证券研究报告 【中泰汽车|何俊艺团队】汽车周报（03/31-04/06） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 2025年4月9日 1 目 录 来源：中泰证券研究所 备注：近期观点不定期更新 3 ◼ 周度核心数据：①内销：本周（3.31-4.6）上险总量33.7w，低于40w周度荣枯线（同比-24.9%/环比-30.8%）。新能源周度上险量 16.9w(同比-10.6%/环比-29.6%)，新能源渗透率达50.2%。各车企 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company is projected to achieve a revenue of 1.12 billion yuan in Q1 2025, representing a year-on-year increase of 26% and a quarter-on-quarter increase of 9%. The net profit attributable to the parent company is expected to reach 75 million yuan, showing a significant year-on-year growth of 1505% and a quarter-on-quarter increase of 89% [6]. - The growth in Q1 2025 is attributed to the increased output of gearbox components and a substantial rise in wind power casting shipments. Cost reduction through technological improvements and enhanced capacity utilization are also contributing to the recovery of profitability [6]. - The company is expected to diversify its customer base and increase the proportion of finished products, which will enhance profitability. The wind power casting shipments are anticipated to grow significantly, with the spindle forging shipments expected to double year-on-year, further supporting profitability [6]. Financial Projections - The company is forecasted to achieve net profits of 109 million yuan in 2023, 119 million yuan in 2024, 319 million yuan in 2025, and 413 million yuan in 2026, with respective year-on-year growth rates of 6%, 9%, 168%, and 30% [2][6]. - Revenue is projected to grow from 3.79 billion yuan in 2023 to 5.94 billion yuan in 2026, with growth rates of 13%, 5%, 32%, and 13% for the respective years [2][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 43.4 in 2023 to 11.5 in 2026, indicating an improvement in valuation as earnings grow [2][6].

执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 783.22 | | 流通股本(百万股) | 770.99 | | 市价(元) | 21.21 | | 市值(百万元) | 16,612.15 | | 流通市值(百万元) | 16,352.65 | 调味发酵品Ⅱ 2024-10-27 2024-08-10 2024-04-24 中炬高新（600872.SH） 证券研究报告/公司点评报告 2025 年 04 月 10 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | | 2025E | 2026E | 2027E | | 分析师：熊欣慰 | | 营业收入（百万元） | | 5,139 | | 5,519 | 5,633 | 6,079 | 6,479 | | | | 增长率 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3][8]. Core Views - The company reported a revenue of 3.958 billion yuan in 2024, a year-on-year decline of 23.94%, while net profit increased by 16.4% to 384 million yuan [4][5]. - The company is actively focusing on AI applications and has announced plans to issue H-shares for listing on the Hong Kong Stock Exchange [5]. - The company’s gross margin improved to 29.02%, an increase of 3.08 percentage points year-on-year, with operating cash flow reaching a historical high of 941 million yuan, a 110.67% increase from the previous year [5]. Financial Performance Summary - Revenue Forecast: The company’s projected revenues for 2025, 2026, and 2027 are 4.208 billion yuan, 4.552 billion yuan, and 5.010 billion yuan respectively, with growth rates of 6%, 8%, and 10% [3][5]. - Net Profit Forecast: The expected net profits for the same years are 433 million yuan, 505 million yuan, and 607 million yuan, with growth rates of 14%, 17%, and 20% respectively [3][5]. - Earnings Per Share (EPS): The projected EPS for 2025, 2026, and 2027 are 0.62 yuan, 0.72 yuan, and 0.86 yuan respectively [3][5]. Revenue Breakdown - The company’s revenue from banking IT products and solutions was 3.461 billion yuan, accounting for 87.45% of total revenue, while non-banking IT products and solutions contributed 371 million yuan, or 9.37% [5]. - Major clients include state-owned commercial banks and joint-stock banks, which contributed 52.49% of total revenue [5]. Profitability Metrics - The company’s net profit margin for 2024 was 9.7%, with a return on equity (ROE) of 8% [3][5]. - The price-to-earnings (P/E) ratio is projected to decrease from 45.2 in 2023 to 24.2 by 2027, indicating improved valuation over time [3][5].

游戏Ⅱ 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 吉比特（603444.SH） 证券研究报告/公司点评报告 2025 年 04 月 09 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：康雅雯 | | 营业收入（百万元） | 4,185 | 3,696 | 3,909 | 4,222 | 4,433 | | | | 增长率 yoy% | -19% | -12% | 6% | 8% | 5% | | 执业证书编号：S0740515080001 | | 归母净利润（百万元） | 1,125 | 945 | 908 | 1,063 | 1,122 | | Email：kangyw@zts.com.cn | | 增长率 yoy% | -23% | -16% | -4% | 17% | 6% | | | | 每股收益（元） | ...

横店东磁：磁材+新能源双轮驱动，差异化竞争优势显著 Email：zengbiao@zts.com.cn 执业证书编号：S0740522100005 Email：zhaoyp02@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 1,626.71 | | --- | --- | | 流通股本(百万股) | 1,625.06 | | 市价(元) | 12.55 | | 市值(百万元) | 20,415.24 | | 流通市值(百万元) | 20,394.48 | 光伏设备 执业证书编号：S0740522020001 股价与行业-市场走势对比 报告摘要 请务必阅读正文之后的重要声明部分 2024 年经营业绩亮眼，逆势中彰显韧性。2024 年，公司实现营业收入 185.6 亿元， 同比减少 5.9%，归母净利润 18.3 亿元，同比增长 0.5%，扣非归母净利润 16.7 亿元， 同比减少 17.4%。单季度看，2024Q4 公司实现营业收入 49.8 亿元，同比增长 25.4%， 归母净利润 9.0 亿元，同比增加 437.2%，扣非归母净利润 7.9 亿元，同比增长 101.5%； ...

汽车零部件 执业证书编号：S0740523020003 均胜电子年报点评： 2024 年扣非归母同比+28%，智驾+具身智能打开想象空间 均胜电子（600699.SH） 证券研究报告/公司点评报告 2025 年 04 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | 55,728 | 55,864 | 64,841 | 68,100 | 71,628 | | | | 增长率 yoy% | 12% | 0% | 16% | 5% | 5% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | 1,083 | 960 | 1,484 | 1,884 | 2,184 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | 175% | -11% | 54% | 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [14]. Core Insights - The company achieved a total revenue of 14,024 million HKD in 2024, reflecting a year-on-year growth of 7.5%, while the net profit attributable to shareholders reached 1,511 million HKD, up by 12.5% [3][5]. - The improvement in profitability is attributed to an increase in property management area and enhanced value-added services, with the gross profit margin rising from 15.9% to 16.6% [5][9]. - The company proposed a dividend of 0.095 HKD per share, an increase from 0.085 HKD in 2023, indicating a commitment to shareholder returns [3][5]. Revenue Performance - The company reported a main business revenue of 14,024 million HKD for 2024, with a year-on-year growth rate of 7% projected for 2025 [2]. - The net profit attributable to shareholders is forecasted to grow from 1,511 million HKD in 2024 to 1,870 million HKD by 2026, reflecting a steady growth trajectory [2][9]. Business Segments - The property management area increased to 431 million square meters, a 7.4% growth year-on-year, with third-party project area contributing 39.4% [7]. - The revenue from property management services rose to 76.1% of total revenue, up from 72.1% in 2023, indicating a strategic focus on core business [7]. Value-Added Services - The non-residential value-added services revenue decreased by 14.7% year-on-year to 1,829 million HKD, while residential value-added services revenue grew by 7.2% to 1,385 million HKD, maintaining its share of total revenue [8][9]. - The company is actively optimizing its service structure in response to the downturn in the real estate sector [8]. Financial Projections - The earnings per share (EPS) is projected to increase from 0.46 HKD in 2024 to 0.63 HKD by 2027, reflecting a consistent growth outlook [2][9]. - The price-to-earnings (P/E) ratio is expected to decline from 9.9 in 2025 to 7.2 by 2027, indicating potential undervaluation [2][9].

政策加码提振市场，成交热度有所降温 ——20250406 房地产行业周报 房地产 证券研究报告/行业定期报告 2025 年 04 月 08 日 | 增持（维持） 评级： | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | EPS | | | | PE | | | 评级 | | 分析师：由子沛 | | (元) | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | | | 执业证书编号：S0740523020005 | 保利发展 | 7.93 | 1.0 | 1.13 | 1.21 | 1.27 | 7.9 | 7.0 | 6.6 | 6.2 | 买入 | | | 招商蛇口 | 9.11 | 0.7 | 0.4 | 1.07 | 1.15 | 14.0 | 24.6 | 8.5 | 7.9 | 买入 | | Email：youzp@zts.com ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][14] Core Views - The company achieved a revenue of 16.342 billion RMB in 2024, representing a year-on-year growth of 8.5%, while the net profit attributable to shareholders was 1.474 billion RMB, up 6.8% year-on-year [5][7] - The company is focusing on cost reduction and efficiency improvement while expanding the quality of its services [4][6] - The company proposed a final dividend of 1.332 RMB per share, increasing the payout ratio from 40% to 50% of net profit attributable to shareholders [7][11] Revenue Performance - The company reported a revenue of 16.342 billion RMB for 2024, with a year-on-year growth rate of 8% projected for 2025 and 2026 [4][8] - The revenue increase was primarily driven by the continuous expansion of property management services [7][10] Profitability Metrics - The gross profit margin slightly declined from 19.61% in 2023 to 18.26% in 2024, with specific service segments experiencing varying degrees of margin compression [7][10] - The net profit margin for 2024 was 9.0%, with a projected decline in return on equity (ROE) from 16% in 2024 to 13.2% by 2027 [4][13] Business Segmentation - The property management service segment generated 11.675 billion RMB in revenue, reflecting a 15% year-on-year increase, while non-owner value-added services saw a revenue decline of 6.4% [8][10] - The company secured new third-party project contracts worth 3.005 billion RMB in 2024, with a significant portion of its managed area coming from third-party projects [8][10] Future Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 2.88 RMB and 3.09 RMB, respectively, with a new forecast for 2027 set at 3.33 RMB [10][13]