Investment Rating - The investment rating for the company is "Accumulate-B" [1][10]. Core Views - The company reported a revenue of 1.671 billion yuan for 2024, representing a year-on-year growth of 2.53%. The net profit attributable to the parent company was 277 million yuan, up 29.42% year-on-year, with a basic earnings per share (EPS) of 1.12 yuan, reflecting a growth of 30.23% [6][10]. - The company has successfully expanded its franchise store business and deepened its relationships with major clients, achieving positive growth in revenue and net profit despite intensified industry competition [6][10]. - The company plans to achieve revenues of 1.823 billion yuan, 2.015 billion yuan, and 2.236 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 268 million yuan, 293 million yuan, and 315 million yuan [10][12]. Financial Performance - In 2024, the company's gross profit margin improved to 26.71%, an increase of 0.36 percentage points year-on-year, while the net profit margin rose to 16.75%, up 3.54 percentage points year-on-year [7]. - The company completed 75 lean improvement projects in 2024, which contributed to enhanced production efficiency and reduced costs [7]. - The company’s total assets are projected to grow from 28.81 billion yuan in 2023 to 37.84 billion yuan by 2027, indicating a steady increase in financial strength [15][16]. Sales and Market Expansion - The company opened 1,026 new franchise stores in 2024, expanding its market presence in regions such as East China and North China [6]. - The sales revenue from franchise stores, direct stores, and group meal services for 2024 was 1.246 billion yuan, 21 million yuan, and 380 million yuan, respectively, with varying year-on-year changes [6][10]. - The company has developed over 300 new major clients in 2024, enhancing its customer service capabilities and product offerings [6].

电子行业近一年市场表现 投资要点 资料来源：最闻 电子 周跟踪（20250324-20250328） 领先大市-A(维持) NAND 价格 Q2 看涨，国产设备技术突破密集落地 2025 年 4 月 2 日 行业研究/行业周报 相关报告： 大，华为 PuraX 阔折叠正式发布-山西证 券电子行业周跟踪 2025.3.25 型 AI Agent，博通一季度业绩超预期-山 西证券电子行业周跟踪 2025.3.13 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.3.24-2025.3.28）市场大盘普遍下跌，上证指数跌 0.40%，深圳成指跌 0.75%，创业板指跌 1.12%，科创 50 跌 1.29%，申万电子 指数跌 2.07%，Wind 半导体指数跌 1.92%。外围市场，费城半导体指数跌 5.99%，台湾半导体指数跌 2.32%。细分板块中，周涨跌幅前三为电子化学品 （+2.43%）、半导体材料（-1.12%）、集成电路封测（-1.24%）。从个股看， 涨幅前五为泰凌微（+25.48% ...

电子 周跟踪（20250324-20250328） 领先大市-A(维持) NAND 价格 Q2 看涨，国产设备技术突破密集落地 2025 年 4 月 2 日 行业研究/行业周报 电子行业近一年市场表现 投资要点 资料来源：最闻 相关报告： 大，华为 PuraX 阔折叠正式发布-山西证 券电子行业周跟踪 2025.3.25 型 AI Agent，博通一季度业绩超预期-山 西证券电子行业周跟踪 2025.3.13 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.3.24-2025.3.28）市场大盘普遍下跌，上证指数跌 0.40%，深圳成指跌 0.75%，创业板指跌 1.12%，科创 50 跌 1.29%，申万电子 指数跌 2.07%，Wind 半导体指数跌 1.92%。外围市场，费城半导体指数跌 5.99%，台湾半导体指数跌 2.32%。细分板块中，周涨跌幅前三为电子化学品 （+2.43%）、半导体材料（-1.12%）、集成电路封测（-1.24%）。从个股看， 涨幅前五为泰凌微（+25.48% ...

半导体设备 珂玛科技（301611.SZ） 增持-A(首次) 半导体先进陶瓷结构件本土市场份额领先，模组产品放量贡献收入 2025 年 4 月 2 日 公司研究/深度分析 公司上市以来股价表现 投资要点： | 市场数据：2025 年 | 4 月 | 1 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 58.11 | | 总股本（亿股）： | | | 4.36 | | 流通股本（亿股）： | | | 0.60 | | 流通市值（亿元）： | | | 34.87 | | 基础数据：2024 年 9 月 | 30 日 | | | --- | --- | --- | | 每股净资产（元）： | | 3.40 | | 每股资本公积（元）： | | 1.21 | | 每股未分配利润（元）： | | 1.12 | | 资料来源：最闻 | | | 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@sxzq.com 谷茜 执业登记编码：S0760518060001 电话：0351-8686775 邮箱：guqian@sxzq.com 先进 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [4]. Core Viewpoints - The company is a leading domestic player in advanced ceramic materials and components for semiconductor equipment, with a significant revenue contribution from its ceramic heater products expected to accelerate in 2024 [1][4]. - The domestic market for advanced structural ceramics has substantial room for domestic substitution, with the company holding an approximately 80% market share among local suppliers [2][4]. - The company has established strong partnerships with major domestic semiconductor equipment manufacturers, enhancing its competitive position in the market [3][4]. Summary by Relevant Sections 1. Leading Position in Advanced Ceramic Materials - The company is recognized as a top enterprise in the research, manufacturing, and sales of advanced ceramic materials and components for semiconductor equipment [17]. - The revenue from advanced ceramic components has shown stable growth, with a CAGR of 18% from 2021 to 2023 [1][24]. - The company’s ceramic heater products are expected to see significant volume growth in 2024, driven by increased demand from the semiconductor sector [1][24]. 2. Market Potential for Domestic Substitution - The global market for advanced structural ceramics is projected to reach 423 billion yuan by 2026, with a significant portion of demand coming from semiconductor and display panel equipment [2][58]. - The domestic market for advanced structural ceramics is expected to grow at a CAGR of 11% from 2022 to 2026, outpacing global growth rates [40]. - The company’s market share in the domestic advanced structural ceramics sector is approximately 80%, indicating a strong competitive advantage [2][4]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 845 million yuan, 1.06 billion yuan, and 1.24 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 75.96%, 25.40%, and 17.25% [7][8]. - The expected net profit for the same years is forecasted to be 311 million yuan, 431 million yuan, and 526 million yuan, reflecting substantial growth [7][8]. - The report anticipates that the company will maintain a robust gross margin, with a projected gross margin of 60.9% in 2024 [8].

Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][7] Core Views - The company has shown significant improvements in quality and efficiency, benefiting from the high demand in the downstream market [1][5] - In 2024, the company reported a revenue of 428.37 billion yuan, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders increased by 12.86% to 33.94 billion yuan [3][5] - The company is expected to continue benefiting from the urgent demand for new and upgraded equipment in the air force and navy aviation sectors [5] Financial Performance - In Q4 2024, the company achieved a revenue of 175.40 billion yuan, a year-on-year increase of 50.99%, and a net profit of 15.76 billion yuan, up 145.19% [5] - The gross margin improved by 1.52 percentage points to 12.47%, and the net margin increased by 1.46 percentage points to 7.97% in 2024 [5] - The company’s total liabilities reached 425.39 billion yuan, an increase of 8.49% year-on-year, while cash and cash equivalents decreased by 36.48% to 98.92 billion yuan [3][5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 1.47, 1.66, and 1.87 yuan respectively, with corresponding PE ratios of 30.3, 26.7, and 23.8 [7][9]

煤炭 煤炭进口数据拆解 同步大市-A(维持) 25 年前 2 月进口增速边际放缓 2025 年 4 月 2 日 行业研究/行业月度报告 煤炭板块近一年市场表现 相关报告： 【山证煤炭】年后二宗矿权交易达成， 一级市场估值维持强势-【山证煤炭】行 业周报（20250324-20250330）：2025.3.31 【山证煤炭】龙头股 2024 年度业绩好于 预 期 - 【 山 证 煤 炭 】 行 业 周 报 （20250317-20250323）： 2025.3.24 行业倡议书提及"限制劣质进口煤"，后续进口变化有待观察。2025 年 2 月 28 日，煤炭工业协会和运销协会发布《倡议书》，明确提出"发挥好进 口煤补充调节作用，有效控制劣质煤进口量"。我们认为当前进口煤已经对 国内市场形成冲击，未来进口量有望降低。 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 投资要点： 数据拆解： 资料来源：最闻 量价：前 2 月进口量同比增速边际放缓；前 2 月全口径煤炭进口价格较 去年同 ...

Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][6] Core Views - The company has shown significant improvements in quality and efficiency, benefiting from the high demand in the downstream market [1][4] - In 2024, the company experienced a revenue decrease of 7.37% due to external factors, but achieved a remarkable revenue growth of 50.99% in Q4 [4] - The company is expected to continue benefiting from the urgent demand for new and upgraded military aircraft in China's air force and navy [4] Financial Performance Summary - In 2024, the company's operating revenue was 428.37 billion, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders was 33.94 billion, an increase of 12.86% [3][4] - The company's gross profit margin improved by 1.52 percentage points to 12.47%, and the net profit margin increased by 1.46 percentage points to 7.97% in 2024 [4] - The company expects EPS for 2025-2027 to be 1.47, 1.66, and 1.87 respectively, with corresponding P/E ratios of 30.3, 26.7, and 23.8 [6][8]

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a strong outlook for the sector [2]. Core Insights - The report highlights a structural trend of "increasing volume and decreasing price" in coal imports since 2025, suggesting an oversupply in the international market. Despite increased imports, domestic prices have not risen significantly, indicating a loose supply-demand balance globally [4][52]. - The report notes that only thermal coal imports have shown a year-on-year decline, while imports of anthracite coal have increased significantly. The report also mentions the impact of geopolitical factors on coal imports from various countries [4][52]. - A recent initiative from the coal industry associations aims to limit the import of low-quality coal, which may lead to a reduction in future import volumes [4][52]. Summary by Sections Coal Import Volume Data Breakdown - In the first two months of 2025, coal and lignite imports totaled 76 million tons, a year-on-year increase of 2%. In February alone, imports reached 34.36 million tons, up 1.81% year-on-year but down 17.72% month-on-month [3][12]. - Thermal coal imports decreased by 7.59% year-on-year in January and February, with a total of 26.2 million tons imported. Notably, imports from Indonesia saw a significant decline [17][21]. - Coking coal imports increased by 5% year-on-year, totaling 18.77 million tons in the same period, with notable growth from Russia and the U.S. [21][25]. - Lignite imports rose by 8% year-on-year, primarily driven by Indonesia [25][27]. - Anthracite coal imports surged by 41% year-on-year, with Russia being the main contributor [27][28]. Coal Import Price Data Breakdown - The average import price for coal in the first two months of 2025 was $85 per ton, down 11.14% from the previous year. In February, the price dropped to $82 per ton, reflecting a 21.33% year-on-year decline [33][38]. - Thermal coal prices averaged $85 per ton, down 8.49% year-on-year, while coking coal prices averaged $127 per ton, down 16.44% year-on-year [40][45]. - Lignite and anthracite coal prices also saw declines, with lignite averaging $55 per ton and anthracite at $121 per ton, both reflecting significant year-on-year decreases [45][47]. Commentary and Investment Recommendations - The report suggests that the coal sector is currently experiencing a favorable environment for high-dividend stocks, recommending companies like China Shenhua, Shaanxi Coal, and Zhongmei Energy for stable high-dividend investments. For more elastic high-dividend stocks, Huabei Mining and Pingmei Shenma are highlighted [5][53]. - The report emphasizes the importance of resource pricing in guiding the valuation of coal companies, suggesting a focus on undervalued stocks with strong performance support [5][53].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][9]. Core Views - The company's operator business is under pressure from external environmental factors, while computing power and end-side businesses are opening new growth avenues [1][6]. - The company reported a revenue of 121.3 billion yuan in 2024, a year-on-year decrease of 2.38%, and a net profit of 8.43 billion yuan, down 9.66% year-on-year [3][10]. - The operator business revenue for 2024 was 70.3 billion yuan, down 15.02% year-on-year, while the government and enterprise business grew by 36.68% to 18.57 billion yuan [5][9]. Financial Performance - The company achieved a gross margin of 37.91% in 2024, a decrease of 3.62 percentage points year-on-year [3]. - The fourth quarter of 2024 saw a revenue of 31.25 billion yuan, down 10.34% year-on-year but up 13.41% quarter-on-quarter [3]. - The company expects net profits to grow to 9.26 billion yuan in 2025, reflecting a year-on-year increase of 9.9% [9][10]. Business Segments - The operator business is facing challenges due to a decline in overall investment from domestic operators as 5G network construction matures [5]. - The government and enterprise business has seen significant growth due to increased R&D investment, with revenues doubling in key sectors [5][6]. - The consumer business reported a revenue increase of 16.12% to 32.41 billion yuan, driven by growth in home terminals and mobile internet products [5][6]. Market Position and Strategy - The company is actively expanding its computing power segment, achieving breakthroughs in servers, storage, and data centers [8]. - The company is implementing a dual-brand strategy in international markets, leveraging innovative technologies to capture emerging market demands [8][9]. - The company maintains strict cost control, with a declining debt-to-asset ratio of 64.7% in 2024, marking six consecutive years of improvement [8][9].