Investment Rating - The report gives a "Buy" rating for the company, with a target price of 26.6 CNY based on a 75 times PE valuation for 2025 [3][5]. Core Views - The company experienced a slight decline in revenue for 2024, with total revenue of 1.24 billion CNY, down 1.60% year-on-year. The net profit attributable to the parent company was 66 million CNY, a decrease of 43.37% year-on-year [2][4]. - The company is actively expanding into the embodied intelligence sector by establishing a fund to invest in the robotics industry, leveraging its strong technical foundation and market position in the sensor industry [3][4]. - The company has made significant progress in its sensor business, particularly as a supplier of ceramic pressure sensors for Bosch in China, and has successfully launched new projects with major clients like Scania and BYD [2][3]. Financial Summary - In 2024, the company achieved a gross margin of 26.25%, an increase of 0.34 percentage points year-on-year, while the net profit margin was 4.17%, a decrease of 3.11 percentage points year-on-year [2][4]. - The projected revenue for 2025 is 1.42 billion CNY, with an expected growth rate of 14.57% [4]. - The forecasted net profit for 2025 is 120 million CNY, representing a significant recovery of 82.95% compared to 2024 [4].

公司报告 | 首次覆盖报告 航发科技（600391） 证券研究报告 航发主机龙头之一，迎来装备&大飞机发展新机遇 我们发布航空发动机赛道主机龙头之一——航发科技首次覆盖报告，给予 "买入"评级。主要观点如下： ⚫ 深耕航发赛道二十余年，铸就零部件核心供应商地位 1999 年，公司由成发集团牵头，联合黎明公司、北航、涡轮研究院、成都 航院 4 家共同发起设立；2001 年 12 月 12 日，公司成功上市；2006 年， 公司实施了股权分置改革；2011 年，公司募资定增 10.5 亿元，用于合资 设立中国航发哈轴项目、收购成发公司航空发动机相关业务资产以及航空 发动机及燃气轮机机匣、叶片、钣金和热表专业化中心建设（一期）项目， 形成了航空发动机内需外贸双轮驱动的发展新格局。 ⚫ 内需外贸两翼齐飞，重视精益生产净利润逐渐显现 收入端，2018-2023 年，公司收入从 23.6 亿元增至 45.2 亿元，CAGR=13.8%， 公司内贸航空及衍生产品、外贸产品"双轮驱动"格局基本形成。2024 年， 公司收入同比下降 14.8%至 38.5 亿元，主要是内贸航空零部件业务需求不 及预期导致。利润端，自 2021 ...

证券研究报告 | 2025年04月28日 伊之密（300415.SZ） 优于大市 2024 年归母净利润同比增长 27%，持续看好公司发展 2025 年第一季度营业收入同比增长 24.32%，归母净利润同比增长 14.29%。 2024 年全年实现营收 50.63 亿元，同比增长 23.61%，归母净利润 6.08 亿元， 同比增长 27.42%，扣非归母净利润 5.92 亿元，同比增长 29.85%；分季度看， 2024 年第四季度实现营收 13.9 亿元，同比增长 24.32%，归母净利润 1.27 亿元，同比增长 13.49%，扣非归母净利润 1.24 亿元，同比增长 10.93%。利 润增长主要系注塑机行业景气度回暖，同时公司产品竞争力强化所致。2025 年一季度实现 11.87 亿元，同比增长 24.32%，归母净利润 1.33 亿元，同比 增长 14.29%，扣非归母净利润 1.26 亿元，同比增长 13.57%，利润增长主要 系下游汽车、家电、3C 等行业表现较好。 2025 年一季度毛利率小幅下滑，费用率有所节省。2024 年公司毛利率/净利 率分别为 31.95%/12.41%，同比变动-1 ...

承德露露 000848.SZ 公司研究 | 年报点评 杏仁露稳健增长，24 年圆满收官 核心观点 盈利预测与投资建议 ⚫ 根据 24 年年报及 25 年一季报，对 25、26 年下调收入、上调毛利率。我们预测公司 2025-2027 年每股收益分别为 0.69、0.75、0.79 元（原预测 25-26 年为 0.75、0.86 元）。结合可比公司，我们认为目前公司的合理估值水平为 2025年的 17倍市盈率， 对应目标价为 11.73 元，维持买入评级。 风险提示 原材料价格波动、新品放量不及预期、市场开拓不及预期、产能利用率不及预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,955 | 3,287 | 3,362 | 3,567 | 3,750 | | 同比增长 (%) | 9.8% | 11.3% | 2.3% | 6.1% | 5.1% | | 营业利润(百万元) | 844 | 880 | 960 | 1,041 | 1,0 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.9 CNY for 2025, based on a 40x PE valuation [3][6]. Core Insights - The company reported a strong performance in 2024, achieving a revenue of 2.397 billion CNY, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million CNY, up 52.81% year-on-year [1][2]. - The growth in revenue was driven by various business segments, with EGR, new energy, and stamping parts generating revenues of 729 million CNY, 1.034 billion CNY, and 421 million CNY, respectively, reflecting year-on-year growth rates of 30%, 29%, and 43% [2]. - The company has made significant advancements in the humanoid robot sector, focusing on key components such as dexterous hands and harmonic reducers, indicating potential for future growth [3]. Financial Summary - In 2024, the company achieved a gross margin of 17.95%, an increase of 0.16 percentage points year-on-year, and a net margin of 9.57%, up 1.43 percentage points year-on-year [2]. - The projected revenues for 2025-2027 are 3.402 billion CNY, 4.456 billion CNY, and 5.596 billion CNY, with corresponding net profits of 306 million CNY, 425 million CNY, and 562 million CNY, indicating a robust growth trajectory [4][12]. - The company’s net asset return is expected to improve from 12.31% in 2024 to 19.20% by 2027, showcasing enhanced profitability [4][12].

煤炭/煤炭开采 华阳股份（600348.SH） 煤炭量价齐跌致业绩承压，关注煤矿成长及转型 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 6.57 | | 一年最高最低(元) | 11.36/6.17 | | 总市值(亿元) | 237.01 | | 流通市值(亿元) | 237.01 | | 总股本(亿股) | 36.08 | | 流通股本(亿股) | 36.08 | | 近 3 个月换手率(%) | 51.87 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 华阳股份 沪深300 相关研究报告 《Q3 业绩环比大增，关注煤矿成长及 高分红潜力—公司信息更新报告》 -2024.11.1 《量价下滑致业绩承压，关注煤矿成 长及高分红潜力—公司 2024年中报点 评报告》-2024.8.30 《煤炭量价致业绩承压，提分红彰显 投资价值—公司 2024年一季报点评报 告》-2024.4.29 张绪成（分析师） zhangxucheng@ky ...

[Table_Title] 证券研究报告 / 公司点评报告 收入稳健增长，机器人加速布局 事件： [Table_Summary] 公司发布 2024 年年度报告及 2025 年一季报。2024 年实现营业收入 59.18 亿元，同比增长 28.22 %，归母净利润 0.21 亿元，同比下滑 91.32%，扣非归母净利润 0.19 亿元，同比下滑 92.59%。2025Q1 实现 营收 12.56 亿元，同比下滑 2.93 %，归母净利润 0.06 亿元，同比下滑 87.86 %，扣非归母净利润 0.06 亿元，同比下滑 86.64%。 收入稳步增长，盈利静待改善。收入端，公司 2024 年实现较好增长， 分业务来看，汽车零部件/电动车零部件/冰压机零部件实现营收 39.05/9.27/3.88 亿元，同比增长 39.91% / 3.02%/ 22.74%。盈利端，公司 盈利增速慢于收入端，2024 年毛利率实现 8.49%，同比减少 5.31pct， 净利率 0.35 %，同比减少 4.83pct。分业务来看，汽车零部件/电动车零 部件/冰压机零部件实现毛利率 3.76%/-7.35%/-3.18%，同比-5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 5.5 billion yuan for 2024, a year-on-year decrease of 27.26%, and a net profit attributable to shareholders of 1.2 billion yuan, down 53.43% year-on-year [5] - The decline in revenue is primarily due to a decrease in special integrated circuit income, which fell by 42.57% year-on-year [5] - The company continues to invest heavily in R&D, with an expenditure of 1.29 billion yuan, representing 23.33% of revenue, which is an increase of 4.54 percentage points year-on-year [5] - The company is expected to benefit from the acceleration of special informationization and the recovery of its main business, with anticipated revenue growth in the automotive chip sector [5] Financial Performance - The company achieved a net cash flow from operating activities of 1.5 billion yuan, a decrease of 17.07% year-on-year [5] - The net assets attributable to shareholders increased by 6.33% year-on-year to 12.4 billion yuan as of December 31, 2024 [5] - The projected revenues for 2025, 2026, and 2027 are 6.7 billion yuan, 8.3 billion yuan, and 10.5 billion yuan respectively, with corresponding net profits of 1.6 billion yuan, 2.2 billion yuan, and 2.3 billion yuan [5][8] Market Position and Outlook - The company is positioned to benefit from the growth in automotive electronics and the recovery of traditional consumer electronics [5] - The company has launched several new products, including the first commercial eSIM in China and automotive safety chip solutions, which are expected to contribute to future revenue growth [5] - The company maintains a leading position in FPGA and system-level chip products, which are anticipated to see improved performance in the current fiscal year [5]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is experiencing robust growth in its AI business, with revenue from AI operations in Taiwan increasing by 135.07% year-on-year in 2024. The PLM product's contract value grew over 20% in Q1 2025 due to AI enhancements, while AIOT applications saw revenue growth exceeding 50% [6] - Internally, AI has improved operational efficiency, leading to a reduction in sales, management, and R&D expense ratios in 2024. The net profit loss, adjusted for non-recurring items, narrowed by 31.92% in Q1 2025, and marketing conversion rates improved by 54% year-on-year [6] - The company is capitalizing on the global manufacturing shift, with non-mainland revenue reaching 1.154 billion yuan in 2024, a 7.53% increase. The local teams in Southeast Asia have a localization rate exceeding 90%, driving significant revenue growth in Thailand and Vietnam [7] - The company reported steady growth in its 2024 annual report, with revenues, net profit, and adjusted net profit reaching 2.331 billion yuan, 156 million yuan, and 138 million yuan respectively, reflecting year-on-year increases of 4.62%, 3.59%, and 13.18% [8] - The revenue forecast for 2025-2027 has been slightly adjusted downwards due to anticipated delays in downstream demand, with projected revenues of 2.677 billion yuan, 3.122 billion yuan, and 3.623 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 14.8%, 16.6%, and 16.1% [9] Financial Data Summary - In 2024, the company achieved total revenue of 2.331 billion yuan, with a net profit of 156 million yuan, and an adjusted net profit of 138 million yuan [8] - The projected total revenue for 2025 is 2.677 billion yuan, with net profits expected to reach 205 million yuan, reflecting a year-on-year growth of 31.4% [10] - The company’s gross margin is projected to decline from 58.3% in 2024 to 53.7% by 2027, indicating a gradual decrease in profitability margins over the forecast period [11]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance in the AI wave [4][6]. Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, a year-on-year increase of 28.76%, and a net profit attributable to shareholders of 2.93 billion yuan, up 8.10% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 34.99 billion yuan, reflecting a significant year-on-year growth of 115.65%, primarily driven by the ramp-up of high-performance computing products [1]. - The gross margin for Q1 2025 was 8.42%, which decreased by 5.40 percentage points year-on-year due to the lower margins of high-performance computing products, although it showed a slight increase of 0.15 percentage points compared to the previous quarter [1]. Summary by Sections Intelligent Terminal Business - The intelligent terminal segment generated revenue of 35.32 billion yuan in 2024, a growth of 17.19%, accounting for 32.14% of total revenue, with a gross margin of 9% [2]. - The company completed the acquisition of 80% of Yiluda, which is expected to enhance its customer base in the wearable technology sector [2]. High-Performance Computing and Networking - The high-performance computing segment achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.79%, representing 57.54% of total revenue, with a gross margin of 7.77% [3]. - The company successfully delivered high-performance network switches aimed at AI clusters, becoming a core supplier for several leading domestic cloud service providers [3]. Automotive Electronics and AIoT - The automotive and industrial products segment saw revenue of 1.56 billion yuan in 2024, a remarkable growth of 91.09%, with a gross margin of 19.20% [4]. - The AIoT and other businesses generated revenue of 4.67 billion yuan, a substantial increase of 187.93%, with a gross margin of 15.29% [4]. Financial Forecast - The company is expected to achieve net profits of 3.68 billion yuan, 4.59 billion yuan, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 15, and 12 times [5][7].