[Table_Reportdate] 2025年04月06日 [非农超预期，但对市场影响有限 Table_NewTitle] ——海外观察：美国2025年3月非农数据点评 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn [table_main] 投资要点 宏 观 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 ➢ 事件：当地时间4月4日，美国非农就业数据发布，美国3月季调后非农就业人口增22.8万 人，预期增13.5万人，前值从增15.1万人修正为增11.7万人。3月失业率4.2%，预期4.1%， 前值4.1%。 ➢ 核心观点：美国3月非农新增就业大幅超预期，不过前值遭到下修。分行业来看，主要受 天气回暖、罢工恢复以及美国春假的影响，零售和休闲住宿就业新增强劲；另一方面，联 邦政府裁员规模边际减弱，同时，州/地方政府雇佣回升导致政府部门就业小幅上升；生产 部门就业普遍 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.746 billion yuan for 2024, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 940 million yuan, up 2.86% year-on-year [6] - The growth in revenue is primarily driven by the increase in small parts business orders and sales growth from key clients in the medium and large parts sector [6] - The company is expanding its global production capacity, with significant developments in its factories in Mexico and Malaysia [6] - The company is entering the robotics sector to cultivate a second growth engine, focusing on micro-motor and magnesium alloy die-casting technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with a year-on-year increase of 2.86% and a quarter-on-quarter increase of 2.72%. However, the net profit for the same quarter was 198 million yuan, down 37.39% year-on-year and 32.29% quarter-on-quarter [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, with Q4 2024 gross margin at 23.72%, down 5.69 percentage points year-on-year [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, up 14.75% year-on-year, with the revenue share from new energy vehicle products exceeding 30% [6] - The company’s export revenue was 3.424 billion yuan, up 5.87% year-on-year, while domestic sales reached 3.256 billion yuan, up 21.72% year-on-year [6] Global Expansion - The company’s factories in China have completed construction and received property certificates, while the Malaysian factory has commenced production of zinc alloy products [6] - The first phase of the Mexican factory has turned profitable, and the second phase is expected to be completed in April 2025 [6] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.022 billion yuan, 1.299 billion yuan, and 1.541 billion yuan respectively [6] - The projected earnings per share (EPS) for 2025-2027 are 1.04 yuan, 1.32 yuan, and 1.56 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.746 billion yuan for 2024, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 940 million yuan, up 2.86% year-on-year [6] - The company is experiencing solid growth in its small and medium-sized component business, with the revenue share from new energy vehicle-related products continuing to rise, exceeding 30% [6] - The company is expanding its global production capacity, with the second phase of its factory in Mexico set to be operational in Q2 2025, focusing on components for new energy vehicles and robotics [6] - The company is entering the robotics sector to cultivate a second growth engine, establishing a subsidiary focused on robot components and wearable technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with year-on-year and quarter-on-quarter growth of 2.86% and 2.72%, respectively [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material prices and accounting policy adjustments [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, reflecting a year-on-year growth of 14.75%, while industrial products saw a decline in revenue by 27.72% [6] - Domestic sales grew at a faster rate than exports, with domestic revenue reaching 3.256 billion yuan, up 21.72% year-on-year, while export revenue was 3.424 billion yuan, up 5.87% [6] Global Expansion - The company has completed the construction of its factories in China and Malaysia, with the latter already in production [6] - The first phase of the Mexico factory has turned profitable, and the second phase is expected to be completed in April 2025 [6] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.022 billion yuan, 1.299 billion yuan, and 1.541 billion yuan, respectively [6] - The projected earnings per share (EPS) for 2025-2027 are 1.04 yuan, 1.32 yuan, and 1.56 yuan, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]

liusj@longone.com.cn 证券分析师 王洋 S0630513040002 wangyang@longone.com.cn [table_main] 重点推荐 [Table_Reportdate] 2025年4月3日 [晨会纪要 Table_NewTitle] 20250403 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 刘思佳 S0630516080002 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 [Table_Report] ➢ 1. 卓胜微（300782）：短期折旧金额较大，长期看好自主可控与高端模组放量——公司 简评报告 ➢ 2. 硅片供不应求加剧，风电招、开标规模持续增长——新能源电力行业周报（2025/03/24- 2025/03/28） ➢ 1.中办、国办印发《关于完善价格治理机制的意见》 ➢ 2.美国3月ADP就业人数超预期 ➢ 3.特朗普签署行政令对贸易伙伴征收"对等关税" | 1.1. 卓胜微（3007 ...

[Table_Reportdate] 2025年04月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [东方电缆（ Table_NewTitle] 603606）：公司业绩稳步提 升，在手订单再创新高 ——公司简评报告 [table_main] 投资要点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,092.52 | 12,529.59 | 14,674.25 | 16,953.39 | | 同比增速 | 24.38% | 37.80% | 17.12% | 15.53% | | 归母净利润（百万元） | 1,008.16 | 1,761.69 | 2,131.23 | 2,536.72 | | 同比增速 | 0.81% | 74.74% | 20.98% | 19.03% | | EPS（元/股） | 1.47 | 2.56 | 3.10 | 3.69 | | 市盈率（P/E） | 34.65 | 19.83 | 16.39 | 13.77 | | 市净率（P/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is steadily improving, with a record high in hand orders [1] - The company reported a total revenue of 9,092.52 million yuan in 2024, representing a year-on-year increase of 24.38% [5] - The net profit attributable to the parent company for 2024 was 1,008.16 million yuan, a slight increase of 0.81% year-on-year [5] - The company has a robust order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions expected from various projects [5] - The company is actively expanding its production capacity and has seen a substantial increase in overseas revenue, which grew by 480.54% year-on-year to 733 million yuan [5] Summary by Relevant Sections Financial Performance - Total revenue projections for 2025, 2026, and 2027 are 12,529.59 million yuan, 14,674.25 million yuan, and 16,953.39 million yuan, respectively, with year-on-year growth rates of 37.80%, 17.12%, and 15.53% [2] - The net profit attributable to the parent company is expected to reach 1,761.69 million yuan in 2025, 2,131.23 million yuan in 2026, and 2,536.72 million yuan in 2027, with growth rates of 74.74%, 20.98%, and 19.03% respectively [2] - Earnings per share (EPS) is projected to be 2.56 yuan in 2025, 3.10 yuan in 2026, and 3.69 yuan in 2027 [2] Order Backlog and Project Updates - The company has a total order backlog of 179.75 billion yuan, with 88.27 billion yuan from submarine cable systems, 63.53 billion yuan from land cable systems, and 27.95 billion yuan from marine engineering [5] - Recent project wins include significant contracts in both land and submarine cable systems, indicating a strong pipeline for future revenue [5] Market Position and Strategy - The company is positioning itself as a leader in the domestic and international offshore wind market, with ongoing investments in production capacity and strategic project developments [5] - The establishment of overseas subsidiaries has contributed to a significant increase in international revenue, highlighting the company's growth strategy [5]

[Table_Reportdate] 2025年4月2日 [晨会纪要 Table_NewTitle] 20250402 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王洋 S0630513040002 wangyang@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1. 新订单指数明显回升，高技术、装备制造有支撑——国内观察：2025年3月PMI ➢ 2. 从湘财合并大智慧，看中小券商与金融科技跨界整合新路径——非银金融行业简评 ➢ 1.央行：开展8000亿元买断式逆回购操作 ➢ 2.3月公开市场国债买卖情况 ➢ 3.南京全面取消商品房限售 | 1.1. 新订单指数明显回升，高技术、装备制造有支撑——国内观察：2025 年 3 | 月 | | --- | ...

[Table_Reportdate] 2025年04月01日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -21% -11% -1% 9% 19% 29% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) [相关研究 table_product] 1.光伏硅片、电池片供需偏紧，风电 新增装机规模维持高位——新能源 电 力 行 业 周 报 （ 2025/03/17- 2025/03/21） 2.抢装带动中下游量价修复，国内海 风有望高景气发展——新能源电力 行业周报（2025/03/10-2025/03/14） 3.帝科股份（300842）： 业绩稳步发 展，高铜浆料有望量产——公司简评 报告 [Table_NewTitle 硅片 ...

[Table_Reportdate] 2025年04月01日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -21% -11% -1% 9% 19% 29% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) [相关研究 table_product] 1.光伏硅片、电池片供需偏紧，风电 新增装机规模维持高位——新能源 电 力 行 业 周 报 （ 2025/03/17- 2025/03/21） 2.抢装带动中下游量价修复，国内海 风有望高景气发展——新能源电力 行业周报（2025/03/10-2025/03/14） 3.帝科股份（300842）： 业绩稳步发 展，高铜浆料有望量产——公司简评 报告 [Table_NewTitle 硅片 ...

[Table_Reportdate] 2025年04月01日 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [相关研究 table_product] 3.政策力度加码，板块情绪回暖—— 食 品 饮 料 行 业 周 报 （ 2025/3/10- 2025/3/16） [Table_NewTitle 年报陆续发布，关注基本面表现 ] ——食品饮料行业周报（2025/3/24-2025/3/30） [table_main] 投资要点： 行 业 周 报 食 品 饮 料 1.劲仔食品（003000）：鱼制品势能 强劲，线下渠道稳健增长——公司简 评报告 2.糖酒会符合预期，关注底部机会— —食品饮料行业周报（2025/3/17- 2025/3/23） ➢ 二级市场表现：上周食品饮料板块上涨 ...