Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - In Q1 2025, the company achieved revenue of 190 million yuan, representing a year-on-year increase of 20.20%. The net profit attributable to shareholders was 36 million yuan, up 2.84% year-on-year, while the net profit after deducting non-recurring gains and losses was 35 million yuan, reflecting a 15.26% increase year-on-year [5][8] - The company is focusing on expanding its market share in precision injection parts and molds, particularly in the automotive and high-end home appliance sectors, while accelerating the development of its robotics products [8][10] - The company is expected to see continued growth driven by both its main business and emerging sectors, with projected revenues of 959 million yuan, 1.144 billion yuan, and 1.321 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 27%, 19%, and 15% [10][11] Financial Performance - The company's gross margin for Q1 2025 was 34.63%, a decrease of 0.42 percentage points year-on-year, and the net profit margin was 19.44%, down 3 percentage points year-on-year, primarily due to rising expense ratios and reduced government subsidies [8][10] - The company has developed several new precision components for humanoid robots, leveraging its experience in engineering plastics and precision manufacturing [8][10] Future Projections - The earnings per share (EPS) are projected to be 0.78 yuan, 0.95 yuan, and 1.10 yuan for 2025, 2026, and 2027 respectively, with net profit attributable to shareholders expected to reach 190 million yuan, 230 million yuan, and 267 million yuan during the same period [10][11]

2025 年 05 月 05 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2025Q1 归母净利润同比扭亏为盈，加速整合 2025 年 4 月 30 日，公司公告 2024 年年报及 2025 年一季报，2024 年公司营收 4.19 亿元，同比+27.42%；归母净利润-0.96 亿元，2023 年 同期-0.56 亿元；扣非后归母净利润-0.89 亿元，2023 年同期-0.67 亿元。 2025Q1，公司营收 0.91 亿元，同比+11.75%；归母净利润 0.02 亿 元，2024 年同期-0.36 亿元；扣非后归母净利润-0.14 亿元，2024 年同 期-0.15 亿元。 投资要点: EDA 产业资源 ——概伦电子（688206）2024 年年报和 2025 年 一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 概伦电子 | -6.9% | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in net profit attributable to shareholders, with a year-on-year increase of 59.74% in 2024, reaching 2.186 billion yuan [3] - The company is expanding steadily in both domestic and international markets, with a revenue of 8.511 billion yuan in 2024, representing an 8.53% year-on-year increase [2] - The company is recognized for its leading position in intelligent manufacturing within the industry, having received multiple national honors for its smart manufacturing practices [9] - The company has successfully entered the high-end tire supply market, becoming a qualified supplier for major automotive manufacturers, including Volkswagen and Audi [8] - The company is also making strides in the aviation tire sector, having developed capabilities to produce tires for various aircraft, including those for Boeing and Airbus [10] Financial Performance Summary - In 2024, the company achieved a tire production volume of 32.2261 million units, a 10.22% increase year-on-year, with sales volume reaching 31.4087 million units, up 7.34% [2] - The average tire price was 270.70 yuan per unit, reflecting a 1.14% increase compared to the previous year [2] - For Q1 2025, the company reported a revenue of 2.056 billion yuan, a decrease of 2.79% year-on-year, with a net profit of 361 million yuan, down 28.29% year-on-year [4] - The company’s cash flow from operating activities for 2024 was 1.960 billion yuan, a decrease of 17.19% year-on-year [3] Future Projections - The company is projected to achieve revenues of 10.856 billion yuan, 12.531 billion yuan, and 13.056 billion yuan for the years 2025, 2026, and 2027 respectively [12] - The net profit attributable to shareholders is expected to be 2.243 billion yuan, 2.664 billion yuan, and 2.835 billion yuan for the same years [12] - The company maintains a strong outlook with a leading position in intelligent manufacturing and ongoing expansion in both domestic and international markets, justifying the "Buy" rating [10]

证券分析师： 李永磊 S0350521080004 [Table_Title] 改性塑料及特种工程塑料表现亮眼， 业绩持续改善 证券分析师： 杨丽蓉 S0350524090008 yanglr@ghzq.com.cn ——金发科技（600143）公司动态研究 2025 年 05 月 05 日 公司研究 评级：买入(维持) 最近一年走势 投资要点： 改性塑料及特种工程塑料表现亮眼，2024 年业绩同比大幅增长 2024 年，公司实现营业收入 605 亿元，同比增长 26%；实现归母净 利润 8.25 亿元，同比增长 160%；经营活动现金流净额为 28.45 亿 元，同比增加 18%。毛利率 11.3%，同比-0.7 个 pct；净利率 0.4%， 同比提升 0.3 个 pct。2024Q4，公司实现营业收入 200.5 亿元，同 比+47%，环比+17%；实现归母净利润为 1.4 亿元，同比-55%，环 比-53%。毛利率为 9.5%，同比提升 1.8 个 pct，环比-1.3 个 pct；净 利率为-0.4%。2024 年公司业绩改善明显，一方面，公司改性塑料、 特种工程塑料业务在汽车、家电、电子电工、消费 ...

2025 年 05 月 05 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2025Q1 归母净利润同比+31%，受益 TBox 与 eCall 成长动能 ——慧翰股份（301600）公司动态研究 最近一年走势 事件: 2025 年 4 月 30 日，公司表示，公司是 AECS 的起草单位，以往也是自 主品牌出海 e-Call 主力供应商。 4 月 24 日，公司发布 2025 年一季报：2025Q1，公司营业收入为 2.16 亿元，同比增长 16.85%；归母净利润为 0.43 亿元，同比增长 30.67%； 扣非归母净利润 0.42 亿元，同比增长 35.18%。 4 月 20 日，公司发布 2024 年年报：2024 年，公司实现营业收入 10.22 亿元，同比增长 25.68%；归母净利润 1.75 亿元，同比增长 37.54%；扣 非归母净利润 1.70 亿元，同比增长 37.04%。 投资要点: 2019-2024 年归母净利润 CAGR 为 47%，出货量提升+产品迭代驱 动成长 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high net profit in 2024, with a strong growth momentum driven by sufficient orders for future growth [5][12] - The company is a global leader in rubber equipment, with ongoing projects and an optimized customer structure, indicating strong growth potential [12][13] Financial Performance Summary - In 2024, the company reported operating revenue of 7.178 billion yuan, a year-on-year increase of 27.10%, and a net profit attributable to shareholders of 506 million yuan, up 51.94% [5][15] - The company's gross profit margin was 23.44%, a decrease of 2.56 percentage points year-on-year, while the net profit margin increased by 1.02 percentage points to 8.02% [5][15] - For Q4 2024, the company achieved revenue of 2.3 billion yuan, a year-on-year increase of 16.72%, and a net profit of 163 million yuan, up 31.80% year-on-year [8][10] Future Projections - The company forecasts operating revenues of 10.09 billion yuan, 11.09 billion yuan, and 11.69 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 768 million yuan, 869 million yuan, and 923 million yuan [12][15] - The projected growth rates for revenue and net profit are 41% and 52% for 2025, respectively [15] Market Position and Strategy - The company has established a marketing network across Europe, America, Asia, and Africa, with a strong local technical and service team, serving over 500 clients globally [10] - The company is investing 308 million yuan in a new project to enhance its competitive edge in the fine chemical industry, which is expected to significantly improve profitability in its new materials business [5][11]

2025 年 05 月 04 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 主业与新兴业务双轮驱动，海外布局稳步推进 ——旭升集团（603305）2024 年报及 2025 年一 季报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 旭升集团 | | -8.9% | -19.3% | -4.6% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 12.88 | | 52 周价格区间（元） | 8.30-19.97 | | 总市值（百万） | 12,278.66 | | 流通市值（百万） | 12,278.66 | | 总股本（万股） | 95,331.24 | | 流通股本（万股） | 95,331.24 | | 日均成交额（ ...

2025 年 05 月 04 日 公司研究 评级：增持(维持) | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万兴科技 | -2.9% | -10.8% | -7.0% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 61.07 | | 当前价格（元） | 61.07 | | --- | --- | | 周价格区间（元） 52 | 37.92-94.80 | | 总市值（百万） | 11,807.05 | | 流通市值（百万） | 10,457.21 | | 总股本（万股） | 19,333.63 | | 流通股本（万股） | 17,123.32 | | 日均成交额（百万） | 869.09 | | 近一月换手（%） | 4.33 | 相关报告 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 收入同比增速连 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10][11]. Core Insights - The company's smart manufacturing business has seen a significant year-on-year increase in orders, with a notable integration of AI contracts [1][10]. - In 2024, the company reported a revenue of 2.395 billion yuan, a year-on-year increase of 6.27%, while the net profit attributable to shareholders was 139 million yuan, a decrease of 45.21% [4][10]. - The company has successfully integrated generative AI with its ERP systems, enhancing its core business processes and creating innovative business scenarios [8][10]. Summary by Sections Recent Performance - The company's stock performance over the past year shows an increase of 87.4%, significantly outperforming the Shanghai and Shenzhen 300 index, which only increased by 4.6% [3]. - As of April 30, 2025, the company's market capitalization is approximately 13.21 billion yuan, with a current stock price of 32.20 yuan [3]. Financial Highlights - In Q1 2025, the company reported a revenue of 490 million yuan, a year-on-year decrease of 9.37%, but the net profit increased by 20.29% to 25 million yuan [4][10]. - The company’s smart manufacturing revenue grew by 19% in 2024, with new orders increasing by 27.5% [5][10]. Business Development - The company has optimized its business structure, maintaining high R&D investment, which reached 365 million yuan in 2024, accounting for 15.24% of revenue [6][10]. - The company has signed significant AI contracts, including a project worth approximately 48.47 million yuan focused on AI applications in smart networking and product design [8][10]. Future Projections - Revenue projections for 2025-2027 are estimated at 2.739 billion yuan, 3.201 billion yuan, and 3.790 billion yuan, respectively, with corresponding net profits of 217 million yuan, 275 million yuan, and 351 million yuan [9][10]. - The report anticipates an EPS of 0.53 yuan for 2025, with a PE ratio of 60.96 [10][11].

2025 年 05 月 04 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn [Table_Title] 半导体业务持续发展，海外新能源业务可期 ——英杰电气（300820）2024 年报及 2025 年一 季报点评 最近一年走势 | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 39.90 | | 周价格区间（元） 52 | 34.14-73.50 | | 总市值（百万） | 8,842.60 | | 流通市值（百万） | 4,429.29 | | 总股本（万股） | 22,161.90 | | 流通股本（万股） | 11,100.97 | | 日均成交额（百万） | 75.98 | | 近一月换手（%） | 51.00 | 相关报告 《英杰电气（300820）2024 年半年报点评：射频 电源加速放量，光伏海外签单亮眼（买入）*其他 电源设备Ⅱ*姚健，杜先康》——2024-09-01 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 · 光伏业务承压，半导体收入占比提 ...