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： 先进陶瓷材料及零部件国内领先，24 年陶瓷加热器加速放量。公司是半 导体设备用先进陶瓷材料零部件的头部企业，2023 年先进陶瓷材料零部件收 入占比 82.63%。近年来公司营收稳定增长，2021-2023 年收入 CAGR 为 18%， 归母净利润 CAGR 为 10.46%。2023 年及之前公司主要产品为应用于泛半导 体设备领域的陶瓷结构件，2024 年随着泛半导体领域客户采购需求提升，公 司新品陶瓷加热器开始加速放量，贡献收入增长。 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 半导体先进结构陶瓷市场国产替代空间广阔，模块产品成本占比较高 ...

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]

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 分析师： 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 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 去年同期下降。2025 年 1-2 月，煤及褐煤累计进口量实现 0.76 亿吨，同比增 长 2%；2 月单月实现进口量 3436 万吨，同比增长 1.81%，环比减少 17.72%。 2025 年 1-2 月全口径煤炭进口均价录得 85 美元/吨，较去年均价降 11.14%（对 应降幅 11 美元/吨）。2025 年 2 月进口煤价格录得 82 美元/吨，同比降 21.33% （对应降幅 22 美元/吨），环比降 6.43%（对应降幅 6 美元/吨）。 首选股票 评级 其中：动力煤方面，前 2 月 ...

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].

研究早观点 2025 年 4 月 2 日 星期三 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,348.44 | 0.38 | | 深证成指 | 10,503.66 | -0.01 | | 沪深 300 | 3,887.68 | 0.01 | | 中小板指 | 6,568.47 | -0.03 | | 创业板指 | 2,101.88 | -0.09 | | 科创 50 | 1,024.38 | 0.16 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 市场走势 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：OFC2025 即将召开， 关注财报季高景气板块 【行业评论】计算机：AutoGLM 沉思重磅发布，集深度思考与强工具 使用能力于一体 【行业评论】非银行金融：行业周报（20250324-20250330）：-券商业 绩显著改善，鼓励耐心资本入市 【山证纺服】老铺黄金 2024 年报点评 【山证军工】航天电器（00202 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [7] Core Views - The company has seen a significant increase in contract liabilities and inventory, driven by strong demand for computing power from internet clients [1][4] - The company's revenue for 2024 reached 1147.67 billion, a year-on-year increase of 74.24%, with a net profit of 22.92 billion, up 28.55% year-on-year [3][4] - The company is expected to benefit from the ongoing demand for AI computing power from major internet companies, with projected revenues for 2025-2027 showing continued growth [5][6] Financial Performance - In 2024, the company achieved a gross margin of 6.85%, a decrease of 3.19 percentage points from the previous year, primarily due to increased revenue share from major internet clients [4] - The company's net profit margin for 2024 was 2.00%, down 0.73 percentage points year-on-year [4] - Contract liabilities increased by 491% year-on-year to 113 billion by the end of 2024, indicating strong order fulfillment [4] Future Projections - Revenue projections for 2025-2027 are 155.04 billion, 180.16 billion, and 202.21 billion respectively, with year-on-year growth rates of 35.1%, 16.2%, and 12.2% [9][11] - The expected EPS for 2025-2027 is 2.50, 2.87, and 3.02 respectively, with corresponding P/E ratios of 21.42, 18.64, and 17.71 [6][9]

来源：最闻，山西证券研究所 | 市场数据：2025 年 3 月 | 31 | 日 | | | --- | --- | --- | --- | | 收盘价（港元）： | | | 729.00 | | 年内最高/最低（港元）： | | | 798.00/60.950 | | 流通股/总股本（亿股）： | | | 0.95/1.68 | | 流通市值（亿港元）： | | | 690.91 | | 总市值（亿港元）： | | | 1,227.39 | 来源：最闻，山西证券研究所 黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2024 年营收业绩强劲增长，2025 年推动品牌出海 2025 年 4 月 1 日 公司研究/公司快报 事件描述 3 月 31 日，公司披露 2024 年年报，2024 年，公司实现收入 85.06 亿元，同比增长 167.5%，实现归母净利润 14.73 亿元，同比增长 253.9%。公司董事 ...

航天军工 航天电器（002025.SZ） 增持-A(维持) 防务业务持续修复，新域新质造新动力 2025 年 4 月 1 日 公司研究/公司快报 公司近一年市场表现 事件描述 执业登记编码：S0760522050002 邮箱：luozhiwei@sxzq.com 李通 市场数据：2025 年 3 月 31 日 | 收盘价（元）： | 55.60 | | --- | --- | | 年内最高/最低（元）： | 65.70/36.08 | | 流通 A 股/总股本（亿股）： | 4.53/4.57 | | 流通 A 股市值（亿元）： | 251.62 | | 总市值（亿元）： | 254.02 | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 0.76 | | --- | --- | | 摊薄每股收益(元)： | 0.76 | | 每股净资产(元)： | 16.42 | | 净资产收益率(%)： | 5.39 | 分析师： 骆志伟 执业登记编码：S0760521110001 电话：010-83496308 邮箱：litong@sxzq.com 航天电器公司发布 2024 年报。2024 ...