2025年05月17日 证券研究报告|公司研究|公司点评 ◆ 小型 PLC 国内第二,工控产品线不断完善 2024 年公司 PLC 产品销售收入 6.48 亿元,同比增长 21.09%, 毛利率为 56.25%；其中，中型 PLC 实现销售 1000 余万元。公司在小型 PLC 领域具备 领先优势,2024 年在国内市占率 9.5%位居国内品牌第二,较 2023 年提升了 2pct。多年来,公司依靠自身在小型 PLC 市场建立的优势,进一步向中大型 PLC 及其他工控产品延伸,巩固在传统行业领先地位的同时,加速向新能源、 半导体、机器人、医疗等高端智能制造行业拓展。此外,公司以"控制"带动 "驱动"作为销售策略取得成效,驱动系统在营收中的占比从 2016 年的 22% 提升至 2024 年的 47%, 2024 年驱动类产品收入达 8.06 亿元, 同比增长 10.57%，毛利率为 24.46%。 ◆ 多维度布局人形机器人,未来成长可期 公司积极布局人形机器人领域，目前正在开发空心杯电机、无框力矩电机及配 套系统等零部件，公司将规划空心杯和无框力矩电机生产设备和产线；同时, 公司储备了驱动器、高性能光学编码器 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [2][13]. Core Views - The company reported a revenue of 1.44 billion yuan in 2024, a decrease of 2.78% year-on-year, and a net profit attributable to shareholders of -163.46 million yuan, marking a shift to negative profitability [1][10]. - The company's gross margin was 93.22%, down by 1.55 percentage points year-on-year, while the net margin was -10.93%, reflecting a significant decline [1][10]. - The company is facing short-term pressure on performance due to intensified market competition, rising traffic costs, and goodwill impairment [1][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan [1]. - The annual revenue breakdown shows that video creative business generated 961 million yuan, a slight increase of 0.06% year-on-year, while other segments like practical tools and document creativity saw declines [7][9]. - The company’s sales expenses increased to 849 million yuan, up 17.42% year-on-year, and R&D expenses rose to 442 million yuan, up 9.90% year-on-year [7][10]. Future Outlook - The company is committed to deepening its AI strategy, with expectations for AI-native application revenue to reach approximately 67 million yuan in 2024, doubling year-on-year [9]. - Forecasts for net profit attributable to shareholders are projected to be 56.04 million yuan in 2025, 95.95 million yuan in 2026, and 153.46 million yuan in 2027, with corresponding EPS of 0.29, 0.50, and 0.79 yuan [10].

2025年05月17日 证券研究报告|行业研究|行业点评 社会服务行业·周观点 国货美妆崛起正当时,聚焦 618 大促&新成分推出 自5月中旬起,在618预售启动、直播渠道发力以及电商平台让利加 码背景下,美妆消费热度持续提升。据第三方统计,李佳琦直播间 预售首日美妆 GMV 达25–35亿元,其中国货品牌珀莱雅、可复美 GMV 破亿，毛戈平等高端品牌亦表现亮眼。93.1%消费者倾向购 买现货,一口价、"准时达"等机制成为核心卖点，推动品牌从预 售长链条向"即时成交"转型。与此同时，消费者预算结构呈现"两 头分化"趋势，5月侧重轻量节日礼赠，6月偏好大件囤货，美妆、 个护、日化等"复购型消费"品类成为阶段性主力。我们认为,美 妆板块在消费节奏前置、促销效率提升背景下迎来交易性催化,化 妆品行业具备恢复动能。 功能性成分热度升温,推动消费从感性转向理性。近期麦角硫因等 新成分热度攀升,科伦药业董事长"亲自代言"带动该原料在护肤、 营养品等多个领域引发市场关注。麦角硫因作为超强抗氧化剂,具 备跨界潜力,补强了本土品牌在科技护肤赛道的护城河。此前重组 胶原蛋白等成分已进入功效护肤主流路径,国货品牌具备原料端话 语权 ...

◆ ◆ 1 | | 班付片 | | --- | --- | | 2025年05月09日 | | | 牧盘价(元): | 58. | | 目标价(元): | | | 公司基本数据 | | | --- | --- | | 总股本(百万股) | 175.70 | | 总市值(百万) | 10,206.50 | | 流通股本(百万股) | 96.65 | | 流通市值(百万) | 5,614.56 | | 12 月最高/最低价(元) | 62.95/34.92 | | 资产负债率(%) | 25.70 | | 每股净资产(元) | 13.20 | | 市盈率(TTM) | 52.49 | | 市净率(PB) | 4.40 | | 净资产收益率(%) | 1.24 | -30% -20% -10% 0% 10% 20% 30% 40% 24-05 24-07 24-10 24-12 25-02 25-05 300 | ILLE | | | --- | --- | | 王宏涛 | 分析师 | | SAC执业证书:S0640520110001 | | | 联系电话:010-59562525 | | | 邮箱:wanght@ ...

2025年05月08日 证券研究报告|公司研究|公司点评 神州泰岳（300002） 核心业务提质、云与 AI 业务加速放量 投资评级 买入 维持评级 | 2025年05月07日 | | --- | | 收盘价(元): | | 公司基本数据 | | | --- | --- | | 总股本(百万股) | 1,962.56 | | 总市值(百万) | 22.451.74 | | 流通股本(百万股) | 1,817.91 | | 流通市值(百万) | 20,796.91 | | 12 月最高/最低价(元) | 16.08/7.73 | | 资产负债率(%) | 10.99 | | 每股净资产(元) | 3.70 | | 市盈率(TTM) | 16.37 | | 市净率(PB) | 3.09 | | 净资产收益率(%) | 3.29 | 股价走势图 70% 50% 30% 10% -10% | 作者 | | | --- | --- | | 裴伊凡 | 分析师 | | SAC 执业证书: S0640516120002 | | | 联系电话:010-59562517 | | | 邮箱:peiyf@avicsec.com | ...

行业报告:先进制造行业周报 2025年5月11日 中航证券有限公司 AVIC SECURITIES CO., LTD. 外骨骼机器人消费场景应用可期，美的人形机器人进厂"打工" 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 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 中航代逃開造- -- 投资观点 ■ 重点推荐:北特科技、信捷电气、汉威科技、兆威机电、恒立液压、纽威股份、软通动力 ■ 重点跟踪行业——人形机器人： ■ 核心个假组合;北特科技、兆威机电、恒立液压、纽威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纠睿雷达、坎通动力、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：近日人形机器人产业动态汇总：1） 5月1日，智元正式发布国内首款融合AI步态预测与力矩自适应技术的消费级外骨骼踏山AsBxo TK1000, 产品核心特点包括智能、舒适、安全, 主要应用于助老出行、运 ...

2025年05月11日 证券研究报告|宏观研究|宏观点评 4 月通胀平稳,进出口保持韧性 2025 年 5 月 5 日-2025 年 5 月 11 日周报 2025年4月 CPI 走势平稳,关税冲击压制 PPI 回升 2025年 4 月 CPI 环比+0.1%,其中食品 CPI 环比+0.2%,非食品 CPI 环比+0.1%, 三者均为时隔两个月转正。食品和非食品项同步改善推动 4 月 CPI 环比转正,具体来说 推动力主要为:畜肉价格同比降幅缩窄（本月-0.1%，上月-2.2%),猪肉跌幅缩窄（本 月-1.6%,上月-4.4%)的同时,牛肉价格因进口减少而同比涨幅扩大(本月+3.9%,上 月+0.5%);受今年 4 月全国普遍气温偏高（1961 年以来历史第二高）和降水较少（较 常年同期少13.3%)影响,鲜菜和鲜果价格环比较上月降幅缩窄或涨幅提升,同时也明 显高于季节性（鲜菜-1.8%，高于近 10 年均值 4.3PCTS; 鲜果环比 2.2%, 高于近 10 年均值 2.7PCTS);假期催化下居民出游热情高涨,非食品项中的交通、旅游类消费价 格环比降幅缩窄或涨幅提升,其中旅游消费价格环比涨幅(本月+3 ...

2025年05月10日 证券研究报告|策略研究|策略点评 中美关税战或进入拉锯战阶段,沿政策发力方向布局 报告摘要 核心观点: | 作者 | | | --- | --- | | 董忠云 | 分析师 | | SAC 执业证书：S0640515120001 | | | 联系电话：010-59562478 | | | 邮箱:dongzy@avicsec.com | | | 符肠 | 分析师 | | SAC 执业证书：S0640514070001 | | | 联系电话：010-59562469 | | | 邮箱：fuyyjs@avicsec.com | | | 庞晨 | 研究助理 | | SAC 执业证书：S0640124040009 | | | 联系电话: | | | 邮箱: pangc@avicsec.com | | | 王警仪 | 研究助理 | | SAC 执业证书：S0640123090015 | | | 联系电话: | | | 邮箱:wangjybj@avicsec.com | | | 杨子萌 | 研究助理 | | SAC 执业证书：S0640124060008 | | | 联系电话: | | | 邮箱:y ...

Investment Rating - The investment rating for the company is "Buy" [3][12] Core Views - The company achieved a revenue of 31.316 billion yuan in 2024, representing a year-on-year growth of 78.13%, while the net profit attributable to shareholders was 180 million yuan, down 66.21% [1] - In Q1 2025, the company reported a revenue of 7.011 billion yuan, an increase of 28.65%, with a net profit of -198 million yuan, reflecting a 28.76% improvement [1] - The company is focusing on becoming a leading provider of full-stack intelligent products and services in China, with strategic emphasis on emerging industries such as AI and digital energy [2] Revenue Structure Summary - Traditional software and digital technology services generated revenue of 18.121 billion yuan, accounting for 57.86% of total revenue, with a growth of 3.08% [2] - Computing products and intelligent electronics achieved revenue of 12.920 billion yuan, making up 41.26% of total revenue, with a remarkable growth of 106% in PC shipments, doubling its market share to 9% [2] - New digital energy and intelligent computing services generated revenue of 259 million yuan, indicating the early stages of business development [2] - Overseas business revenue surged to 2.208 billion yuan, a staggering increase of 651.37%, driven by partnerships and collaborations in international markets [2] Financial Forecast - The company is expected to generate revenues of 35.299 billion yuan, 40.366 billion yuan, and 46.746 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 450 million yuan, 643 million yuan, and 848 million yuan [8][10] - The projected PE ratios for 2025, 2026, and 2027 are 128X, 89X, and 68X respectively [8] Product Development - The company launched several new products, including an AI operating system for smart cars and various intelligent computing platforms, emphasizing a self-controlled and AI-driven strategy [7] - The new products feature a comprehensive self-developed technology system and are designed to enhance user experience through multi-modal interactions and cloud integration [7] Strategic Positioning - The company is positioning itself as a full-stack ecosystem provider, focusing on "soft and hard collaboration + self-control + All in AI" to enhance its market competitiveness [8] - The strategic partnerships with leading enterprises in various sectors are expected to drive future growth and innovation [2]

Economic Overview - In Q1 2025, China's GDP grew by 5.4%, exceeding market expectations despite a high base from the previous year[2] - The trade war initiated in April 2025 has increased economic uncertainty, impacting both global and Chinese economic forecasts[3] Policy Response - A comprehensive financial policy package was introduced, including a 0.5% reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in liquidity[4] - The People's Bank of China (PBOC) lowered the benchmark interest rate from 1.5% to 1.4%, potentially reducing the Loan Prime Rate (LPR) by about 0.1%[10] Market Impact - The manufacturing PMI fell to 49.0% in April, indicating contraction, while service and construction PMIs remained above the expansion threshold[3] - The Shanghai Composite Index stood at 3342.67, and the CSI 300 Index at 3831.63, reflecting market conditions amid policy changes[5] Consumer Behavior - Retail sales in March 2025 recorded a year-on-year increase of 5.9%, indicating improved consumer sentiment[17] - The consumer spending propensity reached 63.1%, the highest for Q1 since 2020, suggesting a positive trend in domestic consumption[17] Future Outlook - The IMF revised down its GDP growth forecasts for 2025 to 2.8% globally, 4.0% for China, and 1.8% for the U.S., reflecting the trade war's impact[3] - The trade war could potentially reduce China's GDP growth by approximately 2 percentage points under extreme scenarios, but actual impacts may be less severe due to adjustments in trade patterns[18] Strategic Focus - The PBOC's policies aim to stabilize the economy by targeting sectors most affected by the trade war, such as manufacturing and real estate[11] - The government is expected to continue emphasizing domestic demand to counteract external uncertainties, with a focus on enhancing consumer spending and investment in technology[19]