分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -17% -11% -6% -1% 4% 9% 15% 20% 2024.04 2024.08 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,350.13 | 0.05 | | 深证成指 | | 10,513.12 | 0.09 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,884.39 | -0.08 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,715.68 | -0.26 | | 中证 | 500 | 5,899.09 | 0.11 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,8 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：医药电力行业领涨 A 股小幅上 行》 2025-04-01 《市场分析：防御行业领涨 A 股震荡整理》 2025-03-31 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 04 月 02 日 投资要点： 《市场分析：汽车传媒行业领涨 A 股震荡整 固》 2025-03-28 ◼ A 股市场综述 周三（04 月 02 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低 开后震荡上行，盘中股指在 3361 点附近遭遇阻力，午后股指维持震 荡，盘中通信设备、机器人、互联网服务以及汽车零部件等行业表 现较好；贵金属、航天航空、采掘以及船舶制造等行业表现较弱， 沪指全天基本呈现小幅震荡整理的运行特征。创业板市场周三震荡 整理，创业板成分指数全天表现与主板市场基本同步。 ◼ 后 ...

| 收盘价(元) | 14.70 | | --- | --- | | 一年内最高/最低(元) | 18.47/8.07 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 2.53 | | 流通市值(亿元) | 78.87 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.80 | | 每股经营现金流(元) | 0.66 | | 毛利率(%) | 21.54 | | 净资产收益率_摊薄(%) | 9.88 | | 资产负债率(%) | 37.60 | | 总股本/流通股(万股) | 57,478.59/53,653.10 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 汽车零部件Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 收入业绩创新高，新能源与国际化打开增 长空间 ——飞龙股份(002536)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-01) -32% -19% -7% 6% 19% 31% 44% 57 ...

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-01) | 收盘价(元) | 40.85 | | --- | --- | | 一年内最高/最低(元) | 54.10/27.15 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 1.57 | | 流通市值(亿元) | 206.36 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 26.00 | | 每股经营现金流(元) | 3.15 | | 毛利率(%) | 12.38 | | 净资产收益率_摊薄(%) | 3.58 | | 资产负债率(%) | 20.03 | | 总股本/流通股(万股) | 50,650.08/50,516.07 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -36% -27% -18% -9% 1% 10% 19% 28% 2024.04 2024.08 2024.11 2025.03 当升科技 沪深300 资料来源：中原证券研究所 地址： 上海浦东新区 ...

Investment Rating - The report maintains a "Buy" rating for China Telecom, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [10][18]. Core Insights - China Telecom's revenue for 2024 reached 523.57 billion yuan, a year-on-year increase of 3.1%, with a net profit of 33.01 billion yuan, up 8.4% year-on-year [5]. - The company is experiencing steady growth in its core business and digital services, with a significant focus on enhancing its cloud services through the Tianyi Cloud platform [10]. - The company plans to distribute a total dividend of 0.2598 yuan per share for 2024, representing 72% of its net profit attributable to shareholders, with an aim to increase this to over 75% in the next three years [10]. Summary by Sections Financial Performance - In Q4 2024, China Telecom achieved a revenue of 131.60 billion yuan, reflecting a 3.84% year-on-year growth, and a net profit of 3.71 billion yuan, which is an 11.01% increase year-on-year [5]. - The mobile communication service revenue for 2024 was 202.5 billion yuan, up 3.5% year-on-year, with mobile value-added services growing by 16.1% [8]. Business Segments - The digital services segment generated 146.6 billion yuan in revenue, a 5.5% increase, with Tianyi Cloud revenue reaching 113.9 billion yuan, up 17.1% [8]. - The company is enhancing its AI capabilities and has launched various innovative products, including AI cameras and cloud computers, to maintain a competitive edge [8]. Cost Management and Capital Expenditure - Operating costs for 2024 were 373.5 billion yuan, a 3.3% increase, with a focus on improving service quality and investing in strategic emerging businesses [10]. - Capital expenditure for 2024 was 93.5 billion yuan, down 5.4% year-on-year, with a projected decrease to 83.6 billion yuan in 2025 [10][9]. Future Projections - The report forecasts net profits of 35.62 billion yuan, 38.19 billion yuan, and 40.80 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20.06X, 18.71X, and 17.52X [10].

Investment Rating - The report gives the company an initial "Buy" investment rating, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [15][27]. Core Views - The company achieved a record high revenue of 4.723 billion yuan in 2024, with a year-on-year growth of 15.34%, and a net profit of 330 million yuan, up 25.92% year-on-year [6][7]. - The company is actively expanding its global market presence, with overseas sales reaching 2.812 billion yuan, a significant increase of 29.24% year-on-year, accounting for 60% of total revenue [8][10]. - The strategic transformation towards a dual business model of "automotive + general industry" is underway, enhancing its product offerings in various sectors beyond automotive [11]. Financial Performance - In 2024, the company reported a gross margin of 21.54%, an increase of 0.65 percentage points year-on-year, with net profit margin rising to 6.93% [12]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares to all shareholders [6]. - Forecasts indicate that the company will achieve net profits of 444 million yuan, 579 million yuan, and 719 million yuan in 2025, 2026, and 2027, respectively [15][16]. Market Trends - The penetration rate of new energy vehicles in China is expected to continue rising, with projections indicating that by 2025, the market share will reach 56% [13][14]. - The company is well-positioned to capitalize on the strong growth momentum in the new energy vehicle sector, aiming for a revenue target of 10 billion yuan by 2030, with 60% from new energy [14].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [27]. Core Insights - The company achieved total revenue of 8.034 billion yuan in 2024, a year-on-year decrease of 15.93%, while the net profit attributable to shareholders was 375 million yuan, down 2.36% year-on-year. However, the net profit excluding non-recurring items increased by 34.41% to 398 million yuan [6][7]. - The decline in revenue is primarily attributed to intensified market competition in wind power and coal equipment, with the new energy equipment segment experiencing a significant drop of 78.74% [8][10]. - The company has successfully expanded its overseas market presence, with overseas orders increasing by over 80%, marking a historical high in both total volume and proportion [12]. - The company is a leader in the special robot sector, focusing on applications in safety, emergency response, and mining, thereby cultivating a second growth curve [13]. Financial Performance Summary - In 2024, the company reported a gross margin of 22.68%, an increase of 2.95 percentage points year-on-year, and a net margin of 4.42%, up 0.3 percentage points year-on-year [9][11]. - The revenue breakdown shows that the mining and heavy equipment segment accounted for 69.48% of total revenue, with a year-on-year decline of 8.51% [10]. - The company plans to distribute a cash dividend of 0.286 yuan per share (including tax) to all shareholders [6]. Business Segment Analysis - The mining and heavy equipment segment generated 5.582 billion yuan, while the special materials segment brought in 1.338 billion yuan, and the robot and intelligent equipment segment contributed 904 million yuan, all showing declines [10]. - The significant drop in the new energy equipment segment's revenue reflects the challenges faced in that market [8]. Future Projections - Revenue forecasts for 2025 to 2027 are projected at 9.602 billion yuan, 10.581 billion yuan, and 11.426 billion yuan, respectively, with corresponding net profits of 541 million yuan, 623 million yuan, and 727 million yuan [14][15].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [27]. Core Insights - The company achieved total revenue of 8.034 billion yuan in 2024, a year-on-year decrease of 15.93%, while the net profit attributable to shareholders was 375 million yuan, down 2.36% year-on-year. However, the net profit excluding non-recurring items increased by 34.41% to 398 million yuan [6][7]. - The decline in revenue is primarily attributed to intensified market competition in wind power and coal equipment, with the revenue from new energy equipment dropping by 78.74% [8][10]. - The company has successfully expanded its overseas market, with effective orders increasing by over 80% year-on-year, marking a historical high in both total volume and proportion of overseas orders [12]. - The company is a leader in the special robot industry, focusing on applications in safety, emergency response, and mining, thereby cultivating a second growth curve [13]. Financial Performance Summary - In 2024, the company reported a gross margin of 22.68%, an increase of 2.95 percentage points year-on-year, and a net margin of 4.42%, up 0.3 percentage points year-on-year [9][11]. - The revenue breakdown shows that the mining and heavy equipment segment accounted for 69.48% of total revenue, with a year-on-year decline of 8.51% [10]. - The company’s earnings per share for 2024 was 0.084 yuan, with a weighted average return on equity of 4.43% [6]. Revenue and Profit Forecast - The company forecasts revenues of 9.602 billion yuan, 10.581 billion yuan, and 11.426 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 541 million yuan, 623 million yuan, and 727 million yuan [14][15].

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-01) | 收盘价(元) | 40.85 | | --- | --- | | 一年内最高/最低(元) | 54.10/27.15 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 1.57 | | 流通市值(亿元) | 206.36 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 26.00 | | 每股经营现金流(元) | 3.15 | | 毛利率(%) | 12.38 | | 净资产收益率_摊薄(%) | 3.58 | | 资产负债率(%) | 20.03 | | 总股本/流通股(万股) | 50,650.08/50,516.07 | | B 股/H 股(万股) | 0.00/0.00 | ——当升科技(300073)年报点评 个股相对沪深 300 指数表现 -36% -27% -18% -9% 1% 10% 19% 28% 2024.04 2024.08 2024.11 2025.03 当升科技 沪深300 资料来源 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 523.57 billion yuan in 2024, representing a year-on-year growth of 3.1%, with a net profit of 33.01 billion yuan, up 8.4% year-on-year [5] - The basic business shows steady growth, with mobile communication service revenue reaching 202.5 billion yuan, a 3.5% increase year-on-year, and mobile value-added services growing by 16.1% [8] - The digital industry revenue reached 146.6 billion yuan, a 5.5% increase, with Tianyi Cloud revenue at 113.9 billion yuan, up 17.1% [8] - The company plans to distribute a final dividend of 0.0927 yuan per share, with an expected total dividend payout ratio exceeding 70% [10] - Capital expenditure is expected to decrease to 83.6 billion yuan in 2025, with a focus on increasing investment in computing power [10] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 131.6 billion yuan, a 3.84% increase year-on-year, and a net profit of 3.71 billion yuan, up 11.01% [5] - The company’s operating costs were 373.5 billion yuan, a 3.3% increase, with sales expenses decreasing by 1.1% [8] Business Segments - The mobile user ARPU was 45.6 yuan, a 0.44% increase, while the broadband ARPU was 47.6 yuan [8] - The company is enhancing its product offerings with AI-enabled devices and services, maintaining a competitive edge in the market [8] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 35.62 billion yuan, 38.19 billion yuan, and 40.80 billion yuan respectively, with corresponding PE ratios of 20.06X, 18.71X, and 17.52X [10] - The company aims to increase the proportion of cash dividends to over 75% of the annual profit within three years [10]