公司报告 | 年报点评报告 行动教育（605098） 证券研究报告 高分红，股息属性显现 公司发布年报 全年毛利率 76%同比-2pct，归母净利率 34%同增 2pct； 截止年底合同负债 11 亿，同增 13%；全年提供劳务收到现金 9.3 亿，同增 4%； 年报拟分红 0.9 亿元，全年合计分红约 2.7 亿，分红率约 100%。 24 年公司管理培训营收 6.3 亿同增 6%，管理咨询营收 1.5 亿同增 97%； 2024 年行动共计开发新客户 1200 余家、新大客户数量达到 295 家；24 年 前三大客户分别今世缘（约 1300W）诺普信（约 900W）及晟泰集团（约 900W），合计占总约 4%。 2024 年在四大长期主义发展指导下，行动提出"236 工程"战略，并通过 系列行动的有效实施，实现平台化建设、高质量发展、科技创新、品牌影 响力等维度的有效提升。 1、平台主义：通过深度整合全球顶级师资资源与企业需求，构建开放式赋 能平台，聚焦研发中国式现代化管理模式。 2、高质量发展主义：坚持"三高"标准，以实效为导向迭代高质量产品， 以全生命周期陪伴为导向构建高质量服务，以严选教练和成就人才 ...

行业报告 | 行业研究周报 非金属新材料 证券研究报告 周专题：新材料国产替代梳理 行情回顾 新材料指数涨跌幅为-4.9%，跑输沪深 300 指数 2%。观察各子板块，碳纤维 指数-5.3%、半导体材料指数-1.9%、OLED 材料指数-7.4%、膜材料指数-5.7%、 涂料油墨指数-4.4%。 本周新材料板块中，实现正收益个股占比为+19.2%，表现占优的个股有石英 股份（+42%）、沃顿科技（+16.3%）、泛亚微透（+14.8%）、泰和新材（+12.5%）、 华特气体（+7.4%），国产替代标的涨幅靠前。 本周重点关注：新材料国产替代 关税持续反复，新材料领域，我们认为率先受益的为半导体产业链相关材料， 具备国产替代和景气度较高双重逻辑，适合中长期关注。细分看，主要有电 子化学品、电子特气、靶材、电子树脂、膜材料等细分领域。 长期观点 2025 年 04 月 15 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 1、碳纤维：我们认为目前 T300 大丝束已处于阶段性底部阶段，但考虑到 部分公司仍有产能快速释放，不排除 ...

行业报告 | 行业研究周报 食品饮料 证券研究报告 食品饮料周报：关税波动下重视内需消费，龙头增持彰显信心 市场表现复盘 本周（4 月 7 日-4 月 11 日）食品饮料板块/沪深 300 涨跌幅分别+0.20%/-2.87%。具体板块来 看，本周乳品（+4.65%）、零食（+3.30%）、调味发酵品（+1.24%）、软饮料（-0.42%）、白酒Ⅲ （-0.43%）、预加工食品（-0.63%）、啤酒（-0.81%）。 周观点更新 白酒：龙头增持彰显信心，关注财报催化。本周白酒板块-0.43%，表现强于上证综指（-3.11%）， 我们认为，当前中美关税政策波动背景下，白酒板块表现相对稳健主要系目前白酒仍以内需为 主，外需敞口较低，受关税政策变动影响相对较小。本周五粮液、贵州茅台发布大股东增持相 关公告，我们认为，龙头酒企增持或有助于提振市场信心，其"压舱石"效应或将带动板块估 值修复。本周古井贡酒发布年度业绩快报，2024 年公司营业收入/归母净利润/扣非归母净利润 分别为 235.78/55.14/54.56 亿元（同比+16.41%/+20.15%/+21.38%），财报季来临我们推荐强α 酒企潜在超预期机 ...

公司报告 | 公司点评 光峰科技（688007） 证券研究报告 世博会助力三大国家馆，期待车载全场景展车亮相 事件：4 月 13 日大阪世博会正式开幕，光峰成功助力中国馆、柬埔寨馆和非洲加蓬馆 打造颇具震撼力与吸引力的视觉盛宴，以近百台激光工程投影设备突破物理展陈边界， 完成十余个展项的光影呈现任务，以硬核科技为各国文化的展示注入了新的活力，让世 界看到了激光投影技术在文化传播领域的无限可能。 此次光峰科技承担了中国馆所有投影展项的光影解决方案的重任，其中，"九天揽胜" 和"五洋遨游"两大展项成为焦点。"九天揽胜"展项采用 10 台 D Pro 系列投影机隐藏 安装；"五洋遨游"则是通过多点位、多角度的隐藏式安装；此外，在"文字长河"展 项中，十余台 D 系列投影机从挑高 13 米的高空进行投射，配合各展区场景，通过高精 度投影与交互技术，将中国的科技突破与深厚文化底蕴精彩呈现。公司同时在柬埔寨馆 与非洲加蓬馆大放异彩，在加蓬馆，10 台 D Pro 系列激光工程投影机打造出"三面墙+ 地面投影"的沉浸式空间，借助光影的力量向全球观众展示本国独特的文化魅力。 大阪是国际知名投影品牌松下的总部所在地，我们认为此 ...

Investment Rating - The report assigns a "Buy" rating for stocks, expecting a relative return of over 20% within six months [22] - The industry investment rating is "Outperforming the Market," anticipating an industry index increase of over 5% within six months [22] Core Insights - Global cloud computing giants are intensifying investments in AI, with Google planning to invest approximately $75 billion in capital expenditures for servers and data centers by 2025 [5] - Alibaba Cloud is focusing on the commercialization of AI, aiming to serve one million customers and expand into a market worth billions over the next three years [5] - The performance gap between top AI models in China and the US has significantly narrowed, from 17.5% in 2023 to just 0.3% [16] Summary by Sections 1.1 Technology Giants Updates - Alibaba Cloud held the AI Momentum Conference to accelerate AI application in enterprises, showcasing over 290,000 API calls from developers and enterprises across various sectors [10] - The company introduced the AI Agent Store and the "繁花计划" to enhance AI service offerings and expand market opportunities [10] 1.2 ByteDance's New Model - ByteDance launched the DreamActor-M1, a new video generation model that can create high-quality videos from a single photo and a driving video, enhancing the expressiveness and usability of video generation [11] 1.3 Google Cloud Next '25 Conference - Google announced significant investments in AI infrastructure, including the release of the Ironwood TPU chip designed for inference workloads, achieving peak performance of 42.5 Exaflops [14] - The introduction of the Agent2Agent (A2A) protocol aims to enhance interoperability among AI agents across different platforms [14] 1.4 OpenAI's Global Memory Feature - OpenAI introduced a global memory feature for ChatGPT, allowing personalized interactions based on user history, enhancing user experience [15] 2.1 AI Research Insights - The "2025 AI Index Report" indicates a significant reduction in the performance gap between Chinese and American AI models, with notable advancements in efficiency and cost reduction in AI inference [16]

公司报告 | 年报点评报告 扬农化工（600486） 证券研究报告 业绩基本符合预期，葫芦岛进入贡献期 事件：扬农化工发布 2024 年年报，实现营业收入 104.35 亿元，同比减少 9.09%；归属于上市公司股东的净利润 12.02 亿元，同比减少 23.19%。按 4.07 亿股的总股本，实现每股收益 2.98 元，每股经营现金流 5.30 元。其 中第四季度实现营业收入 24.19 亿元，同比增长 9.76%；实现归属于上市公 司股东的净利润 1.76 亿元，同比减少 13.71%；折合单季度 EPS 0.43 元。 营收规模同比下滑：销量同比增加，但受累于原药产品价格同比下降。 2024 年，公司销售收入 104.35 亿元，较上年减少 10.43 亿元（同比-9.09%）； 从结构上看，原药、贸易、制剂收入分别为 64.18 亿元、23.06 亿元、15.45 亿元，分别同比变动-9.65、+0.82、-1.31 亿元，yoy-13.1%、+3.7%、-7.8%。 原药及制剂业务收入规模同比下降较多，但贸易收入略有增长。 从销量上看，2024 年全年原药销量 9.99 万吨，同比增加 0.34 万 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [22]. Core Insights - Major global cloud computing giants are significantly increasing their investments in AI, with Google announcing a capital expenditure of approximately $75 billion for servers and data centers by 2025, while Alibaba Cloud is focusing on AI commercialization and plans to serve one million customers in the next three years [5][10]. - The gap in AI model performance between China and the US has narrowed dramatically, from 17.5% in 2023 to just 0.3% in 2025, indicating a significant improvement in China's AI capabilities [16]. - The report emphasizes the ongoing trend of AI becoming more efficient and accessible, with reasoning costs decreasing by 280 times over two years and hardware costs declining at an annual rate of 30% [16]. Summary by Sections 1.1 Technology Giants Updates - Alibaba Cloud held the AI Momentum Conference, showcasing advancements in AI technology and applications, with over 290,000 enterprises and developers using its Tongyi API by January 2025 [10]. - The conference highlighted various industry applications, including AI programming for insurance and supply chain optimization for grocery delivery [10]. 1.2 ByteDance's New Model - ByteDance introduced the DreamActor-M1 model for generating high-quality videos from a single photo and a driving video, enhancing the expressiveness and usability of video generation [11]. 1.3 Google Cloud Next '25 Conference - Google announced several new products and a $75 billion investment plan for AI and cloud services, including the launch of the Ironwood TPU chip designed for inference workloads [14]. - The Agent2Agent (A2A) protocol was introduced to enhance interoperability among AI agents across different platforms [14]. 1.4 OpenAI's Global Memory Feature - OpenAI launched a global memory feature for ChatGPT, allowing personalized interactions based on user history, and announced the replacement of GPT-4 with GPT-4o by the end of April [15]. 2.1 AI Research Insights - The Stanford AI Index Report highlighted the narrowing performance gap between top AI models in China and the US, with notable advancements in efficiency and cost reduction in AI technologies [16].

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Views - The National Development and Reform Commission has released a list of 101 green low-carbon technology demonstration projects, which include advanced technology projects in the chemical and new energy sectors aimed at carbon reduction [1][13] - The ammonium sulfate market has seen a significant increase due to rising international urea prices and domestic supply constraints, with prices rising by 9.3% this week [2][27] - DMF prices have increased by 2.2%, although the market shows signs of stabilization with limited demand growth [2][3] Summary by Sections Key News Tracking - The release of the second batch of green low-carbon technology demonstration projects includes 50 projects for source carbon reduction, 44 for process carbon reduction, and 7 for end carbon capture [1][13] Product Price Tracking - WTI oil price decreased by 0.8% to $61.5 per barrel - Key chemical products with price increases include IPDI (+20.8%), ammonium sulfate (+9.3%), and liquefied gas (+6.7%) [2][30] - A total of 41 chemical products saw price increases, while 125 products experienced price declines [27] Industry Performance - The basic chemical sector decreased by 1.08%, outperforming the CSI 300 index by 1.79 percentage points, ranking 19th among all sectors [4][16] - Sub-sectors with notable weekly gains include coatings and inks (+1.77%) and adhesives and tapes (+1.08%) [17] Key Sub-industry Insights - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants and phosphates, while also highlighting sectors with dual marginal improvements like organic silicon [5] - Recommended companies include Juhua Co., Yuntianhua, and Wanhu Chemical [5] Market Valuation - As of April 11, the basic chemical sector's PB ratio is 1.91, while the overall A-share market's PB is 1.42; the PE ratio for the basic chemical sector is 23.04 compared to 14.49 for the overall A-share market [25][26]

公司报告 | 年报点评报告 鲁泰 A（000726） 证券研究报告 分红率 59%同比提升 公司发布 2024 年报 24Q4 营收 17 亿，同比+4%，归母净利 1.2 亿，同比+79%，扣非归母净利 1.3 亿，同比+58%。2024 年营收 61 亿，同比+2%，归母净利 4.1 亿，同比 +2%，扣非归母净利 4.8 亿，同比+25%。 24Q4 延续 Q3 增长趋势，终端补库带动下下半年逐步企稳回升。得益于费 用管控、非经损失收窄，Q4 利润加速释放。24 全年表现符合预期。 此外，公司拟每 10 股派发现金红利 1.00 元（含税），年内（含中期）现金 分红和股份回购总额共计 2.42 亿，派息率为 59.03%。 毛利率改善，费用优化 2024 年毛利率 23.76%，同比+1pct，其中面料毛利率 24.67%，同比+1pct， 服装毛利率 24.91%，同比-1pct。整体毛利率提升主要受益于面料产能利用 率提升。 2024 年销售费率 2.48%，同比-0.01pct；管理费率 5.65%，同比-0.76pct；财 务费率-0.06%，同比-0.15pct；研发费率 3.40%，同比-0 ...

港股公司报告 | 公司点评 快手-W（01024） 证券研究报告 24Q4 业绩要点：收入利润符合预期 公司公布 24Q4 业绩。2024Q4 公司实现营业收入 354 亿元，同比增长 8.7%； 经调整净利润为 47 亿元，同比增长 7.8%，毛利为 191 亿元，同比增长 10.6%。 销售及营销开支同比增长 11%，达 113 亿元，占总收入的比例为 32%，增长主 要系推广活动开支增加。研发开支同比增长 4.7%，达 35 亿元，占总收入的比例 的 9.8%，其增长主要系雇员福利开支的增加。行政开支同比增长 15.2%。我们 认为公司核心业务收入增长稳健，建议持续关注可灵带来的用户及收入增量。 流量端：用户流量创新高，DAU 及时长同比均小幅提升 2024Q4 快手应用平均 DAU/MAU 分别为 4.01 亿 /7.36 亿，同比增长 4.8%/5.0%；每位 DAU 的日均使用时长为 125.6 分钟，用户总使用时长同比增 长 5.8%，展望未来，我们认为公司单用户获取及留存成本或持续优化，用户获取 ROI 有望进一步提升。 AI：预计带来收入增量 AI 内部赋能：公司持续深化 AI 大模型在内容 ...