[Table_Author] 丨证券研究报告丨 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 行业研究丨专题报告丨家用电器 [Table_Title] 如何看家电龙头机器人布局前景？ 报告要点 [Table_Summary] 近期家电龙头企业布局人形机器人赛道受到市场广泛关注。我们认为，家电龙头企业过往在工 业机器人、家居环境对应的 know-how 能力以及零部件制造环节等维度拥有深厚积淀。布局人 形机器人产业，或有望赋能家电企业产品的智能化进阶，于估值维度打开成长空间。与此同时， 家电龙头企业经营端表现稳健，经营质量优异，基于此推荐：美的集团、海尔智家、格力电器。 分析师及联系人 [Table_Summary2] 人形机器人星辰大海，龙头短期落地亦有抓手 人形机器人赛道广阔蓝海，有望分别于 2025-2028、2030-2035 年在工业场景和消费场景实现 经济可行性，未来销量有望达百万台。产品大范围落地的难点主要在于软件端的算法、算力有 待提升以及硬件端的成本有待下降，当前产业正看到积极变化。对于家电龙头而言，短期落地 亦有抓手：1）人形机器人有望率先在 ...

丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 家电行业 2025Q1 业绩前瞻：需求强韧性，业绩 高确定性 报告要点 [Table_Summary] 2025 年一季度来看，在国补助力下家电各细分领域业绩整体韧性较强，其中：白电龙头基于空 冰洗品类在国补助力下延续较好需求趋势，同时海外在新兴市场增量贡献下需求表现较好；两 轮车龙头由于去年同期基数较低，叠加以旧换新政策陆续落地终端需求回升，综合使得业绩增 长弹性较高。厨电领域，综合性厨电龙头营收端企稳回升，预计延续季度增长趋势；小家电呈 现分化趋势，必选属性，以及价格段较高受益于国补的部分品类，收入端保持韧性增长，而可 选品类营收端有所回落。 家用电器 cjzqdt11111 [Table_Title 家电行业 2025 2] Q1 业绩前瞻：需求强韧性，业 绩高确定性 [Table_Summary2] 总览：白电和两轮车龙头业绩增长趋势较好 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 7.067 billion yuan for 2024, representing a year-on-year increase of 0.52%. However, the profit attributable to shareholders decreased by 43.12% to 1.324 billion yuan, while the adjusted net profit increased by 3.31% to 1.676 billion yuan. In the second half of 2024, revenue dropped by 16.46% to 2.934 billion yuan, and profit attributable to shareholders fell by 22.94% to 572 million yuan [2][7][10]. Summary by Sections Revenue and Profit Performance - The company achieved a total revenue of 7.067 billion yuan in 2024, with a slight increase of 0.52% year-on-year. The profit attributable to shareholders was 1.324 billion yuan, down 43.12% year-on-year. The adjusted net profit was 1.676 billion yuan, reflecting a year-on-year increase of 3.31%. In the second half of 2024, revenue was 2.934 billion yuan, a decrease of 16.46% year-on-year, and profit attributable to shareholders was 572 million yuan, down 22.94% year-on-year [2][10]. Brand Performance - Revenue from the brand "Zhenjiu" was 4.48 billion yuan in 2024, a decrease of 2.26% year-on-year, with sales volume at 12,284 tons, down 2.74%. The average price per ton was 3.65 million yuan, up 0.55% year-on-year. For the second half of 2024, revenue from "Zhenjiu" was 1.777 billion yuan, down 21.95% year-on-year. The "Lidu" brand generated 1.313 billion yuan in revenue, an increase of 18.33% year-on-year, with sales volume at 3,033 tons, up 24.87%. The average price per ton was 4.33 million yuan, down 5.25% year-on-year [10]. Margin and Cost Structure - The company's gross margin increased to 58.63%, up 0.59 percentage points year-on-year. The sales expense ratio decreased to 22.8%, down 0.34 percentage points year-on-year. The overall price per ton for the company was 2.85 million yuan, reflecting a year-on-year increase of 5.56% [10]. Future Outlook - The company is expected to benefit from external recovery and internal optimization, with a projected EPS of 0.49 yuan for 2025 and 0.55 yuan for 2026, corresponding to PE ratios of 12 and 11 times, respectively. The long-term outlook suggests potential benefits from a multi-brand strategy and improvements in the competitive landscape of the liquor industry [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved its first Non-IFRS profit in 2024, with total revenue of 9.42 billion RMB (up 51.8% year-on-year), product revenue of 8.23 billion RMB (up 43.6% year-on-year), net profit of 330 million RMB, EBITDA of 410 million RMB, and a gross margin of 84.9% (up 2.1% year-on-year). The sales and administrative expense ratio decreased to 50.9% (down 7.1% year-on-year), with cash on hand of 10.22 billion RMB and R&D investment of 2.5 billion RMB [2][5][8]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 9.42 billion RMB, marking a 51.8% increase year-on-year. Product revenue reached 8.23 billion RMB, reflecting a 43.6% year-on-year growth. The net profit was 330 million RMB, with an EBITDA of 410 million RMB and a gross margin of 84.9% [2][5][8]. Strategic Goals - The company has set clear strategic goals for the next decade, aiming for a product revenue of 20 billion RMB by 2027 and plans for five pipelines to enter global multi-center Phase III clinical trials by 2030 [8]. Product Development - The company has seen significant growth in new products, with strong sales performance from its main products, including 达伯舒® (信迪利单抗注射液) and others. The product portfolio is expanding with new targeted drugs, including 达伯特® (KRAS G12C) and others. Notable new drug approvals include 信必乐® and 信必敏® [8]. Long-term Growth Drivers - The long-term growth is driven by the oncology and comprehensive product lines, with expectations of reaching 20 billion RMB in product revenue by 2027. The company plans to leverage at least 20 approved products and expand into new clinical innovations and indications [8]. Profit Forecast - The company forecasts net profits of 631 million RMB, 1.142 billion RMB, and 1.570 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.38 RMB, 0.69 RMB, and 0.95 RMB [8].

风险缓释，价值重估 ——非银金融行业2024年报综述 长江证券研究所非银金融研究小组 2025-04-09 %% %% %% %% 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 吴一凡 分析师 谢宇尘 分析师 戴永飞 分析师 程泽宇 SAC执业证书编号：S0490519080007 SAC执业证书编号：S0490521020001 SAC执业证书编号：S0490524070001 SAC执业证书编号：S0490524090001 SFC执业证书编号：BUV596 资料来源：Wind，公司公告，长江证券研究所 %% %% %% %% research.95579.com 2 综述：风险缓释，价值重估 %% research.95579.com 3 ➢ 总结：2024是非银金融机构对抗利率下行初显成效的一年，除了直观的资产收益率大幅回升之外，成本下降或是更为重要的成果。一方面是传统 险预定利率的下调及分红险占比的回升，另一方面是券商费用率的下降。总的来看，利率快速下行带来的潜在风险有明显下降，而泛财富管理业 务作为行业中长期增长的引擎并未发 ...

金融工程丨深度报告 [Table_Title] 多因子选股（二十）：因子投资新时代 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2022 年以来，以深度学习因子为代表的量价类策略表现优异，但在 2024 年有较大波动，9 月 底在短时间内超额收益产生较大回撤。实际上基于线性多因子模型的因子投资于 2019 年以来 发生了较大变化，2024 年的市场波动或是因子投资的新一轮起点。 分析师及联系人 [Table_Author] 覃川桃 郑起 SAC：S0490513030001 SAC：S0490520060001 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title2] 多因子选股（二十）：因子投资新时代 [Table_Summary2] 2010 年以来，因子收益能力有一定程度的下降 以 ICIR 和信息比衡量因子选股的收益能力，时序回归的拟合线均为向下方向，且信息比的下 降幅度相比 ICIR 更大，选股的多头端信息衰减速度更 ...

丨证券研究报告丨 行业研究丨专题报告丨基础化工 [Table_Title] 化工专题：领涨产品持续性几何？ 报告要点 [Table_Summary] 2025 年 3 月下旬，A 股化工板块成为资本市场关注的焦点，其涨价逻辑的核心源于全球供给端 收缩、海外产能退出加速与国内春季旺季需求爆发的三重共振。如何看待后续领涨产品的涨价 持续性？ 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 基础化工 cjzqdt11111 [Table_Title2] 化工专题：领涨产品持续性几何？ 2025 年 3 月下旬，A 股化工板块成为资本市场关注的焦点，其涨价逻辑的核心源于全球供给 端收缩、海外产能退出加速与国内春季旺季需求爆发的三重共振。受能源成本高企、环保政策 趋严及地缘政治风险影响，2023-2024 年欧洲已有约 1100 万吨/年的乙烯、丙烯等基础化工产 能永久关停，以巴斯夫为代表的龙头企业甚至关闭本土合成氨、TDI 产线并加速向中国湛江等 低成本地区转 ...

行业研究丨深度报告丨医疗保健设备 [Table_Title] 关节置换方兴未艾，翻修存在刚性需求 %% %% 报告要点 [Table_Summary] 2021 年人工关节首次国采协议期已满，接续集采温和落地，初次置换市场整体企稳向上。目前 工艺暂无法解决的应力遮挡问题会造成人工假体无菌性松动等，初次置换的人工假体寿命仅有 15-20 年，因此关节翻修存在刚性临床需求。我们预计国内翻修手术高峰期将自 2027 年开始， 随着初次置换手术渗透率提升以及翻修需求的释放，国内关节置换市场将迎来快速增长。 分析师及联系人 [Table_Author] 彭英骐 SAC：S0490524030005 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% research.95579.com 2 医疗保健设备 cjzqdt11111 [Table_Title2] 关节置换方兴未艾，翻修存在刚性需求 [Table_Summary2] 人工关节首轮集采协议期满，接续集采温和落地，初次置换市场企稳向上 人工关节 2021 ...

丨证券研究报告丨 联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 业绩符合预期，经营扎实、趋势向好，期待 2025 年弹性 报告要点 [Table_Summary] 公司 2024 年实现营业收入 216.06 亿元，同比增长 2.71%；实现归母净利润 19.88 亿元，同比 增长 5.68%；实现扣非归母净利润 17.92 亿元，同比增长 1.54%。公司 2024 年第四季度实现 营业收入 41.42 亿元，同比增长 15.69%；实现归母净利润 4.34 亿元，同比增长 34.23%；实 现扣非归母净利润 3.45 亿元，同比增长 8.69%。预计 2025 年第一季度公司归母净利润约为 6.05 亿元，同比增长 25.12%，扣非归母净利润约为 5.93 亿元，同比增长 31.57%。 分析师及联系人 陈亮 蔡方羿 高伊楠 仲敏丽 SAC：S0490517070017 SAC：S0490516060001 SAC：S0490517060001 SAC：S0490522050001 SFC：BUW408 SFC：BUV463 SFC：BUW101 [Table_Auth ...

丨证券研究报告丨 公司研究丨点评报告丨宇通重工（600817.SH） [Table_Title] 新能源环卫装备销量高增带动收入增长，竞争激 烈装备毛利率整体有所下降 报告要点 [Table_Summary] 宇通重工 2024 年实现营业收入 38.0 亿元，同比增长 30.67%，归母净利润 2.3 亿元，同比增 长 3.97%，扣非归母净利润 1.7 亿元，同比增长 22.71%。公司环卫装备 2024 年销量 3,221 辆，同比增长 17.2%，显著高于行业增长，环卫装备收入 15.43 亿元，同比增长 28.92%，其 中新能源环卫装备 2024 年销量同比增长 77.4%。2024 年公司期间费用率下行 3.85pct，降本 增效效果明显。现金流大幅改善，收现比持续健康，长期看好公司竞争优势带动业绩回暖增长。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 宇通重工 20 ...