丨证券研究报告丨 分析师及联系人 [Table_Author] 王贺嘉 王清 SAC：S0490520110004 SAC：S0490524050001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨航天电器（002025.SZ） [Table_Title] 存货高增保短期交付，景气向上成长加速 报告要点 [Table_Summary] 公司 2024 年受防务需求波动、订单不饱满导致收入业绩同比下滑，毛利率稳中有升，但期间 费用率提升导致净利率同比下滑；存货余额大幅增长保障短期交付，产能落地夯实中长期成长 确定性。 航天电器（002025.SZ） cjzqdt11111 research.95579.com 1 [Table_Title2] 存货高增保短期交付，景气向上成长加速 [Table_Summary2] 事件描述 公司发布 2024 年报，2024A 实现营业收入 50.25 亿元，同比减少 19.08%，实现归母净利润 3.47 亿元，同比减少 53.75%；2024Q4 实现营业收入 10.30 亿元，同比增长 2.31%，环比减 少 4.03% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a historical high in profitability, with a gross margin of 12.47% and a net margin of 7.97%, indicating strong operational efficiency [2][6] - In Q4 2024, the company reported a significant revenue increase of 50.99% year-on-year, reaching 175.40 billion yuan, and a net profit growth of 145.19% year-on-year, amounting to 15.76 billion yuan [6][2] - The company is actively expanding production capacity to support the launch of new models, with inventory levels indicating strong short-term demand [2][6] Summary by Sections Financial Performance - For the full year 2024, the company reported total revenue of 428.37 billion yuan, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders was 33.94 billion yuan, an increase of 12.86% year-on-year [6][2] - The Q4 2024 results showed a remarkable recovery, with revenue of 175.40 billion yuan and net profit of 15.76 billion yuan, marking a significant turnaround from earlier quarters [6][2] Operational Insights - The company has successfully navigated external challenges related to contract signing and supply chain issues, achieving a balanced production goal [2][6] - The inventory balance at the end of 2024 reached a historical high of 136.01 billion yuan, reflecting robust short-term demand and ongoing capacity expansion [2][6] Profitability and Efficiency - The company maintained a stable gross margin throughout the year, with a historical high net margin of 9.15% in Q4 2024, driven by effective cost control measures [2][6] - The forecast for net profit from 2025 to 2027 is projected to grow to 39.56 billion yuan, 47.32 billion yuan, and 55.77 billion yuan, respectively, with corresponding PE ratios of 31, 26, and 22 times [2][6]

Investment Rating - The investment rating for Hainan Huatie (603300.SH) is "Buy" and is maintained [11] Core Views - The company plans to issue a total of up to RMB 2 billion in debt financing tools in the interbank bond market, primarily for projects in intelligent computing and low-altitude operations, as well as to supplement working capital [2][8] - The issuance includes up to RMB 1 billion in short-term financing bonds and RMB 1 billion in medium-term notes [14] - The company has successfully signed contracts for computing power services totaling RMB 6.67 billion, with significant orders expected to contribute to profits in 2025 [14] - The management team has shown confidence in the company's future by increasing their shareholdings [14] - The company anticipates revenue growth from 2024 to 2026, with projected revenues of RMB 700 million, RMB 890 million, and RMB 1.09 billion respectively, corresponding to current market valuations of 28.7, 22.5, and 18.4 times [14] Summary by Sections Company Background - Hainan Huatie is engaged in intelligent computing and low-altitude operations, with a focus on expanding its service offerings and enhancing its financial position through debt issuance [14] Financial Performance - The company reported total revenue of RMB 4.444 billion in 2023, with projections of RMB 5.247 billion in 2024, RMB 6.322 billion in 2025, and RMB 7.347 billion in 2026 [19] - The net profit for 2023 was RMB 840 million, with forecasts of RMB 747 million, RMB 952 million, and RMB 1.164 billion for the following years [19] Market Position - The company has established a strong order book in the computing power sector, with cumulative signed orders reaching RMB 66.7 billion, indicating robust demand for its services [14] - The management's confidence is reflected in their recent share purchases, which may positively influence market perception and investor sentiment [14]

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 ...