证券研究报告：电子 | 公司点评报告 股票投资评级 复旦微电(688385) 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -9% 1% 11% 21% 31% 41% 51% 61% 71% 81% 复旦微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 50.15 | | --- | --- | | 总股本/流通股本（亿股）8.21 | / 5.37 | | 总市值/流通市值（亿元）412 | / 269 | | 52 周内最高/最低价 | 53.35 / 23.68 | | 资产负债率(%) | 27.6% | | 市盈率 | 71.64 | | 第一大股东 | 香港中央结算(代理人) | | 有限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 逐步复苏 l 事件 公司发布 2024 年年报，2024 年公司实现营业收入约 35.90 亿 元，同比增长 1.53%；归母净利润约 5.73 亿元，同比下降 20.4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][16]. Core Views - The company reported a revenue of 23.578 billion yuan for 2024, representing a year-on-year growth of 16.41%, and a net profit attributable to shareholders of 5.514 billion yuan, up 20.16% year-on-year [4][7]. - The fourth quarter of 2024 saw a revenue of 4.509 billion yuan, a year-on-year increase of 4.84%, but a slight decline in net profit by 1.03% [4][5]. - The company is focusing on inventory reduction to enhance market quality and is expected to maintain stable growth in 2025 [5][6]. Summary by Sections Company Overview - The latest closing price is 179.85 yuan, with a total market capitalization of 95.1 billion yuan and a circulating market value of 73.5 billion yuan [3]. Financial Performance - The company achieved a net profit margin of 23.39% in 2024, an increase of 0.73 percentage points year-on-year [4]. - The projected revenues for 2024, 2025, and 2026 are 23.577 billion yuan, 26.006 billion yuan, and 28.996 billion yuan, respectively, with corresponding growth rates of 16.41%, 10.30%, and 11.50% [7][11]. Product and Market Insights - The company is expected to see stable performance in its core products, particularly in the domestic market, with a focus on high-end and mid-range products [5][6]. - The management emphasizes the importance of customer service and collaboration with distributors to enhance market presence [5]. Earnings Forecast - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 10.43 yuan, 11.72 yuan, and 13.43 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 17, 15, and 13 [7][9].

证券研究报告：食品饮料 | 公司点评报告 发布时间：2025-04-12 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 179.85 | | --- | --- | | 总股本/流通股本（亿股）5.29 | / 4.09 | | 总市值/流通市值（亿元）951 | / 735 | | 周内最高/最低价 52 | 280.38 / 140.60 | | 资产负债率(%) | 36.7% | | 市盈率 | 20.72 | | 第一大股东 | 安徽古井集团有限责任 | | 公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 古井贡酒(000596) 业绩符合预期，25 年有望保持稳健增长 l 事件 公司披露 2024 年业绩快报。2024 年实现营收 235.78 亿元，同 比+16.41%，归母净利润 55.14 亿元，同比+20.16%，扣非归母净利润 54.56 ...

扬杰科技(300373) 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -7% 0% 7% 14% 21% 28% 35% 42% 49% 56% 扬杰科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 42.99 | | --- | --- | | 总股本/流通股本（亿股）5.43 | / 5.42 | | 总市值/流通市值（亿元）234 | / 233 | | 52 周内最高/最低价 | 54.48 / 33.40 | | 资产负债率(%) | 35.8% | | 市盈率 | 23.24 | | 第一大股东 | 江苏扬杰投资有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 l 投资要点 营收稳健增长，盈利能力提升显著。得益于多个下游应用领域景 气度回升、新客 ...

证券研究报告：机械设备 | 公司点评报告 2025 年 4 月 10 日 发布时间：2025-04-11 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 6.99 | | --- | --- | | 总股本/流通股本（亿股）286.99 | / 243.28 | | 总市值/流通市值（亿元）2,006 | / 1,701 | | 52 周内最高/最低价 | 8.82 / 6.38 | | 资产负债率(%) | 59.0% | | 市盈率 | 16.26 | | 第一大股东 | 中国中车集团有限公司 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 中国中车(601766) 25Q1 业绩预告亮眼，动车组业务有望持续高增 l 投资要点 事件：中国中车披露 2024 年年报和 2025 年一季报预告。 2024 年业绩符合预期，2025Q1 业绩有望同比高增。2024 年，公 司实现营收 ...

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited [6][8] Core Views - The company is expected to achieve a revenue of 246.46 billion yuan in 2024, with a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, reflecting a growth of 5.77% [3] - The first quarter of 2025 is projected to show a significant increase in net profit, estimated between 2.82 billion to 3.23 billion yuan, representing a year-on-year growth of 180% to 220% [3] - The railway equipment segment is experiencing strong growth, particularly in the high-speed train business, which is expected to continue benefiting from increased investment in railway infrastructure [5] Company Overview - Latest closing price: 6.99 yuan - Total shares: 2.8699 billion, circulating shares: 2.4328 billion - Total market capitalization: 200.6 billion yuan, circulating market capitalization: 170.1 billion yuan - 52-week high/low: 8.82/6.38 yuan - Debt-to-asset ratio: 59.0% - Price-to-earnings ratio: 16.26 [2] Financial Performance - In 2024, the railway equipment revenue reached 110.46 billion yuan, a year-on-year increase of 12.50%, driven by the growth in the high-speed train business [4] - The company sold 1,940 high-speed trains in 2024, with maintenance services generating approximately 41.8 billion yuan in revenue, a year-on-year increase of 25% [4] - The company forecasts revenues of 269.16 billion yuan, 285.93 billion yuan, and 299.99 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 13.23 billion yuan, 14.53 billion yuan, and 15.14 billion yuan [6]

证券研究报告 需求、技术、政策共振，无人化物流发展正当时 行业投资评级：强于大市|维持 鲍学博 / 曾凡喆 / 马强 / 王煜童 中邮证券研究所 军工&交运团队 中邮证券 2025年4月10日 1 投资要点 请参阅附注免责声明 • 我国快递行业有望保持较高增速，无人化助力物流企业降本增效。2024年我国快递业务量达到1745亿件、快递业务收入1.4万亿元， 同比分别增长21%、13%。2025年，预计我国邮政快递业仍将保持稳步上升态势，快递业务量预计将达到1900亿件、快递业务收入将 达到1.5万亿元，增速8%左右。快递行业价格竞争激烈，快递行业在中转、运输环节已采取巨大努力节降成本，未来在揽派两端的降 本诉求持续上升。 • 自动驾驶和无人机技术不断成熟。国内无人配送车L4级自动驾驶技术逐步成熟，京东物流、美团、菜鸟、百度Apollo等电商巨头以 及新石器、白犀牛、文远知行、九识智能等科技初创企业推出的无人配送车均具备L4级自动驾驶能力；以无人eVTOL为代表的无人机 技术成熟，顺丰、美团小型无人机应用已初具规模；大疆FC30中型无人机、峰飞V2000CG大型无人机于2024年获得TC；航天时代飞鹏 FP98 ...

证券研究报告 需求、技术、政策共振，无人化物流发展正当时 行业投资评级：强于大市|维持 鲍学博 / 曾凡喆 / 马强 / 王煜童 中邮证券研究所 军工&交运团队 中邮证券 2025年4月10日 1 投资要点 请参阅附注免责声明 • 我国快递行业有望保持较高增速，无人化助力物流企业降本增效。2024年我国快递业务量达到1745亿件、快递业务收入1.4万亿元， 同比分别增长21%、13%。2025年，预计我国邮政快递业仍将保持稳步上升态势，快递业务量预计将达到1900亿件、快递业务收入将 达到1.5万亿元，增速8%左右。快递行业价格竞争激烈，快递行业在中转、运输环节已采取巨大努力节降成本，未来在揽派两端的降 本诉求持续上升。 • 自动驾驶和无人机技术不断成熟。国内无人配送车L4级自动驾驶技术逐步成熟，京东物流、美团、菜鸟、百度Apollo等电商巨头以 及新石器、白犀牛、文远知行、九识智能等科技初创企业推出的无人配送车均具备L4级自动驾驶能力；以无人eVTOL为代表的无人机 技术成熟，顺丰、美团小型无人机应用已初具规模；大疆FC30中型无人机、峰飞V2000CG大型无人机于2024年获得TC；航天时代飞鹏 FP98 ...

证券研究报告：国防军工 | 公司点评报告 股票投资评级 2025 年 4 月 10 日 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 44.70 | | --- | --- | | 总股本/流通股本（亿股）0.80 / 0.52 | | | 总市值/流通市值（亿元）36 / 23 | | | 52 周内最高/最低价 | 53.44 / 24.70 | | 资产负债率(%) | 9.2% | | 市盈率 | -1,712.64 | | 第一大股东 | 魏强 | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 观想科技(301213) 转型升级智能装备和 AI 业务，军民双向拓展成长 空间广阔 ⚫ 投资要点 观想科技成立于 2009 年，立足国防装备自身信息化、装备管理 信息化领域，以自主可控新一代信息技术在军工行业的应用为核心业 务。结合 AI 技术发展前景，公司向智能装备和人工智能方面转型升 级，并 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance in the near term [8][9]. Core Insights - The company, Guanshang Technology, is transitioning towards intelligent equipment and AI business, leveraging its experience in the defense industry to expand into civilian markets, achieving breakthroughs in various sectors such as smart education and emergency response [4][6]. - The intelligent equipment business is based on a "software-defined hardware" approach, aligning with the trends of low-cost and sustainable development, which enhances performance while reducing costs [5]. - The company has established a strong presence in the AI field, focusing on edge AI capabilities that integrate military knowledge to enhance unmanned equipment and edge computing devices [6]. - The company has rich experience in equipment lifecycle management, previously serving military clients, and is now expanding into the civilian market, evidenced by recent contracts and projects [9]. Financial Summary - The company is expected to turn a profit in 2024, with projected net profits ranging from 6.48 million to 7.54 million yuan, marking a significant turnaround from previous losses [9]. - Revenue is forecasted to grow significantly, with estimates of 144 million yuan in 2024, 335 million yuan in 2025, and 458 million yuan in 2026, reflecting a compound annual growth rate of 133.52% from 2024 to 2025 [11][14]. - The projected net profit for 2024-2026 is expected to be 0.07 billion yuan, 0.95 billion yuan, and 1.44 billion yuan respectively, with corresponding P/E ratios of 511, 38, and 25 [9][11].