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 ...

分析师及联系人 丨证券研究报告丨 公司研究丨点评报告丨烽火通信（600498.SH） [Table_Title] 国产算力景气度高企，烽火通信盈利加速释放 报告要点 [Table_Summary] 烽火通信发布 2024 年度业绩快报。2024 年，公司实现营业收入 285.03 亿元，同比下降 8.44%； 归属于上市公司股东的净利润为 6.99 亿元，同比增长 38.38%。国产算力景气度高企，烽火通 信盈利加速释放，2024 年第四季度归属于母公司股东的净利润创近 5 年新高。主业经营质量 有望持续改善，子公司长江计算或将打造公司新增长极。 [Table_Author] 于海宁 刘泽龙 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 风险提示 1、AI 大模型进展可能不及预期； 2、算力芯片供应可能不及预期。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-04-06 烽火通信（600498.SH） cjzqdt11111 [Table_Title2] 国产算力景气度高企，烽火 ...

%% %% research.95579.com 公司研究丨深度报告丨绿的谐波（688017.SH） [Table_Title] 绿的谐波：国产谐波减速器龙头，机器人打开增 长空间 %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司是国内谐波减速器龙头企业，2023 年的国内销量市占率约为 21%，仅次于全球龙头哈默 纳科。根据 GGII 数据，2024 年中国工业机器人谐波减速器需求量为 78.37 万台，同比增长 17.1%，GGII 预计到 2026 年国内工业机器人市场减速器总需求量有望超过 270 万台。此外非 机器人应用亦持续扩容，市场格局有望迎来新变化，预计哈默纳科现有产能及扩产规划难以补 足下游需求缺口，或将难以维持其此前地位。而受益于国产替代、下游降本等趋势，叠加公司 技术、成本、产能优势，公司将成为国产谐波减速器突围的主力军。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 刘晓舟 请阅读最后评级说明和重要声明 2 / 38 SFC：BRP550 %% %% %% %% research.95579.com 2 SAC：S0490517110001 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The report emphasizes that Haier Smart Home is leveraging AI technology to enhance its strategic, product, and ecological frameworks, leading the industry towards a smart home future [2][3][10]. Strategic Aspects - AI is aiding the company in deepening digital transformation and improving operational efficiency, with a shift to online marketing, AI-driven service matching, and smart logistics reducing costs [11][13]. - The company has upgraded its R&D, manufacturing, and order systems using AI, resulting in a 20% reduction in R&D cycles, a 30% increase in production efficiency, and a 13% improvement in order response times [11][15][16]. Product Development - Haier is transitioning from "assisting with chores" to a vision of "unmanned chores," introducing the "AI Eye" series of appliances that autonomously manage cooking and laundry tasks [17][20]. - The "AI Eye" technology enables appliances to recognize and respond to user needs, enhancing user experience and operational efficiency [20][21]. Ecological Development - The "Smart Home Brain" has been upgraded to incorporate AI perception, voice, and visual capabilities, aiming to create a more intuitive home environment [36][38]. - The company is expanding its smart home solutions through its "Three Wings Bird" brand, which covers smart appliances, customized home solutions, and comprehensive home control [31][35]. Investment Recommendations - The report suggests that Haier Smart Home is well-positioned to capitalize on AI-driven opportunities, with projected net profits of 21.44 billion, 24.29 billion, and 26.76 billion yuan for 2025-2027, corresponding to P/E ratios of 11.5, 10.1, and 9.2 times [43].

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 92.746 billion yuan in 2024, representing a year-on-year growth of 8.35%. The net profit attributable to shareholders reached 3.348 billion yuan, up 17.99% year-on-year, and the net profit excluding non-recurring items was 2.606 billion yuan, an increase of 10.65% year-on-year [3][9]. - In Q4 2024, the company reported a revenue of 22.167 billion yuan, a year-on-year increase of 7.08%, with a net profit attributable to shareholders of 555 million yuan, up 34.91% year-on-year, and a net profit excluding non-recurring items of 317 million yuan, an increase of 8.24% year-on-year [3][9]. - The company plans to distribute a cash dividend of 12.30 yuan per 10 shares (tax included) to all shareholders, without issuing new shares or capitalizing reserves [3][9]. Revenue and Profit Analysis - The company's revenue structure shows a decline in domestic sales, with domestic revenue at 47.994 billion yuan, down 2.12% year-on-year, while foreign sales reached 35.629 billion yuan, up 27.59% year-on-year. The growth in foreign sales is attributed to the increasing influence of its overseas brands [9]. - The air conditioning segment generated revenue of 40.284 billion yuan, a growth of 4.22% year-on-year, while the ice washing segment saw revenue of 30.839 billion yuan, up 18.29% year-on-year [9]. - The overall gross margin for 2024 decreased by 0.43 percentage points to 20.78%. The air conditioning segment's gross margin was 28.55%, down 1.32 percentage points, while the ice washing segment's gross margin was 17.56%, down 0.74 percentage points [9]. Future Outlook - The company is expected to maintain a trend of scale and efficiency improvement, with projected net profits for 2025, 2026, and 2027 at 3.858 billion yuan, 4.401 billion yuan, and 5.025 billion yuan, respectively, corresponding to PE ratios of 9.9, 8.7, and 7.6 times [9].

丨证券研究报告丨 行业研究丨专题报告丨纺织品、服装与奢侈品 [Table_Title] 纺织服装行业 2025Q1 业绩前瞻：品牌景气改 善，制造有待修复 报告要点 [Table_Summary] 品牌端，消费促进政策下 Q1 流水平稳修复，多数公司实现正增长，表现好于预期。细分子行业表现依 旧有所分化，中高端男装弹性较强增长表现较优，运动零售保持稳健增长，大众品牌亦实现增长回暖， 利润端则在差异化的控费水平和经营杠杆下有所分化。制造端，下游库存已至健康水平，叠加主要出口 国需求边际弱化，制造短期承压。需求端，Q1 美国和日本需求边际弱化。库存端，现大多数品牌及零 售商库存回至健康状态，但海外需求较弱，预计回补动能弱，Nike 复苏节奏延后进一步影响相关产业链 订单弹性。需求和库存两维度，制造β短期均有一定压力，关税预期或进一步压制制造表现。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 柯睿 SAC：S0490518020002 SAC：S0490524020003 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% resear ...

[Table_Summary] 中央及地方"消费券+服务提质"政策组合拳持续发力，直接拉动餐饮终端消费及上游供应链需 求。以速冻食品、调味品、啤酒为代表的标准化产品契合餐饮业降本增效趋势，B 端订单修复 弹性逐步扩大。在政策端持续加码餐饮消费券及居民消费意愿逐步修复的背景下，餐饮供应链 板块有望迎来供需双振的成长机遇，建议关注餐饮链板块受益标的。 丨证券研究报告丨 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] "每食每刻"系列之（十二）：北京发放餐饮消 费券，关注后续政策发力 报告要点 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 中央及地方"消费券+服务提质"政策组合拳持续发力，直接拉动餐饮终端消费及上游供应链 需求。标准化产品契合餐饮业降本增效趋势，B 端订单修复弹性逐步扩大。在政策端持续加码 餐饮消费券及居民消费意愿逐步修复的背景下，餐饮供应链板块有望迎来供需双振的成长机 遇。 ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 非农超预期，但难解关税忧虑 2] ——3 月美国非农就业数据点评 世界经济与海外市场丨点评报告 [Table_Title] 非农超预期，但难解关税忧虑 ——3 月美国非农就业数据点评 报告要点 [Table_Summary] 2025 年 3 月，美国非农就业数据大幅低于预期，主要冬季寒潮过后部分服务业就业改善。家庭 调查数据来看，美国季调失业率升至 4.2%，高于预期水平，但保留 3 位小数来算 3 月较 2 月 失业率仅回升约 0.013%，实际变动幅度较小。数据整体指向美国劳动力市场仍稳健，但特朗 普"对等关税"超预期落地背景下，即便 3 月非农就业数据稳健，也难以化解市场对于美国经 济前景的深切担忧。往前看，我们认为，美联储正处于决策窗口期："对等关税"的实际落地情 况，及其对经济的影响将是决定后续货币政策的关键。 分析师及联系人 [Table_Author] 于博 敬成宇 SAC：S0490520090001 SFC：BUX667 [Table_Summary2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In March 2025, the company achieved a total sales volume of 97,991 vehicles, representing a year-on-year decrease of 2.3% but a month-on-month increase of 25.8%. Notably, the sales of new energy vehicles reached 25,000 units, accounting for 32.5% of total sales, with a year-on-year increase of 15.0% and a month-on-month increase of 66.5% [2][5]. - The company is accelerating its global expansion and is committed to transitioning towards new energy, which is expected to drive improvements in both sales and performance. The long-term growth potential is supported by four strategic expansion initiatives and a shift towards smart technology, which opens up profitability across the entire industry chain [2][5]. Summary by Sections Sales Performance - In March 2025, the company sold 97,991 vehicles, with domestic sales of 66,000 units (up 2.7% year-on-year, up 41.4% month-on-month) and export sales of 31,806 units (down 11.2% year-on-year, up 2.4% month-on-month) [5]. - Cumulative sales for the first three months of 2025 totaled 257,000 vehicles, down 6.7% year-on-year, while new energy vehicle sales reached 63,000 units, up 5.7% year-on-year [5]. Brand Performance - In March, the Haval brand sold 52,732 units (down 2.4% year-on-year, up 21.8% month-on-month), while the Tank brand sold 17,381 units (down 8.3% year-on-year, up 47.8% month-on-month). The WEY brand saw a significant increase in sales, up 29.6% year-on-year [5]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments domestically, emphasizing the plug-in hybrid segment and accelerating the launch of smart new energy products across multiple brands [5]. - The "ONE GWM" strategy is enhancing the company's overseas presence, with sales channels established in over 170 countries and regions, and production bases in Thailand and Brazil [5]. Financial Projections - The company is projected to achieve net profits of 16.04 billion, 17.62 billion, and 19.66 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding A-share price-to-earnings ratios are estimated at 13.7X, 12.5X, and 11.2X [5].