2025-06-04 公司点评 增持/首次 建设工业（002265） 目标价：21.00 昨收盘：20.44 国防军工 主营业务保持稳定，"一核两翼"向新发展 走势比较 加大研发投入力度，科技创新成效显著。2024 年公司研发投入 2.79 亿元，较上年同期增长 36.29%。报告期内，公司聚焦"三化"转型，加强 系统总体、软件算法、集成控制等领域高端人才引进；专利申请受理 135 项，其中发明专利 79 项，获得省部级科技进步奖励 3 项，承德公司获评 国家"第一批重点专精特新小巨人企业"，合资公司重庆耐世特转向系统 有限公司获评国家"第六批专精特新小巨人企业"。截至 2024 年底，公 司拥有各类专利 600 多项，拥有有效发明专利 188 项，牵头和参与制定 70 余项国家及行业标准；完成"新一代轻型特种装备预先研究"、"新型 某系列外贸特品研制"等项目年度研发任务，科技创新成效显著。 盈利预测与投资评级：预计公司 2025-2027 年的净利润为 2.67 亿元、 2.69 亿元、2.73 亿元，EPS 为 0.26 元、0.26 元、0.26 元，对应 PE 为 79 倍、78 倍、77 倍，给予" ...

2025-06-04 公司点评 增持/首次 建设工业（002265） 目标价：21.00 昨收盘：20.44 国防军工 主营业务保持稳定，"一核两翼"向新发展 走势比较 -50% 0% 50% 100% 150% 200% 250% 300% Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 建设工业 沪深300 股票数据 | 总股本/流通(亿股) | 10.33/4.03 | | --- | --- | | 总市值/流通(亿元) | 211.15/82.39 | | 12 个月最高/最低(元) | 35.09/16.41 | 相关研究报告 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 事件：公司发布 2024 年年度报告，2024 年 1-12 月实现营业收入 43.55 亿元，较上年同期增长 2.32%；归属于上市公司股东的净利润 2.60 亿元，较上年同期下降 10.70%；基本每股收益 0 ...

2025 年 06 月 04 日 公司点评 增持/维持 长久物流(603569) 目标价: 昨收盘:8.12 长久物流，2024 年报点评，整车出海业务可能带来业绩增长 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/6/4 24/8/16 24/10/28 25/1/9 25/3/23 25/6/4 长久物流 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 6.04/6.04 | | --- | --- | | 总市值/流通(亿元) | 49/49 | | 12 个月内最高/最低价 | 9.67/5.96 | | (元) | | <<长久物流，24 年 Q3 点评，探索智 能调度，促进物流降本增效>>-- 2024-11-18 证券分析师：程志峰 电话：010-88321701 E-MAIL：chengzf@tpyzq.com 分析师登记编号：S1190513090001 ■ 事件 相关研究报告 近日，长久物流披露 2024 年报。本报告期内，实现营业总收入 41.7 亿，同比增+10.4%；归母净利 0.80 亿，同比增+13.11%；扣非归母净利 0.87 亿，同比增 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price based on the last closing price of 134.60 [1][8] Core Insights - The company has seen significant growth in the delivery of its model, the Wanjie M8, with a delivery volume of 12,116 units in May, marking a substantial increase in weekly deliveries [4][5] - The Wanjie M8 has received over 80,000 pre-orders, indicating strong market demand, while the Wanjie M9 has also achieved over 60,000 pre-orders for its 2025 model [5][8] - The establishment of a joint venture for humanoid robot development signals the company's expansion into new growth areas [5][8] Financial Projections - Revenue projections for 2025-2027 are estimated at 189.11 billion, 220.78 billion, and 263.83 billion respectively, with year-on-year growth rates of 30.26%, 16.75%, and 19.50% [8] - The net profit attributable to the parent company is projected to be 10.22 billion, 12.60 billion, and 15.51 billion for the same years, reflecting growth rates of 71.92%, 23.21%, and 23.13% [8] - The diluted earnings per share (EPS) are expected to rise from 3.94 in 2024 to 9.49 in 2027, with a corresponding decrease in price-to-earnings (PE) ratio from 33.86 to 14.23 [8][12] Market Position and Strategy - The company is enhancing its production capacity with a target of 390,000 units by 2024, utilizing advanced manufacturing technologies to reduce costs and improve efficiency [7][8] - The company is also pursuing a global expansion strategy, including plans for an H-share listing to enhance its international competitiveness [7][8]

Investment Rating - The report gives a "Buy" rating for the company, China Coal Energy (601898.SH), with a target price of 14.33 CNY per share based on absolute and relative valuation methods [1][4][18]. Core Views - The report anticipates that the company's net profit attributable to shareholders will be 16.15 billion, 17.97 billion, and 18.57 billion CNY for the years 2025-2027, with corresponding EPS of 1.22, 1.36, and 1.40 CNY, reflecting year-on-year growth rates of -16.41%, 11.26%, and 3.31% [1][17]. - The market perceives an oversupply in the coal industry, leading to potential price declines; however, the report argues that a balanced supply-demand scenario will maintain spot prices between 750-850 CNY/ton [2][13][54]. Summary by Sections Company Overview - China Coal Energy is a leading state-owned enterprise in the coal sector, focusing on integrated operations and clean coal utilization [22]. - The company has substantial coal reserves of 26.52 billion tons and a recoverable reserve of 13.821 billion tons, with a mining life expectancy of nearly 100 years [56]. Financial Data - The company reported a revenue of 189.4 billion CNY in 2024, a slight decrease of 1.9% from the previous year, with a net profit of 19.32 billion CNY, down 1.1% [7][27]. - The average dividend payout ratio since its listing is 30.65%, with a projected payout ratio of 32.87% for 2024 [14][17]. Industry Analysis - The report highlights a stable coal price environment, with expectations for prices to remain between 750-850 CNY/ton due to balanced supply and demand [2][54]. - The coal production capacity is nearing its limits, with expected production stabilizing around 38.5-39 billion tons from 2025 to 2027 [54]. Profit Forecast and Valuation - The projected revenues for 2025-2027 are 182.29 billion, 186.23 billion, and 187.70 billion CNY, with a year-on-year growth of -3.75%, 2.16%, and 0.79% respectively [17]. - The report employs a Dividend Discount Model (DDM) for valuation, suggesting a reasonable stock price of 13.68 CNY based on dividend expectations [18].

Investment Rating - The investment rating for the company is "Buy" [3][11]. Core Insights - The company achieved a revenue of 360 million yuan in 2024, representing a year-on-year growth of 294.24%, while the net loss attributable to shareholders was 846 million yuan, a reduction in loss of 23.63% compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 160 million yuan, a year-on-year increase of 96.32%, with a net loss of 193 million yuan, reflecting a 14.15% reduction in loss year-on-year [1]. - The core commercial product, Shuwozhe, received approval for the treatment of EGFR Exon20ins NSCLC in China and is undergoing FDA review for its NDA [1][2]. - The company’s other product, Gaoruizhe, is the first and only high-selectivity JAK1 inhibitor approved for the treatment of PTCL in the world [2]. Financial Performance - The company’s total market capitalization is approximately 25.53 billion yuan, with a closing price of 55.58 yuan per share [4]. - The company has a total share capital of 459.41 million shares and a circulating market value of 10.38 billion yuan [4]. - The asset-liability ratio stands at 98.70%, indicating a high level of debt [4]. Research and Development Progress - The company invested 724 million yuan in R&D in 2024, with significant progress in clinical trials for its products [8]. - The global registration clinical trial "WUKONG1B" for Shuwozhe was recognized at major international conferences, and the product has been included in multiple authoritative guidelines [2][8]. - The company is advancing its pipeline with several innovative drugs, including DZD8586, which has shown promising results in clinical trials for B-cell non-Hodgkin lymphoma [8][9]. Market Position and Future Outlook - The company is positioned as a leader in small molecule drugs for malignant tumors in China, with its commercialized products expected to drive rapid revenue growth [10][11]. - The successful inclusion of Shuwozhe and Gaoruizhe in the national medical insurance drug list is anticipated to accelerate their market penetration [7]. - The company forecasts EPS of -1.57 yuan, -0.98 yuan, and 0.50 yuan for the years 2025 to 2027, maintaining a "Buy" rating based on expected performance [11].

Investment Rating - The report maintains an "Accumulate" rating for Changjiu Logistics (603569) with a target price based on the last closing price of 8.12 [1][6] Core Views - The report highlights that the complete vehicle export business may drive performance growth for Changjiu Logistics in the future [1][6] - The company achieved total operating revenue of 4.17 billion RMB in 2024, representing a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 80 million RMB, up 13.11% year-on-year [4][5] - The logistics core business generated revenue of 4.15 billion RMB in 2024, with a gross profit of 470 million RMB, reflecting a gross profit margin of 97.3% [5] Financial Summary - For 2025 Q1, the company reported revenue of 1.16 billion RMB, a year-on-year increase of 28.2%, while the net profit attributable to shareholders decreased by 74% [4][5] - The company plans to distribute a cash dividend of approximately 30 million RMB for 2024, which corresponds to a dividend yield of about 0.7% based on the stock price at the time of the report [4] - The financial forecast indicates that operating revenue is expected to reach 4.59 billion RMB in 2025, with a year-on-year growth of 10% [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company has seen significant growth in the delivery of its AITO M8 model, with May deliveries reaching 12,116 units, and a weekly delivery rate exceeding 5,000 units [4][5] - The AITO M8 has received over 80,000 pre-orders, indicating strong market demand [5] - The company is also venturing into humanoid robotics, establishing a joint venture with Beihang University to develop and sell intelligent robots, which is expected to create new growth opportunities [5][8] - The company is planning to issue H-shares to enhance its global presence and competitiveness [7] Financial Projections - Revenue projections for 2025-2027 are estimated at 189.11 billion, 220.78 billion, and 263.83 billion respectively, with year-on-year growth rates of 30.26%, 16.75%, and 19.50% [8] - Net profit forecasts for the same period are 10.22 billion, 12.60 billion, and 15.51 billion, reflecting growth rates of 71.92%, 23.21%, and 23.13% [8] - The report anticipates a diluted earnings per share of 6.26 yuan in 2024, increasing to 9.49 yuan by 2027 [8] Stock Performance Data - The total share capital is 1.633 billion shares, with a market capitalization of 219.85 billion yuan [3] - The stock has seen a 12-month high of 149.89 yuan and a low of 70.24 yuan [3]

2025-06-04 公司点评 增持/首次 建设工业（002265） 目标价：21.00 昨收盘：20.44 国防军工 主营业务保持稳定，"一核两翼"向新发展 走势比较 -50% 0% 50% 100% 150% 200% 250% 300% Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 建设工业 沪深300 股票数据 | 总股本/流通(亿股) | 10.33/4.03 | | --- | --- | | 总市值/流通(亿元) | 211.15/82.39 | | 12 个月最高/最低(元) | 35.09/16.41 | 相关研究报告 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 事件：公司发布 2024 年年度报告，2024 年 1-12 月实现营业收入 43.55 亿元，较上年同期增长 2.32%；归属于上市公司股东的净利润 2.60 亿元，较上年同期下降 10.70%；基本每股收益 0 ...

Investment Rating - The report indicates a positive sentiment towards the company following the acquisition by Yao Jinbo, founder of 58.com, suggesting a potential for value re-evaluation in the market [2][3]. Core Insights - The acquisition price of 15.10 CNY per share represents a 24% premium over the last closing price and a 30% premium over the 20-day average prior to suspension, indicating strong confidence from the new management [2]. - Despite the acquisition, the company's fundamentals show stagnation, with revenues projected to grow only slightly from 600 million CNY in 2020 to 650 million CNY in 2024, and a decline of 7.4% in Q1 2025 [3][5]. - The company is characterized as a "clean shell," with a strong cash position of 320 million CNY, receivables of 170 million CNY, and total liabilities under 300 million CNY, which includes only 50 million CNY in interest-bearing debt [8][9]. Summary by Sections - **Company Overview**: Yao Jinbo's acquisition marks the first A-share listed company under his control, transitioning Easy Ming Pharmaceutical from a lesser-known entity to a more prominent player in the market [2]. - **Financial Performance**: The company has maintained a stable net profit of around 30-40 million CNY, with R&D expenses of over 15 million CNY in 2024, which raises concerns about growth potential in a competitive industry [5][11]. - **Future Expectations**: The previous controlling shareholder's performance commitments for 2025-2027 include revenue not less than 600 million CNY and net profit not less than 30 million CNY, which sets a baseline for future performance expectations under the new management [11].