%，归母净利润 38.4 亿元/同+20.00%，拟派发现金红利 26.84 亿元，分红率 70%，24 年量/价 分别同比+17.5%/+1.6%，老客采购恢复叠加新客逐步放量带来的量增驱 动；其中 Adidas 作为新客户于 24 年 9 月开始量产出货，增长势头强劲， 有望贡献新增量。3）太平鸟：25Q1 收入 16.7 亿元/同比-7%，归母净利 润 1.2 亿元/同比-22%，Q1 表现整体符合预期，公司战略调整效果逐步显 现，毛利率改善明显，静待利润弹性释放 ...

Investment Rating - The report maintains a "Buy" rating for Hubei Yihua (000422) [1] Core Views - The company reported a year-on-year increase in net profit by 44.32% to 653 million yuan, despite a slight decline in revenue by 0.48% to 16.964 billion yuan in 2024 [3][4] - The company is focusing on asset integration and expanding its chemical industry supply chain, which is expected to enhance profitability [4][5] - Future profit projections for 2025, 2026, and 2027 are 953 million yuan, 1.139 billion yuan, and 1.304 billion yuan respectively, with corresponding PE ratios of 14, 11, and 10 times [5][6] Financial Performance - In 2024, the company achieved revenue of 16.964 billion yuan, with a gross margin of 13.74% and a net margin of 5.27%, reflecting improvements in profitability metrics [3][6] - The company plans to distribute a cash dividend of 2 yuan per share, totaling 217 million yuan, which is 33.18% of its net profit [3][5] - The company’s existing production capacities include 1.56 million tons/year of urea, 1.26 million tons/year of diammonium phosphate, and 840,000 tons/year of PVC [3][4] Future Outlook - The company is set to acquire 100% of Yichang Xinfatou, increasing its stake in Xinjiang Yihua from 35.597% to 75%, which will enhance its operational scale and cost advantages [4][5] - The projected revenue growth rates for the next three years are 6.36% in 2025, 2.77% in 2026, and 4.28% in 2027 [6][7] - The company emphasizes shareholder returns, committing to a minimum annual cash dividend of 30% of net profit over the next three years [5][6]

(20%) (12%) (4%) 4% 12% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 基础化工 沪深300 相关研究报告 <<化工周报（3/31-4/6）： 溴素、钛 白粉、制冷剂等产品价格相对强 势>>--2025-04-07 << 化 工 新 材 料 周 报 （ 20250331- 20250406）：溴素价格继续上涨，EVA 价格趋稳>>--2025-04-07 <<国光股份 2024 年报点评： 低成本 +新商业模式推动，公司业绩创新 高>>--2025-04-03 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 基础化工 化工新材料周报（20250407-20250413）： 溴素价格继续上涨，电子化学品关注度或提升 走势比较 2025 年 04 月 13 日 行业周报 看好/维持 基础化工 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子行业及产品情况跟踪 电子化学品：市场关注度或提升。 ...

2025 年 04 月 13 日 行业周报 看好/维持 机械 机械 3 月挖机内销超预期，继续看好工程机械板块（20250407-20250413） (20%) (10%) 0% 10% 20% 30% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 报告摘要 行情回顾 本期（4 月 7 日-4 月 11 日），沪深 300 下跌 2.9%，机械板块下跌 6.7%， 在所有一级行业中排名 27。细分行业看，半导体设备涨幅最大，上涨 1.9%； 激光加工设备跌幅最大，下跌 11.3%。 本周观点 3 月挖机内销 ...