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 ...

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]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][9]. Core Views - The company achieved a significant revenue growth of 167.5% year-on-year in 2024, reaching 8.506 billion RMB, with a net profit increase of 253.9% to 1.473 billion RMB [4][9]. - The company plans to expand its brand internationally, with the first store in Singapore expected to open in 2025 [9]. Revenue Performance - In 2024, the company reported a revenue of 85.06 billion RMB, with a strong same-store sales growth of 120.9% [4][5]. - The second half of 2024 saw revenue of 49.85 billion RMB, marking a year-on-year increase of 182.9% [4]. Profitability - The company’s net profit margin improved to 17.3% in 2024, up by 4.2 percentage points year-on-year [6]. - The gross profit margin slightly decreased to 41.2% in 2024, down by 0.7 percentage points [6]. Store Expansion - The company opened 7 new stores in 2024 and optimized 4 existing stores, enhancing customer service capacity [5]. - Revenue from the mainland China market reached 76.51 billion RMB, a 153.0% increase year-on-year, while the Hong Kong and Macau markets saw a revenue surge of 451.4% to 8.55 billion RMB [5]. Financial Forecast - The company forecasts revenues of 15.623 billion RMB, 22.508 billion RMB, and 30.530 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 83.7%, 44.1%, and 35.6% [9][11]. - Expected net profits for the same years are projected at 2.834 billion RMB, 4.019 billion RMB, and 5.550 billion RMB, with growth rates of 92.4%, 41.8%, and 38.1% [9][11].

Investment Rating - The industry investment rating is maintained at "Leading the Market - A" [2][9][36] Core Viewpoints - The performance of securities firms has significantly improved, with 19 firms disclosing their 2024 annual reports. Among them, 13 firms achieved positive revenue growth, and 15 firms reported positive net profit growth. The weighted average return on equity (ROE) for 13 firms increased year-on-year. Notably, Huayin Securities and Hongta Securities saw net profit growth exceeding 100%. The top three firms by revenue are CITIC Securities, Guotai Junan, and Huatai Securities, all achieving positive year-on-year growth. The total revenue of 22 disclosed firms reached 123.465 billion yuan, reflecting a year-on-year increase of 14.95% [2][9][28]. - The China Securities Regulatory Commission (CSRC) revised the "Securities Issuance and Underwriting Management Measures," encouraging long-term capital to enter the market. The revisions include prioritizing bank wealth management products and insurance asset management products for IPO allocations, promoting a long-term investment ecosystem, and improving the capital structure of the primary market [3][28]. Summary by Sections Investment Suggestions - The report highlights the significant improvement in the performance of securities firms, with 19 firms reporting their 2024 annual results. Key metrics include 13 firms with positive revenue growth and 15 firms with positive net profit growth. The total revenue for 22 firms reached 123.465 billion yuan, a 14.95% increase year-on-year [9][28]. Market Review - The major indices showed mixed performance last week, with the Shanghai Composite Index down 0.40%, the CSI 300 up 0.01%, and the ChiNext Index down 1.12%. The total trading volume in A-shares was 6.30 trillion yuan, with an average daily trading volume of 1.26 trillion yuan, a decrease of 18.64% week-on-week [10][16]. Industry Key Data Tracking 1) Market Performance and Scale: The report notes the mixed performance of major indices, with the Shanghai Composite Index down 0.40% and the ChiNext Index down 1.12%. The total trading volume in A-shares was 6.30 trillion yuan, with a daily average of 1.26 trillion yuan, reflecting an 18.64% decrease [10][16]. 2) Credit Business: As of March 28, the market had 3,195.93 million shares pledged, accounting for 3.95% of the total share capital. The margin balance was 1.92 trillion yuan, a decrease of 0.77% [16][25]. 3) Fund Issuance: In February 2025, new fund issuance totaled 65.786 billion units, with 55 funds issued, a decrease of 20.99% [16][19]. 4) Investment Banking Business: In February 2025, the equity underwriting scale was 6.477 billion yuan, with IPO amounts at 128 million yuan and refinancing amounts at 6.349 billion yuan [16][19]. 5) Bond Market: The total price index of bonds decreased by 1.50% since the beginning of the year, with the yield on 10-year government bonds at 1.81%, up 20.49 basis points since the beginning of the year [16][18]. Regulatory Policies and Industry Dynamics - The CSRC revised the "Securities Issuance and Underwriting Management Measures," which includes adding bank wealth management products and insurance asset management products as priority allocation objects for IPOs. The CSRC also made adjustments to various regulations in line with the new Company Law [28]. Key Announcements from Listed Companies - Notable announcements include: - Hongta Securities reported a revenue of 2.022 billion yuan and a net profit of 764 million yuan, with year-on-year changes of 68.36% and 144.66%, respectively [29]. - CITIC Securities reported a revenue of 63.789 billion yuan and a net profit of 21.704 billion yuan, with year-on-year changes of 6.20% and 10.06%, respectively [32].

2025 年 4 月 1 日 行业研究/行业周报 非银行金融行业近一年市场表现 相关报告： 【山证非银行金融】行业并购再推进， 关 注 券 商 业 绩 披 露 - 行 业 周 报 （20250317-20250323）： 2025.3.25 【山证非银行金融】资本市场助力提振 消费，券商财富管理优势凸显-行业周报 （20250310-20250316）： 2025.3.19 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 研究助理： 李明阳 邮箱：limingyang@sxzq.com 非银行金融 行业周报（20250324-20250330） 领先大市-A(维持) 券商业绩显著改善，鼓励耐心资本入市 投资要点 券商业绩显著提升。上周 19 家券商披露 2024 年年报，整体业 绩改善显著。其中，13 家证券公司实现收入正增长，15 家证券公 司实现归母净利润正增长，13 家证券公司加权平均净资产收益率实 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [12] Core Views - The company is expected to benefit from deepening integrated operations and potential growth in dividends [4] - Despite a decline in revenue and profit, the company is focusing on cost control and new profit growth points [4][12] Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 65.735 billion yuan, a year-on-year decrease of 10.43% - The net profit attributable to shareholders was 4.855 billion yuan, down 22.00% year-on-year, with a basic earnings per share of 1.84 yuan, a decrease of 26.69% [1][8] - The company's cash flow from operating activities was 9.063 billion yuan, down 30.45% year-on-year [1] Coal and Coke Segment Summary - The coal and coke segment faced price declines due to weak downstream demand and increased imports, with average prices for various coal types down by approximately 11.44% to 15.41% year-on-year [2] - The company achieved a coal production volume of 20.553 million tons and sales of 15.367 million tons, representing year-on-year changes of -6.46% and -13.82% respectively [2] - The average selling price of coal was 1,100.38 yuan per ton, with a gross profit of 547.61 yuan per ton, reflecting year-on-year changes of -5.12% and -3.49% [2] Chemical Segment Summary - The chemical segment continued to be impacted by cost pressures and declining prices, resulting in a gross loss [3] - The company produced 3.5465 million tons of coke, down 5.95% year-on-year, with a selling price of 1,961.04 yuan per ton, a decrease of 15.85% [3] - The methanol production was 407,700 tons, down 22.74%, with sales of 198,400 tons, down 61.75% [3] Future Outlook - The company is advancing new projects, including a 600,000-ton anhydrous ethanol project, which is expected to contribute positively to future revenues [4] - The company plans to distribute a cash dividend of 7.5 yuan per 10 shares, totaling 2.020 billion yuan, which represents 41.60% of the net profit attributable to shareholders [4] - The projected earnings per share (EPS) for 2025-2027 are estimated at 1.53, 1.90, and 1.95 yuan, with corresponding dynamic P/E ratios of 8.5, 6.9, and 6.7 [12]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][8] Core Views - The company is expected to benefit from deepening integrated operations and has potential for both growth and dividends [1][6] - The coal and coke industry has faced price declines due to weak downstream demand and increased imports, impacting the company's performance [4][5] - The company has implemented effective cost control strategies, which have helped maintain its gross margin despite market challenges [4][5] Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 657.35 billion yuan, a decrease of 10.43% year-on-year, and a net profit of 48.55 billion yuan, down 22.00% year-on-year [2][10] - The company's cash flow from operating activities was 90.63 billion yuan, reflecting a decline of 30.45% year-on-year [2] - The average selling price of coal was 1100.38 yuan per ton, with a gross profit of 547.61 yuan per ton, showing a year-on-year decrease of 5.12% and 3.49% respectively [4][5] Production and Sales Data - The company produced 2,055.30 million tons of commodity coal and sold 1,536.69 million tons in 2024, representing year-on-year changes of -6.46% and -13.82% respectively [4] - The company’s coke production was 3.55 million tons, with a sales volume of 3.52 million tons, both down approximately 6% year-on-year [5] Future Outlook - The company plans to distribute a cash dividend of 7.5 yuan per 10 shares, totaling 20.20 billion yuan, which is 41.60% of the net profit attributable to shareholders [6] - The projected earnings per share (EPS) for 2025-2027 are 1.53, 1.90, and 1.95 yuan respectively, with corresponding dynamic price-to-earnings (PE) ratios of 8.5, 6.9, and 6.7 [8][10]

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various types of helicopters and general aircraft [5]. - The company is integrating helicopter assembly assets to expand its product range and enhance overall production capacity, which is expected to improve its main business capabilities. It has raised 3 billion yuan for projects related to new helicopter and drone development, maintenance capabilities, and production capacity enhancement [5]. - The company is anticipated to benefit from the rapid growth of general aviation and the low-altitude economy, with projected earnings per share (EPS) for 2025-2027 being 0.83, 0.99, and 1.15 yuan, respectively [6]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The adjusted net profit increased by 19.68% to 482 million yuan [4]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents rose by 311.85% to 132.72 billion yuan [4]. - The projected revenue for 2025 is 34.622 billion yuan, with a year-on-year growth of 16.3%, and the net profit is expected to increase to 680 million yuan, reflecting a growth of 22.3% [11]. Valuation Metrics - The report provides a forecast for the company's price-to-earnings (P/E) ratio, which is expected to be 43.7, 36.7, and 31.5 for the years 2025, 2026, and 2027, respectively [6]. - The projected return on equity (ROE) is expected to improve from 2.9% in 2024 to 5.1% by 2027, indicating an enhancement in the company's profitability [11].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock based on expected performance relative to the benchmark index [8]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various helicopter models and general aviation aircraft [6]. - The company is undertaking an integration of helicopter assembly assets to expand its product range and enhance overall production capacity. This strategic move is expected to improve its main business capabilities and allow it to benefit from the growth of new aircraft models in the low-altitude economy [6]. - The company raised 3 billion yuan to fund projects aimed at enhancing its research and development capabilities for new helicopters and drones, as well as improving its aviation maintenance and production capabilities [6]. Financial Performance - In 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The non-recurring net profit increased by 19.68% to 482 million yuan [5]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents surged by 311.85% to 132.72 billion yuan [5]. - The earnings per share (EPS) for 2024 was reported at 0.72 yuan, with a return on equity (ROE) of 2.94% [4]. Financial Projections - The report forecasts the company's EPS for 2025, 2026, and 2027 to be 0.83 yuan, 0.99 yuan, and 1.15 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are projected to be 43.7, 36.7, and 31.5 [8]. - Revenue is expected to grow from 34.622 billion yuan in 2025 to 45.291 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.9% [12].

研究早观点 2025 年 4 月 1 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,335.75 | -0.46 | | 深证成指 | | 10,504.33 | -0.97 | | 沪深 | 300 | 3,887.31 | -0.71 | | 中小板指 | | 6,570.50 | -1.16 | | 创业板指 | | 2,103.70 | -1.15 | | 科创 | 50 | 1,022.71 | -0.66 | 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 【今日要点】 【山证新股】新股周报（2025.03.31-2025.04.03）-3 月份双创板块新股 首日涨幅下降，科创板胜科纳米上市 【山证农业】农业行业周报（2025.03.24-2025.03.30）-水产饲料需求或有望 见底回升，看好海大集团的配置时机 【行业评论】化学原料：新材料周报（250324-03 ...