港股午评：恒指收跌0.7% 油气设备股飙升 金十数据6月13日讯，中东局势紧张拖累美股期指大幅下挫，中国金龙指数下跌。港股今早小幅低开， 恒指低开75点报23959点，一度止跌回升，最多涨64点高见24100点，但随后市场抛压加大，恒指快速下 挫，跌247点报23787点。截至收盘，恒指早盘收跌0.7%，科指早盘收跌2.08%，恒指大市成交额1524.6 亿港元。盘面上，黄金、油气设备、军工股走强，港口航运股延续涨势；锂电池、互联网医疗、影视娱 乐股走低，汽车股延续颓势，稀土概念、生物医药股回调。个股方面，云顶新耀(01952.HK)跌超11%， 中国生物制药(01177.HK)跌近5%，石药集团(01093.HK)、比亚迪股份(01211.HK)、阿里健康(00241.HK) 均跌超4%；山东墨龙(00568.HK)涨超71%，中远海能(01138.HK)涨超11%，周大福(01929.HK)涨超9%。 ...

Core Viewpoint - The company reported lower-than-expected financial performance for 2024 and Q1 2025, primarily due to slower growth in the oil and gas production system components business, but anticipates potential market opportunities from upcoming projects [1][4]. Financial Performance - In 2024, the company achieved revenue of 1.124 billion yuan, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 86 million yuan, down 39.90% year-on-year [1]. - For Q1 2025, revenue was 271 million yuan, a decline of 5.36% year-on-year, with a net profit of 21 million yuan, down 25.40% year-on-year [1]. - The annual report's performance was below expectations, with a forecasted net profit of 104 million yuan [1]. Profitability and Cost Structure - The gross margin for 2024 was 18.80%, a decrease of 3.18 percentage points, attributed to delays in downstream oil and gas projects and a decline in deep-sea product sales [2]. - In Q1 2025, the gross margin was 18.96%, showing a year-on-year decrease of 0.54 percentage points but an increase of 0.62 percentage points from the previous quarter [2]. - The total expense ratio for 2024 was 9.47%, an increase of 0.58 percentage points year-on-year, driven by higher management expenses due to the acquisition of a Singapore subsidiary [2]. Market Outlook and Opportunities - The offshore oil and gas exploration and development sector remains robust, with deep-sea product orders expected to rebound as international oil prices remain high [2]. - According to Clarkson's forecast, global capital expenditure for offshore oil and gas projects is expected to exceed 100 billion dollars in 2025, representing a year-on-year increase of over 20% [2]. - The company is a key supplier of specialized components in the deep-sea equipment sector for major players like TechnipFMC, SLB, and Baker Hughes, positioning it to benefit from the structural recovery in deep-sea markets [2]. Investment Projects and Future Growth - The company has been advancing its multi-directional forging project for over a decade, targeting the domestic replacement of high-end large valves, with leading global forging technology [3]. - The project is on schedule, having completed critical phases such as equipment installation and main equipment debugging, indicating a potential for substantial returns from high capital expenditures [3]. Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 14% and 2% respectively, estimating net profits of 150 million yuan and 245 million yuan [4]. - The estimated net profit for 2027 is projected to be 296 million yuan [4]. - The company is assigned a target price of 21.58 yuan for 2025, based on a price-to-earnings ratio of 28 times, reflecting a premium due to its leading technology in investment projects [4].

4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同期为 亏损38.97亿元。 金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司安 徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副总 裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4月 22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单位。如以 上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 天山铝业：一季度净利润同比增长46.99 ...

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]