2025 年 8 月 12 日 晨会速递 分析师点评 市场数据 总量研究 【金工】周期主题基金表现占优，被动资金加仓金融地产、周期 ETF——基金市场与 ESG 产品周报 20250811 本周权益市场震荡上行，各类基金净值均呈现上涨。行业主题基金方面，近期各板块 基金轮动表现，除医药主题外，本周其余各主题基金均呈现上涨，周期主题基金表现 占优，净值上涨 4.42%；被动指数基金方面，黄金股、机器人等产品表现占优。国内 股票型 ETF 资金净流出，减仓方向为大盘、科创板、TMT 等主题，金融地产、周期 主题资金流入相对明显，被动资金大力加仓港股 ETF。 行业研究 【高端制造】7 月工程机械销量表现亮眼，雅下水电工程有望带动需求提升——工程 机械行业 2025 年 7 月月报(买入) 7 月工程机械内销及出口销量均表现亮眼，雅下水电工程开工有望进一步拉动工程机 械需求提升。我们看好行业后续长期表现，推荐三一重工、中联重科(A/H)、徐工机 械、柳工、山推股份、中国龙工(H)等主机厂商，以及恒立液压等零部件厂商；建议 关注铁建重工、中铁工业、山河智能、广东宏大等雅下水电工程相关受益标的。 【社服】平价家庭厨房典 ...

Core Viewpoint - The article highlights the successful inclusion of the company in the first batch of capability lists for private enterprises, showcasing its professional strength and industry benchmark status in the modern service sector [3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 3.4 billion, representing a year-on-year growth of 8.32%. However, the net profit attributable to shareholders decreased by 28.95% to 110 million [3]. - In the first quarter of 2025, the company reported a revenue of 740 million, a decline of 14.34% year-on-year, with a net profit of 33.82 million, down 14.16% [3]. Group 2: Business Segments - The core business of property management showed steady growth, with revenue from basic operations reaching 2.98 billion in 2024, accounting for 87.8% of total revenue, and growing by 8.2% year-on-year. The gross margin for basic operations was 10.8%, a decrease of 1.0 percentage points [4]. - The company’s innovative business and urban services are promising, with urban services generating 290 million and innovative services 120 million in revenue for 2024, reflecting year-on-year growth of 9.9% and 6.3%, respectively. The gross margins for these segments were 11.8% and 31.3%, both higher than the overall gross margin [4]. Group 3: Technological Advancements - The company is actively promoting the application of new technologies such as robots and drones. A new subsidiary, New Dazheng (Chongqing) Drone Technology Co., Ltd., was established to create a comprehensive business system integrating low-altitude economic platform construction, drone education and training, and system integration services [5]. - The company has invested nearly 100 environmental cleaning robots and inspection drones in various operational scenarios, exploring the synergistic effects of "scene + technology" [5].

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Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company has demonstrated stable growth in its core property management business, with a revenue of 3.4 billion yuan in 2024, reflecting an 8.32% year-on-year increase. However, the net profit attributable to the parent company decreased by 28.95% to 1.1 billion yuan [2][4]. - The company is actively exploring new technologies such as robotics and drones, which are expected to enhance revenue and operational efficiency in the future [3][4]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a total revenue of 3.4 billion yuan, with a core business revenue of 2.98 billion yuan, accounting for 87.8% of total revenue, and a year-on-year growth of 8.2%. The gross margin for the core business was 10.8%, down by 1.0 percentage points [2][4]. - The company’s revenue for Q1 2025 was 740 million yuan, a decline of 14.34% year-on-year, with a net profit of 33.82 million yuan, down 14.16% [2]. Business Segments - The company’s innovative business and urban services are promising, with urban services generating 290 million yuan and innovative services 120 million yuan in 2024, reflecting year-on-year growth of 9.9% and 6.3%, respectively. Their gross margins are 11.8% and 31.3%, both above the overall gross margin level [3]. - The establishment of a drone technology company is expected to create a new business model integrating low-altitude economic platform construction, drone education, and system integration services [3]. Financial Forecasts - The report projects a decline in net profit for 2025 and 2026, with estimates of 1.3 billion yuan and 1.4 billion yuan, respectively, down 31.6% and 34.4% from previous forecasts. The 2027 net profit is projected at 1.6 billion yuan [4][5]. - The company’s P/E ratios are forecasted to be 19, 18, and 16 for 2025, 2026, and 2027, respectively, indicating a valuation adjustment in response to profit forecasts [4][5].