公司近一年市场表现 市场数据：2025 年 4 月 21 日 王金源 邮箱：wangjinyuan@sxzq.com | 收盘价（元）： | 5.32 | | --- | --- | | 年内最高/最低（元）： | 7.51/4.72 | | 流通A股/总股本（亿）： | 5.61/7.29 | | 流通 A 股市值（亿）： | 29.83 | | 总市值（亿）： | 38.81 | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 0.39 | | --- | --- | | 摊薄每股收益(元)： | 0.39 | | | 8.55 | | 每股净资产(元)： | 4.50 | | 净资产收益率(%)： | | 资料来源：最闻 分析师： 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 研究助理： 轮胎 风神股份（600469.SH） 中性-B(下调) 2024 年产销大幅增长，原材料上涨导致盈利水平下滑 2025 年 4 月 22 日 公司研究/公司快报 事件描述 4 月 17 日，公司发布《2024 年度公告》，2024 年实现营业总 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company has shown significant growth in emerging markets, particularly in automotive electronics and data centers, despite the off-season [1][5]. - The first quarter of 2025 saw the company achieve a revenue of 1.461 billion yuan, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 233 million yuan, up 37.02% year-on-year, exceeding expectations [4][5]. Financial Performance - In Q1 2025, revenue breakdown by product shows signal processing at 34.9%, power management at 34.8%, automotive electronics and energy storage at 21.5%, and ceramics & PCB and others at 8.7% [5]. - The company reported a gross margin of 36.6% in Q1 2025, slightly up from 34.5% in Q4 2024 and stable compared to 36.9% in Q1 2024 [5]. - Operating cash flow improved to 329 million yuan in Q1 2025 from 238 million yuan in Q1 2024, indicating better cash flow management [6]. Earnings Forecast - The company is projected to achieve net profits of 1.092 billion yuan, 1.380 billion yuan, and 1.743 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.35 yuan, 1.71 yuan, and 2.16 yuan [7][10]. - The estimated P/E ratios for 2025, 2026, and 2027 are 20.8, 16.5, and 13.1 respectively, indicating a favorable valuation trend [7][10].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [5][8]. Core Views - The company reported a revenue of 1.461 billion yuan in Q1 2025, representing a year-on-year growth of 16.03%. The net profit attributable to the parent company was 233 million yuan, up 37.02% year-on-year, exceeding expectations [5]. - Emerging markets such as automotive electronics and data centers are showing significant growth, with automotive electronics and energy storage revenue increasing by 65.46% year-on-year [6]. - The company's gross margin remained stable at 36.6%, with effective cost control reflected in reduced management, sales, and R&D expense ratios [6][7]. Financial Performance - For the fiscal year 2025, the company is projected to achieve a net profit of 1.092 billion yuan, with earnings per share (EPS) of 1.35 yuan. The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20.8, 16.5, and 13.1, respectively [8][10]. - The company’s operating cash flow improved to 329 million yuan in Q1 2025, compared to 238 million yuan in Q1 2024, indicating better cash management [7]. - The company’s total revenue is expected to grow from 5.04 billion yuan in 2023 to 12.004 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.8% [10][12]. Market Performance - As of April 21, 2025, the company's closing price was 28.21 yuan, with a market capitalization of 22.746 billion yuan [3]. - The stock has seen a yearly high of 34.04 yuan and a low of 22.50 yuan, indicating volatility in its market performance [3]. Product Segmentation - In Q1 2025, the revenue breakdown by product was as follows: signal processing (34.9%), power management (34.8%), automotive electronics and energy storage (21.5%), and ceramics & PCB and others (8.7%) [6].

煤炭 行业周报（20250414-20250420） 同步大市-A(维持) 2025 年 4 月 22 日 行业研究/行业周报 相关报告： 【山证煤炭】海外煤价延续上涨，港口 库存继续走低-【山证煤炭】行业周报 （20250407-20250413）： 2025.4.14 【山证煤炭】国际关税争端加剧，关注 提振内需预期-【山证煤炭】行业周报 （20250331-20250404）： 2025.4.7 投资要点 动态数据跟踪 动力煤：海外煤价继续回升。本周产地煤矿生产基本维持正常水平。需 求方面，气温回升，居民用电淡季叠加新能源出力明显，发电煤耗继续下降； 下游复工及基建仍有待提高，工业原料用煤支撑减弱；北方港口煤炭调入高 于调出，北方港口煤炭库存回升；煤价方面，需求淡季下，港口仍以长协拉 运为主，港口煤价维持弱势。展望二季度，关税争端影响外贸，国内稳经济 政策或将继续出台，非电用煤需求或有所恢复；同时，海外煤价继续上涨， 叠加关税、海外煤炭生产国政策变化，预计国内进口煤或将减少，国内动力 煤价格中枢继续下降空间不大。截至 4 月 18 日，环渤海动力煤现货参考价 674 元/吨，周变化-0.30%；广州港山 ...

煤炭 行业周报（20250414-20250420） 同步大市-A(维持) 2025 年 4 月 22 日 行业研究/行业周报 相关报告： 【山证煤炭】海外煤价延续上涨，港口 库存继续走低-【山证煤炭】行业周报 （20250407-20250413）： 2025.4.14 【山证煤炭】国际关税争端加剧，关注 提振内需预期-【山证煤炭】行业周报 （20250331-20250404）： 2025.4.7 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 进口倒挂运价上涨，煤价底部震荡 投资要点 动态数据跟踪 动力煤：海外煤价继续回升。本周产地煤矿生产基本维持正常水平。需 求方面，气温回升，居民用电淡季叠加新能源出力明显，发电煤耗继续下降； 下游复工及基建仍有待提高，工业原料用煤支撑减弱；北方港口煤炭调入高 于调出，北方港口煤炭库存回升；煤价方面，需求淡季下，港口仍以长协拉 运为主，港口煤价维持弱势。展望二季度，关税争端影响外贸，国内稳经济 政策或将继续出台，非电用煤需求或有所恢复； ...

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company's sensor and optical connection businesses are experiencing high growth, and there is optimism regarding further improvement in profitability [1][6] - The company is a leading supplier of optical modules for data center construction in China and a leader in PTC and sensor technology for electric vehicles [8] Financial Performance - In 2024, the company achieved revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit of 1.221 billion yuan, up 21.17% year-on-year [4][9] - The company expects a net profit of 390 to 440 million yuan in Q1 2025, representing a year-on-year increase of 34.54% to 51.79% [4] Business Segments - The smart manufacturing, connection, and perception businesses generated revenues of 3.492 billion, 3.975 billion, and 4.095 billion yuan in 2024, with year-on-year growth rates of 9.45%, 23.75%, and 9.2% respectively [6] - The smart manufacturing segment focuses on new energy vehicles and shipbuilding, with significant order growth in these areas [6] - The optical connection segment has expanded its customer base and product offerings, achieving full coverage and mass production of various optical modules [7] - The sensor business has maintained rapid growth, with revenues of 3.668 billion yuan, a year-on-year increase of 12.93% [6] Profitability and Cost Management - The company's gross margin and net margin for Q4 2024 were 23.42% and 9.73%, respectively, with improvements from the previous quarter [8] - The overall expense ratio has decreased, with sales, management, and R&D expense ratios at 4.61%, 2.28%, and 7.49% respectively [8] Future Projections - The company forecasts net profits of 1.693 billion, 2.051 billion, and 2.552 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 38.7%, 21.1%, and 24.4% respectively [8][9] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.68, 2.04, and 2.54 yuan [8]

网络接配及塔设 华工科技（000988.SZ） 买入-A(维持) 传感器与光联接业务高增，看好后续盈利能力进一步改善 | 市场数据：2025 年 | 4 月 | 21 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 39.18 | | 总股本（亿股）： | | | 10.06 | | 流通股本（亿股）： | | | 10.05 | | 流通市值（亿元）： | | | 393.75 | | 年 基础数据：2024 12 | 月 | 日 31 | | | --- | --- | --- | --- | | 每股净资产（元）： | | | 10.22 | | 每股资本公积（元）： | | | 2.68 | | 每股未分配利润（元）： | | | 6.26 | | 资料来源：最闻 | | | | 高宇洋 2025 年 4 月 22 日 公司研究/公司快报 公司近一年市场表现 投资要点： 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 孙悦 ...

执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 研究早观点 2025 年 4 月 22 日 星期二 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,291.43 | 0.45 | | 深证成指 | | 9,905.53 | 1.27 | | 沪深 | 300 | 3,784.88 | 0.33 | | 中小板指 | | 6,185.22 | 1.35 | | 创业板指 | | 1,944.32 | 1.59 | | 科创 | 50 | 1,019.41 | 1.07 | | 资料来源：最闻 | | | | 分析师： 李召麒 【山证新股】新股周报（2025.04.21-2025.04.25）-新股市场活跃度上升， 4 月份创业板/主板新股首发 PE 均下降 【公司评论】三一重工(600031.SH)：三一重工 2024 年报点评-稳健经营， 现金流大幅改善 【公司评论】宁德时代(300750.SZ)：宁德时代业绩点评-龙头地位稳固，业 绩稳 ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the upcoming months [5][13]. Core Insights - The company reported a revenue of 78.38 billion yuan for 2024, reflecting a year-on-year increase of 5.90%. The net profit attributable to shareholders was 5.98 billion yuan, up 31.98% year-on-year [6][15]. - The company has shown significant improvement in cash flow, with net cash flow from operating activities reaching 14.81 billion yuan, a substantial increase of 159.53% year-on-year [9]. - The company is focusing on high-quality development and has proposed a cash dividend of 3.6 yuan per 10 shares, totaling 3 billion yuan, with a dividend payout ratio of 50.78% [9]. Financial Performance - The company achieved a basic earnings per share (EPS) of 0.71 yuan for 2024, with a projected EPS of 1.01 yuan for 2025 [4][15]. - The return on equity (ROE) for 2024 was 8.35%, with expectations to rise to 10.7% by 2025 [4][15]. - The gross profit margin for 2024 was reported at 27.0%, with projections for slight improvements in the following years [15][19]. Market Position and Growth - The company has maintained its position as the domestic sales champion for excavators for 14 consecutive years, contributing 40% to its revenue [7]. - The international business segment generated 48.5 billion yuan in revenue, accounting for 64% of the main business, with a year-on-year growth of 12.15% [8]. - The company is leading in low-carbon and intelligent development, with revenue from new energy products reaching 4.03 billion yuan, a year-on-year increase of 23% [8]. Future Projections - Revenue is expected to grow to 88.74 billion yuan in 2025, with a projected net profit of 8.54 billion yuan, reflecting a year-on-year growth of 42.9% [15][19]. - The company anticipates a steady increase in its market share and profitability, with a projected PE ratio decreasing from 27.3 in 2024 to 19.1 in 2025 [15][19].

锂电池 宁德时代（300750.SZ） 买入-A(维持) 龙头地位稳固，业绩稳健增长 2025 年 4 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：4 月 14 日，公司披露 2025 年一季报，25Q1 公司实现营业收入 847.0 亿元，同比增长 6.2%，实现归母净利润 139.6 亿元，同比增长 32.9%。 2024年全年公司实现营业收入3620.1亿元，同比下滑9.7%，归母净利润507.4 亿元，同比增长 15.0%，符合预期。公司 2024 年股利支付率为 50%。 事件点评 市场数据：2025 年 4 月 18 日 锂电池盈利稳定，产能扩张有提速迹象。2024 年公司动力电池实现收入 2530.4 亿元，同比下降 11.3%，毛利率 23.9%，同比增长 5.8pct。储能电池实 现收入 572.9 亿元，同比下降 4.4%，毛利率 26.8%，同比增长 8.2pct。2024 年公司实现锂离子电池销量 475GWh，同比增长 21.8%，其中，动力电池系 统销量 381GWh，同比增长 18.9%；储能电池系统销量 93GWh，同比增长 34.3%。我们估算公司锂 ...