证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 华大智造(688114) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 测序试剂放量可期，国内+海外双轮驱 动增长 2024Q2 环比恢复增长，测序仪装机创 新高 基因测序业务稳步增长，全球化布局 持续深化 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 测序仪装机创新高，为试剂放量奠定基础 [Table_ReportDate] 2025 年 05 月 07 日 [Table_S 事件：公司发布 ummary]2024 年年报 ...

24&25Q1 电动两轮车板块综述：受益供需合力拉动， 25Q1 表现靓丽 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 [Table_StockAndRank] 轻工制造 投资评级 看好 上次评级 看好 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 06 日 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 电动两轮车板块综述：受益供需合力 拉动，25Q1 表现靓丽 [Table_ReportDate] 2025 年 05 月 06 日 [Table_S [Table_Summary ummary] ] 25Q ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Focus on companies with improving performance and investment opportunities in humanoid robots [2] - The report highlights the acceleration of R&D and industrialization in the humanoid robotics sector, with significant actions from leading companies [14] - The report suggests monitoring companies with strong performance and independent logic, particularly in the context of the recovery in the machinery sector [3][4][5][6] Summary by Relevant Sections Performance Improvement Companies - **Jiaocheng Ultrasonic**: Achieved revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%, and net profit of 23.63 million yuan, up 2152.47% [3] - **Zhenghe Industrial**: Reported revenue of 395 million yuan in Q1 2025, a 6.32% increase, with net profit growing by 100.09% [4] - **Lvtian Machinery**: Focused on general power machinery and energy storage products, with revenue growth rates of 47.9%, 72.5%, and 50.1% in Q3 2024, Q4 2024, and Q1 2025 respectively [5] - **Sande Technology**: Generated revenue of 108 million yuan in Q1 2025, an 18.35% increase, with net profit rising by 45.38% [6] Humanoid Robot Investment Opportunities - The report emphasizes the potential of humanoid robots, with significant developments from companies like Xpeng Motors and Zhiyuan Robotics showcased at recent events [14][55] - The government is actively supporting the humanoid robot sector through policies aimed at enhancing innovation and application scenarios [55] Machinery Sector Overview - The machinery index showed a 0.93% increase, indicating a positive trend in the sector [19] - The report notes a recovery in demand for general equipment, with manufacturing PMI dropping to 49.0% in April 2025, indicating a need for monitoring [27] - The report highlights the growth in the industrial robot market, with a production increase of 16.7% in March 2025 [49]

Investment Rating - The investment rating for Mindray Medical (300760) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth in international markets and product advancements [1][2]. Core Insights - The report highlights that Mindray Medical achieved a revenue of 36.726 billion yuan in 2024, representing a year-over-year growth of 5.14%. The net profit attributable to the parent company was 11.668 billion yuan, with a slight increase of 0.74% [1]. - The domestic market faced challenges due to weak hospital procurement demand, while international markets benefited from localization efforts and high-end breakthroughs, leading to a 21.28% increase in international revenue [2]. - The IVD (In Vitro Diagnostics) segment remains a key growth driver, with a revenue increase of 10.82% in 2024, and significant international growth exceeding 30% [2][3]. Summary by Sections Financial Performance - In 2024, Mindray Medical's total revenue was 36.726 billion yuan, with a net profit of 11.668 billion yuan. The first quarter of 2025 saw a revenue of 8.237 billion yuan, down 12.12% year-over-year, and a net profit of 2.629 billion yuan, down 16.81% [1][2]. - The projected revenues for 2025-2027 are 40.422 billion yuan, 45.799 billion yuan, and 52.473 billion yuan, with corresponding growth rates of 10.1%, 13.3%, and 14.6% [5]. Business Segments - The IVD business generated 13.765 billion yuan in 2024, marking a 10.82% increase and solidifying its position as the largest business segment. International IVD revenue grew over 30% [2][3]. - The medical imaging segment achieved a revenue of 7.498 billion yuan in 2024, with international growth exceeding 15% [2]. - The life information and support segment faced a decline of 11.11% in revenue, but international markets showed double-digit growth due to high-end customer breakthroughs [2]. Market Dynamics - The report indicates that the domestic market is under pressure, but the international market is thriving due to localization and high-end product breakthroughs, with Asia-Pacific and European regions showing growth rates of 40% and 30%, respectively [2]. - The integration of AI technology across all business lines is expected to enhance competitiveness and market share, with significant advancements in IVD, medical imaging, and life information segments [2][3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance is under short-term pressure, with a significant decline in revenue and net profit, but the effectiveness of its AI strategy is gradually becoming evident [2][4] - In 2024, the company achieved revenue of 847 million, a year-on-year decrease of 18.97%, and a net profit attributable to the parent company of -236 million, with a worsening loss margin [2][3] - The company is increasing its R&D investment, with R&D expenses accounting for 25.15% of revenue, up by 2.48 percentage points from the previous year, despite a decline in gross margin from 68.44% to 64.22% [2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 847 million, down 19.0% year-on-year, and a net profit of -236 million, reflecting a 371.0% increase in losses compared to the previous year [3] - The gross margin decreased to 64.2% in 2024 from 68.4% in 2023, while the return on equity (ROE) fell to -22.5% [3] Business Development - The company has seen an 8.7% increase in enterprise orders, with contracts over one million growing by 27.2% [2] - The company launched new product versions based on its V8 and V5 platforms, enhancing efficiency and expanding capabilities in various sectors [2][4] International Expansion - The company achieved a 45.8% increase in overseas revenue in 2024, with significant contracts established in regions like Hong Kong and the Middle East [2][4] Future Projections - EPS is projected to be -0.91 in 2025, -0.26 in 2026, and 0.14 in 2027, with a corresponding P/E ratio of 218.43 in 2027 [4]

Investment Rating - The investment rating for the cross-border e-commerce industry is "Positive" [2] Core Viewpoints - The cross-border e-commerce industry is experiencing good growth, with a total import and export volume of 2.63 trillion yuan in 2024, reflecting a year-on-year increase of 10.8%, and a 9.6% increase in Q1 2025, indicating high demand in the overseas market [10][11] - Leading sellers in the cross-border e-commerce sector are capitalizing on opportunities, achieving sustained revenue growth through brand strategies and core supply chain advantages [10][11] - The external environment remains complex, with challenges such as high shipping costs and fluctuating tariffs impacting profitability for many sellers [11][12] Summary by Sections Industry Review - The cross-border e-commerce industry shows strong growth, with high overseas market demand. The total import and export volume reached 2.63 trillion yuan in 2024, up 10.8% year-on-year, and Q1 2025 saw a 9.6% increase, reflecting a favorable market environment [10][11] - Leading sellers are leveraging their operational capabilities and brand strategies to capture market share, with significant growth in revenue [10][11] Performance Overview - Overall revenue growth is strong, but profitability is under pressure. In 2024, major sellers like Anker Innovation and Zhiou Technology reported revenue growth of 41.1% and 33.7%, respectively, while some companies faced profit declines due to high shipping costs and aggressive inventory strategies [17][20] - In Q1 2025, leading sellers continued to show good revenue growth, with Anker Innovation's revenue increasing by 36.9% and net profit by 59.6%, driven by scale effects and increased operational efficiency [17][20] Profitability - Profitability is under pressure due to declining gross margins and increased expenses. Major companies like Anker Innovation and Zhiou Technology experienced slight changes in gross margins, with Anker's margin increasing by 0.1 percentage points while others saw declines [18][21] - Companies are beginning to tighten expense management, with Anker Innovation and Zhiou Technology reducing their expense ratios by 1.2 and 2.1 percentage points, respectively, indicating a shift towards more cautious operational strategies [18][21] Investment Recommendations - Despite uncertainties in tariffs, it is recommended to focus on companies with strong profitability, global supply chain capabilities, and deepening channel strategies, such as Anker Innovation, Zhiou Technology, and others [6]

24&25Q1 母婴童行业业绩综述：政策红利释 放，IP 生态与 AI 赋能共筑成长 轻工制造 [Table_ReportDate] 2025 年 05 月 06 日 [Table_CoverAuthor] [Table_Author] 姜文镪新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 陆亚宁新消费行业分析师 执业编号：S1500525030003 邮箱：luyaning@cindasc.com 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_Author] 姜文镪新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 陆亚宁新消费行业分析师 执业编号：S1500525030003 邮箱：luyaning@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 周大生(002867.SZ) 投资评级 买入 上次评级 买入 [Table_Title] 周大生(002867.SZ)2024&25Q1 点评：金价波 动拖累公司业绩，2024 年延续高比例分红 [Table_ReportDate] 2025 年 5 月 6 日 [Table_S 事件：公司发布 ummary] 2024&25Q1 业绩，2024 年公司实现收入 138.91 亿元，同 降 14.73%，归母净利润 10.10 亿元，同降 23.25%，扣非归母净利润 9.88 亿元，同降 22.11%。其中 24Q4 收入 30.83 亿元，同降 18.79%，归母净利 润 1.55 亿元，同降 29.69%。25Q1 收入 26.73 亿元，同降 47.28%，归母 净利润 2.52 亿元，同降 26.12%，扣非归母净利润 2.42 亿元，同降 27.97%。 25Q1 毛利率 26.21%，同比提升 10.64pct，销售/管理费用率 9.46%/1.03%， 分别同比+4.52/+0 ...

Investment Rating - The investment rating for the electric two-wheeler industry is optimistic [2] Core Viewpoints - The electric two-wheeler industry is expected to benefit from a combination of supply and demand factors, leading to a strong performance in Q1 2025 [2][10] - The "old-for-new" policy has shown significant results, with a positive outlook for the entire year [11] - The industry faced challenges in 2024 but is projected to recover significantly in 2025 due to clearer regulations and continued support from government policies [10][11] Summary by Sections Industry Review - The electric two-wheeler industry experienced notable pressure in 2024, primarily due to safety concerns and regulatory uncertainties [10] - The introduction of new national standards and the continuation of the "old-for-new" subsidy policy are expected to stimulate market demand in 2025 [10][11] Performance Overview - In 2024, traditional brands faced revenue declines, while new brands like Ninebot and Niu Technologies showed strong growth [3][16] - In Q1 2025, companies such as Aima Technology and Ninebot reported significant revenue increases of 25.8% and 99.5% respectively, driven by improved market conditions and effective policies [3][17] Sales and ASP - Traditional brands saw a decline in sales in 2024, with Yadea and Aima experiencing drops of 21.2% and 3.7% respectively, while Ninebot achieved a remarkable growth of 76.6% [4][18] - The average selling price (ASP) for leading brands remains stable, with Ninebot maintaining a higher ASP of around 2850 yuan due to its focus on the mid-to-high-end market [4][18] Profitability - Despite sales pressures in 2024, leading brands managed to maintain stable profitability through effective cost control and product optimization [21] - In Q1 2025, profitability is expected to improve further, supported by scale effects and growth in mid-to-high-end product sales [21][22] Investment Recommendations - The report suggests focusing on companies with strong competitive advantages and market share growth potential, such as Yadea, Aima Technology, and Ninebot [4][22]

Investment Rating - The investment rating for the cross-border e-commerce sector is "Positive" [2] Core Viewpoints - The cross-border e-commerce industry is experiencing good growth, with a total import and export volume of 2.63 trillion yuan in 2024, reflecting a year-on-year increase of 10.8%, and a 9.6% increase in Q1 2025, indicating high demand in the overseas market [10][11] - Leading sellers in the cross-border e-commerce sector are capitalizing on opportunities, achieving sustained revenue growth through brand strategies and core supply chain advantages [10][11] - The external environment remains complex, with challenges such as high shipping costs and fluctuating tariffs impacting profitability for many sellers [11][12] Summary by Sections Industry Review - The cross-border e-commerce industry shows strong growth, with high overseas market demand. The online channel penetration rate for domestic goods going abroad is expected to increase, providing significant opportunities for leading sellers [10][11] Performance Overview - Revenue growth is robust, with leading companies like Anker Innovation, Zhiou Technology, and Saiwei Times reporting year-on-year revenue increases of 41.1%, 33.7%, and 56.5% respectively in 2024. However, profitability is under pressure due to high shipping costs and aggressive inventory strategies [17][20] - In Q1 2025, Anker Innovation and Saiwei Times continued to show strong revenue growth of 36.9% and 36.6% respectively, with Anker Innovation's net profit increasing by 59.6% [17][20] Profitability - Profitability is under pressure due to declining gross margins and increased expenses. Anker Innovation's gross margin increased by 0.1 percentage points, while Zhiou Technology and Saiwei Times saw declines of 1.7 and 2.1 percentage points respectively [18][21] - In Q1 2025, while gross margins remained under pressure, companies began to show improved expense management, with Anker Innovation's expense ratio decreasing by 1.2 percentage points [18][21] Investment Recommendations - The report suggests focusing on companies with strong profitability, global supply chain capabilities, and deepening channel layouts, such as Anker Innovation, Zhiou Technology, and Saiwei Times, as well as structurally growing companies like Huakai Yibai and Jihong Co [6]