Core Viewpoint - The performance of Fulin Precision (300432) meets market expectations, driven by dual engines of iron-lithium and robotics, with a target price adjustment to 31.5 yuan and a "buy" rating [1] Group 1: Financial Performance - In 2024, the company expects revenue of 8.47 billion yuan, a year-on-year increase of 47%, and a net profit of 400 million yuan, up 173.1% year-on-year, with a gross margin of 12.4%, an increase of 6.9 percentage points [1] - In Q4 2024, revenue is projected at 2.59 billion yuan, with a quarter-on-quarter increase of 63.5% and a year-on-year increase of 13.1%, while net profit is expected to be 90 million yuan, down 161.2% quarter-on-quarter and 51.9% year-on-year [1] - For Q1 2025, revenue is anticipated to be 2.7 billion yuan, reflecting a quarter-on-quarter increase of 80.3% and a year-on-year increase of 4.2%, with a net profit of 120 million yuan, up 211.9% quarter-on-quarter and 43.7% year-on-year [1] Group 2: Iron-Lithium Business - In 2024, iron-lithium shipments are expected to reach 126,000 tons, a year-on-year increase of nearly 179%, with Q4 shipments at 44,000 tons, a quarter-on-quarter increase of 26% [2] - For Q1 2025, shipments are projected to be nearly 50,000 tons, a year-on-year increase of 170%, with a target of 250,000 tons for the year, doubling the previous year's output [2] - The company anticipates a recovery in net profit per ton of iron-lithium to 200 yuan in 2025, driven by cost reductions from self-supplied materials [2] Group 3: Automotive Parts Business - In 2024, the automotive parts business is expected to generate revenue of 3.6 billion yuan, a year-on-year increase of 23%, with new energy components contributing 1.1 billion yuan, up 99% [3] - The gross margin for the automotive parts business is projected at 23.7%, contributing 860 million yuan in gross profit [3] - For Q1 2025, the automotive parts business is expected to contribute a net profit of 80 million yuan, with a stable growth forecast for the year [3] Group 4: Cost Control and Capital Expenditure - In 2024, operating expenses are projected at 620 million yuan, a year-on-year increase of 15.3%, with an expense ratio of 7.3% [4] - Capital expenditure for 2024 is expected to be 810 million yuan, down 32.3%, while Q1 2025 capital expenditure is projected at 300 million yuan, a significant quarter-on-quarter increase [4] - The company reported operating cash flow of 580 million yuan in 2024, an increase of 88.6% year-on-year [4] Group 5: Investment Recommendations - The company has revised its net profit expectations for 2025-2026 to 960 million and 1.54 billion yuan, respectively, with a new forecast for 2027 at 2.04 billion yuan, reflecting significant growth [4] - The target price is set at 31.5 yuan, with a PE ratio of 25x for 2026 [4] - Recent ratings show 7 buy ratings and 1 hold rating from 8 institutions, with an average target price of 27.12 yuan [5]

投行业绩下滑，资管相对稳健 2024 年投行净收入7.05 亿元，同比-35%。2024 年股权融资业务规模随行业下滑，债券承销金额同 比-9%（据Wind 数据）。1Q25 投行净收入2.20亿元，同比-5%。政策支持优质科技型企业发行上市和并 购重组，投行业绩压力有望逐渐趋缓。资管净收入相对稳健，2024 年为1.69 亿元，1Q25 为0.50 亿元， 同比+53%、+16%。 盈利预测与估值 年初以来市场成交额处于相对较高水平，适当上调经纪净收入等假设，预计2025-2027 年EPS 分别为 0.53/0.60/0.69 元（2025-2026 年前值分别为0.38/0.43 元，上调42%/40%），2025 年BPS 为8.69 元。可比 公司2025EPB Wind 一致预期均值1.02x，给予2025 年目标PB 1.02x，目标价人民币8.86 元（前值为人民 币7.08 元，对应2024E PB 0.86x），维持增持评级。 风险提示：业务开展不及预期，市场波动风险。 东吴证券发布年报及一季报，2024 年实现营收115.34 亿元（yoy+2.24%），归母净利润23.66 亿元 （y ...

Core Viewpoint - Securities firms are increasingly engaging in the underwriting of non-financial corporate debt financing tools in the interbank bond market, with several firms obtaining independent underwriting qualifications and successfully executing their first deals [1][2]. Group 1: Independent Underwriting Qualifications - Multiple securities firms, including Dongwu Securities and Changcheng Securities, have been approved to independently underwrite non-financial corporate debt financing tools [2][3]. - As of March, Dongwu Securities received approval from the China Interbank Market Dealers Association to conduct independent underwriting [2]. - Changcheng Securities announced its qualification for independent underwriting and has initiated 107 projects, issuing 70 bonds in 2024 [2]. Group 2: Conditions for Independent Underwriting - Non-financial corporate debt financing tools are securities issued by non-financial enterprises in the interbank bond market, with various types including short-term financing bonds and medium-term notes [3]. - Underwriting firms are categorized into underwriters, general underwriters, and independent underwriters, with increasing qualification requirements [3]. - A well-known securities firm was warned for conducting underwriting activities without the necessary qualifications [3]. Group 3: Successful First Deals - Several securities firms have successfully executed their first deals in the independent underwriting space, including Chengtong Securities and Huazhong Securities [4][5]. - Chengtong Securities participated in the successful issuance of super short-term financing bonds for Overseas Chinese Town Group, marking its entry into the interbank market [5]. - Changcheng Securities successfully issued its first independent medium-term note, indicating a significant breakthrough in its debt financing tool capabilities [6].

头部本体厂商选择全栈自研，方案各异，如特斯拉(腱绳)、FigureAI(连杆)、智元(混合)、星动纪元(纯直 驱)等，是灵巧手的主力。独立第三方集成商，如因时机器人、强脑、傲意、灵心巧手、灵巧智能等进 展较快;此外零部件厂商延伸至整手集成，如兆威、雷赛、帕西尼等，同时兼售模组零部件。目前灵巧 手价格差异大，主流价格5-10万/只，中期价格预计降至0.5-3万/只，占本体成本比重20%左右。据东吴 证券测算，2030年人形机器人300万台+，市场空间约900亿，对应零部件市场空间较大的为触觉传感 器、空心杯电机、齿轮、丝杆。 手部多维感知是方向，促进手脑协同 灵巧手需通过触觉传感器、关节力控和编码器等将数据反馈至大脑，从而构建物体物性库和抓握数据库 等，并通过仿真平台，扩大数据集，从而优化大脑的运规的泛化性。触觉传感器追求高灵敏度、高集成 度、高延展性、成本低，目前多技术路线并行。压阻式力维度低(一维法向力)、灵敏性不足(阈值10g)， 在低端先放量;而电容式及电磁式性能更优，感知三维力，力分辨<1g，抗干扰能力提升和体积缩小后， 放量潜力大;视触觉传感器理论上限高，但对数据和算法要求高。 头部本体厂全栈自研， ...

Core Viewpoint - The report highlights the performance of Jinko Environment, indicating a mixed financial outlook with growth in certain segments and challenges in others, while emphasizing the potential of AI product upgrades and industrial applications to drive future growth [1][6]. Financial Performance Summary - In 2024, Jinko Environment achieved revenue of 617 million yuan, a year-on-year increase of 7.74%, with a net profit of 67 million yuan, down 5.62%. The gross margin was 36.17%, a decrease of 2.97 percentage points [2]. - The water treatment technology solutions segment generated revenue of 337 million yuan, a decline of 10.94%, while the long-term business segment saw revenue growth of 43.90% to 279 million yuan [2]. - For Q1 2025, revenue increased by 17% to 129 million yuan, with a net profit growth of 33% to 12 million yuan. The gross margin was 28.13%, down 6.66 percentage points [3]. - The backlog of orders as of Q1 2025 was 709 million yuan, a 3% increase from the previous quarter, indicating stable growth in B-end orders [4]. Business Segment Analysis - The B-end business revenue for Q1 2025 surged by 153% to 88 million yuan, while the G-end business revenue decreased by 44.98% to 42 million yuan [3]. - The wastewater resource recovery segment generated 114 million yuan in revenue, a 60.15% increase, while the deep drinking water treatment segment saw a significant decline of 59.91% [3]. Product and Technology Development - The company launched the AI smart agent "Water Radish," which has shown significant operational efficiency improvements, including a 60-70% reduction in operational team size and a 35% decrease in overall operational costs [5]. - The new industrial application projects, such as the New Water Island 2.0, are expanding, with multiple projects in various regions aimed at serving different industrial needs [5]. Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted downwards, with net profit estimates of 86 million yuan for 2025 and 104 million yuan for 2026, while 2027 is projected at 125 million yuan [6]. - The company maintains a "buy" rating, supported by policy drivers, product upgrades, and expanding sales channels [6].

Core Viewpoint - The report highlights that Q1 gross margin has improved for Qibin Group, with expectations for further supply-demand balance restoration in the future [1] Financial Performance - In 2024, Qibin Group achieved operating revenue of 15.649 billion yuan, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 383 million yuan, down 78.1% [1] - For Q1 2025, the company reported operating revenue of 3.484 billion yuan, a year-on-year decline of 9.7%, with a net profit attributable to shareholders of 470 million yuan, an increase of 6.4% [1] Product Segments - Float glass sales are expected to decline by 6% in 2024, with a single box gross profit of 13.4 yuan, down 8.3 yuan, due to decreased demand from real estate completions [2] - The company sold 435 million square meters of photovoltaic glass in 2024, a year-on-year increase of 124%, generating revenue of 5.753 billion yuan, up 68.6% [2] - Q4 2024 and Q1 2025 gross margins were 5.5% and 12.0%, respectively, reflecting significant year-on-year declines due to lower unit gross profits in both float and photovoltaic glass [2] Cost and Expenses - The company's expense ratio for 2024 was 12.2%, an increase of 1.0 percentage points, primarily due to a rise in financial expenses by 166 million yuan [3] - In Q1 2025, the single-quarter expense ratio increased by 0.6 percentage points to 12.6%, driven by higher financial expenses [3] - Asset impairment losses in 2024 amounted to 257 million yuan, mainly due to inventory write-downs [3] Cash Flow and Capital Expenditure - Operating cash flow for 2024 was 912 million yuan, a decrease of 631 million yuan year-on-year, while Q1 2025 saw a net cash flow of 17 million yuan, an increase of 334 million yuan [4] - Capital expenditures for fixed and intangible assets in Q4 2024 and Q1 2025 were 390 million yuan and 576 million yuan, respectively, reflecting a significant slowdown in capital expenditure pace [4] Profit Forecast and Investment Rating - The company is expected to achieve net profits of 600 million yuan, 760 million yuan, and 1.13 billion yuan for 2025, 2026, and 2027, respectively, with a maintained "buy" rating [5]

Core Viewpoint - The report highlights that Yuandong Biopharmaceutical has received approval for new products, which are expected to drive growth through internationalization and innovation, maintaining a "buy" rating for the company [1] Financial Performance - In 2024, the company achieved revenue of 1.35 billion yuan (+20.82% year-on-year), with a net profit attributable to shareholders of 238 million yuan (+5.15%) and a net profit excluding non-recurring items of 175 million yuan (+10.90%). After excluding stock incentive expenses, the net profit increased by 13.47% year-on-year, and the net profit excluding non-recurring items rose by 22.87% [1] - For Q1 2025, the company reported revenue of 306 million yuan (-2.97%) and a net profit attributable to shareholders of 61 million yuan (-19.22%), with a net profit excluding non-recurring items of 46 million yuan (-10.79%). The profit in Q1 2025 was under pressure due to stock incentive expenses [1] Business Segments Growth - The chemical preparations segment generated revenue of 1.077 billion yuan (+22.25%), the raw materials segment 121 million yuan (+28.65%), and the CMO/CDMO business 65 million yuan (+111.59%). However, technical services and transfers saw a decline in revenue of 63 million yuan (-42.81%) [2] - Domestic revenue reached 1.324 billion yuan (+20.04%), while overseas revenue was 25 million yuan (+84.66%). The growth in the chemical preparations segment was driven by both existing and newly approved products, with 13 high-end preparation products approved in 2024 [2] R&D and Innovation - The company invested approximately 290 million yuan in R&D in 2024, accounting for 21.31% of revenue, with 83 million yuan allocated to new drug development [3] - The company has a rich pipeline of products under development, including a diabetes drug that has reached Phase III clinical trials and several other innovative drugs that have received clinical trial approvals [3] Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted to 281 million yuan and 335 million yuan, respectively, with an expected profit of 401 million yuan in 2027. The corresponding PE ratios are 21, 18, and 15 times, indicating strong growth potential as new products are approved [3]

Core Points - Dongwu Securities reported a revenue of 11.534 billion yuan for 2024, an increase of 2.24% year-on-year, and a net profit attributable to shareholders of 2.366 billion yuan, up 18.19% year-on-year [1][4] - The company plans to distribute a cash dividend of 2.37 yuan per 10 shares, totaling 1.55 billion yuan, which represents 65.52% of the net profit for 2024 [1][4][5] - Dongwu Securities faced multiple regulatory fines in 2024 related to issues in non-public bond issuance and stock underwriting [1][7][8] Financial Performance - Revenue growth was driven by three main segments: wealth management (up 2.30%), investment trading (up 6.38%), and asset management (up 10.26%), while investment banking revenue declined by over 30% [4] - In Q4 2024, the company achieved a revenue of 3.092 billion yuan, a year-on-year increase of 38.95%, and a net profit of 980 million yuan, up 114.86% year-on-year [4] - Total assets at the end of 2024 reached 177.805 billion yuan, reflecting a year-on-year growth of 12.9% [1] Dividend Distribution - The proposed cash dividend distribution includes 1.178 billion yuan planned for the year, in addition to the mid-year distribution, totaling 1.55 billion yuan [4][5] - The cumulative cash dividends distributed from 2022 to 2024 amount to 3.269 billion yuan [4] Regulatory Issues - Dongwu Securities received several regulatory penalties in 2024, including warnings for not adhering to regulations regarding branch office operations and for inadequate diligence in bond issuance projects [7][8] - Specific fines included a total of 4.136 million yuan for issues related to the underwriting of Guomei Communications and 2.068 million yuan for the underwriting of Zixin Pharmaceutical [8]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [6] Core Viewpoints - The banking sector is expected to benefit from policy catalysts aimed at stabilizing the economy, with a focus on real estate, consumer spending, and social welfare [3] - The report highlights that personal non-performing loans (NPLs) are a significant concern, with a notable increase in the disposal of personal loans, particularly consumer loans [2][3] Summary by Sections 1. NPL Transfer Statistics for Q1 2025 - The total NPL transfer listing scale reached 74.27 billion yuan, a year-on-year increase of 190.5%, with actual transaction volume at 48.3 billion yuan, up 138.8% year-on-year [1] - Joint-stock banks were the primary sellers of NPLs, with a transaction volume of 20.36 billion yuan, accounting for 42.2% of total NPLs [1] - Personal loans accounted for 76.7% of the NPLs, with a transaction volume of 37.04 billion yuan, reflecting a significant year-on-year increase of 761% [2] 2. Sector Insights - Short-term impacts from tariff policies may affect exports, but long-term expansionary policies are expected to support economic growth [3] - The report identifies specific banks to watch under the pro-cyclical strategy, including Ningbo Bank, Postal Savings Bank, and China Merchants Bank [3] 3. Key Data Tracking - The average daily trading volume in the stock market was 1,146.755 billion yuan, an increase of 37.99 billion yuan week-on-week [4] - The balance of margin financing and securities lending was 1.80 trillion yuan, a decrease of 0.11% from the previous week [4] - The issuance of non-monetary fund shares reached 24.579 billion, an increase of 4.103 billion week-on-week [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 东吴证券股份有限公司（以下简称"东吴证券"或"保荐人"）作为河南明泰铝业股份有限公司（以下简 称"明泰铝业"、"公司"或"发行人"）2023年向特定对象发行股票（以下简称"本次发行"）的保荐人，根 据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第11号一一持续督导》 等有关法律、法规的相关规定，负责明泰铝业的持续督导工作，持续督导期间为本次发行结束当年的剩 余时间及其后1个完整会计年度。截至2024年12月31日，持续督导期已届满。 （一）尽职推荐工作 按照相关法律法规要求，保荐人及保荐代表人对发行人情况进行尽职调查，组织编制申请文件并出具推 荐文件；提交推荐文件后，主动配合证监会、证券交易所的审核，组织公司及其它中介机构对证监会、 证券交易所的意见进行答复，按照证监会、证券交易所的要求对涉及本次证券发行上市的特定事项进行 尽职调查或核查，并进行专业沟通，按照证券交易所上市规则的要求提交推荐股票上市要求的相关文 件，并报中国证监会备案。 （二）持续督导工作 东吴证券根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引 ...