行业报告 | 行业研究周报 2025 年 05 月 24 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市（维持评级） | | 上次评级 | 强于大市 | 作者 刘奕町 分析师 SAC 执业证书编号：S1110523050001 liuyiting@tfzq.com 曾先毅 分析师 SAC 执业证书编号：S1110524060002 zengxianyi@tfzq.com 胡十尹 分析师 SAC 执业证书编号：S1110525010002 hushiyin@tfzq.com 吴亚宁 联系人 wuyaning@tfzq.com 行业走势图 -16% -8% 0% 8% 16% 24% 32% 2024-05 2024-09 2025-01 金属与材料 沪深300 资料来源：聚源数据 相关报告 1 《金属与材料-行业研究周报:宏观情 绪 回 暖 ，看 好基 本 金属 向 上修 复 》 2025-05-18 2 《 金 属 与 材 料 - 行 业 深 度 研 究:24&25Q1 总结：资源端金&铜领涨， 材料端盈利大幅提升》 2025-05-13 3 《金属与材料-行业研究周报:宏观 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Insights - The company achieved a total revenue of 1.932 billion yuan in 2024, representing a year-on-year growth of 28.2%, and a net profit of 87.08 million yuan, up 60.88% year-on-year [1]. - The domestic market remains stable, with revenue from mainland China reaching 1.354 billion yuan, a growth of 1.76%, while international revenue surged to 579 million yuan, marking a significant increase of 298.91% [2]. - The total number of invisible orthodontic cases reached 359,400 in 2024, a growth of 46.7%, with overseas cases increasing by 326% to 141,000, accounting for 39.1% of global cases [3]. - The company is expanding its global business, operating in over 50 countries, and has plans to build a new manufacturing facility in Wisconsin, USA, to enhance local production capabilities [4]. - The company is focusing on digital transformation and quality upgrades, launching various digital tools to assist doctors and improve production efficiency [5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.932 billion yuan, a 28.2% increase year-on-year, and a net profit of 87.08 million yuan, up 60.88% [1]. - Operating cash flow was 122 million yuan, a decline of 26.69% year-on-year [1]. Market Position - The company maintains a leading position in the invisible orthodontics market in China, with stable domestic growth [2]. - The international market is a key growth driver, with overseas revenue significantly increasing [2]. Business Expansion - The number of invisible orthodontic cases grew to 359,400, with a notable increase in overseas cases [3]. - The company is enhancing its global presence and local operations, including a new manufacturing facility in the USA [4]. Innovation and Technology - The company is driving digital transformation and improving product quality through automation and digital tools [5]. - Future revenue projections for 2025-2027 are set at 2.29 billion, 2.726 billion, and 3.225 billion yuan respectively, with net profits expected to reach 88 million, 151 million, and 269 million yuan [5].

金融工程 | 金工定期报告 金融工程 证券研究报告 因子跟踪周报：换手率、季度 sp 分位数因子表现较 好-20250524 因子 IC 跟踪 IC 方面，最近一周，1 个月日均换手率、1 个月换手率波动、1 个月非流 动性冲击等因子表现较好，Beta、1 月特异度、90 天分析师覆盖度等因子 表现较差；最近一月，小市值、1 个月非流动性冲击、1 个月反转等因子 表现较好，季度 ep、季度 roe、季度 roa 等因子表现较差；最近一年，小 市值、1 月特异度、Fama-French 三因子 1 月残差波动率等因子表现较 好，一年动量、股息率、季度 roe 等因子表现较差。 因子多头组合跟踪 多头组合方面，最近一周，1 个月非流动性冲击、1 个月日均换手率、90 天内预期调整均值等因子表现较好，Beta、业绩预告精确度、1 月特异度 等因子表现较差；最近一月，小市值、1 个月换手率与均价的相关性、1 个月日均换手率等因子表现较好，bp 三年分位数、业绩预告精确度、基 于一致预期的标准化预期外盈利等因子表现较差；最近一年，小市值、1 个月换手率波动、1 个月日均换手率等因子表现较好，90 天净上调预期占 比、9 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Insights - The company achieved a total revenue of 1.932 billion yuan in 2024, representing a year-on-year growth of 28.2%, and a net profit attributable to shareholders of 87.08 million yuan, up 60.88% year-on-year [1]. - The domestic market remains stable, with revenue from mainland China reaching 1.354 billion yuan, a growth of 1.76% year-on-year, while international markets are a significant growth driver, with overseas revenue soaring to 579 million yuan, a remarkable increase of 298.91% year-on-year [2]. - The total number of invisible orthodontic cases reached 359,400 in 2024, marking a growth of 46.7% year-on-year, with overseas cases increasing from 33,000 in 2023 to 141,000 in 2024, a growth of 326% [3]. Summary by Sections Revenue and Profitability - The company reported total revenue of 1.932 billion yuan in 2024, with a net profit of 87.08 million yuan, reflecting strong growth in profitability [1]. Market Performance - The domestic market remains solid, with a revenue increase of 1.76% in mainland China, while the international market has become a key growth engine, contributing to a 298.91% increase in overseas revenue [2]. Business Expansion - The number of invisible orthodontic cases grew significantly, with domestic cases increasing by 3.2% and overseas cases experiencing a dramatic rise of 326% [3]. Global Operations - The company is expanding its global presence, operating in over 50 countries, and enhancing local operations, including a new manufacturing facility in Wisconsin, USA [4]. Innovation and Digital Transformation - The company is focusing on digital tools to enhance treatment precision and is upgrading its manufacturing processes to improve efficiency and product quality [5]. Financial Forecast - Revenue projections for 2025-2027 are set at 2.29 billion yuan, 2.726 billion yuan, and 3.225 billion yuan respectively, with net profits expected to reach 88 million yuan, 151 million yuan, and 269 million yuan [5].

公司报告 | 年报点评报告 四方股份（601126） 证券研究报告 主业稳健增长，出海及 AIDC 有望形成增量 公司业绩持续稳健增长，25Q1 利润增长有所加速 24 年合计实现营收 69.51 亿元，yoy+20.86%；归母净利润 7.16 亿元， yoy+14.09%；扣非净利润 6.98 亿元，yoy+11.98%。毛利率 32.33%， yoy-2.11pcts。净利率 10.30%，yoy-0.62pcts。受益于国内新型电力系统及 能源绿色低碳转型的推动，公司持续加强产品和技术创新，营业收入稳步 增长，综合毛利率总体保持稳定。 2025Q1 营收 18.28 亿元，yoy+18.34%；归母净利润 2.41 亿元，yoy+33.38%； 扣非净利润 2.34 亿元，yoy+30.37%。毛利率 31.84%，yoy-2.12pcts；净利 率 13.21%，yoy+1.43pcts。 24 年业务分拆： 1、电网自动化：24 年实现收入 33.09 亿，yoy+13.18%，毛利率 41.54%， 同比下降 0.35pcts。 25 年展望：公司主业稳健发展，出海、数据中心有望形成增量 1）公 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative stock price return of over 20% within the next six months [10]. Core Insights - The company reported strong Q1 FY25 results with revenue of $1.5 billion, a year-on-year increase of 26%, and adjusted net income of $150 million, up 196% year-on-year [1]. - The company has raised its full-year guidance for FY25, projecting revenue growth of 15-17% and adjusted EPS of $0.67-$0.72 [3][4]. - The outdoor performance segment showed significant improvement, with the Greater China region leading growth at 43% year-on-year [2]. Summary by Sections Financial Performance - Q1 FY25 revenue reached $1.5 billion, with an adjusted gross margin of 58% and an adjusted operating profit margin (OPM) of 16% [1]. - Adjusted net income for Q1 was $150 million, translating to a diluted EPS of $0.27 [1]. Segment Performance - By category, technical apparel revenue was $700 million (+32% YoY), outdoor revenue was $500 million (+29% YoY), and racquet sports revenue was $300 million (+13% YoY) [2]. - By region, Greater China revenue grew by 43%, while the Americas and EMEA regions saw a 12% increase [2]. Store Expansion and Direct-to-Consumer (DTC) Growth - The company opened 220 technical apparel stores (+30 YoY) and 243 outdoor stores (+104 YoY), contributing to a DTC revenue increase of 39% [2]. - Same-store sales growth was 19% for technical apparel, 28% for outdoor, and 12% for racquet sports [2]. Revised Guidance - The company has adjusted its FY25 guidance upwards, now expecting revenue growth of 15-17% and an adjusted OPM of 11.5-12% [3]. - For Q2 FY25, the guidance includes revenue growth of 16-18% and an adjusted EPS of $0-$0.02 [3]. Earnings Forecast - The company forecasts revenues of $6 billion, $6.9 billion, and $7.9 billion for FY24, FY25, and FY26 respectively, with adjusted net income estimates of $380 million, $510 million, and $630 million [4]. - Corresponding EPS estimates are $0.69, $0.92, and $1.14 for FY24, FY25, and FY26 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative stock price return of over 20% within the next six months [10]. Core Insights - The company reported strong Q1 FY25 results with revenue of $1.5 billion, a year-on-year increase of 26% (at constant currency), and adjusted net income of $150 million, up 196% year-on-year [1]. - The company has raised its full-year guidance for FY25, projecting revenue growth of 15-17% year-on-year and adjusted EPS of $0.67-$0.72 [3][4]. - The outdoor performance segment showed significant improvement, with the Greater China region leading growth at 43% year-on-year [2]. Summary by Sections Financial Performance - Q1 FY25 revenue reached $1.5 billion, with an adjusted gross margin of 58% (up 3 percentage points year-on-year) and adjusted operating profit margin (OPM) of 16% (up 5 percentage points year-on-year) [1]. - Adjusted net income for Q1 was $150 million, translating to a diluted EPS of $0.27 [1]. Segment Performance - By category, technical apparel revenue was $700 million (up 32% year-on-year), outdoor revenue was $500 million (up 29% year-on-year), and racquet sports revenue was $300 million (up 13% year-on-year) [2]. - By region, revenue in the Americas grew by 12%, Greater China by 43%, EMEA by 12%, and Asia-Pacific by 49% [2]. Guidance and Projections - The company has adjusted its FY24-26 revenue forecasts to $6 billion, $6.9 billion, and $7.9 billion respectively, up from previous estimates of $5.2 billion, $6 billion, and $6.9 billion [4]. - Adjusted net income projections for FY24-26 are now $380 million, $510 million, and $630 million, respectively [4].

Group 1: Shipping Freight Index - The shipping index includes SCFI comprehensive index, SCFIS European route, and container index (European route) futures, which reflect the pricing of freight futures and the impact of tariffs [1][9][10] - The SCFI comprehensive index has shown a rebound since May 9, increasing by 9% compared to the end of March, influenced by export rush and transshipment [10][13] - The China Container Freight Index (CCFI) has fluctuated this year, hitting a low on April 3 and then rebounding, with the CCFI comprehensive index increasing by 0.2% from its low as of May 16 [13][15] Group 2: Port Cargo Throughput - Domestic port cargo throughput has shown resilience, with container throughput reaching a record high on April 27, 2023, despite a brief decline earlier in the month [2][20][23] - The Port of Los Angeles, the busiest port in the U.S., saw its import container throughput drop to the lowest level since June 2024 by May 10, indicating negative impacts from tariffs on U.S. imports and exports [2][22][24] Group 3: Domestic Production Activity - The high-frequency economic activity index from the First Financial Research Institute has been declining since the end of March but remains above 1, indicating stronger economic activity compared to the previous year [3][27][29] - The manufacturing PMI new export orders index fell from 49% to 44.7%, while the EPMI production index dropped from 67.7% in March to 51.6% [29][30] Group 4: Trade Outlook - South Korea's Export Situation - South Korea's export data showed stronger-than-seasonal growth in early April, with fluctuations in mid-April likely related to trade negotiations with the U.S. [4][30][32] - By May, South Korea's exports were weaker than seasonal expectations, indicating ongoing volatility ahead of the conclusion of U.S.-Korea trade talks [4][32][34]

证券研究报告 2025年05月23日 行业报告 | 行业投资策略 国防军工 2024A&2025Q1报表分析： 困境突围，曙光渐现 摘要 投资建议：中短期关注新一轮订单周期之下，交付加速带来的产能利用率提升、可变成本下降后，企业困境局面翻转；中长期关注装备采购及供应体系变革带来 的改革红利，注重企业参与生产的装备型号方向的战略战术重要性，工艺、材料、器件的创新性领先性，优选兼具体系改革红利与战略战术趋势变化下技术垄断 性企业。 建议关注： 臻镭科技、中国卫星、陕西华达、思科瑞】 风险提示：市场波动性风险、军品订单节奏风险、新装备研制列装不达预期、国企改革进程不达预期、产能建设进程不达预期 请务必阅读正文之后的信息披露和免责申明 作者： 分析师 王泽宇 SAC执业证书编号：S1110523070002 分析师 赵博轩 SAC执业证书编号：S1110525020002 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 消极因素集中体现，盈利能力承压显著 请务必阅读正文之后的信息披露和免责申明 3 2024年年报分析：消极因素集中落地，或将逐步转入业绩修复阶段 ...

国产替代系列：富煌钢构拟收购中科视界布局第二曲 线，看好高速视觉领域需求成长及国产替代加速 高速摄像机市场高速增长，国产替代需求进一步提升 中科视界是国内少数能够自主生产商品化高速摄像仪的企业，2017 年公司 发布了国产首台万帧级高速相机。高速视觉是一种基于图像处理和计算机视 觉技术的视觉感知技术，公司下游主要为科研客户、工业客户以及军工客户。 2022 年中国高速机器视觉行业市场规模约 100 亿元，其中高速摄像机整机 约占 32 亿元，约占 32%，在新兴技术发展、下游市场增长、国产化替代进 程加快等因素的驱动下，预计 2023-2028 年年均复合增速约为 22%，到 2028 年中国高速机器视觉行业市场规模或将突破 330 亿元。 行业报告 | 行业专题研究 建筑装饰 证券研究报告 高速视觉领域技术壁垒较高，中科视界市场份额快速提升 高速机器视觉行业具有较高的技术壁垒，头部主要为 Phantom、Photron 等 国际高速摄像机龙头，在美国对高速摄像仪进行出口管制背景下，公司产品 市占率由 2019 年 8.6%提升至 2022 年的 22.2%，公司已基本拥有和第一梯队 企业竞争的实力产品，我们 ...