Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has established a strategic partnership with Pangu Intelligent to expand its business dimensions and is intensifying its layout in the humanoid robot sector [5] - In 2024, the company reported a revenue of 629 million yuan, with a net profit attributable to shareholders of 108.72 million yuan, reflecting a year-on-year increase of 37.02% [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling an expected cash dividend payout of 59.10 million yuan [6] - The company is focusing on the transformation of its core business towards intelligence and greening, with a significant increase in revenue from its oil and gas spring business, which grew by 93% year-on-year in 2024 [6] Financial Performance Summary - The company achieved a total revenue of 629 million yuan in 2024, a decrease of 5.99% compared to 2023, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% [8] - The gross margin improved to 27.93%, up by 6.2 percentage points year-on-year, driven by growth in the gross margins of all three main business segments [6][8] - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 186 million yuan, and 221 million yuan respectively, with corresponding EPS of 1.18 yuan, 1.56 yuan, and 1.85 yuan per share [7][8] Business Development - The company is actively developing new customers domestically and has seen significant success in expanding its international market, with overseas revenue increasing by 63% year-on-year in 2024 [6] - The company has successfully developed new products such as the intelligent weighing full oil-gas suspension system and the candle-type suspension oil-gas spring, which are expected to enhance its market presence [6] - The strategic cooperation with Pangu Intelligent is anticipated to broaden the company's business coverage and enhance its overall competitiveness [6]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 03 月 10 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 联系人 板块表现： 两会新增能源表述 两桶油管道燃气定价出炉 投资评级： 看好（维持） ——公用事业 2025 年第 10 周周报（20250309） 投资要点： 证券分析师 1.两会工作报告出炉 新增诸多能源领域表述 本周两会公布 2025 年政府工作报告，我们总结了其中与能源相关的内容如下： 1）2025 年单位国内生产总值能耗降低 3%左右（2024 年为降幅超过 3%）； 2）推进建设西电东送、北电南送特高压输电通道及省间电力互济联网工程，增强能源资源跨 区域调配能力。实现"宁电入湘"正式送电（对湖南供需格局产生一定影响）。 3）推进"沙戈荒"新能源基地和主要流域水风光一体化开发建设，推进沿海核电、海上风电等 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has expanded its business dimensions through strategic cooperation with Pangu Intelligent, intensifying its layout in the humanoid robot sector [5] - In 2024, the company achieved an operating income of 629 million yuan, with a net profit attributable to shareholders of 108.72 million yuan, reflecting a year-on-year increase of 37.02% [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling an expected cash dividend payout of 59.10 million yuan [6] - The company is set to issue convertible bonds with a total amount not exceeding 150 million yuan, with Pangu Intelligent planning to subscribe for at least 120 million yuan in cash [6] Financial Performance Summary - The company's revenue from the basic business segment, particularly hydraulic cylinders for engineering machinery, faced a decline of 17.53% year-on-year, amounting to 392 million yuan [6] - The revenue from the oil and gas spring business saw a significant increase of 93.34% year-on-year, reaching 99 million yuan, with a gross margin of 43.79% [6] - The overall gross margin of the company improved to 27.93%, an increase of 6.2 percentage points year-on-year [6] - The company expects to see continued growth in its oil and gas spring business due to increasing market recognition and demand [6] Market Expansion - The company has successfully developed new clients in the domestic market while achieving a year-on-year revenue growth of 62.71% in overseas markets, reaching 76 million yuan [6] - The overseas sales of specialized hydraulic cylinders for dump trucks have shown steady growth, contributing to the overall increase in international revenue [6] Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 141 million yuan, 186 million yuan, and 221 million yuan, respectively, with corresponding EPS of 1.18 yuan, 1.56 yuan, and 1.85 yuan per share [7] - The current price-to-earnings ratios (P/E) for the years 2025, 2026, and 2027 are projected to be 25.1, 19.0, and 16.0 times, respectively [7] - The company is actively exploring new technologies and markets, particularly in the automotive and industrial automation sectors, which is expected to drive performance improvements [7]

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved [1]. Core Insights - The Beijing Stock Exchange (BSE) has optimized its new stock issuance process, reducing the overall time by approximately 20% [3][8]. - The average first-day price fluctuation for companies listed on the BSE in 2024 reached 218% [17][32]. - Among the companies accepted by the BSE, 59% are classified as national-level specialized and innovative "little giants" [35][37]. Summary by Sections 1. Clarified Rules - The BSE has implemented new rules that allow investors to participate in new stock subscriptions without needing to prepare a holding market value, thus lowering the entry barrier [3][13]. - The funds for new stock subscriptions are frozen for 2 trading days, and if not allocated, they are released on T+2 [16] [20]. 2. Data Insights - The number of companies listed on the BSE reached 265 by the end of 2024, with only 23 new listings that year [17][18]. - The average issuance price-to-earnings ratio for companies listed on the BSE decreased from 22.33 times in 2022 to 15.45 times in 2024 [18][19]. - The average amount of frozen funds for online issuance increased significantly from 369.43 billion in 2023 to 2128.97 billion in 2024, marking a growth rate of 476.3% [20][21]. - The average effective subscription multiple for companies listed on the BSE rose from 218.27 times in 2022 to 1478.95 times in 2024 [22][29]. - The average winning rate for subscriptions decreased from 3.28% in 2022 to 0.1% in 2024 [25][26]. 3. Forward-Looking Insights - Among the 98 companies accepted by the BSE, 31 hold a high industry position, with 5 recognized as national-level manufacturing champions [35][37]. - The report identifies 8 high-quality companies based on scale, growth, profitability, and research and development capabilities [35][37].

Group 1: Key Points of Yu Yuan Group (00551.HK) - The company reported FY24 revenue of $8.18 billion, a year-on-year increase of 3.7%, with manufacturing revenue up 11.1% and retail revenue down 8.0% in RMB terms [6][7] - The net profit attributable to shareholders reached $390 million, reflecting a significant year-on-year growth of 42.8% [6][7] - The manufacturing segment saw a nearly 17% increase in footwear shipments, with capacity utilization rising to 93%, the highest since FY21, leading to a gross margin increase to 19.9% [7][8] Group 2: Retail Business Insights - The retail segment experienced an 8.0% decline in revenue due to offline consumption demand and core brand impacts, but gross margin improved to 34.2% [8] - The company is diversifying its brand portfolio by increasing investments in emerging high-growth sports brands, which is expected to help restore growth in retail [8] Group 3: Key Points of China Merchants Highway (001965.SZ) - As a leading player in highway operations, the company has invested and operated over 14,700 kilometers of highways across 22 provincial regions, with a cumulative cash dividend of 14.066 billion yuan from 2017 to 2023 [10][11] - The company has a robust revenue growth with a CAGR of 9.81% in revenue and 12.65% in net profit from 2016 to 2023 [10][11] - The average remaining toll collection period for the company's assets is 12.96 years, with over 80% of assets having more than 10 years remaining, providing ample time for traffic growth and revenue release [11] Group 4: Growth and Innovation in Highway Operations - The company is focusing on "transport technology + intelligent transportation + transportation ecology" to build a second growth curve, with the revenue share from the highway industry chain increasing from 29.32% to 34.19% from 2018 to 2023 [11] - The support for digital transformation in transportation is expected to further enhance the technological premium and synergy effects of this business cluster [11] Group 5: Key Points of Li Tong Technology (832225.BJ) - The company specializes in high, medium, and low-pressure rubber hoses and is expected to achieve a net profit of 110 million yuan in 2024 [13][14] - The hydraulic hose segment has begun to replace some high-performance imported products, with key clients including SANY and XCMG [14][15] - The company is expanding into new business areas, including urban underground pipeline management services and ultra-high-pressure food sterilization equipment, which are expected to broaden its growth prospects [16][17] Group 6: Market Outlook and Financial Projections - The company anticipates net profits of 110 million, 133 million, and 158 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.86, 1.04, and 1.24 yuan per share [17] - The positive outlook is supported by the stabilization of the engineering machinery industry and steady growth in downstream oil drilling demand [17]

证券研究报告 风险提示：宏观经济波动导致车流量增速不及预期；收费政策调整导致通行费收入 不及预期；公司建设投资不及预期。 北交所 利通科技(832225.BJ)首次覆盖：橡胶软管及组合件"小巨人"，布局高分子 材料研发和多产品领域拓展。公司专注于高中低压橡胶软管及软管组合件，24 年预 计实现归母净利润 1.10 亿元。基本盘：液压软管：逐步实现了部分高性能产品的进 口替代，客户为三一重工、巴夫斯等。工业软管：24 年公司相关石油管取得 API17K 产品认证。公司前期供应的酸化压裂软管系列产品已经陆续进入更换周期，客户已 经进入正常的产品更换采购。增长盘：新开展城市地下管网综合治理服务，超高压 食品灭菌设备进入试生产阶段。截至 25 年 2 月，公司首台超高压食品灭菌设备已经 在客户现场安装调试完毕，目前正在进行试生产相关工作。我们认为，公司积极推 进布局的两大新业务有望拓宽发展蓝图，在工程机械行业逐步企稳、石油钻采下游 需求稳步增长的积极预期下，公司基本盘和增长盘业务有望一同创造业绩增量。 风险提示：行业竞争加剧风险、新品拓展不及预期风险、原材料价格波动风险。 请务必仔细阅读正文之后的评级说明和重要声明 ...

证券研究报告 煤炭 | 煤炭开采 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 13 日 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 03 | 月 | 日 | 12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 18.89 | | | | 一 年 内 / 低 | 最 | 高 | 最 | | | | | | | | （元） | | | | | | | 23.86/15.08 | | | | 总市值（百万元） | | | | | | | 42,343.32 | | | | 流通市值（百万元） | | | | | | | 42,343.32 | | | | 总股本（百万股） | | | | | | | 2,241.57 | | | | 资产负债率（%） ...

Investment Rating - The report gives an initial investment rating of "Buy" for the company, highlighting it as a benchmark for energy transition and a non-cyclical growth stock under a central enterprise [5][17][20]. Core Viewpoints - The company has established the world's first integrated "coal-green electricity-aluminum" industrial park model, characterized by low costs, stable profits from long-term contracts, and a template for promoting circular economy and green transition [6][22]. - The company has achieved a compound annual growth rate (CAGR) of 26% in pre-tax profits from 2014 to 2023, with seven profit increases in the past nine years, positioning itself as an outlier in the cyclical industry [6][22]. - The company aims to become a hundred billion profit enterprise with over a hundred billion in operating cash flow by 2030, under the guidance of the "Balanced Growth Strategy" [6][22]. Summary by Sections Market Performance - The closing price as of March 12, 2025, is 18.89 yuan, with a market capitalization of approximately 42.34 billion yuan [3]. Financial Analysis - From 2014 to 2023, the company's revenue and profit CAGR were 17% and 26%, respectively, with cumulative cash dividends of 7.2 billion yuan [14]. - The company has maintained an average return on equity (ROE) of 14% and a debt ratio averaging 35%, projected to be below 30% by 2024 [14]. Business Model - The company operates a unique integrated business model in Inner Mongolia, leveraging abundant wind, solar, and coal resources, and has established a stable ecosystem with an 85% long-term contract ratio for coal sales [7][35]. - The company’s coal business has an average gross margin of 50%, with a projected profit contribution of around 4 billion yuan in 2024 [35]. Growth Strategy - The company is focused on high-quality development, with new projects expected to maintain high ROE levels, particularly in the renewable energy sector [8][50]. - The company has a robust pipeline of renewable energy projects, with a target of reaching 33 GW of installed capacity by 2030 [56]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 5.36 billion, 6.10 billion, and 7.11 billion yuan, respectively, with corresponding earnings per share (EPS) of 2.39, 2.72, and 3.17 yuan [17][20].

证券研究报告 投资评级： 买入（首次） ——公路运营板块龙头，布局全国公路网络 投资要点： 交通运输 | 铁路公路 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 13 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 月 12 | 日 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 12.84 | | | | | 一 年 内 / 最 | 最 | 高 | | | 14.22/10.26 | | | 低 | | （元） | | | | | | | | | | 总市值（百万元） | | | ...

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4][49]. Core Insights - The company is a leading player in the highway operation sector, focusing on nationwide highway network development and has a strong cash dividend yield [5][8]. - The company has a robust growth trajectory, with a compound annual growth rate (CAGR) of 9.81% in revenue and 12.65% in net profit from 2016 to 2023 [5][18]. - The company emphasizes investor returns, having distributed a total of 14.066 billion yuan in cash dividends from 2017 to 2023, with an average annual payout ratio of 45.50% [5][25]. Summary by Sections Company Overview - The company, a subsidiary of China Merchants Group, operates over 14,700 kilometers of highways across 22 provincial regions in China and holds stakes in 26 highway companies, including 16 listed firms [5][12][29]. - The average remaining toll collection period for the company's controlled highways is 12.96 years, with over 80% of assets having more than 10 years left, providing ample time for traffic growth and revenue generation [30]. Financial Performance - The company forecasts revenue growth, with expected revenues of 12,379 million yuan in 2024, 12,989 million yuan in 2025, and 13,649 million yuan in 2026, reflecting a growth rate of 27.21%, 4.92%, and 5.08% respectively [4][48]. - The projected net profit for 2024, 2025, and 2026 is 5,795 million yuan, 5,665 million yuan, and 5,878 million yuan, with corresponding price-to-earnings (P/E) ratios of 15.1x, 15.5x, and 14.9x [6][49]. Business Segments - The company operates in three main segments: investment and operation, traffic technology, and smart transportation, with the investment and operation segment contributing 80.67% of revenue in the first half of 2024 [15][36]. - The traffic technology segment has shown a steady increase in revenue contribution, rising from 29.32% in 2018 to 34.19% in 2023, indicating a growing importance of this segment in the overall business model [41][42]. Market Position - The company is positioned as a leader in the domestic highway operation sector, continuously enhancing its asset scale and operational efficiency, which is expected to drive further revenue and profit growth [8][49]. - The company has a diversified revenue structure, with significant contributions from core assets such as the Yongtaiwen Expressway and the Jingtaix Expressway, which accounted for 20.35% and 14.77% of revenue in 2023 respectively [30].