[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 鼎捷数智(300378)公司点评报告 2025 年 04 月 30 日 [Table_Title] 经营业绩稳健增长，AI 应用落地多场景 ——鼎捷数智(300378.SZ)2024 年年报及 2025 年一季报点评 [Table_Summary] 事件： 公司于 2025 年 4 月 25 日收盘后发布《2024 年年度报告》、《2025 年第一 季度报告》。 点评： 2024 年，公司积极实践创新，业绩实现稳健增长 2024 年，公司充分融合数智化转型及智能制造的经验，积极实践创新，经 营业绩整体保持了较好的态势，实现营业收入 23.31 亿元，同比增长 4.62%； 实现归母净利润 1.56 亿元，同比增长 3.59%；实现扣非归母净利润 1.38 亿 元，同比增长 13.18%。2025 年第一季度，公司实现营业收入 4.23 亿元， 同比增长 4.33%；实现归母净利润-833.31 万元，实现扣非归母净利润- 951.55 万元，亏损均有所收窄。 中国大陆地区营收增速有所放缓，中国台湾地区运营效率持续提升 分区域看，公司全年在 ...

[Table_Title] 经营业绩稳健增长，AI 应用落地多场景 ——鼎捷数智(300378.SZ)2024 年年报及 2025 年一季报点评 [Table_Summary] 事件： [Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 鼎捷数智(300378)公司点评报告 2025 年 04 月 30 日 公司于 2025 年 4 月 25 日收盘后发布《2024 年年度报告》、《2025 年第一 季度报告》。 点评： 2024 年，公司积极实践创新，业绩实现稳健增长 2024 年，公司充分融合数智化转型及智能制造的经验，积极实践创新，经 营业绩整体保持了较好的态势，实现营业收入 23.31 亿元，同比增长 4.62%； 实现归母净利润 1.56 亿元，同比增长 3.59%；实现扣非归母净利润 1.38 亿 元，同比增长 13.18%。2025 年第一季度，公司实现营业收入 4.23 亿元， 同比增长 4.33%；实现归母净利润-833.31 万元，实现扣非归母净利润- 951.55 万元，亏损均有所收窄。 中国大陆地区营收增速有所放缓，中国台湾地区运营效率持续提升 分区域看，公司全年在 ...

[Table_Summary] 事件： jrwl[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 巨人网络(002558)公司点评报告 2025 年 04 月 30 日 [Table_Title] 24 年归母净利创新高，持续探索游戏+AI 生态 ——巨人网络（002558）2024 年年报及 2025 年一季报点评 公司发布 2024 年年报及 2025 年一季报。 点评： 归母净利润创新高，股东回报丰厚 2024 年，公司实现营业收入 29.23 亿元，同比基本持平，实现归母净利润 14.25 亿元，同比+31.15%，扣非后归母净利润 16.23 亿元，同比+18.23%。 25Q1，公司营收 7.24 亿元，同比+3.94%；归母净利润 3.48 亿元，同比- 1.29%，扣非归母净利润 3.62 亿元，同比-10.45%。费用率角度，2024 年， 公司销售/管理/研发费用率分别为 34.39%/7.55%/23.66%，同比-0.47pct /+1.45pct/持平，人员成本上升导致管理费用率同比增加，截至 24 年末，公 司员工总数达 1541 人，较 23 年底增加 16 ...

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 恒帅股份(300969)公司点评报告 2025 年 04 月 30 日 业绩如期兑现，北美整体转盈 业绩符合预期，主动感知清洗进入兑现期 ——恒帅股份(300969)公司点评报告 [Table_Summary] 事件： 4 月 29 日，公司发布 2025 年一季报。2025 年第一季度实现营收 2.03 亿 元，同比-16.04%，环比-21.44%；实现归母净利润 0.42 亿元，同比-35.48%， 环比-16.71%；实现扣非归母净利润0.36 亿元，同比-38.93%，环比-22.81%。 公司 2024 年及 2025 年初增速放缓主要原因系流体业务产品营收受到 合资收缩影响 公司流体业务产品主要客户涵盖国内外知名的新能源及燃油车整车厂，随 着汽车行业的成本竞争加剧，公司该业务的传统板块存在一定的增长压力。 2024 年清洗泵和清洗系统产品合计实现收入 4.40 亿元，同比下降 5.65%。 其中公司清洗泵销量为 1642 万件，较 2023 年同期下降 0.8%，公司清洗 系统销量为 2412.96 万件，较 2023 ...

长安汽车(000625)公司点评报告 2025 年 04 月 30 日 业绩如期兑现，北美整体转盈 电动智能化齐头并进，海外布局加速 ——长安汽车(000625)公司点评报告 [Table_Summary] 事件： [Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 风险提示 新能源汽车增速放缓导致行业竞争加剧风险、海外新能源渗透率不及预期 与海外贸易壁垒增多风险、公司智能化业务发展不及预期风险。 [Table_Finance] 附表：盈利预测 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 151297.71 | 159733.03 | 188516.93 | 211402.88 | 231613.00 | | 收入同比（%） | 24.78 | 5.58 | 18.02 | 12.14 | 9.56 | | 归母净利润(百万元) | 11327.46 | 7321.36 | 7776.68 | 9913.16 | 11791. ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Jahwa, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Views - The company reported a net profit of 2.17 billion yuan in Q1 2025, marking a turnaround from losses in the previous quarter, despite a 10.59% year-on-year decline in revenue [1][2]. - The company is undergoing strategic adjustments, including brand upgrades and channel optimization, which are expected to enhance profitability in the future [2][4]. Financial Performance Summary - In 2024, the company achieved revenue of 56.79 billion yuan, a year-on-year decrease of 13.93%, with a net profit of -8.33 billion yuan [1]. - For Q1 2025, revenue was 17.04 billion yuan, down 10.59% year-on-year, but the net profit showed a recovery to 2.17 billion yuan [1]. - The gross margin for Q1 2025 was 63.4%, with a net margin of 12.75% [1]. Business Segment Analysis - Personal care segment revenue in 2024 was 23.79 billion yuan, down 3.42% year-on-year, with a gross margin of 63.59% [2]. - The beauty segment saw a significant decline in revenue, down 29.81% to 10.50 billion yuan, but maintained a gross margin of 69.67% [2]. - The overseas business generated 14.15 billion yuan in revenue, a decrease of 11.43% year-on-year, with a gross margin of 48.32% [2]. Employee Stock Ownership Plan - The company announced an employee stock ownership plan aiming to raise up to 77.51 million yuan, with a share price set at 16.03 yuan per share [3]. - The plan includes participation from key executives and middle management, reflecting long-term confidence in the company's recovery [3]. Profit Forecast - The company is projected to achieve net profits of 3.42 billion yuan, 4.64 billion yuan, and 5.24 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The expected earnings per share (EPS) for the same years are 0.51 yuan, 0.69 yuan, and 0.78 yuan, with corresponding price-to-earnings ratios of 44x, 33x, and 29x [4].

Market Performance - On April 29, 2025, the market experienced narrow fluctuations with the Shanghai Composite Index down by 0.05%, Shenzhen Component Index down by 0.05%, and ChiNext Index down by 0.13%[2] - The total market turnover was 10,219.26 billion CNY, a decrease of 342.29 billion CNY compared to the previous trading day[2] - Out of 5,297 stocks, 3,587 rose while 1,710 fell[2] Sector and Style Analysis - The top-performing sectors included Light Industry Manufacturing (up 1.46%), Media (up 1.41%), and Machinery (up 1.17%)[20] - The worst-performing sectors were Comprehensive (down 1.48%), Electric Power and Utilities (down 1.34%), and Comprehensive Finance (down 1.33%)[20] - Growth stocks outperformed value stocks across various market capitalizations[20] Capital Flow - On April 29, 2025, the net outflow of main funds was 48.82 billion CNY, with large orders contributing to a significant portion of the outflow[25] - Small orders saw a continuous net inflow of 130.77 billion CNY, indicating retail investor interest[25] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -3.68 billion CNY and -5.07 billion CNY respectively[30] - On April 28, 2025, the main broad-based ETF capital flow showed a net inflow of 1.19 billion CNY into the ChiNext ETF[30] Global Market Trends - On April 29, 2025, major Asia-Pacific indices generally rose, with the Hang Seng Index up 0.16% and the Hang Seng Tech Index up 0.62%[4] - European indices also showed positive performance on April 28, 2025, with the DAX Index up 0.13% and the CAC40 Index up 0.50%[4]

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 [5]. Core Insights - The company achieved a revenue of 6.452 billion yuan in 2024, representing an 8.22% year-on-year increase, and a net profit of 1.428 billion yuan, which is a 60.92% increase year-on-year [2]. - The gaming business continues to show stable growth, with the main mobile games generating significant revenue, while new games are expected to contribute to future performance [3]. - The software and IT services segment also demonstrated stable growth, integrating advanced technologies such as AI and IoT into its offerings [4]. Financial Performance Summary - In 2024, the company reported a revenue of 64.52 billion yuan, with a year-on-year growth of 8.22%, and a net profit of 14.28 billion yuan, up 60.92% year-on-year [2]. - For Q1 2025, the company recorded a revenue of 1.323 billion yuan, a decrease of 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [2]. Business Segment Performance - The gaming segment, particularly through its subsidiary Shellwood Games, ranked 9th globally among mobile game publishers in 2024, with significant revenue contributions from established titles [3]. - The software and IT services segment generated revenues of 1.478 billion yuan from AI/ICT, 133 million yuan from IoT/communications, and 150 million yuan from innovative services, showing year-on-year growth rates of 20.53%, 62.30%, and 27.05% respectively [4]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.67 yuan, 0.75 yuan, and 0.81 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 16, 15, and 14 [5].

Group 1 - The private equity industry in China is experiencing accelerated head-to-head competition, with a significant "Matthew Effect" where top firms are consolidating their advantages, leading to a market characterized by a "20/80" distribution [2][24][26] - As of February 2025, there are 7,893 private equity managers and 86,708 products in the private securities investment fund sector, with a total management scale of 5.24 trillion yuan, reflecting a decline from historical peaks due to regulatory pressures and market challenges [20][24][26] - The top 1% of private equity firms manage over 100 billion yuan, while 84.91% of managers have a scale of less than 500 million yuan, indicating a significant disparity in the industry [24][26] Group 2 - The report categorizes private equity strategies into five main types: stock strategies, bond strategies, futures and derivatives strategies, multi-asset strategies, and combination funds, with a detailed breakdown into 16 secondary strategies [36][39] - Stock strategies dominate the private equity landscape, with subjective long positions and quantitative long positions accounting for approximately 60% of the market, while bond strategies have seen a significant decline due to low interest rates [39][40] - The subjective long strategy focuses on active management through in-depth research, while quantitative long strategies utilize mathematical modeling and algorithms to construct stock portfolios, highlighting a shift towards data-driven investment approaches [44][52] Group 3 - The report outlines the performance characteristics of various strategies, noting that subjective long strategies achieved an average return of 40.2% during the 2020 bull market, while quantitative long strategies have shown a consistent annualized excess return of 13.5% over the past five years [3][50][56] - The report emphasizes the importance of strategy innovation and compliance capabilities for survival in the competitive landscape, as smaller firms face increasing challenges in fundraising and differentiation [24][26][39] - A diversified strategy configuration is proposed, offering combinations from conservative to aggressive profiles, with the conservative portfolio achieving a 6.1% annualized return and a maximum drawdown of less than 3% [5][39]

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [7]. Core Insights - The low-altitude economy is accelerating, with significant growth in export machinery. The mechanical equipment sector has shown resilience, with excavator sales increasing by 22.8% year-on-year in Q1 2025, driven by strong domestic and export demand [4][5]. - The report highlights the positive impact of government policies on the low-altitude economy, including subsidies and pilot projects that are facilitating industrialization [3]. - The mechanical equipment sector is influenced by ongoing trade negotiations between China and the US regarding tariffs, with a focus on companies with strong overseas production capabilities [4]. Weekly Market Review - From April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, while the ShenZhen Component Index and the ChiNext Index increased by 1.38% and 1.74%, respectively. The Shenwan Mechanical Equipment Index outperformed with a gain of 2.69%, ranking 4th among 31 sectors [12][14]. - Sub-sectors such as general equipment and engineering machinery saw increases of 4.65% and 1.30%, respectively [12][15]. Key Sector Tracking - The low-altitude economy is characterized by policy deepening and accelerated application scenarios, with significant advancements in technology such as eVTOL certification and AI drone applications in agriculture and logistics [3]. - The report suggests monitoring companies in the low-altitude economy, including those involved in infrastructure and core components [5]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenZhen Urban Transport, Suzhou Urban Planning, and WanFeng AoWei [5]. - In the mechanical equipment sector, companies such as SANY Heavy Industry, XCMG, and Anhui Heli are highlighted for their strong performance and growth potential [5].