2025年04月08 E 证券研究报告|行业研究|军工行业深度报告 国防军工 早已森严壁垒,更加众志成城 -- 再论军工行业、行 情与市值管理 报告摘要 一、积极应对市场波动,体现军工企业担当 随着市值管理成效纳入对中央企业负责人的考核,军工央国企上市 公司及管理层,对市值管理工作的重视力度显著提升,市值管理已经成 为军工上市公司高质量发展的必选项。 近日市场大幅波动之下,军工央国企上市公司以及民参军上市公司 积极采用市值管理举措应对冲击,预计更多公司将持续实施更多市值 管理手段,如分红、增持、回购、并购重组、股权激励、引入积极战 略股东等。4月7日,受到美国"对等关税"政策冲击影响,全球金融市 场剧烈震荡,国防军工（申万）下跌 9.84%,创下 2000年以来历史最 大单日跌幅。军工央企及时应对多措并举，坚定看好资本市场、自４月 7 日,中航工业、中国电科以及中国电子等多家军工央企集团公开发布 看好资本市场,支持上市公司创新发展;中国卫星、中航沈飞、中航光 电、中直股份、中航机载、中航重机、中航高科、中无人机、深天马 A、 天虹股份、中国船舶、中国动力、中船科技、中国重工、长城军工、航 宇科技、湖南天雁、中 ...

2025年03月27日 证券研究报告|公司研究|公司点评 中信证券（600030）2024 年年报点评: 龙头地位稳固、投资收益带动业绩增长 ◆ 公司披露 2024 年年报 2024 年公司实现营业收入 637.89 亿元 (+6.20%), 实现归母净利润 217.04 亿元（+10.06%）, 扣非后归母净利润 215.66 亿元（+11.24%）, 基本每股 收益 1.41 元（+8.46%）。公司 2024 年 ROE 为 8.09%，较上年同期增长 0.28pct。 ◆ 财富管理业务规模稳步增长 2024 年公司实现经纪业务收入 130.06 亿元 (+6.93%),其中代理买卖证券 业务收 103.18 亿元（+15.66%）,代销金融产品业务收入 14.83 亿元（- 12.43%）经纪业务的主要增长原因得益于市场交易量增加，2024 年国内 证券市场股票基金交易量日均规模 12,102 亿元（+ 22.03%）。截至报告期 末,客户数量累计超 1,580 万户,较上年末增长 12%,托管客户资产规模 突破人民币 12 万亿元,较上年末增长 18%。 ◆ 投行业务稳居行业第一 2024 年公司实 ...

| 邓柯 | 分析师 | | --- | --- | | SAC执业证书:S0640521070001 | | | 邮箱：dengke@avicsec.com | | | 王勇杰 | 分析师 | | SAC执业证书:S0640524090001 | | | 邮箱： wangyjsh@avicsec.com | | 1 数据来源:iFinD,中航证券研究所 中航证券研究所发布 【证券研究报告】 财务数据：报告期内,应收款项融资增加 155.90%，主要系银行承兑汇票 方式回款较多所致；预付款项增加较多，主要系公司战略性增加备货所致； 在建工程变动较大,主要系公司在建产线增加较多所致； 夸克电机助力公司开拓新能源汽车电机新空间：根据广汽埃安数据显示, 采用非晶合金带材制造的夸克电驱定子件,在电池容量不变的情况下,能够 增加续航 50-150 公里,大大助力了电机效率提升。我们判断,夸克电驱的 推广将有效的打开公司非晶带材在新能源汽车上的应用空间; 及时调整募投项目,公司新产能规划贡献增量: 根据 2025 年 1 月 28 日公 告,公司拟对纳米晶带材产业化项目结项,并将适用于合金粉末产业化项目 及非晶合金闭口立 ...

康龙化成(300759) 2024年报点评:季度业绩环比持续增长,一 体化平台高效协同 ◆ 2024 年年报: 2024 年,公司实现营业收入 122.76 亿元,同比增长 6.39%;其中, 2024 下半年，公司实现收入 66.71 亿元,同比增长 13.1%;2024 年全年公 司实现归母净利润 17.93 亿元，同比增长 12.01%；Non-IFRSs 经调整归 母净利润 16.07 亿元，同比下降 15.6%。 ◆ 季度业绩环比持续增长,季度收入同比增速逐季加快 分季度来看,公司 2024 年 Q1-Q4 单季分别实现营业收入 26.71 亿元 /29.34 亿元/32.13 亿元/34.59 亿元,实现环比增长,Q2/Q3/Q4 环比增速 分 别 为： 9.8%/9.5%/7.6%； Q1-Q4 同 比 增 速 分 别 为 ： - 2.0%/0.6%/10.0%/16.1%,季度收入同比增速逐季加快。公司 2024 年 Q1- Q4 单季 Non-IFRSs 净利润分别为：3.39 亿元/3.51 亿元/4.17 亿元/4.99 亿元，Q2/Q3/Q4 环比增速分别为：3.7%/18.7%/19 ...

中航证券 ！ 22年3 医药生物 投资评级 增侍 亚航证券医药生物行业固报：创新药出海持续 维持评级 推进，国创新药资产价值不断提升 报告摘要 投资表点： 下典（03.203.29）：1.指数改13351.31，下获0.4035：泛深 300拦款」3915.17，二.013：小1CC拦数收395.17，二 崇t.13端：本期4万医药行效收干7477.34.上涨.98%，在在中 币31个一级行业数一涨款比排名第1室其中，中药、医药商业、 4-I424-24-6,24-12: -2: - 化学会弃、生将带，、区疗收务，原划终，医疗书的用排民噪分为 作节 0.$5%，9.77、4.5951.17，1.05%，1.3235、0.35. 有，注盖户疗服务 乐指南频决活、国家至保示表示，已正利完成5比中至炎产乐肯 ：20-33-2 企价疗面，回家送保高连续5三指导名些政意州收差产服务价二： +国家医保局：批中医变证项指向满益所有中医医疗服务 : liir.. ◆◆ 尽快实期临宋转化 车改节试点方：国家医长H范乎5个试点城"和3个试点省学： 探索产务济变新机制，日当5入发点或市经通过轮"调价实 践、在总量调控、分炎形成学校 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [15]. Core Insights - The company's sales gross margin and net profit margin for 2024 are projected to be 27.6% and 13.9%, respectively, with the gross margin increasing due to a higher proportion of high-end products [4]. - The company aims to achieve a total sales volume of approximately 190,000 tons of industrial finished pipes and 10,500 tons of pipe fittings by 2025, with ongoing project developments showing significant progress [4]. - Revenue forecasts for 2025-2027 are estimated at 126 billion, 140 billion, and 157 billion yuan, representing year-on-year growth rates of 15.7%, 11.0%, and 12.2% respectively [5]. Financial Summary - The company reported a total revenue of 85.7 billion yuan in 2023, with a growth rate of 31.07%, and is expected to reach 109.2 billion yuan in 2024 [6]. - The net profit attributable to the parent company for 2025 is projected to be 17.4 billion yuan, reflecting a year-on-year growth of 16.7% [6]. - The company's earnings per share (EPS) for 2025 is estimated at 1.78 yuan, with a corresponding price-to-earnings (P/E) ratio of 14 times [5][6]. Production Capacity and Project Progress - The company currently has an annual production capacity of 200,000 tons of finished pipes, 15,000 tons of fittings, and 26,000 tons of alloy materials [4]. - Key projects include the "Special Metallurgy Phase II Project" at 98% completion, the "EBK Company Upgrade Project" at 70%, and the "20,000 Tons of High-Performance Pipes for Nuclear and Oil & Gas" project at 30% [4]. Market Position - The company is recognized as a leading domestic high-end stainless steel pipe manufacturer, maintaining the highest market share in the industry for several years [5].

行业报告:先进制造行业周报 2025年3月29日 中航证券有限公司 AVIC SECURITIES CO., LTD. 人形机器人批量进入汽车工厂，持续关注产业链进展 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造- -- 投资观点 ■ 重点推荐：北特科技、兆威机电、恒立液压、组威股份、三花智控、鸣志电器、莱斯信息、纳睿雷达、万马科技、软通动力 行业评级:增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 图表：Walker S1执行空调泄漏检测任务 资料来源:优必选,中航证券研究所 3 ■ 重点跟踪行业: ■ 核心个股组合：北特科技、兆威机电、恒立液压、组威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、中信海直、软通 动力、航锦科技、华伍股份、华阳集团、万马科技、绿的谐波、埃斯顿 ■ 本周专题研究：近期人形机器人产业链催化频出:1）优必选：汽车朋友圈升级，人形机器人批量进入汽车工厂,东风柳汽将于汽 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the expected growth level of the industry will exceed that of the CSI 300 index over the next six months [3][28]. Core Insights - The gaming industry is experiencing a structural turning point due to favorable policy signals, with the government shifting from "prudent regulation" to "active guidance" in cultural content industries [2][13]. - The introduction of AI-driven gameplay is accelerating the evolution of game formats, with significant developments such as the unveiling of the first AI-native game by Anuttacon [2][14]. - The domestic gaming market's actual sales revenue reached 31.1 billion yuan in January 2025, reflecting a year-on-year increase of 28% and a month-on-month increase of 14.3% [16]. Summary by Sections Market Review - The social services sector index experienced a weekly decline of 1.96%, ranking 20th out of 31 in the Shenwan first-level industry performance [5][7]. - The gaming sector is expected to benefit from a more favorable policy environment, which will enhance product supply and increase capital expenditure willingness [2][19]. Core Insights - The policy environment is improving, with a notable increase in the issuance of domestic game licenses, confirming a trend towards greater supply-side openness [2][13]. - AI technology is transitioning from a tool for game development to a core component of gameplay reconstruction, with major companies like Tencent and NetEase showcasing AI achievements at the GDC [6][14]. - The gaming industry is anticipated to enter a new growth phase, driven by AI capabilities and product development [19]. Industry News Dynamics - The report highlights the rapid development of the smart tourism industry, with projections indicating that the market size could reach 1.4555 trillion yuan by 2025 [24]. - The report also notes the increasing participation of various sectors in the smart tourism space, indicating a trend towards digital transformation in the cultural and tourism industries [24].

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, representing a growth of 12.40%, and a net profit attributable to shareholders of 1.645 billion yuan, which is an increase of 24.84% [1][3]. - The WPS 365 business showed strong growth with a revenue of 437 million yuan, marking a significant increase of 149.33%, driven by the expansion of AI applications for enterprise clients [2][8]. - The company maintains a robust growth trajectory with a focus on R&D investment, which has increased from 1.331 billion yuan in 2022 to 1.696 billion yuan in 2024, accounting for approximately 33.11% of revenue [3][8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 5.121 billion yuan and a net profit of 1.645 billion yuan, with a year-on-year growth of 12.40% and 24.84% respectively [1][3]. - The revenue from the WPS personal business reached 3.283 billion yuan, contributing 64.12% to total revenue, with a growth of 18.00% [2]. Business Growth - The WPS 365 business has shown exceptional growth, with a revenue increase of 149.33%, indicating strong demand and successful market penetration [2][8]. - The monthly active user count for WPS AI reached 19.68 million, reflecting the successful integration of AI features into the product suite [2]. R&D and Strategic Focus - The company has committed to significant R&D investments, with a focus on AI and collaborative tools, enhancing its competitive edge in the smart office sector [3][8]. - The strategic direction emphasizes the integration of AI across all products, aiming for substantial growth in the WPS 365 business over the next five years [2][8].

Investment Rating - The industry investment rating is "Overweight" [3][17]. Core Views - The humanoid robot production is accelerating, with significant developments in the supply chain [3]. - The global cumulative demand for humanoid robots is expected to reach approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [4]. - The report highlights the importance of various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, with specific recommendations for leading companies in each area [4][14][15]. Summary by Relevant Sections Humanoid Robots - Recent advancements include the launch of the Dobot Atom humanoid robot by Yujian Technology, priced from 199,000 yuan, aimed at various industrial applications [4][8]. - The ADC (Adversarial Data Collection) method proposed by Zhiyuan Robotics enhances data collection efficiency, achieving model performance 2.7 times better than traditional methods using only 20% of the data [9]. Photovoltaic Equipment - The penetration rate of N-type technology is accelerating, strengthening the competitive edge of leading companies [14]. - The overall price center of the photovoltaic industry is declining, with a focus on cost reduction and efficiency improvements [14]. Energy Storage - Favorable policies are driving the development of energy storage on both generation and user sides, with significant growth expected in the sector [14]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a growing share from mainland China, although the domestic production rate remains low [15]. Automation - The market for industrial consumables, particularly tools, is expected to grow from 40 billion yuan to 55.7 billion yuan by 2026, benefiting from increased concentration and import substitution [15]. Hydrogen Energy - Green hydrogen aligns with carbon neutrality goals, with rapid development in photovoltaic and wind energy laying the foundation for hydrogen production [14].