Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.04 CNY [3][6][11]. Core Insights - The company reported a revenue of 754 million CNY for 2024, representing a year-on-year growth of 13.28%, while the net profit attributable to the parent company was 70 million CNY, a decrease of 2.59% [2][5]. - In Q4 2024, the company achieved a revenue of 247 million CNY, marking a 28.17% increase year-on-year, and a net profit of 31 million CNY, which is a 61.20% increase year-on-year [2][10]. - The company is expected to see net profits of 84 million CNY, 95 million CNY, and 106 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.26 CNY, 0.29 CNY, and 0.32 CNY [3][11]. Financial Performance Summary - Revenue for 2023 was 665 million CNY, with a year-on-year decline of 17.3%, while the forecast for 2024 is 754 million CNY, reflecting a growth of 13.3% [5][14]. - The company's gross margin for 2024 is projected to be 46.9%, down from 50.7% in 2023, while the net margin is expected to be 9.2% [5][14]. - The return on equity (ROE) is forecasted to be 9.6% in 2024, with an upward trend expected in subsequent years [5][14]. Business Segment Performance - The company's self-owned brand revenue in 2024 reached 523 million CNY domestically and 64 million CNY overseas, with year-on-year growth of 5% and 95% respectively [10]. - The OEM business generated 167 million CNY in revenue, reflecting a year-on-year increase of 22% [10]. - The company has seen a sequential recovery in revenue growth, with Q1 to Q4 growth rates of -7%, +8%, +22%, and +28% respectively [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.04 CNY [3][6][11] Core Insights - The company reported a revenue of 754 million CNY for 2024, representing a year-on-year growth of 13.28%, while the net profit attributable to the parent company was 70 million CNY, a decrease of 2.59% [2][5] - In Q4 2024, the company achieved a revenue of 247 million CNY, marking a 28.17% increase year-on-year, and a net profit of 31 million CNY, which is a 61.20% increase year-on-year [2][10] - The company is expected to see net profits of 84 million CNY, 95 million CNY, and 106 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.26 CNY, 0.29 CNY, and 0.32 CNY [3][11] Financial Summary - Revenue for 2023 was 665 million CNY, with a year-on-year decline of 17.3%, while the projected revenue for 2024 is 754 million CNY, reflecting a growth of 13.3% [5][14] - The gross profit margin for 2024 is projected to be 46.9%, down from 50.7% in 2023, while the net profit margin is expected to be 9.2% [5][14] - The company’s total assets are projected to grow from 969 million CNY in 2023 to 1,108 million CNY by 2027 [14]

宏观经济 | 动态跟踪 高技术行业推升 PMI——3 月 PMI 点评 研究结论 风险提示 ⚫ 全球产业链竞争加剧，外需变化快于预期。 报告发布日期 2025 年 04 月 02 日 | 孙国翔 | sunguoxiang@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523080009 | | 孙金霞 | 021-63325888*7590 | | | sunjinxia@orientsec.com.cn | | | 执业证书编号：S0860515070001 | | 曹靖楠 | 021-63325888*3046 | | | caojingnan@orientsec.com.cn | | | 执业证书编号：S0860520010001 | | 陈至奕 | 021-63325888*6044 | | | chenzhiyi@orientsec.com.cn | | | 执业证书编号：S0860519090001 | | | 香港证监会牌照：BUK982 | | | | | 东方战略周观察：如何理解新兴市场股市 | 2025-03-31 | | --- | ...

1 季度终端销量好于批发量，对外合作及改 革持续推进中 核心观点 ⚫ 盈利预测与投资建议 ⚫ 预测 2024-2026 年 EPS 分别为 0.15、1.07、1.16 元，维持可比公司 25 年 PE 平均 估值 20 倍，目标价 21.40 元，维持买入评级。 风险提示 公司改革力度低于预期、上汽自主及合资品牌销量低于预期、汽车出口政策变化影响、 汽车行业价格战风险。 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 720,988 | 726,199 | 611,672 | 674,246 | 721,878 | | 同比增长 (%) | -5.1% | 0.7% | -15.8% | 10.2% | 7.1% | | 营业利润(百万元) | 26,022 | 25,937 | 2,577 | 20,402 | 22,102 | | 同比增长 (%) | -37.2% | -0.3% | -90.1% | 691.7% | 8.3% | | 归属 ...

防务需求阶段性放缓导致营收下滑，为保 交付带来存货高增 核心观点 事件：公司发布 2024 年年报，2024 年全年实现营收 50.25 亿元（-19.08%），实现归母 净利润 3.47 亿元（-53.75%）。单季度看，2024Q4 实现营收 10.30 亿元 （+2.31%）， 实现归母净利润-0.65 亿元（-141.72%）。 盈利预测与投资建议 ⚫ 根据 24 年年报调整营收增速和毛利率，上调 25、26 年 EPS 为 1.93、2.35 元（前 值为 1.86、2.32 元），新增 27 年 EPS 为 2.77 元，参考可比公司 25 年 37 倍 PE， 给予目标价 71.41 元，维持买入评级。 风险提示：军品订单下放和收入确认进度不及预期；降价幅度具有不确定性等。 公司主要财务信息 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -0.99 | 9.84 | 16.82 | 47.28 | | 相对表现% | 0.14 | 9.9 | 18.02 | 39.16 | | 沪深 300% | - ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company has shown significant improvement in its fourth-quarter performance, with a net profit of 1.29 billion yuan, reflecting a quarter-on-quarter growth of 16.09% [11]. - The company is focusing on upgrading its product structure, which has led to a 6% increase in bearing steel sales and a 38% increase in sales for automotive steel projects [11]. - The company plans to distribute a cash dividend of 5.07 yuan per 10 shares, totaling 2.56 billion yuan, which represents 49.95% of its net profit for 2024 [11]. Financial Information Summary - The company's revenue for 2024 is projected to be 109.20 billion yuan, a decrease of 4.2% year-on-year [11]. - The net profit attributable to the parent company for 2024 is expected to be 5.13 billion yuan, down 10.4% year-on-year [11]. - The earnings per share for 2025-2027 are forecasted to be 1.12, 1.20, and 1.28 yuan respectively [12]. - The gross margin for 2024 is expected to be 12.8%, with a projected increase to 15.0% by 2027 [5][11]. - The company's price-to-earnings ratio is projected to be 11.3 for 2025, decreasing to 9.9 by 2027 [5][12].

核心观点 ⚫ 盈利预测与投资建议 1 季度终端销量好于批发量，对外合作及改 革持续推进中 ⚫ 预测 2024-2026 年 EPS 分别为 0.15、1.07、1.16 元，维持可比公司 25 年 PE 平均 估值 20 倍，目标价 21.40 元，维持买入评级。 风险提示 公司改革力度低于预期、上汽自主及合资品牌销量低于预期、汽车出口政策变化影响、 汽车行业价格战风险。 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 720,988 | 726,199 | 611,672 | 674,246 | 721,878 | | 同比增长 (%) | -5.1% | 0.7% | -15.8% | 10.2% | 7.1% | | 营业利润(百万元) | 26,022 | 25,937 | 2,577 | 20,402 | 22,102 | | 同比增长 (%) | -37.2% | -0.3% | -90.1% | 691.7% | 8.3% | | 归属 ...

防务需求阶段性放缓导致营收下滑，为保 交付带来存货高增 核心观点 事件：公司发布 2024 年年报，2024 年全年实现营收 50.25 亿元（-19.08%），实现归母 净利润 3.47 亿元（-53.75%）。单季度看，2024Q4 实现营收 10.30 亿元 （+2.31%）， 实现归母净利润-0.65 亿元（-141.72%）。 盈利预测与投资建议 ⚫ 根据 24 年年报调整营收增速和毛利率，上调 25、26 年 EPS 为 1.93、2.35 元（前 值为 1.86、2.32 元），新增 27 年 EPS 为 2.77 元，参考可比公司 25 年 37 倍 PE， 给予目标价 71.41 元，维持买入评级。 风险提示：军品订单下放和收入确认进度不及预期；降价幅度具有不确定性等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,210 | 5,025 | 7,264 | 8,423 | 9,674 | | 同比增长 (%) | 3.2% ...

电子行业 行业研究 | 深度报告 AI 算力浪涌，PCB 加速升级 核心观点 投资建议与投资标的 ⚫ AI 服务器硬件迭代催生 PCB 行业结构性增长机遇，国产厂商高端替代有望加速。 建议关注有望受益于 AI 服务器浪潮的 PCB 厂商——沪电股份、胜宏科技、景旺电 子、深南电路、生益电子、方正科技、广合科技、威尔高、中富电路、奥士康等； 受益于 AI 端侧落地的 PCB 公司——鹏鼎控股、东山精密、世运电路、一博科技、 弘信电子、四会富仕、迅捷兴等；IC 载板相关厂商——深南电路、兴森科技、博敏 电子、联瑞新材、方邦股份、沃格光电等；以及上游 CCL 厂商——生益科技、南亚 新材、华正新材等。 风险提示 ⚫ AI 服务器渗透率不及预期；技术迭代风险；行业竞争加剧风险。 国家/地区 中国 行业 电子行业 报告发布日期 2025 年 04 月 01 日 看好（维持） | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company has shown significant improvement in its fourth-quarter performance, with a notable increase in net profit and gross margin compared to previous quarters [11]. - The company is focusing on upgrading its product structure, which has led to increased sales in key sectors such as bearing steel and automotive steel [11]. - The company has a strong commitment to high dividends, proposing a cash dividend of 5.07 yuan per 10 shares, which represents approximately 49.95% of its net profit for the year [11]. Financial Performance Summary - The company's revenue for 2024 is projected at 109.203 billion yuan, a decrease of 4.2% year-on-year [11]. - The net profit attributable to the parent company for 2024 is expected to be 5.126 billion yuan, down 10.4% from the previous year [11]. - The earnings per share (EPS) for 2025-2027 are forecasted to be 1.12, 1.20, and 1.28 yuan respectively [3][12]. - The gross margin is expected to improve from 12.8% in 2024 to 15.0% by 2027 [5][11]. Valuation and Price Target - Based on a price-to-earnings (PE) ratio of 14x for comparable companies, the target price is set at 15.68 yuan [3][12]. - The current stock price as of April 1, 2025, is 12.65 yuan, indicating potential upside [6].