Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business shows steady growth, with emerging and overseas momentum accelerating [4] - The company achieved a revenue of 555.34 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 15.01 billion yuan, up 0.61% year-on-year [5] - The company continues to optimize its business structure, with strategic emerging industries achieving a revenue of 45.3 billion yuan, a year-on-year increase of 34.2% [5] - New contracts signed in Q1 2025 totaled 1,203.7 billion yuan, a year-on-year increase of 8.4%, with overseas contracts increasing significantly by 178.5% [5] - The company maintains a strong cash flow management, with a net cash outflow of 95.85 billion yuan in Q1 2025, a decrease of 7.43 billion yuan year-on-year [5] Financial Performance Summary - Revenue forecast for 2025 is 2,243.13 billion yuan, with a year-on-year growth rate of 2.56% [4] - Net profit attributable to shareholders for 2025 is projected at 47.54 billion yuan, with a growth rate of 2.93% [4] - The company's earnings per share (EPS) for 2025 is estimated to be 1.15 yuan [4] - The price-to-earnings (P/E) ratio for 2025 is projected at 4.79 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved impressive growth in 2024, with total revenue reaching 2.97 billion yuan, a year-on-year increase of 33.44%, and net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [7] - The dual-brand strategy of Marubi and PL Fire is showing positive momentum, with both brands contributing significantly to revenue [7] - The company is expected to maintain strong growth in the coming years, with projected net profits of 469 million yuan in 2025, 590 million yuan in 2026, and 724 million yuan in 2027, reflecting growth rates of 37.4%, 25.8%, and 22.7% respectively [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,226 million yuan in 2023, 2,970 million yuan in 2024, 3,832 million yuan in 2025, 4,735 million yuan in 2026, and 5,615 million yuan in 2027, with respective growth rates of 28.52%, 33.44%, 29.04%, 23.56%, and 18.59% [6] - The company's gross margin for 2024 is projected at 73.7%, an increase of 3.01 percentage points year-on-year, indicating effective cost control and product mix optimization [7] - The company’s net profit margin for 2024 is expected to be 11.50%, with a return on equity (ROE) of 10.11% [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is continuously improving its asset layout, and its toll road operations are stable [4] - The company reported a total operating revenue of 4.782 billion yuan in Q1 2025, a year-on-year increase of 37.66%, while the net profit attributable to shareholders decreased by 2.88% [7] - The company is focusing on its core business and enhancing its asset layout, with ongoing projects expected to release incremental revenue [7] Financial Summary - For 2023, the company expects operating revenue of 15.192 billion yuan, with a year-on-year growth rate of 14.61% [5] - The projected net profit attributable to shareholders for 2025 is 5.211 billion yuan, with a corresponding PE ratio of 15.31 [5][7] - The company’s gross profit margin for Q1 2025 was 34.67%, a decrease of 12.58 percentage points year-on-year, primarily due to an increase in construction projects with zero gross margin [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 752 million yuan in 2024, representing a year-on-year growth of 34.71%, and a net profit of 106.5 million yuan, up 52.91% year-on-year [5] - The automotive electronics business saw a significant revenue increase of 107% year-on-year, driven by the company's focus on self-production and product innovation [5] - The establishment of a factory in Thailand is expected to alleviate the impact of tariffs on U.S. operations and enhance the company's global competitiveness [5][8] Summary by Sections Market Performance - Closing price: 32.10 yuan - Total market capitalization: 2,113.41 million yuan - Circulating market capitalization: 1,175.48 million yuan - Total shares: 65.84 million - Debt-to-asset ratio: 28.81% [3] Financial Performance - Revenue forecast for 2024: 752 million yuan, with a growth rate of 34.71% - Net profit forecast for 2024: 107 million yuan, with a growth rate of 52.91% - Earnings per share (EPS) forecast for 2024: 1.62 yuan [7][8] Business Strategy - The company is actively promoting the self-production of automotive electronics, with a focus on technology and talent development [5] - The marketing strategy combines domestic and international efforts, with e-commerce clients accounting for 38.43% of procurement in 2024 [5] - The company plans to continue expanding its product ecosystem into various sectors, including marine and robotics [5][6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company is identified as a leading player in the aircraft leasing sector, with expected performance improvements in the current economic cycle [5]. - The report highlights strong growth in aircraft sales and an increase in rental yield, driven by rising aircraft market prices and strategic asset management [7]. - The company is projected to benefit from a tightening aircraft supply, leading to increased rental income and improved profit margins [7]. Financial Summary - Revenue projections for the company show a significant increase from 33,675 million RMB in 2023 to 47,621 million RMB in 2025, reflecting a compound annual growth rate (CAGR) of 23.91% [6]. - The net profit attributable to shareholders is expected to rise from 1,281 million RMB in 2023 to 1,913 million RMB in 2025, with a notable growth rate of 111.58% in 2025 [6]. - The earnings per share (EPS) is forecasted to increase from 0.21 RMB in 2023 to 0.31 RMB in 2025, indicating a positive trend in profitability [6]. Business Overview - The company has rapidly expanded through acquisitions and focuses on operational leasing, with aircraft and container leasing as its primary business segments [7]. - By the end of 2024, the company is expected to have a fleet of 1,158 aircraft, maintaining a 100% rental rate, which positions it as the second-largest aircraft leasing company globally [7]. - The company is exploring innovative business opportunities in emerging fields such as eVTOL, CTOL, and hydrogen aviation, aiming to diversify its growth avenues [7].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company has demonstrated strong profitability resilience despite a decline in metal prices, with cobalt, nickel, and lithium margins reaching historical lows. The current price levels provide a foundation for potential increases, which could significantly boost the company's performance [7][9]. - The company has established a comprehensive business structure with five major sectors: new energy, new materials, Indonesian nickel, African resources, and recycling [13][16]. - The report highlights the cyclical nature of metal prices, indicating that cobalt prices are at a long-term historical low, with potential for substantial increases due to demand growth and supply constraints [33][51]. Summary by Sections Market Performance - As of April 28, 2025, the closing price of the company's stock is 33.36 yuan, with a market capitalization of approximately 56.76 billion yuan [4]. Financial Forecast and Valuation - The projected revenue for 2023 is 66.30 billion yuan, with a forecasted decline to 60.95 billion yuan in 2024, followed by a recovery to 70.44 billion yuan in 2025. The net profit attributable to the parent company is expected to rise from 3.35 billion yuan in 2023 to 5.07 billion yuan in 2025 [6][8]. - The report anticipates a price-to-earnings (P/E) ratio of 11.19 for 2025, which is below the industry average, indicating potential undervaluation [8]. Investment Logic - The company has maintained stable revenue and profitability despite fluctuations in metal prices, with nickel and lithium segments showing growth while cobalt has declined. The overall business structure is resilient, with significant upside potential if metal prices recover [20][29]. - The report emphasizes that the current low prices of cobalt, nickel, and lithium create a favorable environment for future price increases, which could enhance the company's earnings significantly [7][9]. Cobalt Market Insights - Cobalt prices are currently at a long-term low, with expectations for a significant rebound driven by demand growth and supply constraints, particularly from the Democratic Republic of Congo [33][51]. - The report notes that the recent export ban from the Democratic Republic of Congo could further tighten supply, enhancing the potential for price increases [36]. Nickel Market Insights - Nickel supply is dominated by Indonesia, which is expected to account for 60% of global production in 2024. The report indicates that while supply is increasing, rising costs and the closure of high-cost mines may stabilize prices [53][60]. Lithium Market Insights - The lithium market is experiencing a supply-demand mismatch, with prices at historical lows. The report forecasts that the price of lithium carbonate will stabilize around 80,000 yuan per ton in 2025, with potential for increases as demand recovers [67][72].

证券研究报告 机械设备 | 通用设备 非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 29 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 2025 | 年 | 04 | 28 | 日 | 月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | 51.68 | | 一 年 最 低 | 最 | 高 | / | | | | | | | 53.88/18.22 | 内 | | | （元） | | ...

证券研究报告 机械设备 | 通用设备 北交所|首次覆盖报告 hyzqdatemark 2025 年 04 月 29 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | 年 | | 月 | | 04 | | | | 29 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 14.10 | | | | 一 年 | 内 | | 高 | | 18.60/6.00 | | 最 | / | 最 | | 低 | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | 1,192.58 | | | | | | | | | 流通市值（百万元） | | | | | | | | | | 884.80 | | ...

证券研究报告 公用事业 | 燃气Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 29 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 市场表现： | 基本数据 | 年 | 04 | 月 28 | 日 | | 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 6.43 | | | | | | 内 高 | | | 8.30/6.15 | | / | | | | （元） | | | | | | | | | 总市值（百万元） | | | 18,497.44 | | | | | | 流通市值（百万元） | | | 18,497.44 | | | | | | 总股本（百万股） | | | 2,876.74 | | | | | | 资产负债率（%） | | | 58.76 | | | | | | 每股净资产（元/股） | | | 5.41 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in overseas business and optimizing its global installed structure [5] - Revenue forecasts for 2025-2027 are projected at 51.63 billion, 59.61 billion, and 69.28 billion RMB, with year-on-year growth rates of 13.84%, 15.45%, and 16.22% respectively [6] - Net profit attributable to the parent company for the same period is expected to be 20.12 billion, 23.43 billion, and 27.38 billion RMB, with growth rates of 10.06%, 16.41%, and 16.85% respectively [6] - The current price-to-earnings (P/E) ratios are 21x, 18x, and 15x for the years 2025, 2026, and 2027 [6] Financial Performance Summary - In 2024, the company achieved a revenue of 45.35 billion RMB (yoy +15.41%) and a net profit of 18.28 billion RMB (yoy +10.57%) [8] - For Q1 2025, the company reported a revenue of 11.25 billion RMB (yoy +10.12%) and a net profit of 4.38 billion RMB (yoy +2.65%) [8] - The company’s gross margin for 2024 was 72.26%, a slight decrease of 0.86 percentage points year-on-year, primarily due to an increase in the sales proportion of large and medium-sized instruments [8] - The company plans to continue increasing its investment in chemiluminescence and in vitro diagnostic products, with the launch of higher throughput instruments [8] Market Position and Strategy - The company has established operational systems in 14 core countries overseas, with significant sales growth in the Indian market, which exceeded 200 million RMB in 2024 [8] - The domestic revenue reached 28.43 billion RMB in 2024, with a year-on-year growth of 9.32%, driven by the promotion of high-speed instruments and production lines [8] - The company aims to enhance its market share in large medical institutions, achieving a coverage rate of 44.93% in tertiary hospitals by the end of 2024 [8]