证券研究报告 | 公司动态点评 2025 年 04 月 08 日 事件：2025 年 3 月 24 日，云天化发布 2024 年年报，公司 2024 年营业收入 为 615.37亿元，同比下跌 10.89%；归母净利润 53.33亿元，同比上涨 17.93%； 扣非净利润 51.90 亿元，同比上涨 15.12%。对应 4Q24 公司实现营业收入 148.13 亿元，同比下降 6.00%，环比提升 0.55%；归母净利润 9.09 亿元， 同比上涨 11.15%，环比下跌 42.58%。 点评：2024 年公司优化成本控制，整体盈利改善。2024 年公司总体销售毛 利率为 17.50%，较上年同期上涨 2.32pcts。2024 年财务费用同比下降 30.52%；销售费用同比下降 5.03%；管理费用同比上升 12.38%；研发费用 同比上升 5.76%。公司 2024 年利润实现增长的主要原因是其在成本控制、 产品结构优化、生产效率提升方面有所成效。 云天化（600096.SH） 2024 年公司盈利改善，磷矿化一体景气延续 | 财务指标 | 2023A | 2024A | 2025E | 2026E | ...

值得我们关注的是：在"修改权限"这一部分中，特朗普声明："如有任 何贸易伙伴采取重大措施纠正非互惠贸易安排，与美国在经济和国家安全 事项上达成充分一致，我可进一步修改 HTSUS，以降低或缩减本命令所征 关税的范围。如果美国国内制造能力和产出持续恶化，我可能进一步修改 HTSUS，提高本命令项下的关税"。 也就是说，美国关税政策方面，正如我们在前一期周度策略行业配置观 点中所指出的，4 月 2 日并不是靴子落地，而是混乱升级的序章。 证券研究报告 | 投资策略研究*动态点评 2025 年 04 月 07 日 投资策略研究 关税"黑天鹅"下，规避风险，等待情绪稳定 上周三凌晨美国宣布了新一轮关税政策，在此之前的前半周 （03/31-04/02），A 股市场相对平静，成交量下滑到日均 1.13 万亿元， 美国关税政策宣布前，市场分析认为此次力度可能较为温和，A 股和美股 都有一定反弹的迹象，盘面的风格较为模糊，创新药领跑市场，表现相对 较好，周二创新药指数（8841049.WI）日度涨幅期达到了 4.72%，随后呈 现震荡状态。然而，周三凌晨（北京时间）特朗普宣布力度大超预期的"对 等关税"政策后，周四的市场再次 ...

证券研究报告 | 公司动态点评 2025 年 04 月 07 日 隆扬电子（301389.SZ） Q4 盈利同比高速增长，拟收购德佑材料补足 3C 保护材料布局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 265 | 288 | 385 | 500 | 650 | | 增长率 yoy（%） | -29.5 | 8.5 | 33.7 | 29.9 | 30.0 | | 归母净利润（百万元） | 97 | 82 | 103 | 150 | 231 | | 增长率 yoy（%） | -42.7 | -15.0 | 25.6 | 45.3 | 54.0 | | ROE（%） | 4.3 | 3.7 | 4.6 | 6.5 | 9.5 | | EPS 最新摊薄（元） | 0.34 | 0.29 | 0.36 | 0.53 | 0.82 | | P/E（倍） | 60.5 | 71.2 | 56.6 | 39.0 | 25.3 | | P/B（倍） | 2.6 | ...

证券研究报告 | 投资策略研究*周报 2025 年 04 月 07 日 投资策略研究 市场热情继续回落——定量观市 20250407 高频资金数据跟踪：整体来看，上周沪深两市成交金额一度跌破万亿，全球 不确定性导致市场热情仍在持续走弱。分项来看，公募基金方面，新成立偏 股型基金份额(MA10)上周快速回落，最后一个交易日为 18.91 亿份；成交额 方面，股票型 ETF 成交额占比在最后一个交易日快速上升，4 月 3 日股票型 ETF 成交额占全 A 成交额比重为 7.04%。游资风格投资方面，涨停板占比 (MA10)上周继续下滑，4 月 3 日涨停板占比(MA10)为 1.05%（80%分位数为 2.35%）。交易异动成交额占比(MA10)同样快速走低，4 月 3 日该指标为 2.13%。北向资金方面，上周北向资金买卖总额占比继续走高，4 月 3 日北 向资金买卖总额占比为 14.00%。两融投资方面，两融余额占 A 股流通市值 比重继续维持高位，截至 4 月 3 日为 2.41%；两融交易额占 A 股成交额比重 较前周基本持平，4 月 3 日该比重为 8.84%。 市场拥挤度及脆弱性指标：以上市超过 60 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Insights - The company has shown significant profit recovery, with a projected revenue growth of 67.3% year-on-year for 2024, reaching 940 million yuan, and a net profit growth of 195.8%, amounting to 111 million yuan [1][8]. - The company has achieved notable success in bidding, ranking 20th among over 80 companies in the national grid's centralized bidding, with a total bid amount of 420 million yuan [2]. - The company is expanding its low-altitude intelligent inspection business into various application scenarios, with a projected CAGR of approximately 28.19% from 2022 to 2024 [3]. Financial Performance Summary - **Revenue Forecast**: The company is expected to generate revenues of 1.36 billion yuan in 2025, 1.75 billion yuan in 2026, and 2.07 billion yuan in 2027, with year-on-year growth rates of 44.7%, 28.8%, and 17.8% respectively [1][8]. - **Net Profit Forecast**: The projected net profits are 134 million yuan in 2025, 166 million yuan in 2026, and 184 million yuan in 2027, with growth rates of 20.8%, 23.6%, and 10.8% respectively [1][8]. - **Earnings Per Share (EPS)**: The EPS is expected to be 0.54 yuan in 2025, 0.67 yuan in 2026, and 0.74 yuan in 2027 [1][8]. Market Position and Growth Potential - The company is well-positioned to benefit from the increasing demand for intelligent electric products, with a strong bidding performance and a growing market for smart services [2][3]. - The establishment of a subsidiary in the energy storage sector is expected to support future performance, with a significant order backlog of approximately 803 million yuan outside of energy storage as of the end of 2024 [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Viewpoints - The company has shown steady revenue growth, achieving an annual revenue of 9.139 billion yuan in 2024, a year-on-year increase of 6.02%. The net profit attributable to shareholders was 1.117 billion yuan, reflecting a growth of 1.38% [2][10]. - The company is actively participating in the global digitalization trend, integrating digital technology with manufacturing and market advantages to support the widespread application of large models in the industry [3][10]. - The company has established a robotics product business system, contributing to its revenue growth and enhancing its competitive position in both traditional and emerging industries [4]. Financial Summary - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 10.263 billion yuan, 11.594 billion yuan, and 13.188 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to reach 1.281 billion yuan, 1.577 billion yuan, and 1.924 billion yuan in the same years [10]. - **Key Financial Metrics**: The company's return on equity (ROE) is forecasted to improve from 11.0% in 2024 to 14.3% by 2027. The earnings per share (EPS) is expected to increase from 1.41 yuan in 2024 to 2.43 yuan in 2027 [10][12]. - **Market Position**: The company maintains a leading market share in the domestic DCS market at 40.4%, with significant shares in the chemical and petrochemical sectors [9]. Industry Insights - The demand for industrial automation and smart manufacturing products is on the rise, with significant revenue contributions from control systems and industrial software, which grew by 7.87% and 20.70%, respectively [4]. - The company is benefiting from stable growth in traditional industries such as petrochemicals and chemicals, while also tapping into emerging sectors like oil and gas, pharmaceuticals, and food and beverage [4]. Conclusion - The report indicates a positive outlook for the company, driven by its strategic initiatives in digital transformation and robust market positioning, suggesting continued growth in revenue and profitability in the coming years [10].

Market Overview - After the Spring Festival and during the Two Sessions, the TMT sector led by Deepseek has initiated a "revaluation of Chinese assets" trend, supported by a relatively stable RMB exchange rate and positive policy expectations[1] - The A-share and Hong Kong technology sectors currently exhibit a high risk appetite, although adjustments have been observed since mid-March due to uncertainties surrounding the new round of "reciprocal tariffs" from the US and concerns over AI "computing power bubbles"[1] - In March, the Shanghai Composite Index, CSI 300 Index, and ChiNext Index recorded gains of +0.45%, -0.07%, and -3.07%, respectively[1] Policy and Economic Outlook - The 2025 Two Sessions emphasized expanding domestic demand and promoting consumption as primary objectives, with a focus on addressing low domestic inflation and external uncertainties[2] - The "Consumption Promotion Action Plan" issued on March 16 aims to enhance consumer capacity and stabilize the stock market, with expectations for new capital market policies to accelerate implementation[2] - The central bank reiterated the need for a moderately loose monetary policy, with potential for reserve requirement ratio (RRR) and interest rate cuts based on economic conditions[2] Investment Recommendations - Focus on large consumption and cyclical industries in Q2, particularly those showing signs of recovery or strong performance[3] - Continue to monitor defensive sectors such as banking and dividend stocks due to external uncertainties[4] - The long-term trend for AI remains positive, with significant investment from major domestic companies, presenting potential short-term investment opportunities during market corrections[5] Selected Stock Portfolio - The recommended portfolio includes stocks from various sectors: China Mobile, Hongri Da, Lu Wei Optoelectronics, Sinovac Biotech, and others, covering telecommunications, pharmaceuticals, machinery, and non-bank financials[5]

证券研究报告 | 公司动态点评 2025 年 04 月 03 日 协创数据（300857.SZ） 24 年数据存储设备营收同比+55.0%，物联网智能终端营收同比+60.8%。 1)第一大业务数据为存储设备，24 年该业务营收 44.57 亿元，同比+55.0%， 占总营收比重 60.2%，毛利率 10.65%，同比+0.70pct。 2)第二大业务为物联网智能终端，24年该业务营收 22.59亿元，同比+60.8%， 占总营收比重 30.5%，毛利率 32.03%，同比+12.77pct。 控股子公司获英伟达 NCP 资质，统筹资金发展 AI智算中心及算力租赁业务。 2024 年 10 月，公司控股子公司奥佳软件正式取得 NVIDIA CLOUD PARTNER 资质，与英伟达合作开展 AI 算力租赁和云计算服务。公司已与多家头部企业 签约，已实现向国内头部游戏公司等提供服务。3 月 8 日，公司公告拟以不 超过 30 亿元采购服务器；3月 25 日，公司公告其控股股东协创智慧质押 1400 万股公司股票支持上市公司生产经营。公司统筹资金持续加大算力服务领域 布局，发展 AI智算中心及算力租赁业务，有望打造 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to achieve a revenue growth of 7.06% in 2024, reaching 14.626 billion yuan, while the net profit attributable to the parent company is projected to grow by 1.42% to 1.137 billion yuan [1][10] - The "2+N" multi-brand strategy is showing positive results, with the company focusing on enhancing its retail channel management capabilities and expanding its market presence both domestically and internationally [3][4][10] Financial Performance Summary - **Revenue and Profitability**: In 2024, the company is projected to generate revenue of 14.626 billion yuan, with a year-on-year growth rate of 7.1%. The net profit attributable to the parent company is expected to be 1.137 billion yuan, reflecting a growth rate of 1.4% [1][2] - **Gross and Net Margins**: The gross margin for 2024 is forecasted at 43.82%, slightly down by 0.21 percentage points year-on-year. The net margin is expected to be 7.76%, a decrease of 0.44 percentage points [2] - **Earnings Per Share (EPS)**: The basic EPS for 2024 is projected to remain at 0.42 yuan, with future estimates of 0.48 yuan in 2025, 0.56 yuan in 2026, and 0.61 yuan in 2027 [1][10] Strategic Initiatives Summary - **Channel Development**: The company is enhancing its retail channel management and focusing on opening high-quality stores, with over 30 new stores planned in various international markets in 2024 [3] - **Brand Strategy**: The company is actively upgrading its brand strategies, particularly for its children's clothing brand, to strengthen its market position and enhance brand influence [4][9] - **Operational Efficiency**: The implementation of a 52-week MD mechanism aims to streamline operations and improve decision-making through advanced digital tools [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Views - The company is expected to benefit from the domestic substitution logic in the semiconductor mask plate market, with a projected 10.5% year-on-year growth in net profit for 2024 [2][4]. - The company's revenue for 2024 is forecasted to be 247 million yuan, representing a year-on-year increase of 12.9%, while the net profit attributable to shareholders is expected to reach 92 million yuan, up 9.8% year-on-year [2][12]. - The report highlights the company's strong customer relationships with major clients such as Huahong Grace, Chipone, and BYD Semiconductor, indicating high customer stickiness and potential for future growth [3][4]. Financial Summary - **Revenue and Profitability**: - 2024 revenue is projected at 247 million yuan, with a growth rate of 12.9% year-on-year. The net profit is expected to be 92 million yuan, with a growth rate of 9.8% [2][12]. - The gross margin for 2024 is estimated at 57.01%, a decrease of 1.86 percentage points year-on-year, while the net margin is projected at 37.25%, down 1.05 percentage points year-on-year [2][12]. - **Business Segmentation**: - The quartz mask plate segment is expected to account for over 80% of total revenue in 2024, with a revenue of 200 million yuan, reflecting a year-on-year growth of 16.5% [3][4]. - The soda mask plate segment is projected to generate 46 million yuan in revenue, a slight decline of 0.5% year-on-year [3]. - **Future Projections**: - The company anticipates net profits of 121 million yuan, 156 million yuan, and 191 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 56, 44, and 36 [4][5]. Market Position - The company is identified as a rare independent third-party semiconductor mask plate manufacturer in China, with significant market potential as the global mask plate market is projected to reach 62.3 billion yuan by 2028 [4][5]. - The report emphasizes the increasing demand for mask plates driven by product iterations and production line expansions in the semiconductor industry, alongside a clear trend towards domestic substitution [4].