2025 年 04 月 21 日 三一重工(600031.SH) 业绩弹性如期释放，挖机龙头再出发 事件：三一重工发布 2024 年年报，公司全年实现营业总收入 783.83 亿元，同比+5.9%，归母净利润 59.75 亿元，同比+31.98%； 单 Q4，公司实现营业总收入 200.23 亿元，同比+12.12%，归母净 利润 11.07 亿元，同比+141.15%。 β筑底复苏，挖机龙头再出发。根据工程机械工业协会，2024 年，挖机内销 10.05 万台，同比+11.74%；出口 10.06 万台，同比 -4.24%。周期复苏、挖机先行，公司作为行业龙头有望优先受益， 同时持续开拓国际化市场，收入表现企稳回升。 1）从产品结构上看：①挖掘机械：收入 303.74 亿元，同比+9.91%， 连续 14 年蝉联国内销量冠军；②混凝土机械：收入 143.68 亿元， 同比-6.18%，连续 14 年蝉联全球第一品牌；其中电动搅拌车连续 4 年国内市占率第一,收入首次超过燃油搅拌车。③起重机械：收 入 131.15 亿元，同比+0.89%，全球市占率大幅上升。④路面机械： 收入 30.01 亿元，同比+20. ...

Group 1: Company Developments - Nanhua Futures has submitted an application to the Hong Kong Stock Exchange for an H-share listing, marking a significant step in its internationalization strategy and potentially becoming the second A+H listed futures company in China after Hongye Futures [1] - Zhihui Mining has filed for an IPO on the Hong Kong Stock Exchange, focusing on zinc, lead, and copper mining and production, with revenues of approximately 482 million yuan, 546 million yuan, and 301 million yuan from 2022 to 2024 [3] - Color Life has appointed Sha Feng as a non-executive director, effective April 17, 2025, which is expected to enhance the company's financial management and strategic planning [5] Group 2: Market and Financial News - The Hong Kong Stock Exchange CEO, Charles Li, has been recognized in the "Titans" category of Time magazine's 2025 list of the world's 100 most influential people, highlighting his role in advancing Hong Kong's financial market [2] - The Hang Seng Index rose by 1.61% to 21,395.14 points on April 17, 2025, indicating positive market sentiment [6] - The Hang Seng Tech Index increased by 1.90% to 4,887.37 points, reflecting growth in the technology sector [6] Group 3: Financial Issues - Greater Bay Area Fusion Power has faced a winding-up petition due to unpaid service fees totaling 2.418 million HKD, with a hearing scheduled for April 30, 2025, indicating financial management challenges [4]

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。 点击注册小程序 查看完整报告 特别申明： 公司较早前就开始布局机器人产业链，在国内和国外市场关键材料领域均有布局。公司在机器人制造领域 提供滚珠丝杠、RV减速机关键材料、谐波减速机关键材料、直线导轨、拉力器等材料，已实现批量供货， 谐波减速机柔轮用钢成功替代进口，突破了机器人关键零部件生产难题，产品已经应用于全球前五大谐波 减速机生产商中的两家。 积极促进产业转型发展，突出能源用钢地位 公司着重研发大型风电、高铁、航空航天、3D打印等领域用轴承钢、齿轮钢、高温合金、特种不锈钢、超 高强度钢、抗腐蚀管材、抗菌管线、海工用管等高端产品等，以及"深地""深海""新能源""电力"等特种装 备、重大工程、国家战略领域对关键钢铁材料的需求。 报告摘要 事件： 公司发布2025年一季度报告， ...

Core Viewpoint - The company reported a decline in total revenue for Q1 2025 but achieved a slight increase in net profit, indicating resilience in profitability despite revenue challenges [3][4]. Financial Performance - In Q1 2025, the company achieved total revenue of 26.84 billion yuan, a year-on-year decrease of 5.59% and a quarter-on-quarter increase of 4.44% [3]. - The net profit attributable to shareholders was 1.384 billion yuan, reflecting a year-on-year increase of 1.76% and a quarter-on-quarter increase of 7.31% [3][4]. - The net profit margin reached 5.16%, the highest level since Q2 2023, while the debt-to-asset ratio fell to 59.20%, the lowest since Q3 2019 [4]. Export and Trade Strategy - The company's direct exports to the U.S. were relatively low, with 42,000 tons in 2024, minimizing the impact of U.S. tariffs [5]. - The company has implemented strategies to mitigate tariff impacts, including adjusting sales strategies, expanding overseas production bases, and enhancing market development in domestic, European, and Middle Eastern regions [5]. Industry Positioning - The company has established a presence in the key materials sector of the robotics industry, supplying critical components such as ball screws and harmonic reducers, with successful domestic replacements for imported materials [6]. - The company is focusing on high-end products for various sectors, including wind energy, high-speed rail, aerospace, and 3D printing, to meet the demand for specialized steel materials [7]. International Strategy - The company has outlined an internationalization strategy based on a "resources + main business + distribution" model, prioritizing mergers and acquisitions to facilitate overseas expansion [8]. - 2025 is identified as a crucial year for the implementation of international projects, aiming for systematic overseas layout [8].

点击注册小程序 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。 报告摘要 事件： 2024年，公司实现营业收入777.73亿元，同比+6.22%；实现归母净利润59.75亿元，同比+31.98%；实现扣 非归母净利润53.34亿元，同比+21.55%。 收入实现稳定增长，盈利能力提升，经营现金流显著改善 24年，公司国内、海外业务营收分别为273.18、485.13亿元，同比-3.35%、+12.15%。公司经营现金流显 著改善，经营活动现金净流入148.14亿元，同比大增159.53%。伴随国内外市场结构及产品结构改善、降 本增效措施推进，公司盈利能力实现提升，销售毛利率、净利率分别为26.43%、7.83%，同比-1.28pcts、 +1.54pcts。此外，公司拟向全体股东每10股派发现金红利3.6元（含税 ...

Core Viewpoint - Yongmaotai is expanding its international presence by establishing a subsidiary in Indonesia to invest in a lightweight automotive parts precision processing production line, with a total investment of $50 million, aiming to produce approximately 5 million turbocharger housings annually [1][2]. Group 1: Investment and Expansion - The company plans to set up a wholly-owned subsidiary in Singapore through its subsidiary Anhui Yongmaotai Automotive Parts Co., Ltd. to facilitate the investment in Indonesia [1]. - The investment aims to transition from exporting parts to establishing overseas production capacity, reducing the impact of international trade policy changes on the company's supply chain [1][2]. - The new project will enhance the company's overseas market expansion and solidify relationships with international clients [1][2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 4.1 billion yuan, a year-on-year increase of 15.9%, and a net profit of 37.51 million yuan, up 21.3% [2]. - The company's main product sales and revenue indicators reached historical highs, with a non-recurring net profit of 23.22 million yuan, reflecting a growth of 35.1% [2]. Group 3: Product Development and Market Strategy - Yongmaotai is actively exploring the application of aluminum alloy products in the robotics sector, collaborating with clients to develop related components [3]. - The company aims to become a quality supplier in the robotics parts industry by 2025, targeting the growing market demand [3]. - Additionally, there will be an increased focus on magnesium alloy materials, with efforts to enhance melting and forming processes while expanding the customer base [3].

持续推进区域化临床设计，例如汉斯状在美国和日本分别开展专门的桥接试验。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO早知道消息， 4月15日， 在 复宏汉霖举办 的 2025年"聚·创"全球研发日（R&D Day）活动 中，公司 管理层与来自业界的顶级专家学者、创新研发负责人 就 创新研发领域的最新进展、 国际 化等 未来战略规划以及前沿 领域布局等进行了深入探讨。 复宏汉霖执行董事、首席执行官朱俊博士表示： "复宏汉霖始终践行'以患者为中心'的核心理念，以 创新研发持续强化差异化竞争优势。公司持续推进H药 汉斯状、抗HER2单抗HLX22、PD-L1 ADC HLX43等核心创新产品的开发进程，有望革新肺癌和消化道肿瘤治疗格局。国际化布局方面，复宏 汉霖聚焦美国、欧盟、日本等关键市场，通过全产业链资源整合与国际合作深化，实现从产品出海到 全球价值链构建的战略跃升。 " 创新 HER2单抗及PD-L1 ADC的突破 在复宏汉霖的创新管线布局中， HLX22、HLX43等产品已进入临床后期阶段， 并已展现出 突破性 优势。 HLX43进入 II 期临床， HLX22联用 ...

4月15日晚，牧原食品股份有限公司（002714.SZ）发布公告称，为深入推进国际化战略，打造国际化资本运作平 台，公司拟发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市。目前该公司董事会会议、监事会会 议已审议通过相关议案。 "当前公司海外业务团队正在熟悉当地市场及产业发展状况，将根据未来战略发展需求制定不同国家和地区的业务 发展方式及目标。牧原股份持续探索海外业务，拓宽公司发展空间，本次发行是出海战略的重要一步。"牧原股份 相关负责人接受《华夏时报》记者采访时表示。 对此，知名战略定位专家、福建华策品牌定位咨询创始人詹军豪接受《华夏时报》记者采访时表示，牧原股份赴 港上市意义重大。一方面，能拓宽融资渠道，引入国际资本，缓解资金压力，助力公司扩大生产规模、加大研发 投入；另一方面，可提升国际知名度，树立良好品牌形象，为国际化战略铺路。 "出海"有迹可循 据了解，牧原股份此次发行H股股票所得的募集资金在扣除发行费用后，将用于进一步推进国际化战略、研发创 新及公司运营等用途。 公告显示，牧原股份本次发行的H股股数不超过本次发行后公司总股本的8%（超额配售权行使前），并授予整体 协调人不超过前述发行的H股 ...

Core Viewpoint - Muyuan Foods (牧原股份) is seeking to list H-shares on the Hong Kong Stock Exchange to advance its international strategy and capital operations after terminating its listing on the Swiss Stock Exchange a year and a half ago [2][5]. Group 1: Company Overview - Founded in 1992, Muyuan Foods was listed on the Shenzhen Stock Exchange in 2014 and has developed a comprehensive pork industry chain that includes feed processing, pig breeding, pig farming, and slaughtering [4]. - The company aims to address urgent needs in the pig farming industry in Vietnam and Southeast Asia, focusing on disease prevention, farm renovation, hardware upgrades, and biosecurity systems [2][6]. Group 2: Financial Performance - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, representing a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, a significant increase of 519.42% compared to the previous year [10][11]. - The company reported a total pig output of 71.602 million heads in 2024, with an average breeding cost of approximately 14 yuan per kilogram [11]. - Since its listing, the company's revenue has grown approximately 52 times and net profit has increased about 222 times from 2014 [3][11]. Group 3: Future Projections - Muyuan Foods aims to reduce its average breeding cost to 12 yuan per kilogram by 2025, with a current cost of 12.5 yuan per kilogram as of March 2025 [12][15]. - The company expects to report a net profit of 4.5 to 5 billion yuan in the first quarter of 2025, a turnaround from a loss of 2.459 billion yuan in the same period last year [13].

4月15日晚间，"猪茅"牧原股份（002714.SZ）发布公告称，公司拟发行境外上市外资股（H股）并在香 港联合交易所主板挂牌上市。此举标志着，这家市值超2200亿元的A股巨头正式启动国际化资本运作。 | 证券代码:002714 | 证券简称:牧原股份 | 公告编号:2025-031 | | --- | --- | --- | | 债券代码:127045 | 债券简称:牧原转债 | | 牧原股份有关负责人回应南都·湾财社记者称，希望借助香港全球金融中心地位，打造国际化资本运作 平台，丰富融资渠道和工具，推进公司国际化战略布局、提升企业形象及国际知名度，招揽更多国际人 才，加速海外团队建设，加强与境外资本市场对接。 近年来，牧原股份已通过技术输出、合资建厂等方式布局海外市场。2024年9月，牧原与越南农业公司 BAF达成战略合作，为其提供猪场设计、生物安全等技术服务；2025年3月，子公司瑞谷国际在越南胡 志明市设立全资子公司，进一步深耕东南亚市场。 东南亚地区因其旺盛的猪肉需求成为牧原的重点目标。据媒体此前报道，越南是东南亚国家肉食消费中 猪肉占比较高的国家，越南猪肉产量占牲畜肉类总产量的60%左右，每年的生 ...