行业研究 2025上海车展开幕，聚焦智能化主旋律 一汽车和汽车零部件板块跟踪报告 事件：4月23日，第二十一届上海国际汽车工业展览会在上海国家会展中心正 买入 (维持) 式开幕。本届车展以"拥抱创新共赢未来"为主题，参展车辆总数约1,300辆， 其中新能源车占比超70%。车展亮相平点车型包括：1）新势力：耐来（ET9/ 作者 乐道L90/萤火虫）、小腾（P7+旗银版、2025款X9/G6/G9）、理想（MEGAHome 分析师：倪翌婧，CFA 家庭特别版/MEGAUItra智能焕新版/L6智能焕新版）、零距（B10/B01）等； 热业江书5号： S09305150S0002 2）鸿微智行：尊界S800、问界M8；3）传统车企：比亚迪（海洋网Ocean-S 8-0 搬念车/主朝网Dynasty-D搬念车/腾势首款概念跑车腾势Z均为全球首发，海 niyj@ebscn.com 豹06EV/海的06DM-i旅行版/海师06DM-i/海狮06EV正式发布，方程豹钛3/ 汉L/唐L/海狮07DM-i/仰望U8L等均亮相）、吉利（星罐8/极氮9X/领克900) 联系人：邢葬 xingping@ebscn.com 等：4）合 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 18.925 billion yuan in 2024, a decrease of 16.9% year-on-year, and a net profit attributable to shareholders of 2.599 billion yuan, down 14.4% year-on-year [5][10] - Despite challenges in the real estate market, the direct sales channel experienced growth, with revenue from direct sales reaching 0.83 billion yuan, up 0.6% year-on-year [6][7] - The company is actively pursuing a home furnishing strategy, with a significant increase in the number of large clients and a rise in multi-category collaborative sales [7][10] Revenue Performance - The company’s revenue by product for 2024 was as follows: cabinets 5.45 billion yuan (down 22.5%), wardrobes 9.79 billion yuan (down 18.1%), bathrooms 1.09 billion yuan (down 3.6%), and wooden doors 1.13 billion yuan (down 17.7%) [6] - The revenue by channel showed direct sales at 0.83 billion yuan (up 0.6%), distribution at 14.04 billion yuan (down 20.1%), and bulk sales at 3.05 billion yuan (down 15.1%) [6] Profitability and Margins - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, with a net profit margin of 13.7%, up 0.4 percentage points [8][10] - The gross margin by product was as follows: cabinets 35.6%, wardrobes 39.4%, bathrooms 27.8%, and wooden doors 25.7% [8] Cost and Expenses - The company’s expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales expenses rising due to increased advertising costs [9][10] - The fourth quarter of 2024 saw an expense ratio of 24.5%, up 3.6 percentage points year-on-year [9] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 20.574 billion yuan and 22.953 billion yuan, respectively, reflecting a 6% downward adjustment [10] - The company is expected to benefit from government policies aimed at boosting consumer spending in the home furnishing sector, which may enhance market confidence [9][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a revenue of 11.372 billion yuan in 2024, a decrease of 6.97% year-on-year, and a net profit attributable to shareholders of 269 million yuan, down 62.14% year-on-year [1][5]. - The company is actively expanding its duty-free business and exploring new business formats to meet consumer demand, including successful bids for airport duty-free projects and the introduction of various experiential retail formats [3][4]. - The company has adjusted its profit forecasts downward for 2025 and 2026 by 21% and 15% respectively, while introducing a new profit forecast for 2027 [4]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 2.872 billion yuan, a decline of 2.92% year-on-year, and a net loss of 158 million yuan [1]. - The overall gross margin for 2024 was 40.16%, down 1.68 percentage points year-on-year, with a Q4 gross margin of 40.12%, down 3.86 percentage points year-on-year [2]. - The company's operating expenses ratio increased to 31.58% in 2024, up 1.90 percentage points year-on-year, with Q4 expenses ratio at 36.64%, an increase of 1.51 percentage points year-on-year [2]. Business Development and Strategy - The company has successfully established a comprehensive duty-free layout, covering offshore, port, and city duty-free operations, with new stores set to open in early 2025 [3]. - New business formats are being integrated, such as the Wangfujing Joy Shopping Center, which combines over 60 second-dimensional brands and IP resources, and experiential formats in various stores [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue of 1.17 billion and a net profit of 130 million, representing year-on-year decreases of 22.6% and 22.3% respectively. However, in Q1 2025, the company saw a revenue increase of 15.4% year-on-year, although net profit decreased by 20.2% [1][2]. - The business structure has been optimized, with an increase in digital cultural business revenue contributing to the growth in Q1 2025. The company has established a new subsidiary focused on digital culture, aiming to create a comprehensive micro-drama platform [2][4]. - The company's gross margin slightly improved in 2024, reaching 35.1%, while the net profit margin was 12.4%. However, financial expenses increased in Q1 2025, impacting profit growth [3]. - The company is focusing on digital transformation and AI technology integration to drive growth, particularly in the digital culture sector, which is expected to become a new growth point [4]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 1.17 billion, a decrease of 22.55% from the previous year, and a net profit of 130 million, down 22.33% [5]. - For Q1 2025, revenues were 260 million, reflecting a 15.4% increase year-on-year, while net profit was 2 million, a decrease of 20.2% [1][3]. Business Structure and Growth - The company has optimized its business structure, with architectural design and cost consulting generating revenues of 950 million and 150 million respectively in 2024, both showing declines [2]. - The new subsidiary, Huayang Culture, is actively developing digital cultural business, contributing to revenue growth in Q1 2025 [2][4]. Profitability and Margins - The gross margin for 2024 was 35.1%, an increase of 2.87 percentage points year-on-year, while the net profit margin was 12.4%, a slight decrease [3]. - In Q1 2025, the gross margin was 19.5%, with a net profit margin of 0.8% [3]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, predicting net profits of 135 million and 145 million respectively, with a new forecast for 2027 at 151 million [4]. - The report suggests that as the real estate market stabilizes, traditional business operations may recover, while growth in the digital culture sector is anticipated [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a 44% year-on-year increase in net profit attributable to shareholders in 2024, reaching 251 million yuan, with total revenue projected at 960 million yuan, a 34.94% increase [1] - The company continues to benefit from the rising demand in the semiconductor market, with a 19.1% increase in semiconductor sales expected in 2024 [3] - The company is enhancing its product offerings in high-end markets, leading to increased sales and certifications from overseas clients [4] Financial Performance Summary - Revenue and profit forecasts for 2024-2027 show significant growth, with revenue expected to reach 1.625 billion yuan by 2027, and net profit projected at 461 million yuan [5][11] - The company's earnings per share (EPS) is forecasted to grow from 1.35 yuan in 2024 to 2.48 yuan in 2027, reflecting a strong upward trend [5][11] - The return on equity (ROE) is expected to improve from 16.67% in 2024 to 19.42% in 2027, indicating enhanced profitability [13] Product Performance Summary - The company reported positive growth in production and sales across its main products in 2024, with specific increases of 8.9% and 8.6% for angular inorganic powders, and 40.0% and 42.3% for spherical inorganic powders [2] - The average selling prices for angular and spherical inorganic powders showed slight increases, while other products experienced a price decline of 12.11% [2] Market Trends and Opportunities - The advanced packaging market is projected to grow significantly, with a compound annual growth rate (CAGR) of 10.6% from 2022 to 2028, which is expected to benefit the company's product lines [3] - The high-end CCL market is anticipated to grow at a CAGR of 26% from 2024 to 2026, presenting further opportunities for the company [3]

行业研究 EVERBRIGHT SECURITIES 上海车展趋势观察：大电量增程、商用车电动化、宁德时代引领新技术 碳中和领域动态追踪（一百五十五） 宁德时代引领新技术突破，晓遥双核+自生成锂/钠负极再次拉开产品代差。 买入 (维持) 宁德时代推出三款颠覆性生动力电池产品：钠新电池、骆遥双核电池、第二代神行 超充电池。（1）自生成负极新技术的应用超预期，展现宁德时代领先的研发能 作者 力和商业化实力，我们认为得益于金属负极保护层材料和制备工艺的 执业证书驰号：50930515040004 分析师：股中枢 know-how：使得负极侧频覆性升级快于预期，相关电解液添加剂和补锂剂环节 有望受益。（2）晚通双核+自生成锂/钠负极，多元电池的组合适配各种场景， 01C-58452063 yinzs@ebscn.com 我们认为是在全固态电池商业化量产之前的窗口期内，又一个拉开代差的产品。 (3）钠新电池树立宁德时代钠电池的新品牌，能量密层提升，突破低温、启停 执业证书地号：S0930522070001 分析师：肤无忌 场景，有望带来新的增长曲线。（4）二代神行超充电池实现峰值充电功率12C 同时续航800km，随若 ...

2025年4月26日 公司研究 行业低迷业绩承压,渠道结构持续优化 ―蒙娜丽莎（002918.SZ）2024 年年报及 2025 年一季报点评 要点 本报告来源于"慧博投研",请勿外传! 事件:公司发布 24 年年报及 25 年一季报.24 年公司实现营业收入/归母净利润/ 扣非归母净利润 46.3/1.2/1.0 亿元，同比-21.8%/-53.1%/-57.5%。25Q1 公司实 现营业收入/归母净利润/扣非归母净利润 6.9/-0.6/-0.7 亿元，同比-16.1%/转亏/ 转亏。 点评: 陶瓷行业低迷,公司经营承压:受房地产行业调整影响,市场竞争加剧,陶瓷行 业持续承压,24年全国陶瓷砖产量为 59.1 亿平方米,同比下降 12.2%。在较 为低迷的行业背景下,公司经营持续承压,24年营收及利润均同比下滑,2501 营收仍有所下滑并出现亏损。毛利率的下降、管理费用率的提升及资产减值损失 (应收坏账准备、存货跌价准备以及工抵房减值准备) 的增加,导致公司 24年 利润同比降幅明显高于收入，也导致 25Q1 出现亏损。 经销渠道占比提升,库存结构持续优化:公司稳健经营,加强经销,主动减少部 分经营风险较 ...

2025年4月26日 本报告来源于"慧博投研",请勿外传! 公司研究 事件:咸亨国际发布 2024 年年报,24 年实现营收/归母净利/扣非归母净利 36.1/2.2/2.3 亿元,同比+23.2%/+130.7%/+34.7%，经营性净现金流 2.9 亿元， 同比+0.6%。单 Q4 实现营收/归母净利/扣非归母净利 16.2/1.3/1.3 亿元，同比 +28.9%/+253.4%/+37.8%,经营性净现金流 4.5 亿元,同比+21.0%。业绩基本 符合预期。公司拟每股派发 0.36 元(含税)，对应公告日（4月22日）股息率 2.6%。 电力行业增速稳健,新行业拓展加快。分行业看,24年电力行业/其他行业实现 收入 18.6/17.4 亿元,同比+5.6%/+49.8%,电力行业表观增速下降或系年报呈 现口径调整所致,我们估计原口径下电力行业增速稳健;其他行业拓展加快,24 年油气、核工业、交通、政府应急以及发电等五大新战略行业实现收入 10.9 亿 元，同比+80.0%，其中发电领域收入从 23 年几乎为零增至 24 年得 2.3 亿元。 分销售模式看, 24 年经销产品/自主产品/服务实现收入 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - CATL leads in technological breakthroughs with the introduction of three disruptive battery products: sodium batteries, Xiaoyao dual-core batteries, and the second-generation Shenxing ultra-fast charging batteries. The application of self-generating negative electrode technology exceeds expectations, showcasing CATL's advanced R&D capabilities and commercial strength [1]. - Range-extended vehicles are expected to become the mainstay of electrification in the second half of the market. These vehicles combine the driving performance of pure electric vehicles with the range extender to alleviate long-distance range anxiety, making them suitable for global market expansion [2]. - The trend of large-capacity range-extended vehicles is emerging, with new models achieving over 400 km of pure electric range. The development trajectory of battery capacity may involve an initial increase followed by a decrease [3]. - The electrification of commercial vehicles, particularly heavy trucks, is accelerating. In 2024, the penetration rate of new energy commercial vehicles is projected to be 17.9%, with battery companies focusing on this sector to explore the full lifecycle value of batteries [4]. Summary by Sections Section 1: Technological Advancements - CATL's new products include sodium batteries and the Xiaoyao dual-core battery, which adapt to various scenarios and are positioned as a significant advancement before the commercialization of solid-state batteries [1]. - The second-generation Shenxing ultra-fast charging battery achieves a peak charging power of 12C with a range of 800 km, indicating a narrowing gap in fast-charging capabilities among battery brands [1]. Section 2: Market Trends - The sales volume of range-extended vehicles is expected to reach 1.167 million units in 2024, representing a year-on-year growth of 78.7%, outpacing the growth rates of pure electric and plug-in hybrid vehicles [2]. - The market share of range-extended vehicles in China is projected to increase from 3.6% to 9.1% between 2022 and 2024, indicating a growing acceptance of this technology [2]. Section 3: Commercial Vehicle Electrification - The report highlights the significant carbon emissions from commercial vehicles, which account for 56% of transportation emissions, and the need for effective electrification solutions [3]. - Companies like Huawei, BYD, and CATL are developing battery and charging solutions tailored for commercial vehicles, focusing on the entire lifecycle cost [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue of 11.372 billion and a net profit of 269 million, representing a year-on-year decrease of 6.97% and 62.14% respectively [1][4] - The company is actively expanding its duty-free business and exploring new business formats to meet consumer demand, including successful bids for duty-free operations at airports and the introduction of various experiential retail formats [3][4] Financial Performance Summary - In Q4 2024, the company reported revenue of 2.872 billion, a decrease of 2.92% year-on-year, and a net loss of 158 million [1] - The overall gross margin for 2024 was 40.16%, down 1.68 percentage points year-on-year, with Q4 2024 gross margin at 40.12%, down 3.86 percentage points year-on-year [2] - The company’s operating expenses increased, with a total expense ratio of 31.58% for 2024, up 1.90 percentage points year-on-year [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 21% and 15% to 490 million and 559 million respectively, with a new forecast for 2027 at 610 million [4][5] - The report provides a detailed financial summary, indicating a projected revenue growth rate of 3.71% for 2025 and a decline in net profit growth rate of 82.34% for the same year [5][10] Business Strategy and Development - The company is enhancing its duty-free layout and strengthening new consumption formats, which are expected to benefit from overall consumption recovery policies [4] - New business initiatives include the integration of over 60 second-dimensional brands and IP resources in shopping centers, and the introduction of experiential formats such as e-sports and cultural performances [3]