证券研究报告：国防军工 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|维持 个股表现 -21% -15% -9% -3% 3% 9% 15% 21% 27% 33% 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 国科军工 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 53.50 | | --- | --- | | 总股本/流通股本（亿股）1.76 / 0.97 | | | 总市值/流通市值（亿元）94 / 52 | | | 52 周内最高/最低价 | 59.16 / 35.09 | | 资产负债率(%) | 27.3% | | 市盈率 | 46.93 | | 第一大股东 | 江西省军工控股集团有 | | 限公司 | | 研究所 国科军工(688543) 弹药业务稳定增长，固体发动机业务实现快速增长 事件 近日，国科军工发布 2024 年年报。2024 年，公司实现营业收入 12.04 亿元，同比增长 16%，实现归母净利润 1.99 亿元，同比增长 41%。 点评 1、2024 年，公司实现营业收入 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|首次覆盖 个股表现 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 杰创智能 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.24 | | --- | --- | | 总股本/流通股本（亿股）1.54 / 1.02 | | | 总市值/流通市值（亿元）28 / 19 | | | 52 周内最高/最低价 | 23.57 / 11.03 | | 资产负债率(%) | 31.2% | | 市盈率 | 456.00 | | 第一大股东 | 孙超 | AI 一体机+机器狗+低空，业务转型多面开花 技术创新驱动战略转型，一季度业绩高增 杰创智能聚焦智慧安全和智慧城市行业应用，以物联网、云计 算、大数据和人工智能等新一代信息技术为基础，形成了专用高性 能计算、多元混合智能计算、大数据智能分析、基于微服务架构的 数据协议交换、智能化系统设备通信协议分析、无线信号分析等核 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [8][14]. Core Insights - The company achieved impressive financial results for the fiscal year 2024, with total revenue reaching 32.33 billion yuan, a year-on-year increase of 247.86%. The net profit attributable to shareholders was 294 million yuan, reflecting a staggering growth of 453.95% [4][8]. - The rapid expansion of the bulk snack business is a key driver of growth, with the number of stores increasing significantly. The company opened 9,776 new stores in 2024, ending the year with a total of 14,196 stores [5][6]. - The company is focusing on optimizing its supply chain and exploring new discount store formats to enhance its market position and profitability [6][8]. Financial Performance Summary - For the fourth quarter of 2024, the company reported total revenue of 11.72 billion yuan, a year-on-year increase of 166.68%, and a net profit of 209 million yuan, up 894.27% [4][5]. - The gross margin for 2024 was 10.76%, an increase of 1.46 percentage points year-on-year, driven by the higher contribution from the snack business and improved bargaining power in the supply chain [6][10]. - The company forecasts revenue growth to 52.57 billion yuan in 2025 and 63.52 billion yuan in 2026, with net profit projections of 676 million yuan and 851 million yuan respectively, indicating a growth rate of 130.19% for 2025 [8][10]. Store Expansion and Business Strategy - The company plans to continue its focus on the bulk snack business as a core growth driver, with ongoing store expansion and business model upgrades [6][8]. - The new store format "Come Save Supermarket" will enter a rapid replication phase in 2025, focusing on snacks while expanding essential product categories [6][8]. Dividend Distribution - The company announced a cash dividend of 4.00 yuan per 10 shares for the fiscal year 2024, totaling approximately 107.99 million yuan, which represents 36.79% of the net profit attributable to shareholders [7]. - The proposed mid-year dividend for 2025 is expected to be up to 50% of the corresponding period's net profit [7].

证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|首次覆盖 个股表现 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 杰创智能 计算机 资料来源：聚源，中邮证券研究所 常青云 AI 超融合一体机，赋能千行百业 公司在私有云业务方面，具有自主研发的"常青云"系列产 品，并已在多个行业有落地案例，1 月 17 日，公司又推出"常青云 AI 超融合一体机"，产品以约国际同类产品一半的建设成本，实现了 翻倍的性能，帮助客户降低用云门槛，拥抱 AI 时代下的数字化转 型。2 月 17 日，发布 DeepSeek 超融合一体柜，以"AI Infra 平台+ 超融合架构+全国产化兼容"为核心，为企业提供开箱即用、高效的 智能算力云基座。产品全栈国产化兼容，硬件层支持六大国产 CPU 芯片，以及昇腾、海光 DCU、摩尔线程、沐曦等国产 AI 芯片，单柜 最高可扩展至 40 卡集群。软件层内置常青云 AI 超融合平台、常青 云智算平台，适配麒麟 OS、统信 ...

证券研究报告：汽车 | 公司点评报告 发布时间：2025-04-22 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 15.56 | | --- | --- | | 总股本/流通股本（亿股）6.33 | / 5.51 | | 总市值/流通市值（亿元）99 | / 86 | | 52 周内最高/最低价 | 21.55 / 13.61 | | 资产负债率(%) | 65.2% | | 市盈率 | 13.89 | | 第一大股东 | 天津东安兄弟有限公司 | 研究所 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 立中集团(300428) 业绩维持高增，新材料研发及应用持续突破 l 投资要点 事件：公司发布2024年年报，报告期内公司实现营业收入272.46 亿元，同比增长16.61%；实现归母净利润/扣非归母净利润7.07/6.08 亿元，同比增长 16.77%/17.09%，实现扣除股权激励后归 ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入 |维持 个股表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -9% 7% 23% 39% 55% 71% 87% 103% 119% 135% 思特威 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 98.53 | | --- | --- | | 总股本/流通股本（亿股）4.02 | / 3.23 | | 总市值/流通市值（亿元）396 | / 318 | | 52 周内最高/最低价 | 113.10 / 41.92 | | 资产负债率(%) | 46.5% | | 市盈率 | 100.54 | | 第一大股东 | 徐辰 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 思特威(688213) 4 月 18 日，公司披露 2024 年年度报告以 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company achieved impressive financial results in 2024, with total revenue reaching 32.33 billion yuan, a year-on-year increase of 247.86%. The net profit attributable to shareholders was 294 million yuan, reflecting a staggering growth of 453.95% [4][8]. - The rapid expansion of the bulk snack business is a key driver of growth, with the number of stores increasing significantly. The company opened 9,776 new stores in 2024, ending the year with a total of 14,196 stores [5][6]. - The gross margin improved to 10.76% in 2024, up 1.46 percentage points year-on-year, primarily due to the increased share of snack business and enhanced supply chain negotiation capabilities [6][8]. Financial Performance Summary - For 2024, the company reported total revenue of 32.33 billion yuan, with a net profit of 294 million yuan. The fourth quarter alone saw revenue of 11.72 billion yuan, a year-on-year increase of 166.68% [4][10]. - The company forecasts revenue growth to 52.57 billion yuan in 2025 and 63.52 billion yuan in 2026, representing year-on-year growth rates of 62.6% and 20.84%, respectively [8][10]. - The earnings per share (EPS) are projected to be 3.75 yuan in 2025 and 4.73 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 36 and 29 times [8][10].

证券研究报告：汽车 | 公司点评报告 研究所 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 立中集团(300428) 业绩维持高增，新材料研发及应用持续突破 发布时间：2025-04-22 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 15.56 | | --- | --- | | 总股本/流通股本（亿股）6.33 | / 5.51 | | 总市值/流通市值（亿元）99 | / 86 | | 52 周内最高/最低价 | 21.55 / 13.61 | | 资产负债率(%) | 65.2% | | 市盈率 | 13.89 | | 第一大股东 | 天津东安兄弟有限公司 | l 投资要点 事件：公司发布2024年年报，报告期内公司实现营业收入272.46 亿元，同比增长16.61%；实现归母净利润/扣非归母净利润7.07/6.08 亿元，同比增长 16.77%/17.09%，实现扣除股权激励后归 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant growth in revenue and net profit, with 2024 revenue reaching 5.968 billion yuan, a year-on-year increase of 108.87%, and a net profit of 393 million yuan, up 2,662.76% [5][6] - The company is focusing on three main areas: smart security, smartphones, and automotive electronics, which has led to a notable improvement in profit margins [6] - The company is a global leader in the smart security sector, with a market share of 48.2% in 2023, and has established a strong position in the machine vision technology market [7] - The smartphone business has experienced rapid growth, with revenue of 3.291 billion yuan in 2024, a year-on-year increase of 269.05% [8] - The automotive electronics segment is becoming a key driver for sustainable growth, with sales reaching 527 million yuan in 2024, up 79.09% [10] Summary by Sections Company Overview - The latest closing price is 98.53 yuan, with a total market capitalization of 39.6 billion yuan and a circulating market value of 31.8 billion yuan [4] Financial Performance - In 2024, the company achieved a gross margin of 21.09% and a net margin of 6.58% [6] - For Q1 2025, the company reported revenue of 1.75 billion yuan, a year-on-year increase of 108.94%, and a net profit of 191 million yuan, up 1,264.97% [5][6] Revenue Forecast - The company is projected to achieve revenues of 8.249 billion yuan, 10.052 billion yuan, and 12.507 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 850 million yuan, 1.3 billion yuan, and 1.755 billion yuan [11][14]

证券研究报告：农林牧渔|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2612.71 | | 52 周最高 | 2927.53 | | 52 周最低 | 2110.64 | 行业相对指数表现 -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 农林牧渔 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 近期研究报告 《产能去化加速，周期企稳可期——奶 牛 养 殖 行 业 深 度 研 究 报 告 》 - 2025.04.08 农林牧渔行业周度报告 截至 4 月 18 日，烟台白羽肉鸡鸡苗价格为 3.10 元/羽，较前周 涨0.2元/羽，平均单羽盈利0.2元，同时肉毛鸡价格亦环比微涨0.05% 至 3.75 元/斤。当前市场成交混乱、两极分化严重。虽鸡苗出栏有盈 利，但饲料涨价，养殖端对高苗价有所抵 ...