2025 年 04 月 13 日 首个人形机器人马拉松即将开跑，双新政策推动 乘用车 3 月零售增长强劲 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) -7.9 7.3 18.4 沪深 300 -4.1 0.8 7.9 市场表现 -20 -10 0 10 20 30 40 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 目前宇树科技、北京具身智能机器人创新中心、乐聚机器 人、松延动力、灵宝、魔法原子、上海青心意创等皆在参赛 队列。参赛机器人需满足严格标准，具备人形外观，以双足 行走或奔跑，禁止轮式结构；控制方式可为手动遥控或完全 自主。据央视网介绍，要完成 21 公里的半马，基本上每个机 器人都要在途中进行几次换电操作，每支队伍都有自己的保 障团队进行保障。赛道涵盖了城市道路（平坦柏油路、坑洼 裂缝路段）、坡度路段（长缓坡、短陡坡）以及公园区域 （石板路、草地、石子路）等多种复杂路况。在路测过程 中 ， 乐 聚 的 " 夸 父 " 人 形 机 器 人 ， 其 步 速 最 高 ...

2025 年 04 月 13 日 质量因子超额继续上行，关注内需消费 —风格和行业因子跟踪报告 投资要点 ▌ 行业因子最新变动情况 行业因子上周最大特征是仅有营业总成本/营业总收入录得 绝对收益，财报质量因子继续超额，有望持续到至少四月 中下旬。短端动量、长端反转超额靠前，资金流方面主力 资金净流入口径开始有效。 财报质量细分因子聚合方式来看市值加权计算方法优于等 权法，说明一季报仍以行业龙头为风向标，风格上也在逐 步重回大盘。基于财报质量因子行业上继续关注食品饮 料、医药、有色金属、电力，重视交运和大金融的机会。 整体看行业轮动因子指向防御：主力资金因子大幅失效， 叠加市场缩量可能预示流动性短缺。本期多头计算机、商 贸零售、房地产、建筑；短期分析师预期指向交运、钢 铁、轻工、化工。中美关税博弈仍然继续，外围市场继续 大幅波动，本期选择行业继续偏向防御和内需，需关注低 位消费、地产链短期反弹机会。 ▌ 定量行业推荐 基于权重分配，我们推荐内资主力资金因子为代表的资金流 （10%）、细分因子长端景气（10%）、短端预期（30%）、动 量（20%）、财报质量因子（30%）。 复合因子本周挑选交运、农林牧渔、钢铁、 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has demonstrated steady revenue and profit growth, with a slight underperformance in profit growth due to reduced government subsidies. In 2024, the company's revenue and net profit attributable to shareholders were CNY 20.749 billion and CNY 3.570 billion, respectively, reflecting year-on-year increases of 6.23% and 5.31% [6]. - The company is focusing on upgrading its product structure and is committed to a full lifecycle layout in its offerings. The revenue from infant formula, other dairy products, and nutritional supplements in 2024 was CNY 19.062 billion, CNY 1.514 billion, and CNY 0.173 billion, respectively, with year-on-year growth rates of 6.63%, 6.35%, and -25.37% [7]. - The company is effectively developing both online and offline channels, with over 77.1% of sales coming from offline channels. In 2024, the company held over 920,000 offline events, achieving a conversion rate of 28% for its "Mom's Love" initiative [8]. Financial Performance Summary - The company's revenue is projected to grow from CNY 22.020 billion in 2025 to CNY 24.300 billion in 2027, with corresponding earnings per share (EPS) expected to rise from CNY 0.43 to CNY 0.50 during the same period. The current stock price corresponds to price-to-earnings (PE) ratios of 14, 13, and 12 for the years 2025, 2026, and 2027, respectively [10]. - The gross profit margin for 2024 is reported at 66.34%, an increase of 1.51 percentage points year-on-year, while the net profit margin is at 17.61%, up by 0.77 percentage points [6].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has demonstrated steady revenue and profit growth, with a slight underperformance in profit growth due to reduced government subsidies. In 2024, the company's revenue and net profit attributable to shareholders were 20.749 billion and 3.570 billion yuan, respectively, reflecting year-on-year increases of 6.23% and 5.31% [6]. - The company is focusing on upgrading its product structure and expanding its lifecycle nutrition product offerings, with significant growth in infant formula and other dairy products [7]. - The company is effectively developing both online and offline channels, with a strong push into overseas markets, including Canada and Southeast Asian countries [8][9]. - The company anticipates growth driven by new fertility policies and aims to create a comprehensive ecosystem for nutrition products [10]. Financial Summary - For 2024, the company reported a gross margin of 66.34% and a net profit margin of 17.61%, with respective year-on-year increases of 1.51 and 0.77 percentage points [6]. - Revenue projections for 2025-2027 are 22.020 billion, 23.198 billion, and 24.300 billion yuan, with corresponding EPS of 0.43, 0.46, and 0.50 yuan [10]. - The company’s financial metrics indicate a stable growth trajectory, with a projected ROE of around 13.8% for 2025 [12].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown steady demand recovery and continued high growth overseas, with 2024 revenue reaching 151.97 billion yuan, a 12% year-on-year increase, and net profit of 13.25 billion yuan, up 4% [4][5] - The company is expected to benefit from cost advantages due to declining raw material prices, particularly molasses, which has led to an improvement in gross margin [5] - The company is expanding its production capacity, with significant growth in yeast and deep processing products, and is focusing on increasing its overseas business [6][7][8] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 42.85 billion yuan, a 9% increase year-on-year, and a net profit of 3.71 billion yuan, also up 4% [4] - The gross margin for Q4 2024 was 24.15%, an increase of 1 percentage point, while the net margin slightly decreased to 8.94% [5] Revenue Breakdown - Revenue from yeast and deep processing products was 108.54 billion yuan in 2024, a 14% increase, with domestic demand showing signs of recovery [6] - Domestic revenue for 2024 was 94.21 billion yuan, an 8% increase, while international revenue reached 57.12 billion yuan, a 19% increase [7] Capacity Expansion and Future Outlook - The company is advancing its production capacity expansion, with projects in Yunnan and other regions expected to contribute to growth [6][8] - Earnings per share (EPS) are projected to be 1.80 yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 19 times [9]

2025 年 04 月 12 日 经营质量跃升+全球化加速+智变转型突破，三大 战略引擎驱动业绩增长 买入(维持) 事件 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn 基本数据 2025-04-11 | 当前股价（元） | 10.88 | | --- | --- | | 总市值（亿元） | 220 | | 总股本（百万股） | 2019 | | 流通股本（百万股） | 2018 | | 52 周价格范围（元） | 9.23-13.38 | | 日均成交额（百万元） | 416.7 | 市场表现 -20 -10 0 10 20 30 40 (%) 柳工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《柳工（000528）：市场回暖与 运营效率提升共振，助推 2024 年业 绩大幅增长》2025-02-13 2、《柳工（000528）：提质增效战 略成效显著，公司业绩表现优异》 2024-10-29 3、《柳工（000528）：提质增效战 略成效显著，盈利能力持续提升》 2024-10-21 —柳工（000528.SZ）公司事件点评报告 柳工于 2025 年 3 ...

Investment Rating - The report maintains a "Buy" investment rating for Rongtai Co., Ltd. [1] Core Views - Rongtai Co., Ltd. plans to establish a joint venture with Jiangsu Runfu Power to create "Jiangsu RunTai Robot Technology Co., Ltd." focusing on the research and production of planetary roller screws and ball screws for humanoid robots and automotive chassis systems [2][3] - The joint venture will leverage Jiangsu Runfu's strong technical capabilities and existing patents, aiming to enhance production capacity significantly [2] - The company is expected to enter the robot sector, establishing itself as a key supplier in the supply chain for robots and automotive chassis [7] Summary by Sections Joint Venture and Market Expansion - The joint venture will have a registered capital of RMB 65 million, with Rongtai holding 45% and Runfu 55% [2] - Jiangsu Runfu reported a revenue of RMB 10.32 million and a net loss of RMB 2.03 million in 2024, indicating potential for growth with recent equipment upgrades [2] - The joint venture aims to address production bottlenecks in screw processing by developing specialized equipment [3] Financial Projections - Revenue forecasts for Rongtai Co., Ltd. are projected at RMB 2.53 billion in 2024, RMB 3.23 billion in 2025, and RMB 4.13 billion in 2026, with corresponding PE ratios of 37.0, 26.2, and 18.7 [7] - The company anticipates a significant increase in net profit, with projections of RMB 251 million in 2025 and RMB 352 million in 2026, reflecting growth rates of 64.8% and 40.2% respectively [9] Market Performance - The current stock price is RMB 30.3, with a total market capitalization of RMB 6.6 billion [4] - The stock has traded within a 52-week range of RMB 15.29 to RMB 35.79, indicating volatility and potential for growth [4]

2025 年 04 月 12 日 多维战略应对关税挑战，全球竞争力持续巩固 —浙江鼎力（603338.SH）公司动态研究报告 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2 0 2 5-0 4-1 1 | | --- | --- | | 当前股价（元） | 45.19 | | 总市值（亿元） | 229 | | 总股本（百万股） | 506 | | 流通股本（百万股） | 506 | | 52 周价格范围（元） | 44-72.98 | | 日均成交额（百万元） | 346.48 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 浙江鼎力 沪深300 资料来源：Wind，华鑫证券研究 ▌深化美国本土化布局，应对市场关税挑战 公司凭借丰富的贸易摩擦及"双反"调查应对经验，拥有应 对海外关税的方案，根据税率变化启动相应预案。公司与美 国 CMEC 合作已久，2024 年完成对美国 CMEC 公司的收购，拥 有在美国本土生产制造高空平台的能力，有效规避高关税对 出口成本的直接冲击。依托 CMEC 本土化生产基地 ...

2025 年 04 月 12 日 全球化驱动营收增长，回购+分红提升投资者回 报 买入(维持) 事件 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 19.26 | | 总市值（亿元） | 32.5 | | 总股本（百万股） | 168.8 | | 流通股本（百万股） | 109.5 | | 52 周价格范围（元） | 17.48-42.66 | | 日均成交额（百万元） | 71.7 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 耐普矿机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《耐普矿机（300818）：海外布 局进一步完善，营收利润双增长》 2024-10-29 2、《耐普矿机（300818）：橡胶耐 磨备件业绩高增，盈利能力提升显 著》2024-08-16 3、《耐普矿机（300818）：海外战 略成效显著，营收利润双增长》 2024-07-03 —耐普矿机（300818.SZ）公司事件点评报告 耐普矿机 2025 年 4 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's overseas revenue has seen significant growth, with a 46% year-on-year increase in 2024, driven by its international strategy and local service capabilities [5] - A five-year supply agreement worth approximately 22.66 million USD (about 162 million RMB) has been signed with a copper producer in Kazakhstan, which is expected to positively impact future performance [6] - The company has implemented a dual approach of cash dividends and share buybacks to enhance shareholder returns, with total cash dividends amounting to 27.06 million RMB, representing 23.2% of net profit [7] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 1.122 billion RMB, a year-on-year increase of 19.62%, and a net profit attributable to shareholders of 116 million RMB, up 45.46% [4][9] - The forecast for 2025-2027 indicates revenues of 1.153 billion RMB, 1.444 billion RMB, and 1.759 billion RMB, with corresponding EPS of 0.71, 0.96, and 1.25 RMB [9][11] Strategic Developments - The establishment of production bases in key mining countries like Zambia has enhanced local service capabilities and market competitiveness [5] - The company’s lightweight rubber components offer energy-saving advantages, addressing power shortages in African mining areas [5] Shareholder Returns - The company has executed a total of 57.15 million RMB in dividends and buybacks, which is 49.1% of net profit, marking a new high for comprehensive returns since its listing [7]