2025 年 05 月 04 日 传统主业拐点出现，机器人业务未来可期 增持(首次) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2025-04-30 | | --- | --- | | 当前股价（元） | 41.27 | | 总市值（亿元） | 135 | | 总股本（百万股） | 327 | | 流通股本（百万股） | 283 | | 52 周价格范围（元） | 12.04-50.9 | | 日均成交额（百万元） | 831.09 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 250 300 (%) 汉威科技 沪深300 相关研究 —汉威科技（300007.SZ）公司事件点评报告 公司近期发布 2024 年报及 2025 一季报：2024 年公司实现营 收 22.28 亿元，同比下降 2.61%，实现归母净利润 7668.03 万元，同比下降 41.38%。2025 一季报公司实现营收 6.03 亿 元，同比增长 1.54%，实现归母净利润 1693.60 万元，同比 增长 16.91%。对此，我们点 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][9] Core Insights - The company is leveraging AI to enhance its development, with a focus on accelerating its legal and financial services [6][7] - The company experienced a significant revenue decline in 2024, with total revenue of 699 million yuan, down 24.98% year-on-year, but showed a recovery in Q1 2025 with a revenue increase of 63.93% [5][9] - The multi-resolution platform for financial disputes has seen a substantial increase in case numbers, indicating strong growth potential [6][9] Financial Performance Summary - In 2024, the company reported a net profit of -61 million yuan, with a significant decline of 337.5% year-on-year, but is projected to return to profitability with net profits of 57 million yuan in 2025 [11][13] - Revenue projections for 2025-2027 are 844 million yuan, 1.02 billion yuan, and 1.24 billion yuan, respectively, with corresponding EPS of 0.16, 0.24, and 0.35 yuan [9][11] - The company’s gross margin is expected to improve from 26.7% in 2024 to 32.6% in 2027, reflecting operational efficiency [13] Business Development and Strategy - The company is actively expanding its legal financial technology services, establishing partnerships with over 20 mediation organizations and more than 1,800 mediators [6][7] - The company is investing in AI and technology development, focusing on smart courts and financial legal technology to drive innovation [7][8] - Collaborations with leading internet companies and asset management firms are enhancing the company's market position and operational capabilities [6][8]

2025 年 05 月 05 日 市场表现 -40 -20 0 20 40 60 (%) 溯联股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 股权激励提升团队凝聚力，数据中心液冷产品打 造第二增长曲线 1、《溯联股份（301397）：汽车尼 龙管路龙头，积极拓展数据中心业 务》2025-03-02 买入(维持) 事件 —溯联股份（301397.SZ）公司事件点评报告 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-04-30 | | --- | --- | | 当前股价（元） | 36.21 | | 总市值（亿元） | 43 | | 总股本（百万股） | 120 | | 流通股本（百万股） | 55 | | 52 周价格范围（元） | 20.01-42.28 | | 日均成交额（百万元） | 65.55 | 公司近期公告：1）2024 年报：报告期内公司实现营收 12.42 亿元，同比增长 22.89%，实现归母净利润 1.23 亿元，同比 下降 18. ...

2025 年 05 月 05 日 五月策略和十大金股 —5 月十大金股 投资要点 ▌ 总量观点 5 月海外关税冲击边际减弱，等待经济数据进一步走弱 后的降息重启。美股波动有望再度放大，美债重回震 荡，黄金等待更具性价比位置。国内业绩落地，PMI 走 弱但短期难有超预期政策。景气投资难度较大，红利资 产筹码松动，科技成长题材活跃。 行业选择：银行股季报不及预期，市场担心分红不可持 续，银行股抱团快速解体调整。基本面承压，景气投资 难度加大。财报落地，小微盘风险逐步出清，科技成长 活跃度有望提升，关注产业催化（AI、机器人、智驾 等）、自主可控（半导体、机器人、军工等）。 ▌ 本期金股组合： 电子：致尚科技（301486.SZ） 电子：星宸科技（301536.SZ） 计算机&AI&互联网：迈信林（688685.SH） 计算机&AI&互联网：金桥信息（603918.SH） 传媒新消费：姚记科技（002605.SZ） 中小盘&主题&北交所：唯科科技（301196.SZ） 汽车：嵘泰股份（605133.SH） 电力设备：蓝黛科技（002765.SZ） 医药：一品红（300723.SZ） 化工：瑞丰新材（300910.S ...

Investment Rating - The report assigns a "Buy" rating for the company [4][11]. Core Insights - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 2127.7 billion yuan, down 3.22% year-on-year, and net profit at 841.6 billion yuan, down 3.99% year-on-year [4][5]. - The company's total assets grew by 8.3% year-on-year to 51.5 trillion yuan, with deposits increasing by 4% to 36.4 trillion yuan and loans rising by 8.5% to 29.7 trillion yuan [6]. - The net interest margin decreased by 9 basis points to 1.33%, primarily due to a larger decline in asset yield compared to the improvement in liability costs [7]. - Non-interest income fell by 4.2% year-on-year, attributed to increased fair value losses due to rising market interest rates [8]. - The non-performing loan ratio improved to 1.33%, with a provision coverage ratio of 215.7%, indicating continued asset quality improvement [9][10]. - The forecast for net profit from 2025 to 2027 is 3644 billion yuan, 3757 billion yuan, and 3884 billion yuan respectively, with corresponding EPS of 1.02, 1.05, and 1.09 yuan [11][13]. Summary by Sections Financial Performance - For Q1 2025, the company reported a revenue of 2127.7 billion yuan, a decrease of 3.22% year-on-year, and a net profit of 841.6 billion yuan, down 3.99% year-on-year [4][5]. - The total assets reached 51.5 trillion yuan, with a year-on-year growth of 8.3% [6]. Asset Quality - The non-performing loan ratio was 1.33%, with a provision coverage ratio of 215.7%, showing improvement in asset quality [9][10]. Profitability Forecast - The projected net profits for 2025, 2026, and 2027 are 3644 billion yuan, 3757 billion yuan, and 3884 billion yuan respectively, with EPS estimates of 1.02, 1.05, and 1.09 yuan [11][13].

2025 年 05 月 05 日 AI 应用热度有望重燃 推荐(维持) 投资要点 | 分析师：朱珠 | S1050521110001 | | --- | --- | | zhuzhu@cfsc.com.cn | | | 分析师：于越 | S1050522080001 | | yvyue@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 传媒(申万) -2.2 2.4 11.4 沪深 300 -3.0 -1.2 4.6 市场表现 -30 -20 -10 0 10 20 30 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：内需看 A 计划 科技与消费并驾齐驱》2025-04-20 2、《传媒行业周报：持续看好内需 且洼地的成长型选手》2025-04-12 3、《传媒行业专题报告："情绪经 济"专题》2025-04-10 ▌ 本周观点更新 年报与一季度均落地，总体看，2025 年一季度处于修复向好 态势，虽关税因子对部分细分行业的影响仍需要观察，但总 体看传媒应用板块有望持续获 AI 赋能。自上而下看，政策持 续护航 AI 应用发展，2025 年 4 ...

2025 年 05 月 03 日 关税冲击下企业收缩业务 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S1050524070001 yangfr@cfsc.com.cn 事件 4 月制造业 PMI 为 49.0，环比下降 1.5；非制造业 PMI 4 月 环比下降 0.4 至 50.4；综合 PMI 下降 1.2 至 50.2，继续高于 临界点。经济扩张步伐有所放缓，但企业生产经营活动仍保 持扩张。 投资要点 ▌ 制造业：关税冲击下企业避险主动去库 1）供需方面，4 月生产指数下降 2.8 至 49.8；新订单指数下 降 2.6 至 49.2，其中新出口订单下降 4.3 至 44.7，内需相对 回升。食品、医药等行业供需两指数均位于 53.0 及以上，产 需较快释放；纺织服装、金属制品等行业供需两指数明显回 落，均低于临界点。 2）价格与利润方面，企业利润空间继续恶化受市场需求不足 和近期部分大宗商品价格持续下行等因素影响，主要原材料 购进价格指数和出厂价格指数分别为 47.0 和 44.8，分别比 上月下降 2.8 和 3.1。 3）不确定性令企业主动 ...

Investment Rating - The report assigns a "Buy" rating for Hainan Huatie (603300.SH) [1] Core Viewpoints - The company has completed its transformation into a state-owned enterprise, which is expected to lower financing costs and enhance its market position [12] - The AI computing power leasing business is experiencing significant growth due to increased demand from domestic internet giants following export restrictions on NVIDIA H20 chips [7][8] - The company reported a revenue increase of 16.58% year-on-year in Q1 2025, with net profit rising by 21.72% [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.171 billion yuan, a year-on-year increase of 16.38%, while net profit decreased by 24.49% to 605 million yuan [5] - For Q1 2025, revenue reached 1.288 billion yuan, up 16.58% year-on-year, and net profit was 191 million yuan, an increase of 21.72% [5][6] Business Development - The company is expanding its AI computing power leasing business, which generated over 50 million yuan in revenue in Q1 2025 and over 1 billion yuan in net profit [6] - The engineering equipment leasing business is solid, with a significant increase in forklift rental rates from 8% to 84% [10] Strategic Partnerships and Market Position - The company has signed strategic cooperation agreements with key players in the computing power industry, enhancing its service offerings and market reach [11] - Following its transformation into a state-owned enterprise, the company has gained access to better financing options, including a credit rating of AA+ and low-interest bonds [12] Future Earnings Forecast - Revenue projections for 2025-2027 are 6.774 billion, 8.333 billion, and 9.366 billion yuan, respectively, with corresponding EPS of 0.45, 0.60, and 0.68 yuan [13][16]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has demonstrated significant growth in revenue and profitability, with a 291.77% year-on-year increase in Q1 2025 revenue and a return to profitability with a net profit of 44.37 million yuan [4]. - The company is a leader in the MEMS gyroscope field, with a strong performance in various application areas, including high-end industrial, surveying, oil exploration, commercial aerospace, intelligent driving, and high-reliability sectors [5][6]. - The company has secured substantial orders, including contracts worth approximately 270 million yuan and 163.75 million yuan for gyroscopes and accelerometers, which are expected to positively impact operational performance [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 405 million yuan, a year-on-year increase of 27.57%, and a net profit of 222 million yuan, up 34.33% [5]. - The company forecasts revenues of 628 million yuan, 881 million yuan, and 1.198 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.80, 1.07, and 1.43 yuan [9][11]. Product Development - The company has made significant advancements in MEMS gyroscopes and has introduced high-performance FM accelerometers, marking a breakthrough in the accelerometer field [6]. - The company is actively developing a range of pressure sensors to meet diverse market demands, including low-range and high-range products [6]. Market Position - The company has established a strong market presence with increasing penetration rates and a growing number of end customers across various sectors [5]. - The company is focusing on the automotive sector, with plans to develop six-axis chips for future applications and collaborations with automotive manufacturers [8].

2025 年 04 月 30 日 煤价承压但氧化铝原料环比走弱，业绩仍有支撑 —神火股份（000933.SZ）公司事件点评报告 买入(维持) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | | 基本数据 | 2025-04-29 | | --- | --- | | 当前股价（元） | 16.98 | | 总市值（亿元） | 382 | | 总股本（百万股） | 2249 | | 流通股本（百万股） | 2243 | | 52 周价格范围（元） | 13.2-24.44 | | 日均成交额（百万元） | 617.64 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 神火股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《神火股份（000933）：2024Q3 因煤价下跌、氧化铝成本上涨利润 同比小幅下降，但环比 Q2 改善》 2024-10-23 2、《神火股份（000933 ...