证券研究报告·行业动态 销售与投资降幅均收窄，止跌回稳现积极成效 ——2025 年 1-2 月统计局房地产数据点评 核心观点 中央稳楼市决心坚定，政策持续助力房地产市场止跌回稳，1-2 月全国商品房销售面积同比下降 5.1%，降幅较 2024 年全年收窄 7.8 个百分点，高频数据显示 3 月以来市场延续止跌回稳势头。 得益于房企在核心城市、尤其是一线城市保持较高的拿地热情， 1-2 月房地产开发投资额降幅出现收窄；保交楼持续推进背景下， 竣工降幅出现大幅收窄；相对而言，新开工降幅仍较大，情况好 转尚待销售与拿地的进一步改善。 统计局公布 2025 年 1-2 月房地产市场运行情况，1-2 月单月房地 产销售面积、投资额、新开工面积、竣工面积分别为 10746 万平 方米、10720 亿元、6614 万平方米、8764 万平方米，同比增速分 别为-5.1%、-9.8%、-29.6%、-15.6%，2024 年全年分别为-12.9%、 -10.6%、-23.0%、-27.7%。 销售降幅收窄，止跌回稳现积极成效。中央稳楼市决心坚定，政 策持续助力房地产市场止跌回稳，1-2 月全国商品房销售面积同 比下降 5.1 ...

证券研究报告·行业动态 文心大模型 4.5 和 X1 发布，关注英伟 达 GTC 2025 发布会 核心观点 产业要闻 【谷歌 Gemini 2.0 革新图像生成】 【文心大模型 4.5 和文心大模型 X1 正式发布】 【CoolIT 推出新一代冷板 散热超 GB200 三倍】 【闪迪宣布自 4 月 1 日起对所有渠道和消费类产品提价超 10%】 【百度地图发布智驾级车位导航】 【文远知行、小马智行在京开启自动驾驶出行收费服务】 持续关注： GPU：英伟达、超威半导体、海光信息等； FPGA：安路科技-U 等； SoC：高通、全志科技等； 自然语言处理：科大讯飞等； 计算机视觉：格灵深瞳-U 等； 自动驾驶：德赛西威、中科创达、均胜电子、光庭信息； 智慧交通：千方科技、万集科技； AI+工业：中控技术、华大九天、广立微、概伦电子等。 于芳博 yufangbo@csc.com.cn 010-86451607 SAC 编号:S1440522030001 发布日期： 2025 年 03 月 17 日 -26% -6% 14% 34% 54% 202 4/1/ 12 202 4/2/ 12 202 4/3/12 20 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company has solidified its foundation and improved operational quality, achieving stable performance despite external pressures and optimizing its business structure. The performance aligns with expectations, with the blood circulation product series enhancing brand recognition through the "777" strategy [1][9]. - Future prospects include continued brand development for Kun Chinese Medicine, expected synergies from the acquisition of Huaren Shenghuo, effective channel reforms anticipated to show results starting in 2025, and a gradual weakening of external environmental impacts [1][14]. Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 84.01 billion yuan, a slight decrease of 0.34% year-on-year. The net profit attributable to shareholders was 6.48 billion yuan, reflecting a growth of 19.86%, while the net profit after deducting non-recurring items was 4.19 billion yuan, up 25.09% [2][9]. - Key financial metrics for 2023 to 2027 show a projected revenue increase from 84.01 billion yuan in 2024 to 113.50 billion yuan in 2027, with net profit expected to rise from 6.48 billion yuan to 9.73 billion yuan over the same period [3][15]. Business Strategy and Outlook - The company is focusing on the "777" brand strategy to enhance the blood circulation product series, which is expected to drive growth despite external challenges [10][11]. - The integration of the Sanqi industry chain with Huaren Shenghuo is anticipated to maximize value through collaborative advantages in product development and marketing [14]. - The company is implementing channel reforms to enhance long-term partnerships and digital operations, with expected positive impacts on performance starting in 2025 [14]. Profitability and Cost Management - The overall gross margin for 2024 is reported at 43.46%, a decrease of 3.15 percentage points, influenced by revenue and product structure changes. The sales expense ratio decreased by 4.82 percentage points to 26.50% [13]. - The company has seen a significant increase in cash flow from operating activities, up 7.12% year-on-year, primarily due to reduced marketing expenses [13].

Investment Rating - The report maintains a "Buy" rating for the company [4][32]. Core Viewpoints - The company has launched the DH series dexterous hands, which includes models with 11, 20, and 24 degrees of freedom, with the first "popular" model set for trial production and sales starting in Q2 2025. The dexterous hands are designed for various applications beyond humanoid robots, with a long-term market potential exceeding 100 billion [1][3][11]. - The dexterous hands are positioned to leverage the company's existing advantages in motion control, offering high added value and unit price, while being less dependent on distribution channels. This opens up a broader market space as they can be installed on various embodied intelligent agents [2][18]. - The company is transitioning from a "stepping + servo + PLC" model to a "joint module + dexterous hand + brain" model, which is expected to enhance growth opportunities in the humanoid robot sector [4][30]. Summary by Sections Launch of DH Series Dexterous Hands - The DH series dexterous hands were officially launched on March 13, 2025, with the first model, DH116, featuring 11 degrees of freedom and a maximum load capacity of 40 kg, making it suitable for industrial and commercial automation [2][11][15]. Market Potential - The market for dexterous hands is projected to reach 108.73 billion yuan when humanoid robot production reaches 5 million units. The dexterous hands can also be installed on industrial robots and collaborative robots, significantly expanding the potential market [3][19][25]. Strategic Positioning in Humanoid Robotics - The company has established a strong foundation in the robotics sector, with a market share of 3.8% in servo products as of 2024, positioning itself as a key supplier of core components and solutions in the humanoid robotics market [4][30][28]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 215 million, 278 million, and 355 million yuan for the years 2024 to 2026, representing year-on-year growth rates of 54.85%, 29.48%, and 27.62%, respectively. The report continues to recommend a "Buy" rating based on the company's leading position in the industry and extensive layout in humanoid robotics [8][32][33].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved revenue of 4.431 billion yuan, net profit attributable to shareholders of 347 million yuan, and net profit excluding non-recurring items of 299 million yuan in 2024, representing year-on-year changes of -5.66%, -7.53%, and +0.83% respectively. The slight decline in revenue is attributed to weak external demand and the company's proactive adjustment of its sales structure. The positive growth in net profit excluding non-recurring items indicates stable operations, with expectations for the automotive business to enhance performance and profitability as it scales up [2][3][10]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.431 billion yuan, a decrease of 5.66% year-on-year. The net profit attributable to shareholders was 347 million yuan, down 7.53%, while the net profit excluding non-recurring items increased by 0.83% to 299 million yuan [2][3]. - The fourth quarter of 2024 saw revenue of 1.140 billion yuan, with a year-on-year increase of 8.18%, while net profit attributable to shareholders decreased by 9.01% to 89 million yuan, and net profit excluding non-recurring items increased by 22.05% to 63 million yuan [3]. Business Segments - The general lighting segment generated revenue of 3.785 billion yuan, down 6.35% year-on-year, impacted by a decline in export values and the company's decision to reduce operations in high-risk areas. The average selling price (ASP) increased by 1.5% year-on-year, indicating potential stabilization in revenue [3][10]. - The automotive business reported revenue of 596 million yuan, a decrease of 4.43% year-on-year, affected by delays in key projects. However, with the resolution of these issues and new project launches, the automotive segment is expected to see steady growth [3][10]. Profitability - The company's gross margin and net margin for 2024 were 19.21% and 7.78%, respectively, showing slight declines of 0.14 percentage points and 0.27 percentage points year-on-year. The gross margins for the lighting and automotive segments were 19.59% and 15.80%, respectively [4][9]. Dividend Policy - The company announced a dividend distribution plan for 2024, proposing a cash dividend of 0.74 yuan per share, totaling approximately 346 million yuan, which corresponds to a dividend payout ratio of about 99.65%, marking a significant increase from the previous year [11]. Investment Outlook - The company is positioned as a leader in the domestic general lighting market, with stable contributions from its traditional business and significant growth potential in the automotive sector. The report forecasts net profits of 400 million yuan and 450 million yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 15X and 14X [12][13].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.56 yuan for the next six months [5][12]. Core Insights - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.9%. The net profit attributable to shareholders reached 840 million yuan, up 14.2% year-on-year. The growth rate of net profit outpaced revenue growth due to improved profitability and effective cost control [1][3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 17.172 billion yuan, a 9.9% increase from the previous year. The net profit attributable to shareholders was 840 million yuan, reflecting a 14.2% growth. The net profit growth rate exceeded revenue growth primarily due to enhanced profitability, with a gross margin of 12.0%, up 0.4 percentage points year-on-year, and a decrease in expense ratio to 4.3%, down 0.5 percentage points [1][3][4]. Business Operations - The company managed 2,296 projects with a total managed area of 365 million square meters by the end of 2024, an increase of 20 million square meters from the previous year. The new contract amount signed during the year was 4.03 billion yuan, with significant contributions from non-residential sectors such as government public construction, parks, healthcare, transportation, and high-end manufacturing [1][4][19]. Service Segments - The basic property management segment generated a revenue of 13.4 billion yuan, up 10.6% year-on-year. The non-residential segment achieved a revenue of 9.67 billion yuan, growing 11.0%, while the residential segment reported a revenue of 3.73 billion yuan, a 9.7% increase. The company also saw strong growth in value-added services, with total revenue from these services reaching 3.09 billion yuan, a 16.7% increase [4][11]. Future Projections - The company forecasts earnings per share (EPS) of 0.91, 1.03, and 1.16 yuan for 2025, 2026, and 2027 respectively. The report suggests a price-to-earnings (P/E) ratio of 16 times for 2025, leading to an adjusted target price of 14.56 yuan [12][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% [4][15]. Core Insights - The company has shown robust growth in its CHC (Consumer Health Care) segment, driven by its core cold medicine category, and is expected to continue expanding its product offerings and market presence [1][8]. - The prescription drug segment is gradually recovering, with a focus on enriching the product pipeline and responding to external industry changes [1][10]. - The acquisition of a 28% stake in Tianjin Tianshi is progressing smoothly and is anticipated to positively impact the company's earnings starting in 2025 [11][12]. Financial Performance - In 2024, the company achieved total revenue of 27.617 billion yuan, a year-on-year increase of 11.63%, and a net profit of 3.368 billion yuan, up 18.05% [2][8]. - The CHC business generated revenue of 12.482 billion yuan in 2024, reflecting a growth of 14.13%, while the prescription drug business saw revenue of 6.006 billion yuan, an increase of 15.04% [9][10]. - The company’s gross margin for 2024 was 51.86%, with a slight decrease attributed to changes in business structure and external factors [14]. Future Outlook - For 2025, the company is projected to achieve revenues of 30.429 billion yuan and net profits of 3.868 billion yuan, with expected growth rates of 10.2% and 14.8%, respectively [3][15]. - The CHC segment is expected to maintain steady growth, while the prescription drug segment is anticipated to continue its recovery, supported by strategic product development and market expansion efforts [13][15]. Business Strategy - The company is focusing on enhancing its brand influence and product offerings through a "1+N" brand strategy, which aims to strengthen its market position in the OTC and professional brand segments [13]. - The integration of the acquired Tianjin Tianshi assets is expected to enhance the company's capabilities in the traditional Chinese medicine sector, driving innovation and market competitiveness [12][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.91 CNY for the next six months [5][12]. Core Views - The company's 2024 performance is expected to exceed expectations, driven by securities brokerage and proprietary trading, benefiting from market recovery and improved market share [1][3]. - The company's revenue and profit growth are supported by a steady increase in market competitiveness, with key metrics such as stock fund market share and margin financing balance showing upward trends [1][3]. - The current valuation is at the upper end of its historical range, but there is still significant room for growth compared to previous peaks, indicating potential for elastic release in a favorable market environment [1][12]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 11.6 billion CNY and net profit attributable to shareholders of 9.61 billion CNY, representing year-on-year increases of 4.7% and 17.3%, respectively [2][3]. - The fourth quarter alone saw a revenue of 4.3 billion CNY, up 65.9% year-on-year, and a net profit of 3.57 billion CNY, up 79.8% year-on-year, indicating strong performance driven by market recovery [2][3]. Revenue Breakdown - Revenue growth is primarily attributed to securities brokerage, with a projected revenue of 6.11 billion CNY from commission income in 2024, reflecting a year-on-year growth of 23.1% [3][4]. - The company’s market share in stock fund trading reached approximately 4.14%, an increase of 0.12 percentage points year-on-year, showcasing improved competitiveness in the brokerage sector [3][4]. Profitability Analysis - Profit growth is largely driven by proprietary trading, particularly in fixed-income investments, with trading financial assets expected to grow to 73.55 billion CNY, generating 3.37 billion CNY in income, a 50.8% increase year-on-year [4][11]. - The company has effectively controlled costs, with sales and management expense ratios decreasing, contributing positively to profit growth, resulting in a net profit margin increase of 8.9 percentage points to 82.8% [4][11]. Future Projections - The company forecasts total revenue of 13.46 billion CNY, 14.64 billion CNY, and 16.47 billion CNY for 2025 to 2027, with corresponding net profits of 11.19 billion CNY, 12.44 billion CNY, and 14.23 billion CNY, indicating robust growth [11][12]. - The projected dynamic PE ratios for 2025 to 2027 are 34.5x, 31.0x, and 27.1x, suggesting that the company remains competitively valued within its historical context [12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.94 yuan, unchanged from previous forecasts [4]. Core Views - In 2024, the company achieved operating revenue of 59.99 billion yuan, a year-on-year decrease of 16.8%, and a net profit attributable to shareholders of 0.95 billion yuan, down 48.2%. The decline in performance is attributed to a decrease in settlement profit margins and an increase in asset impairment losses [2][3]. - The company remains in the top tier of sales, with a sales amount of 105.4 billion yuan in 2024, ranking 10th in the industry. In the first two months of 2025, the ranking improved to 7th [3][4]. - The company is focusing on inventory reduction through the ongoing stock and idle land acquisition efforts by its major shareholder, Huafa Group, which is expected to accelerate inventory turnover [4]. Summary by Sections Financial Performance - The company reported a comprehensive gross profit margin of 14.3% in 2024, a decrease of 3.8 percentage points from the previous year. The asset impairment losses for the year amounted to 1.84 billion yuan, an increase of 15.4% year-on-year [3][15]. - The sales amount for 2024 was 105.4 billion yuan, a decline of 16.3% compared to the previous year. The land acquisition amount for 2024 was 9.47 billion yuan, with a land acquisition intensity of 9.0%, down 23 percentage points from the previous year [3][12]. Sales and Market Position - The company has reduced its land acquisition efforts and focused on core regions, acquiring six projects in major cities such as Shanghai, Guangzhou, Chengdu, and Xi'an [3][4]. - In the first two months of 2025, the company achieved a sales amount of 17.2 billion yuan, a significant increase of 58.6% year-on-year, indicating a positive trend in sales performance [3]. Financing and Cost Management - The company has maintained a "green" status under the three red lines policy, leading to a further decrease in financing costs. As of the end of 2024, the comprehensive financing cost was 5.22%, down 0.26 percentage points from the end of 2023 [4]. - The company is actively expanding its financing channels, currently promoting a convertible bond issuance of up to 5.5 billion yuan, which is expected to enhance its financial strength [4].

证券研究报告·行业动态 年报呈现结构性特点，建议关注 新域新质方向 核心观点 近日，多家上市公司发布 2024 年年报，仍然呈现结构性特点，新 域新质方向公司表现较好。其中，中科星图 2024 年营业收入 32.57 亿 元，同比增长 29.49%，归母净利润 3.52 亿元，同比增长 2.67%。中航 高科 2 024 年营业收入为 50.72 亿元，营业收入同比增长 6.12%，归母 净利润为 11.53 亿元，归母净利润同比增长 11.75%。板块业绩接近底 部，2 025 年行业业绩有望迎来触底回升。2024 年年底以来，军工板块 出现诸多积极信号，核心公司发布合同公告，核心公司业绩有望企稳， 2 0 25 年预计关联交易额增加，显示军工基本面已经开始加速回暖。 主要内容 1、近日，多家上市公司发布 2024 年年报，仍然呈现结构性特点，新域 新质方向公司表现较好。其中，中科星图 2024 年营业收入 32.57 亿元， 同比增长 29.49%，归母净利润 3.52 亿元，同比增长 2.67%。中航高科 2024 年营业收入为 50.72 亿元，营业收入同比增长 6.12%，归母净利润 为 11.53 ...