Investment Rating - The report gives a "Buy" rating for the company, with a target price of 26.6 CNY based on a 75 times PE valuation for 2025 [3][5]. Core Views - The company experienced a slight decline in revenue for 2024, with total revenue of 1.24 billion CNY, down 1.60% year-on-year. The net profit attributable to the parent company was 66 million CNY, a decrease of 43.37% year-on-year [2][4]. - The company is actively expanding into the embodied intelligence sector by establishing a fund to invest in the robotics industry, leveraging its strong technical foundation and market position in the sensor industry [3][4]. - The company has made significant progress in its sensor business, particularly as a supplier of ceramic pressure sensors for Bosch in China, and has successfully launched new projects with major clients like Scania and BYD [2][3]. Financial Summary - In 2024, the company achieved a gross margin of 26.25%, an increase of 0.34 percentage points year-on-year, while the net profit margin was 4.17%, a decrease of 3.11 percentage points year-on-year [2][4]. - The projected revenue for 2025 is 1.42 billion CNY, with an expected growth rate of 14.57% [4]. - The forecasted net profit for 2025 is 120 million CNY, representing a significant recovery of 82.95% compared to 2024 [4].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.9 CNY for 2025, based on a 40x PE valuation [3][6]. Core Insights - The company reported a strong performance in 2024, achieving a revenue of 2.397 billion CNY, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million CNY, up 52.81% year-on-year [1][2]. - The growth in revenue was driven by various business segments, with EGR, new energy, and stamping parts generating revenues of 729 million CNY, 1.034 billion CNY, and 421 million CNY, respectively, reflecting year-on-year growth rates of 30%, 29%, and 43% [2]. - The company has made significant advancements in the humanoid robot sector, focusing on key components such as dexterous hands and harmonic reducers, indicating potential for future growth [3]. Financial Summary - In 2024, the company achieved a gross margin of 17.95%, an increase of 0.16 percentage points year-on-year, and a net margin of 9.57%, up 1.43 percentage points year-on-year [2]. - The projected revenues for 2025-2027 are 3.402 billion CNY, 4.456 billion CNY, and 5.596 billion CNY, with corresponding net profits of 306 million CNY, 425 million CNY, and 562 million CNY, indicating a robust growth trajectory [4][12]. - The company’s net asset return is expected to improve from 12.31% in 2024 to 19.20% by 2027, showcasing enhanced profitability [4][12].

[Table_Title] 证券研究报告 / 公司点评报告 收入稳健增长，机器人加速布局 事件： [Table_Summary] 公司发布 2024 年年度报告及 2025 年一季报。2024 年实现营业收入 59.18 亿元，同比增长 28.22 %，归母净利润 0.21 亿元，同比下滑 91.32%，扣非归母净利润 0.19 亿元，同比下滑 92.59%。2025Q1 实现 营收 12.56 亿元，同比下滑 2.93 %，归母净利润 0.06 亿元，同比下滑 87.86 %，扣非归母净利润 0.06 亿元，同比下滑 86.64%。 收入稳步增长，盈利静待改善。收入端，公司 2024 年实现较好增长， 分业务来看，汽车零部件/电动车零部件/冰压机零部件实现营收 39.05/9.27/3.88 亿元，同比增长 39.91% / 3.02%/ 22.74%。盈利端，公司 盈利增速慢于收入端，2024 年毛利率实现 8.49%，同比减少 5.31pct， 净利率 0.35 %，同比减少 4.83pct。分业务来看，汽车零部件/电动车零 部件/冰压机零部件实现毛利率 3.76%/-7.35%/-3.18%，同比-5 ...

[Table_Title] 证券研究报告 / 公司点评报告 经营短期承压，机器人进展顺利 事件： [Table_Summary] 公司发布 2024 年年度报告。2024 年实现营业收入 19.77 亿元，同比增 长 3.65%，归母净利润 1.66 亿元，同比下滑 23.48%，扣非归母净利润 1.47 亿元，同比下滑 26.96%。其中，2024Q4 实现营收 4.98 亿元，同 比下滑 9.25 %，归母净利润 0.22 亿元，同比下滑 66.01 %，扣非归母净 利润 0.18 亿元，同比下滑 68.33%。 收入和盈利短期承压，静待改善。收入端，公司 2024 年稳定增长，分 业务来看，柴油机机油泵/汽油机机油泵/电机/变速箱泵/新能源车用零 部件实现营收 6.02/3.34/1.58/1.58/4.63 亿元，同比增长-0.23% / -4.90%/ +18.96%/-12.13%/+17.37%，实现销量 241.50/ 240.80/ 312.77/ 146.11/ 354.50 万台，同比+4.58%/-6.45%/+13.11%/+1.48%/+9.64%。盈利端， 公司盈利增速慢于收入端 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.13 yuan over the next six months [5]. Core Insights - The company reported a revenue of 1.896 billion yuan for 2024, representing a year-on-year growth of 20.16%. The net profit attributable to the parent company was 133 million yuan, up 15.36% year-on-year [1]. - The growth in revenue is driven by the rapid increase in sales of composite and cold oat products, with online sales channels growing over 17% and offline sales increasing by 14% [1][3]. - The company is expected to benefit from cost advantages as the price of Australian oats declines, enhancing profit margins [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 41.33%, a decrease of 3.22 percentage points year-on-year, primarily due to rising oat prices and lower margins in online and new retail channels [2]. - The net profit margin for 2024 was 7.02%, down 0.30 percentage points year-on-year. However, in Q1 2025, the net profit margin improved to 8.28%, reflecting a positive trend [2]. - The company forecasts earnings per share (EPS) of 0.88, 1.21, and 1.52 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 21x, 15x, and 12x [3]. Revenue and Profit Growth Projections - The company anticipates a revenue growth rate of 18.14% for 2025, with net profit expected to increase by 47.82% [4]. - The projected revenue for 2025 is 2.24 billion yuan, with net profit reaching 197 million yuan [4]. Market Position and Competitive Advantage - The company has established itself as a leader in the oat industry, with strong performance in both traditional and new retail channels [1][3]. - The successful launch of new products, such as oatmeal porridge in Sam's Club, indicates a robust sales strategy and market penetration [3].

Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 特朗普还有哪些牌？ ——从麦金利和里根时代看后续美国政策暨关税专题报告三 报告摘要： 风险提示：政策超预期变动，全球流动性及地缘政治风险 三代美国总统面临困境与采取措施 总统 贸易逆差与制造业 困境 贸易保护措施 威廉·麦金利 美国工业化初期，制 造业遭受欧洲成熟体 系冲击 《麦金利关税法》：平 均税率50%，对钢铁、 羊毛制品等加征60%- 70％关税，保护本土工 业 罗纳德·里根 1985年贸易赤字高达 1220亿美元，主要源 于日本汽车和电子产 品冲击；制造业外流 至亚洲和欧洲。 1.301条款与反傾销 税：对日本汽车、半导 体等加征45 %-100 ％关 税，限制进口； 2.201 条款：以"国家安 全"为由保护钢铁、纺织 业，限制进口激增； 3.政治工具化：以关税 换取日本"自愿出口限 制"，缓解国内压力。 唐纳德·特朗普 2020 年代年贸易逆 差达 1.2 万亿美元， 对华逆差占35％；制 造业占 GDP 比重跌 破 10 ％，供应链依 赖中国，低技能岗位 被自动化替代，本土 供应链断裂，技术工 ...

--- 上海银行 2024 年年报点评 事件： [Table_Summary] 上海银行发布 2024 年年报，全年实现营业收入 529.86 亿元，同比增长 4.79%，实现归母净利润 235.60 亿元，同比增长 4.50%。其中，第四季度 实现营业收入 134.44 亿元，同比增长 19.06%，实现归母净利润 59.73 亿 元，同比增长 14.86%。全年加权平均 ROE 为 10.01%，同比下降 0.35 个 百分点。 点评： [Table_Info1] 上海银行(601229) 城商行Ⅱ/银行 [Table_Title] 证券研究报告 / 公司点评报告 业绩稳健增长，资产质量提升 -20% 0% 20% 40% 60% 80% 2024/4 2024/7 2024/10 2025/1 上海银行 沪深300 利息收入占比下降，投资收益显著提升。2024 年公司营收同比增长 4.79% 至 529.86 亿元，其中利息净收入 324.86 亿元，同比下降 7.62%，占营收 比例同比下降 8.23 个百分点至 61.31%，但仍主导公司营收；手续费及佣 金净收入为 39.59 亿元，同比下降 19 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 173.1 CNY, compared to the closing price of 129.05 CNY on April 25, 2025 [5]. Core Insights - The company achieved a revenue of 89.175 billion CNY in 2024, representing a year-on-year growth of 7.09%, and a net profit of 31.853 billion CNY, up 5.44% year-on-year. For Q1 2025, revenue was 36.940 billion CNY, with a growth of 6.05%, and a net profit of 14.860 billion CNY, growing by 5.80% [2][3]. - The core product, the eighth-generation "Pu Wu," generated 67.875 billion CNY in revenue, accounting for 76.11% of total revenue, with an 8.07% year-on-year increase. Other liquor products contributed 15.251 billion CNY, representing 17.10% of total revenue, with an 11.79% increase [2]. - The company is focusing on continuous product innovation and brand enhancement, launching new products and optimizing channel structures, including expanding its direct sales and e-commerce presence [3]. Financial Summary - The company forecasts earnings per share (EPS) of 8.79 CNY, 9.52 CNY, and 10.51 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 15X, 14X, and 12X [3]. - Revenue is projected to grow from 89.175 billion CNY in 2024 to 95.317 billion CNY in 2025, with a growth rate of 6.89% [4]. - The net profit is expected to increase from 31.853 billion CNY in 2024 to 34.104 billion CNY in 2025, reflecting a growth rate of 7.07% [4].

[Table_Title] 证券研究报告 / 公司点评报告 蓝莓持续兑现，业绩保持高增 事件： 公司发布 2024 年年报及 2025 年一季报：2024 年实现营收 52.9 亿元，同 比+28.4%，归母净利润 5.8 亿元，同比+148.1%；2025 年一季度实现营 收 21.0 亿元，同比+15.0%，归母净利润 6.3 亿元，同比+38.0%。 [Table_Summary] 点评： 蓝莓步入扩产节奏，利润实现大幅增长。公司 2024 年蓝莓产季在上半 年成功收官，下一产季于当年 Q4 拉开序幕，带动公司蓝莓业务持续高 增，产销量快速爬坡。2024 年公司生鲜消费类产品实现销售量 4.9 万吨， 同比+99.2%，同时生鲜消费业务实现收入 21.4 亿元，同比+251.3%。随 着新产季的深入，2025 年公司蓝莓业务预计保持稳步增长，一季度生鲜 消费类业务销售收入增加 1.6 亿，增长 16.94%，带动公司 Q1 实现归母 净利润同比高增。此外，公司在营销端的改革成果斐然，通过大力开展 渠道与品牌建设，不断加强与山姆、京东、OLE 等大型 KA 客户的合作， 持续强化"爱莓庄"、"迷迭蓝"等品 ...

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-04-28 $$i k\neq\pm i k$$ 航发集团召开集体业绩说明会，航发赛道保持高景气度 报告摘要： [Table_Summary] 板块回顾：上周申万国防军工指数上涨 0.15%，上证指数上涨 0.56%，深 证成指上涨 1.38%，创业板指数上涨 1.74%，沪深 300 指数上涨 0.38%， 国防军工板块涨幅在 31 个申万一级行业中排名第 22。截至周五收盘， 申万国防军工板块 PE(TTM)为 72.51 倍，各子板块中航天装备为 104.77 倍，航空装备为 59.03 倍，地面兵装为 115.87 倍，航海装备为 83.42 倍， 军工电子为 82.55 倍。 航发集团召开集体业绩说明会。4 月 25 日，中国航发控股上市公司 2024 年度集体业绩交流活动在成都举行。航发动力 2024 年营收 478.8 亿元， 同比增速 9.48%；归母净利润 8.6 亿元，同比下滑 39.48%，主要原因系 公司在航空发动机关键技术领域的高研发投入导致成本上升；其次，原 材料价格波动和来自供应链端的压力对公司生 ...