[ T able_StockInfo] 2025 年 03 月 31 日 证券研究报告•2024 年年报点评 海尔智家（600690）家用电器 目标价：——元（6 个月） 买入 （维持） 当前价：27.16 元 相关研究 请务必阅读正文后的重要声明部分 1 全年营收稳健增长，数字化变革持续提效 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 285981.23 | 302733.08 | 320567.81 | 339564.09 | | 增长率 | 9.39% | 5.86% | 5.89% | 5.93% | | 归属母公司净利润（百万元） | 18741.12 | 21380.23 | 24545.63 | 28014.75 | | 增长率 | 12.92% | 14.08% | 14.81% | 14.13% | | 每股收益 EPS（元） | 2.00 | 2.28 | 2.62 | 2.99 | | 净资产收益率 ROE | 16.5 ...

Investment Rating - The report maintains a "Buy" rating for China CRRC (601766) with a target price of 8.46 CNY over the next six months, compared to the current price of 7.06 CNY [1][12]. Core Insights - The company reported a revenue of 246.46 billion CNY for 2024, representing a year-on-year growth of 5.2%. The net profit attributable to the parent company was 12.39 billion CNY, up 5.8% year-on-year. The significant growth in the high-speed train business, with a revenue increase of 49.3%, was a key driver of this performance [7][12]. - The railway equipment segment led the growth, achieving a revenue of 110.46 billion CNY, a 12.5% increase year-on-year, with an improved gross margin of 24.7% [7][12]. - The company is expected to benefit from the replacement policy for equipment and the increased volume of high-speed train maintenance, which is projected to drive stable growth in performance [7][12]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2464.57 billion CNY, with a net profit of 123.88 billion CNY. The fourth quarter saw a revenue of 938.7 billion CNY, a 2.9% increase year-on-year, but a net profit decline of 7.5% [2][7]. - The gross margin for 2024 was 21.4%, an increase of 0.8 percentage points year-on-year, while the net margin was 6.4%, up 0.1 percentage points [7][12]. Revenue Projections - Revenue is projected to grow to 2668.35 billion CNY in 2025, 2845.91 billion CNY in 2026, and 2976.35 billion CNY in 2027, with respective growth rates of 8.27%, 6.65%, and 4.58% [2][8]. - The net profit attributable to the parent company is expected to reach 136.04 billion CNY in 2025, 146.20 billion CNY in 2026, and 156.60 billion CNY in 2027, with a compound annual growth rate of 8% [2][12]. Business Segments - The railway equipment segment is expected to see a revenue increase of 15%, 10%, and 5% from 2025 to 2027, driven by stable bidding for vehicles and maintenance services [8][12]. - The urban rail segment is projected to experience a slight decline in revenue growth, while the new industries segment is expected to grow at a rate of 5% annually [8][12]. Valuation - The report suggests a price-to-earnings (PE) ratio of 18 for 2025, indicating a target price of 8.46 CNY, reflecting the company's leading position in the rail transportation sector [12][12].

[ T able_StockInfo] 2025 年 03 月 31 日 证券研究报告•2024 年年报点评 海尔智家（600690）家用电器 目标价：——元（6 个月） 买入 （维持） 当前价：27.16 元 全年营收稳健增长，数字化变革持续提效 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 285981.23 | 302733.08 | 320567.81 | 339564.09 | | 增长率 | 9.39% | 5.86% | 5.89% | 5.93% | | 归属母公司净利润（百万元） | 18741.12 | 21380.23 | 24545.63 | 28014.75 | | 增长率 | 12.92% | 14.08% | 14.81% | 14.13% | | 每股收益 EPS（元） | 2.00 | 2.28 | 2.62 | 2.99 | | 净资产收益率 ROE | 16.53% | 16.16% | 16.19% | ...

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation (601766) with a target price of 8.46 CNY over the next six months, compared to the current price of 7.06 CNY [1][12]. Core Insights - The company reported a revenue of 246.46 billion CNY for 2024, representing a year-on-year growth of 5.2%. The net profit attributable to the parent company was 12.39 billion CNY, up 5.8% year-on-year. The significant growth in the high-speed train business, with a revenue increase of 49.3%, was a key driver of this performance [7][12]. - The railway equipment segment led the growth, achieving a revenue of 110.46 billion CNY, a 12.5% increase year-on-year, with an improved gross margin of 24.7% [7][12]. - The company is expected to benefit from the replacement policy for equipment and the increased volume of high-speed train maintenance, which is projected to drive stable growth in performance [7][12]. Financial Performance Summary - **Revenue Forecast**: The company anticipates revenues of 266.83 billion CNY in 2025, 284.59 billion CNY in 2026, and 297.63 billion CNY in 2027, with growth rates of 8.27%, 6.65%, and 4.58% respectively [2][8]. - **Net Profit Forecast**: Expected net profits for 2025, 2026, and 2027 are 13.60 billion CNY, 14.62 billion CNY, and 15.66 billion CNY, with compound annual growth of 8% [2][12]. - **Earnings Per Share (EPS)**: Projected EPS for the next three years is 0.47 CNY in 2025, 0.51 CNY in 2026, and 0.55 CNY in 2027 [2][12]. - **Valuation Metrics**: The price-to-earnings (PE) ratio is expected to decrease from 15 in 2025 to 13 in 2027, indicating a favorable valuation trend [2][12]. Business Segment Analysis - **Railway Equipment**: This segment is projected to grow at rates of 15%, 10%, and 5% from 2025 to 2027, with a gross margin improvement expected due to the higher proportion of high-speed train maintenance [8][12]. - **Urban Rail and Infrastructure**: Expected to see slight declines in revenue growth, with projections of -1.0% in 2025, 0.3% in 2026, and 1.4% in 2027 [9][12]. - **New Industries**: This segment is anticipated to grow at a steady rate of 5% annually from 2025 to 2027, benefiting from the company's technological advantages [9][12].

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of 20.86 CNY over the next six months, compared to the current price of 16.30 CNY [1][13]. Core Insights - Weichai Power has demonstrated a comprehensive improvement in the operational quality of its subsidiaries, leading to enhanced profitability. The company has managed to overcome pressures from a low-performing industry, with a slight increase in revenue and a significant rise in net profit [8][9]. - The heavy truck industry faced a slight decline in sales, but Weichai Power's diversified business strategy has allowed it to maintain stable growth across various segments, including engine sales and exports [8][9]. - The company is expected to benefit from the growing market for natural gas heavy trucks, which have shown a significant increase in sales due to favorable policies and cost advantages [8][9]. Financial Summary - For the fiscal year 2024, Weichai Power reported a revenue of 2156.91 billion CNY, a year-on-year increase of 0.81%, and a net profit attributable to the parent company of 114.03 billion CNY, up 26.51% year-on-year [3][8]. - The company forecasts revenue growth to 2716.13 billion CNY in 2025, with a projected net profit of 129.98 billion CNY, reflecting a growth rate of 13.98% [3][10]. - The gross margin for 2024 was reported at 22.4%, with a net margin of 6.6%, indicating a continuous improvement in profitability [8][10]. Business Segments Performance - The revenue from complete vehicles and key components is expected to grow significantly, with a forecasted increase of 52.8% in 2025 [10]. - The intelligent logistics segment is projected to maintain steady growth at 5% annually, while agricultural equipment is expected to see a moderate increase in revenue [10]. - The company’s subsidiaries, including Shaanxi Heavy Truck, have shown impressive performance, with net profits increasing significantly [8][9]. Market Position and Future Outlook - Weichai Power is positioned to capitalize on the increasing demand for natural gas engines and the expansion of data center operations, which are expected to drive future growth [8][9]. - The company is anticipated to achieve a net profit of 150.21 billion CNY by 2026, with a corresponding PE ratio of 10 [3][10].

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of 20.86 CNY over the next six months, compared to the current price of 16.30 CNY [1][13]. Core Insights - Weichai Power has demonstrated a comprehensive improvement in the operational quality of its subsidiaries, leading to enhanced profitability. The company has managed to navigate industry pressures effectively, with a slight increase in revenue and a significant rise in net profit [8][10]. - The heavy truck industry faced a slight decline in sales, yet Weichai Power's various business segments are showing stable upward trends. The company is positioned to benefit from the growing demand for natural gas heavy trucks due to recent policy changes [8][9]. Financial Performance Summary - For the fiscal year 2024, Weichai Power reported a revenue of 2156.91 billion CNY, reflecting a year-on-year growth of 0.81%. The net profit attributable to the parent company was 114.03 billion CNY, marking a 26.51% increase [3][8]. - The company’s gross margin improved to 22.4%, up by 1.3 percentage points year-on-year, while the net margin reached 6.6%, an increase of 1.4 percentage points [8][10]. - The forecast for the next three years indicates a steady growth in revenue and net profit, with expected net profits of 129.98 billion CNY, 150.21 billion CNY, and 169.97 billion CNY for 2025, 2026, and 2027 respectively [3][15]. Business Segment Performance - The revenue from complete vehicles and key components is projected to grow significantly, with an estimated increase of 52.8% in 2025. The intelligent logistics segment is expected to maintain a steady growth rate of 5% annually [10][15]. - The natural gas heavy truck segment is anticipated to see increased sales due to favorable policies, with a projected sales volume of 17.8 million units in 2024, representing a year-on-year growth of 17.3% [8][9]. Valuation Metrics - The report suggests a price-to-earnings (PE) ratio of 14 for 2025, which is lower than the average PE of 17 for comparable companies, indicating potential undervaluation [13][14]. - The expected earnings per share (EPS) for the next three years are projected to be 1.49 CNY, 1.72 CNY, and 1.95 CNY for 2025, 2026, and 2027 respectively [3][15].

[Table_IndustryInfo] 2025 年 03 月 30 日 强于大市(维持) 证券研究报告•行业研究•机械设备 低空经济行业双周报（0317-0330） 低空政策持续推进，各地区应用落地有望加速 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 441 | | 行业总市值（亿元） | 37,949.60 | | 流通市值（亿元） | 36,940.94 | | 行业市盈率 TTM | 34.0 | | 沪深 300 市盈率 TTM | 12.4 | 请务必阅读正文后的重要声明部分 纵横股份发布 AI无人机 CW-20E。该无人机采用全新翼身融合布局，3.5米翼 展，监控载荷续航时间 3小时，最大载重 6kg；具备-30℃~5 ...

[Table_IndustryInfo] 2025 年 03 月 30 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0324-0330） 华辰装备签约 100 台磨床订单，丝杠设备逐步放量 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -18% -8% 2% 12% 22% 32% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 机械设备 沪深300 数据来源：聚源数据 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 441 | | 行业总市值（亿元） | 37,949.60 ...

[Table_StockInfo] 2025 年 03 月 27 日 证券研究报告•2024 年年报点评 微光股份（002801）电力设备 目标价：54.95 元（6 个月） 买入 （维持） 当前价：40.35 元 业绩符合预期，24Q4 营收创新高 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1409.06 | 1612.24 | 1804.69 | 2023.87 | | 增长率 | 11.12% | 14.42% | 11.94% | 12.14% | | 归属母公司净利润（百万元） | 220.57 | 361.37 | 413.85 | 476.17 | | 增长率 | 82.16% | 63.83% | 14.52% | 15.06% | | 每股收益 EPS（元） | 0.96 | 1.57 | 1.80 | 2.07 | | 净资产收益率 ROE | 13.33% | 18.43% | 17.97% | 17.66% | | ...

ooo[Table_ReportInfo] 2025 年 03 月 28 日 证券研究报告•宏观定期报告 宏观周报（3.24-3.28） 摘要 [Table_Summary] 一周大事记 国内：工业企业利润降幅收窄，利率市场化改革持续推进。3 月 23 日，中国 发展高层论坛 2025 年年会在北京开幕，中国将通过释放内需潜力与科技创新 动能，为全球经济注入确定性，同时深化与世界的互利共赢合作；24 日，财 政部公布 2025 年 1 至 2 月财政收支情况，1-2 月，全国一般公共预算收入同 比减少 1.6%，全国一般公共预算支出同比增加 3.4%，后续财政空间有望进一 步打开，促进财政收入增速改善；24日，中国人民银行宣布自本月起 MLF将 采用美式招标方式，MLF利率的政策属性完全退出历史舞台，政策利率体系将 以 DR007为核心，通过精准调控短期利率提升货币政策传导效率；27日，国 家统计局公布数据显示，1-2 月，全国规模以上工业企业实现利润总额同比下 降 0.3%，降幅较 2024年收窄 3个百分点，在政策引导与"抢出口"等因素综 合作用下，1-2 月份企业利润有所改善，未来随着更加积极财政政策落 ...