产品实现多元化发展，积极培育新兴产业。根据公告，24 年公司 高机、农业机械分别实现68.3/46.5亿元，同比+19.74%/+122.29%， 推动农机、高机等产品多元化发展，降低周期影响。公司快速推 进具身智能等未来产业发展，开发了足式、轮式等多款具身智能 机器人。 盈利预测、估值与评级 业绩简评 2025 年 4 月 29 日，公司发布 2025 年一季报，25Q1 公司实现收入 121.17 亿元，同比+2.92%，归母净利润 14.10 亿元，同比+53.98%， 扣非后归母净利润 8.74 亿元，同比+12.40%；25Q1 公司毛利率为 28.67%，同比提升 0.02pct，环比提升 1.14pct，净利率为 12.51%， 同比提升 3.84pct，环比提升 7.85pct。 经营分析 利润加速释放，经营质量向好。25Q1 行业挖掘机内销同比+38.3%， 出口同比+5.49%，受益于内外需共振，25Q1 公司实现收入 121.17 亿元，同比+2.92%，25Q1 公司归母净利润 14.10 亿元，同比 +53.98%，利润加速释放。公司坚持高质量发展，25Q1 公司经营性 现金流净额为 ...

事件 2025 年 4 月 29 日，公司披露 24 年年报及 25 年一季报。1）24 年 实现营收 115.4 亿元，同比+14.3%；实现归母净利 34.1 亿元，同 比+8.8%。2）25Q1 实现营收 51.0 亿元，同比+9.2%；实现归母净 利 16.4 亿元，同比+7.3%。符合市场预期。 经营分析 产品维度：1）24 年特 A+类/特 A 类分别实现营收 74.9/33.5 亿元， 同比+15%/+17%，其中销量+27%/+26%，吨价-10%/-8%，毛利率 -2.8pct/-5.7pct，预计与货折等促销提升相关。2）25Q1 特 A+类 /特 A 类分别实现营收 31.7/16.5 亿元，同比+7%/+17%。公司省内 品牌势能仍在上行、竞争优势有望逐步拉大。 区域维度：1）24 年省内/省外分别实现营收 105.5/9.3 亿元，同 比+13%/+27%；省内南京/淮安/苏中/苏南/盐城/淮海大区分别 +12%/+12%/+21%/+9%/+16%/+9%。2）25Q1 省内/省外分别实现营收 46.4/4.4 亿元，同比+8%/+19%；省内南京/淮安/苏中/苏南/盐城/ 淮海大 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 9.287 billion yuan for Q1 2025, a decrease of 18.58% quarter-on-quarter but an increase of 61.19% year-on-year. The net profit attributable to shareholders was 431 million yuan, down 28.10% quarter-on-quarter but up 727.30% year-on-year [2] - Significant growth in sales was observed, with major products such as rare earth oxides, rare earth metals, and magnetic materials showing quarter-on-quarter increases of 81.39%, 47.83%, and 16.76%, respectively [3] - The gross profit margin slightly declined, with gross profit and gross margin at 1.041 billion yuan and 11.21%, respectively, reflecting a quarter-on-quarter decrease of 27.15% and 1.32 percentage points [3] - The company is focusing on cost reduction and efficiency improvement, with operating expenses down 34.27% quarter-on-quarter to 349 million yuan [3] - The strategic value of rare earths is expected to increase due to export controls and a significant reduction in overseas mining supply, which may lead to a continued recovery in supply and demand [4] Summary by Sections Financial Performance - Q1 2025 revenue was 9.287 billion yuan, with a year-on-year growth of 61.19% and a quarter-on-quarter decline of 18.58% [2] - Net profit attributable to shareholders was 431 million yuan, reflecting a year-on-year increase of 727.30% [2] - The company expects revenues of 34.849 billion yuan, 40.530 billion yuan, and 45.816 billion yuan for 2025, 2026, and 2027, respectively [10] Sales and Cost Analysis - Sales volume for key products increased significantly, with rare earth oxides, metals, and magnetic materials showing substantial quarter-on-quarter growth [3] - The cost of rare earth concentrate increased by 4.70%, leading to a decline in gross profit margin [3] Market Outlook - The report anticipates a continued recovery in the rare earth supply-demand balance, driven by domestic demand from sectors like robotics and low-altitude economy [4] - The overall attention on the rare earth sector is expected to increase due to its strategic importance in the context of global economic shifts [4] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.58 yuan, 0.69 yuan, and 0.97 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 40, 34, and 24 [5]

Investment Rating - The report maintains a "Buy" rating for the company, suggesting a potential upside of over 15% in the next 6-12 months [4]. Core Views - In Q1 2025, the company reported a net profit of 3 billion HKD, reflecting a year-on-year increase of 87%, primarily due to a reduction in income tax expenses [3]. - The company's net assets grew by 15.4% compared to the end of the previous year, attributed to rising interest rates in Q1 [3]. - The company is effectively transitioning towards dividend insurance, with significant market share in both individual and bank insurance channels, achieving 98.9% and 88.6% respectively in early 2025 [3]. Financial Performance - The company recorded an insurance service revenue of 107.489 billion HKD in 2023, with a projected growth to 115.036 billion HKD in 2025, reflecting a growth rate of 3.39% [9]. - The net profit attributable to shareholders is expected to increase from 6.19 billion HKD in 2023 to 10.564 billion HKD in 2025, indicating a growth rate of 25.29% [9]. - The projected earnings per share (EPS) is expected to rise from 1.72 HKD in 2023 to 2.94 HKD in 2025 [9]. Valuation Metrics - As of now, the company's price-to-embedded value (PEV) stands at 0.20 times, indicating a low valuation and suggesting potential investment opportunities [4]. - The report anticipates a return on equity (ROE) of 12.04% in 2025, increasing to 14.71% by 2027 [9]. - The price-to-earnings (P/E) ratio is projected to decrease from 6.03 in 2023 to 3.53 in 2025, indicating an attractive valuation [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company demonstrated strong growth resilience, with significant new customer acquisition in tax-advantaged products in China and rapid expansion in business regions, suggesting good long-term growth potential [4]. - The company reported a 13% year-on-year increase in New Business Value (NBV) for Q1 2025, reaching $1.497 billion, with a margin improvement of 3.0 percentage points to 57.5% [2]. - The company has initiated a $1.6 billion share buyback program, expected to be completed within three months [3]. Financial Performance - The NBV growth was driven by a favorable shift in product mix, with agency channel NBV increasing by 21% to $1.218 billion, contributing over 75% of total NBV [2]. - The company forecasts a compound annual growth rate (CAGR) of 9% to 11% for after-tax operating profit per share from 2023 to 2026 [3]. - Insurance revenue is projected to grow from $17.514 billion in 2023 to $22.678 billion by 2027, reflecting a year-on-year growth rate of 7.3% to 10.3% [9][10]. Regional Performance - AIA Hong Kong reported a 16% increase in NBV, benefiting from balanced growth in local and mainland Chinese visitors [2]. - AIA Thailand experienced exceptional NBV growth due to regulatory changes that introduced personal medical insurance products, leading to strong agency channel sales [2]. - AIA Singapore saw robust NBV growth, particularly in unit-linked long-term savings products, with strong agency productivity [2]. Valuation Metrics - As of now, the company's Price to Embedded Value (PEV) stands at 1.04 times, indicating a low valuation level and suggesting long-term investment value [4]. - The projected earnings per share (EPS) is expected to grow from $0.35 in 2023 to $0.79 by 2027, with a corresponding increase in Return on Equity (ROE) from 8.8% to 18.8% over the same period [9][10].

2025 年 4 月 29 日，公司披露 24 年年报及 25 年一季报。1）24 年 实现营收 52.2 亿元，同比+5.3%；实现归母净利 13.4 亿元，同比 +5.7%。2）25Q1 实现营收 9.6 亿元，同比+2.7%；实现归母净利 1.9 亿元，同比+2.1%。业绩符合市场预期。 分产品看：1）24 年高档/中档分别实现营收 47.6/2.6 亿元，同比 +2%/+29%，其中销量同比+3%/+36%，吨价同比-1%/-5%，毛利率同 比+0.8pct/-2.4pct。2）25Q1 高档/中档分别实现营收 8.5/0.5 亿元，同比+7%/-34%。公司目前对产品战略再梳理，目标构建水 井坊+第一坊的双品牌体系，在水井坊品牌内部实行双子星策略、 打造与八号相衬映的第二大单品。 分渠道看：1）24 年新渠道/批发代理分别实现营收 5.3/45.0 亿元， 同比+10%/+2%，其中销量同比+23%/+4%，吨价同比-11%/-2%，毛 利率同比-1.1pct/+0.7pct。2）25Q1 新渠道/批发代理分别实现营 收 2.9/6.1 亿元，同比+184%/-20%。传新渠道大幅增长、占比提 升至 ...

事件 4 月 29 日公司发布 2025 年一季报，实现营收 92.87 亿元，环比 -18.58%，同比+61.19%；归母净利润为 4.31 亿元，环比-28.10%， 同比+727.30%；扣非归母净利润为 4.35 亿元，环比-31.57%、同 比显著增加。 点评 销量显著增长，毛利率有所下滑。1Q25 公司销量环比显著增加， 主要产品稀土氧化物、稀土金属和磁性材料销量分别环比 +81.39%/+47.83%/+16.76%至 10558/11330/16166 吨。价格小幅上 涨，1Q25 氧化镨钕价格、钕铁硼（N35）价格分别环比+3.20%、持 平至 429.58 元/公斤、137.50 元/公斤。成本方面，1Q25 公司与 包钢股份稀土精矿关联交易价格环比+4.70%。成本涨幅大于售价， 1Q25 公司毛利、毛利率分别环比-27.15%、-1.32pct 至 10.41 亿 元、11.21%。 降本增效推进。1Q25 公司期间费用环比-34.27%至 3.49 亿元，期 间费率环比-0.90pct 至 3.76%；其中销售、管理费率分别环比持 平/-0.16pct 至 0.12%/2.64%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Views - The company reported a revenue of 36.01 billion RMB for 2024, a year-on-year increase of 12.8%, and a net profit attributable to shareholders of 12.24 billion RMB, up 17.3% year-on-year. For Q1 2025, revenue reached 16.52 billion RMB, a 7.7% increase year-on-year, with a net profit of 6.65 billion RMB, up 6.2% year-on-year, exceeding market expectations [2]. - The company aims for steady revenue growth in 2025, with a focus on enhancing its product mix and expanding its market presence through strong brand recognition [4]. Revenue Analysis - In terms of product revenue for 2024, high-end liquor and other liquor segments generated 26.53 billion RMB and 9.34 billion RMB, respectively, with year-on-year growth of 14% and 9%. Sales volume increased by 13% and 5%, while average prices rose by 1% and 4%, with gross margins improving by 0.4 percentage points and 1.5 percentage points [3]. - Regionally, the company achieved 13.50 billion RMB in revenue from domestic sales and 22.37 billion RMB from external sales in 2024, reflecting year-on-year growth of 12% and 14%, respectively. The sales volume decreased by 1% domestically but increased by 11% externally, with price increases contributing to revenue growth [3]. Financial Metrics - The net profit margin for 2024 increased by 1.3 percentage points to 34.0%, with gross margin up by 0.9 percentage points. For Q1 2025, the net profit margin decreased by 0.6 percentage points to 40.2%, while gross margin improved by 1.3 percentage points [4]. - The company targets a revenue growth of 8.1% in 2025, with net profit growth of 7.9%, projecting net profits of 13.21 billion RMB for 2025 [5]. Valuation - The projected earnings per share (EPS) for 2025 is 10.83 RMB, with corresponding price-to-earnings (P/E) ratios of 18.7, 17.1, and 15.3 for the years 2025, 2026, and 2027, respectively [5].

2025 年 4 月 29 日，公司披露 24 年年报及 25 年一季报。1）24 年 实现营收 52.2 亿元，同比+5.3%；实现归母净利 13.4 亿元，同比 +5.7%。2）25Q1 实现营收 9.6 亿元，同比+2.7%；实现归母净利 1.9 亿元，同比+2.1%。业绩符合市场预期。 分产品看：1）24 年高档/中档分别实现营收 47.6/2.6 亿元，同比 +2%/+29%，其中销量同比+3%/+36%，吨价同比-1%/-5%，毛利率同 比+0.8pct/-2.4pct。2）25Q1 高档/中档分别实现营收 8.5/0.5 亿元，同比+7%/-34%。公司目前对产品战略再梳理，目标构建水 井坊+第一坊的双品牌体系，在水井坊品牌内部实行双子星策略、 打造与八号相衬映的第二大单品。 分渠道看：1）24 年新渠道/批发代理分别实现营收 5.3/45.0 亿元， 同比+10%/+2%，其中销量同比+23%/+4%，吨价同比-11%/-2%，毛 利率同比-1.1pct/+0.7pct。2）25Q1 新渠道/批发代理分别实现营 收 2.9/6.1 亿元，同比+184%/-20%。传新渠道大幅增长、占比提 升至 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 11.54 billion RMB for 2024, a year-on-year increase of 14.3%, and a net profit of 3.41 billion RMB, up 8.8% year-on-year. For Q1 2025, revenue was 5.10 billion RMB, reflecting a 9.2% increase, with a net profit of 1.64 billion RMB, up 7.3% year-on-year, aligning with market expectations [2]. - The company aims for a revenue growth of 5% to 12% in 2025, with net profit growth slightly lower than revenue growth, focusing on maintaining a balance between profit growth and operational quality [4]. Summary by Sections Revenue and Profit Analysis - In 2024, the company achieved revenue of 74.9 billion RMB from Special A+ products and 33.5 billion RMB from Special A products, with year-on-year growth of 15% and 17% respectively. Sales volume increased by 27% and 26%, while ton prices decreased by 10% and 8%, leading to a decline in gross margins [3]. - For Q1 2025, revenue from Special A+ and Special A products was 31.7 billion RMB and 16.5 billion RMB, showing year-on-year growth of 7% and 17% respectively [3]. Regional Performance - In 2024, the company generated 105.5 billion RMB in revenue from domestic markets and 9.3 billion RMB from outside, with year-on-year growth of 13% and 27% respectively. Key regions like Nanjing and Huai'an showed steady growth [3]. - For Q1 2025, domestic revenue was 46.4 billion RMB, up 8% year-on-year, while revenue from outside was 4.4 billion RMB, reflecting a 19% increase [3]. Financial Metrics - The net profit margin for 2024 decreased by 1.5 percentage points to 29.6%, with gross margin down by 3.6 percentage points [4]. - The company reported a contract liability balance of 540 million RMB at the end of Q1 2025, a decrease of 430 million RMB year-on-year [4]. Profit Forecast and Valuation - The report projects a 12% and 17% reduction in net profit for 2025 and 2026, respectively, with expected revenue growth of 8.3% in 2025 and 8.5% in 2026 [5]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.90 RMB, 3.17 RMB, and 3.57 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 16.0, 14.6, and 13.0 [5].