[Table_Info1] 翔楼新材(301160) 钢铁 [Table_Title] 证券研究报告 / 公司点评报告 主业稳健增长，人形机器人业务未来可期 事件： 2025 年 4 月 10 日，公司发布 2024 年度报告：2024 公司实现营收 14.85 亿元，同比+9.74%；归母净利润 2.07 亿元，同比+3.10%；扣非归母净 利润 2.03 亿元，同比+12.26%。 收入稳健增长，毛利率持续提升。单看 Q4：2024 第四季度公司实现营 收 4.11 亿元，同比+1.08%；归母净利润 0.68 亿元，同比+7.57%；扣非 归母净利润 0.67 亿元，同比+16.28%；毛利率为 27.35%，同比 +1.66pct。分产品看：汽车零部件冲压材料实现营收 12.47 亿元，同比 +10.05%，毛利率为 24.64%，同比+0.46pct；工业用冲压材料实现营收 1.51 亿元，同比+13.76%，毛利率为 20.77%，同比+2.16pct。公司收入 稳健增长主因苏州原有产能进一步扩张，毛利率提升得益于产品结构& 客户结构调整；未来伴随安徽新建产能爬坡落地，产品结构进一步优 化，公司业 ...

[Table_Summary] 事件：公司近日发布 2024 年年度报告，2024 年实现营业收入 32.51 元， YoY+21.38%；归母净利润 5.83 亿元，YoY+29.89%；毛利率 58.13%，提 升 1.07pct。拟每股派发现金股利 0.5 元（含税），且每 10 股转增 4 股。 2025 年目标归母净利润 7.3 亿元，增速 25%。整体业绩保持快速增长。 点评：高毛利海外市场拓展驱动公司业绩快速增长。分行业来看，资源 与公共事业板块及地理空间信息板块增速最快。2025 年公司资源与公共 事业板块实现收入 14.25 亿元，YoY+26.41%，毛利率 54.71%，较上年同 期降低 1.85pct；建筑与基建板块实现收入 10.5 亿元，YoY+8.97%，毛利 率 68.41%，提升 4.55pct；地理空间信息板块收入 5.89 亿元，YoY+38.44%， 毛利率 53.10%，提升 6.31pct；机器人与自动驾驶业务实现收入 1.85 亿 元，YoY+15.53%，毛利率 41.95%，降低 4.89pct。分地区来看，海外市 场是公司主要增长引擎。2024 年公司海外市 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [6]. Core Insights - The company reported a revenue of 734 million in 2024, representing a 32% increase year-on-year. The gross profit was 404 million, up 28.4%, while the net profit attributable to shareholders was a loss of 138 million, a decrease of 8.5% [1]. - The G-end business remains stable, while the B/C-end business shows significant growth. The loss situation is continuously improving, with adjusted net profit margin at -6.1%, an increase of 4.1 percentage points [1]. - The company has made substantial advancements in AI medical technology, with the Starfire Medical Model 2.0 achieving an average effectiveness improvement to 88% across six core scenarios [2]. - The customer base has expanded significantly, with the AI assistant covering over 30 provinces and 67,000 grassroots medical institutions, providing 910 million AI-assisted diagnosis suggestions [3]. Financial Summary - For 2025, the company is projected to achieve revenues of 926 million, with a net loss of 83.4 million. The earnings per share are expected to improve from -1.16 in 2024 to -0.69 in 2025 [5][12]. - The gross margin is expected to remain stable at around 55.1% in 2024, with a gradual improvement forecasted in subsequent years [13]. - The company’s total assets are projected to grow from 2,090 million in 2024 to 3,599 million by 2027, indicating a strong growth trajectory [13].

[Table_Title] 证券研究报告 / 行业动态报告 华为 CloudMatrix 384 超节点发布，国产大规模算力集群首秀 事件： [Table_Summary] 2025 年 4 月 10 日，华为云生态大会上 CloudMatrix 384 超节点正式发 布，并已在芜湖数据中心规模上线。 点评： 华为发布 CloudMatrix 384 超节点，国产大规模算力集群商用落地。华 为 CloudMatrix 384 超节点通过架构创新，在算力、互联带宽、内存带宽 等方面实现全面领先，通过自主研发的 UB 统一通信协议，可实现最多 1024 张卡的直连。相比 NVL72，通过 384 张算力卡的组网，CloudMatrix 384 超节点的总算力高 67%，网络互联总带宽高 107%，内存总带宽高 113%。采用 CloudMatrix 384 组网的集群，可以做到万卡线性度＞95%， MFU 达 55%，长稳定训练 40 天不中断。这三个指标共同体现了 CloudMatrix 384 超节点在大规模算力效率与工程可靠性上的突破。在算 力密度上，CloudMatrix384 超节点将传统单节点 8 卡 ...

Investment Rating - The report maintains a "Neutral" rating for the company [6][17]. Core Insights - The company reported a revenue of 1.966 billion yuan in Q1 2025, a decrease of 13.69% year-on-year, while the net profit attributable to shareholders was 185 million yuan, down 6.95% year-on-year. However, the non-recurring net profit increased slightly by 0.50% year-on-year to 172 million yuan [1][2]. - The company saw a growth in environmental engineering contracts, with new contracts totaling 2.625 billion yuan, an increase of 13.59% year-on-year, and the total contracts on hand reached 19.421 billion yuan, up 5.81% year-on-year [3]. - The company is experiencing rapid growth in its new energy business, which generated revenue of 430 million yuan in 2024, a significant increase of 1,073% year-on-year, despite a decline in gross margin [4]. Financial Summary - For 2024, the company expects revenues of 10.019 billion yuan, a decrease of 8.69% year-on-year, but anticipates a net profit of 830 million yuan, reflecting a growth of 63.15% year-on-year. The non-recurring net profit is projected to be 761 million yuan, up 119.25% year-on-year [4][5]. - The company forecasts revenues of 10.503 billion yuan, 10.859 billion yuan, and 11.202 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 886 million yuan, 925 million yuan, and 967 million yuan for the same years [4][5]. - The asset-liability ratio as of Q1 2025 was 61.06%, a decrease of 0.36 percentage points compared to the end of 2024, indicating a relatively low level of debt [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% in the next six months [5]. Core Insights - The company reported significant profit growth, with a 2024 revenue of 5.03 billion yuan, a year-on-year increase of 15.76%, and a net profit of 189 million yuan, up 83.01% year-on-year [1][2]. - In Q1 2025, the company achieved a revenue of 1.18 billion yuan, reflecting a 14.74% year-on-year growth, and a net profit of 58 million yuan, which is an 85.57% increase year-on-year [1]. - The overall gross margin for 2024 was 19.18%, slightly down by 0.29 percentage points year-on-year, while Q1 2025 saw a gross margin of 17.52%, up by 0.59 percentage points year-on-year [2]. Revenue Breakdown - The revenue from electromagnetic shielding materials and devices in 2024 was 1.31 billion yuan, growing by 11.40% year-on-year. Thermal management materials and devices generated 1.86 billion yuan, up 7.58% year-on-year. Protective function devices brought in 550 million yuan, a 26.24% increase, while lightweight materials and devices saw a revenue of 722 million yuan, up 45.48% year-on-year [2]. Profitability and Cost Management - The company achieved a net profit margin of 3.44% in 2024, an increase of 1.63 percentage points year-on-year. The sales, management, and R&D expense ratios were 2.28%, 5.38%, and 5.23%, respectively, showing a decrease compared to the previous year [2]. Business Growth Drivers - The company's new business segments, particularly in AI terminals and AI servers, are expected to drive revenue growth. The consumer electronics sector contributed significantly to revenue growth due to recovering market demand and increased market share of Huawei smartphones [3]. - The company has developed various cooling technologies, including single-phase and two-phase liquid cooling modules, which are anticipated to benefit from the growing demand for computing power and energy efficiency in data centers [3]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 6.80 billion yuan, 9.00 billion yuan, and 11.30 billion yuan, respectively. Corresponding net profits are expected to be 371 million yuan, 645 million yuan, and 799 million yuan, with price-to-earnings ratios of 29x, 17x, and 14x [3][4].

[Table_Info1] 华电国际(600027) 电力/公用事业 [Table_Date] 发布时间：2025-04-14 [Table_Title] 证券研究报告 / 公司深度报告 财务稳健分红提升，受益并购前景可期 报告摘要： [Table_Summary] 盈利修复，持续分红。截至 2024 年末，公司已投入运行的控股发电企 业共计 46 家，控股装机容量为 5,981.862 万千瓦，主要包括燃煤发电控 股装机 4,675 万千瓦，燃气发电控股装机 1,060 万千瓦，水力发电控股 装机 245.9 万千瓦，权益装机占比在 80%左右。权益装机构成，燃煤发 电占比约 79%，燃气占比约 17%。主要由于煤价下行，公司 2024 年各 季度毛利率均高于 2023年同期，但仍明显低于 2019/2020 年同期，仍有 一定提升空间。公司财务稳健，费用管控能力突出，经营活动现金流净 额持续提升背景下，资本开支持续下降，去年首次进行年中分红，全年 分红率 46%，每股股利同比增长 40%，按当前股价计算 A/H 股息率达 3.8%/5.5%，考虑到每股股利仍有提升空间，长期投资价值显著。此 外，公司拟收购 ...

---李宁 2024 年报点评 事件： [Table_Summary] 公司发布 2024 年报，2024 全年营收同增 3.9%至 286.8 亿元，净利润同 降 5.5%至 30.1 亿元。 点评： 全年表现基本符合预期。2024 年公司全渠道流水同比基本持平，报表端 收入同增 3.9%至 286.8 亿元。分产品看，跑步/篮球/综训/运动时尚品类 流水分别同比+25%/-21%/+6%/-6%。年内公司跑鞋大单品超轻、赤兔、 飞电系列产品销售情况良好，销量突破 1060 万双。篮球品类流水下滑主 要系公司主动调整发货节奏。报表端收入上，鞋类/服装/器材及配件收入 分别同比+6.8%/-2.9%/+29.3%至 143/120.5/23.3 亿元。 请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 港股公司报告 整体表现符合预期，积极投入提升竞争力 电商渠道增速领先。分渠道来看，2024 年公司批发业务收入同增 2.6%至 129.6 亿元，李宁大货线下批发渠道流水同比增长中单位数；直营业务收 入同降 0.4%至 68.8 亿元，李宁大货线下直营渠道流水同比下降低单位 数；电商渠 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Views - Gold prices continue to rise due to tariff disruptions and concerns over U.S. fiscal sustainability, with the London gold closing price at 3238.07 USD/oz and a weekly increase of 6.6% [1][13] - The uncertainty surrounding tariffs and inflation expectations is driving investment towards gold, highlighting its value in the current economic climate [1][13] - The copper market shows signs of stabilization, with prices fluctuating due to tariff policy changes, closing at 9184 USD/ton after a drop to 8100 USD/ton [2][14] Summary by Sections Gold Market - Tariff-induced stagflation expectations and the instability of tariff policies are pushing gold prices higher [1][13] - The latest Republican budget proposal raises concerns about U.S. fiscal sustainability, allowing for a 5.3 trillion USD tax cut over ten years while only reducing spending by 40 billion USD [1][13] - The Federal Reserve remains cautious amid market volatility, with officials expressing concerns about inflation driven by tariffs [1][13] Copper Market - Copper prices are expected to stabilize in the short term, supported by improved demand and a decrease in social inventory [2][14] - The recent tariff pause by Trump has led to a rebound in copper prices, although uncertainties remain regarding future negotiations [2][14] - The domestic social inventory of copper has decreased by 35,500 tons to 358,800 tons, indicating a trend of inventory reduction [2][14] Aluminum Market - The aluminum market is experiencing a downward trend in alumina prices, while the fundamentals for electrolytic aluminum remain strong [15][16] - Despite short-term price pressures, the demand for electrolytic aluminum is expected to remain robust due to seasonal factors and increased orders from the photovoltaic and power grid sectors [15][16] Industry Performance - The non-ferrous metal index has underperformed the market, with a decline of 4.23% this week, ranking 14th among 30 sub-industries [17] - Gold has shown the highest increase among non-ferrous metals, with an 8.91% rise, while copper has seen a decline of 3.74% [17] Price Trends - Basic metal prices have generally declined, with SHFE copper down 5.58% to 74,770 CNY/ton and SHFE aluminum down 3.72% to 19,675 CNY/ton [37][39] - International prices also reflect a downward trend, with LME copper down 2.26% to 9,155 USD/ton [37][39]

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司点评报告 医美稳步推进渠道及产品拓展，护肤加速变革 报告摘要： [事件： Table_Summary] 华熙生物发布 2024 年报，2024 年公司实现营收 53.71 亿元/-11.61%， 归母净利润 1.74 亿元/-70.59%，扣非归母净利润 1.07 亿元/-78.13%，非 经常性损益 0.67 亿元，主要来自政府补助。Q4 单季度公司实现营收 14.96 亿元/-19.33%，归母净利润-1.88 亿元/-340.24%，扣非归母净利润 -2.19 亿元/-480.74 %。拟每 10 股派发现金红利 1.10 元（含税）。 点评： 医美高速增长，护肤品仍处调整阶段。2024 年公司实现营收 53.71 亿 元/-11.61%，分产品看：1）原料产品营收 12.36 亿元/占比 23.02%/ +9.47%；其中国际市场收入 6.08 亿元/+17.65%，主要系美洲、欧洲、 东南亚等地收入持续增长，同比增长均超 20%；原料业务依托底层技 术优势，不断优化产品结构和推出新原料。2）医疗终端产品营收 14.40 ...