证券研究报告 | 公司点评 | 软件开发 ❑ 西湖论剑聚焦智能化，恒脑 3.0 开启 AI 安全新纪元 公司 2025 年 5 月在中国数谷・西湖论剑大会期间举办主题为"让安全更智能 让 智能更安全"的新品发布会，深度呼应全球网络安全产业智能化转型浪潮，凸显 行业双重使命：既要应对 AI 技术快速迭代引发的安全风险（如大模型数据泄 露、深度伪造攻击），又需通过 AI 重构安全防护体系以应对日益复杂的网络威 胁。 公司在发布会上发布恒脑 3.0 及四大 AI 安全解决方案，标志着其技术布局从单 一能力构建转向多场景融合创新。其中恒脑 3.0 的推出，不仅覆盖智算中心防 护、企业大模型监管等新兴场景，更通过 XSIAM 平台实现跨异构系统的协同防 御，将安全能力嵌入 AI 开发全生命周期。我们认为这一升级既是对政企客户智 能化转型需求的精准响应，也体现了公司在 AI 安全标准制定中的战略卡位。 ❑ 恒脑大模型持续进化，技术突破驱动安全能力跃升 我们认为恒脑 1.0 到 3.0 的技术迭代，完整映射了公司在 AI 安全领域从探索到引 领的进阶路径。 发布恒脑 3.0，开启安全智能体新纪元 ——安恒信息公司点评 投资 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within six months [9][15]. Core Insights - The company reported a revenue of 9.39 billion yuan for 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% year-on-year [4][5]. - The excavator market is showing signs of recovery, with a total of 201,100 excavators sold in 2024, marking a 3.13% increase, and domestic sales rising by 11.7% [6]. - The linear actuator project has entered mass production, which is expected to provide new growth opportunities for the company [6]. Financial Performance - In 2024, the company achieved revenues of 9.39 billion yuan, with a breakdown of product revenues as follows: hydraulic cylinders (4.76 billion yuan), hydraulic pumps and motors (3.58 billion yuan), hydraulic systems (296 million yuan), and parts and castings (684 million yuan) [5]. - The gross profit margin for 2024 was 42.47%, a decrease of 0.89 percentage points year-on-year, while the expense ratio increased by 4.77 percentage points to 14.96% [5]. - The company forecasts revenues of 10.44 billion yuan, 11.63 billion yuan, and 12.96 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.76 billion yuan, 3.13 billion yuan, and 3.56 billion yuan [7][9]. Market Trends - The excavator market is expected to continue its upward trend, with sales in the first four months of 2025 reaching 83,500 units, a 21.4% increase year-on-year [6]. - The company is actively pursuing its electrification strategy, with significant investments in the linear actuator project, which is anticipated to enhance its competitive position in the market [6].

公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 16 | | | --- | --- | --- | | 收盘价（元）： | | 31.39 | | 年内最高/最低（元）： | | 38.21/18.19 | | 流通A股/总股本（亿）： | | 1.16/1.93 | | 流通 A 股市值（亿）： | | 36.32 | | 总市值（亿）： | | 60.69 | 其他电子零组件Ⅲ 路维光电（688401.SH） 买入-A(首次) | 基础数据：2025 年 | 3 月 31 日 | | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.26 | | 摊薄每股收益(元)： | | 0.26 | | | 每股净资产(元)： | | | 7.47 | | 净资产收益率(%)： | | | 3.40 | | 资料来源：最闻 | | | | 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 新产能 ...

Investment Rating - The report upgrades the investment rating of Tianwei Food (603317) to "Strong Buy" [2][8] Core Views - The low point in operations has passed, and the company's value is becoming evident, with expectations for gradual recovery in business performance throughout the year [2][8] - The company is positioned as an industry leader, with potential for double-digit growth driven by both internal improvements and external acquisitions [8][9] - The current stock price has significantly corrected, providing an attractive entry point for investors, especially considering the high dividend yield and stable cash flow [8][9] Financial Summary - **Revenue Forecast**: Projected total revenue for 2024 is 3,476 million, with a growth rate of 10.4%. By 2027, revenue is expected to reach 4,426 million, with a growth rate of 9.8% [3][9] - **Net Profit Forecast**: Expected net profit for 2024 is 625 million, with a growth rate of 36.8%. By 2027, net profit is projected to be 801 million, with a growth rate of 13.8% [3][9] - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.59 in 2024, increasing to 0.75 by 2027 [3][9] - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 18 in 2024 to 14 in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.5 to 2.3 over the same period [3][9] Business Strategy - The company is focusing on product innovation and market expansion, particularly in hot pot base materials and Chinese-style seasonings, to capture a broader consumer base [8][9] - There is an emphasis on enhancing sales channels and exploring new retail opportunities, including partnerships with new retail and customized meal enterprises [8][9] - The company aims to maintain a high dividend payout ratio, which has exceeded 90% in recent years, providing a stable return for investors [8][9]

公司研究 证 券 研 究 报 告 双良节能（600481）2024 年报及 2025 年一季报点评 推荐（维持） 一季度环比减亏，设备在手订单充足 目标价：5.53 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,038 | 15,097 | 18,561 | 21,692 | | 同比增速(%) | -43.7% | 15.8% | 22.9% | 16.9% | | 归母净利润(百万) | -2,134 | 214 | 691 | 1,138 | | 同比增速(%) | -242.1% | 110.0% | 222.8% | 64.8% | | 每股盈利(元) | -1.14 | 0.11 | 0.37 | 0.61 | | 市盈率(倍) | -4 | 40 | 12 | 8 | | 市净率(倍) | 1.8 | 1.7 | 1.5 | 1.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 ...

Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, with a target price of 18.01 CNY [2][8]. Core Views - The company is experiencing a phase of performance pressure, but the BC technology is expected to see significant growth in production [2][8]. - In 2024, the company reported total revenue of 82.58 billion CNY, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion CNY, marking a shift from profit to loss [4][8]. - The company is transitioning its production lines to the HPBC 2.0 technology, which has achieved a battery yield of approximately 97% and a maximum production efficiency of 24.8% [8]. - The company aims to ship 80-90 GW of components in 2025, with BC products expected to account for over 25% of this total [8]. - The company has a solid position in the silicon wafer market, with a strategy focused on cost control and efficiency improvements [8]. - The report highlights that the company has made sufficient impairment provisions, with a total of 87 billion CNY in asset impairment recognized in 2024 [8]. Financial Summary - For 2024, the company achieved total revenue of 82.58 billion CNY, with a gross margin of 7.44% and a net margin of -10.44% [4][8]. - The forecast for 2025-2027 indicates a gradual recovery, with net profits projected at -2.27 billion CNY, 3.90 billion CNY, and 5.18 billion CNY respectively [8]. - The company's PE ratios are projected to be -51, 29, and 22 for the years 2025, 2026, and 2027 respectively [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [9][15]. Core Insights - The company reported a revenue of 9.39 billion yuan for 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% year-on-year [4][5]. - The excavator market is showing signs of recovery, with domestic sales increasing by 31.9% in the first quarter of 2025, indicating a positive trend for the company's core business [6]. - The linear actuator project has entered mass production, which is expected to provide new growth opportunities for the company [6]. Financial Performance - In 2024, the company achieved revenues of 9.39 billion yuan, with a gross margin of 42.47%, slightly down by 0.89 percentage points year-on-year [5]. - The company’s net profit for 2025 is projected to be 2.76 billion yuan, reflecting a growth rate of 10.01% [11][12]. - The company’s earnings per share (EPS) is expected to grow from 1.87 yuan in 2024 to 2.65 yuan by 2027 [11][12]. Business Segments - The hydraulic pumps and motors segment showed robust growth, with revenues of 3.58 billion yuan in 2024, marking a year-on-year increase of 9.63% [5]. - Domestic sales accounted for 72.51 billion yuan in 2024, up 3.61% year-on-year, while international sales reached 2.07 billion yuan, an increase of 7.61% [5]. Market Outlook - The excavator sales in China reached 100,500 units in 2024, a 11.7% increase, signaling a recovery in the market after three years of decline [6]. - The company expects revenue growth rates of 11.19%, 11.43%, and 11.40% for the years 2025, 2026, and 2027, respectively [7][11].

2025 年 05 月 18 日 公司点评 增持/维持 天音控股(000829) 目标价: 昨收盘:9.95 国补、AI 助力终端业务回暖，电商业务成第二增长极 ◼ 走势比较 (20%) 4% 28% 52% 76% 100% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 天音控股 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 10.25/10.24 | | --- | --- | | 总市值/流通(亿元) | 102/101.9 | | 12 个月内最高/最低价 | 16.83/7.3 | | (元) | | 相关研究报告 <<电商平台收入大幅增长，业绩有望 迎来拐点>>--2023-05-06 <<电商平台收入大幅增长，汽车销售 业务值得期待>>--2022-10-26 证券分析师：李仁波 电话： 0755-83688853 E-MAIL：lirb@tpyzq.com 分析师登记编号：S1190520040002 事件：近期公司发布年报及一季报，公司全年实现总营收 840.38 亿 元，同比减少 11.38%；利润总额 1.33 亿元，同比减少 ...

证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 65.98 | | --- | --- | | 总股本/流通股本（亿股）1.79 | / 1.79 | | 总市值/流通市值（亿元）118 | / 118 | | 52 周内最高/最低价 | 118.41 / 56.71 | | 资产负债率(%) | 24.9% | | 市盈率 | 28.44 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩快速增长，数码印花加速渗透 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 17.90 亿元，同增 42.30%；实现归母净利润 4.14 亿元，同增 27.40%； 实现扣非归母净利润 3.92 亿元，同增 25 ...

❖ 风险提示：下游需求不及预期、公司新产品释放不及预期、竞争加剧风险。 公司研究 证 券 研 究 报 告 艾罗能源（688717）2024 年报及 2025 年一季报点评 推荐（维持） 新市场新产品不断突破，有望贡献业绩增量 目标价：63.24 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,073 | 3,753 | 4,398 | 5,004 | | 同比增速(%) | -31.3% | 22.1% | 17.2% | 13.8% | | 归母净利润(百万) | 204 | 405 | 592 | 731 | | 同比增速(%) | -80.9% | 98.8% | 46.2% | 23.4% | | 每股盈利(元) | 1.27 | 2.53 | 3.70 | 4.57 | | 市盈率(倍) | 43 | 21 | 15 | 12 | | 市净率(倍) | 2.0 | 1.8 | 1.6 | 1.4 | 资 ...