Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to experience significant growth in 2024, despite a challenging external environment and high base effects from the previous year. The launch of new products, including the MagNeuro ONE series and shockwave therapy devices, is anticipated to enhance the company's competitive edge in the rehabilitation and aesthetic medicine sectors [2][4] - The company's revenue and profit showed a notable improvement in Q1 2025, indicating a positive trend that is likely to continue throughout the year, driven by the increasing sales of aesthetic products [2] Financial Performance - In 2024, the company reported revenue of 400 million yuan, a year-over-year decrease of 13.5%, and a net profit attributable to shareholders of 101.97 million yuan, down 25.2%. The non-recurring net profit was 80 million yuan, reflecting a 31.7% decline [1][10] - For Q1 2025, the company achieved revenue of 95.91 million yuan, marking a year-over-year increase of 9.4%, and a net profit of 33.22 million yuan, up 52.7%. The non-recurring net profit was 30.54 million yuan, representing a 59.0% increase [1][10] Profitability Analysis - The gross margin for 2024 was 65.5%, a decrease of 6.3 percentage points year-over-year, while the net profit margin was 25.5%, down 4.0 percentage points. The decline in gross margin is attributed to increased competition in the rehabilitation sector and the initial phase of new product launches [3] - The operating cash flow for 2024 was 120 million yuan, a year-over-year decrease of 11.9%, with the cash flow net amount accounting for 160.1% of net operating income, showing significant improvement [3] Earnings Forecast and Valuation - The company is expected to see a gradual recovery in its core rehabilitation business and substantial contributions from new products in the aesthetic sector from 2025 to 2027. The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.37 yuan, 1.65 yuan, and 2.02 yuan, respectively. The current stock price corresponds to a price-to-earnings (P/E) ratio of 33.80 for 2025 [4][10]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The introduction of the current housing sales system in Xinyang is seen as a signal that the local real estate market has reached a bottoming out phase [4] - The implementation of the current housing sales policy is expected to boost buyer confidence and aid in inventory digestion, despite the long inventory turnover period and declining new construction area [3][4] - The real estate market in Xinyang is characterized by a significant decline in new housing sales, with a peak in 2021 followed by an 80% drop by 2024 [2] Summary by Relevant Sections New Housing Sales - In 2021, new housing sales in Xinyang peaked at 1,097,000 square meters, but by 2024, the sales area had dropped to 218,000 square meters, reflecting an 80% decline from the peak [2] - The sales area of pre-sold housing in 2024 is estimated at approximately 130,000 square meters, down 82% from 2022 [2] Land Market - In 2022, the area of land purchased in Xinyang was 15,280 square meters, a 75.8% year-on-year decrease, leading to a low contribution of land revenue to government funds [2] - Only one residential land transaction occurred in the first four months of 2025, with a total area of 157,000 square meters, indicating a sluggish land market [2] New Construction - New construction area in Xinyang has been declining since 2022, with a 29.7% drop in 2022 and a projected 40.5% decrease in 2024 [2] - The estimated new construction area for 2024 is around 130,000 square meters, an 87% drop from 2021 [2] Inventory - The inventory of unsold housing in Xinyang was 2,967,000 square meters in 2021, decreasing by 8.6% in 2022 and by 12.2% in 2024 [2] - By the end of 2024, the unsold housing inventory is expected to be 2,089,000 square meters, with residential unsold inventory around 1,460,000 square meters and a turnover period of 20 months [2] Population - The resident population of Xinyang in 2024 is projected to be 6.05 million, a 1.9% decrease year-on-year, and a reduction of 430,000 compared to 2018, marking five consecutive years of population decline [2]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company achieved steady growth in 2024, with revenue of 10.28 billion yuan, a year-on-year increase of 1.3%, and a net profit of 1.04 billion yuan, up 2.1% year-on-year, driven by a focus on distributed energy market expansion and customer demand [1][12] - In Q1 2025, the company reported revenue of 2.56 billion yuan, a 2.7% year-on-year increase, and a net profit of 250 million yuan, up 5.6% year-on-year, attributed to cost reduction and market expansion efforts [1] - The company is positioned as a leader in axial flow compressors, benefiting from the commercialization and rapid development of compressed air energy storage [3] Financial Performance - The company's gross margin for 2024 was 22.5%, an increase of 1 percentage point year-on-year, while the net margin was 11.1%, up 0.3 percentage points year-on-year [2][17] - In Q1 2025, the gross margin decreased to 20.5%, down 2.9 percentage points year-on-year, but the net margin increased to 10.9%, up 0.3 percentage points year-on-year [2] - The company’s operating expenses ratio for 2024 was 9.2%, an increase of 1.3 percentage points year-on-year, with R&D expenses rising due to increased investment in the distributed energy market [2][17] Market Outlook - The industrial gas market in China is projected to grow from 212.9 billion yuan in 2023 to 284.2 billion yuan by 2026, with a compound annual growth rate of 10% [5] - The company’s subsidiary, Qin Feng Gas, achieved a market share of 1.6% in 2023, establishing itself as a leader in the domestic industrial gas sector [5] Profit Forecast and Valuation - The company’s net profit is expected to reach 1.13 billion yuan in 2025, 1.24 billion yuan in 2026, and 1.36 billion yuan in 2027, with year-on-year growth rates of 8%, 10%, and 10% respectively [6] - The corresponding price-to-earnings ratios are projected to be 13.2, 12.0, and 11.0 for the years 2025, 2026, and 2027 [6]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company is expected to recover its performance in 2025 driven by new products and overseas expansion [1][2] - Despite a decline in revenue and profit in Q1 2025 due to high base effects, there is optimism for growth throughout the year as demand recovers and channels expand [1][2] Revenue and Profit Analysis - In 2024, the company's revenue was 7.566 billion yuan, a year-on-year decrease of 5.09%, while the net profit attributable to the parent company was 1.806 billion yuan, down 24.63% [1] - Q4 2024 showed a revenue of 1.538 billion yuan, a year-on-year increase of 17.51%, and a net profit of 274 million yuan, up 33.60% [1] - For Q1 2025, revenue reached 2.436 billion yuan, a year-on-year increase of 9.17%, while net profit was 625 million yuan, down 5.26% [1] Product and Channel Growth - The blood glucose and AED new products are expected to drive high growth in revenue [3] - The blood glucose management segment saw a 40% year-on-year revenue increase in 2024, with CGM products experiencing over 100% growth [3] - The overseas revenue for 2024 was 949 million yuan, a year-on-year increase of 30%, indicating significant growth potential in international markets [4] Profitability Outlook - The gross margin for 2024 was 50.14%, a slight decrease of 1.35 percentage points year-on-year, but is expected to maintain a relatively high level in 2025 [5] - The net margin for 2024 was 23.85%, down 5.96 percentage points year-on-year, but is projected to remain high due to cost reduction and efficiency improvements [5] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 8.688 billion, 10.056 billion, and 11.543 billion yuan, representing year-on-year growth rates of 14.83%, 15.75%, and 14.78% respectively [6] - Net profit forecasts for the same period are 2.094 billion, 2.423 billion, and 2.798 billion yuan, with corresponding year-on-year growth rates of 15.95%, 15.75%, and 15.46% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has faced significant revenue and profit declines in 2024, with operating income of 36.441 billion yuan, down 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year [20][14] - Despite the challenges, the company remains optimistic about its coal transportation business in Xinjiang, which is expected to recover due to seasonal demand [14] Summary by Sections Overall Performance - In 2024, the company reported an operating income of 36.441 billion yuan, a decrease of 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year. The net cash flow from operating activities was 5.675 billion yuan, down 16.64% year-on-year [20][14] Coal Business - The coal business achieved record production and sales, with raw coal output reaching 39.8329 million tons, up 78.52% year-on-year, and total coal sales of 47.234 million tons, up 52.39% year-on-year. Revenue from coal operations was 17.379 billion yuan, an increase of 18.03% year-on-year, although the gross margin fell to 22.95%, down 11.73 percentage points due to declining sales prices [27][29] Natural Gas Business - The company reduced its external gas procurement due to price discrepancies, resulting in a 51.65% year-on-year decrease in external LNG sales to 2.2393 million tons. Total natural gas sales were 2.8401 million tons, down 52.95% year-on-year. Revenue from natural gas sales dropped to 13.065 billion yuan, down 65.95% year-on-year, while the gross margin improved to 14.37%, up 6.26 percentage points [31][33] Coal Chemical Business - The coal chemical segment maintained stable production, with methanol output of 1.0788 million tons, up 18.43% year-on-year, and ethylene glycol output of 155,600 tons, up 23.73% year-on-year. However, total sales in this segment decreased by 8.42% year-on-year [36][39] Profit Forecast and Valuation - The company forecasts a net profit of 3.487 billion yuan for 2025, reflecting a 17.75% increase year-on-year, with expected earnings per share of 0.54 yuan. The company is positioned well in Xinjiang with strong coal reserves and advanced production capacity, indicating potential for valuation recovery [14][42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in Q1 2025 met expectations, with a significant year-on-year increase in net profit of 180.99% [1][2] - The shipbuilding industry is experiencing an upward cycle due to factors such as the ship replacement cycle, environmental policies, and tight production capacity [4][5] - The company has a strong order backlog, with a total of 2,169.62 billion yuan in hand for civil ship orders as of 2024 [2] Financial Performance - In 2024, the company achieved an operating revenue of 78,584 million yuan, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3,614 million yuan, up 22.21% [1] - For Q1 2025, the company reported an operating revenue of 15,858 million yuan, a 3.85% increase year-on-year, and a net profit of 1,127 million yuan, reflecting a 180.99% increase [2] - The gross profit margin for 2024 was approximately 10.20%, with a net profit margin of 4.91% [3] Business Segmentation - The shipbuilding and marine engineering segment generated revenue of 75,374 million yuan in 2024, up 7.03% year-on-year [1] - The electromechanical equipment segment reported revenue of 1,956 million yuan, a 1.45% increase [1] - The company delivered 93 civil ships in 2024, achieving 721.34 million deadweight tons, exceeding the annual plan by 112.74% [2] Order and Delivery Insights - The company secured new orders worth 1,039 million yuan for civil ships in 2024, along with 20.73 million yuan for repair services [1] - As of Q1 2025, the company’s gross profit margin improved to 12.84%, a year-on-year increase of 5.62 percentage points [3] - The total hand-held civil ship orders amounted to 2,169.62 billion yuan, indicating strong future revenue potential [2] Industry Trends - The shipbuilding industry is witnessing a slowdown in new orders, with a 56% year-on-year decline in new orders from January to April 2025 [4][17] - Despite the slowdown, ship prices are expected to continue rising due to tight supply and inflationary pressures [4][5] - The integration of shipbuilding assets within the group is progressing smoothly, which is expected to enhance operational efficiency and competitive positioning [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 16 日 浙商早知道 2025 年 05 月 16 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 11524 亿元，南下资金净流出 2,21 亿港元。 浙商早报 1 市场总览 1、大势：周四上证指数下跌 0.7%，沪深 300 下跌 0.9%，科创 50 下跌 1.3%，中证 1000 下跌 1.7%，创 业板指下跌 1.9%，恒生指数下跌 0.8%。 重要观点 ❑ 【浙商宏观 李超/费瑾】宏观专题研究：4 月金融数据：金融数据回落中的结构性亮点——20250514 重要点评 ❑ 【浙商大制造中观策略 邱世梁/王华君/张菁】机械设备 行业深度：深海科技：政策东风起，聚焦深海装备、深 海信息技术、深海探测等——20250514 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数下跌 0.7%，沪深 300 下跌 0.9%，科创 50 下跌 1 ...

Investment Rating - The investment rating for Zhengmei Machine (601717) is "Accumulate" [4] Core Views - The company achieved a total operating revenue of 37.05 billion yuan in 2024, representing a year-on-year growth of 1.7%. The net profit attributable to shareholders was 3.93 billion yuan, up 20.2%, driven by revenue structure optimization in the coal machinery segment and a decrease in material costs [2][10] - In Q1 2025, the company reported an operating revenue of 9.76 billion yuan, a 0.9% increase year-on-year, and a net profit of 1.09 billion yuan, reflecting a 4.5% year-on-year growth, mainly due to the growth of the automotive parts subsidiary Yaxin Technology and increased shareholding in subsidiaries [2] - The company's profitability showed slight fluctuations, with a decrease in expense ratios and significant cost reduction and efficiency improvement effects [2] Financial Performance Summary - For 2024, the gross profit margin was 24.0%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 11.4%, also up by 1.9 percentage points year-on-year. In Q1 2025, the gross profit margin was 23.5%, down 0.4 percentage points year-on-year, and the net profit margin was 11.5%, down 0.7 percentage points year-on-year [2][3][15] - The company’s expense ratio for 2024 was 10.9%, a decrease of 0.5 percentage points year-on-year, with sales expense ratio at 2.5%, down 0.6 percentage points, and R&D expense ratio at 4.1%, down 0.2 percentage points [3][15] Profit Forecast - The company is expected to achieve operating revenues of 38.2 billion yuan, 40.2 billion yuan, and 43.9 billion yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 7%. The net profit attributable to shareholders is projected to be 4.11 billion yuan, 4.41 billion yuan, and 4.99 billion yuan for the same years, with a CAGR of 10% [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a realization phase for its biopharmaceuticals, with expectations of an upward turning point [1] - The company achieved a revenue of 3.924 billion yuan in 2024, a slight decrease of 0.20% year-over-year, while the net profit attributable to shareholders increased significantly by 536.09% to 826 million yuan [1][9] - The first quarter of 2025 saw a revenue of 885 million yuan, down 11.85% year-over-year, and a net profit of 85 million yuan, down 52.19% year-over-year [1] Revenue and Profitability - The company's revenue from non-heparin formulations is expected to drive growth in overseas formulations, with a projected revenue of 3.050 billion yuan from formulations in 2024, representing a year-over-year increase of 10.05% [1][2] - The revenue from non-heparin formulations reached 1.467 billion yuan in 2024, showing a year-over-year growth of 24.25% [1][2] - The company’s heparin raw material revenue is declining, with a projected revenue of 787 million yuan in 2024, accounting for 20.06% of total revenue [2] Future Growth Drivers - The company is expected to see significant growth from its high-margin biopharmaceutical product line, which is entering a realization phase [2][3] - The company has received FDA approvals for several products, including Liraglutide in April 2025, which is anticipated to enhance its international market presence [1][2] Financial Forecasts - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.65 yuan, 0.90 yuan, and 1.22 yuan respectively [3][9] - The company’s revenue is expected to grow to 4.785 billion yuan in 2025, representing a year-over-year increase of 21.95% [9] Market Position - The company is successfully transitioning from a traditional raw material supplier to an international sterile injection enterprise, with a focus on quality and cost leadership [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29%. Despite the pressure on the cybersecurity industry due to tightened budgets from downstream clients, the company focused on core customers and high-value markets to achieve growth [2] - The company's net loss narrowed to 365 million yuan in 2024, with a significant improvement in operating quality driven by cost reduction and efficiency enhancement strategies. The gross margin for security products reached 67.87% [3] - The company is targeting AI and security as dual engines for growth, with plans to enhance its technology stack and build ecosystems in the future [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.358 billion yuan, a 40.29% increase year-on-year. The net loss was reduced to 365 million yuan, with a net profit margin improvement from -58.1% to -15.5% [2][3] - For Q4 2024, the revenue was 1.084 billion yuan, showing a year-on-year growth of 128.67% [8] - The company forecasts revenues of 2.536 billion yuan, 2.743 billion yuan, and 2.981 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits turning positive in 2025 [9][10] Strategic Focus - The company is implementing a "focus strategy" to optimize resource allocation, concentrating on stable core customers in sectors like telecommunications, finance, and energy while reducing inefficiencies in other markets [2] - The introduction of a restricted stock incentive plan for 2024 indicates management's confidence in long-term performance improvement, with revenue targets set for 2025 and 2026 [2] Innovation and Market Position - The company made significant advancements in AI and security, launching the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" risk assessment product [4] - The strategic goal is to solidify domestic leadership while expanding into international markets, aiming to become a leader in digital cybersecurity [4]