买入（维持） 2024 年营收创历史新高，业务结构持续优化 公 司 点 长电科技（600584）2024 年业绩快报&25Q1 业绩预告点评 2025 年 4 月 9 日 投资要点： 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： 事件：公司披露2024年业绩快报和2025年一季度业绩预告。公司2024年实现 营业收入359.6亿元，同比增长21.2%，实现归母净利润16.1亿元，同比增长 9.5%，实现归属于上市公司股东的扣非后净利润15.5亿元，同比增长17.4%； 公司预计2025年一季度实现归母净利润2.00亿元左右（未经审计），同比增 长50.00%左右。 评 公 陈伟光 点评： 聚焦先进封装技术和高附加值应用，业务结构有望进一步优化。近年来， 公司持续聚焦高性能封装技术高附加值应用，加大对汽车电子、高性能 计算、存储、5G 通信等领域的战略布局，进一步提升核心竞争力。以汽 车电子为例，公司已成立专门的汽车电子事业中心，产品覆盖智能座舱、 智能网联、ADAS、传感器等多个领域，并积极推进汽车芯片成品制造 封测项目和晶圆级微系统集成高端封测项目。 ...

买入（维持） 新兴业务高速发展，双轮驱动优势明显 柳工（000528）2024 年报点评 2025 年 4 月 9 日 投资要点： 事件：柳工发布2024年报。 点评： 公 司 研 | 主要数据 2025 年 | 4 | 日 月 8 | | --- | --- | --- | | 收盘价(元) | | 10.04 | | 总市值（亿元） | | 202.73 | | 总股本(亿股) | | 20.19 | | 流通股本(亿股) | | 20.18 | | ROE（TTM） | | 7.58% | 股价走势 资料来源：Wind，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 究 公 司 点 评 机械设备行业 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 12 月最高价(元) 13.71 12 月最低价(元) 8.71 证 券 研 究 报 告 ◼ 2024Q4营收同环比双增，盈利能力承压。 ...

证券研究报告 2025 年 4 月 9 日 星期三 | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3145.55 | 1.58% | 48.97 | | | 深证成指 | 9424.68 | 0.64% | 60.18 | | | 沪深 300 | 3650.76 | 1.71% | 61.32 | | | 创业板 | 1840.31 | 1.83% | 33.11 | | | 科创 50 | 940.09 | 1.72% | 15.92 | | | 北证 50 | 1094.39 | 4.82% | 50.32 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级跌幅靠后 | | | 申万一级跌幅前五 | 热点板块涨幅前五/跌 ◼ | | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 幅靠后 | | | | | 农林牧渔 | 7.81% | 电子 | -1.69% | 玉米 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [4][8]. Core Views - The company's internationalization strategy is expected to enhance profitability, with a significant growth in emerging industries [3][4]. - The company reported a revenue of 454.78 billion yuan in 2024, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders was 35.20 billion yuan, a slight increase of 0.41% [5]. - The overseas revenue reached 233.80 billion yuan in 2024, marking a year-on-year growth of 30.58%, which now constitutes 51.41% of total revenue, up 13.37 percentage points from the previous year [5]. - The company is actively optimizing its industrial structure, with significant growth in new industries such as agricultural machinery, which saw a revenue increase of 122.29% year-on-year [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 110.92 billion yuan, down 4.05% year-on-year but up 12.61% quarter-on-quarter. The net profit for this quarter was 3.81 billion yuan, a decrease of 41.42% year-on-year and 55.19% quarter-on-quarter [5]. - The gross margin for 2024 was 28.17%, an increase of 0.63 percentage points year-on-year, while the net margin was 8.81%, up 0.80 percentage points [5]. Revenue Breakdown - The company’s revenue from different segments includes: - Lifting machinery: 147.86 billion yuan, down 25.35% year-on-year - Concrete machinery: 80.13 billion yuan, down 6.80% year-on-year - Earth-moving machinery: 66.71 billion yuan, up 0.34% year-on-year - Aerial work machinery: 68.33 billion yuan, up 19.74% year-on-year - Agricultural machinery: 46.50 billion yuan, up 122.29% year-on-year [5]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.55 yuan, 0.73 yuan, and 0.84 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12x, 9x, and 8x [4][6].

公用事业 买入（维持） 公司煤层气产销量均实现同比高增长 新天然气（603393）2024 年年报点评 2025 年 4 月 8 日 投资要点： 事件：近日公司披露2024年年报。2024年公司实现营收37.77亿元，同比增长 7.40%；归母净利润11.85亿元，同比增长13.12%。 点评： suzhibin@dgzq.com.cn 分析师：刘兴文 SAC 执业证书编号： S0340522050001 公 司 研 究 | 流通 A | 股(亿股) | 4.23 | | --- | --- | --- | | ROE（TTM） | | 14.55% | | 12 月最高价(元) | | 39.49 | | 12 月最低价(元) | | 25.94 | 股价走势 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn 主要 ...

Core Viewpoints - The report maintains an overweight rating, emphasizing the need to increase the proportion of insurance funds invested in the stock market to enhance support for the capital market and the real economy [1][2]. Summary by Sections Policy Changes - On April 8, the National Financial Regulatory Administration issued a notice to adjust the regulatory ratio of equity assets for insurance funds, aiming to optimize the investment policy and increase support for the capital market and the real economy [2][3]. - The notice raises the upper limit for equity asset allocation ratios, simplifying the tier standards and increasing the equity asset ratio by 5% for certain solvency levels, thereby expanding investment space for equity capital in the real economy [3]. Market Impact - The adjustment is expected to alleviate funding pressures and stabilize market confidence, especially in light of recent U.S. tariff policies that have caused global market volatility [4]. - By increasing the equity asset allocation, it is projected to bring an additional 1.66 trillion yuan to the capital market, based on the insurance industry's fund utilization balance of 33.26 trillion yuan by the end of 2024 [4]. Industry Focus - The notice encourages insurance funds to increase investments in strategic emerging industries, which are crucial for economic transformation and growth, thus directing capital market resources towards these sectors [5]. - This shift is anticipated to enhance the competitiveness of emerging industries by providing them with more funding for technology development and market expansion, ultimately optimizing the capital market's structure [5]. Insurance Companies' Perspective - The acceleration of long-term capital entering the market is not only a policy direction but also a necessity for insurance companies to achieve stable operations and sustainable development [6]. - As long-term interest rates decline, increasing equity investments can help improve overall investment returns for insurance companies and mitigate the pressure from interest rate spreads [6]. Investment Strategy - The report suggests focusing on companies with resilient asset sides such as China Life (601628) and New China Life (601336), as well as those with stable comprehensive capabilities like China Pacific Insurance (601601) and China Ping An (601318) [7].

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index closing at 3096.58, down 7.34% [1] - The Shenzhen Component Index fell by 9.66%, and the ChiNext Index dropped by 12.50%, marking the largest single-day decline in its history [5] - Over 5200 stocks in the market fell, with more than 2900 stocks hitting the daily limit down [4] Sector Performance - The agriculture sector showed resilience, with stocks related to poultry and genetically modified crops performing well [4] - The top five declining sectors included Computer, Machinery Equipment, Media, Electric Power Equipment, and Communication, all experiencing declines of over 11% [2] - The top performing sectors included Corn and Soybean, with increases of 4.79% and 2.09% respectively [2] Future Outlook - The report indicates that the market is under pressure due to global economic uncertainties and the impact of U.S. tariffs, leading to a high volatility environment [5] - Companies with high dependence on exports to the U.S. are expected to face direct impacts, while those focused on domestic demand may show resilience [5] - The report suggests focusing on essential consumer sectors that benefit from domestic market growth and have potential for market share increase [5] - It is anticipated that macroeconomic policies will accelerate, with potential measures including interest rate cuts and targeted fiscal stimulus to support domestic demand [5]

Market Overview - The A-share market is experiencing a downward trend, with the ChiNext index leading the decline [1] - Major indices opened lower, with the Shanghai Composite Index down 0.91% and the Shenzhen Component Index down 1.22% [3] - The overall market saw more than 3100 stocks decline, with sectors like agriculture, public utilities, food and beverage, real estate, and social services performing well, while household appliances, electronics, and automotive sectors lagged [3] Sector Performance - The top-performing sectors included agriculture (up 1.81%), public utilities (up 1.41%), and food and beverage (up 1.28%) [2] - Conversely, the worst-performing sectors were household appliances (down 2.65%), electronics (down 2.48%), and automotive (down 2.09%) [2] External Influences - The internal demand theme has become a market focus, influenced by external factors such as the U.S. "reciprocal tariff" plan announced on April 3, which imposes a 25% tariff on all foreign-manufactured imported cars and a 34% tariff on Chinese products [4] - The global market is under pressure due to these tariffs, leading to a weaker dollar and a decline in the Asia-Pacific stock markets [4] Market Outlook - The market is expected to face challenges due to the U.S. tariff policy, but the A-share market has shown resilience, with the Shanghai Composite Index only slightly down at the close [5] - The trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, indicating a significant increase in activity [5] - Analysts suggest focusing on sectors such as non-ferrous metals, dividends, consumption, and TMT (Technology, Media, and Telecommunications) in light of the current market conditions [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][9]. Core Insights - The company successfully concluded its 2024 fiscal year, demonstrating operational resilience with a total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.38% year-on-year [6]. - For Q4 2024, the company reported a revenue of 51.02 billion yuan, reflecting a 12.77% year-on-year growth, and a net profit of 25.40 billion yuan, which is a 16.21% increase year-on-year [6]. - The company aims for a revenue growth of approximately 9% in 2025, with a planned fixed asset investment of 4.71 billion yuan, indicating a pragmatic approach to its operational goals [6]. - The revenue from Moutai liquor reached 145.93 billion yuan in 2024, a 15.28% increase year-on-year, while the revenue from series liquor was 24.68 billion yuan, growing by 19.65% year-on-year [6]. - The company’s gross margin improved to 92.89% in Q4 2024, with a net profit margin of 52.48%, an increase of 1.40 percentage points year-on-year [6]. - A dividend proposal was announced, with a total cash dividend of 34.67 billion yuan for 2024, resulting in a dividend yield of 3.33% based on the closing price on April 2, 2025 [6]. - The earnings per share (EPS) for 2025 and 2026 are projected to be 74.63 yuan and 81.57 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21 times and 19 times [6][7]. Summary by Sections Financial Performance - Total revenue for 2024 was 174.14 billion yuan, with a net profit of 86.23 billion yuan [6]. - Q4 2024 revenue was 51.02 billion yuan, with a net profit of 25.40 billion yuan [6]. - Revenue from Moutai liquor was 145.93 billion yuan, while series liquor revenue was 24.68 billion yuan [6]. Future Projections - The company targets a revenue growth of about 9% for 2025 [6]. - Projected EPS for 2025 and 2026 are 74.63 yuan and 81.57 yuan, respectively [7]. Dividend Policy - Proposed dividend of 276.24 yuan per 10 shares, totaling 34.67 billion yuan [6].

Market Overview - The market experienced a high-to-low fluctuation with a trading volume of less than 1 trillion yuan, closing with slight increases in major indices: Shanghai Composite Index up 0.05%, Shenzhen Component Index up 0.09%, and ChiNext Index up 0.13% [1][3][5] - The trading volume on the Shanghai and Shenzhen exchanges was 974.5 billion yuan, a decrease of 157.8 billion yuan from the previous trading day [5] Sector Performance - The top-performing sectors included textiles and apparel (1.45%), beauty and personal care (1.01%), and communications (0.97%), while the worst-performing sectors were defense and military (-1.17%) and non-ferrous metals (-0.87%) [2][3] - Concept indices showed strong performance in PVDF concept (1.84%) and noise control (1.57%), while the controlled nuclear fusion concept (-1.15%) and shale gas (-0.91%) lagged [2][3] Future Outlook - The report highlights a cautious market sentiment due to external uncertainties, particularly related to the U.S. government's tariffs and the upcoming earnings season, which may lead to stock price volatility [5] - Positive signals are expected from policy releases in areas such as fertility, consumption, and technology, which could boost market confidence in April [5] - Long-term prospects remain optimistic for the domestic economy, with recommendations to focus on sectors like food and beverage, banking, non-ferrous metals, TMT, and machinery [5] Regulatory Developments - A new implementation plan for the high-quality development of technology finance in the banking and insurance sectors was released, outlining 20 measures aimed at enhancing financial services related to technology innovation over the next five years [4]