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 ...

其他石化 恒力石化（600346.SH） 买入-B(维持) 业绩稳步增长，全产业链发展领先优势 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 公司发布 2024 年报，实现营业收入 2362.73 亿元，同比增长 0.63%； 实现归属于上市公司股东的净利润 70.44 亿元，同比增长 2.01%。其中，Q4 实现营业收入 585.44 亿元，同比-5.12%，环比-10.29%，实现归母净利润为 19.39 亿元，同比+61.03%，环比+78.39%。 事件点评 原油走低带动公司成本降低，纺服链复苏带动民用丝需求快速增长。从 成本端来看，原油价格有所回落，2024 年原油价格呈现前高后低、宽幅震 荡走势。全年布伦特原油均价 80 美元/桶，同比下降 2.8%；WTI 原油均价 76 美元/桶，同比下降 2.3%。全年煤炭供需处于宽松状态，库存维持高位， 价格震荡下行，2024 公司煤炭平均进价 692.68 元/吨，同比-14.69%。在居民 收入及消费信心趋稳、国家促消费政策逐步显效等因素的支撑下，我国纺服 内销市场稳中有增，2024 年 1-12 月限额以上服装鞋帽 ...

Investment Rating - The report indicates an overall positive sentiment towards the new stock market, with an increase in activity and performance metrics for newly listed stocks [2][3][14]. Core Insights - The new stock market has seen increased activity, with 23 stocks recording positive weekly gains, representing 45.10% of newly listed stocks over the past six months, a significant increase from the previous 14.00% [2][14]. - In April, the ChiNext board saw an increase in first-day gains and opening valuations, while the main board experienced a decrease in these metrics [3][30]. - The report highlights specific stocks with notable performance, such as Honggong Technology on the ChiNext board, which had a first-day gain of 171.43% and an opening valuation of 26.23 times earnings [26][30]. Summary by Sections New Stock Market Activity - The report notes that in April, the ChiNext board's first-day gains and opening valuations increased, while the main board's first-day gains and valuations decreased [3][30]. - The report details that the main board's new stocks had an average first-day gain of 252.76% in April, down from 289.09% in March [38]. Key Newly Listed Stocks - The report lists key newly listed stocks since January 2023, including: - Xidian Co., Ltd. (semiconductor probe equipment) - Shengke Nano (third-party semiconductor testing laboratory) - Hongjing Optoelectronics (sports cameras and automotive optical lenses) [48][50]. Upcoming and Approved New Stocks - As of April 18, 2025, 18 companies have received approval from the China Securities Regulatory Commission, including: - Weigao Blood Purification (medical blood purification products) - Yitang Co., Ltd. (dry glue removal and rapid heat treatment equipment) [46][47]. - The report also mentions that there are currently no newly issued stocks awaiting listing [47]. Performance Metrics - The report provides various performance metrics, including: - The ChiNext board's first-day price-to-earnings (P/E) ratio decreased to 14.18 times in April from 17.56 times in March [30]. - The main board's first-day P/E ratio was 15.13 times in April, down from 18.17 times in March [38]. Market Trends - The report indicates that the near-term newly listed stock index is at a discount compared to the ChiNext board, with a ratio of 0.86, down from 0.90 [43]. - The report emphasizes the upward trend in the ChiNext board's valuation metrics, contrasting with the downward trend in the main board's metrics [43].

新股研究 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 2025 年 4 月 21 日 策略研究/定期报告 投资要点： 新股市场活跃度上升，4 月份创业板新股首日涨幅和开板估值上升 周内新股市场活跃度上升，近 6 个月上市新股周内共有 23 只股票录得正涨幅(占比 45.10%，前值 14.00%)。 科创板：上周科创板无新股上市。周内思看科技录得周涨幅为正，联芸科技、兴福电子 等录得周跌幅超-5%。 创业板：上周创业板宏工科技上市，上市首日涨幅 171.43%，首日开板估值 26.23 倍。周 内浙江华远、恒鑫生活等录得周涨幅超 5%，泰禾股份录得周跌幅超-30%。 沪深主板：上周沪深主板信凯科技、肯特催化上市，首日开板估值 43.08 倍、53.08 倍。 周内亚联机械录得周涨幅超 50%，信凯科技、肯特催化录得周跌幅超-15%。 新股周期：3 月份上市 13 只新股，科创板新股首日涨幅下降但开板估值上升，创业板新 股首日涨幅和开板估值均下降，主板新股首日涨幅和开板估值均上升，科创板/创业板首 发 PE 上升。4 月份创业板首航新能 ...

| 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,276.73 | -0.11 | | 深证成指 | | 9,781.65 | 0.23 | | 沪深 | 300 | 3,772.52 | 0.01 | | 中小板指 | | 6,103.12 | 0.17 | | 创业板指 | | 1,913.97 | 0.27 | | 科创 50 | | 1,008.60 | -0.81 | 分析师： 李召麒 执业登记编码：S0760521050001 研究早观点 2025 年 4 月 21 日 星期一 市场走势 资料来源：最闻 国内市场主要指数 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【公司评论】万华化学(600309.SH)：万华化学-技改扩能产销同比增长， 成本控制能力与产品竞争力提升 【公司评论】达梦数据(688692.SH)：达梦数据（688692.SH）：全年收入持 续高增，党政及行业市场渗透率不断提升 【公司评论】金沃股份(300984.SZ)：金沃股份 2024 年报点评-主业保持稳 健增长 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [4][10]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a slight increase of 0.99% year-on-year, with a net profit of 1.32 billion yuan, reflecting a growth of 0.18% [5]. - The company's gross margin improved to 23.46% in 2024, up by 2.85 percentage points year-on-year, with domestic and international gross margins at 21.25% and 26.2%, respectively [6]. - The company achieved a significant increase in overseas sales, with a 34% year-on-year growth in complete machine exports, contributing to nearly 40% of total revenue [6][7]. - The company plans to distribute a cash dividend of 534 million yuan, with a payout ratio of 40.5%, resulting in an approximate dividend yield of 3.4% [7]. Financial Performance - The company’s earnings per share (EPS) for 2024 is reported at 1.59 yuan, with projected EPS for 2025, 2026, and 2027 at 1.71 yuan and 1.95 yuan, respectively [2][10]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 9.8, 9.1, and 8.0, respectively, indicating a favorable valuation trend [10]. - The company’s return on equity (ROE) is expected to decline slightly from 13.6% in 2024 to 12.5% by 2027 [12]. Market Position and Strategy - The company is recognized as a leading player in the global industrial vehicle market, with a comprehensive and self-controlled parts supply chain and a global after-sales service network [8]. - The company is actively developing its smart logistics business, which is anticipated to create a second growth curve in the medium to long term [10].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [4][9]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a slight increase of 0.99% year-on-year, while the net profit was 1.32 billion yuan, up 0.18% year-on-year [5][6]. - The company has shown a strong growth in forklift sales, outperforming the industry with a 16.53% increase in sales volume, capturing a market share of 26.5% [6]. - The overseas business has been a significant growth driver, with a 34% increase in complete machine exports and overseas revenue reaching 6.928 billion yuan, accounting for nearly 40% of total revenue [6][7]. Market Performance - As of April 18, 2025, the company's closing price was 15.55 yuan, with a yearly high of 28.50 yuan and a low of 14.31 yuan [2]. - The total market capitalization stands at 13.85 billion yuan [2]. Financial Data - The basic earnings per share (EPS) for 2024 is reported at 1.59 yuan, with a diluted EPS also at 1.59 yuan [3]. - The return on equity (ROE) is 13.63%, indicating a solid profitability level [3]. - The company plans to distribute a cash dividend of 534 million yuan, with a payout ratio of 40.5%, resulting in a dividend yield of approximately 3.4% [7]. Future Projections - The company expects revenues of 18.213 billion yuan in 2025, with projected EPS of 1.59 yuan, 1.71 yuan, and 1.95 yuan for 2025, 2026, and 2027 respectively [11][9]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 9.8, 9.1, and 8.0 respectively, indicating a potentially undervalued stock [11][9].

Investment Rating - The investment rating for Wanhua Chemical (600309.SH) is "Buy-B" (maintained) [1][10]. Core Views - The report highlights significant contributions from the polyurethane business segment, with rapid growth in fine chemicals and new materials. The company achieved a total operating revenue of 182.069 billion yuan in 2024, a year-on-year increase of 3.83%, while the net profit attributable to shareholders decreased by 22.49% to 13.033 billion yuan [5][6]. Financial Performance - In 2024, the company reported total operating revenue of 182.069 billion yuan, with a gross margin of 16.16% and a net margin of 8.12%, both showing declines compared to the previous year [6]. - The revenue breakdown by product for 2024 includes polyurethane series at 75.844 billion yuan (up 12.55%), petrochemical series at 72.518 billion yuan (up 4.60%), and fine chemicals and new materials at 28.273 billion yuan (up 18.61%) [6]. - For Q1 2025, the company achieved operating revenue of 43.068 billion yuan, with a year-on-year increase of 24.96% [5]. Production Capacity and Expansion - The report notes that multiple production facilities have been completed and are operational, with ongoing projects progressing as scheduled. The MDI capacity at the Fujian Industrial Park has been expanded from 400,000 tons/year to 800,000 tons/year, and the Ningbo Industrial Park's MDI capacity has increased from 1.2 million tons/year to 1.5 million tons/year [7]. Research and Development - The company has increased its R&D investment to 4.55 billion yuan in 2024, accounting for 2.5% of its revenue. It has filed 1,220 domestic and international invention patents, with 649 granted [8]. Future Profitability Projections - The company is expected to achieve net profits attributable to shareholders of 14.972 billion yuan, 16.587 billion yuan, and 17.909 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11.5, 10.4, and 9.6 [10][12].

Investment Rating - The report maintains a "Buy-B" rating for Wanhua Chemical (600309.SH) [1] Core Views - The company achieved a total operating revenue of 182.07 billion yuan in 2024, representing a year-on-year increase of 3.83%. However, the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [6][8] - The polyurethane business segment showed significant contributions, while the fine chemicals and new materials business experienced rapid growth [8] - The company is expected to benefit from technological innovation and capacity upgrades, enhancing cost control and product competitiveness [13] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 1820.69 billion yuan, with a gross margin of 16.16% and a net margin of 8.12%, both showing declines compared to the previous year [6][8] - For Q1 2025, the company achieved operating revenue of 430.68 billion yuan, with a year-on-year growth of 24.96% [6] Business Segments - Revenue from the polyurethane series, petrochemical series, and fine chemicals and new materials series were 758.44 billion yuan, 725.18 billion yuan, and 282.73 billion yuan respectively, with year-on-year growth rates of 12.55%, 4.60%, and 18.61% [8] - The company’s MDI capacity was expanded from 40,000 tons/year to 80,000 tons/year in the Fujian Industrial Park, and from 120,000 tons/year to 150,000 tons/year in the Ningbo Industrial Park [9] Research and Development - The company invested 4.55 billion yuan in R&D in 2024, accounting for 2.5% of its revenue, and applied for 1,220 domestic and international patents [10] Future Outlook - The company is projected to achieve net profits of 14.97 billion yuan, 16.59 billion yuan, and 17.91 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.5, 10.4, and 9.6 [13]