Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 9.22 CNY, compared to the current stock price of 7.64 CNY [3]. Core Views - The company reported a total revenue of 12.117 billion CNY in Q1 2025, a year-on-year increase of 2.92%, and a net profit attributable to shareholders of 1.41 billion CNY, reflecting a significant year-on-year growth of 53.98% [1]. - The company's performance is benefiting from a recovery in the construction machinery sector, with excavator sales increasing by 22.83% year-on-year in Q1 2025, and domestic sales rising by 38.25% [1]. - The company is focusing on optimizing its industrial structure, enhancing its traditional and emerging industries, and expanding its international business, with export revenue expected to grow by over 35% in 2024 [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 28.67% and a net margin of 12.51%, marking increases of 0.21 percentage points and 3.84 percentage points year-on-year, respectively [2]. - The company expects to see continued improvement in its operating performance throughout 2025, with projected revenues of 53.03 billion CNY, 62.52 billion CNY, and 73.79 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 16.6%, 17.9%, and 18% [6][7]. Business Strategy - The company is advancing its "industrial tier" development strategy, focusing on both domestic and international markets, with significant contributions from new business segments such as earthmoving and agricultural machinery [2][6]. - The company plans to enhance its product offerings in the earthmoving sector, achieving full coverage of excavator tonnage from 1.5 to 400 tons, and expects export revenue from this segment to grow by over 27% in 2024 [2]. Market Outlook - The domestic market is anticipated to transition from structural recovery to a broader recovery, benefiting the company's domestic sales, while exports are expected to continue their positive growth trajectory [6].

新坐标（603040.SH）：海外贡献业 绩增长，设立控股子公司进军丝杠 领域 近日，公司发布 2024 年财报及 2025 年一季报：2024 年公司实现营业收入 68,028.21 万元，同比增长 16.63%，实现归母净利润 21,160.51 万元，同比增 长 14.76 %。2025 年一季度实现营收 17,899.06 万元，同比增长 26.15%，归 母净利润 6,681.67 万元，同比增长 37.59%，对此，我们点评如下： 海外业务贡献业绩增长。2024 年公司境外营收规模为 29,231.90 万元，同比 增长 47.0%，境外营收占比 43.0%。其中两个海外子公司营收规模均实现增长， 尤其是欧洲公司。欧洲新坐标 2024 年实现营收 16,556.08 万元，同比增长 77.5%，墨西哥新坐标 2024 年营收为 4,295.32 万元，同比增长 24.9%。海外 业务的持续增长受益于公司产品在原有客户内部份额的提升和新客户的开拓， 如欧洲大众、MAN、卡特彼勒、Stellantis 等新项目陆续投产。我们认为，海 外业务的持续增长正是公司在技术、成本及服务响应等方面竞争力的体现。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a 14.52% year-on-year decline in revenue due to industry demand downturn and proactive business structure adjustments. Direct sales revenue dropped significantly by 58.75% to 4.277 billion yuan, impacting overall revenue. However, retail and engineering channels showed robust growth, with combined revenue of 23.562 billion yuan, up 8.10% year-on-year, accounting for 83.98% of total revenue [3][4] - The company has successfully optimized its sales channels, with the C-end revenue reaching 10.209 billion yuan, up 9.92% year-on-year, and the small B-end revenue at 13.354 billion yuan, up 6.74% year-on-year. The growth in these segments has mitigated the decline in direct sales [3][4] - The company reported a significant improvement in cash flow, with operating cash flow reaching 3.457 billion yuan, a 64.39% increase year-on-year, indicating successful channel transformation and improved operational quality [6] Financial Summary - The company achieved a total revenue of 28.056 billion yuan in 2024, down 14.52% year-on-year, with a net profit attributable to shareholders of 108 million yuan, down 95.24% year-on-year. The operating cash flow was 3.457 billion yuan, showing a significant improvement [5][10] - For 2025, the company is projected to generate revenue of 28.946 billion yuan, with a net profit of 1.347 billion yuan, reflecting a substantial recovery in profitability [10][13] - The company plans to distribute a cash dividend of 18.50 yuan per 10 shares, totaling 4.419 billion yuan [5] Growth Prospects - The company is accelerating its overseas business expansion, with foreign revenue reaching 877 million yuan, up 24.73% year-on-year. The establishment of factories in Malaysia, the USA, and Saudi Arabia is expected to enhance its global supply chain and revenue growth [7] - Revenue projections for 2025-2027 are 28.946 billion yuan, 31.158 billion yuan, and 33.739 billion yuan, respectively, with net profits expected to recover to 1.347 billion yuan, 1.812 billion yuan, and 2.268 billion yuan [8][10]

Group 1: Production and Sales - In 2024, the company's steel production was 9.2674 million tons, a decrease of 10.88% year-on-year, while steel sales were 9.3293 million tons, down 9.66% year-on-year [1] - Advanced steel products showed positive performance with sales of 2.6149 million tons, an increase of 1.04% year-on-year, accounting for 28.03% of total sales, up 2.97 percentage points [1] - The company expects steel production to increase to 9.9 million tons in 2025, representing a growth of 6.04% [1] Group 2: Revenue and Profitability - In 2024, the company achieved revenue of 61.811 billion yuan, a decline of 14.79% year-on-year, primarily due to lower sales prices and volumes of steel products [2] - The gross profit margin improved to 11.91%, an increase of 1.31 percentage points year-on-year, with a gross profit of 575 yuan per ton, up 0.5% [2] - The company reported a net profit of 2.261 billion yuan in 2024, an increase of 6.37% year-on-year, with a net profit per ton of 235 yuan, up 8.11% [3] Group 3: Expenses and Cash Flow - The company's expense ratio increased to 7.78%, up 0.84 percentage points year-on-year, with the sales expense ratio at 0.70% and the management expense ratio at 2.20% [3] - The cash flow situation improved, with a net cash inflow from operating activities of 3.221 billion yuan, an increase of 5.46 billion yuan year-on-year [4] - The company's asset-liability ratio decreased to 59.79%, down 1.49 percentage points [4] Group 4: Future Outlook - The company is focusing on high-end steel materials, smart manufacturing, and overseas business expansion, indicating good growth potential [4] - Projected net profits for 2025-2027 are 2.423 billion, 2.675 billion, and 2.819 billion yuan, respectively [4]

Core Viewpoint - The company is increasing investments in top-tier series and technology applications, which has led to short-term pressure on performance, but future content releases are expected to drive a recovery in performance [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 14.08 billion yuan, a year-on-year decline of 3.8%, and a net profit attributable to shareholders of 1.36 billion yuan, down 61.6% year-on-year [2] - For Q1 2025, the company reported revenue of 2.9 billion yuan, a year-on-year decline of 12.8%, and a net profit attributable to shareholders of 380 million yuan, down 19.8% year-on-year [2] - The company has adjusted its EPS forecasts for 2025-2026 to 1.01 and 1.18 yuan respectively, down from previous estimates of 1.16 and 1.33 yuan, and introduced a new EPS forecast of 1.34 yuan for 2027 [2] Group 2: Business Segments - The membership business showed healthy growth, with revenue reaching 5.15 billion yuan in 2024, a year-on-year increase of 19.3%, and the effective membership size reaching 73.31 million, up 10.2% [3] - The average revenue per paying user (ARPPU) was approximately 73.6 yuan per person per year, reflecting a year-on-year growth of 7.2% [3] - Advertising revenue in 2024 was 3.44 billion yuan, a year-on-year decline of 2.7%, primarily due to the overall lag in the recovery of the brand advertising industry [3] Group 3: Strategic Initiatives - The company is increasing investments in top-tier series, with spending on TV dramas rising by 12% year-on-year, and is also enhancing investments in micro-short content, animation, gaming, and technology applications [4] - The overseas revenue is projected to grow from 62 million yuan in 2023 to 140 million yuan in 2024, with cumulative downloads increasing from 130 million to 260 million [4] - The company plans to continue promoting top-tier variety shows overseas and strengthen collaborations with local institutions in countries like Vietnam, Singapore, and Malaysia to explore more content and business formats [4]

Core Viewpoint - The company reported a revenue of 7.16 billion yuan for Q1 2025, showing a year-on-year increase of 1.1%, while the net profit attributable to shareholders reached 230 million yuan, up 31.8% year-on-year, indicating a recovery in profitability driven by rising cement prices and declining coal costs [1] Group 1: Financial Performance - The company achieved a net profit of 230 million yuan in Q1 2025, a year-on-year increase of 31.8% [1] - The non-recurring net profit attributable to shareholders was 240 million yuan, reflecting a year-on-year growth of 55.3% [1] - The comprehensive gross profit margin for Q1 2025 was 26.1%, an increase of 4.2 percentage points year-on-year [2] Group 2: Market Conditions - Domestic cement production in Q1 2025 was 330 million tons, a decrease of 1.4% year-on-year, indicating weak demand [1] - The average price of cement in Wuhan for Q1 2025 was 398 yuan per ton, an increase of 48 yuan per ton or 14% year-on-year [1] - The price of thermal coal decreased significantly, with the average price for Q1 2025 at 726 yuan per ton, down 180 yuan per ton or 20% year-on-year [1] Group 3: Overseas Expansion - The company’s overseas cement production capacity exceeded 25 million tons by 2024, with significant projects in Tajikistan, Cambodia, Tanzania, and South Africa [3] - Overseas revenue reached 7.98 billion yuan, a year-on-year increase of 47%, accounting for 24% of total revenue [3] - The company signed contracts for cement production capacity of 10.6 million tons per year in Nigeria and 8.8 million tons per year in Brazil, enhancing its global business footprint [3] Group 4: Cost and Expenses - The financial expense ratio for Q1 2025 was 4.7%, an increase of 1.7 percentage points year-on-year, attributed to exchange rate fluctuations [2] - The company reported a net profit margin of 4.8% for Q1 2025, an increase of 0.7 percentage points year-on-year [2]

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com hyzqdatemark 2025 年 04 月 30 日 证券分析师 市场表现： | 基本数据 | | 2025 | 月 | 日 | 04 | | | 年 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 132.90 | | | | | | | 一 年 最 / 最 低 | 高 | | | | | 152.00/92.00 | 内 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | 109,530.60 | | | | | | | | 流通市值（百万元） | | | | | | | | | 78,849.43 | | 总股本（百万股） | | | | 824.16 | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2024 was impacted by macroeconomic conditions, with a revenue of 5.26 billion yuan, down 14% year-on-year, and a net profit of 390 million yuan, down 35.2% year-on-year. The fourth quarter of 2024 saw a revenue of 1.58 billion yuan, down 27.7%, and a net profit of 120 million yuan, down 51.5%. In the first quarter of 2025, revenue was 820 million yuan, down 0.3%, with a net profit of 42.08 million yuan, down 10.9% [5][6][10] Summary by Sections Revenue Performance - In 2024, the revenue from kitchen cabinets, wardrobes, and wooden doors was 2.39 billion, 2.12 billion, and 370 million yuan respectively, with year-on-year declines of 15.6%, 15.3%, and 9.1%. The fourth quarter of 2024 saw revenues of 730 million, 620 million, and 130 million yuan for these segments, with declines of 32.5%, 25.7%, and 22.4% respectively [6][10] Channel Performance - Revenue from direct sales, distribution, bulk, and overseas channels in 2024 was 470 million, 2.53 billion, 1.68 billion, and 210 million yuan, with year-on-year changes of -0.8%, -18.9%, -16.2%, and +37.3% respectively. In Q4 2024, these channels generated revenues of 210 million, 620 million, 580 million, and 70 million yuan, with changes of +26.8%, -35.3%, -36.7%, and +41.0% respectively [6][10] Overseas Expansion - The company accelerated its overseas expansion, extending its business from engineering integration to retail franchises. By the end of 2024, the overseas business covered over ten countries and regions, including Australia, Southeast Asia, and the Middle East [6][10] Profitability Metrics - The overall gross margin for 2024 was 36.3%, a decrease of 0.8 percentage points year-on-year. The gross margins for kitchen cabinets, wardrobes, and wooden doors were 40.2%, 39.0%, and 17.7%, with changes of -0.7, +1.0, and -3.3 percentage points respectively. The gross margin for overseas channels was 28.0%, an increase of 9.8 percentage points year-on-year [8][9] Financial Forecasts - The revenue forecasts for 2025 and 2026 have been adjusted to 5.693 billion and 6.296 billion yuan, respectively, with net profit forecasts of 422 million and 494 million yuan. The report also includes a new forecast for 2027, projecting revenue of 6.857 billion yuan and net profit of 552 million yuan [10][11]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has achieved significant revenue growth in 2024, with operating income reaching 12.6 billion yuan, a year-on-year increase of 30% [5][6] - The net profit attributable to the parent company for 2024 was 1.01 billion yuan, reflecting a decline of 51.9% year-on-year, primarily due to the drop in lithium carbonate prices impacting profitability [5][6] - In Q1 2025, the company reported operating income of 3.77 billion yuan, up 47% year-on-year, with net profit attributable to the parent company increasing by 11.4% to 350 million yuan [5][7] Revenue Performance - In 2024, the company’s revenue from major business segments showed strong growth: machinery equipment, overseas building materials, and lithium battery materials generated revenues of 6.72 billion, 4.72 billion, and 880 million yuan, respectively, with year-on-year increases of 35.1%, 29.0%, and 19.2% [6] - The company’s domestic and overseas revenues were 4.57 billion and 8.02 billion yuan, respectively, with year-on-year growth of 18% and 38%, indicating that overseas business accounted for over 63% of total revenue [6] Profitability Analysis - The company’s gross margin and net margin for 2024 were 26.0% and 10.2%, down 3.29 and 16.68 percentage points year-on-year, respectively, due to the significant decline in profits from its associate, Blue Lithium Industry [8] - In Q1 2025, the gross margin improved slightly to 29.7%, while the net margin was 13.8%, reflecting a year-on-year increase of 2.83 percentage points [9] Cash Flow and Expenses - The company’s operating cash flow for 2024 was 557 million yuan, a decrease of 174 million yuan compared to the previous year [8] - The financial expense ratio increased significantly to 5.1% in Q1 2025 due to substantial exchange losses, while other expense ratios were well-controlled [9] Future Outlook - The company is expected to see gradual profit recovery in 2025, with revised net profit forecasts of 1.52 billion and 1.68 billion yuan for 2025 and 2026, respectively [11] - The company is actively expanding its overseas building materials business, with production bases established in multiple African countries and plans for further capacity increases [11]