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].

Investment Rating - The report maintains an "Accumulate" rating for Tianyin Holdings (000829) with a target price based on the last closing price of 9.95 [1] Core Views - The company's terminal business is expected to recover due to national subsidies and AI advancements, while the e-commerce segment is emerging as a second growth driver [1][10] - The company reported a total revenue of 84.038 billion yuan for the year, a year-on-year decrease of 11.38%, and a net profit attributable to shareholders of 3.1 million yuan, down 62.72% year-on-year [4][11] - The intelligent terminal sales business remains the core, with a revenue of 58.48 billion yuan in 2024, accounting for 69.58% of total revenue, although this is a decline from 80.10% in 2023 [5][11] Summary by Sections Terminal Business - The intelligent terminal sales business is bolstered by long-term partnerships with major brands like Apple, Samsung, and Huawei, maintaining a leading market share [5] - The introduction of AI models in terminals is expected to drive a new wave of upgrades in the smartphone industry [5][6] E-commerce Business - The e-commerce segment has seen rapid growth, with revenue reaching 24.66 billion yuan in 2024, a year-on-year increase of 35.09%, contributing 29.34% to total revenue [7][10] - The company has expanded its presence on major platforms like JD, Pinduoduo, and Douyin, with a significant increase in the number of stores [7] Lottery and Repair Services - The lottery business is steadily growing, supported by the company's strategy of integrating various services under the "Easy Repair" brand, which focuses on mobile repair and related services [8][9] - The company plans to invest 1.847 billion yuan in marketing networks and digital platforms to enhance its lottery and mobile repair services [9] Financial Projections - Revenue projections for the next three years are 92.164 billion yuan, 99.662 billion yuan, and 108.474 billion yuan, with net profits expected to rise to 1.11 billion yuan, 1.19 billion yuan, and 1.63 billion yuan respectively [10][11] - The company is expected to benefit from the AI upgrade cycle and national subsidies, leading to a rebound in its core business [10]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4]. Core Views - The company has demonstrated strong performance in Q1 FY25, with revenue reaching 700 million Swiss Francs, a year-on-year increase of 40% (currency neutral), while net profit decreased by 38% to 60 million Swiss Francs [1]. - The gross margin slightly increased to 60%, and the adjusted EBITDA margin rose by 1 percentage point to 17% year-on-year [1]. - The company has raised its full-year guidance, projecting revenue of 2.86 billion Swiss Francs, a year-on-year increase of 28%, up from the previous estimate of 27% [2]. - The company is benefiting from a strong multi-channel strategy and successful product launches, which have contributed to robust demand across all regions and product categories [1][2]. Financial Performance - For FY25, the company expects EPS of 3.4, 4.0, and 4.7 Yuan for the years 2025 to 2027, corresponding to P/E ratios of 20, 17, and 14 times respectively [4]. - The company reported a year-on-year revenue growth of 33% in EMEA, 29% in the Americas, and a remarkable 129% in the Asia-Pacific region [1]. - The inventory as of March 25 was 400 million Swiss Francs, reflecting a 5% decrease quarter-on-quarter, indicating a potential need for replenishment [1]. Market Position and Strategy - The company has established a strong positioning with key clients, particularly ON, which has shown impressive performance and light inventory levels, positively impacting order expectations [2]. - The company is actively monitoring tariff developments and has prepared various response strategies while maintaining close communication with clients [3]. - The production capacity remains stable, with no significant changes planned in the short term, as the company continues to build factories in Vietnam and Indonesia according to established timelines [3].

证券研究报告 | 公司点评报告 2025 年 05 月 19 日 | 总股本（百万股） | 2112 | | --- | --- | | 已上市流通股（百万股） | 2085 | | 总市值（十亿元） | 22.6 | | 流通市值（十亿元） | 22.3 | | 每股净资产（MRQ） | 3.6 | | ROE（TTM） | -5.7 | | 资产负债率 | 67.7% | | 主要股东 | 北京万达投资有限公司 | | 主要股东持股比例 | 20.64% | 股价表现 相关报告 1、《万达电影（002739）—24 年业 绩承压，投资出品影片《唐探 1900》 和《熊出没》已定档春节档》 2025-01-24 2、《万达电影（002739）—大盘影响 致业绩承压，多部作品蓄势待发》 2024-11-02 3、《万达电影（002739）—二季度受 大盘影响业绩承压，后续内容产品储 备丰富值得期待》2024-09-06 万达电影发布公告，公司全资子公司北京影时光拟与关联方儒意星辰共同投资 北京乐自天成文化发展股份有限公司。本次股权转让和增资完成后，万达电影 和中国儒意分别持有乐自天成 4%、3%的股权，双方合 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 5.53 yuan [2][8]. Core Views - The company reported a significant decrease in revenue for 2024, with total revenue of 13,038 million yuan, down 43.7% year-on-year. The net profit attributable to shareholders was -2,134 million yuan, marking a shift from profit to loss [8]. - The company's photovoltaic product business faced profitability challenges, but there was a notable reduction in losses in Q1 2025 compared to previous quarters. The company’s cash flow remained positive, and the impairment losses were significantly reduced [8]. - The equipment manufacturing segment showed strong order intake, indicating stable growth potential. The company secured substantial orders in various sectors, including a 9.5 billion yuan order for the bromine chiller division, reflecting a 23% year-on-year increase [8]. Financial Summary - For 2024, the company achieved total revenue of 13,038 million yuan, with a year-on-year growth rate of -43.7%. The net profit attributable to shareholders was -2,134 million yuan, with a year-on-year growth rate of -242.1% [4]. - The projected revenues for 2025, 2026, and 2027 are 15,097 million yuan, 18,561 million yuan, and 21,692 million yuan, respectively, with expected growth rates of 15.8%, 22.9%, and 16.9% [4]. - The company’s earnings per share (EPS) are projected to improve from -1.14 yuan in 2024 to 0.11 yuan in 2025, 0.37 yuan in 2026, and 0.61 yuan in 2027 [4].

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 ...

证券研究报告：机械设备|公司点评报告 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 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） | 21.70 | | --- | --- | | 总股本/流通股本（亿股）5.13 | / 5.10 | | 总市值/流通市值（亿元）111 | / 111 | | 52 周内最高/最低价 | 27.83 / 15.76 | | 资产负债率(%) | 48.0% | | 市盈率 | 14.28 | | 第一大股东 | 中国四联仪器仪表集团 | | 有限公司 | | 川仪股份(603100) 业绩保持稳健，受益国产替代大趋势 l 事件描述 公司发布 2024 年年度报告，实现营收 75.92 亿元，同增 2.44%； 实现归母净利润 7.78 亿元，同增 4.60%；实现扣非归母净利润 6.43 亿元，同减 0.39%。公司发布 2025 年一季报，实现营收 ...

[Table_Main] 公司研究|工业|商业和专业服务 证券研究报告 华设集团(603018)公司点评报告 2025 年 05 月 19 日 [Table_Title] 传统业务有所承压，低空业务表现亮眼 ——华设集团(603018)2024 年报及 2025 年一季报点评 [Table_Summary] 报告要点： 主业处于下行周期，公司业绩短期承压 2024 年，公司实现营收 44.28 亿元，同比-17.28%；归母净利润 3.83 亿元， 同比-45.17%；扣非归母净利 3.78 亿元，同比-44.25%；销售毛利率 37.22%， 同比-1.78pct。25Q1 营收 6.75 亿元，同比-14.55%；归母净利润 0.58 亿 元，同比-37.68%；扣非归母净利 0.51 亿元，同比-43.43%；销售毛利率 30.59%，同比-2.42pct。主要系勘察设计行业处于下行周期，24 年公司传 统业务勘察规划、规划研究共营收 27.67 亿元，同比-24.31%，毛利 11.43 亿元，同比-27.60%。 产业转型顺利，数字化、低空经济表现亮眼 公司持续深化数字化战略，报告期内，公司统筹推进 ...