[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 斯达半导(603290)公司研究报告 2025 年 03 月 30 日 [Table_Title] 新能源汽车提振功率需求，募投项目进展顺利 ——斯达半导（603290.SH）首次覆盖报告 报告要点 [Table_Summary] | | 2023A | 2024E | | 2025E | | | --- | --- | --- | --- | --- | --- | | | | 国元预测 | 市场预期 | 国元预测 | 市场预期 | | 营业收入（百万元） | 3663 | 3425 | 3446 | 4433 | 4387 | | 增长率（%） | 35.4% | -6.5% | -5.9% | 29.4% | 27.3% | | 归母净利（百万元） | 911 | 626 | 620 | 848 | 846 | | 增长率（%） | 11.4% | -31.3% | -31.9% | 35.5% | 36.4% | | EPS（元/股） | 5.33 | 2.61 | 2.59 | 3.54 | 3.53 | | 市盈率（P/E ...

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 03 月 30 日 AI+ [Table_Title] 引领 AWE，美的工厂落地 AI 智能体 ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.03.17-2025.03.28）上证综指下跌 2.00%， 深证成指下跌 3.38%，创业板指下跌 4.42%；智能家居指数 （399996.SZ）下跌 4.72%，跑输上证综指 2.73pct，跑输深证成指 1.34pct，跑输创业板指 0.30pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 -4.55%、-3.33%、-8.45%、+1.57%；年初至今，智能家居指数中四 个细分板块涨跌幅分别为+10.89%、+5.02%、-5.32%、+2.48%。 行业政策跟踪 1）国务院总理李强签署国务院令，公布修订后的《保障中小企业款项 支付条例》。2）商务部 5 司局联合发布，系列新动作 ...

证券研究报告 2025 年 03 月 28 日 [Table_Title] 每日复盘 报告要点： 2025 年 3 月 28 日市场全天震荡调整,黄金股逆势大涨。上证指数下跌 0.67%，深证成指下跌 0.57%，创业板指下跌 0.79%。市场成交额 11187.71 亿 元，较上一交易日减少 716.10 亿元。全市场 963 只个股上涨，4400 只个股 下跌。 风格上看，各指数涨跌幅排序为：0>金融>稳定>消费>成长>周期；大盘 价值>中盘价值>小盘价值>大盘成长>小盘成长>中盘成长；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：综合金融 （1.07%），传媒（0.20%），非银行金融（-0.08%）；表现相对靠后的是：综 合（-2.21%），基础化工（-2.19%），石油石化（-1.69%）。概念板块方面， 多数概念板块下跌，重组蛋白、短剧互动游戏、数字阅读等板块上涨；智慧 灯杆、昨日连板_含一字、次新股等大幅走低。 资金筹码方面，主力资金 3 月 28 日净流出 432.79 亿元。其中超大单净 流出 193.00 亿元，大单净流出 239.79 亿元，中单 ...

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 瑞鹄模具(002997)公司点评报告 2025 年 03 月 28 日 [Table_Title] 业绩符合预期，新兴业务拓展顺利 ——瑞鹄模具(002997)2024 年年度报告点评 [Table_Summary] 事件： 3 月 25 日，公司发布 2024 年年度报告，业绩符合我们预期，2024 年实现营 收 24.24 亿元，同比+29.16%，实现归母净利润 3.50 亿元，同比+73.20%； 实现扣非归母净利润 3.24 亿元，同比+75.85%。2024 年 Q4 实现营收 6.98 亿元，同比+20.56%，环比+15.44%；实现归母净利润 0.98 亿元，同比 +103.91%，环比+7.60%；实现扣非归母净利润 0.94 亿元，同比+87.64%，环 比+22.42%。 报告要点： 制造装备业务订单持续增长，零部件业务占比快速增加 装备制造业务：公司报告期内技术开发能力、制造交付能力、市场开拓和客 户服务等方面持续提升，新承接订单持续增长。截至报告期末，汽车装备制 造业务在手订单 38.56 亿元，较上年末 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 2.062 billion yuan, up 42.1% year-on-year [1]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points compared to the previous year, primarily due to increased sales costs and product type expansion [1]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding into eight consumer brands [4]. Revenue and Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 25, 21, and 17 [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a 62.9% increase year-on-year, with strong performance in the dressing category [2]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total sales, with online direct sales revenue reaching 3.587 billion yuan, a 66.5% increase year-on-year [3]. - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with 6,000 retail stores [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit of 2.062 billion yuan, up 42.1% year-on-year [2][4]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points year-on-year, primarily due to increased sales costs and product type expansion [2][4]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding eight consumer brands [4]. Financial Performance - In 2024, the company reported a net profit of 2.062 billion yuan, with an adjusted net profit of 2.152 billion yuan, reflecting a growth of 46.5% year-on-year [2][4]. - The sales expense ratio increased by 3 percentage points year-on-year, attributed to the rapid expansion of online direct sales channels [2][4]. - The company expects net profits for 2025, 2026, and 2027 to be 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan, respectively, with corresponding P/E ratios of 25, 21, and 17 times [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a year-on-year increase of 62.9% [2][3]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2][3]. - The company is actively expanding its offline presence, having opened approximately 18 new stores in key cities [3]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total revenue, with online direct sales revenue reaching 3.587 billion yuan, a growth of 66.5% year-on-year [3]. - The company has strengthened its online operations, with the GMV on Douyin doubling to 1.8 billion yuan [3]. - The offline channel has expanded to cover around 1,700 public hospitals and 3,000 private hospitals and clinics [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7][11]. Core Insights - The company reported a revenue of 5.12 billion yuan for 2024, representing a year-on-year growth of 12.40%. The net profit attributable to shareholders was 1.65 billion yuan, up 24.84% year-on-year [1]. - The company is focusing on its core strategic areas of "multi-screen, cloud, content, collaboration, and AI," with a significant increase in R&D investment, which reached 1.696 billion yuan in 2024, accounting for approximately 33% of revenue [1]. - The personal business segment showed steady growth, with revenue of 3.283 billion yuan, an 18.00% increase year-on-year, and a global monthly active device count of 632 million [2]. - The WPS 365 business targeting organizational clients saw a remarkable revenue increase of 149.33%, reaching 436.5 million yuan [3]. - The company is actively responding to national policies by focusing on government and enterprise client needs, promoting software legalization and domestic software substitution [3]. Financial Summary - The company forecasts revenues of 6.094 billion yuan, 7.146 billion yuan, and 8.369 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 1.899 billion yuan, 2.287 billion yuan, and 2.753 billion yuan for the same years [4][8]. - The earnings per share (EPS) are expected to be 4.10 yuan, 4.94 yuan, and 5.95 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 75.87, 62.92, and 52.28 [4][8].

[Table_Title] 每日复盘 证券研究报告 2025 年 03 月 27 日 2025 年 3 月 27 日市场全天低开反弹，光刻机概念股集体 爆发 报告要点： 2025 年 3 月 27 日市场全天低开反弹，光刻机概念股集体爆发。上证指 数上涨 0.15%，深证成指上涨 0.23%，创业板指上涨 0.24%。市场成交额 11903.81 亿元，较上一交易日增加 363.05 亿元。全市场 1930 只个股上涨， 3407 只个股下跌。 风格上看，各指数涨跌幅排序为：消费>金融>0>成长>周期>稳定；大盘 成长>大盘价值>中盘成长>小盘成长>中盘价值>小盘价值；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：医药 （1.88%），食品饮料（0.84%），基础化工（0.72%）；表现相对靠后的是：有 色金属（-1.27%），综合（-1.27%），钢铁（-1.07%）。概念板块方面，多数 概念板块下跌，单抗、退税商店、超级真菌等大幅上涨；昨日触板、同步磁 阻电机、超导等大幅走低。 资金筹码方面，主力资金 3 月 27 日净流出 277.31 亿元。其中超大单净 流出 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected stock price performance to exceed the benchmark index by more than 15% [7]. Core Insights - The company reported a revenue of 5.12 billion yuan for 2024, representing a year-on-year growth of 12.40%. The net profit attributable to shareholders was 1.65 billion yuan, up 24.84% year-on-year [1]. - The company is focusing on its core strategic areas of "multi-screen, cloud, content, collaboration, and AI," with a significant increase in R&D investment, which reached 1.696 billion yuan, accounting for approximately 33% of revenue [1]. - The personal business segment showed steady growth, with revenue of 3.283 billion yuan, an 18.00% increase year-on-year, and a global monthly active device count of 632 million, up 6.22% [2]. - The WPS 365 business targeting organizational clients saw a remarkable revenue increase of 149.33%, reaching 436.5 million yuan, driven by the integration of document, collaboration, and AI capabilities [3]. - The company is actively responding to national policies by focusing on government and enterprise client needs, promoting software legalization and domestic software substitution [3]. Financial Summary - The company forecasts revenues of 6.094 billion yuan, 7.146 billion yuan, and 8.369 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 1.899 billion yuan, 2.287 billion yuan, and 2.753 billion yuan for the same years [4]. - The earnings per share (EPS) are expected to be 4.10 yuan, 4.94 yuan, and 5.95 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 75.87, 62.92, and 52.28 [4][8].

计算机行业 投资评级 推荐 维持 工具生态逐步完善，通用Agent曙光已现 ——AI行业专题报告 证券研究报告 2025年3月27日 分析师：耿军军 邮箱：gengjunjun@gyzq.com.cn SAC执业资格证书编码：S0020519070002 分析师：王朗 邮箱：wanglang2@gyzq.com.cn SAC执业资格证书编码：S0020525020001 目录 • 第一部分： Agent是人类的模仿者，调用工具来完成复杂任务 请务必阅读正文之后的免责条款部分 2 • 第二部分：模型与工具并举，助力Agent成熟与普及 • 第三部分： GUI Agent浪潮迭起，自主性通用性不断提升 • 风险提示 1 Agent是人类的模仿者，调用工具来完成复杂任务 1 AI Agent能够自主使用工具完成目标 图：AI Agent的运作范式 图：AI模型的运作范式 资料来源：Yu Huang, Roboraction.AI《Levels of AI Agents: from Rules to Large Language Models》，国元证券研究所 资料来源：Yu Huang, Roboraction.A ...