[Table_Author] 分析师：姜肖伟 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangxiaowei@hazq.com 分析师：陈飞宇 执业证书号：S0010525020001 电话：19842726967 邮箱：chenfeiyu@hazq.com 华阳集团（ [Table_StockNameRptType] 002906） 公司点评 24 年汽车电子业绩高兑现性，产品及客户结构持续向好 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-01 | | [Table_BaseData] 收盘价（元） | 35.32 | | 近 12 个月最高/最低（元） | 37.88/22.52 | | 总股本（百万股） | 525 | | 流通股本（百万股） | 525 | | 流通股比例（%） | 99.96 | | 总市值（亿元） | 185 | [公司价格与沪深 Table_Chart] 300 走势比较 -28% -10% 8% 26% 44% 4/24 7/24 10/24 1/25 华阳 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported better-than-expected performance in Q1 2025, with a significant increase in revenue and net profit, indicating a successful turnaround in 2024 [5] - The growth in revenue is driven by strong performance in core business segments, including seat components, wheel hub bearings, and new energy electric drive systems [5] - The company is focusing on new product development and market expansion, which is expected to enhance growth potential and profitability in the coming years [5] Financial Summary - For 2023, the company achieved a revenue of 4,139 million yuan, with a slight decline of 1.1% year-on-year. Projections for 2024, 2025, and 2026 show revenues of 4,678 million yuan (+13%), 5,664 million yuan (+21.1%), and 6,675 million yuan (+17.9%) respectively [4][6] - The net profit attributable to the parent company for 2023 was 81 million yuan, with a forecasted increase to 492 million yuan in 2024 (+508%), 525 million yuan in 2025 (+6.5%), and 648 million yuan in 2026 (+23.6%) [4][6] - The gross margin is expected to improve from 18.9% in 2023 to 22.0% by 2026, reflecting better cost management and product mix [4][6] - The company's P/E ratio is projected to decrease from 52.15 in 2023 to 37.27 in 2026, indicating a more attractive valuation as earnings grow [4][6] Business Development - The company has established deep collaborations with leading automotive brands, enhancing its market share in the seat components segment [5] - New projects in the wheel hub bearing sector and the establishment of a factory in Thailand are expected to boost production capacity and reduce export tariffs to North America [5] - The introduction of innovative products, such as the reverse planetary roller screw, positions the company favorably in the robotics and automation sectors [5]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion RMB, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA for the same period was 115 billion RMB, showing a year-over-year growth of 207%, but fell short of consensus expectations by 1.7% [5] - Adjusted net profit was 98 billion RMB, reflecting a year-over-year increase of 98%, which was in line with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion RMB, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion RMB, a year-over-year increase of 24%, also surpassing consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue was 656 billion RMB with an operating profit of 129 billion RMB, up 61% year-over-year, exceeding expectations by 10.6% [5] - New business revenue was 229 billion RMB, with an operating loss of 22 billion RMB, which narrowed by 55% year-over-year [5][6] Business Expansion - Meituan's food delivery and flash purchase businesses are expanding, with transaction users exceeding 770 million and active merchants reaching 14.5 million, both hitting record highs [6] - The company launched a 1 billion RMB merchant support plan in Q4 2024 to enhance service quality and operational efficiency [5][6] - Flash purchase services have partnered with over 5,600 large retail chains and 570 brand merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion RMB, 454 billion RMB, and 521 billion RMB, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit forecasts for the same period are 48 billion RMB, 55 billion RMB, and 66 billion RMB, with growth rates of 10%, 14%, and 20% respectively [7] - The long-term outlook for Meituan remains positive due to its operational efficiency and business barriers [7]

| [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-04-01 | | | [Table_BaseData] 收盘价（元） | | 13.56 | | 近 12 个月最高/最低（元） | 24.00/10.31 | | --- | --- | | 总股本（百万股） | 384 | | 流通股本（百万股） | 79 | | 流通股比例（%） | 20.67 | | 总市值（亿元） | 52 | | 流通市值（亿元） | 11 | [公司价格与沪深 Table_Chart] 300 走势比较 -59% -37% -16% 6% 28% 4/24 7/24 10/24 1/25 春立医疗 沪深300 春立医疗（ [Table_StockNameRptType] 688236） 公司点评 海外收入大幅增长，国内逐渐走出集采影响 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq. ...

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion CNY, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA was 115 billion CNY, a year-over-year increase of 207%, but 1.7% below consensus expectations [5] - Adjusted net profit was 98 billion CNY, a year-over-year increase of 98%, aligning closely with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion CNY, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion CNY, a year-over-year increase of 24%, also above consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue for Q4 2024 was 656 billion CNY, with an operating profit of 129 billion CNY, reflecting a year-over-year increase of 61% [5] - New business revenue was 229 billion CNY, with an operating loss of 22 billion CNY, which is a 55% reduction in losses year-over-year [5][6] Business Expansion - Meituan's transaction user base exceeded 770 million, with active merchants increasing to 14.5 million, both reaching record highs [6] - The food delivery and Meituan Flash Purchase businesses are expanding rapidly, with a cash support plan of 1 billion CNY launched to assist merchants [6] - Meituan Flash Purchase has partnered with over 5,600 large retail chains and 410,000 local merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion CNY, 454 billion CNY, and 521 billion CNY, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit projections for the same period are 48 billion CNY, 55 billion CNY, and 66 billion CNY, with growth rates of 10%, 14%, and 20% respectively [7] - The report maintains a long-term positive outlook on Meituan's operational efficiency and business barriers [7]

春立医疗（ [Table_StockNameRptType] 688236） 海外收入大幅增长，国内逐渐走出集采影响 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-04-01 | | | [Table_BaseData] 收盘价（元） | | 13.56 | | 近 12 个月最高/最低（元） | 24.00/10.31 | | --- | --- | | 总股本（百万股） | 384 | | 流通股本（百万股） | 79 | | 流通股比例（%） | 20.67 | | 总市值（亿元） | 52 | | 流通市值（亿元） | 11 | [公司价格与沪深 Table_Chart] 300 走势比较 -59% -37% -16% 6% 28% 4/24 7/24 10/24 1/25 春立医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com [ ...

证券研究报告 证券研究报告 证券研究报告 海外市场多点开花，国内高景气持续 华安电新 张志邦 SAC职业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年3月31日 敬请参阅末页重要声明及评级说明 华安证券研究所 敬请参阅末页重要声明及评级说明 证券研究报告 证券研究报告 要点总结 华安证券研究所 ➢需求侧 ➢供给侧 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 低ROE市场 • 国内：1）量：1月储能装机2.87GW/8.23GWh，同比高增145%/142%；2）先导指标：①招标：1月储能招标规模为7.71GW/61.7GWh，同/环比高增1107%/93%，总规模 创历史新高；②构网型储能渗透率持续提升：2024年构网型储能招标渗透率超10%，构网型储能系统价格较跟网型同比+24%。3）政策：新能源上网电价市场化改革落 地，保障性强制配储取消，国内短期迎来抢装潮，长期看储能盈利模式改善，储能增长持续性进一步夯实。 • 印度：1）量：1月底，储能系统装机0.4GWh；2）先导指标：招标：独储25年招标18GWh，光储项 ...

[Table_StockNameRptType] META（META.O） 公司覆盖 广告量价齐升，Meta AI 打开业绩想象空间 [Table_Rank] 投资评级：增持 | 首次覆盖 | | --- | | 报告日期： | 2025-03-31 | | | --- | --- | --- | | [Table_BaseData] 收盘价（美元） | | 576.74 | | 近 12 个月最高/最低（美元）740.3/196.9 | | | | 总股本（百万股） | | 2,534 | | 流通股本（百万股） | | 2,534 | | 流通股比例（%） | | 100 | | 总市值（亿美元） | | 14,613 | | 流通市值（亿美元） | | 14,613 | [公司价格与 Table_Chart]纳斯达克指数走势比较 [Table_Author] 分析师：金荣 -20% 30% 23/07/03 24/01/03 24/07/03 微软 纳斯达克 0% 20% 40% 23/09 24/03 24/09 谷歌A 纳斯达克指数 -20% 30% 80% 24/03 24/07 24/11 25 ...

[Table_StockNameRptType] META（META.O） 公司覆盖 广告量价齐升，Meta AI 打开业绩想象空间 [Table_Rank] 投资评级：增持 | 首次覆盖 | | --- | | 报告日期： | 2025-03-31 | | | --- | --- | --- | | [Table_BaseData] 收盘价（美元） | | 576.74 | | 近 12 个月最高/最低（美元）740.3/196.9 | | | | 总股本（百万股） | | 2,534 | | 流通股本（百万股） | | 2,534 | | 流通股比例（%） | | 100 | | 总市值（亿美元） | | 14,613 | | 流通市值（亿美元） | | 14,613 | [公司价格与 Table_Chart]纳斯达克指数走势比较 [Table_Author] 分析师：金荣 -20% 30% 23/07/03 24/01/03 24/07/03 微软 纳斯达克 0% 20% 40% 23/09 24/03 24/09 谷歌A 纳斯达克指数 -20% 30% 80% 24/03 24/07 24/11 25 ...

均胜电子（ [Table_StockNameRptType] 600699） 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangxiaowei@hazq.com 分析师：陈飞宇 执业证书号：S0010525020001 电话：19842726967 邮箱：chenfeiyu@hazq.com [Table_CompanyReport] 相关报告 公司点评 2024 年报点评，扣非归母稳预期，联动"业务+资本"全球化战略 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-03-31 | | [Table_BaseData] 收盘价（元） | 17.95 | | 近 12 个月最高/最低（元） | 20.90/13.33 | | 总股本（百万股） | 1,409 | | 流通股本（百万股） | 1,368 | | 流通股比例（%） | 97.12 | | 总市值（亿元） | 253 | | 流通市值（亿元） | 246 | [公司价格与沪深 Table_Chart] 300 走势比较 -32% -17% - ...