丨证券研究报告丨 行业研究丨点评报告丨电子元件 [Table_Title] 折叠视界，创新无界——用想象推动世界 报告要点 [Table_Summary] 我们强调折叠屏手机产业链是在 4-5 月份非常值得关注的一条投资主线，一方面市场需要寻找 新的底部轮动方向，另一方面消费电子板块尤其是苹果供应链条公司在一季度及全年的业绩有 支撑、短期估值底部，叠加苹果折叠屏手机 5 月开始 NPI 催化，在铰链、屏幕、中框、轴盖等 多处零部件将有材料、工艺、结构等升级创新，我们判断今年果链的投资节奏有望重现在 2024 年 5 月苹果 AI 手机开启的果链行情。 分析师及联系人 [Table_Title2] 折叠视界，创新无界——用想象推动世界 %% %% research.95579.com 1 电子元件 cjzqdt11111 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 事件描述 细数过往消费电子行业创新层出不穷，折叠屏手机作为消费电子领域创新的 ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 重视麦加芯彩船舶突破，继续推荐玻纤 ——建材周专题 2025W12 报告要点 [Table_Summary] 重视麦加芯彩船舶突破，继续推荐玻纤 基本面：水泥价格由降转升，玻璃库存延续下降 重视一季报行情：玻纤/风电链+存量链 分析师及联系人 [Table_Author] SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 范超 张佩 李金宝 李浩 董超 地产高频成交：30 大中城市商品房一周滚动成交面积阳历同比+6%（上周+7%），12 城二手 房一周滚动成交面积阳历同比+27%（上周+34%），地产高频成交维持相对稳定。 水泥：三月底，全国重点地区水泥企业出货率约 46%，环比继续上升 2 个百分点，同比约持 平。价格方面，尽管下游需求总体表现不温不火，但在错峰生产加持，以及各地企业 ...

丨证券研究报告丨 [Table_Title] 嘉益股份 2024 年点评： 收入业绩延续高增，看好公司持续成长 公司研究丨点评报告丨嘉益股份（301004.SZ） 报告要点 [Table_Summary] 公司 2024 年实现营业总收入/归母净利润/扣非净利润 28.36/7.33/7.25 亿元，同增 60%/55%/56%；其中 2024 Q4 实现营业总收入/归母净利润/扣非净利润 8.51/2.02/2.01 亿元， 同增 56%/28%/41%。看好公司伴随新老客户增长持续放量带动公司收入整体延续不错增长， 此外公司越南基地产能爬坡、伴随新基地产能利用率提升有望拉动盈利修复。公司主要生产保 温杯品类至下游终端加价倍率较高，且客户全球化销售趋势&公司全球化产能布局有望减弱加 征关税影响。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 嘉益股份（301004.SZ） cjzqdt11111 蔡方羿 米雁翔 章颖佳 SAC：S0490516060001 SAC：S0490520070002 SFC：BUV46 ...

范超 张佩 SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 请阅读最后评级说明和重要声明 丨证券研究报告丨 公司研究丨点评报告丨坚朗五金（002791.SZ） [Table_Title] 收入仍然承压，经营质量较优 报告要点 [Table_Summary] 坚朗五金全年实现营业收入 66 亿元，同比下降 15%；归属净利润 0.9 亿元，同比下降 72%， 扣非净利润同比下降 84%。4 季度实现收入 17.3 亿元，同比下降 23%，归属净利润约 0.6 亿 元，同比下降 68%，扣非净利润下降 70%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 坚朗五金（002791.SZ） cjzqdt11111 [Table_Title2] 收入仍然承压，经营质量较优 [Table_Summary2] 事件描述 坚朗五金全年实现营业收入 66 亿元，同比下降 15%；归属净利润 0.9 亿元，同比下降 72%， 扣非净利润同比下降 84%。4 季度实现收入 17.3 亿元，同比下降 23%，归属净利 ...

报告要点 [Table_Summary] 科达制造全年实现营业收入约 126 亿元，同比增长 30%；归属净利润约 10 亿元，同比下降 52%，扣非净利润同比下降 51%。4 季度实现收入约 40 亿元，同比增长 51%，归属净利润约 3.0 亿元，同比增长 318%，扣非净利润同比增长 479%。 分析师及联系人 [Table_Author] 范超 赵智勇 张佩 SAC：S0490513080001 SAC：S0490517110001 SAC：S0490518080002 SFC：BQK473 SFC：BRP550 丨证券研究报告丨 联合研究丨公司点评丨科达制造（600499.SH） [Table_Title] 收入高增，全球竞争力凸显 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 科达制造（600499.SH） cjzqdt11111 [Table_Title2] 收入高增，全球竞争力凸显 [Table_Summary2] 事件描述 科达制造全年实现营业收入约 126 亿元，同比增长 30%；归属净利润约 10 亿元，同比下降 52%，扣非净利润同比下 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company achieved an annual revenue of 771.94 billion yuan, representing a year-on-year growth of 1.74%. However, the net profit attributable to shareholders was 23.38 billion yuan, a decrease of 1.81% year-on-year. The net profit after deducting non-recurring items was 19.81 billion yuan, down 8.44% year-on-year [2][8]. Summary by Relevant Sections Financial Performance - The company's revenue growth was stable, with significant contributions from overseas operations. The construction business revenue was 681.43 billion yuan, up 2.34% year-on-year, primarily due to increased overseas business. The dredging business revenue reached 59.40 billion yuan, an increase of 11.14%, driven by the expansion of dredging and filling operations. Other business revenue was 26.01 billion yuan, up 34.69%, mainly due to the consolidation of Qilian Mountain Cement [10]. - The company’s comprehensive gross margin was 12.29%, a decrease of 0.31 percentage points year-on-year. The gross margin for the construction business was 11.09%, down 0.48 percentage points, while the gross margin for the construction design business increased by 1.47 percentage points to 20.05% [10]. - The company’s operating cash flow net inflow was 12.51 billion yuan, an increase of 0.45 billion yuan year-on-year, with a cash collection ratio of 96.76%, up 2.24 percentage points [10]. Order and Contract Growth - The company signed new contracts worth 1.88 trillion yuan in 2024, a year-on-year increase of 7.30%. The new contracts from overseas regions amounted to 359.73 billion yuan (approximately 51.03 billion USD), up 12.50%, accounting for 19% of the total new contracts [10]. Shareholder Returns - The dividend payout ratio was increased to 21%, with a total cash dividend amounting to approximately 4.91 billion yuan, reflecting the company's commitment to shareholder returns [10].

丨证券研究报告丨 公司研究丨点评报告丨苏泊尔（002032.SZ） [Table_Title] 稳健增长，优质分红 报告要点 [Table_Summary] 2024 年全年公司实现营收 224.27 亿元，同比增长 5.27%，实现归母净利润 22.44 亿元，同比 增长 2.97%，实现扣非归母净利润 20.65 亿元，同比增长 3.52%。其中 2024 年四季度公司实 现营收 59.15 亿元，同比下滑 0.37%，实现归母净利润 8.12 亿元，同比下滑 0.73%，实现扣 非归母净利润 6.60 亿元，同比持平。同时公司拟向全体股东每 10 股派发现金红利 28.10 元 （含税），合计派发现金股利 22.39 亿元，对应分红率为 99.74%。 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 %% %% 苏泊尔（002032.SZ） cjzqdt11111 [Table_Title2] 稳健增长，优质分红 [Table_Summary2] 事件描述 %% %% research.95579.com 1 ...

丨证券研究报告丨 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 公司研究丨点评报告丨珠江啤酒（002461.SZ） [Table_Title] 珠江啤酒 2024 年年报点评：高档酒逆势扩容， 公司净利率再创新高 报告要点 [Table_Summary] 公司 2024 年营业总收入 57.31 亿元（同比+6.56%）；归母净利润 8.1 亿元（同比+29.95%）， 扣非净利润 7.62 亿元（同比+36.79%），其中 2024Q4 营业总收入 8.44 亿元（同比+2.11%）； 归母净利润 373.51 万元，扣非净利润-628.77 万元。 请阅读最后评级说明和重要声明 分析师及联系人 [Table_Author] 事件评论 丨证券研究报告丨 [Table_Title 珠江啤酒 2024 2] 年年报点评：高档酒逆势扩容， 公司净利率再创新高 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 珠江啤酒（002461.SZ） cjz ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company has optimized its product structure, leading to price increases and sustained improvement in profitability, with strong shareholder return value highlighted [2][8] - In the fiscal year 2024, the company achieved a revenue of 80.65 billion, a year-on-year increase of 0.3%, and a net profit of 3.734 billion, reflecting a growth of 19.8% [4][8] Summary by Sections Revenue and Profitability - For the first half of 2024, the company reported a revenue of 39.45 billion, a slight decline of 0.2%, while the gross margin improved by 3.3 percentage points to 33.6%, resulting in a net profit of 1.849 billion, up 25.0% year-on-year [4][7] Product Performance - The instant noodle segment generated revenue of 28.414 billion, down 1.3% year-on-year, with high-priced noodles experiencing a significant decline of 6.3% for the year [5] - The beverage segment achieved revenue of 51.62 billion, a year-on-year increase of 1.3%, with tea drinks maintaining strong growth at 21.7 billion, up 8.2% [6] Margin Improvement - The company's sales net profit margin increased by 1.0 percentage points to 5.4%, with gross margin rising by 2.7 percentage points to 33.1% [7] - The report indicates that the trend of margin improvement is strengthening, although there is a slight increase in expenses [7] Shareholder Returns - The company maintained a high dividend payout ratio of 100%, resulting in a dividend yield of 5.6% based on the current market capitalization, showcasing strong shareholder return value [2][8]

Investment Rating - The investment rating for TCL Electronics is "Buy" and is maintained [7] Core Views - The company is expected to achieve a revenue of HKD 99.322 billion in 2024, representing a year-on-year growth of 25.7%, and an adjusted net profit of HKD 1.606 billion, reflecting a growth of 100.1% [2][4] - The board has proposed a final cash dividend of HKD 0.318 per share, with a payout ratio of approximately 50.0% of the adjusted net profit [2][4] Revenue and Profitability - In the second half of 2024, the company is projected to generate revenue of HKD 53.828 billion, a year-on-year increase of 22.1%, and an adjusted net profit of HKD 9.52 billion, up 77.0% [2][4] - The gross profit for 2024 is expected to reach HKD 15.554 billion, a 13.8% increase year-on-year, with a gross margin of 15.7%, down 1.6 percentage points from the previous year [8][11] Business Segments Performance - The display business is anticipated to grow by 23.1% in 2024, while the innovative business is expected to see a significant increase of 37.0% [8][11] - The Mini LED TV segment is projected to have a global shipment of over 1.7 million units in 2024, marking a 194.5% increase year-on-year [8][11] Market Strategy - The company is focusing on a "mid-to-high-end and large-screen" strategy, which has led to a significant improvement in product structure [8][11] - TCL's global brand index for TVs has increased by 5.0% to 89, with leading market shares in regions such as Australia, the Philippines, Myanmar, and Pakistan [8][11] Future Outlook - The company is expected to continue its growth trajectory, with projected adjusted net profits of HKD 2.116 billion, HKD 2.489 billion, and HKD 2.881 billion for 2025, 2026, and 2027 respectively [8][11] - The corresponding price-to-earnings ratios are forecasted to be 11.16, 9.49, and 8.20 times for the same years [8][11]