Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [7]. Core Views - The company has shown steady improvement in profitability, with a historical best sales net profit margin of 13.11% in 2024, and a significant increase in both revenue and net profit in Q1 2025 [4][5]. - The company is well-positioned to benefit from the accelerating trends of high-end, digital, green, and international development in the forklift industry, leveraging its brand effect, economies of scale, and technological advancements [7]. Financial Performance - In 2024, the company achieved operating revenue of 16,486 million yuan, a year-on-year increase of 1.15%, and a net profit of 2,022 million yuan, up 17.86% year-on-year [3][9]. - For Q1 2025, the company reported operating revenue of 4,506 million yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [3][4]. Profitability Metrics - The gross profit margin for 2024 was 23.55%, an increase of 2.77 percentage points year-on-year, with domestic and international margins at 18.74% and 30.72%, respectively [4]. - The company’s return on equity (ROE) for 2024 was 19.9%, indicating strong profitability relative to shareholder equity [9][14]. Market Position and Growth - The company sold approximately 280,000 units in 2024, a year-on-year growth of 14.06%, capturing about 22% of the market share in the forklift industry, which grew by 9.52% [4][5]. - The company’s overseas sales reached a historical high of over 100,000 units in 2024, contributing 41.53% to total revenue, with significant expansion in international markets [5]. Research and Development - The company invested 774 million yuan in R&D in 2024, accounting for 4.7% of revenue, and plans to develop humanoid intelligent logistics robots [4][5]. - The introduction of new energy products, including high-pressure lithium battery forklifts and hydrogen fuel cell forklifts, has led to over 63% of sales coming from new energy products in 2024 [4]. Shareholder Returns - The company plans to distribute a total cash dividend of 655 million yuan, with a dividend payout ratio of 32.39% of net profit, corresponding to a dividend yield of approximately 2.5% [5].

Investment Rating - The report maintains an "Overweight" rating for the company [5][8]. Core Views - The company has reached a significant licensing agreement with Pfizer for the 707 project, with potential upfront and milestone payments totaling up to $6.05 billion, of which the company will receive 30% [1][2]. - The 707 project shows promising clinical data and development progress, indicating strong potential for expanding indications and global commercialization [1][3]. - The company is expected to see a revenue surge due to licensing income, leading to an upward revision of profit forecasts for 2025-2027 [5][13]. Summary by Sections Licensing Agreement - The agreement with Pfizer includes an upfront payment of $1.25 billion and up to $4.8 billion in milestone payments, along with a double-digit percentage royalty on product sales [2][3]. Clinical Development - The 707 project has demonstrated excellent early clinical data, with an overall response rate (ORR) of 71% in first-line non-small cell lung cancer (NSCLC) and 33% in third-line colorectal cancer (CRC) [3]. - The project is currently in various stages of clinical trials, including Phase III for PD-L1+ NSCLC and Phase II for other indications [3]. Autoimmune Pipeline - The company has four late-stage autoimmune pipeline products expected to reach the market by 2026, with significant milestones anticipated in 2024 and 2025 [4]. - Early-stage products are also progressing, with potential for overseas licensing [4]. Financial Projections - The company’s revenue is projected to increase significantly, with estimates of RMB 4.08 billion in 2025, reflecting a 241.77% increase from previous estimates [7][13]. - The net profit attributable to the parent company is expected to reach RMB 2.94 billion in 2025, marking a substantial increase [7][13]. Valuation - The report assigns a target price of RMB 48.64, reflecting a valuation of RMB 30 billion based on comparable biotech companies [5][9].

m 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-4-14 | 224 | 买进 | | 产品组合 | | | --- | --- | | 动力电池 | 70% | | 储能电池 | 16% | | 电池材料 | 8% | 机构投资者占流通 A 股比例 | 基金 | 17.7% | | --- | --- | | 一般法人 | 47.3% | 股价相对大盘走势 C o m p a n y U p d a t e 2025 年 5 月 21 日 | H70455@capital.com.tw | | --- | | 沈嘉婕 目标价(港币/人民币元) 370/330 | 公司基本资讯 | 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2025/5/20) | | 263.00 | | 深证成指(2025/5/20) | | 10249.17 | | 股价 12 个月高/低 | | 294.17/162.75 | | 总发行股数(百万) | | 4538.97 | | A 股数(百万) | | 3902.56 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][10]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 3.044 billion yuan, with a quarter-on-quarter increase of 1.56% and a year-on-year increase of 16.81%. The net profit for the same period was 204 million yuan, showing a quarter-on-quarter increase of 8.84% [4]. - The overall gross margin for 2024 was 18.6%, a year-on-year increase of 0.5 percentage points, with tracking brackets achieving a gross margin of 19.7% [6]. - The company forecasts revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 920 million yuan, 950 million yuan, and 1.31 billion yuan [7][10].

太阳能 阿特斯（688472.SH） 买入-A(维持) 大储打造第二增增长引擎，美国产能稳步推进 2025 年 5 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：公司发布 2024 年年报和 2025 年一季报，2024 年全年公司实现营 收 461.7 亿元，同比-10.0%；实现归母净利润 22.5 亿元，同比-22.6%。2025 年 Q1，公司实现营收 85.9 亿元，同比-10.5%，环比-28.4%；实现归母净利 润 0.47 亿元，同比-91.8%，环比-83.8%。 事件点评 市场数据：2025 年 5 月 20 日 储能业务增长势头强劲，订单充足打造盈利新引擎。2024 年公司储能系 统实现营收 97.4 亿元，同比+420.8%；毛利率为 30.8%，同比+13.7pct。2024 年全年，公司储能业务出货量达 6.5GWh，同比增长超 500%；其中 Q4 出货 2.1GWh，出货量再创单季度历史新高。2025 年 Q1,受合同签署和交付节奏 影响，确认收入的出货量为 0.79GWh；展望 2025 年全年，预计公司大储业 务出货规模增至 11-13GWh，维持高 ...

证券研究报告 | 2025年05月21日 智微智能（001339.SZ） 优于大市 物联网数字化核心方案商，智算业务打开第二成长曲线 智微智能：以物联网为基，横向切入 AIGC 基础设施领域。公司为国内领先 的智联网硬件产品及解决方案提供商，成立于 2011 年，产品覆盖行业终端、 ICT 基础设施、工业物联网三大业务板块；2024 年投资设立控股子公司 腾云智算，致力于为客户提供 AIGC 高性能基础设施产品，围绕 AI 算力 规划与设计、设备交付、运维调优、算力调度管理、设备维保及置换等 提供端到端的智算中心全流程综合服务。根据 2024 年年报披露数据， 2024 年行业终端、ICT 基础设施、工业物联网、智算业务收入分别为 25.97、6.31、1.51、3.01 亿元，占比分别为 64.4%、15.6%、3.7%、7.5%。 传统主业：行业终端、ICT 基础设施、工业物联网三大板块。1）行业终端 业务：公司产品主要有教育商显 OPS、云终端、PC 类产品，其中 PC 类产品 受全球将进入后疫情时代换机潮，叠加 Win10 停更带来的换机需求拉动， 根据 IDC 披露数据，预计 25 年全球 PC 出 ...

Investment Rating - The report maintains a "Strong Buy" rating for CNOOC Services [4] Core Views - CNOOC Services achieved a total revenue of 48.3 billion yuan in 2024, representing a year-on-year growth of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year. In Q1 2025, revenue reached 10.8 billion yuan, a 6.4% increase, with net profit soaring by 39.6% to 888 million yuan [1][10] Summary by Sections Drilling Services - The average daily revenue for semi-submersible drilling platforms increased to 143,000 USD, a rise of 7.5% year-on-year. The drilling segment generated 13.2 billion yuan in revenue, up 9.4% year-on-year. Despite a decrease in operational days due to typhoons, Q1 2025 saw an 11.4% increase in operational days, with semi-submersible daily rates maintaining a high level [2][3] Oilfield Technical Services - Revenue from oilfield technical services reached 27.655 billion yuan in 2024, up 7.4%, with the technical segment's contribution rising to 57%. The core business line's operational volume increased year-on-year, supported by improved R&D efficiency [2][3] Other Businesses - The ship service segment saw a significant increase in operational volume, up 33.8% in 2024 and 44.9% in Q1 2025. However, the geophysical segment experienced fluctuations due to project cycles, with a notable decline in Q1 2025 [3] Financial Health - The company improved its debt structure, with current liabilities decreasing by 1.69% year-on-year. Operating cash flow for 2024 was 11 billion yuan, down 15.9% due to a 9.8% increase in operating costs. The financial expense ratio decreased to 1.29% [3][10] Future Outlook - The company is expected to benefit from ongoing demand in deepwater fields and technological services, with a focus on international expansion and increased overseas orders. The report anticipates net profits of 4.729 billion yuan, 5.896 billion yuan, and 7.487 billion yuan for 2025, 2026, and 2027 respectively [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][5]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In 2024, the company reported revenue of 90.26 billion yuan, with a year-on-year growth of 41.25%. The net profit attributable to shareholders was 6.32 billion yuan, up 83.03% year-on-year [4][10]. - The company’s gross margin for 2024 was 18.6%, a slight increase of 0.5 percentage points year-on-year. The net profit margin improved to 7.1%, up 1.7 percentage points [6][10]. - Forecasts for 2025, 2026, and 2027 project revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan, respectively, with corresponding net profits of 9.2 billion yuan, 9.5 billion yuan, and 13.1 billion yuan [7][10].

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [1][7]. Core Views - The company's profitability is steadily improving, with a historical best sales net profit margin achieved in 2024. The first quarter of 2025 showed better-than-expected growth [4][7]. - The company is focusing on technological empowerment and leading in new energy products, with plans to develop humanoid intelligent logistics robots [4][5]. - The company is optimizing its overseas layout, achieving a record high in overseas product sales and revenue contribution [5][7]. Financial Performance - In 2024, the company achieved operating revenue of 16,486 million yuan, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 2,022 million yuan, up 17.86% year-on-year [3][4]. - For Q1 2025, the company reported operating revenue of 4,506 million yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [3][4]. - The gross profit margin for 2024 was 23.55%, an increase of 2.77 percentage points year-on-year, with a sales net profit margin of 13.11%, also a historical best [4]. Market Position and Strategy - The company sold approximately 280,000 units in 2024, a year-on-year increase of 14.06%, outperforming the industry growth rate of 9.52%, capturing about 22% market share [4]. - The company is investing heavily in R&D, with an expenditure of 774 million yuan in 2024, accounting for 4.7% of revenue [4]. - The company is expanding its overseas presence, with over 10 new overseas companies established and a manufacturing base in Thailand [5]. Shareholder Returns - The company plans to distribute a total cash dividend of 655 million yuan, with a dividend payout ratio of 32.39% of net profit attributable to shareholders, corresponding to a dividend yield of approximately 2.5% [5]. Earnings Forecast - The expected EPS for 2025-2027 is projected to be 1.74, 1.94, and 2.14 yuan, respectively, with corresponding P/E ratios of 11.1, 10.0, and 9.1 [7].

2025 年 5 月 21 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 年 5 月 | 20 日 | | --- | --- | | 收盘价（元）： | 9.53 | | 年内最高/最低（元）： | 16.69/8.34 | | 流通A股/总股本（亿）： | 13.82/36.88 | | 流通 A 股市值（亿）： | 131.70 | | 总市值（亿）： | 351.49 | | 基础数据：2025 年 | 3 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.01 | | 摊薄每股收益(元)： | | | 0.01 | | 每股净资产(元)： | | | 6.20 | | 净资产收益率(%)： | | | 0.20 | 资料来源：最闻 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 组件交付规模保持行业领先，海外产能布局稳步推进。2024 年公司光伏 组件产品实现营收 314.8 亿元，同比-25.6%；毛利率 ...