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汇川技术(300124):24年报+25Q1点评:Q1业绩超预期,战略布局人形机器人业务
Huaan Securities· 2025-05-16 09:37
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a net profit of 4.285 billion yuan for 2024, a year-on-year decrease of 9.62%, while the net profit for Q1 2025 was 1.323 billion yuan, reflecting a year-on-year increase of 63.08%, exceeding expectations [4][5] - The company's revenue for 2024 was 37.04 billion yuan, up 21.77% year-on-year, and for Q1 2025, revenue reached 8.978 billion yuan, a year-on-year increase of 38.28% [4][5] - The company is strategically expanding into humanoid robotics, with core component R&D already initiated, which is expected to contribute to future growth [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 37.04 billion yuan, with a year-on-year growth of 21.77%, and a net profit of 4.285 billion yuan, down 9.62% year-on-year [4][5] - For Q1 2025, the company reported a revenue of 8.978 billion yuan, up 38.28% year-on-year, and a net profit of 1.323 billion yuan, up 63.08% year-on-year [4][5] - The gross margin for 2024 was 28.7%, a decrease of 4.85 percentage points, while the net margin was 11.73%, down 3.97 percentage points [4] Business Segments - The general automation segment achieved sales of 15.24 billion yuan in 2024, a year-on-year increase of 1.36%, with Q1 2025 showing a significant growth of 29% [4] - The new energy segment reported sales of 16.64 billion yuan in 2024, up 67.76% year-on-year, and Q1 2025 revenue was approximately 3.9 billion yuan, reflecting a 66% increase [4] - The smart elevator segment faced challenges due to a weak real estate market, with 2024 sales of approximately 4.94 billion yuan, down 6.65% year-on-year [4] Strategic Initiatives - The company is focusing on internationalization, having established 18 subsidiaries and offices globally, achieving overseas revenue of approximately 2 billion yuan in 2024, a year-on-year increase of 17% [4] - The company is also advancing in digitalization and AI technologies, with plans to enhance its capabilities in these areas [4] - The formal entry into humanoid robotics is expected to create new growth avenues for the company [4]
芒果超媒24年及25Q1业绩点评:优质剧集拉动会员付费,精品内容持续供给
Huaan Securities· 2025-05-16 06:48
芒果超媒( [Table_StockNameRptType] 300413) 公司点评 优质剧集拉动会员付费,精品内容持续供给 | 投资评级:增持(维持) [Table_Rank] | | | | --- | --- | --- | | 报告日期: | 2025-05-15 | | | [Table_BaseData] 收盘价(元) | | 23.51 | | 近 12 个月最高/最低(元) | 32.10/18.07 | | | 总股本(百万股) | | 1,871 | | 流通股本(百万股) | | 1,022 | | 流通股比例(%) | | 54.62 | | 总市值(亿元) | | 440 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -23% -6% 11% 28% 5/24 8/24 11/24 2/25 芒果超媒 沪深300 [Table_Author] 分析师:金荣 执业证书号:S0010521080002 邮箱:jinrong@hazq.com [Table_CompanyReport] 相关报告 1.芒果超媒 24Q3 点评:精品综艺推动 会员转化, AIG ...
强化业绩比较基准指引对投资行为有何影响?
Huaan Securities· 2025-05-16 02:43
[Table_StockName策Rpt略Typ研e] 究 专题 强化业绩比较基准指引对投资行为有何影响? [分Ta析bl师e_:Au郑th小or霞] 执业证书号:S0010520080007 电话:13391921291 邮箱:zhengxx@hazq.com 执业证书号:S0010520090001 电话:13269985073 邮箱:liuchao@hazq.com 主要观点: [Table_RptDate] 报告日期: 2025-5-15 [Table_Summary] 《推动公募基金高质量发展行动方案》通过引入基金业绩与业绩基准的对 比评价体系,实现了基金产品的浮动管理费率,并与基金管理人绩效薪酬 相挂钩,这将对公募基金尤其是主动权益基金的投资行为产生重要影响。 公募主动权益基金的现有业绩比较基准综合权重主要集中在沪深 300、中证 800、国债及港股指数收益率上 分析师:刘超 按照基金规模权重对三大主动权益基金的业绩比较基准进行再加权,经合 并基准同类项后,业绩比较基准仍有 260 余项,但综合权重集中程度较高, 如前 15 项业绩比较基准的综合权重合计 83.7%。具体地,整体基金综合权 重主要 ...
兰石重装(603169):提质增效多元发展,业务稳健发展
Huaan Securities· 2025-05-15 14:51
-31% 1% 33% 64% 96% 5/24 8/24 11/24 2/25 5/25 兰石重装 沪深300 [Table_Author] 分析师:张帆 兰石重装( [Table_StockNameRptType] 603169) 公司点评 提质增效多元发展,业务稳健发展 | 投资评级:买入(维持) [Table_Rank] | | | | --- | --- | --- | | 报告日期: | 2025-05-15 | | | [Table_BaseData] 收盘价(元) | | 7.91 | | 近 12 个月最高/最低(元) | | 10.32/4.11 | | 总股本(百万股) | | 1,306 | | 流通股本(百万股) | | 1,306 | | 流通股比例(%) | | 100.00 | | 总市值(亿元) | | 103 | | 流通市值(亿元) | | 103 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号:S0010522070003 邮箱: zhangfan@hazq.com [Table_CompanyReport] 相关报告 1.兰石重装 Q3 ...
万达电影(002739):25Q1业绩表现优异,IP布局打开利润增长点
Huaan Securities· 2025-05-15 10:33
万达电影( [Table_StockNameRptType] 002739) 公司点评 25Q1 业绩表现优异,IP 布局打开利润增长点 | 投资评级:买入(维持) [Table_Rank] | | | --- | --- | | 报告日期: | 2025-05-15 | | [Table_BaseData] 收盘价(元) | 10.78 | | 近 12 个月最高/最低(元) | 14.25/8.90 | | 总股本(百万股) | 2,112 | | 流通股本(百万股) | 2,085 | | 流通股比例(%) | 98.75 | | 总市值(亿元) | 228 | [公司价格与沪深 Table_Chart] 300 走势比较 -45% -27% -10% 8% 26% 5/24 8/24 11/24 2/25 5/25 万达电影 沪深300 [Table_Author] 分析师:金荣 执业证书号:S0010521080002 邮箱:jinrong@hazq.com [Table_CompanyReport] 相关报告 1.万达电影 24Q3 点评:大盘表现承 压,静待业绩修复 2024-11-01 2.万 ...
富创精密:战略投入期,积极扩张国内外产能-20250515
Huaan Securities· 2025-05-15 10:25
富创精密( [Table_StockNameRptType] 688409) 公司点评 战略投入期,积极扩张国内外产能 | , | | | --- | --- | | 投资评级:增持(维持) [Table_Rank] | | | 报告日期: | 2025-05-15 | | [Table_BaseData] 收盘价(元) | 49.31 | | 近 12 个月最高/最低(元) | 78.00/31.14 | | 总股本(百万股) | 306 | | 流通股本(百万股) | 177 | | 流通股比例(%) | 57.87 | | 总市值(亿元) | 151 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -37% -7% 23% 52% 82% 5/24 8/24 11/24 2/25 富创精密 沪深300 [Table_Author] 分析师:陈耀波 | 执业证书号:S0010523060001 | | --- | | 邮箱: chenyaobo@hazq.com | 分析师:李美贤 执业证书号:S0010524020002 邮箱: limeixian@hazq.com !"#$% l[ ...
富创精密(688409):战略投入期,积极扩张国内外产能
Huaan Securities· 2025-05-15 09:51
富创精密( [Table_StockNameRptType] 688409) | 近 12 个月最高/最低(元) | 78.00/31.14 | | --- | --- | | 总股本(百万股) | 306 | | 流通股本(百万股) | 177 | | 流通股比例(%) | 57.87 | | 总市值(亿元) | 151 | | 流通市值(亿元) | 87 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -37% -7% 23% 52% 82% 5/24 8/24 11/24 2/25 富创精密 沪深300 [Table_Author] 分析师:陈耀波 | 执业证书号:S0010523060001 | | --- | | 邮箱: chenyaobo@hazq.com | 分析师:李美贤 公司点评 战略投入期,积极扩张国内外产能 | 投资评级:增持(维持) [Table_Rank] | | --- | | 报告日期: 2025-05-15 | | [Table_BaseData] 收盘价(元) 49.31 | 受新产线折旧摊销增加、战略性扩招、关键技术攻关等多项战略举措的 影响,公司 Q1 ...
量贩零食双雄并起:对比解读鸣鸣很忙招股材料
Huaan Securities· 2025-05-15 02:05
证券研究报告•行业专题 量贩零食双雄并起 ——对比解读鸣鸣很忙招股材料 (鸣鸣很忙02143.HK/万辰集团300972.SZ) 2025. 05. 14 分析师:邓 欣 S0010524010001 dengxin@hazq.com 联系人:郑少轩 S0010124040001 zhengshaoxuan@hazq.com 华安证券研究所 核心要点 1、鸣鸣很忙:强强联合造就量贩零食领导者。23年11月"零食很忙"完成对"赵一鸣"收购,组成鸣鸣很忙集团并开启双 品牌深度融合。董事长晏周和副董事长赵定为一致行动人,截至25年4月21日合计持股62.6%。截至24年底公司拥有14394 家门店,覆盖中国28个省份,GMV达555亿,是中国最大的休闲食品饮料连锁零售商。 16年董事长晏周创立"零食很忙"并于17年在湖南长沙开设首店;19年副董事长赵定在江西宜春开设 "赵一鸣" 首店; 23年11月"零食很忙"完成对"赵一鸣"收购,组成鸣鸣很忙集团实现双品牌深度融合,运营效率持续提升。董事长晏周 和副董事长赵定为一致行动人,截至25年4月21日合计持股62.6%。 2、业绩表现:高速成长来自加盟门店快速下沉+单量驱 ...
隆基绿能:2024年业绩符合预期,2025年BC放量可期-20250515
Huaan Securities· 2025-05-15 02:05
Investment Rating - The investment rating for Longi Green Energy is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of -8.618 billion yuan in 2024, falling within the forecast range, with a revenue of 82.582 billion yuan, a year-on-year decline of 36% [4][5] - The company adopted a "volume control for profit" strategy in 2024 due to intense price competition in the photovoltaic industry, resulting in a significant drop in prices across the supply chain [5] - Looking ahead, the company is expected to see a recovery in 2025 with the release of its BC products, projecting revenues of 67.6 billion yuan, a year-on-year decrease of 18.1% [6] Financial Performance Summary - In 2024, the company reported a revenue of 825.82 billion yuan and a net profit of -86.18 billion yuan, with a gross margin of 7.4% [8] - For 2025, the expected revenue is 676 billion yuan, with a projected net profit of -24 billion yuan, followed by a recovery in 2026 and 2027 with net profits of 19 billion yuan and 46 billion yuan respectively [6][8] - The company's asset-liability ratio is expected to remain below 60%, indicating a stable financial position [5] Market Outlook - The photovoltaic industry is experiencing a significant increase in production, with polysilicon, wafers, cells, and modules all seeing over 10% year-on-year growth in 2024, despite a decline in prices [5] - The company is focusing on high-value HPBC products, which are expected to lead the market, with ongoing upgrades to its production lines [5][6]
大中尺寸渗透加速,国产替代方兴未艾
Huaan Securities· 2025-05-15 01:45
大中尺寸渗透加速,国产替代方兴未艾 华安证券研究所 分析师 王强峰 S0010522110002 电话:13621792701 邮箱:wangqf@hazq.com 分析师 刘天其 S0010524080003 电话:17321190296 邮箱:liutq@hazq.com 华安证券研究所 2025年5月15日 华安研究•拓展投资价值 证券研究报告 1 • 整体而言,中游面板制造厂商积极扩建高世代产线,叠层OLED等新技术商业化进程加快,下游应用多元化将加速上游材 料与设备国产化,提供需求增量。以发光材料为例,其市场规模持续扩大,据QYResearch预计,2023年全球OLED发光 层主体材料市场销售额达到了15.3亿美元,预计2030年将达到33.03亿美元,年复合增长率(CAGR)为11.6%(2024- 2030)。OLED终端材料是当前国产替代的重点难点,核心专利技术一度被海外公司垄断,据群智咨询测算,2023年 OLED有机材料(包括OLED终端材料和前端材料)整体国产材料市占率约为38%;前端材料占比较大为58%,终端材料 国产化率低,其中终端材料中通用层材料为17%左右,发光层材料不足6%, ...