丨证券研究报告丨 公司研究丨点评报告丨澳华内镜（688212.SH） [Table_Title] 业绩符合预期，看好海外持续高增长 报告要点 [Table_Summary] 2024 年业绩符合预期，2024 年公司收入为 7.50 亿元，同比增长 10.54%；国内市场受行业影 响增长放缓，国内市场收入为 5.86 亿元，同比增长 3.93%，主要是由于国内终端市场招采活动 减少，受招投标总额下降影响。海外营销网络进一步扩张，2024 年公司海外收入为 1.61 亿元， 同比增长 42.70%，毛利率持续提升至 58.15%；主要是由于 2024 年海外多个国家的产品准入 以及市场推广进展顺利，全方位提高了品牌影响力。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 澳华内镜（688212.SH） cjzqdt11111 [Table_Title2] 业绩符合预期，看好海外持续高增长 事件评论 风险提示 ...

Core Insights - Pop Mart, a Chinese toy giant, is rapidly expanding into global markets, achieving significant milestones such as topping the U.S. App Store shopping chart and experiencing a surge in stock price [1][2]. Group 1: Market Performance - On April 28, Pop Mart's stock price surged over 10%, reaching a historic high of 190 HKD per share, with a trading volume of nearly 2.8 billion HKD [2]. - The company's overall revenue for Q1 2025 increased by 170%-175% year-on-year, significantly exceeding industry expectations [7]. Group 2: Product Launch and Popularity - The recent launch of the third generation of the LABUBU plush toy series on April 24 has driven global demand, with long queues reported at stores in major cities like Los Angeles, London, and Milan [4]. - LABUBU has quickly become a leading IP for Pop Mart, with its product series contributing to a staggering 726.6% year-on-year revenue growth, making it the top revenue-generating IP for the company [6]. Group 3: Regional Growth - The Americas have emerged as a new growth engine for Pop Mart, with revenue from this region increasing by 895%-900% year-on-year, while Europe saw a growth of 600%-605% [7]. - The Asia-Pacific region also maintained a strong growth rate of 345%-350%, indicating a balanced global expansion strategy [7]. Group 4: Global Strategy and Organizational Changes - Pop Mart is undergoing its largest organizational restructuring in five years to better align with its global expansion, establishing regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe [8]. - The company aims to tailor its development strategies based on regional characteristics, positioning Southeast Asia as a growth engine and the Americas as a high-value market [9].

Group 1 - Company JunDa Co., Ltd. has submitted its H-share listing application and disclosed its prospectus on April 28, marking the official start of its Hong Kong IPO process [1] - The global offering consists of 63,432,300 shares, with 6,343,300 shares allocated for public offering in Hong Kong (approximately 10% of the total) and 57,089,000 shares for international offering (approximately 90% of the total) [1] - The price range for the H-share issuance is set between HKD 20.40 and HKD 28.60, with the expected listing date on May 8, 2025 [1] Group 2 - JunDa Co., Ltd. has become a significant holding for the National Social Security Fund, with a reported ownership of 4.48%, indicating recognition of the company's long-term value [2] - The investment from the social security fund suggests that JunDa Co., Ltd. may have opportunities for valuation enhancement, as the fund typically invests in companies at historical valuation lows [2]

Group 1 - The U.S. "reciprocal tariffs" are putting significant pressure on the global economy and trade system, particularly affecting industries like semiconductors, automobiles, and pharmaceuticals [1] - Aojing Medical (688613.SH) stated that its overseas business is primarily focused on emerging markets in Southeast Asia, and the U.S. tariff policy will not impact its operations [1] - The company emphasizes its long-term global strategy, aiming to enhance product competitiveness through continuous technological innovation and to expand into high-growth emerging markets [1] Group 2 - The bone repair materials industry is experiencing a trend of domestic substitution, with artificial bone materials gradually replacing natural bone due to their advantages [2] - Aojing Medical's mineralized collagen artificial bone repair materials have achieved international advanced levels in key indicators, addressing limitations of natural bone materials [2] - The market share of artificial bone has rapidly increased from less than 30% in 2018 to a dominant position, indicating a clear trend towards accelerated substitution [2] Group 3 - The domestic bone repair materials industry has seen rapid development, with domestic brands catching up to or surpassing imported brands in technology [3] - National centralized procurement policies are driving domestic substitution, further squeezing the market space for imported products [3] - Aojing Medical's mineralized collagen artificial bone repair materials have become a benchmark for high-end orthopedic products in China, with significant growth in hospital adoption following successful procurement [3] Group 4 - Aojing Medical's product line includes various artificial bone repair materials, which are expected to enhance market share due to their inclusion in national procurement [4] - The company is diversifying its product offerings to mitigate the impact of price reductions from centralized procurement [4] - Aojing Medical is expanding into the dental implant market through the acquisition of HumanTech Dental, which is expected to create a second growth curve for the company [5] Group 5 - The company is focusing on emerging markets in Southeast Asia, having obtained regulatory approvals in Malaysia, Indonesia, and Vietnam, which are expected to drive growth [5][6] - The Southeast Asian orthopedic repair materials market is projected to grow at a compound annual growth rate of 21.4% from 2023 to 2028, significantly outpacing the global average [5] - Aojing Medical's early entry into the Southeast Asian market provides a competitive advantage amid the U.S.-China trade tensions [5] Group 6 - Aojing Medical's supply chain strategy emphasizes resilience and efficiency, aiming to combine low costs with rapid response capabilities [6] - The core materials for the company's artificial bone products are I-type collagen and hydroxyapatite, with plans for self-sufficiency in raw materials to reduce production costs [6] - A new production line set to launch in November 2024 will significantly increase the company's annual production capacity, supporting both domestic and international demand [6] Group 7 - Aojing Medical is leveraging technological innovation and a diversified product strategy to build a sustainable growth model in a competitive environment [7] - The company's strategic planning and rapid progress position it well to capitalize on growth opportunities in the bone repair materials market [7]

Group 1 - The core viewpoint of the article highlights the challenges and developments faced by Zhongwei Co., a leading company in the global new energy battery materials sector, particularly regarding its Indonesian factory operations, H-share listing progress, and quarterly performance fluctuations [1][3][4] Group 2 - The stability of the Indonesian factory is crucial for the global supply chain, with recent natural disasters raising concerns about production capacity. The company has implemented emergency plans and insurance to mitigate risks, demonstrating effective risk management strategies [2][3] - The H-share listing application submitted to the Hong Kong Stock Exchange aims to expand international capital market access and raise funds for global capacity expansion, technology research, and supply chain optimization. The urgency for expansion is underscored by fluctuating net profits despite revenue growth [3][4] - In Q1 2025, the company reported a 16.09% increase in revenue to 10.787 billion, but a decline in net profit by 18.88% to 308 million. The increase in shareholder returns, including a cash dividend plan and share buyback, indicates a strategy to stabilize investor confidence amid performance pressures [4]

从全球市场拓展看，国轩高科在中国、欧洲、非洲、美洲、东南亚等已初步形成全球布局。 6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 全球布局成效再获市场验证， 2024年国轩高科海外收入 首次突破百亿大关， 同比增速 71.21% ，创历史新高。 4月2 4 日晚，国轩高科披露 2024年报，公司营收创历史新高，达到 353.92亿元 ， 同比增长11.98% ；实现归母净利润 12.07亿元 ， 同比增 长28.56% ；实现扣非净利润2.63亿元，同比增长125.86%。 海外收入 突破 百亿 国际市场获多个定点 2024年，国轩高科海外收入在高基数下，继续保持迅猛势头，全年实现收入 110.0 5 亿元 ， 同比增长 71.21% ，海外和中国大陆业务收入从二 八格 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Insights - The company's Q1 2025 revenue slightly exceeded expectations, achieving 2.295 billion yuan, a year-on-year increase of 15.94%. The net profit attributable to the parent company for Q1 2025 was 179 million yuan, up 8.01% year-on-year [7]. - The company is upgrading its strategic focus to build an international operational system, responding to domestic economic challenges and increasing competition. The new strategic pillars include product-driven growth, efficiency enhancement, digital intelligence upgrades, and global operations [7]. - The company has launched 273 new products and won 29 domestic design awards, enhancing its product image and driving sales of mid-to-high-end products [7]. - The company reported a gross profit margin of 28.06% for 2024 and a net profit margin of 8.96%. For Q1 2025, the gross profit margin was 29.88% and the net profit margin was 7.81%, indicating stable profitability [7]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 759 million yuan, 848 million yuan, and 955 million yuan respectively, with corresponding P/E ratios of 10, 9, and 8 times [7]. Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 7.342 billion yuan, with a year-on-year growth rate of 20.3%. For Q1 2025, the revenue was 2.295 billion yuan, with a growth rate of 15.9% [6][9]. - The net profit attributable to the parent company for 2024 is expected to be 658 million yuan, with a growth rate of 15.7%. The forecast for 2025 is 759 million yuan, reflecting a growth rate of 15.4% [6][9]. - The company aims to maintain a stable gross profit margin, with projections of 29.1% for 2025 and 30.1% for 2027 [6].

智慧服务业务稳步扩张，在手订单充足。2024 年，公司新签约城市服务项目76 个，新增年化合同额达 14.86 亿元，位居行业第二，新增合同总额44.47 亿元。截至2024 年末，公司在运营城市服务项目262 个，在运营项目合同总额612.85 亿元，年化合同额71.72 亿元，待执行合同总额393.83 亿元，充足的项 目储备为未来业绩增长奠定基础。公司持续推进"作业机械化+运营智能化+服务标准化"，依托自主研 发的智云平台，提升运营效率和管理水平。 智能装备龙头地位稳固，新能源产品优势显著。2024 年，公司环保装备销售额连续24 年保持国内行业 第一。全年环保装备销量达12,173 辆，市场占有率19.3%，销量与市占率均位居行业第一。在新能源环 卫装备领域，公司优势突出，全年纯电动环保车辆销售2,691 辆，市场份额达30.5%，连续三年稳居行 业第一。公司新能源产品已覆盖清扫、收转运等40 多个品类、近200 款车型，此外，公司在应急排涝装 备市场取得战略性突破，新增订单7.1 亿元，同比增长3450%。高空作业装备成功量产三款自主研制车 型。 事件：公司发布2024 年年报及2025 年一季报， ...

国轩高科报喜！ 4月24日晚间， 国轩高科发布 2024年报，交出一份亮眼成绩单， 营收、净利润以及扣非净利润均实现增长。 公告显示，2024年，国轩高科 营收创历史新高，达到353.92亿元，同比增长11.98%；实现归母净利润12.07亿元，同比增长28.56%；实 现扣非净利润2.63亿元，同比增长125.86%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 35,391,817,095.44 | 31,605,490,020.32 | 11.98% | 23,051.701.484.60 | | 归属于上市公司股东 的净利润(元) | 1.206.790.129.59 | 938.726.847.76 | 28.56% | 311.576.431.81 | | 归属于上市公司股东 的扣除非经常性损益 | 262.543.788.91 | 116,241,267.75 | 125.86% | -515.170.864.59 | | 的净利润(元) | | | | | | 经营活动 ...

Group 1: Financial Performance - The company achieved a revenue of 4.6 billion CNY in Q1 2025, representing a year-on-year growth of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders reached 302 million CNY, with a year-on-year increase of 33.98%, maintaining over 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities was 578 million CNY, reflecting a year-on-year growth of 33.33% [2] Group 2: Global Expansion Strategy - The company is actively pursuing a globalization strategy, focusing on AI smart home appliances and expanding into markets such as Europe, Southeast Asia, and Latin America [3][4] - The overall sales volume increased by 7.34% due to a rise in exports and ODM orders, with significant achievements in markets like France, Spain, and Brazil [3] Group 3: Product Development and Innovation - The company has optimized its product structure, resulting in a gross margin increase of 2.52% [3] - New product launches include the "Ice Kirin" series deep-freezing refrigerators and the "AI Super Tub" washing machine, which has a cleaning ratio exceeding 1.31 [3] - The company is enhancing its production capabilities, with the Hefei appliance factory's supporting facilities completed and the high-end wind-cooled refrigerator project expected to produce 2.8 million units annually [3][6] Group 4: Sales and Distribution - Currently, the self-owned brand sales account for less than 20% of total sales, primarily relying on TCL's established sales platform [5] - The company plans to maintain its existing sales channels while focusing on improving product quality and R&D capabilities [5] Group 5: Future Plans and Market Positioning - The company aims to maintain growth in overseas markets by launching innovative products and increasing brand awareness through international exhibitions and marketing strategies [4] - There are no immediate plans to expand into air conditioning, as the current focus remains on refrigerators, freezers, and washing machines [9] - The company is committed to becoming a global leader in smart home appliances, emphasizing technology-driven innovation and high-quality product offerings [10]