[ T able_StockInfo] 2025 年 05 月 15 日 证券研究报告•2025 年一季报点评 当前价：46.50 元 麦格米特（002851）电力设备 目标价：——元（6 个月） 研发持续高投入，网络电源即将放量 [Table_Summary 事件：公司 2024] 年实现营收 81.72 亿元，同比增长 21.0%；实现归母净利润 4.36 亿元，同比变化-30.7%；扣非归母净利润 3.66亿元，同比增长 3.1%。Q4 单季度实现营收 22.69 亿元，同比增长 20.8%，环比增长 20.0%；实现归母净 利润 0.25 亿元，同比变化-83.0%，环比变化-74.1%；扣非归母净利润 0.04 亿 元，同比变化-92.5%，环比变化-95.6%。 公司 2025 年 Q1 实现营收 23.16 亿元，同比增长 26.5%，环比增长 2.1%；实 现归母净利润 1.07 亿元，同比变化-22.6%，环比增长 329.6%；扣非归母净利 润 0.92 亿元，同比变化-24.4%，环比增长 2447.1%。 | [Table_MainProfit] 指标/年度 | 2024A | 202 ...

ooo[Table_ReportInfo] 2025 年 05 月 16 日 证券研究报告•宏观定期报告 宏观周报（5.12-5.16） 关税博弈阶段性缓和，美国通胀仍在下行 摘要 [Table_Summary] 一周大事记 国内：加快构建科技金融体制，持续推进城市更新。5 月 13 日，中国－拉美 和加勒比国家共同体论坛第四届部长级会议在北京举行，同日，中国和巴西发 布关于强化携手构建中巴命运共同体的联合声明，未来我国自巴西进口有望持 续增加，中国企业向巴西出海投资的步伐也有望加快；14 日，科技部联合中 国人民银行等七部门发布《加快构建科技金融体制 力支撑高水平科技自立自 强的若干政策举措》，提出 15 项具体措施，推动金融资源精准投向科技创新 领域；同日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，围绕经济 形势、稳就业稳经济政策落实等议题，系统回应民营企业关切，释放了强化政 策执行、法治保障和战略引导的积极信号；15 日，中办、国办印发《关于持 续推进城市更新行动的意见》，系统部署八大任务与六大支撑保障措施，城市 更新改造后续或将获得更多财政和融资等方面的支持。 相关研究 请务必阅读正文后的重要声 ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of —— yuan over the next six months [1][6]. Core Insights - The company achieved a revenue of 1.708 billion yuan in 2024, representing a year-on-year growth of 13.5%, and a net profit attributable to shareholders of 229 million yuan, up 14.8% year-on-year [1][6]. - In Q1 2025, the company reported a revenue of 390 million yuan, a year-on-year increase of 14.3%, but a quarter-on-quarter decrease of 22.0% [1][6]. - The gross profit margin is steadily increasing, with a focus on humanoid robot development [1][6]. Financial Performance Summary - For 2024, the company reported a gross margin of 37.7% and a net margin of 13.4%, with slight improvements in gross margin in Q1 2025 to 38.1% [6][8]. - The company’s servo system revenue reached 810 million yuan in 2024, growing by 10.6% year-on-year, with a gross margin of 24.5% [6][7]. - The PLC business generated 650 million yuan in revenue in 2024, up 21.1% year-on-year, maintaining a high gross margin of 56% [6][7]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are 1.946 billion yuan, 2.225 billion yuan, and 2.512 billion yuan, respectively, with growth rates of 13.92%, 14.34%, and 12.91% [2][8]. - The net profit attributable to shareholders is expected to grow to 276 million yuan in 2025, 347 million yuan in 2026, and 436 million yuan in 2027, with growth rates of 20.61%, 25.83%, and 25.76% respectively [2][8]. Business Segment Analysis - The company is actively developing humanoid robots and plans to establish production lines for core components [6][7]. - The smart device segment, including machine vision and industrial robots, generated 40 million yuan in revenue in 2024, with a gross margin of 34.4% [6][7]. - The PLC market is expected to see increased domestic replacement rates, with the company aiming to capture a larger market share from foreign competitors [6][7].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company achieved a revenue of 37.04 billion yuan in 2024, representing a year-on-year growth of 21.8%, while the net profit attributable to shareholders decreased by 9.6% to 4.285 billion yuan [1] - In Q1 2025, the company reported a revenue of 8.978 billion yuan, a year-on-year increase of 38.3%, and a net profit of 1.323 billion yuan, up 63.1% year-on-year [1] - The company is focusing on industrial automation, electric vehicles, and expanding into AI and robotics [1][6] Financial Performance Summary - For 2024, the company reported a gross margin of 28.7% and a net margin of 11.7%, both showing a decline compared to the previous year [6] - The forecast for 2025-2027 indicates revenues of 45.96 billion yuan, 56.32 billion yuan, and 65.22 billion yuan respectively, with growth rates of 24.1%, 22.6%, and 15.8% [2][7] - The net profit attributable to shareholders is projected to grow to 5.224 billion yuan in 2025, with a growth rate of 21.9% [2][8] Business Segment Insights - The general automation segment is expected to see revenue growth of 10.32% in 2025, while the electric vehicle segment is projected to grow by 42.5% [7] - The company has established a core development team for industrial AI and is initiating research in humanoid robotics [6][7] - The electric vehicle business achieved a revenue of approximately 16 billion yuan in 2024, marking a 70% increase year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified for the next 6 months [1] Core Views - The company's short-term performance is impacted by impairment losses, but its comprehensive energy operations are stable [1] - The company reported a revenue of 10.32 billion yuan in 2024, a decrease of 7.7% year-on-year, and a net profit attributable to the parent company of 309.71 million yuan, down 39.9% year-on-year [5][6] - The company’s power generation decreased by 16.4% to 21.0 billion kWh in 2024 due to reduced water inflow, while electricity sales volume increased by 1.9% to 142.5 billion kWh [5][6] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 10,321.62 million yuan, net profit of 309.71 million yuan - 2025E: Revenue of 10,719.71 million yuan, net profit of 570.05 million yuan, with an EPS of 0.30 yuan [2][7] - 2026E: Revenue of 11,252.54 million yuan, net profit of 642.68 million yuan, with an EPS of 0.34 yuan [2][7] - 2027E: Revenue of 11,749.27 million yuan, net profit of 703.21 million yuan, with an EPS of 0.37 yuan [2][7] - **Growth Rates**: - Revenue growth rates are projected at -7.65% for 2024, 3.86% for 2025, 4.97% for 2026, and 4.41% for 2027 [2] - Net profit growth rates are projected at -39.94% for 2024, 84.06% for 2025, 12.74% for 2026, and 9.42% for 2027 [2] - **Valuation Metrics**: - PE ratios are projected at 43.0 for 2024, 23.3 for 2025, 20.7 for 2026, and 18.9 for 2027 [2] - PB ratios are projected at 1.18 for 2024, 1.13 for 2025, 1.10 for 2026, and 1.07 for 2027 [2] Business Segment Performance - **Power Supply Business**: - Revenue for 2024 is expected to be 6,956 million yuan, with a growth rate of 0.7% [6] - **Comprehensive Energy Business**: - Revenue for 2024 is expected to be 1,577 million yuan, with a growth rate of 13.5% [6] - The gross profit margin for comprehensive energy is projected to improve to 12.9% in 2025 [6] - **Other Businesses**: - Revenue for 2024 is expected to be 1,788 million yuan, with a significant decline of 37.8% [6] Profitability and Efficiency - The company's sales gross margin and net margin for 2024 are projected at 10.3% and 2.8%, respectively [5] - The return on equity (ROE) is expected to improve from 2.53% in 2024 to 5.29% in 2027 [2][7]

Investment Rating - The report indicates a cautious outlook for the pharmaceutical industry, highlighting both thematic and structural investment opportunities amidst overall performance pressure [1]. Core Insights - The pharmaceutical industry experienced a total revenue of 22,544 billion yuan in 2024, reflecting a decline of 1.5% year-on-year. The net profit attributable to shareholders was 1,619.5 billion yuan, down 10.8% [4][11]. - In the first quarter of 2025, the industry reported a revenue of 5,630.5 billion yuan, a decrease of 3.6% compared to the previous year, with a net profit of 508.1 billion yuan, down 2.2% [4][12]. - The report identifies a significant divergence within the industry, with 46% of companies achieving positive revenue growth in 2024 [11]. Summary by Relevant Sections Overall Industry Performance - The pharmaceutical sector's revenue in 2024 was 22,544 billion yuan, with a net profit of 1,619.5 billion yuan, indicating a challenging environment influenced by policy and macroeconomic factors [4][11]. - The first quarter of 2025 showed a continued decline in both revenue and net profit compared to the same period in 2024 [12]. Sector Breakdown - **Innovative Drugs and Formulations**: Revenue reached 3,917 billion yuan (+1%), with a net profit of 424 billion yuan (+8.2%) in 2024 [5]. - **Medical Devices**: The sector generated 1,675 billion yuan (+1.7%) in revenue, but net profit fell by 5.5% to 323 billion yuan [5]. - **CXO Services**: Revenue decreased by 4.3% to 870 billion yuan, with a net profit decline of 23.9% [5]. - **Active Pharmaceutical Ingredients**: This segment saw a revenue increase of 7.0% to 1,047.6 billion yuan, with net profit rising by 43.9% [5]. - **Healthcare Services**: Revenue totaled 550.4 billion yuan (+1.6%), but net profit decreased by 6.1% [6]. - **Blood Products**: Revenue increased by 3.3% to approximately 239 billion yuan, with net profit rising by 26.1% [6]. - **Retail Pharmacies**: Revenue was 1,066.5 billion yuan (+4.9%), but net profit fell by 25% [7]. - **Pharmaceutical Distribution**: Revenue was 8,995.9 billion yuan (+0.3%), with a net profit decline of 6.0% [7]. - **Traditional Chinese Medicine**: Revenue decreased by 4.6% to 3,471.34 billion yuan, with net profit down 21.4% [7]. - **Vaccine Sector**: Revenue plummeted by 46.2% to 399 billion yuan, with net profit down 72.2% [8]. Quarterly Performance - The report details quarterly performance, showing a consistent decline in revenue and net profit across the last quarters of 2024 and the first quarter of 2025 [12][13].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company has shown a recovery in performance with a revenue of 80.56 billion yuan in 2024, reflecting a year-on-year increase of 2.8%. However, the net profit attributable to the parent company was 0.28 billion yuan, down 54.7% year-on-year [7] - In Q1 2025, the company achieved a revenue of 20.61 billion yuan, up 5.0% year-on-year, and a net profit of 0.13 billion yuan, up 21.6% year-on-year [7] - The company is accelerating its industrial structure optimization and expanding its commercial network, with a focus on traditional Chinese medicine and narcotic drugs [7] Financial Performance Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 80.56 billion yuan, 85.27 billion yuan, 90.37 billion yuan, and 95.95 billion yuan respectively, with growth rates of 0.55%, 5.84%, 5.99%, and 6.17% [2] - The net profit attributable to the parent company is projected to be 0.28 billion yuan in 2024A, 0.30 billion yuan in 2025E, 0.31 billion yuan in 2026E, and 0.34 billion yuan in 2027E, with growth rates of -56.79%, 4.85%, 6.04%, and 8.88% respectively [2] - Earnings per share (EPS) are expected to be 0.16 yuan in 2024A, 0.17 yuan in 2025E, 0.18 yuan in 2026E, and 0.20 yuan in 2027E [2] Business Segment Analysis - The pharmaceutical wholesale segment is projected to grow at a rate of 5% from 2025 to 2027, while the retail segment is expected to grow at 20% during the same period [9] - The company has expanded its sales network to cover 30 provincial-level administrative regions and 142 cities, with over 8,000 secondary and above level pure sales customers [7] Market Position and Strategy - The company is undergoing state-owned enterprise reform, which is expected to enhance its pharmaceutical business development [7] - The company has established a strong presence in the market for traditional Chinese medicine and narcotic drugs, with significant sales networks across various regions [7]

Investment Rating - The report maintains a positive outlook on the Hong Kong pharmaceutical industry, particularly focusing on innovative drugs and their potential for growth in both domestic and international markets [3][5]. Core Insights - The main theme of the report emphasizes the dual focus on innovation and international expansion for innovative drugs, supported by favorable government policies and increasing market acceptance [3][5]. - The report highlights the performance of various segments within the pharmaceutical industry, noting significant growth in innovative drugs, pharmacies, and CXO sectors, while also identifying challenges in traditional sectors like Chinese medicine and medical services [6][7][13]. Summary by Sections Overall Industry Performance - The total revenue for 149 Hong Kong-listed pharmaceutical companies in 2024 reached 17,845 billion CNY, reflecting a growth of 1.81%, while net profit attributable to shareholders was 792 billion CNY, up by 49.3% [5][12]. - 55% of the companies reported positive net profit growth, and 58% achieved revenue growth [12]. Segment Performance - **Innovative Drugs**: Revenue increased by 26.7% to 786 billion CNY, although net profit showed a loss of 146 billion CNY. The sector is entering a commercialization phase with improved capabilities [6][14]. - **Pharmacies**: Revenue grew by 5.8% to 906 billion CNY, with net profit surging by 110% to 54 billion CNY, driven by new policies enhancing customer flow [7][14]. - **CXO**: Revenue decreased by 3.5% to 938 billion CNY, but net profit rose by 91% to 374 billion CNY, indicating a recovery from previous pessimism [6][14]. - **Medical Devices**: Revenue increased by 4.5% to 425 billion CNY, with a modest net profit of 8 billion CNY [6][14]. - **Chinese Medicine**: Revenue declined by 1.7% to 1,113 billion CNY, with net profit down by 31% [7][14]. Research and Development - R&D expenses for the industry totaled 704.7 billion CNY, with a decrease in the R&D expense ratio by 0.8 percentage points [19][25]. - The report notes a strategic shift among 18A companies towards prioritizing key development pipelines, resulting in an 8.1% reduction in R&D investment [38][39]. Market Trends - The report identifies key investment themes, including the focus on innovative weight-loss drugs, AI in medical imaging, and the aging population's healthcare needs [3][5]. - The international licensing of innovative drugs is highlighted as a growing trend, with significant transaction values reported for several projects [40][41].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The overall performance of the four major overseas technology companies in Q1 2025 showed a revenue of $358.3 billion, a year-over-year increase of 11%, and a net profit of $94.1 billion, reflecting a 38% year-over-year growth, with an overall net profit margin of 26%, up by 5.0 percentage points year-over-year [5][12]. - Capital expenditures for the four companies totaled approximately $76.6 billion, marking a year-over-year increase of 64% but a quarter-over-quarter decrease of 2%, indicating a stabilization in capital spending [5][6]. - The demand for AI cloud services remains strong, with a total cloud revenue of $68.3 billion for the three major cloud providers, although growth has slowed to 20% year-over-year [5][6]. - Digital advertising revenue reached $125.7 billion, a 12% increase year-over-year, with all companies exceeding market expectations [5][6]. Summary by Sections Performance Overview - The net profit growth outpaced revenue growth, with a net profit margin improvement across the board. The four companies collectively achieved a net profit of $94.1 billion, with Meta leading at a 39% net profit margin [5][12][13]. Capital Expenditure - Capital expenditures showed a year-over-year increase of 64% but a quarter-over-quarter decline of 2%, indicating a shift in spending patterns. Microsoft, Amazon, and Meta fell short of market expectations, while Google slightly exceeded them [5][6][12]. Operating Expenses - Operating profit margins improved for all companies, driven by cost structure optimization and effective expense management. Microsoft, Google, Amazon, and Meta reported operating profit margins of 46%, 34%, 14%, and 41% respectively [5][6]. Cloud Computing - The demand for AI cloud services is robust, with supply constraints continuing. Microsoft, Google, and Amazon reported cloud revenues of $68.3 billion, with Microsoft outperforming expectations while Google and Amazon slightly missed [5][6]. Digital Advertising - The digital advertising sector saw a total revenue of $125.7 billion, with significant contributions from Microsoft, Google, Amazon, and Meta, all of which surpassed market expectations. AI enhancements have driven efficiency and user engagement in advertising [5][6]. Related Companies - Key companies mentioned include Microsoft (MSFT.O), Google (GOOGL.O), Amazon (AMZN.O), and Meta (META.O) [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.40 CNY over the next six months [1][7][8]. Core Insights - The company achieved a revenue of 2.464 billion CNY in 2024, reflecting a year-on-year growth of 0.6%, and a net profit attributable to shareholders of 223 million CNY, which represents a significant increase of 458.2% [1][2]. - The solid-state battery business is expected to enter a harvest phase, with the company having established a framework agreement with Qingtao Energy for long-term cooperation in the development and industrialization of core equipment for solid-state batteries [7][8]. - The company’s overseas orders are increasing, with 68.03% of new orders coming from international projects, which is expected to enhance profit margins [7][8]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 521 million CNY, a year-on-year increase of 6.5%, and a net profit of 58 million CNY, up 20.5% year-on-year [1][2]. - The gross profit margin for 2024 was 25.3%, with a net profit margin of 12.7%, showing improvements in profitability [7]. - The forecast for 2025-2027 indicates revenues of 3.17 billion CNY, 3.97 billion CNY, and 4.7 billion CNY respectively, with corresponding EPS of 2.72 CNY, 3.87 CNY, and 4.86 CNY [2][8]. Business Segment Analysis - The revenue from the new energy vehicle automation equipment is projected to grow significantly, with expected revenues of 1.4 billion CNY in 2025, 2.1 billion CNY in 2026, and 2.73 billion CNY in 2027, alongside an increase in gross margin to 35% [8]. - The company’s market share in power battery structural components is expected to remain stable, with revenues projected at 1.7 billion CNY in 2025 [8]. Valuation Metrics - The report estimates a dynamic PE ratio of 16 for 2025, 11 for 2026, and 9 for 2027, indicating a favorable valuation compared to industry peers [2][8]. - The company’s total market capitalization is approximately 5.332 billion CNY, with a total asset value of 5.482 billion CNY [5].