报告要点 [Table_Summary] 公司发布 2024 年年报，实现营业收入 75.9 亿元，同比-49.8%，实现归母净利润 4.7 亿元，同 比-75.48%，实现扣非净利润 2.7 亿元，同比-86.23%；拆至 2024Q4，公司实现营业收入 20.7 亿元，同比下降 19.96%，归母净利润 0.1 亿元，同比下降 98.26%，环比下降 95.75%，实现 扣非净利润-0.5 亿元，同比下降 114.26%，环比下降 146.56%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨当升科技（300073.SZ） [Table_Title] 减值计提拖累业绩，看好新技术&海外成长性 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 当升科技（300073.SZ） cjzqdt11111 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a significant revenue increase of 35.31% year-on-year, reaching 10.731 billion yuan in 2024, with a net profit of 1.154 billion yuan, reflecting a 71.96% growth [2][5]. - The gross margin and net margin for 2024 were reported at 22.72% and 10.76%, respectively, showing improvements of 2.02 percentage points and 2.30 percentage points year-on-year [2][5]. - The company is experiencing accelerated performance release due to high-end product adoption and a surge in AI-related orders, particularly in AI computing and data center sectors [11]. - Collaborations with MFS Group have enhanced resource integration and operational synergy, contributing to the company's growth [11]. - The company is well-positioned to capitalize on the AI wave, leveraging its technological advantages in PCB manufacturing and focusing on high-end clients [11]. Financial Summary - For 2024, the company forecasts net profits of 4.019 billion yuan, 5.500 billion yuan, and 6.853 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17.32, 12.66, and 10.16 [11][16]. - The projected total revenue for 2025, 2026, and 2027 is 19.317 billion yuan, 25.112 billion yuan, and 30.134 billion yuan, respectively [16].

周观点0406：美国发布"对等关税"， 重视内需景气方向 长江证券研究所电力设备与新能源研究小组 2025-04-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 | 分析师 邬博华 | 分析师 曹海花 | 分析师 司鸿历 | 分析师 叶之楠 | | --- | --- | --- | --- | | SAC执业证书编号：S0490514040001 | SAC执业证书编号：S0490522030001 | SAC执业证书编号：S0490520080002 | SAC执业证书编号：S0490520090003 | | SFC执业证书编号：BQK482 | | SFC执业证书编号：BUD284 | | | 分析师 袁澎 | 分析师 王耀 | 分析师 任佳惠 | 分析师 周圣钧 | | SAC执业证书编号：S0490524010001 | SAC执业证书编号：S0490524120006 | SAC执业证书编号：S0490524070005 | SAC执业证书编号：S0490524120003 | %% %% %% %% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 2.932 billion, representing a year-on-year growth of 4.62%. The net profit attributable to shareholders was 581 million, with a year-on-year increase of 0.84%. However, the net profit excluding non-recurring items decreased by 9.26% to 514 million [2][6] - In Q4 2024, the company achieved a revenue of 736 million, showing a year-on-year growth of 21.08% and a quarter-on-quarter increase of 7.19%. The net profit attributable to shareholders reached 145 million, marking a significant year-on-year growth of 97.91% and a quarter-on-quarter increase of 16.16% [2][6] Revenue and Profit Analysis - The company's revenue and profit showed steady growth, with a focus on increasing R&D investments for future directions. In 2024, the revenue from aviation finished products was 1.35 billion (up 9.1% YoY), while basic materials generated 1.22 billion (down 7.8% YoY). Non-aviation finished products and processing services saw revenues of 180 million (up 44.6% YoY) and 160 million (up 97.3% YoY), respectively [12] - The overall gross margin for 2024 was 29.64%, a decrease of 1.91 percentage points YoY. The net profit margin was 19.82%, down 0.74 percentage points YoY. In Q4 2024, the gross margin improved to 26.88%, an increase of 6.04 percentage points YoY, while the net profit margin rose to 19.71%, up 7.65 percentage points YoY [12] Capacity and Investment - The company is actively advancing its capacity construction to meet new demand releases. By the end of 2024, fixed assets amounted to 240 million, an increase of 20 million from the beginning of the year. The balance of construction in progress was 170 million, up 60 million from the start of the year [12] - The company is utilizing raised funds to accelerate the upgrade of existing production capacities and establish a research and production platform to meet the development needs of advanced materials for engines. The investment progress for the high-performance elastomer materials and parts project reached 41% [12] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 731 million, 893 million, and 1.089 billion, respectively, with year-on-year growth rates of 26%, 22%, and 22%. The corresponding price-to-earnings ratios are projected to be 31, 26, and 21 times [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 10.355 billion, a year-on-year decrease of 10.55%, and a net profit attributable to shareholders of 640 million, down 52.19% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 2.831 billion, a year-on-year decrease of 21.56%, while the net profit was -373 million, a year-on-year decrease of 220.08% [2][6] - The company is facing short-term pressure on revenue and profit due to price adjustments from key customers, but its diversified business layout is expected to perform well in the long term [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.355 billion, with a net profit of 640 million and a non-recurring net profit of 574 million, reflecting decreases of 52.19% and 55.45% year-on-year respectively [2][6] - The fourth quarter results showed a significant decline in profitability, with a net profit of -373 million, marking a year-on-year decrease of 220.08% [2][6] Business Segments - The company’s forging products generated 8.111 billion in revenue, down 12.3% year-on-year, while hydraulic products and radiators saw slight increases and decreases respectively [6] - The company’s sales gross margin for 2024 was 23.69%, a decrease of 7.59 percentage points year-on-year, with a net margin of 7.37%, down 5.84 percentage points [6] Market Opportunities - The company is expanding its commercial engineering projects and has made significant progress in civil engineering, with a 71% year-on-year increase in civil aviation revenue [6] - The company is also exploring new markets, including electronic components for Huawei's supercharging stations and the wind power sector, which saw a 50% increase in orders [6] Capacity and Infrastructure - By the end of 2024, the company had fixed assets of 6.05 billion, an increase of 1.41 billion from the beginning of the year, and ongoing projects valued at 670 million [6] - The company’s new forging facility has reached full production capacity, generating 1.15 billion in revenue [6] Profit Forecast and Valuation - The company’s net profit is projected to reach 1.12 billion, 1.44 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 75%, 29%, and 29% [6]

丨证券研究报告丨 公司研究丨点评报告丨航亚科技（688510.SH） [Table_Title] 内外贸高景气延续，盈利能力再创新高 报告要点 [Table_Summary] 公司发布 24 年报，24A 实现营收 7.03 亿，同比增长 29.39%；归母净利润 1.27 亿，同比增长 40.27%（剔除股份支付影响后实现业绩 1.39 亿元，yoy+54.1%）；扣非归母净利润 1.03 亿， 同比增长 20.17%；其中 24Q4 实现营收 1.83 亿，同比增长 27.02%；归母净利润 0.34 亿，同 比增长 63.02%；扣非归母净利润 0.12 亿，同比减少 41.87%。 分析师及联系人 [Table_Author] SAC：S0490520110004 SFC：BUX462 王贺嘉 杨继虎 请阅读最后评级说明和重要声明 [Table_Title2] 内外贸高景气延续，盈利能力再创新高 [Table_Summary2] 事件描述 公司发布 24 年报，24A 实现营收 7.03 亿，同比增长 29.39%；归母净利润 1.27 亿，同比增长 40.27%（剔除股份支付影响后实现业绩 1.39 ...

丨证券研究报告丨 港股研究丨公司点评丨福莱特玻璃（6865.HK） [Table_Title] 2024Q4 单平盈利触底，2025Q2 迎来量利修复 报告要点 [Table_Summary] 福莱特发布 2024 年年报，2024 年实现收入 186.83 亿元，同比下降 13.2%；归母净利 10.07 亿元，同比下降 63.52%；其中，2024Q4 实现收入 40.79 亿元，同比下降 27.67%，环比增长 4.37%；归母净利-2.89 亿元，同比下降 136.54%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 福莱特玻璃（6865.HK） cjzqdt11111 [Table_Title2] 2024Q4 单平盈利触底，2025Q2 迎来量利修复 [Table_Summary2] 事件描述 福莱特发布 2024 年年报，2024 年实现收入 ...

丨证券研究报告丨 公司研究丨点评报告丨中国人保（601319.SH） [Table_Title] 中国人保 2024 年年报点评：车险承保盈利改善， 人身险价值持续高增 报告要点 [Table_Summary] 虽然一季度的暴雪冻雨、二三季度的洪涝台风等自然灾害使得承保业绩略有承压，但自然灾害 等短期因素并不影响公司稳健的基本面和盈利能力，同时伴随着对于市场竞争监管的增强，判 断行业中长期集中度将持续上行，看好公司资负两端改善和估值上行空间。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国人保（601319.SH） cjzqdt11111 [Table_Title 中国人保 2024 2] 年年报点评：车险承保盈利改 善，人身险价值持续高增 [Table_Summary2] 事件描述 中国人保发布 2024 年年报，公司实现归属净利润 428.7 亿元，同比增长 88.2%；人保财险实 现综合成本率 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 9.139 billion yuan for 2024, representing a year-on-year growth of 6.02%. The net profit attributable to the parent company was 1.117 billion yuan, up 1.38% year-on-year. After excluding GDR exchange losses, the net profit was 1.012 billion yuan, showing a significant growth of 20.26% [2][6] - The company is firmly embracing AI and robotics, which is expected to create new growth curves. The projected net profits for 2025-2027 are 1.3 billion, 1.52 billion, and 1.8 billion yuan, with corresponding P/E ratios of 32.0x, 27.3x, and 23.1x respectively [2][6] Revenue Summary - The company's revenue growth is relatively stable, with a notable increase in overseas markets. The total revenue for 2024 was 9.139 billion yuan, with a quarterly revenue of 2.802 billion yuan in Q4, which saw a decline of 4.73% year-on-year. The revenue growth rates for various sectors in 2024 were +6% for chemicals, +11% for petrochemicals, +48% for oil and gas, and +17% for pharmaceuticals, among others [12][12] - The overseas revenue reached 750 million yuan in 2024, with a year-on-year increase of 118%, and new contracts signed amounted to 1.36 billion yuan, up 35% year-on-year [12] Profitability Summary - The company's gross margin for 2024 was 33.8%, an increase of 0.7 percentage points year-on-year. The net profit growth for 2024 was 1% for the full year and a decline of 2% in Q4. The company faced asset impairment and credit impairment losses totaling 192 million yuan, which suppressed profit release [12][12] - The company has optimized its cost structure, with sales and management expense ratios decreasing to 8.7% and 15.2% respectively [12] Business Development - The company is actively exploring opportunities in the industrial AI sector, having launched its first time-sequence large model TPT in June 2024, which has been successfully applied in various industrial fields [12] - The robotics sector is also seeing accelerated development, with the company having developed various types of robots for specific industrial applications, generating revenue of 56.01 million yuan in 2024 [12] Investment Recommendations - The company is positioned as a leader in comprehensive solutions for intelligent manufacturing in the process industry. The new industrial AI strategy is expected to drive innovation in products, businesses, and models, facilitating further growth [12]

丨证券研究报告丨 行业研究丨点评报告丨通信设备 [Table_Title] 卫星互联网直连功能有望在手机领域加速应用 报告要点 [Table_Summary] 参考此前卫星产业链投资经验，用户段通常在空间段组网完成或临近组网时开始放量。当前时 点我国低轨卫星互联网尚未完成组网，2024 年华为 MateX6 低轨卫星互联网功能搭载节奏大 超预期，而本次宽带直连手机试验星发射后有望带动其他手机厂商加速相关应用。重点关注在 低轨卫星互联网直连手机基础器件如基带芯片、射频芯片等布局完善的企业，如海格通信。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备 cjzqdt11111 [Table_Title2] 卫星互联网直连功能有望在手机领域加速应用 [Table_Summary2] 事件描述 2025 年 4 月 1 日，我国在酒泉卫星发射中心以一箭四星的方式发射卫星互联网技术试验卫星。 事件评论 北斗 ...