Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 26.5 CNY [2][8]. Core Views - The company's revenue for Q1 2025 was 2.39 billion CNY, showing a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 230 million CNY, down 16.2% year-on-year [2][8]. - The decline in profitability is attributed to a faster growth rate in lower-margin export sales compared to domestic sales, leading to a decrease in overall gross margin [2][8]. - The company is actively optimizing its business and product structure, focusing on high-end brands and developing its automotive parts business, which is expected to create a second growth curve [2][8]. - The establishment of production bases in Vietnam and Thailand is expected to enhance the company's ability to mitigate potential tariff risks [2][8]. Financial Summary - For 2024A, total revenue is projected at 9.765 billion CNY, with a year-on-year growth rate of 11.1%. The net profit is expected to be 1.23 billion CNY, with a growth rate of 10.2% [4][9]. - The earnings per share (EPS) for 2025E is estimated at 2.19 CNY, with a corresponding price-to-earnings (P/E) ratio of 10 [4][9]. - The company’s gross margin for Q1 2025 was 23.4%, a decrease of 2.5 percentage points year-on-year [2][8]. - The company’s total assets are projected to reach 14.098 billion CNY by 2025E, with a debt-to-equity ratio of 102.4% [9].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [5] Core Views - The company is solidifying its breeding advantages while continuously extending its deep processing business [1] - The company's gross margin has improved, with a 1 percentage point increase in 2024 and a 4 percentage point increase in Q1 2025, attributed to product structure optimization [2] - The company has successfully transitioned from low-margin raw meat processing to high-margin deep processing, leading to significant revenue and profit growth [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 18.586 billion yuan, a 1% increase year-on-year, and a net profit of 724 million yuan, a 9% increase [1] - For Q1 2025, total revenue was 4.115 billion yuan, a 2% decrease, but net profit improved to 148 million yuan from a loss of 62 million yuan in Q1 2024 [1] Cost and Profitability - The company's net profit margin increased by 0.5 percentage points in 2024 and 5 percentage points in Q1 2025, driven by the optimization of the new self-developed breeding stock "Shengze 901Plus" [2] - The company’s food processing business revenue grew by 10% in 2024, reaching 7.010 billion yuan, as it capitalized on its scale advantages and brand recognition [3] Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.83 yuan in 2025, 1.12 yuan in 2026, and 1.42 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 19, 14, and 11 times respectively [5] - Revenue growth is projected at 10.2% in 2025, 9.7% in 2026, and 9.1% in 2027, with net profit growth rates of 43.0%, 33.9%, and 27.7% for the same years [7]

证券研究报告 | 公司点评 | 通用设备 铂力特(688333) 报告日期：2025 年 05 月 16 日 2024 年营收保持稳健增长，3C+人形机器人打开空间 ——铂力特点评报告 投资要点 ❑ 公司发布 2024 年报及 2025 年一季报，营收同比增长，归母净利润短期承压 1）2024 业绩：公司 2024 年度实现营业收入 13.3 亿元，同比上升 15.0%，主要 系公司在继续深耕航空航天领域的同时，在消费电子市场和应用领域取得新的突 破，并加大海外市场开拓力度。2024 年度实现归母净利润 1.0 亿元，同比下降 5.3%，主要系公司规模的扩张带来的相应的人力成本的增加及固定支出、研发 费用的增加。 2）2025Q1 业绩：公司 2025Q1 实现营业收入 2.3 亿元，同比提升 7.3%；实现归 母净利润-1495 万元，同比由盈转亏，主要系公司加大技术研发创新力度，研发 直接投入较大及职工薪酬增长所致。 ❑ 由于公司规模扩张导致成本增加，盈利能力有所下滑 1）利润率方面：公司 2024 年度毛利率为 37.4%，同比下降 9.8pcts；净利率为 7.9%，同比下降 1.7pcts。2025 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.75 CNY, based on a comparable company PE average of 25 times for 2025 [2][5]. Core Views - The company has shown positive sales growth in its self-owned brands, particularly in the new energy vehicle segment, with significant year-on-year increases [1][8]. - The company is expected to see a recovery in earnings, with projected EPS for 2025-2027 at 0.95, 1.03, and 1.15 CNY respectively [2]. Financial Summary - Revenue is projected to decline from 726,199 million CNY in 2023 to 614,074 million CNY in 2024, before gradually increasing to 742,172 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 3.9% from 2025 to 2027 [4][9]. - Operating profit is forecasted to recover significantly from 10,376 million CNY in 2024 to 21,995 million CNY in 2027, indicating a strong rebound with a growth rate of 74.4% in 2025 [4][9]. - Net profit attributable to the parent company is expected to rise sharply from 1,666 million CNY in 2024 to 13,325 million CNY in 2027, with a remarkable growth of 560.3% in 2025 [4][9]. - The gross margin is projected to improve from 9.4% in 2024 to 11.1% in 2027, while the net margin is expected to stabilize around 1.7% [4][9]. - The company’s price-to-earnings ratio is forecasted to decrease from 117.3 in 2024 to 14.7 in 2027, indicating an improvement in valuation as earnings recover [4][9].

Investment Rating - The report maintains a "Hold" rating for Guodian NARI Technology Co., Ltd. (600406) with a current price of 22.66 CNY and a target price not specified for the next six months [1]. Core Insights - The company achieved a revenue of 57.42 billion CNY in 2024, representing a year-on-year growth of 11.2%. The net profit attributable to shareholders was 7.61 billion CNY, up 6.1% year-on-year. The first quarter of 2025 saw a revenue of 8.89 billion CNY, a 14.8% increase year-on-year, with a net profit of 680 million CNY, up 14.1% year-on-year [1][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57,417.25 million CNY and a net profit of 7,610.12 million CNY. The projected revenues for 2025, 2026, and 2027 are 64,202.15 million CNY, 71,984.66 million CNY, and 78,981.51 million CNY respectively, with growth rates of 11.82%, 12.12%, and 9.72% [2][10]. Profitability Metrics - The company's gross profit margin for 2024 was 26.7%, with a net profit margin of 14.2%. For Q1 2025, the gross profit margin was 24.2% and the net profit margin was 7.8% [6][10]. Business Segments - The smart grid segment generated revenue of 28.47 billion CNY in 2024, growing 11% year-on-year. The low-carbon energy segment achieved 12.19 billion CNY in revenue, up 26.4% year-on-year. The company is positioned as a leading provider of integrated solutions in these areas [6][7]. Future Projections - The report forecasts that the company's revenue will continue to grow, with expected revenues of 64.20 billion CNY in 2025, 71.98 billion CNY in 2026, and 78.98 billion CNY in 2027. The net profit is projected to reach 8.44 billion CNY in 2025, 9.68 billion CNY in 2026, and 10.52 billion CNY in 2027 [2][10].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company achieved a revenue of 16.247 billion yuan in 2024, representing a year-on-year growth of 4.4%, and a net profit attributable to shareholders of 0.793 billion yuan, which is a significant increase of 49.6% year-on-year [1] - In Q1 2025, the company reported a revenue of 4.039 billion yuan, up 7.9% year-on-year, and a net profit of 0.268 billion yuan, reflecting a year-on-year growth of 20.4% [1] - The company is positioned to benefit from the low-altitude economy and robotics sectors, leveraging its core competencies in electric motors and drives [8] Financial Performance Summary - For 2024, the company’s gross margin was 24.0% and net margin was 5.1%, with a slight decrease in gross margin compared to the previous year [8] - The company’s revenue projections for 2025-2027 are 17.253 billion yuan, 18.606 billion yuan, and 19.963 billion yuan, respectively, with growth rates of 6.19%, 7.84%, and 7.29% [2][10] - The net profit attributable to shareholders is expected to grow from 1.037 billion yuan in 2025 to 1.434 billion yuan in 2027, with growth rates of 30.79% and 16.68% [2][11] Business Segments Overview - The industrial motor and drive segment is projected to generate revenue of 9.519 billion yuan in 2025, with a growth rate of 5.00% [10] - The daily-use motor segment is expected to see revenue growth of 26.5% in 2024, stabilizing at 5.00% growth from 2025 onwards [10] - The electric transportation segment is forecasted to recover with a revenue increase of 16.4% in 2025 [10] International Expansion and Strategic Initiatives - The company has completed its international layout with three overseas headquarters, enhancing its global operational capabilities [8] - Collaborations with major players in the low-altitude economy and robotics sectors are underway, positioning the company for future growth [8]

[ T able_StockInfo] 2025 年 05 月 15 日 证券研究报告•2025 年一季报点评 当前价：46.50 元 麦格米特（002851）电力设备 目标价：——元（6 个月） 研发持续高投入，网络电源即将放量 [Table_Summary 事件：公司 2024] 年实现营收 81.72 亿元，同比增长 21.0%；实现归母净利润 4.36 亿元，同比变化-30.7%；扣非归母净利润 3.66亿元，同比增长 3.1%。Q4 单季度实现营收 22.69 亿元，同比增长 20.8%，环比增长 20.0%；实现归母净 利润 0.25 亿元，同比变化-83.0%，环比变化-74.1%；扣非归母净利润 0.04 亿 元，同比变化-92.5%，环比变化-95.6%。 公司 2025 年 Q1 实现营收 23.16 亿元，同比增长 26.5%，环比增长 2.1%；实 现归母净利润 1.07 亿元，同比变化-22.6%，环比增长 329.6%；扣非归母净利 润 0.92 亿元，同比变化-24.4%，环比增长 2447.1%。 | [Table_MainProfit] 指标/年度 | 2024A | 202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.04 CNY [4][2] Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 17.28 billion CNY in 2025, 21.55 billion CNY in 2026, and 26.04 billion CNY in 2027, reflecting growth rates of 30.3%, 24.7%, and 20.8% respectively [3][8] - The company is expanding its customer base and developing new products, particularly in seating, which is anticipated to enhance its value proposition and open new growth avenues [8][2] - The company's earnings per share (EPS) are forecasted to be 2.71 CNY in 2025, 3.62 CNY in 2026, and 4.80 CNY in 2027, indicating a strong upward trend [2][3] Financial Performance Summary - The company reported a revenue of 10.57 billion CNY in 2023, with a year-on-year growth of 52.2%, and a net profit of 806 million CNY, growing by 71.2% [3][8] - The gross margin is projected to improve slightly from 19.0% in 2023 to 20.8% in 2027, while the net profit margin is expected to increase from 7.6% to 9.0% over the same period [3][8] - The return on equity (ROE) is forecasted to rise from 17.8% in 2023 to 25.3% in 2027, indicating improved profitability and efficiency [3][8] Market Position and Strategy - The company is actively pursuing international expansion, with revenue from its Mexico and Malaysia factories expected to reach 5.86 billion CNY and 1.49 billion CNY respectively in 2024 [8] - The company plans to acquire a 70% stake in Anhui Ruiqi to diversify its product offerings into automotive seating, which is expected to enhance its competitive edge [8][2] - Collaborations with major automotive manufacturers such as Geely, Chery, and BYD are being established to strengthen its market presence [8][2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Insights - The company's main products have seen both volume and price increases, with significant growth in revenue and net profit for 2024 and Q1 2025 [1][6]. - The successful acquisition of Yubang Mining has opened further growth opportunities, significantly increasing the company's silver reserves [6]. - The company is expanding its international footprint by initiating a takeover of Atlantic Tin Limited, enhancing its tin mining operations [6]. Financial Performance - In 2024, the company achieved a revenue of 4.27 billion yuan, a year-on-year increase of 15.23%, and a net profit of 1.53 billion yuan, up 57.82% year-on-year [1][7]. - For Q1 2025, the company reported a revenue of 1.15 billion yuan, reflecting a year-on-year increase of 50.37%, and a net profit of 374 million yuan, up 63.22% year-on-year [1][7]. - The projected net profits for 2025-2027 are 2.07 billion, 2.39 billion, and 2.75 billion yuan, respectively, with corresponding P/E ratios of 11.7, 10.1, and 8.8 [6][7]. Production and Revenue Breakdown - The company’s mineral production from 2022 to 2024 shows an increase in silver, tin, and zinc output, with significant revenue contributions from these products [6]. - In 2024, the revenue contributions from tin, silver, and zinc were 33.1%, 27.3%, and 23.0%, respectively, with corresponding gross profit margins of 38.2%, 28.6%, and 18.7% [6]. Future Growth Prospects - The acquisition of Yubang Mining is expected to enhance the company's silver resource base significantly, ranking it among the top globally [6]. - The planned acquisition of Atlantic Tin Limited aims to boost the company's tin production capacity, with expected production of around 6,000 tons of tin metal annually post-expansion [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.04 CNY [4] Core Views - The company is expected to continue expanding its customer base and new seating products will open new growth opportunities [1] - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 2.71, 3.62, and 4.80 CNY respectively, with a target price based on a 2025 PE average valuation of 24 times [2] - The company has established partnerships with various domestic and international clients, enhancing its market position [8] Financial Summary - The company's revenue is projected to grow from 10,572 million CNY in 2023 to 26,037 million CNY in 2027, with a compound annual growth rate (CAGR) of 20.8% [3] - The net profit attributable to the parent company is expected to increase from 806 million CNY in 2023 to 2,340 million CNY in 2027, reflecting a CAGR of 32.7% [3] - The gross margin is forecasted to improve from 19.0% in 2023 to 20.8% in 2027, indicating a positive trend in profitability [3] Business Development - The company is actively expanding its product offerings, particularly in seating and interior components, which are expected to enhance the value of its offerings per vehicle [8] - The internationalization strategy is progressing, with revenue from overseas operations projected to improve as new factories in Mexico and Malaysia begin operations [8]