[Table_Title] 人形机器人系列七：从应用侧看人形机器人的发 展变化 行业研究丨深度报告丨机械 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 人形机器人本体厂商持续扩充的背景下叠加各家人形机器人本体厂商在 2025 年推进量产落 地，产业化应用到了关键时刻。从产业趋势来看，2025 年将成为人形机器人的量产元年，全球 人形机器人销量有望达到上万台。近一年国内多家本体厂商已经展示行走、奔跑、崎岖地面行 进、搬运、拣选物品等运动，但是要实现充分的商业化场景落地，这些能力还显得比较碎片化。 目前政策推动人形机器人产业化应用积极探索，人形机器人示范化应用场景有望持续落地，建 议重视应用端投资机会。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524030001 SFC：BRP550 赵智勇 倪蕤 刘晓舟 [Table_Titl ...

Investment Rating - The investment rating for the company is "Buy" [11]. Core Viewpoints - The company has maintained the leading position in the domestic strain gauge sensor market for 14 consecutive years and is gradually moving towards the center of the industrial IoT ecosystem. The global industrial IoT market size reached USD 98.086 billion in 2021 and is expected to grow to USD 303.859 billion by 2027, with a CAGR of 20.74%, indicating a vast market space. The company is focusing on "sensors + IoT" for stable internal development and is actively expanding into the robotics sector, which presents new growth opportunities [2][6][9]. Summary by Relevant Sections Company Overview - The company, established in 1995, is a major player in the global weighing field and a pioneer in the industrial IoT sector. It specializes in various physical quantity sensors, weighing instruments, electronic weighing systems, and complete industrial IoT systems [21][22]. Market Development - The industrial IoT is entering a new era, with the global market expected to grow significantly. The sensor market is a core component of this growth, with the global sensor market size reaching USD 171.03 billion in 2021 and projected to reach USD 203.36 billion in 2023. The Chinese sensor market is also expected to grow from CNY 290.52 billion in 2021 to CNY 404.46 billion in 2023 [7][54]. Business Performance - The company has shown steady growth, with a CAGR of 9.29% in total revenue and 23.21% in net profit from 2016 to 2023. In 2023, the company achieved revenue of CNY 1.072 billion, a year-on-year increase of 1.10%, and a net profit of CNY 312 million, up 20.11% year-on-year [6][36]. Product and Revenue Structure - The company's main revenue sources are sensors, instruments, and system integration products, which together account for over 80% of total revenue. In 2023, the revenue from mechanical sensors and instruments accounted for 61.88%, while industrial IoT and system integration products contributed 29.33% [39][46]. Robotics Sector - The company is actively laying out its strategy in the robotics sensor market, which is expected to become a new growth point. The demand for six-dimensional force sensors in humanoid robots is anticipated to increase significantly, providing a substantial market opportunity for the company [8][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 3.306 billion, representing a year-on-year growth of 20.9%. The net profit attributable to shareholders was 162 million, up 19.5% year-on-year, while the non-deductible performance was 159 million, also growing by 20.9% [2][4]. - In Q4, the company reported a revenue of 955 million, a year-on-year increase of 15.8%, with a net profit of 45 million, reflecting a growth of 16.0% year-on-year [2][4]. - The company is expected to see net profits of 210 million and 300 million in 2025 and 2026, corresponding to price-to-earnings ratios of 30 and 21 times, respectively [6]. Financial Performance Summary - The company’s revenue growth is driven by various product segments, with automotive products showing a significant increase of 32.19% to 1.297 billion, while shipping products surged by 113.30% to 357 million [9]. - The overall gross margin for the year was 17.6%, a slight decrease of 0.5 percentage points, with improvements in margins for rail transit, automotive, shipping, and lightweight products [9]. - The company’s net profit margin for the year was 4.9%, showing a slight decline year-on-year [9]. Future Growth Opportunities - The company is positioned to benefit from the growing demand for automotive sealing systems, having established partnerships with major automotive manufacturers [9]. - The company has entered a long-term supply agreement with Longi Green Energy for its short frame products, which are expected to significantly increase in volume from June 2025 to June 2027, with a projected procurement volume of 8GW [9].

丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 美国加征关税，对钢铁影响几何？ 报告要点 [Table_Summary] 美国加征关税落地，对钢铁有哪些影响？（1）对美钢材出口或形成冲击：2023 年，我国向美 国直接出口钢材约 85 万吨，测算隐性出口 907 万吨，转运出口约 1000 万吨；综合来看，随着 美国关税提升，或对 1992 万吨的钢材出口产生影响。（2）铁矿在多空因素交织下，价格波动 或放大：随本轮美国在全球范围加征关税，或压制全球工业需求，加速铁矿石的供给宽松预期。 另一方面，由于美国是全球主要的废钢出口国，若美国通胀水平上升，或带动全球废钢价格上 涨，从而对铁矿价格形成支撑。（3）随钢铁过剩压力加大，需求侧和供给侧的催化值得期待。 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% [Table_Title2] 美国加征关税 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 47.88 billion, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million [6][12]. - The fourth quarter saw a significant revenue increase of 25.81% year-on-year, but the net profit dropped by 65.65% compared to the same quarter last year [6][12]. - The company is actively expanding its civilian product business, focusing on low-altitude, general aviation, and commercial aviation engines, which are expected to be key growth areas in the future [12]. Summary by Sections Revenue and Profitability - In 2024, the company reported total revenue of 47.88 billion, with a 10.03% increase in the aviation engine and derivative products segment, while the foreign trade export business grew by 6.45% [12]. - The overall gross profit margin for the year was 10.06%, a decrease of 1.03 percentage points year-on-year, with a notable drop in the fourth quarter gross margin to 7.72% [12]. Business Segments - The company’s subsidiaries showed varied performance, with the main subsidiary achieving a revenue of 16.03 billion (up 24% year-on-year) and another subsidiary reaching 27.37 billion (up 4% year-on-year) [12]. - The company is a key supplier of core components for domestic commercial aircraft engines and is expanding into the low-altitude economy and general aviation markets [12]. Future Outlook - The projected net profit for 2025-2027 is expected to be 970 million, 1.63 billion, and 2.30 billion respectively, with growth rates of 12%, 69%, and 41% [12]. - The company is preparing for a new round of demand release by actively laying out new production capacities [2].

丨证券研究报告丨 行业研究丨专题报告丨银行 [Table_Title] 营收增速回升，关注零售资产质量 ——35 家上市银行 2024 年年报综述 报告要点 [Table_Summary] 上市银行四季度营收增速普遍回升，大行受益于 2023Q4 低基数及投资收益和汇兑损益增加， 城农商行受益于债市行情推动投资收益高增长。利润增速角度，大部分银行均维持净利润正增 长，大行的净利润增速全面转正，优质城农商行的增速保持领先。净息差四季度降幅优于预期， 主要反映负债成本的加速改善。资产质量维度，不良率总体稳中有降，拨备覆盖率普遍回落支 撑利润增长。行业零售风险上升，预计 2025 年上半年行业零售风险仍存在压力。分红方面， 大型银行保持稳定。 分析师及联系人 [Table_Author] [Table_Summary2] 业绩增速：四季度营收增速普遍回升，优质城农商行保持领先 营收增速角度，2024 年多数国有大行和城农商行实现营收增速正增长，且四季度营收呈现加 速增长趋势，国有大行受益于 2023Q4 低基数及投资收益和汇兑损益增加，城农商行受益于债 市行情推动投资收益高增长。股份行营收下滑压力相对明显，主要利息 ...

丨证券研究报告丨 更新作者等信息 行业研究丨专题报告丨化工 [Table_Title] 中美互加关税，化工品影响如何？ 报告要点 [Table_Summary] 美东时间 4 月 2 日，美国白宫发表声明，拟对多个国家实行"对等关税"，其中对中国大陆税 率设为 34%；4 月 4 日中方发起反制，称自 4 月 10 日起，中方对原产于美国的所有进口商品 加征 34%关税。中美互加关税，贸易摩擦升级背景下，化工品影响几何？ 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 [Table_Title2] 中美互加关税，化工品影响如何？ [Table_Summary2] 美国对等关税靴子落地，中对美加征反制关税 美国白宫发表声明，拟从美东时间 4 月 5 日起，对所有国家征收 10%的"基准关税"（从价税）。 此外，还将从 4 月 9 日开始，对美国贸易逆差最大的国家征收个性化的更高对等关税，美国列 举了 180 多个经济体对美关税税率，并在此基础列举了"对等 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a net profit attributable to shareholders of 14.4 billion yuan for 2024, a decrease of 5.7 billion yuan (-28.4% YoY, adjusted). In Q4 2024, the net profit was 3 billion yuan, down 0.8 billion yuan (-21.3% QoQ) and down 1.5 billion yuan (-33.2% YoY, adjusted) [2][6] - The company plans to produce approximately 155 to 160 million tons of commercial coal in 2025, expecting a year-on-year increase of over 13 million tons, which is a significant growth rate among leading coal enterprises [12] - The expected net profit attributable to shareholders for 2025-2027 is projected to be 10.2 billion, 10.9 billion, and 11.3 billion yuan, respectively, with corresponding PE ratios of 13.8x, 12.9x, and 12.5x based on the closing price on April 1 [2][12] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 139.1 billion yuan, with a gross profit of 49.8 billion yuan, representing a gross margin of 36% [17] - The average selling price of self-produced coal in 2024 was 656 yuan/ton, down 129 yuan/ton (-16% YoY) [12][7] - The company declared a cash dividend of 7.7 billion yuan, with an A-share dividend payout ratio of 53.59%, resulting in a dividend yield of 5.7% as of April 1 [2][6] Production and Sales - In Q4 2024, the company produced and sold 36.68 million tons and 33.54 million tons of self-produced coal, respectively, with year-on-year increases of 5% and 3% [7] - The company’s domestic and international coal sales in Q4 2024 were 21.61 million tons and 11.93 million tons, respectively, both showing year-on-year increases of 3% [7] Cost and Profitability - The cost of self-produced coal in Q4 2024 was 324 yuan/ton, down 26 yuan/ton (-8% YoY), while the gross profit per ton was 313 yuan, down 99 yuan/ton (-24% YoY) [12][7] - The company aims to maintain a cost reduction trend while managing production costs effectively [12]

丨证券研究报告丨 行业研究丨专题报告丨银行 [Table_Title] 消费金融的政策红利影响展望 ——复苏的征途系列三 报告要点 [Table_Summary] 3 月以来监管层出台一系列政策措施支持消费金融，包括计划推出财政贴息、提高消费贷款额 度、推出消费贷款纾困政策等，希望通过信贷政策助力消费复苏。宏观层面，历史上政策重点 推动的信贷方向普遍实现高增长，预测 2025 年消费贷款增速回升至 7.0%。利率方面，结合此 前监管对于按揭贷款利率的政策导向，预计消费贷款利率也将维持 3.0%以上，避免资金空转、 违规贷款置换等行为。资产质量方面，目前零售贷款风险尚未确立拐点，仍需关注经济复苏和 居民收入改善的进程。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% 从银行角度，关注竞争格局演变、利率政策管控、资产质量 research.95579.com 1 [Table_Title 消费金融的政策红利影响展望 2] ——复苏的征途系列三 [Ta ...

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 不确定性再提升，把握公用确定性 报告要点 [Table_Summary] 受关税落地影响，本周能源类大宗商品普遍下跌，在此背景下，火电燃料成本端支撑或将更进 一步弱化，而且当前时点现货煤价持续与长协煤价倒挂，若火电企业进行购煤结构的优化，则 成本下降斜率存在更加陡峭的可能，火电业绩修复预期也将更加明朗。此外，水电经过去年年 底的回撤，股息率与十年期国债到期收益率的差值也触及阶段性高位，若考虑来水修复背景下 的水电业绩积极的表现以及宏观利率潜在下行的空间，水电的股息将具备更加充足的吸引力， 水电的防御价值及红利价值也有望更加突出。 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 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、电力供需存在恶化风险； 2、煤炭价格出现非季节性风险。 请阅读最后 ...