证券研究报告 上海建工 (600170 CH) 上海贡献提升，资产处置增厚业绩 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 建筑施工 | 公司发布年报：24 年实现营收 3002 亿，同比-1.45%，归母净利/扣非归母 净利 21.7/6.13 亿，同比+39.2%/-44.5%，归母净利基本符合业绩快报（22.0 亿），其中 Q4 实现营收 862 亿，同比+5.66%，归母净利/扣非归母净利 8.16/-1.76 亿，同比+211%/-156%。我们认为公司作为上海城市建设主力军， 24 年上海市场新签订单占集团新签比例同比提升 1pct 至 72%，长三角区域 业务比重达 83%，经营稳健度较高，维持"增持"评级。 施工主业稳健，房产开发毛利率有所恢复 分业务，公司 24 年建筑施工/设计咨询/建材工业/房产开发/城市建设投资实 现营收 2667/49/146/36/18 亿，同比+0.7%/-16.6%/-13.1%/-56.4%/+5.1%， 毛利率 7.0%/23.1%/13.6%/9.8% ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 38.40 RMB [7][8]. Core Views - The company achieved a revenue of 6.09 billion RMB in 2024, a year-on-year increase of 15%, and a net profit attributable to the parent company of 810 million RMB, up 51% year-on-year, aligning with previous performance forecasts [1][5]. - The company is expected to benefit from the release of high-end AI products and an increase in market share, particularly with the upcoming launch of a high-end AI sewing machine [1][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.387 billion RMB, a 16% increase year-on-year, and a net profit of 193 million RMB, up 53% year-on-year [1]. - The gross margin for 2024 was 32.76%, and the net margin was 13.57%, reflecting improvements of 4.34 and 3.37 percentage points year-on-year, respectively [3]. Product Segmentation - Revenue growth for different product segments in 2024 included a 15% increase in sewing machines, a 14% increase in cutting tables, and a 25% increase in automated sewing units [2]. - Domestic revenue reached 3.128 billion RMB, a 28.6% increase, slightly above the industry growth rate of 27% [2]. Cost Management - The company streamlined its product line to 1,400 SKUs, enhancing resource allocation efficiency [3]. - The increase in sales, management, and R&D expense ratios was primarily due to stock option expenses, while financial expenses decreased due to loan repayments [3]. Future Outlook - The company is set to release a high-end AI sewing machine in the second half of 2024, which is expected to create a new category in the sewing machine industry and improve production efficiency [4]. - The company maintains a profit forecast of 1.16 billion RMB for 2025 and 1.28 billion RMB for 2026, with corresponding PE ratios of 12 and 11 [5][6].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 60.13 RMB [8][9]. Core Views - The company is positioned as a leader in edge AI algorithms, with continuous high growth in performance driven by rapid revenue increases in smart driving and smartphones, alongside enhanced cost control measures [1][2]. - The company is expected to enter a high growth phase from 2025 to 2027, with significant contributions from both smart smartphones and smart automotive sectors [1][3]. Revenue and Profitability - The company forecasts a revenue of 815.17 million RMB for 2024, representing a year-on-year growth of 21.62%, and a net profit of 176.69 million RMB, reflecting a year-on-year increase of 99.67% [7]. - For Q1 2025, the revenue is projected at 209 million RMB, with a year-on-year growth of 13.77%, and a net profit of 49.66 million RMB, showing a year-on-year increase of 45.35% [1][2]. Segment Performance - Smart terminal revenue is expected to reach 675 million RMB in 2024, growing by 16.17% year-on-year, while smart driving and other IoT revenues are projected to grow by 71.20% to 127 million RMB in the same year [2]. - The gross margins for 2024 and Q1 2025 are forecasted to be 90.43% and 89.84%, respectively, indicating strong profitability [2]. Future Growth Drivers - The company is actively exploring new growth areas such as AI glasses, robotics, and smart commercial photography, which are anticipated to become significant contributors to future revenue [4]. - The smart automotive sector is expected to continue its high growth trajectory, with a focus on domestic and international market expansion [3][4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025 and 2026 are 0.71 RMB and 0.98 RMB, respectively, with a new estimate for 2027 at 1.38 RMB [5][7]. - The target price is based on a price-to-earnings (PE) ratio of 85 times for 2025, reflecting an increase in overall sector valuations [5].

证券研究报告 密尔克卫 (603713 CH) 24 年盈利亮眼，25 年有望进一步增长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 仓储物流 | 密尔克卫发布 2024 年和 1Q25 业绩：1）24 年营收 121.2 亿元，同比+24.3%； 归母净利 5.7 亿元，同比+31.0%，符合我们的预期。2）1Q25 营收 33.4 亿 元，同比+15.4%；归母净利 1.7 亿元，同比+14.0%。24 年及 1Q25 盈利增 长亮眼主因海运出口集装箱量及化工品分销业务增长强劲。展望 25 年，美 国关税政策反复，全球经济增长不确定性提升，或将影响公司国际货代业务。 国内市场方面，我们预计伴随宏观经济逐步回暖，危化品物流市场需求有望 改善，公司内贸业务同比有望增长。维持"买入"。 24 年全球货代业务受益出口需求向好和海运价格上涨，毛利同比+34.9% 24 年公司 MGF 全球货代业务营收 34.7 亿元，同比+56.2%；毛利 3.6 亿元， 同比+34.9%；毛利率 10.4%，同比-1.6pc ...

证券研究报告 纳芯微 (688052 CH) 收入同比高增，汽车新品进入收获期 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 4 月 | 15 日│中国内地 | 半导体 | 2024 年营收 19.60 亿元(yoy +49.53%），归母净利润-4.03 亿元(yoy -31.95%) ， 符 合 业 绩 快 报 。 2024 年 Q4 单 季 度 营 收 5.94 亿 元 （yoy+91.64%/qoq+14.93%），归母净利 482.53 万元，同环比扭亏。 我们 看到公司围绕汽车布局新产品正逐步进入收获期，2024 年公司汽车收入占 比提升 5.9pct 至 36.88%。但受行业竞争等影响，毛利率同比下降 5.9pct 至 32.7%。公司剔除股份支付费用后的研发费用同比增长 44.6%，盈利水 平短期承压。我们看好 1)2025 年模拟下游如汽车工业等需求持续回暖，叠 加麦歌恩并表，公司收入有望持续高增；2）受中美关税政策影响，模拟降 价压力有望缓解，国产化导入有望加速，公司有望率先受益，维持"买入"。 2024 回顾：收入同比高增，信号链+电源管 ...

证券研究报告 网宿科技 (300017 CH) 看好 AI 驱动下 25 年业绩放量 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 计算机应用 | 网宿科技发布年报，2024 年实现营收 49.32 亿元（yoy+4.81%），归母净利 6.75 亿元（yoy+10.02%），扣非净利 5.20 亿元（yoy+27.46%）。其中 Q4 实现营收 13.22 亿元（yoy+11.26%），归母净利 2.45 亿元（yoy+30.99%）。 公司业绩优于我们此前预期，主要由于海外业务收入进展优于预期，24 年 公司海外收入占比 57.66%。我们认为，伴随 AI 应用进入放量周期，25 年 公司"CDN+边缘计算+IDC"核心主业有望加速成长，维持"买入"评级。 AI 产业趋势持续推进，公司有望向高附加值环节渗透 2024 年公司 CDN 及边缘计算业务收入 45.92 亿元，同比+4.93%，毛利率 31.93%，同比-0.89pct；IDC 及液冷业务收入 2.55 亿元，同比-4.51%，毛 利率 21 ...

| 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 15 日│中国内地 | 化学制品 | 证券研究报告 新和成 4 月 14 日发布 24 年年报：2024 年实现营收 216 亿元（yoy+43%）， 归母净利 58.7 亿元（yoy+117%），扣非净利 58.3 亿元（yoy+123%）。其 中 Q4 实现营收 58.3 亿元（yoy+42%，qoq-1.8%），归母净利 18.8 亿元 （yoy+212%，qoq+5.3%）。24 年公司拟每股派发现金红利 0.5 元（含税）。 公司 24Q4 归母净利高于我们前瞻预期（15.1 亿元），主要系产品销售价格 增加、毛利率不断优化等原因。考虑到营养品类蛋氨酸等产品景气有望维持， 以及在投项目成长性，维持"增持"评级。 营养品板块主产品量价同比增长，香精香料与新材料产品稳步推进 新和成 (002001 CH) 据 24 年报，24 年公司营养品收入同比+53%至 151 亿元，毛利率同比+13pct 至 43%，主要系主产品销量与价格上升，蛋氨酸等项目新产能释放，据博 亚和讯，24 年公司主产品维生素 ...

证券研究报告 苏交科 (300284 CH) 减值收敛已现，低空布局加速 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 建筑设计及服务 | 苏交科 2024 年实现营收 47.29 亿元（yoy-10.40%），归母净利 2.24 亿元 （yoy-31.92%），扣非净利 1.79 亿元（yoy-34.27%）。其中 Q4 实现营收 18.14 亿元（yoy-16.04%，qoq+112.08%），归母净利 7122.19 万元 （yoy-29.52%，qoq+1636.24%），略低于我们此前预期（0.94 亿元），系 "十四五"末投资以存量推进为主，新建项目需求减少，导致公司收入下滑， 而短期费用刚性使得利润率下滑较多，叠加 4Q24 化债进度偏缓所致。我们 认为公司受 PPP 影响历史减值计提较多，未来化债加码有望收益，且公司 在低空经济领域率先发展，积极打造新兴增长点，维持"增持"评级。 综合毛利率承压，短期费用相对刚性 2024 年公司勘察设计/综合检测业务分别实现营收 31.07/12.76 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.78 RMB [8][9]. Core Insights - The company's revenue for 2024 reached 7.848 billion RMB, a year-on-year increase of 23%, while the net profit attributable to shareholders was 2.244 billion RMB, up 20% year-on-year [1]. - Investment income was a significant growth driver, with a 123% year-on-year increase, contributing 2.622 billion RMB to the total revenue [2]. - The brokerage business saw a net income of 1.084 billion RMB, a 20% increase year-on-year, with a notable rise in market share for stock and fund transactions [3]. Summary by Sections Financial Performance - The company reported a total revenue of 7.848 billion RMB for 2024, with a net profit of 2.244 billion RMB, reflecting a 20% increase from the previous year [1]. - In Q4 alone, revenue surged to 2.793 billion RMB, marking a 96% year-on-year increase [1]. Investment Income - The investment business generated 2.622 billion RMB in revenue, a remarkable 123% increase year-on-year, which was the core driver of overall performance [2]. Brokerage and Financing - The brokerage business net income reached 1.084 billion RMB, a 20% increase year-on-year, with a market share of 0.65% for stock and fund transactions, up 0.06 percentage points [3]. - The margin financing balance market share reached 1.1%, the highest in five years [3]. Investment Banking and Asset Management - The investment banking segment reported a net income of 202 million RMB, a slight decrease of 2% year-on-year, while asset management net income fell by 15% to 89 million RMB [4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 is projected at 0.57 RMB, with a book value per share (BPS) of 8.89 RMB [5]. - The report anticipates a price-to-book (PB) ratio of 1.1 times for 2025, leading to a target price of 9.78 RMB [5].

证券研究报告 中国人保 (1339 HK/601319 CH) 1Q25 净利润同比预增 30%~50% | 华泰研究 | | 公告点评 | | --- | --- | --- | | 2025 年 4 月 | 14 日│中国内地/中国香港 | 保险 | 公司发布 1Q25 业绩预增公告：预计公司 2025 年一季度归母净利润同比增 长 30%~50%。保险业务方面，1Q25 财险板块受灾害减少的影响，综合成 本率或有所下降，人身险或保持稳健经营，1Q25 公司承保利润同比大幅增 加；另一方面，公司投资组合优质，1Q25 总投资收益大幅增长。考虑到公 司业务有望稳健增长，维持"买入"。 财产险：承保表现改善 1Q25 我国灾害同比减少，有利于降低财险行业赔付支出，并压低综合成本 率（COR）。根据国家金融监督管理总局数据，2025 年 1 月至 2 月，我国 财险公司赔款支出占原保险保费收入的比例同比下降 4.5pcts。叠加中国财 险持续推动风险减量服务、压降费用、调整产品结构，我们估计 1Q25 中国 财险 COR 同比下降，预计中国财险 2025 年 COR 约为 97.1%。保费端， 2025 年 1 ...