Investment Rating - The investment rating for the company is "Buy-A" with a target price of 30.66 CNY, maintaining the rating [4]. Core Views - The company achieved a revenue of 2.161 billion CNY in 2024, a year-on-year increase of 12.74%, and a net profit of 184 million CNY, up 38.16% year-on-year. The first quarter of 2025 saw a revenue of 549 million CNY, growing 21.68% year-on-year, with a net profit of 42 million CNY, an increase of 34.19% year-on-year [1][2]. - The industrial control and communication sectors are rapidly growing, with industrial control product revenue reaching 1.025 billion CNY (up 32.07% year-on-year) and communication products growing to 369 million CNY (up 39.65% year-on-year) [2]. - The company is actively pursuing a global strategy, with domestic sales of 1.222 billion CNY (up 14.60% year-on-year) and overseas sales of 938 million CNY (up 10.33% year-on-year) in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.161 billion CNY and a net profit of 184 million CNY, with a significant increase in net profit margin to 8.5% [10]. - The projected revenues for 2025-2027 are 2.507 billion CNY, 2.829 billion CNY, and 3.204 billion CNY, respectively, with net profits expected to be 234 million CNY, 275 million CNY, and 332 million CNY [9][10]. Business Segments - The industrial control segment contributed 1.025 billion CNY to revenue, while the communication segment reached 369 million CNY, indicating strong growth in these areas [2]. - Medical electronics, automotive electronics, and consumer electronics generated revenues of 320 million CNY, 277 million CNY, and 93 million CNY, respectively, with varying growth rates [2]. Global Strategy - The company is enhancing its global presence with factories in Mexico, Romania, and Vietnam, which are expected to boost overseas sales and improve supply chain efficiency [3][8]. - The domestic market remains strong, with a focus on maintaining relationships with key clients, while the international market is anticipated to grow due to improved operational capabilities [3].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 81.12 CNY over the next six months [2][6]. Core Views - The company has shown continuous growth in new orders, with a 24% year-on-year increase in new orders for 2024. The revenue for 2024 reached 605 million CNY, a 33.88% increase year-on-year, while the net profit was 130 million CNY, up 27.37% year-on-year [2][6]. - The company is actively expanding into new fields such as renewable energy, automotive, medical, and semiconductors, while maintaining a strong presence in aerospace and military sectors [2][4]. - The gross margin for 2024 was 42.87%, a decrease of 3.16 percentage points year-on-year, attributed to changes in accounting standards and an increase in low-margin production lines [2][5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 131 million CNY, a 29.40% increase year-on-year, and a net profit of 21 million CNY, up 40.09% year-on-year [1][2]. - The company expects revenues of 793 million CNY, 1.016 billion CNY, and 1.25 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31.07%, 28.12%, and 23.03% [6][8]. - The net profit projections for the same years are 172 million CNY, 223 million CNY, and 276 million CNY, with growth rates of 32.31%, 29.65%, and 23.77% respectively [6][8]. Order and Market Dynamics - The company has a strong order structure, with approximately 60% of new orders coming from five-axis vertical machining centers and 53% of domestic orders from the aerospace sector [4][6]. - The company has established partnerships with major players in the aerospace industry, including nearly 50 user units under four major groups [4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3] Core Views - The company reported strong performance in Q1 2025, with total revenue of 1.898 billion yuan, up 30.72% year-on-year, and a net profit of 429 million yuan, up 41.83% year-on-year [1] - Despite market demand pressures, the company significantly outperformed the industry, driven by the consolidation of CMEC's Q1 performance, pre-stockpiling in the North American market, and ongoing expansion in emerging markets [1][2] - The company's gross margin and net margin improved to 40.56% and 22.58%, respectively, reflecting better cost control and a shift towards higher value-added products [2] Financial Projections - Revenue projections for 2025-2027 are 9.07 billion, 10.25 billion, and 11.59 billion yuan, with growth rates of 16.3%, 13%, and 13.1% respectively [3] - Net profit projections for the same period are 1.86 billion, 2.23 billion, and 2.67 billion yuan, with growth rates of 14.4%, 19.9%, and 19.5% respectively [3] - The report sets a 6-month target price of 51.52 yuan, corresponding to a dynamic P/E ratio of 14X for 2025 [3] Market Context - The report highlights that the overall market for aerial work platforms saw a total sales volume of 38,000 units in Q1 2025, down 20.16% year-on-year, indicating a challenging industry environment [1] - The domestic sales volume decreased by 34.9%, while exports saw a smaller decline of 5.98%, underscoring the pressures on domestic demand [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 9.22 CNY, compared to the current stock price of 7.64 CNY [3]. Core Views - The company reported a total revenue of 12.117 billion CNY in Q1 2025, a year-on-year increase of 2.92%, and a net profit attributable to shareholders of 1.41 billion CNY, reflecting a significant year-on-year growth of 53.98% [1]. - The company's performance is benefiting from a recovery in the construction machinery sector, with excavator sales increasing by 22.83% year-on-year in Q1 2025, and domestic sales rising by 38.25% [1]. - The company is focusing on optimizing its industrial structure, enhancing its traditional and emerging industries, and expanding its international business, with export revenue expected to grow by over 35% in 2024 [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 28.67% and a net margin of 12.51%, marking increases of 0.21 percentage points and 3.84 percentage points year-on-year, respectively [2]. - The company expects to see continued improvement in its operating performance throughout 2025, with projected revenues of 53.03 billion CNY, 62.52 billion CNY, and 73.79 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 16.6%, 17.9%, and 18% [6][7]. Business Strategy - The company is advancing its "industrial tier" development strategy, focusing on both domestic and international markets, with significant contributions from new business segments such as earthmoving and agricultural machinery [2][6]. - The company plans to enhance its product offerings in the earthmoving sector, achieving full coverage of excavator tonnage from 1.5 to 400 tons, and expects export revenue from this segment to grow by over 27% in 2024 [2]. Market Outlook - The domestic market is anticipated to transition from structural recovery to a broader recovery, benefiting the company's domestic sales, while exports are expected to continue their positive growth trajectory [6].

2025 年 05 月 06 日 徐工机械(000425.SZ) 全球竞争力稳固，高质量发展成效显著 事件：徐工机械发布 2024 年年报及 2025 年一季报，全年公司 实现营业总收入 916.6 亿元，同比-1.28%，归母净利润 59.76 亿 元，同比+12.2%；一季度公司实现营业总收入 268.15 亿元，同比 +10.92%，归母净利润 20.22 亿元，同比+26.37%；业绩表现良好。 β景气回升，公司全球竞争力稳固。2024 年，中国挖机、起重 机实现销量 20.11、4.57 万台，同比+3.13%、-11.34%，前者回暖、 后者下滑的主因均系国内市场，土方先行复苏的结构性特征显著； 2025 年一季度，挖机、起重机实现销量 6.14、1.29 万台，同比 +22.83%、-2.36%，边际上二者均呈向好趋势。公司层面，受益于 内需β景气升级以及海外市场开拓，收入表现同样边际向上。 1）优势主业：全年，公司土方、起重、混凝土机械收入 240.11、 188.98、94.08 亿元，同比+6.43%、-10.8%、-9.76%，其中挖掘机 位列全球第六、起重机械继续保持全球第一、混凝土机 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 86.24 CNY for the next six months [5]. Core Insights - The company achieved a revenue of 9.39 billion CNY in 2024, representing a year-on-year increase of 4.51%, and a net profit of 2.509 billion CNY, up 0.4% year-on-year [1]. - In Q1 2025, the company reported a revenue of 2.422 billion CNY, a 2.56% increase year-on-year, and a net profit of 618 million CNY, up 2.61% year-on-year [1]. - The company is focusing on overseas capacity construction and electrification, with significant capital expenditures planned for 2023 and 2024, amounting to 1.37 billion CNY and 1.07 billion CNY respectively [1]. - The company is experiencing robust growth due to increased market share in excavator pumps and valves, expansion in non-construction machinery sectors, and international business growth [1]. Financial Performance - The company's gross and net profit margins for 2024 were 42.8% and 26.8%, respectively, with slight changes year-on-year [2]. - In Q1 2025, the gross margin was 39.4% and the net margin was 25.6% [2]. - R&D expenses for 2024 and Q1 2025 were 728 million CNY and 149 million CNY, reflecting increases of 4.8% and 40% year-on-year, respectively [2]. Business Development - The linear actuator project is progressing, with trial production expected to start in Q2 2024, and the Mexican factory project has reached 75% completion and is now in trial production [3]. - The company aims to enhance its electric strategy and expand its presence in the North American market through these initiatives [3]. Revenue Projections - Revenue forecasts for 2025-2027 are 10.48 billion CNY, 12.16 billion CNY, and 14.17 billion CNY, with year-on-year growth rates of 11.6%, 16%, and 16.5% respectively [8]. - Net profit projections for the same period are 2.63 billion CNY, 3 billion CNY, and 3.61 billion CNY, with growth rates of 5%, 14.1%, and 20.3% respectively [8].

2025 年 05 月 06 日 中际联合(605305.SH) 利润如期释放，继续看好全年业绩弹性 事件：中际联合发布 2025 年一季报，公司实现营业总收入 3.17 亿元，同比+31.71%；归母净利润 0.99 亿元，同比+68.78%，净利 润规模创单季新高，业绩实现高速增长。 订单持续兑现，收入增长确定性较强。2024 年，公司新签订单 同比增长约 35%，营业收入同比+17.58%；2025 年一季度，公司新 签订单同比增长约 50%，营业收入同比+31.71%，其中出口收入占 比 55%，国际化进展进一步突破。得益于国内外风电β景气共振， 以及公司针对海外市场、应用场景的持续开拓，公司高空升降设 备产品需求保持旺盛，订单的持续旺盛为收入向上增长提供较强 确定性。 降本控费成效显著，盈利能力接近历史高位。2025 年一季度， 公司毛利率、净利率 48.64%、31.1%，同比+3.93pct、+6.83pct， 共同驱动公司盈利能力显著提升。毛利率端，得益于大载荷、齿 轮齿条升降机等高附加值产品占比提升以及海外市场持续开拓， 公司收入结构持续优化，驱动毛利率提升显著；净利率端，公司 采购、交付、 ...

降本控费成效兑现，利润弹性强劲释放。2025 年 Q1，公司毛利 率、净利率 26.84%、11.89%，同比+0.004pct、+2.7pct，净利率 为 2021 年 Q4 以来单季高点，公司盈利能力提升显著的主要贡献 因素是费用控制。公司期间费用合计 12.64%，同比-5.68pct，销 售、管理、研发、财务费用率同比-0.06pct、-0.74pct、-2.26pct、 -2.62pct，四者均成下降趋势，其中财务控费、汇兑收益相对突 出；净利率增幅不及控费降幅主要系公允价值变动与资产减值损 失有所对冲。公司收入向好带来规模化效益背景下，我们持续看 好公司全年业绩的弹性释放。 投资建议：我们预计公司 2025-2027 年的收入分别为 902.8、 1060、1253.5 亿元，增速分别为 15.2%、17.4%、18.3%；净利润 分别为 85.1、111.1、138.2 亿元，增速分别为 42.3%、30.7%、 24.4%；对应 PE 分别为 18.8X、14.4X、11.6X。周期上行龙头受 益；同时公司凭借领先的国际化布局，全球竞争力有望持续提升； 业绩弹性显著，长期价值突出。给予"买入- ...

2025 年 05 月 06 日 索辰科技(688507.SH) 收入稳健增长，物理 AI+外延并购打开 全新成长空间 工程仿真软件业务是支撑公司报告期业绩增长的主要动力 分业务来看，2024 年公司通用工程仿真软件产品实现营收 2.28亿元， 同比增长 21.72%，毛利率为 96.39%，同比提升 1.28 个百分点，是公 司 2024 年业绩增长的主要支撑。定制化仿真产品开发业务实现营收 1.37 亿元，同比增长 4.56%，毛利率为 33.21%，同比下降 0.01 个百 分点。技术服务业务实现营收 0.11 亿元，同比增长 3,150.08%，毛 利率为 56.92%，同比提升 12.02 个百分点；技术服务业务增速较快， 主要因 2023 年 11 月收购阳普智能、2024 年 9 月收购富迪广通，技 术服务收入增加所致。 期间费用率控制良好，收并购中介费增加导致管理费增幅较大 公司期间费用率整体控制良好，2024 年销售费用率为 6.44%，同比增 加 0.11 个百分点；2025Q1 为 15.73%，同比下降 3.86 个百分点。2024 年管理费用率为 17.95%，同比增加 6.10 个 ...

2025 年 05 月 06 日 鼎捷数智(300378.SZ) 以雅典娜平台和 AI Agent 产品拥抱数智化时代 事件概述 近日，鼎捷数智发布《2024 年年度报告》和《2025 年一季度报告》。 2024 年，公司实现营业总收入 23.31 亿元，同比增长 4.62%；归母净 利润 1.56 亿元，同比增长 3.59%；扣非归母净利润 1.38 亿元，同比 增长 13.18%。2025 年 Q1 公司实现营收 4.23 亿元，同比增长 4.33%， 归母净利润-833.31 万元，同比增长 14.04%；扣非归母净利润-951.55 万元，同比增长 31.92%。 | 基础软件及管理办公软件 | | | --- | --- | | 投资评级 | 买入-A 维持评级 | | 6 个月目标价 | 44.50 元 | | 股价 (2025-04-30) | 37.85 元 | | 交易数据 | | | 总市值(百万元) | 10,272.22 | | 流通市值(百万元) | 10,196.05 | | 总股本(百万股) | 271.39 | | 流通股本(百万股) | 269.38 | | 12 个月价格区 ...