分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 分析师：郑婷 登记编码：S0730524110001 zhengting@ccnew.com 相关报告 《河南资本市场月报（2025 年第 2 期）》 2025-3-28 《河南资本市场月报（2025 年第 1 期）》 2025-2-27 联系人：李智 电话： 0371-65585629 河南资本市场月报 （2025 年第 3 期） 证券研究报告 发布日期：2025 年 4 月 18 日 投资要点： 风险提示：美国加征关税对全球贸易系统带来的不确定性风险；经济增 长和业绩不及预期；市场流动性风险。 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1页/共 16页 | 图 | 1 | ：2025 | | | | 年全国各月信用债发行规模 | 7 | | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2 | ：2025 | | | | 年河南各月信用债发行规模和占比 | 7 | | 图 | 3 | ：2025 | 年 ...

证券Ⅱ zhangyang-yjs@ccnew.com 021-50586627 财富管理份额持续提升，归母净利实现连续增长 ——方正证券(601901)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 7.39 | | --- | --- | | 一年内最高/最低(元) | 10.27/6.68 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 1.26 | | 总市值(亿元) | 608.35 | | 流通市值(亿元) | 608.35 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.85 | | 总资产(亿元) | 2,556.28 | | 所有者权益(亿元) | 481.80 | | --- | --- | | 净资产收益率(%) | 4.72 | | 总股本(亿股) | 82.32 | | H 股(亿股) | 0.00 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -13% -7% 0% 7% 13% 20% 27% 33% 2024.04 2024.08 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [32]. Core Insights - The company achieved a total revenue of 77.77 billion yuan in 2024, representing a year-on-year growth of 6.22%, and a net profit attributable to shareholders of 5.98 billion yuan, up 31.98% year-on-year [7][8]. - The company's strategic focus on "globalization, digitalization, and low-carbonization" has yielded significant results, with international business revenue reaching 48.51 billion yuan, a 12.15% increase, and accounting for 63.98% of total revenue [10][15]. - The company plans to distribute a cash dividend of 3.6 yuan per 10 shares to all shareholders [7]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 78.38 billion yuan, a 5.9% increase year-on-year, and a net profit of 5.98 billion yuan, which is a 31.98% increase [8][17]. - The operating cash flow significantly improved, reaching 14.81 billion yuan, a 159.53% increase year-on-year [8]. Business Segments - Excavation machinery sales reached 30.37 billion yuan, up 9.91% year-on-year, maintaining the top sales position in the domestic market for 14 consecutive years [11]. - Concrete machinery sales were 14.37 billion yuan, down 6.18% year-on-year, but the electric mixer truck maintained the highest market share domestically [11]. - Lifting machinery sales were 13.12 billion yuan, up 0.89% year-on-year, with a significant increase in global market share [11]. - Road machinery sales increased by 20.75% to 3.00 billion yuan, with overseas growth exceeding 35% [11]. Strategic Initiatives - The company has made substantial progress in its "globalization, digitalization, and low-carbonization" strategy, with significant advancements in smart manufacturing and leading positions in various new energy products [10][12]. - The company has established a robust international market presence, with over 400 overseas subsidiaries and a sales network covering more than 150 countries [15]. Future Outlook - The company is expected to benefit from the recovery of the domestic construction machinery market, driven by infrastructure investment and urbanization, with projected revenues of 90.83 billion yuan, 104.62 billion yuan, and 119.62 billion yuan for 2025, 2026, and 2027 respectively [16][17].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信电子行业领涨 A 股震荡整固 ——市场分析 ◼ A 股市场综述 周五（04 月 18 日）A 股市场先抑后扬、小幅震荡整理，早盘股指低 开后震荡回落，盘中股指在 3262 点附近获得支撑，午后股指震荡回 升，盘中通信设备、消费电子、房地产以及证券等行业表现较好； 旅游酒店、食品饮料、农牧饲渔以及物流等行业表现较弱，沪指全 天基本呈现小幅震荡整理的运行特征。创业板市场周五震荡上扬， 创业板成分指数全天表现强于主板市场。 相关报告 《市场分析：软件半导体行业领涨 A 股低开 高走》 2025-04-17 《市场分析：防御行业领涨 A 股震荡整固》 2025-04-16 《市场分析：银行消费行业领涨 A 股小幅上 行》 2025-04-15 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 04 月 18 日 投资要点： ◼ 后市研判及投资建议 周五 A 股市场先抑后扬、小幅震荡整理，早盘股指低开后震荡回 落，盘中股指在 3262 点附近获得支 ...

分析师：乔琪 登记编码：S0730520090001 传媒 qiaoqi@ccnew.com 021-50586985 业绩迎来回暖，政策护航业务增长 ——风语筑(603466)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 9.48 | | --- | --- | | 一年内最高/最低(元) | 12.80/6.58 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.55 | | 流通市值(亿元) | 56.39 | | 基础数据(2025-03-31) | | 《风语筑(603466)年报点评：在手订单规模充 沛，项目周期影响 Q1 业绩》 2024-04-30 联系人：李智 公司 2024 年营业收入 13.76 亿元，同比减少 41.44%，归母净利润-1.35 亿元，同 比减少 147.97%，扣非后归母净利润-1.16 亿元，同比减少 154.25%。2025 年第 一季度营业收入 3.82 亿元，同比增加 29.81%，归母净利润 4027.44 万元，上年 同期为-1501.39 万元，扣非后归母净利润 39 ...

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 "全球化、数智化、低碳化"战略持续发 力，行业复苏龙头盈利修复 ——三一重工(600031)2024 年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 19.06 | | --- | --- | | 一年内最高/最低(元) | 20.54/14.95 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.24 | | 流通市值(亿元) | 1,613.28 | 基础数据(2024-12-31) 工程机械Ⅱ | 每股净资产(元) | 8.49 | | --- | --- | | 每股经营现金流(元) | 1.75 | | 毛利率(%) | 26.43 | | 净资产收益率_摊薄(%) | 8.30 | | 资产负债率(%) | 52.02 | | 总股本/流通股(万股) | 847,497.80/846,421.5 | | | 8 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中 ...

专用机械 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 矿用装备和新能源环卫装备表现突出，较 大分红力度强化股东回报 ——宇通重工(600817)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 10.64 | | --- | --- | | 一年内最高/最低(元) | 14.25/7.85 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.34 | | 流通市值(亿元) | 56.10 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 4.54 | | 每股经营现金流(元) | 1.06 | | 毛利率(%) | 21.56 | | 净资产收益率_摊薄(%) | 9.32 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 53,684.94/52,724.93 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -12% ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [18]. Core Views - The company reported a slight decline in revenue and profitability for 2024, with total revenue of 483 million yuan, down 0.32% year-on-year, and a net profit of 107 million yuan, down 19.82% year-on-year [5]. - Despite the short-term pressure on performance, the company is expected to benefit from a recovery in downstream demand, particularly in the engineering machinery sector, which has shown signs of improvement [5][7]. - The company is actively innovating and expanding into new business areas, such as oil drilling hoses, which are anticipated to provide significant growth potential in the future [5]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.26%, a decrease of 4.58 percentage points year-on-year, and a net profit margin of 22.16%, down 5.39 percentage points year-on-year [5]. - The main revenue sources were the assembly hoses and associated fittings, generating 220 million yuan and 137 million yuan, respectively, with year-on-year growth of 2.85% and a decline of 7.85% [5]. - The company’s earnings per share (EPS) for 2024 was 0.84 yuan, with projections of 0.99 yuan and 1.16 yuan for 2025 and 2026, respectively [5]. Market Outlook - The engineering machinery sector is expected to continue its recovery, with excavator sales in China increasing by 27.2% year-on-year in early 2025 [5][7]. - The company is focusing on high-end products and technological innovations, which are likely to enhance its competitive position in the market [5]. Growth Potential - The company is making strides in new business areas, particularly in oil drilling hoses, with successful product innovations and custom designs that meet client needs [5]. - The report highlights the company's commitment to continuous product improvement and innovation, which is expected to drive future growth [5].

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index in the next six months [20]. Core Views - The company achieved a record revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders reached 3.32 billion yuan, a significant increase of 498.11% year-on-year [5][11]. - The company is continuously enhancing its product matrix in the CIS (CMOS Image Sensor) sector, particularly in high-end smartphones and automotive applications, which is expected to drive market share growth [8][9]. - The company is actively pursuing the domestic substitution of analog chips, with a focus on automotive analog chip products, which are anticipated to contribute to future growth [7][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.73 billion yuan, a year-on-year increase of 22.41%. The net profit attributable to shareholders was 3.32 billion yuan, up 498.11% year-on-year. The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.87% [5][11]. - The gross margin for 2024 was 29.44%, an increase of 7.68% year-on-year, while the net margin was 12.76%, up 10.17% year-on-year [8]. Product Development - The company has launched several advanced CIS products, including the OV50K40 sensor, which sets a new performance benchmark for flagship smartphone cameras. The automotive CIS product line has also been expanded with new high-performance sensors [8][9]. - The company is focusing on enhancing its competitive edge in the high-end smartphone CIS market and expanding its automotive CIS product offerings, which are expected to improve product value and profitability [8][9]. Market Outlook - The global analog IC market is projected to grow from 79.4 billion USD in 2024 to 103.8 billion USD by 2029, with a compound annual growth rate of 5.5%. The domestic market's self-sufficiency rate for analog chips is currently around 15%, indicating significant potential for domestic substitution [9]. - The company is expected to maintain its growth trajectory, with projected revenues of 30.16 billion yuan in 2025, 35.21 billion yuan in 2026, and 40.36 billion yuan in 2027, alongside corresponding net profits of 4.34 billion yuan, 5.40 billion yuan, and 6.62 billion yuan respectively [11].

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 直销增长迅猛，成本局部升高 证券研究报告-年报点评 谨慎增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 32.33 | | --- | --- | | 一年内最高/最低(元) | 48.07/22.00 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.74 | | 流通市值(亿元) | 39.95 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 11.80 | | 每股经营现金流(元) | 1.56 | | 毛利率(%) | 41.73 | | 净资产收益率_摊薄(%) | 10.18 | | 资产负债率(%) | 13.91 | | 总股本/流通股(万股) | 14,600.00/12,358.15 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -26% -18% -11% -4% 4% 11% 18% 26% 2024.04 2024.08 2024.12 ...