九州一轨公告，2025年第一季度营收为2605.84万元，同比下降44.47%；净亏损602.49万元，去年同期 净亏损668.4万元。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.08 [8][9]. Core Insights - The company reported a revenue of RMB 2.504 billion for 2024, a year-on-year decrease of 13.08%, and a net profit attributable to the parent company of RMB 404 million, down 25.87%, primarily due to a decline in downstream demand in the lithium battery and photovoltaic sectors. However, in Q1 2025, the company achieved a revenue of RMB 620 million, reflecting a year-on-year increase of 14.75%, and a net profit of RMB 122 million, up 26.48%, driven by strong growth in the 3C sector [1][2]. - The company aims to build a new strategic framework focusing on "extreme product strength," which connects customer needs with corporate capabilities, emphasizing aspects like cost-effectiveness, delivery speed, and customization [4]. Revenue and Profitability - The revenue structure for Q1 2025 is similar to that of 2024, with the lithium battery sector showing a year-on-year growth rate of 16% and the automotive sector experiencing a significant increase of 56% [2]. - The gross margin for 2024 was 35.26%, a decrease of 2.69 percentage points year-on-year, while the net margin was 16.15%, down 2.78 percentage points, mainly due to poor market conditions in the lithium battery and photovoltaic sectors. In Q1 2025, the gross margin improved significantly to 38.1%, an increase of 3.07 percentage points year-on-year [3]. Financial Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is RMB 471 million, RMB 617 million, and RMB 775 million, respectively. The comparable company PE for 2025 is projected at 35x, while the company is given a valuation of 42x, with a target price of RMB 31.08 [5][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 99.12 RMB [8][9]. Core Insights - The company reported a revenue of 1.295 billion RMB for 2024, representing a year-on-year increase of 20.79%. However, the net profit attributable to the parent company was 261 million RMB, down 16.62% year-on-year, primarily due to a decline in investment income [2][5]. - In Q1 2025, the company achieved a revenue of 316 million RMB, up 27.08% year-on-year, with a net profit of 76 million RMB, reflecting a significant increase of 75.85% year-on-year, mainly driven by substantial growth in investment income from trading financial assets [2][5]. - The company is focusing on the development of new sensor technologies, particularly in tactile sensors and multi-physical quantity sensors, and has made significant progress in its six-dimensional force/moment sensors, with over 50 domestic clients receiving samples [4][5]. Financial Performance Summary - The company's gross margin for 2024 was 43.12%, a slight increase of 0.07 percentage points year-on-year, while the net margin was 23.57%, down 7.7 percentage points year-on-year. In Q1 2025, the gross margin was 43.95%, up 0.6 percentage points year-on-year, and the net margin was 27.78%, up 7.48 percentage points year-on-year [3]. - The company’s operating expenses ratio for 2024 was 23.3%, an increase of 0.64 percentage points year-on-year, mainly due to the consolidation of new subsidiaries [3]. Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company has been adjusted downwards for 2025-2027 to 332 million RMB, 370 million RMB, and 432 million RMB, respectively, reflecting a decrease of 4.9% and 2.47% from previous estimates [5]. - The comparable companies' PE ratio for 2025 is projected at 83x, while the company is given a PE of 84x, with a target price of 99.12 RMB, indicating a significant increase from the previous target of 52.08 RMB [5].

机械设备/专用设备 浩洋股份（300833.SZ） 贸易摩擦下短期业绩承压，收购 SGM 品牌矩阵扩张 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 31.83 | | 一年最高最低(元) | 94.58/28.35 | | 总市值(亿元) | 40.26 | | 流通市值(亿元) | 25.87 | | 总股本(亿股) | 1.26 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 87.64 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 浩洋股份 沪深300 相关研究报告 《2024Q2 业绩承压，期待下半年收入 业绩双改善—公司信息更新报告》 -2024.8.22 风险提示：海外市场需求不及预期、产能爬坡不及预期、地缘政治风险。 财务摘要和估值指标 | 吕明（分析师） | 孟鹏飞（分析师） | 蒋奕峰（联系人） | | --- | --- | --- | | lvming@kysec.cn ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's Q1 2025 performance exceeded expectations, with revenue of 3.56 billion yuan, a year-on-year increase of 7.9%, and a net profit of 230 million yuan, up 10.8% year-on-year. The gross margin improved by 1.6 percentage points to 21.5% [1] - The company is positioned as a leading player in the industrial gas sector, benefiting from both defensive and offensive attributes, with expectations for a recovery in the gas industry following a challenging 2024 [2] - The company has a strong growth trajectory driven by demand growth, market share expansion, and improved profitability, with long-term profit potential expected to increase several times [2][3] Summary by Sections Q1 Performance - Revenue reached 3.56 billion yuan, a 7.9% increase year-on-year - Net profit was 230 million yuan, reflecting a 10.8% year-on-year growth - Gross margin stood at 21.5%, up 1.6 percentage points, while net margin improved to 7% [1] Orders and Contracts - As of the end of Q1, the company's contract liabilities were 2.84 billion yuan, down 10.3% year-on-year - The company won a bid for a coal-to-olefins project in Xinjiang, which includes two air separation units with a total capacity of 220,000 m³/h [1] Growth Drivers - The company is expected to benefit from stable growth in pipeline gas, which is less affected by macroeconomic fluctuations, and aims to increase its market share in the third-party gas supply market significantly [2] - The retail gas segment is positioned for potential growth as gas prices are at historical lows, with significant upside if the economy recovers [2] - The company is the leading domestic manufacturer of air separation equipment, with expectations for steady performance driven by demand from coal chemical projects and overseas markets [3] Financial Forecast - Projected net profits for 2025-2027 are 1.067 billion, 1.298 billion, and 1.513 billion yuan, with year-on-year growth rates of 16%, 22%, and 17% respectively [4]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a significant year-on-year increase in net profit attributable to shareholders of 550.21% in Q1 2025, with total revenue reaching 36.03 billion RMB, reflecting an 11.04% increase year-on-year [1] - The container business has shown resilience amid trade policy disruptions, while the energy and marine engineering sectors are gradually releasing backlogged orders, contributing to diversified growth opportunities [1][3] - The company is focusing on innovative business layouts, particularly in cold chain logistics and modular construction, which are expected to create new growth drivers [4] Financial Performance - In Q1 2025, the company's gross margin improved to 12.10%, up 1.92 percentage points year-on-year, despite a quarter-on-quarter decline of 2.23 percentage points [2] - The financial expense ratio increased quarter-on-quarter due to foreign exchange losses, with the financial expense rate at 0.99%, up 0.52 percentage points year-on-year [2] Business Segments - The container segment saw a year-on-year revenue increase, with dry container sales up 7.44% to 531,200 TEUs and refrigerated container sales soaring 291.40% due to strong demand from South American fruit exports [3] - The energy segment, particularly through its subsidiary CIMC Enric, achieved revenue of 5.765 billion RMB, a 24.2% increase year-on-year, driven by sales in clean energy and high-end low-temperature equipment [3] Order Backlog and Future Growth - As of Q1 2025, the company had a robust order backlog in the energy sector amounting to 28.309 billion RMB, a 5.2% increase year-on-year, and in marine engineering, the backlog was 6.3 billion USD, up 34.04% year-on-year [4] - The company is actively expanding its presence in the pharmaceutical and temperature-controlled sectors, focusing on large clients to enhance its energy storage business [4] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 3.009 billion RMB, 3.602 billion RMB, and 3.995 billion RMB, respectively, with corresponding EPS of 0.56, 0.67, and 0.74 RMB [5] - The target price is set at 8.96 RMB, reflecting a 16x PE ratio, indicating a premium valuation due to its industry leadership and potential benefits from deep-sea technology [5]

业绩简评 风险提示 宏观经济波动；原材料价格波动；项目进展不及预期。 4 月 28 日，公司发布 25 年一季报，25Q1 公司实现收入 35.6 亿 元，同比+7.9%，归母净利润 2.3 亿元，同比+10.8%。 经营分析 业绩超预期，主要源于毛利率回升。根据公司 25 年一季报，公司 25Q1 毛利率 21.5%，同比+1.6pct，或由海外设备收入确认以及气 体项目爬坡、固定成本摊薄所致。 看好公司空分设备业绩释放。根据公司 24 年年报，公司 2024 年 空分设备毛利率 29.9%，依然维持在非常高的水平，盈利能力稳健。 根据石油和化工采供资讯，2025 年 4 月 8 日，新疆山能化工有限 公司准东五彩湾 80 万吨/年煤制烯烃项目空分技术、工艺包及成 套设备专项招标中标候选人公示，第一中标候选人为公司。据我们 测算，未来五年平均每年新增现代煤化工产能对应的空分设备需 求不少于 187 万 Nm3 /h，即 2018-2024 年平均水平的 2.0 倍，2022 年公司在国内空分设备市占率为 43.2%，居第一。看好公司空分设 备业务受益于国内现代煤化工扩产。 盈利预测、估值与评级 预测 25/ ...

业绩简评 4 月 28 日，公司发布 25 年一季报，25Q1 公司实现收入 35.6 亿 元，同比+7.9%，归母净利润 2.3 亿元，同比+10.8%。 经营分析 业绩超预期，主要源于毛利率回升。根据公司 25 年一季报，公司 25Q1 毛利率 21.5%，同比+1.6pct，或由海外设备收入确认以及气 体项目爬坡、固定成本摊薄所致。 看好公司空分设备业绩释放。根据公司 24 年年报，公司 2024 年 空分设备毛利率 29.9%，依然维持在非常高的水平，盈利能力稳健。 根据石油和化工采供资讯，2025 年 4 月 8 日，新疆山能化工有限 公司准东五彩湾 80 万吨/年煤制烯烃项目空分技术、工艺包及成 套设备专项招标中标候选人公示，第一中标候选人为公司。据我们 测算，未来五年平均每年新增现代煤化工产能对应的空分设备需 求不少于 187 万 Nm3 /h，即 2018-2024 年平均水平的 2.0 倍，2022 年公司在国内空分设备市占率为 43.2%，居第一。看好公司空分设 备业务受益于国内现代煤化工扩产。 盈利预测、估值与评级 宏观经济波动；原材料价格波动；项目进展不及预期。 0 200 400 6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 750 million yuan in 2024, a year-on-year decline of 17.51%, with a net profit attributable to the parent company of 69.27 million yuan, down 54.25% year-on-year [1] - In Q1 2025, the company reported a revenue of 211 million yuan, a year-on-year increase of 7.08%, while the net profit attributable to the parent company was 17.01 million yuan, down 45.11% year-on-year [1] - The company is approaching a revenue inflection point, with a significant increase in contract liabilities, reaching a historical high of 435 million yuan by Q1 2025, indicating a solid foundation for future performance rebound [2] - The expansion of production capacity in Southeast Asia and the booming demand for HDI (High-Density Interconnect) are expected to benefit the company's PCB equipment business significantly [3] - High R&D investment is aimed at achieving innovation and excellence in high-end circuit boards and emerging market equipment, which is expected to open up long-term growth opportunities for the company [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 750 million yuan, with a year-on-year decrease of 17.51% and a net profit of 69.27 million yuan, down 54.25% [1] - Forecasted revenues for 2025, 2026, and 2027 are 1.40 billion yuan, 1.69 billion yuan, and 2.01 billion yuan, respectively, with expected growth rates of 86.25%, 21.19%, and 18.60% [8] - The net profit for 2025, 2026, and 2027 is projected to be 183.15 million yuan, 275.12 million yuan, and 341.33 million yuan, reflecting growth rates of 164.39%, 50.21%, and 24.07% [8] Market Position and Opportunities - The company is positioned to benefit from the expansion of domestic PCB enterprises in Southeast Asia, with a significant increase in new orders expected in 2025 [3] - The demand for HDI is anticipated to grow due to trends in AI servers and automotive intelligence, providing further opportunities for the company [3] - The company's VCP equipment has achieved domestic leadership in several key metrics, with ongoing R&D efforts aimed at enhancing market share and technological capabilities [4]

证券研究报告 振华重工 (600320 CH) Q1 利润同环比均高增，回购彰显信心 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 专用设备 | 公司公布 25Q1 业绩：收入 85.17 亿元，同比/环比+0.86%/-6.34%；归母净 利润 2.55 亿元，同比/环比+50.33%/+153.66%。扣非归母净利 2.69 亿元， 同比/环比+186.68%/+239.37%。公司一季度利润同比高增，合同负债达 218 亿元，充足的在手订单有望推动利润持续增长，维持"增持"评级。 盈利预测与估值 我们维持预测公司 25-27 年归母净利润为 6.83/8.32/10.64 亿元，对应 BPS 为 3.09/3.21/3.37 元。可比公司 25 年 Wind 一致预期 PB 均值为 1.8 倍，给 予公司 25 年 1.8 倍 PB，对应目标价 5.56 元（前值 5.87 元，对应 25PB1.9 倍），维持"增持"评级。 风险提示：海工业务复苏速度不及预期，利率与汇率风险，原材料供应风险。 经营预 ...