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 ...

[Table_Title] 盈利能力进一步提升，利润延续高增 报告要点 [Table_Summary] 公司发布 2025 年一季报。2025 一季度实现营业收入 22.9 亿元，同比-9.3%；归母净利润 0.9 亿元，同比+113.1%；扣非净利润 0.8 亿元，同比+133.7%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨宏盛华源（601096.SH） %% %% research.95579.com 1 宏盛华源（601096.SH） cjzqdt11111 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BUD284 请阅读最后评级说明和重要声明 %% %% [Table_Title2] 盈利能力进一步提升，利润延续高增 [Table_Summary2] 事件描述 公司发布 2025 年一季报。2025 一季度实现营业收入 22.9 亿元，同比-9.3%；归母净利润 0.9 亿元，同比+113. ...

丨证券研究报告丨 公司研究丨点评报告丨三美股份（603379.SH） 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title] 业绩大幅增长，制冷剂向上趋势不减 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年实现收入 40.4 亿，同比变动+21.2%，归母净利 润 7.8 亿，同比变动+178.4%，扣非净利润 7.5 亿，同比变动+257.7%。2025Q1 实现收入 12.1 亿，同比变动+26.4%，环比变动+21.2%，归母净利润 4.0 亿，同比变动+159.6%，环比变动 +84.0%，扣非净利润 4.0 亿，同比变动 156.5%，环比变动+98.0%。2024 年度公司现金分红 （包括中期已分配的现金红利）总额 2.7 亿，占 2024 年度归属于上市公司股东净利润的比例 为 35.0%。 三美股份（603379.SH） cjzqdt11111 [Table_Ti ...

丨证券研究报告丨 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 公司研究丨点评报告丨中闽能源（600163.SH） [Table_Title] 福建海风强势引领，业绩表现瑕不掩瑜 报告要点 [Table_Summary] 2024 年公司所属福建陆风利用小时数达到 2848 小时，同比增加 104 小时；海上风电利用小时 数更是达到 4344 小时，同比增加 439 小时，均远高于全国风电平均利用小时数 2127 小时。 福建风电的优异表现有效缓解了黑龙江的偏弱表现，公司全年营收同比增长 0.54%。但受富锦 热电计提固定资产减值以及公司计提应收补贴电费减值影响，公司 2024 年归母净利润同比减 少 4.03%，但海风主体中闽海电业绩同比增长 13.24%，占公司归母净利润的 76.07%，彰显出 海风的核心地位。虽然短期业绩存在波动，但站在新周期新起点，公司内生外延远期成长可期。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 14.56 billion yuan in Q1 2025, representing a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 18.6%. The net profit attributable to shareholders was 310 million yuan, up 11.4% year-on-year but down 13.7% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 260 million yuan, reflecting a year-on-year increase of 13.1% and a quarter-on-quarter decrease of 20.3% [4][8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 6.5%, which is an increase of 0.6 percentage points year-on-year and 0.8 percentage points quarter-on-quarter. The net profit margin was 2.1%, up 0.2 percentage points year-on-year and 0.1 percentage points quarter-on-quarter [8]. - The company recorded significant asset impairment losses of 100 million yuan in Q1 2025 due to inventory devaluation pressures from declining oil prices [8]. Industry Outlook - The supply-demand situation for polyester filament yarn is expected to improve, with the industry entering a phase of limited capacity expansion. The industry’s concentration has increased, with the top five companies now holding a 65% market share. It is anticipated that new annual capacity will be around 2 million tons in 2025, leading to tighter supply and improved market conditions [8]. - Despite trade tensions, China's dominance in polyester filament supply is expected to mitigate long-term impacts on the industry, as the direct export of polyester filament to the U.S. is minimal [8]. Future Projections - The company is projected to benefit from the rising market conditions for polyester filament yarn, with expected net profits attributable to shareholders of 1.46 billion yuan in 2025, 1.88 billion yuan in 2026, and 2.30 billion yuan in 2027 [8].