最新一期业绩显示，2024年三季报，公司实现营业收入19.89亿元，同比18.82%；净利润9678.92万元， 同比58.81%，销售毛利率27.91%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)35咸亨国际38.7253.083.2951.30亿行业平均 70.2172.184.3743.26亿行业中值45.5549.743.0631.12亿1先锋电子-276.76294.072.7422.41亿2莱赛激 光-163.92-163.924.0114.30亿3恒合股份-144.21-144.215.2413.98亿4禾信仪器-126.95-126.9515.1958.39亿5 东方中科-125.42-89.621.8776.24亿6宏英智能-71.40-226.592.2821.85亿7安控科技-35.84-20.537.0041.01亿8 碧兴物联-34.87-34.871.2213.44亿9禾川科技-33.95-33.953.8153.38亿10万讯自控-29.84-29.842.0022.01亿11 秦川物联-21.56-21.562.4513.91亿 来源：金融界 4月16日，咸亨国际 ...

Core Viewpoint - The company reported steady growth in revenue and profit for 2024, with significant improvements in gross margin and R&D investment [2][4]. Financial Performance - In 2024, the company achieved revenue of 1.13 billion, a year-on-year increase of 10.8% [2] - The net profit attributable to shareholders reached 183 million, reflecting a year-on-year growth of 13.6% [2] - The gross margin for 2024 was 45.16%, up 1.8 percentage points from 2023, driven by improved product structure and enhanced competitiveness [2] R&D Investment - The company maintained a high level of R&D investment, with annual R&D expenses amounting to 117 million, representing a historical high R&D expense ratio of 10.4% [2] - The core team expanded to over 300 personnel, with continuous breakthroughs in patent technology [2] Product Development - Testing instrument revenue exceeded 150 million in 2024, showing a year-on-year growth of 14.6% despite pressure on downstream demand [3] - The company accelerated the development of testing instruments, launching new high-bandwidth products and enhancing product variety in signal sources and spectrum analyzers [3] Competitive Advantage - The company has a diverse product range in the instrumentation sector, providing a high safety margin for performance [4] - The gradual high-end transformation of instruments and breakthroughs in key components are expected to drive future growth [4] Growth Targets - The company announced a stock incentive plan, aiming for a compound annual profit growth rate of 20% from 2024 to 2026, with stable growth targets for testing instruments and specialized instruments [4] Investment Outlook - Based on the latest performance report, revenue forecasts for 2025 and 2026 have been adjusted slightly upward, with expected revenues of 1.31 billion and 1.49 billion respectively [5] - The net profit forecasts for the same years have been adjusted to 240 million and 290 million respectively, with an estimated EPS of 2.13 and 2.58 [5] - For 2027, the company is projected to achieve revenue of 1.7 billion and a net profit of 350 million, with an EPS of 3.14 [5]

Group 1 - The company has completed the cancellation of certain special accounts for raised funds from its initial public offering (IPO) [1][2] - The total amount raised from the IPO was RMB 184,633.14 million, with a net amount of RMB 166,612.72 million after deducting issuance costs [1] - The funds were stored in special accounts and have been fully utilized according to relevant regulations, leading to the decision to cancel these accounts [2] Group 2 - The company had opened special accounts for the management of raised funds and signed regulatory agreements with relevant institutions [2] - The cancellation of the special accounts has been completed, and the corresponding regulatory agreements have been terminated [2][3]

导读： 四方仪器携多款产品亮相北京环保展，仪器信息网采访了四方仪器副总经理石平静，针对当前污染源监测、高端仪器国产化等话题展开讨论。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 仪器信息网讯 2 0 2 5年4月1 0日- 1 2日，四方光电（武汉）仪器有限公司（简称"四方仪器"）携众多重磅产品亮相第二十三届中国国际环保展览 会（CIEPEC 2 0 2 5），四方仪器（展位号8B2 0 7）已连续1 0年参加中国国际环保展览会，此次参展，为大家带来了涵盖"温室气体监测、固定 源气体排放监测、移动源排放检测、工业过程气体监测、环境监测气体传感器应用"五大领域的产品及综合解决方案。同时，在展会中，仪器信 息网也采访了四方仪器副总经理石平静，针对当前污染源监测、高端仪器国产化等话题展开讨论。 展会现场 L R G A - 3 1 0 0激光拉曼光谱分 析仪 在移动源排放检测领域，四方仪器也展出了一系列配套产品和解决方案。据了解，"十四五"以来，我国大气污染防治形势发生了深刻变化，移 动源的影响日益凸显，移动源排放的氮氧化物和挥发性有 ...

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Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][10]. Core Insights - The company is positioned to benefit from the growth in the domestic instrumentation and automation industry, driven by policy support and high demand from downstream sectors such as petrochemicals and power [5]. - The company has a comprehensive product line and has made significant advancements in R&D, with a notable increase in new automation solutions and patents [6]. - The company is accelerating its global expansion, with a significant increase in export revenue and new orders, particularly in emerging markets [7][9]. Summary by Sections Market Performance - The company's stock price is currently at 21.88 CNY, with a total market capitalization of 112 billion CNY and a 52-week price range of 15.76 to 28.29 CNY [2]. Industry Dynamics - The instrumentation and automation industry in China reached a market size of 1.08 trillion CNY in 2024, with a year-on-year growth of 4.3% [5]. - The domestic brands in the control valve industry accounted for 44.38% of the sales in 2022, indicating a strong trend towards domestic substitution [5]. Competitive Advantages - The company has invested 2.64 billion CNY in R&D in the first half of 2024, reflecting a 4.67% increase year-on-year, with a R&D expense ratio of 7.05% [6]. - The company has established a strategic partnership with China National Machinery Group, enhancing its market influence and resource integration [6]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 79.24 billion CNY, 88.22 billion CNY, and 100.92 billion CNY, respectively, with corresponding EPS of 1.57 CNY, 1.77 CNY, and 2.07 CNY [10][12]. - The company is expected to maintain a strong growth trajectory, benefiting from technological advancements, capacity expansion, and international market penetration [10].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][10]. Core Insights - The company is positioned to benefit from the growth in the domestic instrumentation and automation industry, driven by policy support and high demand from downstream sectors such as petrochemicals and power [5]. - The company has a comprehensive product line and has made significant advancements in R&D, with a notable increase in new automation solutions and patents [6]. - The company is accelerating its global expansion, with a significant increase in export revenue and new orders, particularly in emerging markets [7][9]. Summary by Sections Market Performance - The company's stock price is currently at 21.88 CNY, with a total market capitalization of 112 billion CNY and a 52-week price range of 15.76 to 28.29 CNY [2]. Industry Dynamics - The instrumentation and automation industry in China reached a market size of 1.08 trillion CNY in 2024, showing a year-on-year growth of 4.3% [5]. - The domestic brands in the control valve industry accounted for 44.38% of the sales in 2022, indicating a strong trend towards domestic substitution [5]. Technological Development - The company invested 264 million CNY in R&D in the first half of 2024, representing a year-on-year increase of 4.67%, with a R&D expense ratio of 7.05% [6]. - The company has participated in the formulation of national and industry standards and has obtained 92 new patents during the reporting period [6]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 79.24 billion CNY, 88.22 billion CNY, and 100.92 billion CNY, respectively, with corresponding EPS of 1.57 CNY, 1.77 CNY, and 2.07 CNY [10][12]. - The company is expected to maintain a strong growth trajectory, with a projected net profit growth rate of 28.5% in 2023 and 16.6% in 2026 [12].

Core Insights - Xianheng International's stock closed at 12.64 yuan, down 9.97%, with a rolling PE ratio of 39.15 times and a total market value of 5.187 billion yuan [1] - The average PE ratio in the instrument and meter industry is 66.29 times, with a median of 40.42 times, placing Xianheng International at 42nd in the industry ranking [1] - As of September 30, 2024, the number of shareholders for Xianheng International is 16,474, a decrease of 391 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Company Overview - Xianheng International Technology Co., Ltd. is a centralized supplier of MRO products such as tools and instruments, engaged in the research, development, production, sales, and related technical services of these products [1] - The company primarily serves the electric power industry and is also involved in the railway and urban rail transit sectors [1] - Its product offerings include hand tools, electromechanical tools, electrical equipment, identification labels, emergency equipment, and instruments for power grid testing and electrical measurement [1] - The company provides specialized services such as electrical equipment information collection, health status evaluation, maintenance of tools and instruments, and emergency safety culture dissemination [1] - After over a decade of development, the company has established a leading position in marketing service networks, product supply, and technical services within the industry [1] Financial Performance - In the latest quarterly report for Q3 2024, the company achieved operating revenue of 1.989 billion yuan, a year-on-year increase of 18.82% [2] - The net profit for the same period was 96.7892 million yuan, reflecting a year-on-year growth of 58.81% [2] - The sales gross margin stands at 27.91% [2]

Core Viewpoint - As of April 7, 2025, Xianheng International (605056) closed at 12.64 yuan, down 9.97%, indicating a significant decline in stock performance and a notable turnover rate of 0.95% [1] Financial Performance - For the third quarter of 2024, Xianheng International reported a main revenue of 1.989 billion yuan, an increase of 18.82% year-on-year, and a net profit attributable to shareholders of 96.79 million yuan, up 58.81% year-on-year [2] - The company's gross profit margin stands at 27.91%, which is lower than the industry average of 42.73% [2] - The net profit margin is 5.03%, compared to the industry average of 8.81% [2] Market Position - Xianheng International's total market capitalization is 5.187 billion yuan, ranking 16th in the instrument and meter industry, which has an average market cap of 3.895 billion yuan [2] - The company has a price-to-earnings ratio (P/E) of 40.19, significantly higher than the industry average of 18.91, indicating a potentially overvalued stock [2] - The return on equity (ROE) is 6.09%, which is above the industry average of 4.76%, suggesting effective management of equity [2] Capital Flow - On April 7, 2025, the net inflow of main funds was 4.619 million yuan, accounting for 9.36% of the total transaction amount, while retail investors saw a net inflow of 388,900 yuan, representing 0.79% of the total [1] - Over the past five days, the stock has experienced fluctuations in capital flow, with notable net outflows from retail investors on several days [1]

Market News - The National Bureau of Statistics will release March CPI and PPI data on April 10, with February figures showing a month-on-month CPI decrease of 0.2% and a year-on-year decrease of 0.7%, while PPI decreased by 0.1% month-on-month and 2.2% year-on-year [2] - The People's Bank of China has 763.4 billion yuan in reverse repos and 150 billion yuan in treasury cash deposits maturing this week, with specific amounts maturing each day [3] - The U.S. will release March CPI data on April 10, which is expected to be a significant test for the dollar, as persistent inflation could support the dollar and raise concerns about further interest rate cuts by the Federal Reserve [4] Sector Events - The 10th China Science and Technology Finance Forum will be held in Beijing on April 7, focusing on summarizing reform achievements and innovative paths for the future of technology finance [6] - The 2025 Global 6G Technology and Industry Ecosystem Conference will take place in Nanjing from April 10 to 12, gathering global leaders in the 6G field to discuss innovation and future industry development [7] - The Ministry of Commerce has announced export controls on seven categories of medium and heavy rare earths, effective immediately, to safeguard national security and fulfill international obligations [8] - Amazon plans to launch its first batch of 27 satellites for its Project Kuiper on April 9, entering competition with SpaceX's Starlink [9] Company News - HeXin Instruments plans to acquire a 56% stake in Shanghai Liangxi Technology Co., Ltd. through a combination of share issuance and cash payment [11] - Shengnong Development intends to acquire a 54% stake in Anhui Sun Valley Food Technology Group for 1.126 billion yuan, enhancing its integrated industry chain [12] - Lier Chemical expects a net profit of 145 to 155 million yuan for Q1 2025, representing a year-on-year increase of 203.08% to 223.98% due to rising sales and prices [13] - Stone Technology reported a revenue of 11.945 billion yuan for 2024, a year-on-year increase of 38.03%, and a net profit of 1.977 billion yuan, a decrease of 3.64% [14] - Chengdi Xiangjiang announced a contract worth 4.452 billion yuan for a data center project with China Mobile, with a cooperation period of seven years plus an uncertain duration [15] Restricted Shares - This week, 24 companies in the A-share market will have a total of 1.735 billion shares released from restrictions, with a total market value of 35.015 billion yuan, an increase of 12.411 billion yuan week-on-week [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total of approximately 42.6 million shares and expected fundraising of 1.161 billion yuan [21] Market Outlook - Dongfang Securities suggests the market may see a turning point post-holiday, with potential for a rebound as policy benefits are released in Q2 [24] - Founder Securities believes A-shares may perform better than global markets due to positive macro policies and recovering domestic demand [25] - Dongguan Securities anticipates a range-bound market in the short term due to global volatility and upcoming earnings reports [26] - Guojin Securities recommends a shift in investment strategy towards large-cap value stocks, focusing on "profit bottom" logic in the upcoming quarter [27]