Group 1: Financial Performance - Ningbo Bank's net profit for 2023 is projected at 27,127 million, with a growth rate of 6% for 2024 and 9% for 2025[1] - Revenue for Ningbo Bank is expected to reach 71,169 million in 2024, growing by 8% and 7% in the following years[1] - The EPS for Ningbo Bank is forecasted to be 4.4 in 2024 and 4.7 in 2025, with a corresponding PB of 0.75x in 2025[1] Group 2: Market Trends and Risks - The medical imaging sector, led by United Imaging, is expected to see a non-net profit growth exceeding 20% year-on-year, outperforming peers[1] - Anke Innovation is projected to achieve a revenue of 1,985 million in 2024, with a growth rate of 23%[1] - Risks for Ningbo Bank include interest rate risk, market risk, and operational risk[1] Group 3: Strategic Insights - United Imaging benefits from domestic high-end equipment replacement and is expected to see over 30% growth in overseas markets in 2024[1] - Sany Heavy Industry is anticipated to maintain its market leadership with a projected revenue of 78,383 million in 2024, growing by 6%[1] - Satellite Chemical is expected to see a revenue increase of 27% in 2024, with significant growth potential in its third and fourth phases[1]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6][17]. Core Views - The company achieved a revenue of 9.39 billion yuan in 2024, marking a year-on-year increase of 4.51%, and a record high in revenue [1]. - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, reflecting a slight increase of 0.4% year-on-year, driven by market share gains in hydraulic pump and valve products, as well as growth in non-engineering machinery products and overseas market expansion [1][2]. - The company is advancing its electrification strategy and has commenced mass production of linear actuators, which is expected to become a new growth driver [3]. - The company is actively expanding its international and diversified operations, with overseas revenue growing by 7.61% year-on-year in 2024 [4]. Financial Performance - In 2024, the company reported a gross margin of 42.83%, an increase of 0.93 percentage points year-on-year, while the net profit margin was 26.76%, a decrease of 1.11 percentage points [1]. - For Q1 2025, the company achieved a revenue of 2.42 billion yuan, up 2.56% year-on-year, and a net profit of 618 million yuan, reflecting a 2.61% increase [2]. - The company forecasts net profits of 2.77 billion yuan, 3.31 billion yuan, and 3.90 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 30, and 26 [4][5]. Product Performance - The revenue breakdown for 2024 shows hydraulic cylinders at 4.76 billion yuan, hydraulic pumps and valves at 3.58 billion yuan, hydraulic systems at 296 million yuan, and parts and castings at 684 million yuan, with respective year-on-year growth rates of 1.44%, 9.63%, 1.64%, and 1.76% [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a historical high in revenue of 9.39 billion yuan in 2024, with a year-on-year growth of 4.51%. The net profit attributable to shareholders reached 2.51 billion yuan, growing by 0.40% year-on-year. The first quarter of 2025 saw a revenue of 2.42 billion yuan, up 2.56% year-on-year, and a net profit of 618 million yuan, increasing by 2.61% year-on-year [7] - The company's diversification strategy is yielding results, with a notable increase in market share for excavator hydraulic pump and valve products, as well as growth in non-construction machinery products and continued expansion in overseas markets [7] - The linear drive project has entered mass production, and the Mexican factory has begun trial production, which is expected to contribute an additional production value of approximately 1.70 billion yuan upon reaching full capacity [7] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 93.90 billion yuan, with a gross margin of 42.83% and a net margin of 26.76%. The projected revenue for 2025 is 104.36 billion yuan, with a year-on-year growth rate of 11.15% [6][7] - The company plans to distribute a cash dividend of 939 million yuan for the period [7] Cost and Expenses - The company experienced slight increases in various expense ratios, including sales, management, R&D, and financial expenses, attributed to global expansion and the linear drive project [7] Strategic Initiatives - The company is focusing on internationalization, diversification, and electrification strategies, which are expected to enhance its competitive edge in the hydraulic components market [7] - The linear drive project, funded by 1.4 billion yuan, has progressed to mass production, with significant R&D efforts leading to the development of multiple product lines [7] Future Projections - The forecasted net profit for 2025-2027 is 2.75 billion yuan, 3.07 billion yuan, and 3.47 billion yuan respectively, with corresponding EPS of 2.05, 2.29, and 2.59 yuan [6][7] - The company's P/E ratios for the next three years are projected to be 35.91, 32.17, and 28.48 [6][7]

每经记者 刘曦 每经编辑 孙磊 4月23日，丰田旗下雷克萨斯品牌（LEXUS）在本届上海车展全球首发全新一代雷克萨斯ES车型。据悉，新车将搭载最新电气化技术，推出包括混合动力系 统的ES 300h及两款全新规格的纯电车型ES 350e和ES 500e。 据悉，基于全新开发的GA-K平台开发的ES 350e和ES 500e车型，均配备大容量电池。其中，ES 500e配备了智能全轮驱动系统DIRECT4，可根据车速、加速 度与转向角度等传感器数据，智能调节前后轮扭矩分配。此外，全新一代ES配备雷克萨斯智能安全辅助系统（Lexus Safety System+），该系统扩展了自适 应续航控制系统的减速支持场景，并集成了驾驶员监控系统。 丰田中国总经理李晖在发布会现场表示："'从丰田到雷克萨斯，制造更好汽车'是我们的初心，更是向移动出行公司转型的根基。全新一代ES以中国需求为 研发原点，企划、研发团队从IN CHINA FOR CHINA的角度，做了大量现地现物的调研，并在产品研发中，最大化地体现中国客户需求。" 图片来源：每经记者 刘曦 摄 值得注意的是，在发布会前一天的4月22日，上海市人民政府与丰田汽车公司在上 ...

Core Insights - Lamborghini launched the new Temerario model in Shanghai, showcasing its exceptional performance, comfort, and evolved design, setting a new benchmark for supercars [1][5] - The event celebrated Lamborghini's 20th anniversary in the Chinese market, highlighting the brand's commitment to innovation and sustainability [3][5] Product Launch - The Temerario features a twin-turbo V8 engine and three electric motors, delivering a combined output of 920 horsepower, with a top speed of 343 km/h and acceleration from 0 to 100 km/h in just 2.7 seconds [5][6] - The car offers 13 driving experiences, including various modes for city, road, sport, and track driving, along with a new Drift mode for enhanced driving enjoyment [6] Design and Customization - The design of the Temerario maintains Lamborghini's signature characteristics, featuring a compact body, new hexagonal headlights, and a "pilot experience" interior [8] - The vehicle's structure utilizes a new aluminum body to withstand the pressures from the hybrid power unit, ensuring superior mechanical performance and weight reduction [8] - Through the Ad Personam customization program, the Temerario offers over 400 body color options and special finishes, enhancing personalization for customers [8] Strategic Partnerships - Bridgestone, a leading brand in high-end tires and sustainable mobility solutions, has been selected as the exclusive tire partner for the Temerario, enhancing the vehicle's performance on and off the track [9]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 公司发布24年年报。24年公司实现营收77.99亿元，同比+23.56%；实现归母净利润16.29亿元，同 比-12.76%；实现扣非归母净利润16.38亿元，同比-9.36%。 海外业务收入高增，CMEC收购、汇兑因素致盈利能力短期承压 24年，公司营收实现快速增长，分产品来看，臂式、剪叉式、桅柱式高空作业平台营收分别为29.56亿元、 34.44亿元、7.72亿元，分别同比+20.84%、+14.41%、+53.14%，桅柱式产品收入高速增长主要原因是境 外销售增长。分地区来看，中国境内、中国境外营收分别为16.49、55.23亿元，同比-22.23%、+43.83%。 境外收入实现较快增长，主要由于公司收购CMEC及积极开拓其他 ...

Core Insights - Lamborghini achieved a record revenue of €3.09 billion in 2024, with a delivery volume of 10,687 units and an operating profit of €835 million, marking a 15.5% increase from 2023 [1][2] - The automotive industry is undergoing significant transformation, with traditional manufacturing jobs disappearing at a rate of 3% per week, while demand for smart cockpit engineers has surged by 200% [1] - Lamborghini's strategy focuses on maintaining scarcity and a long-term perspective, which has allowed the company to thrive amid industry challenges [2][3] Financial Performance - Lamborghini's revenue surpassed €3 billion for the first time, reaching €3.09 billion [1] - The operating profit hit a historical high of €835 million, reflecting a 15.5% growth compared to the previous year [1] Strategic Initiatives - Lamborghini is the first supercar manufacturer to achieve full hybridization across its entire model range, including the Revuelto and Urus SE, with the upcoming Temerario [3][8] - The company emphasizes maintaining a balance between product demand and production capacity, with an average global order backlog of approximately 1.5 years [3][6] Market Positioning - Lamborghini's brand strategy involves continuous investment in brand image and innovation, ensuring that products remain desirable and retain value [3][6] - The company aims to enhance customer experience by focusing on driving pleasure and emotional connection rather than merely viewing vehicles as transportation [9][10] Future Outlook - Lamborghini plans to introduce its first fully electric model by 2025, aligning with market trends and consumer preferences for high-performance electric vehicles [8] - The company is committed to reducing carbon emissions while improving vehicle performance, reflecting its dedication to sustainability [8][9]

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 转轨和变革从来都不是在顺境中能够平稳发生的，在行业调结构的大背景下，一家企业长期逻辑的顺畅更应该被 认识和关注。 特约作者丨昭暄 最近关于大众集团的舆论不断。 随着大众集团 2024Q3 销量数据的走低以及财务数据的大比例萎缩，大众正希望通过内部重组的方式来削 低成本，其拟在大本营德国至少关闭三家工厂、裁员近万人，同时还计划全员降薪 10%。 这一可能的动作代表着这家拥有 87 年历史的车企巨擎将首次关闭工厂，并且打破其在 2029 年之前不裁员 的承诺，这意味着中国新能源车的浪潮已经从国内市场外溢至全球，迫使全球一流车企开始收缩，从而掀 起了世界范围的、汽车产业的调结构。 通常而言，一旦车企出现了闭厂裁员的动作，就非常容易步入到企业发展的下行漩涡中，淤积的内部问题 将显现，经营状况也受到大影响。 现在的大众可能已经来到了漩涡边缘。 随着规模下滑，其在全球市场的定价话语权将被逐步削弱，其将很难维持住与丰田、Stellantis 等巨头之间 现有的竞争局面。 这对大众未来发展的逻辑 ...