业绩简评 费用端：三费率逐季度优化，单季度三费支出约 2.2 亿元。 1）总量端：24 全年公司三费率合计为 54.0%，yoy-41.3pct， 公司现有超 1,500 名员工，相比 23 年报 1,324 人增员约 13.3%。2）结构端：1）销售费率 24 全年 6.1%，yoy-1.2pct； 24Q1-4 分别为 7.9%/7.8%/6.5%/5.2%；2）管理费率 24 全 年 9.1% ， yoy-2.7pct ； 24Q1-4 分别为 10.6%/12.0%/8.9%/8.8%；3）研发费率 24 全年 33.6%，yoy- 4.6pct；24Q1-4 分别为 41.2%/45.0%/37.2%/29.3%。 盈利预测、估值与评级 预计公司 25~27 年营业收入分别为 26.8/42.3/55.8 亿元，归 母净利润分别为-2.68/1.71/5.82 亿元。公司股票现价对应 PS 估值为 6.2/3.9/3.0 倍，维持"买入"评级。 风险提示 智驾技术路线改变风险；智驾渗透率提升不及预期风险；激 光雷达降本速度不及预期风险；国际局势影响海外销售风险。 0 500 1,000 1,500 ...

3 月制造业 PMI 在临界值以上进一步回升 0.3 个点至 50.5，春旺效应仍在，力度却略低于预期。分项指标显示产需进 一步修复仍是主要支撑，新订单指数及生产指数分别在临界值以上回升 0.7、0.1 个点，其中新出口订单回升 0.4 个 点；此外供货商配送时间下降 0.7 个点也对总指数构成反向支撑，原材料库存小幅上升 0.2 个点，其它分项指标均有 不同程度回落。 若考虑春节假期位置，则今年 3 月的经济表现实际并未弱于季节性。需求边际恢复强于供给，新动能强于旧动能。倘 若简单从环比角度来看，3 月 PMI 读数较 2 月仅提升 0.3 个点，明显弱于往年同期平均回升约 0.6 个点的幅度。但如 果参考春节假期位置与今年相仿的 2017 年(大年初一为 1 月 28 日)，彼时 3 月 PMI 读数环比回升幅度为 0.2 个点，那 么对比来看，今年 3 月的 PMI 环比表现并不算弱，只是春旺前置，春季的高斜率复苏前移到了 2 月。结构上呈现新动 能强于旧动能的特征，一方面，本月计算机通信电子设备等行业产需指数均位于 55.0 以上较高景气区间，而高耗能 行业 PMI 在临界值以下继续下降；另一方面，本 ...

事件简评 盈利预测、估值与评级 预计公司 2025~2027 年营业收入分别为 105.2/123.7/141.3 亿元，归母净利润分别为 14.5/20.2/25.8 亿元。公司股票现 价对应 PE 估值为 26.7/19.1/15.0 倍，维持"买入"评级。 风险提示 国内行业拓展节奏不及预期；海外标杆客户开拓进程不及预 期的风险；特定下游行业固定资产支出增速回落的风险。 0 500 1,000 1,500 2,000 2,500 3,000 35.00 40.00 45.00 50.00 55.00 60.00 65.00 240401 240701 241001 250101 人民币(元) 成交金额(百万元) 成交金额 中控技术 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 8,620 | 9,139 | 10,516 | 12,367 | 14,125 | | 营业收入增长率 | 30.13 ...

- The report mentions the construction of Enhanced Strategy ETFs, which include various indices such as CSI 1000, CSI 500, CSI 2000, CSI 800, and others. The construction process involves tracking the respective index and applying quantitative strategies to achieve excess returns over the benchmark[27][28][29] - Enhanced Strategy ETFs are evaluated based on their excess returns relative to benchmarks. For example, Tianhong CSI 1000 Enhanced Strategy ETF achieved a 14.71% excess return over the past year, while Industrial Bank CSI 1000 Enhanced Strategy ETF achieved a 4.76% excess return in 2025[28][29] - The report provides specific performance metrics for Enhanced Strategy ETFs. For instance, the weekly excess return for Tianhong CSI 1000 Enhanced Strategy ETF was 1.27%, and for Ping An CSI 2000 Enhanced Strategy ETF, it was 1.43%[29][44] - Enhanced Index Funds such as CSI 500 and CSI 1000 are also highlighted. For example, the CSI 1000 Enhanced Index Fund managed by Bosera achieved a weekly excess return of 1.87%, while the CSI 500 Enhanced Index Fund managed by Shenwan Lingxin achieved a weekly excess return of 0.97%[44][45][47] - The report mentions the upcoming issuance of Enhanced Index Funds, including the SSE STAR Market Composite Index Enhanced Fund and CSI A500 Enhanced Index Fund, which aim to apply quantitative strategies to achieve superior performance[48][49] - Performance testing results for Enhanced Index Funds show that Bosera CSI 1000 Enhanced Index Fund achieved a 17.19% excess return over the past year, while Huaxia CSI 1000 Enhanced Index Fund achieved a 12.07% excess return[45][47] - Enhanced Strategy ETFs are generally positively evaluated for their ability to generate consistent excess returns over benchmarks, with most funds achieving positive excess returns over the past year[28][29][45] - The report highlights the diversity of Enhanced Strategy ETFs, including those tracking indices like CSI 1000, CSI 500, CSI 2000, and STAR Market indices, showcasing their broad applicability across different market segments[27][28][48]

Investment Rating - The report recommends investment in the marine high-end equipment manufacturing industry, specifically highlighting companies such as CIMC (drilling platforms, aquaculture vessels), China Shipbuilding (drilling platforms, FPSO), and CRRC (underwater robots) [3]. Core Insights - The marine economy in China is projected to reach 10.5 trillion yuan in 2024, with a year-on-year growth of 5.9%, accounting for 7.8% of GDP. The marine manufacturing sector's added value is expected to be 3.2 trillion yuan, representing over 30% of the marine production value [5][14]. - Recent government policies have been introduced to support the development of the marine economy, including a focus on deep-sea technology as a key future industry [5][23]. - The marine equipment sector is experiencing a cyclical upturn, with global marine engineering equipment transactions expected to reach $27.2 billion in 2024, a year-on-year increase of 85% [5][39]. - China is projected to secure 106 marine engineering equipment orders in 2024, amounting to $11.6 billion, which constitutes 42.6% of the global total, maintaining its position as the world's leading supplier [5][43]. Summary by Sections Marine Economy - The marine economy encompasses various industries related to the development, utilization, and protection of marine resources, including marine fisheries, shipbuilding, marine engineering equipment manufacturing, oil and gas, transportation, and tourism [11]. - The marine manufacturing sector has shown significant growth, with the shipbuilding industry achieving an added value of 137 billion yuan in 2024, a 14.9% increase from the previous year [17]. Marine Engineering Equipment - The marine engineering equipment sector is currently in a cyclical upturn, with strong demand for drilling platforms and FPSOs driven by increased capital expenditure in offshore oil and gas exploration [29]. - Major Chinese companies in this sector include Zhenhua Heavy Industries, CIMC, and China Shipbuilding, which dominate the market with their specialized capabilities [46]. Underwater Operations Equipment - The development of underwater operations equipment is crucial for national maritime sovereignty and resource exploration, with the global UUV market expected to grow from 57 billion yuan in 2023 to 85 billion yuan by 2028, at a CAGR of 8.32% [5][19]. - Key players in the domestic market include CRRC and Zhenhua Heavy Industries, which are expected to see increased orders due to supportive government policies [5][50]. Marine New Infrastructure - The underwater observation network and underwater data centers are emerging as critical components of marine new infrastructure, with the market for underwater observation networks estimated at approximately 20.2 billion yuan annually [5][22]. - Companies like Hailanxin are leading in the development of underwater data centers, which offer advantages in energy efficiency and low latency compared to land-based data centers [5][26].

Quantitative Models and Construction Methods 1. Model Name: Hang Seng Stock Connect China Central Enterprise Dividend Index - **Model Construction Idea**: The index aims to reflect the overall performance of high-dividend securities listed in Hong Kong, which are accessible via the Stock Connect program and have a central enterprise (SOE) as their largest shareholder[34][35] - **Model Construction Process**: - **Sample Space**: Includes securities from the Hang Seng Composite Index that are not REITs and have a central enterprise as the largest shareholder (directly or indirectly)[35] - **Selection Criteria**: 1. Minimum listing history of one month 2. Liquidity requirements: turnover rate test and a 6-month daily average trading volume of at least HKD 20 million 3. Volatility filter: Excludes the top 10% of securities with the highest historical volatility over the past year 4. Dividend payment record: Must have paid cash dividends in the last three fiscal years 5. Dividend payout ratio: Between 0% and 100% in any of the last three fiscal years 6. Stock price performance: Excludes stocks with a price drop of over 50% in the past 12 months or those ranked in the bottom 10% in terms of price performance 7. Final selection: The top 40 securities with the highest net dividend yield are selected[35] - **Weighting Method**: Weighted by net dividend yield[35] - **Adjustment Rules**: Constituents ranked below 48 are removed, while those ranked 32 or above are added, maintaining a total of 40 constituents[35] - **Model Evaluation**: The index effectively captures high-dividend securities with stable performance and low valuation, making it attractive for defensive and income-focused investors[34][35] --- Model Backtesting Results 1. Hang Seng Stock Connect China Central Enterprise Dividend Index - **Cumulative Return**: 41.09%[36][37] - **Annualized Return**: 21.22%[36][37] - **Annualized Volatility**: 23.19%[36][37] - **Sharpe Ratio**: 0.91[36][37] --- Quantitative Factors and Construction Methods 1. Factor Name: Scale - **Factor Construction Idea**: Measures the size of constituent companies, reflecting their market capitalization[43] - **Factor Exposure**: 2.0339[43][45] 2. Factor Name: Dividend - **Factor Construction Idea**: Captures the dividend-paying ability of companies, emphasizing their cash flow stability and shareholder returns[43] - **Factor Exposure**: 0.4478[43][45] 3. Factor Name: Technical - **Factor Construction Idea**: Reflects short-term price movements and momentum characteristics of the securities[43] - **Factor Exposure**: 0.272[43][45] 4. Factor Name: Growth - **Factor Construction Idea**: Indicates the growth potential of companies, focusing on earnings and revenue expansion[43] - **Factor Exposure**: -0.1091[43][45] --- Factor Backtesting Results 1. Scale Factor - **Exposure Value**: 2.0339[43][45] 2. Dividend Factor - **Exposure Value**: 0.4478[43][45] 3. Technical Factor - **Exposure Value**: 0.272[43][45] 4. Growth Factor - **Exposure Value**: -0.1091[43][45]

ETF 轮动因子跟踪 我们对前期使用 GBDT+NN 机器学习因子构建的 ETF 轮动策略进行跟踪测试，发现因子在样本外表现出色：上周 IC 值 达 0.66%，多头超额收益率为 0.01%。策略的年化超额收益率为 11.79%，信息比率为 0.67 ，超额最大回撤为 17.31%， 上周超额收益率-0.26%，本月以来超额收益率 0.69%，今年以来超额收益率-1.75%，近期表现优异。 高频因子跟踪 我们对前期挖掘的高频选股因子进行跟踪测试，发现因子在样本外整体表现出色。就上周表现来看，价格区间因子多 头超额收益率 1.57%，价量背离因子-0.04%，遗憾规避因子 0.10%，斜率凸性因子 0.94%。本月以来，价格区间因子多 头超额收益率为 3.08%，价量背离因子 1.45%，遗憾规避因子 0.95%，斜率凸性因子 0.94%。今年以来高频因子表现整 体都比较优秀，价格区间因子多头超额收益率 4.90%，价量背离因子 8.34%，斜率凸性因子-3.47%。遗憾规避因子表 现欠佳，多头超额收益率-0.14%。 其中价格区间因子衡量股票在日内不同价格区间成交的活跃程度，能体现出投资者对于股票未来走势的预 ...

Investment Rating - The report assigns an "Accumulate" rating to the company for 2025 with a target price of 68.57 RMB based on a 24x PE ratio [4]. Core Views - The company demonstrates robust growth in its core business, particularly in the Ejiao segment, supported by strong brand barriers and refined inventory management. The company is expected to achieve a double-digit growth in Ejiao blocks in 2024, with a projected net profit of approximately 1.56 billion RMB, reflecting a year-on-year increase of 35.3% [2][4]. - The report highlights the rapid growth of the Compound Ejiao Syrup, which has significant room for penetration in both retail and medical channels. The retail sales of this product are expected to reach 2.32 billion RMB in 2024, up 14.8% year-on-year [2][4]. Summary by Sections Company Overview - Dong-E Ejiao Co., Ltd. is a leading producer of Ejiao and related products, with a history of over 70 years. The company has established itself as a top brand in the health supplement market, with a strong focus on product innovation and market expansion [13][14]. Business Performance - The company has seen a recovery in net profit since 2021, with a projected revenue of approximately 5.92 billion RMB in 2024, representing a year-on-year growth of 25.6%. The compound annual growth rate (CAGR) for revenue from 2021 to 2024 is estimated at 15% [24][4]. - The company has successfully improved its inventory management, which has positively impacted its financial performance. The net profit for 2024 is expected to be around 1.56 billion RMB, showing a significant recovery trend [24][4]. Product Growth and Innovation - The report emphasizes the dual growth strategy of the company, focusing on both pharmaceutical and consumer products. The Ejiao block remains a strong performer, while the Compound Ejiao Syrup is rapidly gaining market share [30][55]. - New product lines such as the "Peach Blossom Princess" Ejiao cake and Ejiao powder are expected to contribute to revenue growth, with projected increases of over 10% and 75% respectively in 2024 [63][66]. Financial Health - The company maintains a healthy financial position with a cash reserve exceeding 8.5 billion RMB and a low debt ratio of 21.1%. The dividend payout ratio has consistently exceeded 96% from 2021 to 2024, with a projected dividend yield of 3.85% in 2024 [18][4]. - The report forecasts steady revenue growth for the next few years, with expected revenues of 6.89 billion RMB, 7.99 billion RMB, and 9.22 billion RMB for 2025, 2026, and 2027 respectively, alongside corresponding net profits [4][7].

Investment Rating - The report assigns an "Accumulate" rating to the company for 2025 with a target price of 68.57 RMB based on a 24x PE ratio [4]. Core Views - The company demonstrates robust growth in its core business, with a strong brand presence and effective inventory management leading to resilient performance. The company is expected to achieve a net profit of approximately 1.56 billion RMB in 2024, reflecting a year-on-year increase of 35.3% [2][4]. - The company is focusing on the rapid growth of its unique product, Compound Ejiao Syrup, which has significant room for penetration in both retail and medical channels [2][3]. - The company has a healthy financial profile with a high dividend payout policy, maintaining a dividend payout ratio exceeding 96% from 2021 to 2024, and a cash reserve exceeding 8.5 billion RMB by the end of 2024 [3][4]. Summary by Sections Company Overview - Dong'e Ejiao Co., Ltd. is a leading producer of Ejiao and related products, with a history of over 70 years and a strong brand reputation. The company has successfully developed various products, including the top OTC product Ejiao and the unique Compound Ejiao Syrup [13][14]. Business Growth Drivers - The company is experiencing steady growth in its core product, Ejiao, supported by strong brand power and improved inventory management. The retail sales of Ejiao reached approximately 6.5 billion RMB in 2023, with a year-on-year growth of 11.8% [38]. - The Compound Ejiao Syrup has shown significant growth, with retail sales expected to reach 2.32 billion RMB in 2024, reflecting a year-on-year increase of 14.8% [2][55]. Financial Health - The company maintains a strong financial position with a low debt ratio of 21.1% and a negligible interest-bearing debt ratio of 1.4%. The dividend yield is projected to rise to 3.85% in 2024 [3][18]. - Revenue forecasts for 2025 to 2027 are 6.896 billion RMB, 7.997 billion RMB, and 9.223 billion RMB, respectively, with corresponding net profits of 1.84 billion RMB, 2.16 billion RMB, and 2.51 billion RMB [4][7]. Market Position - The company holds a dominant market share in the Ejiao segment, with a market share of 67.4% in 2024. The overall market for blood-nourishing products is expanding, with retail sales exceeding 16 billion RMB in 2023, growing by 21.7% year-on-year [30][38]. - The company is also expanding into the male health supplement market with the launch of the "Royal Arena 1619" brand, targeting a new consumer demographic [3][67].

Group 1: Strategy Overview - The report highlights that the Trump 2.0 tariffs will accelerate the "recession" in the U.S. and lead to a trend adjustment in the U.S. stock market [3][4] - It notes that global risk resonance is causing increased volatility in both A-shares and Hong Kong stocks, with domestic fundamentals showing signs of decline [3][11] - The report anticipates a shift from small-cap growth styles to large-cap value defensive strategies, lasting at least until signs of an "earnings bottom" appear [3][11] Group 2: Company and Industry Insights - In the pharmaceutical and biotechnology sector, companies like Kelun-Biotech and Innovent Biologics are highlighted, with projected EPS for 2024 at -1.17 and -0.25 respectively [2] - In the chemical pharmaceutical industry, East China Pharmaceutical is noted for its positive EPS of 1.92 for 2024, with a PE ratio of 19.25 [2] - The precious metals sector features Hunan Gold, with an EPS of 0.76 for 2024 and a PE ratio of 30.46, indicating strong performance expectations [2] - Tencent Holdings in the social media sector is projected to have an EPS of 20.49 for 2024, with a PE ratio of 24.87, reflecting its robust market position [2] - In the defense and military electronics sector, Zhenhua Technology is expected to have an EPS of 1.84 for 2024, with a PE ratio of 30.32, suggesting growth potential [2] - The construction sector includes Sichuan Road and Bridge, with an EPS of 0.86 for 2024 and a low PE ratio of 9.36, indicating a defensive investment opportunity [2] - XCMG Machinery in the engineering machinery sector is projected to have an EPS of 0.50 for 2024, with a PE ratio of 17.10, suggesting moderate growth [2] - Action Education in the education sector is expected to have an EPS of 2.22 for 2024, with a PE ratio of 19.41, indicating a favorable outlook [2] - In the feed industry, Zhongchong Co. is projected to have an EPS of 1.02 for 2024, with a high PE ratio of 41.60, reflecting strong growth expectations [2]