2025 年 04 月 19 日 行业研究 评级：推荐(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李铭全 S0350523030001 | | | limq@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | [Table_Title] 全球首次人形机器人马拉松开赛，韩国成立人形 机器人联盟 ——人形机器人行业周报 最近一年走势 频，宇树科技 Dex5 灵巧手上线（推荐）*电力设备 *李航，邱迪，李铭全，李昂》——2025-04-05 《人形机器人行业周报（0324-0330）：腾讯领投 智元机器人新一轮融资，美国或考虑推出机器人国 家战略（推荐）*电力设备*李航，邱迪，李铭全， 李昂》——2025-03-29 本周重要事件与核心观点： 产业动态： 全球首个人形机器人半程马拉松 ...

2025 年 04 月 18 日 公司研究 评级：买入(首次覆盖) 研究所： | 证券分析师: | | | --- | --- | | | 4 | | 证券分析师: | | 证券分析师： 张建业 S0350524080005 zhangjy03@ghzq.com.cn 证券分析师： 陈沁一 S0350524100003 chenqy@ghzq.com.cn ——中孚实业（600595）2024 年报及 2025 年一 季报点评 | 相对沪深 | 300 | 表现 | | 2025/04/17 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中孚实业 | | -16.6% | 11.3% | -13.5% | | 沪深 300 | | -5.6% | -1.1% | 5.8% | | 市场数据 | 2025/04/17 | | --- | --- | | 当前价格（元） | 3.46 | | 52 周价格区间（元） | 2.24-4.48 | | 总市值（百万） | 13,872.63 | | 流通市值（百万） | 13,867.35 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high revenue of 7.79 billion yuan in Q4 2024, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [6][8] - The company continues to solidify its market share despite a challenging economic environment and increased competition, with a total revenue of 27.13 billion yuan for 2024, representing a year-on-year growth of 4.64% [7][11] - The company is focusing on accelerating project construction and expanding production capacity, particularly with the TianTai project, which is progressing steadily [10][11] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 1.54 billion yuan, a decrease of 36.49% year-on-year [5][7] - The sales gross margin for 2024 was 17.63%, down 3.12 percentage points year-on-year, while the net profit margin was 5.68%, down 3.72 percentage points year-on-year [5][6] - The company’s operating cash flow for 2024 was 0.75 billion yuan, a decline of 37.51% year-on-year, primarily due to increased cash payments to employees [7] Future Projections - The company’s revenue is projected to reach 32.00 billion yuan in 2025, 38.80 billion yuan in 2026, and 45.13 billion yuan in 2027, with corresponding net profits of 2.41 billion yuan, 3.57 billion yuan, and 4.17 billion yuan respectively [11][13] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 10.9, 7.4, and 6.3 times respectively, indicating a favorable growth outlook [11][13]

2025 年 04 月 18 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 65 期 观点精粹: 最新报告摘要 地平线机器人-W（9660.HK）深度报告：技术引领+软硬一体+开放生态，攀登智驾新高峰--地平线机器人-W/ 自动化设备(09660/216407) 公司 PPT 报告（港股美股） 业绩稳中有升，期待以旧换新促增长--爱玛科技/摩托车及其他(603529/212804) 公司点评 进口量缩，火电降幅收窄、非电景气提升--行业动态研究 业绩稳健增长，看好多元业务持续扩张--密尔克卫/物流(603713/214208) 公司点评 AutoGLM 沉思：DeepResearch+Operator，开启智能体新阶段--行业专题研究 社融总量超预期，信贷结构显现积极变化--资产配置报告 2024 年业绩稳健增长，国产数据库迎信创加速--达梦数据/软件开发(688692/217104) 科创板公司普通报告 证券研究报告 1、最新报告摘要 1.1、地平线机器人-W（9660.HK）深度报告： ...

2025 年 04 月 17 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 64 期 1、最新报告摘要 观点精粹: 最新报告摘要 如何把握二季度信用债行情？--债券研究周报 核心业务延续强劲增长，经营杠杆继续释放--腾讯控股/社交Ⅱ(00700/217208) 点评报告（港股美股） 主营产品销量提升，龙头优势持续强化--浙江龙盛/化学制品(600352/212203) 公司点评 多领域布局赋能视觉，加速国产 CIS 替代--思特威/半导体(688213/212701) 科创板公司深度研究 业绩维持高增，关注用户增长和 AI 赋能--合合信息/软件开发(688615/217104) 科创板公司动态研究 环泊酚快速增长，创新产品陆续兑现可期--海思科/化学制药(002653/213701) 公司动态研究 2025Q1 业绩同比高增，迎接 AI 算力浪潮--飞荣达/消费电子(300602/212705) 公司点评 锂电筑底蓄势起，非锂高增潮头立--联赢激光/自动化设备(688518/216407 ...

2025 年 04 月 16 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 程泽惠 S0350124070002 | | | | chengzh@ghzq.com.cn | [Table_Title] 业绩维持高增，关注用户增长和 AI 赋能 ——合合信息（688615）2024 年报点评 股价走势 | 相对沪深 300 | 表现 | | 2025/04/15 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 合合信息 | -11.7% | 12.2% | - | | 沪深 300 | -6.1% | -0.9% | - | | 市场数据 | | | 2025/04/15 | | 当前价格（元） | | | 224.50 | | 52 周价 ...

| 研究所： | | | --- | --- | | 证券分析师： | 姚丹丹 S0350524060002 | | | yaodd@ghzq.com.cn | | 证券分析师： | 郑奇 S0350524030006 | | | zhengq@ghzq.com.cn | | 证券分析师： | 傅麒丞 S0350524080001 | | | fuqc@ghzq.com.cn | [Table_Title] 多领域布局赋能视觉，加速国产 CIS 替代 ——思特威（688213）科创板公司深度研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 思特威 | -4.6% | 23.3% | 103.8% | | 沪深 300 | -6.2% | -1.6% | 8.2% | | 市场数据 | | | 2025/04/14 | | 当前价格（元） | | | 93.74 | | 周价格区间（元） 52 | | | 41.50-115.00 | | 总市值（百万） | | | 37,6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main products have seen an increase in sales, and its leading position in the industry continues to strengthen [6][9] - The company reported a revenue of 15.884 billion yuan in 2024, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 2.03 billion yuan, up 32.4% year-on-year [5][10] - The company is focusing on expanding its market share in the dye industry despite price declines, with a strategy to enhance its product offerings and control over the supply chain [9][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.884 billion yuan, with a net profit of 2.03 billion yuan, reflecting a significant increase in profitability [5][10] - The operating cash flow for 2024 was 9.265 billion yuan, indicating strong cash generation capabilities [10][24] - The fourth quarter of 2024 saw a revenue of 5.274 billion yuan, a year-on-year increase of 17.9% and a quarter-on-quarter increase of 44.3% [8][27] Product Segmentation - The dye segment generated revenue of 7.591 billion yuan in 2024, with a gross margin of 31.67%, while the intermediates segment brought in 3.282 billion yuan with a gross margin of 29.40% [6][13] - The real estate segment contributed significantly with a revenue of 2.482 billion yuan, marking an 87.26% increase year-on-year [6][13] Market Position and Strategy - The dye industry is currently experiencing intense competition, but the company has maintained its leading position by increasing sales volume, achieving a dye sales volume of 238,438 tons in 2024, up 7.17% year-on-year [7][9] - The company is implementing a vertical extension strategy, expanding from a single dye business to special chemicals, focusing on key intermediates [9][10] Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 16.350 billion yuan, 17.891 billion yuan, and 18.972 billion yuan respectively, with corresponding net profits of 2.171 billion yuan, 2.398 billion yuan, and 2.539 billion yuan [11][43] - The company plans to maintain a stable cash dividend policy, proposing a cash dividend of 2.50 yuan per 10 shares for 2024, totaling 813 million yuan [10][43]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (0700.HK) [1][28] Core Insights - The core business continues to show strong growth, with operational leverage being released [1] - The report anticipates a revenue of 1,778 billion RMB for Q1 2025, representing a year-over-year increase of 11% [7][27] - The expected non-IFRS net profit for Q1 2025 is 617 billion RMB, reflecting a 23% year-over-year growth [7][27] Financial Forecasts - Revenue projections for 2025-2027 are 7,243 billion RMB, 7,891 billion RMB, and 8,604 billion RMB respectively [27][28] - Non-IFRS net profit estimates for the same period are 2,554 billion RMB, 2,891 billion RMB, and 3,235 billion RMB respectively [27][28] - The report predicts a non-IFRS EPS of 28 RMB, 31 RMB, and 35 RMB for 2025, 2026, and 2027 respectively [27][28] Business Segment Performance Gaming - Expected revenue growth of 18% year-over-year for Q1 2025, with domestic and overseas growth rates of 19% and 17% respectively [8][12] - Strong performance from long-standing games during the Spring Festival period [11][12] Marketing Services - Anticipated revenue growth of 20% year-over-year for Q1 2025, driven by strong performance in video accounts, mini-programs, and search ads [18][19] - AI continues to enhance marketing services, improving ad targeting and conversion rates [25] Financial Technology and Enterprise Services - Expected revenue growth of 5% year-over-year for Q1 2025, with improvements in payment services and healthy growth in wealth management and small loans [26] - Cloud business potential is expected to accelerate in Q2 2025 [26] Valuation and Target Price - The report assigns a target market value of 5.0 trillion RMB (5.4 trillion HKD) for Tencent Holdings, corresponding to a target price of 603 HKD [28][29]

Group 1: Company Insights - Aohua Endoscope reported a revenue of 750 million yuan in 2024, a year-on-year increase of 10.54%, but a net profit of 21.01 million yuan, down 63.68% year-on-year [3][4] - The company faced challenges due to reduced domestic procurement activities and increased expenses in R&D and marketing, which outpaced revenue growth [4] - Aohua's core product, the AQ-300 4K endoscope system, is gaining acceptance in hospitals, with expectations for revenue growth in the coming years, projecting revenues of 892 million, 1.072 billion, and 1.26 billion yuan from 2025 to 2027 [5] Group 2: Industry Trends - The U.S. has implemented increased tariffs, causing significant fluctuations in global assets, with a 10% minimum baseline tariff affecting various trade partners [7][8] - The domestic macroeconomic sentiment is influenced by overseas developments, with China's foreign exchange reserves reaching 3.24067 trillion USD, a 0.4% increase [8] - The wind power industry is expected to see a demand increase of 34% in 2025, with domestic wind turbine demand projected to reach 124 GW [21][22] - The automotive sector is entering a phase of increased sales and technological advancements, with new models from various manufacturers being launched [16][19] Group 3: Financial Performance - Shengnong Development achieved a revenue of 18.586 billion yuan in 2024, a year-on-year increase of 0.53%, and a net profit of 724 million yuan, up 9.03% [12][13] - Jinhuijiu reported a revenue of 1.108 billion yuan in Q1 2025, a year-on-year increase of 3.04%, with a net profit of 234 million yuan, up 5.77% [25][26] - XJ Electric reported a revenue of 17.1 billion yuan in 2024, a slight increase of 0.2%, with a net profit of 1.12 billion yuan, up 11% [29][30] Group 4: Market Opportunities - The automotive sector is expected to benefit from policies promoting vehicle upgrades, with a focus on high-end models and advanced driving technologies [19][20] - New energy and precision bearing markets are anticipated to grow, with XJ Electric and Xinqianglian positioned to capitalize on these trends [21][22][29] - The semiconductor industry is likely to see accelerated domestic production due to tariff pressures, presenting investment opportunities in related sectors [34][36]