投资要点： 证券研究报告 晨会 hyzqdatemark 2025 年 05 月 20 日 源引金融活水 润泽中华大地 公用环保 陕西煤业(601225.SH)首次覆盖：从弹性叙事到久期叙事 一个潜在的重估 机遇。随着煤炭行业从"弹性叙事"转向"久期叙事"，2024 年公司跑输中国神华。 从 24 年中报和年报、25 一季报来看，煤炭板块不同公司业绩出现大幅分化，中国 神华、陕西煤业等低开采成本公司业绩稳定性显著占优。我们判断在市场认识到低 成本煤炭公司拥有更长的久期后，久期的拉长提升了煤炭龙头的估值，被动降低了 股息率。进一步的，我们认为决定煤炭公司久期的核心因素，同时也是决定权益资 产长期投资价值的，是开采成本在行业成本曲线中的位置。在该框架下思考陕西煤 业的投资价值，我们认为公司估值与中国神华的差距有望收窄。对比公司与中国神 华，公司在基本面并无显著劣势，两者基本为煤炭行业并列最优的资产，未来公司 有望在叙事逻辑扩散以及自身的业绩稳定性的持续验证下，两者估值差距有望收窄。 风险提示：煤价波动超预期，新能源转型速度大幅加快，储能技术的革命性突破。 北交所 吉冈精密(836720.BJ)首次覆盖：专注铝压铸 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company focuses on the high-precision small parts market for aluminum die-casting and has acquired German company Dico to develop the European market [5]. - The company is expected to achieve a year-on-year net profit growth of 33% in 2024, with revenues projected to reach 577 million yuan, a 25.97% increase [5]. - The automotive parts segment is anticipated to generate 332 million yuan in revenue in 2024, reflecting a 32.06% year-on-year growth, driven by the increasing demand for lightweight aluminum components in electric vehicles [5][9]. Financial Performance - In 2024, the company is projected to achieve revenues of 577 million yuan and a net profit of 57 million yuan, with respective year-on-year growth rates of 25.97% and 32.63% [7]. - The company’s earnings per share (EPS) are expected to grow from 0.30 yuan in 2024 to 0.60 yuan by 2027, indicating a strong upward trend [7]. - The return on equity (ROE) is forecasted to increase from 11.72% in 2024 to 17.09% in 2027, showcasing improved profitability [7]. Market Dynamics - The global automotive market is projected to grow by 2.10% in 2024, with electric vehicle sales expected to rise by 24.40% [5]. - The company is strategically positioned to benefit from the increasing demand for electric vehicle components, with significant partnerships established with major clients such as Huawei and Geely [5][9]. - The electric tool market is also showing signs of recovery, with a projected revenue increase of 41.94% in 2024, driven by rising consumer demand [5][6]. Strategic Initiatives - The company has expanded its international presence by establishing operations in Mexico and Thailand, and successfully completed the acquisition of Dico to enhance its market reach in Europe [9]. - The focus on research and development is evident, with the company holding 201 patents, including 11 invention patents, which supports its competitive edge in technology [5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is expected to decrease from 69.92 in 2024 to 34.89 by 2027, indicating a more attractive valuation over time [7]. - The projected revenue growth rates for the next few years are 25.97% for 2024, 22.21% for 2025, and gradually declining to 19.60% by 2027, reflecting a robust growth trajectory [7].

Core Viewpoint - The report highlights the growth potential of Jiyang Precision (836720.BJ) in the aluminum die-casting market, projecting a 33% year-on-year increase in net profit for 2024, driven by strong demand in the automotive and electronic sectors [1][5]. Group 1: Financial Performance - Jiyang Precision focuses on zinc-aluminum alloy precision die-casting products, expecting a revenue of 577 million yuan in 2024, representing a year-on-year growth of 25.97% [1]. - The company anticipates a net profit of 56.75 million yuan for 2024, reflecting a year-on-year increase of 32.63% [1]. - In Q1 2025, the company achieved a revenue of 155 million yuan, up 48.45% year-on-year, with a net profit of 15.65 million yuan, marking a 49.27% increase [1]. Group 2: Market Demand and Trends - The demand for aluminum alloy components is increasing due to the lightweight trend in electric vehicles, with automotive parts revenue projected to reach 332 million yuan in 2024, a 32.06% increase [2]. - The global automotive market is expected to grow by 2.10% in 2024, with global electric vehicle sales projected to rise by 24.40% [2]. - The company has begun mass production of steering motors for a certain electric vehicle company and has seen rapid growth in battery pack heater products for major automotive brands [2]. Group 3: Product Development and Innovation - Jiyang Precision has a strong focus on R&D, holding 201 patents, including 11 invention patents and 190 utility model patents [1]. - The company’s electronic and electrical components revenue is expected to grow by 41.94% in 2024, driven by increased demand for electric tools and home cleaning appliances [3]. - The company’s steam heater, a core product with invention patents, is widely used in well-known cleaning appliance brands [3]. Group 4: International Expansion - The company is expanding its international presence by establishing operations in Mexico and Thailand, and has successfully acquired German company Dico to develop the European market [4][5]. - The acquisition of Dico is expected to enhance Jiyang Precision's market entry into Europe, leveraging Dico's established customer relationships and market reputation [4][5]. - The company aims to continue seeking quality acquisition targets and accelerate the construction of its Thailand factory to meet growing overseas demand [5].