丨证券研究报告丨 公司研究丨点评报告丨传音控股（688036.SH） [Table_Title] 传音控股 2024 年报及 2025 年一季报点评： 业绩短期承压，看好新兴市场拓展机遇 报告要点 [Table_Summary] 2024 年公司实现营收 687.15 亿元，同比增长 10.31%；归母净利润 55.49 亿元，同比增长 0.22%。2025Q1 公司实现营收 130.04 亿元，同比下降 25.45%；归母净利润 4.9 亿元，同比 下降 69.87%。2024 年公司毛利率 21.28%，同比下降 3.17pct；归母净利率 8.08%，同比下降 0.81pct。2025Q1 公司毛利率19.27%，同比下降2.88pct；归母净利率 3.77%，同比下降 5.55pct。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 传音控股（688036.SH） cjzqdt11111 [Table_Title 传音控股 2024 2] 年报及 2025 年一季报点评： 业绩短期承压，看好新兴市场拓展机遇 [Table_Summary2] 事件描述 ...

丨证券研究报告丨 公司研究丨点评报告丨鼎龙股份（300054.SZ） [Table_Title] 鼎龙股份：半导体业务持续向好，国产替代加速 进行 报告要点 [Table_Summary] 近期公司发布 2024 年报及 2025 年一季度报告。 2024 年公司实现营收 33.38 亿元，同比增加 25.14%；实现归母净利润 5.21 亿元，同比增加 134.54%；2025Q1 公司实现营收 8.24 亿元，同比增加 16.37%；实现归母净利润 1.41 亿元， 同比增加 72.84%。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎龙股份（300054.SZ） cjzqdt11111 [Table_Title 鼎龙股份：半导体业务持续向好，国产替代加速 2] 进行 [Table_Rank]投资评级 买入丨维持 | 公司基础数据 | | | --- | --- | | [Table_BaseDa ...

丨证券研究报告丨 [Table_Title] AI 终端及机器人有望贡献全新增长极 报告要点 公司研究丨点评报告丨广和通（300638.SZ） [Table_Summary] 行业层面：DeepSeek 通过算法与工程创新实现了提质降本，大幅降低了模型推理成本。 DeepSeek-R1 大幅降低算力侧训练成本，大模型价格再下降，意味着 AI 产业链价值分配或将 发生变化，下游 AI 应用或将在产业链价值分配中获得更大的蛋糕模组受益于 AI 终端放量，且 从 4G->5G->智能模组逐渐升级，价值量亦有提升。公司层面：公司在 AI 玩具、具身智能机器 人等 AI 终端领域有望实现从模组到完整解决方案的转变，能力圈拓展有望分得更多产业链价 值量。剔除 2024 年锐凌无线的影响，我们认为公司 2025 年营收利润同比依旧增长。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 [Table_Title2] AI 终端及机器人有望贡献全新增长极 事件评论 请阅读最后评级说明和重要声明 %% %% %% %% ...

丨证券研究报告丨 公司研究丨点评报告丨移远通信（603236.SH） research.95579.com [Table_Title] 市场需求向好，产品线持续拓展 报告要点 [Table_Summary] 物联网市场需求逐步恢复，公司在模组业务的基础上，加快推进衍生产品及解决方案。我们认 为短期内物联网行业下游景气度在不断复苏，同时随着公司从产品向解决方案商升级转型的过 程中，产品附加值在不断提升，远期看有望持续受益。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% 1 移远通信（603236.SH） cjzqdt11111 [Table_Title2] 市场需求向好，产品线持续拓展 [Table_Summary2] 事件描述 2025Q1，公司实现营业收入 52.21 亿元，同比+32.05%，实现归母净利润 2.12 亿元，同比 +286.91%。 事件评论 风险提示 1、市场竞争风险； 2、外汇波动风险。 请阅读最后评级说明和重要声明 全 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][18]. Core Views - The company has seen a significant increase in overseas orders, particularly in Southeast Asia and the Middle East, contributing to a 29.25% year-on-year revenue growth in Q1 [1]. - The company is investing in perovskite solar cells to explore new growth avenues, aiming to expand its market presence in emerging markets like the Philippines and Kenya [4]. - Despite a decline in domestic business margins, the company has achieved a 93% year-on-year increase in new contracts signed in 2024 [2]. Financial Performance Summary - In Q1 2025, the company reported revenues of 372 million, a 29.25% increase year-on-year, with a net profit of 36 million, up 18.59% [1]. - For the full year 2024, the company expects revenues of 1.297 billion, a slight increase of 1.51%, but a significant drop in net profit by 46.86% to 93 million due to declining gross margins and increased costs [1][5]. - The company’s gross margin for 2024 is projected to be 29.59%, down 4.67 percentage points year-on-year, with a further decline to 16.46% in Q4 2024 [2][3]. Order and Contract Growth - The company signed new contracts worth 2.053 billion in 2024, reflecting a 93% increase compared to the previous year [2]. - The breakdown of revenue by business segment shows a decline in the ground treatment business by 16.94% to 824 million, while the pile foundation engineering business grew by 55.10% to 430 million [2]. Cash Flow and Expenses - The company experienced a cash flow from operations (CFO) of -83 million in 2024, a decrease of 217 million year-on-year, but improved to 45 million in Q1 2025 [3]. - The operating expense ratio increased to 17.36% in 2024, primarily due to rising management costs associated with overseas business growth and increased R&D expenses in the new energy sector [3]. Future Projections - The company forecasts net profits of 250 million, 320 million, and 396 million for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 15.6, and 12.6 [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 21.177 billion yuan in Q1 2025, representing a year-on-year increase of 18.77%. The domestic three major product lines are expected to recover comprehensively, with significant cost control measures leading to a net profit margin of 11.89%, up by 2.7 percentage points year-on-year. The outlook for the entire year of 2025 is optimistic, with potential upward revisions in sales expectations [2][6]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a revenue of 21.177 billion yuan, a year-on-year increase of 18.77%. The net profit attributable to shareholders was 2.471 billion yuan, up 56.40% year-on-year, while the net profit excluding non-recurring items was 2.403 billion yuan, an increase of 78.54% year-on-year [6]. Domestic Market Recovery - The domestic market is showing signs of recovery, with the excavator industry experiencing a year-on-year sales increase of 38% in Q1 2025. The company, as a leading player in the excavator sector, is expected to see substantial revenue growth in this segment. Additionally, the recovery is extending from excavators to non-excavator machinery, with positive sales trends anticipated in the crane and concrete machinery sectors [2][11]. International Business Growth - The company's international business is expected to continue its growth trajectory, with Q1 2025 overseas revenue growth anticipated to exceed the industry average. Emerging markets such as Africa, Latin America, and Asia-Pacific are expected to show faster growth rates. The company has established a solid overseas presence with local production, research, sales, and service capabilities, enhancing its long-term competitive edge [2][11]. Cost Control and Profit Margins - The company has effectively implemented cost control measures, resulting in a significant improvement in net profit margin to 11.89% in Q1 2025. This improvement is attributed to a decrease in research and development expenses, management expenses, and financial expenses, contributing positively to profit growth [2][11]. Future Outlook - The company is well-positioned to benefit from the recovery in the domestic market and is expected to achieve net profits of 8.633 billion yuan and 11.008 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times [2][11].

丨证券研究报告丨 公司研究丨点评报告丨怡合达（301029.SZ） [Table_Title] 怡合达：25Q1 盈利能力显著改善，行业结构更 趋均衡 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年公司实现收入 25.04 亿元，同比-13.08%；归母 净利润 4.04 亿元，同比-25.87%；扣非归母净利润 3.98 亿元，同比-26.25%。25Q1 公司收入 6.20 亿元，同比+14.75%；归母净利润 1.22 亿元，同比+26.48%；扣非归母净利润 1.22 亿元， 同比+27.80%。25Q1 公司盈利能力显著改善，行业结构更趋均衡，基于公司传统业务优势持 续巩固，不断优化产品品类、推进业务全球化等新增长曲线，市占率有望持续提升。 分析师及联系人 [Table_Author] 赵智勇 曹小敏 SAC：S0490517110001 SAC：S0490521050001 SFC：BRP550 怡合达（301029.SZ） cjzqdt11111 1 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

丨证券研究报告丨 公司研究丨点评报告丨宇通重工（600817.SH） [Table_Title] 信用减值损失冲回带动利润提升，拟挂牌出售环 卫业务聚焦设备主业 报告要点 [Table_Summary] 宇通重工 2025Q1 实现营业收入 7.07 亿元，同比增长 0.79%，归母净利润 0.52 亿元，同比增 长 62.47%，扣非归母净利润 0.40 亿元，同比增长 51.09%，资产减值减少及信用减值冲回两 者合计影响 Q1 税前利润 6,655.44 万元，是造成 Q1 利润大增的主要影响因素。2025Q1 公司 毛利率继续下行，费用率略有提升，公司近期挂牌出售环卫服务业务，聚焦设备主业，长期看 好公司竞争优势带动业绩回暖增长。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宇通 ...

丨证券研究报告丨 公司研究丨点评报告丨平高电气（600312.SH） [Table_Title] 业绩持续高增，高压板块贡献显著 %% %% 报告要点 [Table_Summary] 公司发布 2024 年年报和 2025 年一季报。公司 2024 年全年营业收入 124.0 亿元，同比+12.0%； 归母净利润 10.2 亿元，同比+25.4%；扣非净利润 9.9 亿元，同比+23.0%。单季度看，公司 2024Q4 营业收入 45.2 亿元，同比+24.4%，环比+58.8%；归母净利润 1.7 亿元，同比-36.9%， 环比-48.6%；扣非净利润 1.4 亿元，同比-44.4%，环比-54.3%。公司 2025 一季度营业收入 25.1 亿元，同比+22.8%；归母净利润 3.6 亿元，同比+55.9%；扣非净利润 3.6 亿元，同比+56.2%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC ...