产业观察 [table_Header]2025.04.02 【AI 产业跟踪】DeepSeek V3 模型编程能力 提升，Figure 机器人像人一样行走 产业研究中心 [Table_Authors] 摘要：产业最新趋势跟踪，点评产业最新风向 [Table_Summary] AI 行业动态 vivo 宣布成立"vivo 机器人 Lab"，正式进军机器人行业 大模型、高性能计算、量子相关 54 家中国实体列入实体清单 Browser Use 融资 1700 万美元 AI 自动化工具 n8n 获 6000 万美元融资，估值 2.7 亿美元 英伟达计划收购贾扬清创办的 Lepton AI AI 应用资讯 国内资讯 可灵 AI 更新：多图参考优化、生成速度提升与视频延长功能上线 百度对话式应用开发平台"秒哒"上线，无代码应用开发 自动驾驶实现垂直领域的 AGI 新路径 RoadAGI 海外资讯 OpenAI 上新语音转文本、文本转语音 2 套新模型 OpenAI 上线 GPT-4o 直接一句话生图功能 Anthropic 上线实时网络搜索 Claude 全新思考工具"think tool"解锁 Ideogram 3. ...

Investment Rating - The investment rating for 康耐特光学 is "Buy" [2] Core Views - The report highlights a sustained high growth in performance, with a 31% increase in net profit and a record high in profitability. The company is expected to accelerate the development of its core business and smart eyewear lens segment [3][7]. Financial Summary - Revenue for 2024 is projected at 2.061 billion RMB, representing a 17.1% increase from the previous year. The net profit is expected to reach 428 million RMB, reflecting a 31% growth. The proposed dividend is 129 million RMB, with a payout ratio of 30% [7]. - The financial outlook for 2025 and 2026 anticipates net profits of 521 million RMB and 616 million RMB, with growth rates of 22% and 18% respectively. The forecast for 2027 is a net profit of 720 million RMB, with a growth rate of 17% [7]. - The company achieved a gross profit margin of 38.6% in 2024, an increase of 1.2 percentage points, and a net profit margin of 20.8%, up by 2.2 percentage points [7]. Business Performance - In the first half of 2024, revenue was 976 million RMB, a 17.5% increase, while the second half saw revenue of 1.144 billion RMB, an 8.8% increase. The first half net profit was 209 million RMB, a 31.6% increase, and the second half net profit was 220 million RMB, also a 31% increase [7]. - The company’s production volume reached 209 million units in 2024, a 15.1% increase, with total sales of 178 million units, a 12.1% increase. The average selling price (ASP) was approximately 11.58 RMB, an increase of 0.5 RMB [7]. Regional Performance - Revenue growth was notable in the Asian region, with a 37.9% increase in revenue from areas outside mainland China, contributing to 25.4% of total revenue. Revenue from mainland China was 655 million RMB, a 13.9% increase, while revenue from the Americas was 474 million RMB, a 16.9% increase [7]. Strategic Initiatives - The company plans to enhance its research and development capabilities and expand its smart eyewear lens business. This includes increasing production capacity in Shanghai and Jiangsu, establishing a national R&D center, and collaborating with leading global technology and consumer electronics companies [7].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 97.16, unchanged from the previous rating [2][12]. Core Views - The report highlights a steady growth in new orders and a recovery in regular business, with a positive outlook for long-term growth potential [3][12]. - The company reported a revenue of 5.805 billion yuan for 2024, a decrease of 25.8%, and a net profit attributable to shareholders of 949 million yuan, down 58.2% [12]. - The fourth quarter of 2024 saw a revenue increase of 15.4% quarter-on-quarter, with a net profit of 240 million yuan, reflecting a significant year-on-year increase of 306.5% [12]. Financial Summary - Revenue and profit forecasts for the upcoming years are as follows: - 2025E Revenue: 6.631 billion yuan (+14.2%) - 2026E Revenue: 7.794 billion yuan (+17.5%) - 2027E Revenue: 9.316 billion yuan (+19.5%) - 2025E Net Profit: 1.092 billion yuan (+15.1%) - 2026E Net Profit: 1.277 billion yuan (+16.9%) - 2027E Net Profit: 1.524 billion yuan (+19.3%) [5][12]. - The company’s earnings per share (EPS) for 2025E is projected at 3.03 yuan, with subsequent years showing growth to 4.23 yuan by 2027E [12]. Market Data - The company has a total market capitalization of 29.226 billion yuan, with a current share price of 81.05 yuan [6][12]. - The stock has traded within a range of 60.13 to 91.55 yuan over the past 52 weeks [6]. Business Development - The company has seen a 20% year-on-year increase in new orders, particularly from clients in Europe and the United States, with a total backlog of orders amounting to 10.52 billion USD [12]. - The establishment of a new research and pilot base in Europe is expected to enhance the company's operational capabilities and order acquisition [12].

创新显示业务增速亮眼，毛利率短期承压 康冠科技(001308) ——康冠科技 2024 年报点评 | [table_Authors] 蔡雯娟(分析师) | | 曲世强(研究助理) | 李汉颖(分析师) | [Table_Target] 目标价格： | 上次评级: | 增持 28.60 | | --- | --- | --- | --- | --- | --- | --- | | 021-38031654 | | 021-38031025 | 010-83939833 | | 上次预测: | 32.00 | | | caiwenjuan024354@gtjas.com qushiqiang028674@gtjas.com lihanying026725@gtjas.com | | | | | | | 登记编号 S0880521050002 | | S0880123070132 | S0880524110001 | Table_CurPrice] [当前价格： | | 22.74 | 本报告导读： 公司创新显示业务增长亮眼，车载显示、医疗显示、AI 眼镜等新兴应用领域布局， 注入新增长动力。增持。 投资要点： | ...

公司 2024 年报与此前的预告接近，符合预期。公司加快发展乘用车业务和电动化转 型，全力推进华为合作品牌，华为合作的首款车型即将上市放量，值得期待。 投资要点： 年报符合预期，华为合作不断推进 江淮汽车(600418) ——江淮汽车 2024 年报点评 | [table_Authors] 吴晓飞(分析师) | 管正月(分析师) | [Table_Target] 目标价格： | 上次评级: | 增持 47.12 | | --- | --- | --- | --- | --- | | 0755-23976003 | 021-38032026 | | 上次预测: | 47.12 | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | | | | | 登记编号 S0880517080003 | S0880521030003 | Table_CurPrice] [当前价格： | | 36.00 | 本报告导读： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Accumulate" with a target price of 13.89, maintaining the previous rating of "Accumulate" [2][4]. Core Insights - The company aims for a new contract signing target of at least 7.1% year-on-year growth for 2025, with a revenue growth target of at least 5% [3]. - The cash dividend ratio for 2024 is set at 21%, an increase of 1 percentage point year-on-year, corresponding to a dividend yield of 3.30% [3][4]. Financial Performance Summary - In 2024, the company's revenue reached 771.9 billion, a year-on-year increase of 1.74%. The net profit attributable to the parent company was 23.4 billion, a decrease of 1.81% year-on-year [4][5]. - The operating cash flow improved to 12.51 billion, compared to 12.07 billion in 2023 [4][12]. - The company’s new contract signing for 2024 was 1.8812 trillion, reflecting a year-on-year growth of 7.3% [4][15]. Financial Forecast - The forecast for EPS is 1.56 for 2025, representing an 8% increase, and 1.60 for 2026, a 3% increase. The EPS for 2027 is projected to be 1.65, a 3% increase [4][5]. - The company maintains a target price of 13.89, corresponding to a PE ratio of 8.9 times for 2025 [4]. Market Data - The current price of the stock is 9.15, with a 52-week price range of 7.13 to 11.96 [2][6]. - The total market capitalization is approximately 148.95 billion [6]. Balance Sheet Overview - As of the end of 2024, total assets were 1.8583 trillion, with total liabilities of 1.3905 trillion, resulting in a debt-to-equity ratio of 98.43% [7][12].

国泰君安晨报 2025 年 04 月 01 日 国泰君安证券股份有限公司 研究所 1、策略，本期市场整体交易热度边际下降，市场赚钱效应转弱，TMT 板块交易拥挤度缓解。融 资资金和外资均流出 A 股，同时公募与私募仓位亦有所下降。 2、机械，关注深海科技，重点关注核心的中游深海装备制造厂商以及具有技术壁垒的、配套价 值量较高的、国产化替代逻辑强的核心零部件厂商。 3、新股，近期 IPO 受理、审核及上市均稳步推进，回暖信号明显。 4、主动配置，近两周市场有所回落，结构上 TMT 等成长板块跌幅靠前，小盘股较大盘股的调整 幅度明显。 5、华电国际电力，公司 4Q24 业绩符合预期，2025 年煤电主业有望延续修复趋势，股息价值凸 显。 6、军工，军工板块下跌，解放军台海附近开展军演。大国博弈加剧是长期趋势，军工长期向好。 7、东鹏饮料，果之茶单品逐渐放量，有望成为特饮及补水啦之后的第三增长曲线，维持"增持" 评级。 [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu011178@gtjas.com 登记编号：S0880516080007 [Table_Importa ...

股票研究 /[Table_Date] 2025.04.01 年报扭亏为盈，央企重组不断推进 东风集团股份(0489) ——东风集团股份 2024 年报点评 | [table_Authors] 吴晓飞(分析师) | 管正月(分析师) | [当前价格 Table_CurPrice] (港元)： | 4.74 | | --- | --- | --- | --- | | 0755-23976003 | 021-38032026 | | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | [Table_Market] | | | 登记编号 S0880517080003 | S0880521030003 | 交易数据 | | | | | 52 周内股价区间（港元） | 1.88-5.06 | 本报告导读： 公司 2024 年业绩实现扭亏为盈，商乘业务均大幅扭亏，自主乘用车毛利率明显改 善，合资业务触底企稳，战略转型步入收获期。汽车央企重组不断推进，值得期待。 投资要点： -42% -21% -1% 19% 39% 59% 2024/3 2024/4 2024/5 2024 ...

Investment Rating - The report maintains an "Accumulate" rating with a target price of 24.90, up from the previous forecast of 19.26 [1][10]. Core Views - The company has passed its performance pressure period, with expectations for continued recovery in earnings. The recovery is supported by a new capacity plan of 20,000 tons, which is expected to solidify long-term growth [2][10]. - The company is actively expanding into the humanoid robotics sector, which may open a second growth curve [2][10]. Financial Summary - Revenue for 2023 was 6,688 million, with a slight increase to 6,763 million expected in 2024, followed by significant growth to 9,629 million in 2025, representing a 42.4% increase [4]. - Net profit attributable to the parent company was 564 million in 2023, projected to drop to 291 million in 2024, but expected to rebound to 718 million in 2025, marking a 146.7% increase [4]. - Earnings per share (EPS) is forecasted to be 0.52 in 2025 and 0.71 in 2026, with a new estimate of 0.82 for 2027 [10]. Market Data - The company's stock price has fluctuated between 10.13 and 24.59 over the past 52 weeks, with a current market capitalization of 26,757 million [5]. - The company has a total equity of 7,016 million, with a book value per share of 5.11 [6]. Production and Pricing Trends - The company’s production of magnetic steel is expected to reach approximately 22,000 tons in 2024, a 42% increase year-on-year [10]. - Average prices for praseodymium-neodymium oxide and 45H neodymium iron boron have shown a gradual increase, contributing to the recovery of the company's performance [10]. Strategic Developments - The company plans to invest 1.05 billion in a new project at its Baotou base to produce 20,000 tons of high-performance rare earth permanent magnet materials, expected to be operational in two years [10]. - Research and development expenditures are projected to reach 320 million in 2024, accounting for approximately 4.7% of revenue, indicating a commitment to innovation [10].

全年业绩符合预期，可转债拓产启新 瑞鹄模具(002997) ---公司 2024 年度报告、拟发行可转债公告点评报告 | [table_Authors] 吴晓飞(分析师) | 周逸洲(研究助理) | [Table_Target] | 上次评级: | 增持 56.51 | | --- | --- | --- | --- | --- | | 0755-23976003 | 010-83939811 | 目标价格： | | | | | | | 上次预测: | 45.25 | | wuxiaofei@gtjas.com | zhouyizhou028696@gtjas.com | | | | | 登记编号 S0880517080003 | S0880123070150 | Table_CurPrice] [当前价格： | | 40.40 | 本报告导读： 公司 2024 全年业绩符合预期，公告拟发行可转债以扩充产能与进军智能机器人领 域。随着公司主业稳健发展，零部件新业务上量，叠加新进军智能机器人领域打开 增长空间，未来公司业绩有望持续提升。 投资要点： 风险提示：主要客户销量下行风险；新业务盈利不及预期等。 | [ ...