Group 1: Macro Strategy and Policy Analysis - The "Beautiful America Act" emphasizes tax cuts for residents and businesses while neglecting social welfare and healthcare sectors [3][21] - The rising U.S. fiscal deficit is attributed to the shift from "balanced finance" to "functional finance," driven by slowing economic output and increasing government spending [3][21] - Support for the new act is divided among social groups, with small business owners and manufacturers in favor, while healthcare and clean energy sectors express dissatisfaction [3][22] - The market's reaction to the fiscal deficit has become "dull," indicating that the narrative around the impact of the deficit on broad national credit has lessened [3][24] Group 2: Industry Insights and Company Analysis - Zhejiang Shibao is a leading player in the automotive steering system industry, focusing on electric power steering systems and line control steering technology [9][32] - The company has seen a recovery in gross margin and net profit due to increased production capacity and the introduction of high-margin products [9][34] - Forecasts for Zhejiang Shibao's revenue from 2025 to 2027 are projected at 35.1 billion, 43.7 billion, and 52.0 billion CNY, with net profits expected to grow significantly [9][36] - Zhonggu Logistics is experiencing high demand in the container shipping market, with domestic shipping rates expected to rise due to capacity shortages [16][39] - The company is projected to maintain high dividend payouts, with a forecasted dividend ratio of 90% in 2025, resulting in a dividend yield of around 10% [16][40] Group 3: Pharmaceutical Developments - BeiGene's CDK4 inhibitor BGB-43395 is on track to become the second CDK4 inhibitor to enter the registration clinical phase, showing promising early efficacy signals [11][41] - The drug demonstrates higher selectivity compared to existing CDK4/6 inhibitors and has shown strong pharmacokinetic data [11][42] - Revenue forecasts for BeiGene from 2025 to 2027 are estimated at 375.17 billion, 450.24 billion, and 540.34 billion CNY, with significant growth in net profit anticipated [11][43]

嵘泰股份 20250701 摘要 荣泰股份 2024 年预计营收 32 亿元，较去年增长近 8 亿元，非转向业 务贡献 5-6 亿元，转向业务自然增长 2-3 亿元。净利率预计提升至 8% 左右，对应归母净利润 2.5-2.7 亿元，若并购其他项目，总营收有望达 到 3 亿元。 公司全球转向器市占率约 20%，客户包括财富、博士、蒂森克虏伯等， 毛利率稳定在 26%左右。与江苏润孚动力合作，通过河北力准提供设备 支持，在行星滚柱丝杠领域具备领先优势，并计划扩展到汽车和机器人 丝杠市场。 墨西哥工厂一期已投产，二期开始爬坡，预计 2024 年产值 6-7 亿元， 产能利用率超 80%。一季度已实现盈利约 1,000 万元，全年预计利润 4,000-5,000 万元，降低了中国直接出口美国的风险。 公司倾向选择国际领先一级供应商（Tier 1）客户，注重利润保障，而 非盲目扩大营收。2024 年营收 23 亿元，规模 1.6 亿元，同比增长约 15%。 Q&A 荣泰股份在 2025 年的增长预期如何？ 荣泰股份在 2025 年的整体增速预计在 80%至 90%之间。公司主业是转向器 的铝合金压铸，全球市占率约为 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report tracks the changes in operating income, net profit margin, and capital expenditure for the automotive parts sector in 2024A and Q1 2025, indicating that precision parts, chassis components, and electronic components show relatively good growth and capital expenditure intensity [4][10] - The report emphasizes the importance of capital expenditure for manufacturing enterprises to maintain operational capabilities, suggesting that capital expenditure is a precursor to future output and can help identify investment opportunities in sectors with high growth potential [4][10] Summary by Sections 1. Growth Potential - In 2024A, the operating income growth rates are as follows: electronic components (-), chassis components (+), body components (-), exterior components (-), overall industry (+), precision parts (+), powertrain components (+), interior components (+), and molds (-) [10][13] - The net profit margin for 2024 is 5.2%, a decrease of 0.6 percentage points compared to the previous year, while Q1 2025 shows a net profit margin of 5.8%, an increase of 0.6 percentage points [15][19] - The report categorizes the growth potential into four tiers based on operating income growth and net profit margin changes, with precision parts and chassis components performing well [10][11][15] 2. Capital Expenditure Intensity - The capital expenditure as a percentage of operating income for the automotive parts sector in 2024 is 6.9%, which is an increase compared to the previous year, while Q1 2025 shows a decrease to 6.4% [22] - The report identifies different tiers of capital expenditure intensity across various segments, with electronic components and molds showing high capital expenditure intensity [22] 3. Investment Recommendations - The report suggests focusing on sectors with high capital expenditure and growth potential, particularly precision parts (gears, bearings), chassis components (steering systems, suspension), electronic components, and thermal management systems [4][10] - Recommended companies include Shuanglin Co., Guansheng Co., Jifeng Co., and Huayang Group, with additional mentions of Zhejiang Shibao, Zhongding Co., Meili Technology, and others [4][10]

| 来看，随着 L3+自动驾驶普及和法规放开，线控转向作 | | --- | | 为关键执行部件前景广阔。 | | 2、问：公司如何看待近两年商用车产品成长性？ | | 答：尽管传统商用车市场增速可能放缓，但新能源、智 | | 能化转型带来的结构性机会明确。公司自研的电动循环 | | 球转向器、电液循环球转向器将依托技术优势，推动商 | | 用车相关业务的可持续增长。 | | 3、问：公司对于国际汽车厂商客户的布局进展如何？ | | 答：国际化是公司核心战略之一，近年来我们通过技术 | | 突破、产品升级，客户群体更加多元化。目前，公司正 | | 与数个国际车厂开展资格认证和项目交流工作。 | | 4、问：公司 2025 年随着客户增长，预计收入会增长多 | | 少？ | | 答：公司预计 2025 年收入将保持稳健增长，增速主要 | | 受行业需求拉动和公司产品竞争力提升双重驱动。总体 | | 来看，公司增长具备较强的可持续性，未来将继续围绕 | | 智能化、电动化技术路线，强化与战略客户的协同，推 | | 动业绩稳健增长。具体财务目标请以后续定期报告披露 | | 为准。 | | 5、问：随着产品放量，公司 ...

4月28日晚，金道科技（301279）(301279.SZ)发布了2024年年度报告，2024年度，金道科技实现营业收 入6.21亿元，同比减少4.58%；实现归母净利润4269.95万元，同比减少13.04%；实现扣非净利润4103.94 万元，同比减少10.54%。2024年公司经营业绩有所下滑，公司表示主要系营收同比略有下滑且募投项 目投产导致折旧等费用提升所致。 同日，金道科技披露了2025年一季度报告，公司一季度实现营业收入1.76亿元，同比增长10.05%；实现 归母净利润1465.99万元，同比增长66.39%；实现扣非归母净利润1353.68万元，同比增长55.92%。2025 年一季度，公司业绩得到修复，呈现了良好的上涨趋势。 金道科技深耕叉车变速箱行业多年，产品品类齐全、质量可靠，是我国首批进入叉车变速箱领域的民营 企业之一，也是国内少数打入国际知名叉车厂供应链的公司。公司围绕叉车变速箱已掌握了一套完整的 核心技术体系，包括噪音分析与控制技术(NVH)、齿轮优化设计技术、电液控制技术(TCU)、机电一体 化控制技术等；同时，形成了核心突出、品类完善的变速装置及其零配件产品结构体系，其中，核 ...

Core Insights - The company reported a revenue of 8.376 billion yuan for 2024, with fluctuations in net profit attributed to declining gross margins, increased expense ratios, impairment losses on real estate assets, and increased fair value losses [1] - In Q1 2025, the company achieved a revenue of 2.051 billion yuan, representing a year-on-year growth of 6.75%, while net profit surged by 267.63% to 22.299 million yuan due to revenue growth and reduced expense ratios [1] - The company has been focusing on core business sectors such as network communication, data communication, mobile communication, and automotive electronics, while also expanding into the electronic manufacturing sector to capitalize on the opportunities presented by the wave of intelligent development [1][2] Network Communication Business - In 2024, the company's PON series products saw a slight increase, and it continued to receive mass production orders for the Wi-Fi 7 project from key clients [1] - The company successfully promoted domestic Wi-Fi products and entered the shortlist for network product OEMs for domestic operators [1] Data Communication Business - The company achieved a breakthrough in its industrial switch JDM project in 2024, with the 800G data center switches beginning to ship [2] - By early April 2025, the company had mass-produced general servers, with cumulative shipments exceeding 7,000 units [2] Mobile Communication Business - The company advanced its business expansion and cost reduction efforts in 2024, with the base station product center completing the development of a new platform and multiple new products [2] - Significant cost reductions of over 20% were achieved for the BOM of the full series of fencing products through various strategies [2] Automotive Electronics Business - The company officially entered the automotive electronics sector in 2022, establishing Suzhou Gongjin Automotive Technology Co., Ltd. [2] - In 2024, the company made significant breakthroughs in key clients for millimeter-wave radar and steering gear, as well as in laser radar and automotive amplifier products [2] Future Outlook - The company demonstrated strong resilience in its core business areas throughout 2024 and aims to strengthen cost control while implementing intelligent manufacturing principles to ensure steady progress in a complex market environment [3]

01 事件概述 公司发布2025年一季度报告，2025Q1 营收5.42 亿元，同比+10.73%，环比-4.31%；归母净利润 0.23 亿元，同比+40.31%，环比+117.00%；扣非归母净利 润 0.21 亿元，同比+40.75%，环比+40.75%。 02 分析判断 ► 营收稳健增长 盈利能力强劲 公司深耕汽车底盘领域二十余载，在国内转向器齿条以及减振器活塞杆细分行业，连续多年保持细分市场主导地位。2024 年，公司转向器类零部件销量达 2,831 万件，同比 +5.05%，减振器类零部件销量达 4,519 万件，同比+1.60%，底盘零部件业务保持稳健。新产品陆续实现量产爬坡，为公司带来订单增量，包括博世智能集成刹车系统核心零部 件 IPB-Flange、采埃孚 CDC 减振控制阀零部件。 ► 布局行星滚柱丝杠产能 蓄力公司未来发展。 公司持续配合客户开发各型号丝杠零部件的样件生产，包括螺母、行星滚柱、丝杆、齿圈等，应用于人形机器人执行器及汽车后轮转向系统。2024 年 10 月 14 日，公司与江 苏昆山经济技术开发区管理委员会签订《投资协议》，拟在江苏昆山经济技术开发区总投资 18.5亿元， ...