Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [29]. Core Viewpoints - The company, Tian You Wei (603202.SH), specializes in the research, design, production, sales, and service of automotive instruments, gradually expanding into the smart cockpit sector. The company has achieved significant revenue growth, with projected revenues of CNY 1.972 billion, CNY 3.437 billion, and CNY 4.465 billion for 2022, 2023, and 2024 respectively, representing year-over-year growth rates of 68.93%, 74.27%, and 29.90% [2][3][7]. - The company has established long-term stable partnerships with well-known automotive manufacturers, including Hyundai Motor Group, which is its largest customer, accounting for over 50% of its revenue during the reporting period. The company has also successfully entered the supply chains of other major automotive brands such as BYD, Changan Automobile, and Geely [20][21]. - The trend towards digitalization and smart cockpits in the automotive industry is expected to enhance the company's operational outlook, as higher-value products like full LCD combination instruments and dual-screen instruments gain market share [21]. Financial Summary - The company’s financial performance from 2022 to 2024 shows a strong upward trend in both revenue and net profit. The projected net profit for 2024 is CNY 1.136 billion, with a year-over-year growth of 34.96% [3][7]. - The revenue breakdown for 2024 indicates that full LCD combination instruments will contribute CNY 2.046 billion (46.01%), dual-screen instruments CNY 1.642 billion (36.93%), and other automotive electronic products CNY 0.523 billion (11.76%) [7]. Industry Overview - The automotive instrument industry has evolved through three main stages: mechanical instruments, electronic instruments, and currently, digital full LCD instruments. The penetration rate of full LCD instruments is expected to rise significantly, from approximately 25% in 2020 to about 62% by 2025 [18][19]. - The domestic market for full LCD instruments is projected to grow from CNY 198 billion in 2022 to CNY 267 billion by 2025, with a compound annual growth rate of 10.52% [18]. Competitive Position - Compared to similar companies in the industry, Tian You Wei's revenue scale is below the average, but its gross margin is positioned in the mid-to-high range among peers. The average revenue for comparable companies in 2023 is CNY 22.895 billion, with an average PE-TTM of 28.12X and an average gross margin of 18.57% [25].

2025 年 04 月 05 日 公司研究●证券研究报告 众捷汽车（301560.SZ） 新股覆盖研究 投资要点 下周三（4 月 9 日）有一家创业板上市公司"众捷汽车"询价。 http://www.huajinsc.cn/ 1/10 请务必阅读正文之后的免责条款部分 众捷汽车（301560）：公司主要从事汽车热管理系统精密加工零部件的研发、生 产和销售，主要产品包括汽车空调热交换器及管路系统、油冷器、热泵系统、电池 冷却器、汽车发动机系统等汽车零部件。公司 2022-2024 年分别实现营业收入 7.13 亿元/8.22 亿元/9.78 亿元，YOY 依次为 20.21%/15.25%/19.00%；实现归母净利 润 0.78 亿元/0.83 亿元/0.95 亿元，YOY 依次为 60.87%/5.42%/15.55%。根据公司 管理层初步预测，公司 2025 年 1-3 月营业收入较上年同期增长 12.76%至 26.86%， 归母净利润较上年同期增长 39.25%至 68.57%。 投资亮点：1、公司是全球领先的汽车热管理系统精密加工零部件供应商， 下游客户多为大型跨国一级汽车零部件供应商。公司深耕汽车 ...

2025 年 04 月 03 日 策略类●证券研究报告 加征关税影响有限，A 股维持震荡趋势 事件点评 投资要点 （1）从加征关税的直接影响上看，受关税影响小、需求较强的关键资源行业可能 受益，而劳动密集型制造业和小商品行业可能承压。一是存在豁免敞口的稀土、半 导体等关键资源行业，同时受益于需求上升，表现可能偏强。二是劳动密集型制造 业和低值小商品行业或承压：首先本轮关税政策重点提高对越南等国家的税率，纺 服、家电等低端制造业可能承压；其次关税政策特别提及小商品行业。（2）从加 征关税的间接影响上看，国内扩大内需相关的行业和出口增量相关的行业可能受 益。一是后续提振消费、加大基建、稳定房地产等稳增长等政策可能进一步出台和 实施，因此消费、基建、地产、公用事业等行业可能受益。二是美国加征"对等关 税"可能推动全球贸易模式发生变化，"一带一路"相关的自贸区、港口等行业可 能受益。 风险提示：历史经验未来不一定适用、政策超预期变化、经济修复不及预期。 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 报告联系人 张欣诺 zhangxinnuo@huaji ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company benefits from the national energy security strategy and infrastructure demand, maintaining a high level of prosperity in the civil explosives industry. In December 2024, the production value of enterprises reached 4.159 billion yuan, a year-on-year increase of 5.13%, with total profits of 0.882 billion yuan, up 69.36% year-on-year. The mining sector, which accounts for over 70% of the civil explosives industry's downstream applications, is expected to create long-term and stable demand for products and services due to ongoing mining operations [2][8] - The company is actively optimizing its capacity structure, enhancing integrated blasting service capabilities, and strengthening technological innovation to consolidate its market share. The company plans to achieve revenue of 9.692 billion yuan and total profits of 0.981 billion yuan in 2025 [5][8] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 8.546 billion yuan, a year-on-year increase of 1.4%, and a net profit of 0.713 billion yuan, up 12.49% year-on-year. The gross profit margin remained stable at 25.69% [5][7] - The company expects to achieve revenues of 10.038 billion yuan in 2025, with a net profit of 0.879 billion yuan, reflecting a year-on-year growth of 17.5% and 23.2%, respectively [7][9] Market Position and Strategy - The company is positioned as a leader in the civil explosives industry, focusing on optimizing production capacity and regional layout while continuing to pursue external mergers and acquisitions. The company has a complete industrial chain, including research, production, sales, blasting services, and mining engineering contracting [8][9] - The company has a production capacity of 521,500 tons for industrial explosives and 64.5 million units for electronic detonators, with utilization rates of 90.72% and 65.10%, respectively. A planned acquisition of 51% of Songguang Explosives for 316 million yuan will add 60,000 tons of industrial explosives capacity [8][9]

2025 年 04 月 01 日 公司研究●证券研究报告 吉比特（603444.SH） 公司快报 新游戏及海外业务助力公司发展 投资要点 风险提示：政策不确定性、用户偏好不确定性、新游流水不及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,185 | 3,696 | 4,127 | 4,504 | 4,711 | | YoY(%) | -19.0 | -11.7 | 11.7 | 9.1 | 4.6 | | 归母净利润(百万元) | 1,125 | 945 | 1,125 | 1,297 | 1,401 | | YoY(%) | -23.0 | -16.0 | 19.0 | 15.3 | 8.0 | | 毛利率(%) | 88.5 | 87.9 | 87.5 | 87.5 | 87.5 | | EPS(摊薄/元) | 15.62 | 13.12 | 15.61 | 18.00 | 19.44 | | ROE(%) | 27.8 ...

吉比特（603444.SH） 公司快报 新游戏及海外业务助力公司发展 投资要点 风险提示：政策不确定性、用户偏好不确定性、新游流水不及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,185 | 3,696 | 4,127 | 4,504 | 4,711 | | YoY(%) | -19.0 | -11.7 | 11.7 | 9.1 | 4.6 | | 归母净利润(百万元) | 1,125 | 945 | 1,125 | 1,297 | 1,401 | | YoY(%) | -23.0 | -16.0 | 19.0 | 15.3 | 8.0 | | 毛利率(%) | 88.5 | 87.9 | 87.5 | 87.5 | 87.5 | | EPS(摊薄/元) | 15.62 | 13.12 | 15.61 | 18.00 | 19.44 | | ROE(%) | 27.8 | 20.9 | 20.0 | 19.5 | 17.6 | ...

Investment Rating - The report suggests a cautious approach towards the new stock sector, indicating a potential shift into a consolidation phase, emphasizing the importance of performance and cost-effectiveness [1][12]. Core Viewpoints - The new stock sector has shown signs of volatility and is likely entering a consolidation phase, particularly as the earnings release period approaches, which may increase market disturbances [1][12]. - The average decline for newly listed stocks since 2024 is approximately 3.5%, with only about 23.8% of stocks showing positive returns, indicating a decrease in investor confidence [1][30]. - The report highlights the need to focus on stocks with better performance metrics and cost-effectiveness, especially those that have shown stable growth expectations [2][12]. Summary by Sections New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 17.6X and a subscription success rate of 0.0241% [4][23]. - The average first-day gain for newly listed stocks was about 207%, showing a slight decrease from previous weeks, while the average secondary market return was -9.3%, indicating ongoing consolidation pressure [4][28]. - Since the beginning of 2024, the average return for newly listed stocks in the Shanghai and Shenzhen markets has been -3.5%, with only 23.8% showing gains [5][30]. Upcoming New Stocks - This week, three new stocks are set to be listed, including China Ruilin and Taihong Wanli, with a focus on their performance metrics and market positioning [3][35]. - The report suggests monitoring stocks that have shown stable earnings growth and are positioned in emerging industries, such as robotics and AI [2][12]. Recommendations - The report recommends a cautious investment strategy, focusing on stocks with strong performance metrics and reasonable valuations, particularly in the context of the upcoming earnings release period [1][12]. - Specific stocks to watch include Suzhou Tianmai, Top Yunong, and Laplace, which are considered to have potential in the current market environment [8][43].

Group 1 - The new stock sector is likely entering a consolidation phase, emphasizing performance and cost-effectiveness [1][12] - The average decline of new stocks listed since 2024 is approximately 3.5%, with about 23.8% of new stocks showing positive returns [1][30] - The semiconductor equipment sector experienced significant events, but external catalysts are losing effectiveness, indicating a potential shift in the active cycle of new stocks [1][12] Group 2 - Short-term focus should be on cost-effectiveness, particularly for new stocks that have undergone sufficient consolidation and show stable growth expectations [2][12] - Long-term investments should consider sectors like robotics, AI, and self-controllable technologies, which are expected to remain active [2][12] - Upcoming new stocks include China Ruilin and Taihong Wanli, which are set to be listed soon [3][35] Group 3 - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 17.6X and a subscription success rate of 0.0241% [4][23] - The average first-day gain for new stocks was approximately 207%, indicating a slight decrease compared to previous weeks, while the average secondary market return was -9.3% [4][28] - The average P/E ratio for new stocks listed in March was 21.1X for the ChiNext board, 42.6X for the Sci-Tech Innovation board, and 17.2X for the main board [13][23] Group 4 - The report suggests a cautious approach as the new stock sector may face increased volatility due to upcoming earnings releases [1][12] - Specific stocks to watch include Suzhou Tianmai, Top Yunong, and Laplace, which are considered to have strong performance potential [43] - For mid-term investments, stocks like Nairui Radar and Jun Dingda are recommended for potential opportunities [43]

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated handling lines and equipment for bulk materials, including powder, granules, liquids, and slurries. It has established itself as a core supplier in the lithium battery industry, with over 70% of its revenue coming from this sector [20][21]. - The company has shown significant revenue growth in previous years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [4][8]. - The company has a strong market presence, with a market share of approximately 24.67% in lithium battery slurry, 17.99% in cathode materials, and 10.34% in anode materials as of 2022 [20]. Financial Performance - The company achieved a net profit of 297.5 million yuan in 2022, 315 million yuan in 2023, and a projected 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and a decline of 30.08% respectively [4][8]. - For the first quarter of 2025, the company anticipates a revenue change of -8.94% to 11.30% year-on-year, with net profit expected to decline by 36.35% to -22.21% [8][25]. Industry Overview - The automated handling equipment industry is becoming increasingly important in industrial automation and smart manufacturing, with applications expanding across various sectors, including lithium batteries, fine chemicals, rubber and plastics, and food and pharmaceuticals [15][19]. - The global market for automated handling equipment was valued at approximately $33.65 billion in 2018 and is projected to grow to $56.51 billion by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company has established strong relationships with leading clients in the lithium battery sector, including CATL, BYD, and others, which enhances its competitive edge [20]. - The company is diversifying its client base across multiple industries, including fine chemicals, rubber and plastics, and food, which lays a solid foundation for future business development [21]. Investment Projects - The company plans to invest in two projects through its IPO, including an intelligent material conveying and mixing automation system project with a total investment of 240 million yuan and a research and development center construction project with an investment of 92 million yuan [24][28].

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated processing lines and equipment for bulk materials, including powders, granules, liquids, and slurries, and has established itself as a core supplier in the lithium battery industry [7][20]. - The company has achieved significant revenue growth in recent years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a forecast of 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [8][4]. - The company has a strong market presence, with over 70% of its revenue coming from the lithium battery sector, and has established partnerships with leading companies in the industry [20][21]. Summary by Sections Basic Financial Status - The company reported revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, with corresponding year-on-year growth rates of 276.06%, 46.83%, and -32.36% [8][4]. - The net profit attributable to the parent company was 297.5 million yuan in 2022, 315 million yuan in 2023, and is expected to be 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and -30.08% [8][4]. Industry Situation - The company operates in the automated processing equipment sector, which is becoming increasingly important in industrial automation and smart manufacturing, with significant growth expected in various applications including lithium batteries and fine chemicals [15][19]. - The global market for automated processing equipment is projected to grow from 33.65 billion USD in 2018 to 56.51 billion USD by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company is a leading supplier of automated processing lines and equipment for the lithium battery industry, with a market share of approximately 24.67% in slurry processing, 17.99% in positive electrode materials, and 10.34% in negative electrode materials [20]. - The company has diversified its client base across various sectors, including fine chemicals, rubber and plastics, and food and pharmaceuticals, establishing relationships with major industry players [21]. Fundraising Project Investment - The company plans to invest in two projects with a total fundraising amount of approximately 532.02 million yuan, including an intelligent material conveying and mixing automation system project and a research and development center construction project [24][28]. Comparison with Peers - Compared to similar companies in the industry, the average revenue for peer companies in 2023 was 8.131 billion yuan, with an average PE-TTM of 16.57X and an average gross profit margin of 28.68%, indicating that the company’s revenue scale and gross margin are below the industry average [25][26].