冬去春来—— 国防军工板块24A&25Q1业绩综述 长江证券研究所军工研究小组 2025-05-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 王贺嘉 分析师 王清 分析师 杨继虎 分析师 张晨晨 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SAC执业证书编号：S0490525040001 SAC执业证书编号：S0490524080007 SFC执业证书编号：BUX462 联系人 张飞 联系人 李麟君 %% %% %% %% | 赛道 | 细分领域 | | | | | 标的 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 中航沈飞 | 中航西飞 | | | | | | | | 下游 | 主机厂 | 中直股份 | 中无人机 | | | | | | | | | | 航天彩虹 | 洪都航空 | | | | | | | | | | 中航重机 | 中航高科 ...

本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 市场概览:2025Q1除了纯债型基金外，主要基金指数均录得正收益，主动 权益基金跑出超额。从总规模上来看，今年一季度公募基金总规模保持 稳定，主动权益基金规模微涨，结构上变化不大。类固定收益基金仍然 占比较重，达68.8%，而主动权益基金规模占比仅11%，有较大的发展空 间。 SAC 执业证书编号： 主动权益基金持仓分析：共重仓持有2638家上市公司，持股总市值约为 2.96万亿元，增长2.18%，股票仓位略有提高，重仓持有港股市场的市值 大幅增加。重仓行业方面，通信行业在本季度退出了前十大重仓行业， 而有色金属则新晋跻身前十大重仓行业之列，与内需消费息息相关的商 贸零售和轻工制造板块在行业下跌时市值在逆市增长，或指向基金逆市 增持。重仓持有的个股方面，腾讯控股跃升为第一大重仓个股，美的集 团和立讯精密出现逆市减仓。 基 金 专 题 集中度分析：行业和个股集中度更高，具体来看前十大重仓个股占比从 18.41%提升至20.14%，前十大重仓行业占比从70.19%提 ...

证 券 研 究 报 告 公司发布 2025 年一季度报告，25Q1 公司实现营业收入 73.6 亿元，同增 23.8%， 归母净利润 1.8 亿元，同增 16.9%，扣非归母净利润 1.7 亿元，同减 6.2%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,601 | 31,885 | 34,730 | 37,530 | | 同比增速(%) | 18.0% | 11.5% | 8.9% | 8.1% | | 归母净利润(百万) | 699 | 803 | 906 | 1,004 | | 同比增速(%) | -5.6% | 14.9% | 12.9% | 10.8% | | 每股盈利(元) | 0.68 | 0.78 | 0.88 | 0.97 | | 市盈率(倍) | 11 | 10 | 9 | 8 | | 市净率(倍) | 1.3 | 1.2 | 1.1 | 1.0 | 资料来源：公司公告，华创证券预测 注：股价为 ...

5月6日下午， 渝三峡A (000565.SZ)再度封板，目前已实现5连板涨停。 公开资料显示，渝三峡A主要从事涂料的生产与销售，现已构建起相对完整的工业涂料产品体系。涂料 行业是周期性化工行业的细分领域。 近年来，涂料行业竞争加剧，行业发展机遇与挑战并存。面对诸多变化，渝三峡A坚持以市场为导向， 狠抓研发、营销两大发展引擎，不断提升产品质量和市场竞争力。 2024年，渝三峡A不断梳理现有产品体系，实现了产品质量和成本效益的双重优化。同时，该公司重构 营销体系，分档次确定产品定位和价格定位，新开发的西北市场经销商网络实现广泛覆盖，西北市场的 销售实现大幅增长。受诸多因素的推动，渝三峡A去年的经营业绩得到明显改善。 2024年，渝三峡A实现营收3.50亿元，归母净利润为436.7万元，同比实现扭亏为盈。渝三峡A在业绩预 告中透露，参股公司新疆信汇峡 清洁能源 有限公司经营状况及盈利能力提升，确认投资收益同比大幅 增加(上年同期确认投资收益为亏损2352.41万元)。 2025年第一季度，渝三峡A实现营收7370万元，同比增长7.35%。此外，公司经营活动产生的现金流量 净额同比增长34.45%，主要是公司销售货 ...

明确告诉各位投资者！ 2025年国企改革迎来高潮，电力行业重组潜力巨大！ 2025年是国企改革的关键节点，作为收官之年，这一年将见证企业业绩的爆发式增长，国家队豪掷600 亿强势入场！ 远达环保斥资277亿元收购水电资产，目标是成为国家电投体系内的核心整合平台。其战略定位日益清 晰，计划以277亿元拿下五凌电力63%股权和长洲水电64.93%股权。通过这一布局，远达环保将担起国 家电投水电资产整合的重任。 4.电投产融 电投产融依托核电和金融业务的协同效应，持续强化其资本运作能力。作为国电投的重要资本平台，公 司正在实施一项重大资产调整：将电投核能100%股权纳入，同时剥离资本控股100%股权，聚焦核电投 资和金融服务两大主业。 5.电流央企重组——新能源资产注入的超级明星。 这家企业即将迎来5GW规模的风电与光伏资产注入，资产证券化进程提速。需知晓这家公司的友友莱 弓zhong呺：秦板。。更值得关注的是公司净利润连续两年增长分别为435.21%、229.7%，2024年年报 净利润高达45亿元，因此吸引了244家机构投资者持有流通股的78.54%股份，外资更是超4亿元，作为 集团内部资产整合的关键平台，公司 ...

Group 1 - The article discusses various job openings in state-owned enterprises, highlighting positions such as Deputy Director of Strategic Development at China Coal Mine Construction Group and General Manager Assistant at Shandong Science and Technology Innovation Group [3][4] - The recruitment efforts are part of a broader strategy to enhance talent development and support high-quality growth in state-owned enterprises [5] - The publication "Modern State-Owned Enterprise Research" serves as a platform for discussing state-owned enterprise reform and party building, aiming to provide authoritative research and mainstream opinion on these topics [5]

金融界4月30日消息，安琪酵母下周将迎来276.5万股解禁，解禁市值约9848.93万元，占解禁前流通市值 比例为0.32%。 安琪酵母所属概念板块包括：食品饮料、湖北板块、标准普尔、富时罗素、MSCI中国、沪股通、中证 500、上证180_、参股新三板、融资融券、QFII重仓、合成生物、化妆品概念、长寿药、湖北自贸、央 国企改革。 资料显示，安琪酵母股份有限公司位于湖北省宜昌市城东大道168号，公司始创于1986年,主导产品酵母 及深加工产品经过30多年的开发,已被广泛应用于烘焙与发酵面食、食品调味、酿造、人类营养健康、 动物、植物、微生物营养等领域。公司在国内11个城市以及埃及、俄罗斯建有工厂,发酵总产能达40万 吨,在国内市场占比55%,在全球占比超18%,酵母系列产品规模已居全球第二。公司建有国家级企业技术 中心、博士后科研工作站,检测中心通过CNAS实验室认可,获得授权发明专利300余项。主导和参与制定 了酵母行业所有的国家和行业标准,两次获得国家科技进步奖。近年来,先后被工信部评为"国家技术创新 示范企业",被国务院国资委评为"国有重点企业管理标杆创建行动标杆企业""创建世界一流专业领军示 范企业 ...

Core Insights - The meeting highlighted the positive trend in the macroeconomic environment during the first quarter, providing confidence for the operational work of the Capital Airport Group [1] - The meeting emphasized the need for innovation and proactive measures to address challenges, moving away from traditional thinking to find new growth points [2] - The meeting underscored the importance of completing reform tasks as this year marks the final year for deepening state-owned enterprise reforms [3] Group 1 - The macroeconomic situation is showing improvement, which serves as a strong foundation for the Capital Airport Group's operations [1] - The group is encouraged to maintain confidence and focus on internal issues while addressing external uncertainties [2] - There is a call for innovation in various areas such as marketing, management, and business integration to drive growth [2] Group 2 - The meeting stressed the need for a unified approach to reduce communication costs and enhance collaboration among departments [2] - The Capital Airport Group is expected to enhance its political and operational awareness to fulfill reform tasks effectively [3] - The group is tasked with ensuring that all reform initiatives are completed on time and yield tangible results [3]

Group 1 - State-owned enterprises are crucial for the revitalization of Liaoning, with a focus on their role in the "Liaoshen Campaign" and the implementation of key tasks and measures for reform and optimization of state-owned capital [1] - In the first quarter, provincial state-owned enterprises achieved a revenue growth of 48% year-on-year, with fixed asset investment increasing by 17.1%, indicating a strong start to the year [1] - The provincial government plans to invest 37 billion yuan in 105 fixed asset projects throughout the year, aiming for operational indicators to exceed the provincial average growth rate [1] Group 2 - The provincial state-owned assets supervision and administration commission has developed a "1+3+2+N" reform plan to enhance the vitality of state-owned enterprises, focusing on strategic restructuring and professional integration [2] - The goal is to achieve a synergistic effect in restructured enterprises, ensuring that the combined value is greater than the sum of individual parts [2] - The commission aims to complete nine major battles and 27 key tasks by the end of the year, emphasizing the importance of market-oriented management mechanisms [2] Group 3 - The focus on technological innovation within state-owned enterprises includes a "three-dimensional innovation" approach, emphasizing technological, management, and business model innovations [3] - The establishment of innovation platforms and partnerships with academic institutions is a priority to enhance technology transfer and application [3] - The "Embrace AI" initiative aims to build an AI computing power platform and integrate regional computing networks, with 11 AI application scenarios expected to form commercial closed loops [3] Group 4 - The provincial government is innovating cooperation models between central and local enterprises to drive comprehensive revitalization, with a focus on major project construction [4] - A total of 285 major projects with an investment of 1.56 trillion yuan are being prioritized to support revitalization efforts [4] - The establishment of a long-term cooperation mechanism between central and local enterprises is being pursued to enhance industrial innovation and technology transfer [4]

Overview - The report emphasizes the importance of domestic demand as a key theme in the current economic landscape [1] Research Insights Machinery Equipment - XCMG Machinery (000425.SZ) reported a total revenue of CNY 91.66 billion in 2024, a decrease of 1.28% year-on-year, while net profit attributable to shareholders increased by 12.2% to CNY 5.976 billion. In Q1 2025, revenue grew by 10.92% to CNY 26.815 billion, and net profit rose by 26.37% to CNY 2.022 billion, with a net profit margin of 7.6% [6] Construction Decoration - China Railway (601390.SH) faced a 19% decline in net profit in Q1 2025, attributed to pressure in traditional infrastructure sectors, although overseas orders showed strong growth. The projected net profit for 2025-2027 is CNY 28.1 billion, CNY 28.3 billion, and CNY 28.9 billion, respectively [7] Steel - Hunan Steel (000932.SZ) saw a significant improvement in Q1 2025, with net profit increasing by 43.55% to CNY 562 million. The overall profitability of the steel industry is recovering, with a gross profit margin expected to improve [8] Automotive - Silver Wheel Co., Ltd. (002126.SZ) reported a revenue of CNY 3.4 billion in Q1 2025, a 15% increase year-on-year, with net profit rising by 11% to CNY 210 million. The company is well-positioned for growth in the automotive sector [11] Home Appliances - Haier Smart Home (600690.SH) achieved a revenue of CNY 79.118 billion in Q1 2025, a 10.06% increase, with net profit rising by 15.09% to CNY 5.487 billion. The company is expected to maintain a steady growth trajectory [14] Food and Beverage - Hengshun Vinegar (600305.SH) reported a revenue of CNY 626 million in Q1 2025, a 35.97% increase, with net profit rising by 2.36% to CNY 57 million. The company is focused on strengthening its core business and expanding into new markets [15] Construction Materials - Oriental Yuhong (002271.SZ) faced challenges in Q1 2025, with a decline in performance due to reduced demand in new construction areas. The company is optimizing its distribution channels [22] Power - Zhejiang Energy Power (600023.SH) reported stable performance in Q1 2025, with revenue projected to be CNY 87.698 billion in 2025, a slight decrease of 0.3% year-on-year. Net profit is expected to be CNY 6.25 billion [20] Textile and Apparel - Jian Sheng Group (603558.SH) reported a 2% increase in revenue in Q1 2025, but net profit decreased by 27%. The company is adjusting its production capacity to match orders [29] Coal - Shanxi Coking Coal (000983.SZ) reported a revenue of CNY 90.26 billion in Q1 2025, a decrease of 14.46%, with net profit down by 28.33% to CNY 6.81 billion. The company is focusing on cost reduction and efficiency improvements [43]