[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 国光股份（002749）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 绝对涨幅（%） | 15.0 | 8.8 | 7.8 | | --- | --- | --- | --- | | 相对涨幅（%） | 15.1 | 7.0 | 10.1 | | 资料来源：海通证券研究所 | | | | 分析师:刘威 Tel:(0755)82764281 Email:lw10053@haitong.com 证书:S0850515040001 扣非后净利润同比增长 24.49%，累计分 红率达 114.86% [Table_Summary] 投资要点： | 03[Table_StockInfo 月 31日收盘价（元）] | 15.19 | | --- | --- | | 52 周股价波动（元） | 11.05-19.30 | | 总股本/流通 A 股（百万股） | 469/423 | | 总市值/流通市值（百万元） | 7120/6422 | 相关研究 [Table_Rep ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company has seen a significant increase in net profit attributed to the parent company, with a substantial expansion in managed area [4][6]. - Revenue for 2024 reached 439.93 billion RMB, a year-on-year increase of 3.2%, while net profit surged by 262.8% to 18.75 billion RMB [6][7]. - The board has proposed a final dividend of 0.1352 RMB per share and a special dividend of 0.1609 RMB per share, totaling 0.2961 RMB [6][7]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue was 439.93 billion RMB, with a 3.2% year-on-year growth. Net profit was 18.75 billion RMB, up 262.8% [5][6]. - The gross profit margin decreased to 19.1%, down 1.4 percentage points from 2023 [9][12]. - The net profit margin improved to 4.1%, an increase of 3.4 percentage points from the previous year [9][12]. - **Segment Performance**: - Property management services generated 259.1 billion RMB, a 4.9% increase, accounting for 58.9% of total revenue [8][12]. - Community value-added services saw revenue of 41.94 billion RMB, up 11.8% [8][12]. - Non-owner value-added services dropped to 7.04 billion RMB, a decline of 54.6% [8][12]. - The "Three Supplies and One Industry" segment grew by 25.1% to 81.56 billion RMB [8][12]. - Urban services revenue fell by 14.7% to 41.68 billion RMB [8][12]. - Commercial operation services decreased by 38.1% to 6.27 billion RMB [8][12]. - **Cost and Expenses**: - The expense ratio increased to 10.8%, up 1.1 percentage points from 2023 [8][12]. - Total assets reached 712.55 billion RMB, a 2.9% increase year-on-year [8][12]. - **Future Projections**: - The company forecasts an EPS of approximately 0.66 RMB for 2025, with a dynamic PE valuation of 12-14 times, suggesting a reasonable value range of 7.92-9.24 RMB per share [15][18].

2025 年 3 月海通证券研究所向外发送报告清单 3 | 类型 | 作者 | 标题 | 日期 | 摘要 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司报告 | 房青，徐柏 | 中国西电 | 3 | 月 | 21 | 日 | 【内容提要】 | 乔 | (601179)输配 | 深耕输配电设备，参与国家重点工程，持续开拓全 | | 电设备领先企 | 球市场。中国西电集团成立于 | 1959 | 年，深耕输配电及控 | 业，深度受益 | 制设备领域。公司核心产品包括 | 110kV | 及以上电压等级 | | | | | 新型电力系统 | 的高压开关（GIS、GCB、隔离开关、接地开关）、变压器 | 建设 | （电力变压器、换流变压器）、电抗器（平波电抗器、并 | | | | | | | | | 联电抗器）、电力电容器、互感器（CVT、CT、PT）、绝缘 | 子、套管、氧化锌避雷器以及直流输电换流阀等。公司 | | | | | | | | | | | 为国内首条交直流输电工程及"三峡工程" ...

证券研究报告 （优于大市，维持） 2月重卡同环比增长， 打响新年"开门红" 刘一鸣（汽车行业首席分析师） 张觉尹（汽车行业分析师） SAC号码：S0850522120003 SAC号码：S0850523020001 潘若婵（联系人） 张予名（联系人） 2025年4月1日 总量：2月重卡销量8.1万台，同比增长36% 2月国产重卡销量8.1万台，同比增长36%，环比增长13%。 1-2月国产重卡 累计销量15.4万台，同比下滑2%。 我们认为，春节后的2月份是农历年后的第一个月，随各行业陆续复工，货 物运输需求从1月份的低谷向上攀升，购车需求和新车销量随之环比上升。 图：国产重卡年度销量及同比增速 图：国产重卡月度销量 -100% -50% 0% 50% 100% 0 20 40 60 80 100 120 140 160 180 重卡销量合计（万台，左轴） YOY（右轴） 0 50000 100000 150000 200000 250000 1 2 3 4 5 6 7 8 9 10 11 12 月度销量（辆） 2019 2020 2021 2022 2023 2024 2025 资料来源：中汽协、Wind， ...

[Table_MainInfo] 公司研究/公用事业/电力 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 2.96 | | --- | --- | | 52 周股价波动（元） | 2.58-3.62 | | 总股本/流通 A 股（百万股） | 6473/5967 | | 总市值/流通市值（百万元） | 19161/17662 | | 相关研究 | | [Table_ReportInfo] 《风电运营经验丰富，电力交易能力突出》 2025.03.06 市场表现 [Table_QuoteInfo] -9.77% -3.77% 2.23% 8.23% 14.23% 2024/4 2024/7 2024/10 2025/1 节能风电 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 0.3 -1.7 -9.8 相对涨幅（%） 0.4 -3.5 -7.4 资料来源：海通证券研究所 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S08 ...

Group 1 - The report highlights the successful expansion of Hongquan Wulian (688288) in customer base and new product development, indicating an imminent performance turnaround and potential benefits from the upcoming AECS new standard [3][9][12] - The company operates primarily in four segments: intelligent connected products, smart cockpit products, controller products, and software platform development, with intelligent connected products generating 2.84 billion yuan in revenue, accounting for 69% of total revenue in 2023 [9][10][11] - Revenue growth is driven by new products in smart cockpit and controller segments, with a significant increase in revenue for these categories in the first half of 2024, showing year-on-year growth rates of 174.17% and 204.20% respectively [11][12] Group 2 - The company is expected to benefit significantly from the implementation of the vehicle emergency call system (AECS), which is set to be approved by July 2027, creating a new product launch cycle [12][13] - Profit forecasts for the company indicate a positive trend, with expected revenues of 5.23 billion yuan in 2024, increasing to 10.27 billion yuan by 2026, alongside a projected net profit turnaround by 2025 [13][29] - The report maintains an "outperform" rating for the company, suggesting a price-to-earnings ratio of 45-55 times for 2025, with a reasonable value range of 37.59-45.95 yuan [13][29]

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 衢州发展（600208）公司信息点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 Email:xiey@haitong.com | 03[Table_StockInfo 月 31日收盘价（元）] | 3.10 | | --- | --- | | 52 周股价波动（元） | 1.55-3.66 | | 总股本/流通 A 股（百万股） | 8509/8508 | | 总市值/流通市值（百万元） | 26378/26374 | | 相关研究 | | | [Table_ReportInfo] 《衢州国资成功入股，企业经营华丽转身》 | | | 2024.12.22 | | | 《结算推升营收，前三季度销售收入增加》 | | | 2024.11.11 | | 市场表现 [Table_QuoteInfo] -24.88% -6.88% 11.12% 29.12% 47.12% 65.12% 2024/4 2024/7 2024/10 2025/1 衢州发展 海通综指 沪深 300 对比 ...

亚太股份（002284）公司年报点评 2025 年 04 月 01 日 [Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 9.72 | | --- | --- | | 52 周股价波动（元） | 6.24-10.26 | | 总股本/流通 A 股（百万股） | 739/731 | | 总市值/流通市值（百万元） | 7184/7107 | | 相关研究 | | | [Table_ReportInfo] 《 加 速 海 外 布 局 ， 获 海 外 | EPB 定点》 | 2024.11.05 市场表现 [Table_QuoteInfo] -19.67% -9.67% 0.33% 10.33% 20.33% 30.33% 2024/4 2024/7 2024/10 2025/1 亚太股份 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | 8.2 | 21.8 | 19.9 | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Viewpoints - The company is positioned as a leading supplier in the high-end equipment and intelligent manufacturing sectors in China, with a strong focus on automatic control technologies and a top-tier technical team [8] - The report anticipates significant revenue growth driven by the company's core components and control systems, with projected revenue increases of 12% in 2024, 34% in 2025, and 26% in 2026 for core components, and 50% in 2024, 55% in 2025, and 45% in 2026 for control systems [8] - The company is expected to benefit from the rapid development of AI-driven robotics, leveraging its extensive experience in the robotics field [8] Financial Data and Forecasts - The company's revenue is projected to grow from 404 million yuan in 2023 to 777 million yuan in 2026, with year-on-year growth rates of 16%, 10%, 35%, and 29% respectively [6][10] - Net profit is expected to increase from 62 million yuan in 2024 to 175 million yuan in 2026, with corresponding year-on-year growth rates of 20%, 110.4%, and 34.7% [6][10] - The report forecasts a diluted EPS of 0.15 yuan in 2024, 0.32 yuan in 2025, and 0.44 yuan in 2026 [6][10] Business Segmentation - The revenue from core motion control components is expected to be 261.08 million yuan in 2024, with a year-on-year growth of 4% and a gross margin of 52% [6] - Revenue from motion control systems is projected to be 56.98 million yuan in 2024, with a gross margin of 38% [6] - Revenue from motion control complete machines is anticipated to reach 95.26 million yuan in 2024, with a significant year-on-year growth of 40% and a gross margin of 30% [6] Valuation Metrics - The report assigns a dynamic PE ratio of 115-135 for 2025, with a reasonable value range of 37.28-43.77 yuan over the next six months [8][10] - The company’s current stock price is 36.54 yuan, with a market capitalization of approximately 146.16 billion yuan [2][7]

Economic Overview - The CPI for Shanghai, Anhui, Jiangsu, and Zhejiang in February 2025 showed negative growth of -0.7%, -0.7%, -1.1%, and -0.9% respectively, indicating a weaker performance compared to previous years[3] - In January-February 2025, the total retail sales of consumer goods in Shanghai, Jiangsu, and Zhejiang were CNY 277.74 billion, CNY 811.63 billion, and CNY 603.9 billion, with year-on-year changes of -1.0%, 5.1%, and 2.7% respectively[10] - Anhui's retail sales grew by 7.5%, accelerating by 2.1 percentage points compared to the entire year of 2024[10] Trade and Investment - In January-February 2025, Shanghai's total foreign trade amounted to CNY 645.85 billion, a decrease of 4.7% year-on-year, with exports growing by 12.7% to CNY 299.95 billion[11] - Anhui's total import and export value reached CNY 141.53 billion, up 14.8% year-on-year, with exports growing by 18%[12] - Jiangsu's foreign trade in January-February 2025 was CNY 864.28 billion, a year-on-year increase of 1.7%, with exports growing by 4.8%[14] Industrial Development - The industrial added value in Anhui and Zhejiang grew by over 8% in January-February 2025, while Shanghai's growth was only 3.6%[3] - High-tech manufacturing sectors, including computers and new energy vehicles, experienced rapid growth, with the electronic industry in Jiangsu seeing double-digit growth driven by semiconductor and AI demand[3] - In January-February 2025, 70% of industries in Anhui, Jiangsu, and Zhejiang achieved positive growth, with high-tech manufacturing and related sectors maintaining high increases[17] Robotics Sector - As of February 28, 2025, the Yangtze River Delta region had 54 listed companies in the robotics sector, accounting for over 50% of the total listed companies in this field, with a total market value of 27.6% of the robotics sector[28] - Shanghai is a leading city in the robotics industry, focusing on humanoid robot innovation, with a projected output of over 10,000 units in 2025[35] - The humanoid robot industry is rapidly developing, with significant government support and a projected increase in production capacity, marking 2025 as a potential year for mass production[27]