机械 天工 Ultra夺冠人形机器人半马，Q1 我国工程机械开工率 44.67% 行业要闻： 天工 Ultra 夺全球首个人形机器人半马冠军。4 月 19 日，全球 首个人形机器人半程马拉松在北京亦庄鸣枪开跑，20 支人形机器人赛队与人 类跑者共同站在北京亦庄全程 21.0975 公里的赛道上。这是人形机器人首次 在开放环境下的长距离耐力测试。来自北京亦庄的"天工 Ultra"以 2 时 40 分 42 秒的成绩冲线，夺得全球首个人形机器人半程马拉松赛事桂冠。身高 1.2 米的松延动力 N2 小顽童队获得亚军，来自上海的行者二号机器人赛队获 得季军。天工机器人由北京人形机器人创新中心研发，实测平均时速可以达 到 10km/h，最高奔跑速度已达 12km/h。在比赛前 10km，天工 Ultra 基本保 持着每 5km 换一次电池的频率。天工 Ultra 身高 180cm、体重 52kg，能在斜 坡、楼梯、草地、碎石、沙地等多种地形平稳移动，具备带有视觉感知的泛 化移动能力，能轻松应对沟壑、大高度差等复杂地形，并拥有强大的抗干扰 能力，受外力冲击依然能保持稳态。 傅利叶发布首款开源人形机器人 FourierN1 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company experienced a revenue decline of 1.9% in 2024, with a significant drop in net profit by 29.1% due to increased market investment and brand promotion costs [1][2]. - The multi-brand strategy has been successfully implemented, enhancing the company's core competitiveness and risk resistance [9]. - The company has established a balanced development of its brand matrix, with three brands exceeding 1 billion in revenue [4]. Financial Performance Summary - **Revenue and Profit**: - 2023 revenue was 5,254 million, projected to decrease to 5,153 million in 2024, then increase to 5,505 million in 2025 [1]. - Net profit for 2023 was 698 million, expected to drop to 495 million in 2024, with a recovery to 544 million in 2025 [1]. - **Profitability Ratios**: - The gross margin for 2024 is projected at 65.02%, a slight increase from the previous year [2]. - The net profit margin for 2024 is expected to be 10.09%, down 3.78 percentage points year-on-year [2]. - **Earnings Per Share (EPS)**: - The latest diluted EPS for 2024 is projected at 0.34, down from 0.48 in 2023, with a gradual increase expected in subsequent years [1][9]. Brand Performance Summary - **Brand Revenue**: - The Hazzys brand achieved a revenue of 1.781 billion, a growth of 1.29%, while the Lefuye brand saw a significant increase of 27.95% to 335 million [3]. - The Baonia brand's revenue was 1.009 billion, down 2.89%, and the Baoxin brand revenue decreased by 8.35% to 1.585 billion [3]. - **Channel Development**: - The company has established 1,815 offline stores across various key locations and is actively expanding its online presence through major e-commerce platforms [3]. Market Position and Strategy - The company has a well-balanced brand matrix with mature, growth, and nurturing brands, allowing for resource sharing and collaborative development [4]. - The acquisition of the international outdoor brand Woolrich marks a significant step towards enhancing the company's multi-brand strategy and international expansion [9].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown steady growth in performance, with both business segments (BG) driving success. The financial indicators reflect significant improvements, particularly in net profit, which increased by 35.01% year-on-year in 2024 [4][5] - The company is actively enhancing its digital tax services, integrating AI-driven solutions to empower small and micro enterprises, with AI products contributing over 20% to the revenue of its digital tax business [2][4] - The user base for the company's platform has seen substantial growth, with active enterprise users reaching 10.7 million, a 30.5% increase from the beginning of the year [3] Financial Performance Summary - In 2024, the company achieved a revenue of 1.945 billion yuan, a year-on-year growth of 6.4%, and a net profit of 113 million yuan, reflecting a 35% increase [1][4] - The projected revenue for 2025 is 2.311 billion yuan, with an expected net profit of 277 million yuan, indicating a significant growth trajectory [9] - The company's return on equity (ROE) is expected to rise from 4.5% in 2024 to 16.0% by 2027, showcasing improved profitability [1][9] Business Development and Strategy - The company is committed to supporting digital governance initiatives, contributing to the digitalization of tax management across various provinces [4] - The integration of AI capabilities into the company's services is designed to address client pain points and enhance operational efficiency [4] - The digital governance business segment reported a revenue of 763 million yuan, growing by 3.37% year-on-year, indicating a stable demand for its services [4]

证券研究报告 | 公司动态点评 2025 年 04 月 22 日 纳思达（002180.SZ） 自研奔图 A3 打印机顺利起量，期待未来信创驱动增长 全球第四的激光打印机厂商，首次覆盖，给予"增持"评级。 公司作为全球第四的激光打印机厂商，国内领先的专用集成电路芯片设计企 业和全球通用耗材行业领导型企业，有望受益于信创发展与集成电路领域带 来的高速成长机会，未来成长空间广阔。预计公司 2025~2027 年归母净利润 分别为 16.93/23.70/30.81 亿元，对应 25/26/27 年 PE 为 19/14/10 倍，首次 覆盖，给予"增持"评级。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 24,062 | 26,415 | 29,260 | 32,507 | 36,564 | | 增长率 yoy（%） | -6.9 | 9.8 | 10.8 | 11.1 | 12.5 | | 归母净利润（百万元） | -6,185 | 749 | 1,693 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [22]. Core Views - The company is expected to achieve a revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.4%. The net profit attributable to shareholders is projected to be 3.32 billion yuan, reflecting a significant increase of 498.1% year-on-year [2][11]. - The company is a leading player in the image sensor market, with strong performance in high-end mobile phones and automotive sectors, particularly in the CIS (Camera Image Sensor) segment [4][5]. Financial Summary - **Revenue and Profitability**: - 2024 revenue is forecasted at 25.73 billion yuan, with a year-on-year growth rate of 22.4%. The net profit attributable to shareholders is expected to be 3.32 billion yuan, with a remarkable year-on-year growth of 498.1% [2][11]. - The company's gross margin for 2024 is projected to be 29.44%, an increase of 7.68 percentage points year-on-year, while the net profit margin is expected to reach 12.76%, up by 10.18 percentage points [11]. - **Segment Performance**: - The semiconductor design segment is anticipated to generate revenue of 21.64 billion yuan in 2024, growing by 20.6% year-on-year, accounting for 84.3% of total revenue. The automotive CIS revenue is expected to grow by 29.9% to 5.91 billion yuan [3][4]. - The semiconductor distribution segment is projected to achieve revenue of 3.94 billion yuan, reflecting a year-on-year growth of 32.6% [3]. - **Future Projections**: - The company forecasts net profits of 4.44 billion yuan, 5.64 billion yuan, and 6.80 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 27, and 22 [5][15]. - **Cash Flow and Inventory**: - As of the end of 2024, the company's inventory is reported at 6.96 billion yuan, a 10% increase year-on-year. The inventory turnover days decreased by 1 day compared to the previous quarter [5][9]. - **Market Position**: - The company is positioned as a top player in the image sensor market, actively expanding into automotive, medical, and AR/VR applications, indicating significant growth potential [5][4].

证券研究报告 光伏电池组件逆变器出口月报 （25年3月） 长城证券产业金融研究院 分析师：于夕朦S1070520030003 吴念峻S1070524070003 评级（强于大市） 2025年4月21日 核心观点 ◼ 逆变器增长趋势企稳，电池组件出现复苏信号。（1）2025年3月，中国太阳能电池片组件合计出口额为 24.63亿美元，同比-23.5%，环比+47.8%，以infolink均价测算对应合计出口量为31.80GW，同比+8.7%， 环比+46.3%。欧洲市场出货节奏趋向合理，库存累积压力与价格竞争乱象放缓，终端需求逐步复苏，3月 国内出口欧洲光伏电池组件8.1GW，为最近数月最高值，亚非等其他新兴市场百花齐放态势延续，各大市 场涌现活力，市场出货、库存周期相对健康，支撑出口增量，3月欧洲以外市场实现电池组件出口23.7GW， 同比+23.84%，亚洲、非洲单月出口量均创下历史最佳。（2）逆变器方面，2025年3月国内出口总额6.33 亿美元，同比+5.68%，出口规模达373.24万台，同比+12.83%。欧洲下游需求回暖、渠道库存状态恢复， 出口额自23年下半年重回同比正增长（3月逆变器出口欧洲地区 ...

证券研究报告 | 固定收益研究*周报 2025 年 04 月 22 日 4 月 LPR 为何没有调降？我们认为 固定收益研究 债市周观察（4.14-4.20）——博弈 LPR 降息失败 一是宏观背景而言，国内 3 月公布的经济、金融数据较好，海外关税由紧 急冲击演变为长期慢变量，且美联储降息窗口未至，降息的紧迫性还是不 强。具体数据来看，2025 年一季度 GDP 实际增速达 5.4%，部分经济指标 也同步改善。金融数据同样释放积极信号，3 月新增社融 5.89 万亿元，新 增人民币贷款 3.64 万亿元，同比多增 5500 亿元。显示企业融资需求回暖 与居民购房意愿的分化。 二是从政策面来看，尽管全面降息暂缺，但结构性工具持续发力：一季度 新发放企业贷款加权平均利率较去年同期下降 45BP，至 3.30%，个人住 房贷款加权平均利率较上年同期下降 60BP，至 3.10%，显示定向降息政 策效果显现。此外，资金面也已经逐渐趋于边际宽松。 三是银行负债端压力还需要逐步释放。4 月 17 日多家银行下调存款利率， 调整幅度为 5 个基点至 40 个基点，且中长期定期存款调整幅度较大。净 息差压力缓解为后续宽松腾 ...

证券研究报告 交易型指数基金资金流向周报 ——数据日期：2025/4/14-2025/4/18 | 大 类 | 所属概念 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 上证50 | 1594.56 | 1.69 | 78.90 | | | | | | 沪深300 | 9834.49 | 0.76 | 340.90 | | | | | | 中证500 | 1401.20 | -0.40 | 34.97 | | | | | | 中证1000 | 1169.17 | -0.48 | 17.29 | | | | | | 创业板指 | 1264.48 | -0.56 | -1.74 | | | | | | 科创创业50 | 329.65 | -0.28 | -1.34 | | | | | | 科创50 | 1812.21 | -0.21 | -14.11 | | | | | 综 ...

证券研究报告|公司动态点评 2025 年 04 月 21 日 一品红（300723.SZ） AR882 全球 III 期临床稳步推进，BIC 药物潜力凸显 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 2027E 增持（首次评级） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,280 | 2,503 | 1,618 | 1,973 | 2,251 | 股票信息 | | | 增长率 yoy（%） | 3.7 | 9.8 | -35.4 | 21.9 | 14.1 | | | | 归母净利润（百万元） | 291 | 185 | -575 | 262 | 360 | 行业 | 医药 | | 增长率 yoy（%） | -5.3 | -36.5 | - | 145.6 | 37.4 | 2025 年 4 月 18 日收盘价（元） | 36.95 | | ROE（%） | 12.1 | 5.8 | -27.1 | 10.9 | 13.1 | 总市值（百万元） | 16,690 ...

证券研究报告 | 基金研究*周报 2025 年 04 月 21 日 基金研究 上周股市企稳，资金继续流入权重指数托市 上周国内主要股票指数涨跌互现，其中沪深 300、上证 50 和上证指数等大 盘指数涨跌幅分别为 0.59%、1.45%和 1.19%。中证 500、中证 1000 和创业板 指等中小盘指数涨跌幅分别为-0.37%、-0.52%和-0.64%。风格指数涨跌互现， 其中金融风格、周期风格、消费风格、成长风格和稳定风格指数涨跌幅分别 为 2.76%、0.35%、-0.05%、-0.54%和 1.10%。成长风格下，大盘成长、中盘 成长和小盘成长风格指数涨跌幅分别为-0.39%、-0.33%和 3.95%。 综合 ETF 基金中，上周交易额为 1014.99 亿元，比前周变化-1255.55 亿元。 其中，中大盘风格综合 ETF 交易额为 680.29 亿元，变化-692.45 亿元；中小 盘综合 ETF 交易额为 339.55 亿元，变化-567.44 亿元。 截止上周，32 只主题 ETF 的平均周涨跌幅为-0.10%。其中大盘风格 ETF 平均 周涨跌幅为 1.14%，中小盘风格 ETF 平均周 ...