证券研究报告：商贸零售 | 公司点评报告 发布时间：2025-04-28 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） | 49.91 | | --- | --- | | 总股本/流通股本（亿股）1.64 | / 1.21 | | 总市值/流通市值（亿元）82 | / 60 | | 52 周内最高/最低价 | 51.40 / 10.07 | | 资产负债率(%) | 28.8% | | 市盈率 | 76.78 | | 第一大股东 | 王玉 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 若羽臣(003010) 自有品牌高增，利润率优化 l 事件回顾 公司公布 2024 年年报及 25 年一季报，24 年公司营收/归母净利 润分别为 17.7/1.06 亿元，同比+29%/+95%；其中 24Q4 营收/归母净 利润为 6.1/0.48 亿元，同比+14%/+133%。25Q1 公司营收/归母净利 润分别 5.7/0.27 亿元，同比+54%/+114%。24 年拟每 10 股分红 5 元， ...

证券研究报告：有色金属|行业周报 发布时间：2025-04-28 行业投资评级 强于大市 |维持 汇率偏移极致带来黄金调整，企稳后依然上行 行业相对指数表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《看好黄金调整后再上行，铜价到达 压力位》 - 2025.04.21 有色金属行业报告 （2025.4.21-2025.4.25） 行业基本情况 | 收盘点位 | | 4641.0 | | --- | --- | --- | | 52 | 周最高 ...

证券研究报告：有色金属|行业周报 发布时间：2025-04-28 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4641.0 | | --- | --- | --- | | 52 | 周最高 | 5020.22 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 近期研究报告 《看好黄金调整后再上行，铜价到达 压力位》 - ...

发布时间：2025-04-28 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 证券研究报告：机械设备 | 公司点评报告 | 最新收盘价（元） | 17.40 | | | --- | --- | --- | | 总股本/流通股本（亿股）5.35 | / 5.34 | | | 总市值/流通市值（亿元）93 | / 93 | | | 52 周内最高/最低价 | 23.15 / 15.55 | | | 资产负债率(%) | 29.7% | | | 市盈率 | 10.79 | | | 第一大股东 | HERMES | EQUITIES | | CORP. | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 汉钟精机(002158) 光伏产品受行业影响承压，半导体真空泵推进批量 供应 l 投资要点 事件：公司发布 2024 年年报和 2025 年一季报。 2024 年，公司实现营收 36.74 亿元，同比-4.62 ...

公司基本情况 | 最新收盘价（元） | 17.40 | | | --- | --- | --- | | 总股本/流通股本（亿股）5.35 | / 5.34 | | | 总市值/流通市值（亿元）93 | / 93 | | | 52 周内最高/最低价 | 23.15 / 15.55 | | | 资产负债率(%) | 29.7% | | | 市盈率 | 10.79 | | | 第一大股东 | HERMES | EQUITIES | | CORP. | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 汉钟精机(002158) 证券研究报告：机械设备 | 公司点评报告 发布时间：2025-04-28 股票投资评级 资料来源：聚源，中邮证券研究所 光伏产品受行业影响承压，半导体真空泵推进批量 供应 l 投资要点 事件：公司发布 2024 年年报和 2025 年一季报。 2024 年，公司实现营收 36.74 亿元，同比-4.62 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [12]. Core Views - The company's performance in 2024 is in line with expectations, achieving a revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [3][4]. - The company is expanding its product offerings across various sectors, including consumer electronics, new energy, and semiconductors, with significant progress in new product development and customer acquisition [5][9]. Financial Summary - In 2024, the company reported a gross margin of 34.38%, a slight increase of 0.59 percentage points year-on-year, while the net profit margin was 7.85%, a decrease of 0.09 percentage points [4]. - Revenue projections for 2025-2027 are 6.039 billion yuan, 7.390 billion yuan, and 8.909 billion yuan, representing year-on-year growth rates of 21.91%, 22.37%, and 20.55% respectively [6][10]. - The forecasted net profit attributable to shareholders for the same period is 555 million yuan, 767 million yuan, and 973 million yuan, with growth rates of 39.21%, 38.24%, and 26.92% respectively [6][10].

- The diffusion index model triggered a right-side buy signal at the close of trading on Tuesday, April 25, 2025 [6][14][33] - The first threshold method triggered a full position signal at the close of trading on April 7, 2025 [36] - The delayed threshold method gave an open position signal at the close of trading on April 22, 2025 [40] - The dual moving average method gave a short position signal at the close of trading on March 12, 2025 [41] Model Testing Results - Diffusion index model, weekly return 2.52% [43] - First threshold method, signal value 0.0225 [36] - Delayed threshold method, signal value not specified [40] - Dual moving average method, signal value not specified [41] Quantitative Factors and Construction - Factor name: Momentum factor; Construction idea: Based on the stock's price momentum; Construction process: Calculated using the rank IC method, weekly rank IC value 0.221, historical average -0.003 [5][13][27] - Factor name: Logarithmic market capitalization factor; Construction idea: Based on the logarithm of the stock's market capitalization; Construction process: Calculated using the rank IC method, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Factor name: Non-linear market capitalization factor; Construction idea: Based on the non-linear transformation of the stock's market capitalization; Construction process: Calculated using the rank IC method, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Factor name: Single-quarter ROE factor; Construction idea: Based on the stock's return on equity for a single quarter; Construction process: Calculated using the rank IC method, weekly rank IC value 0.19, historical average 0.025 [5][13][27] - Factor name: PE TTM reciprocal factor; Construction idea: Based on the reciprocal of the stock's price-to-earnings ratio trailing twelve months; Construction process: Calculated using the rank IC method, weekly rank IC value 0.189, historical average 0.02 [5][13][27] Factor Testing Results - Momentum factor, weekly rank IC value 0.221, historical average -0.003 [5][13][27] - Logarithmic market capitalization factor, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Non-linear market capitalization factor, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Single-quarter ROE factor, weekly rank IC value 0.19, historical average 0.025 [5][13][27] - PE TTM reciprocal factor, weekly rank IC value 0.189, historical average 0.02 [5][13][27]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [12]. Core Views - The company's performance in 2024 is in line with expectations, achieving a revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [3][4]. - The company is expanding its product offerings across various sectors, including consumer electronics, new energy, and semiconductors, with significant progress in production and customer acquisition [9][10]. Financial Summary - In 2024, the company reported a gross margin of 34.38%, a slight increase of 0.59 percentage points year-on-year, while the net profit margin was 7.85%, a decrease of 0.09 percentage points [4]. - Revenue projections for 2025-2027 are 6.039 billion yuan, 7.390 billion yuan, and 8.909 billion yuan, representing year-on-year growth rates of 21.91%, 22.37%, and 20.55% respectively [6][10]. - The forecasted net profit attributable to shareholders for the same period is 555 million yuan, 767 million yuan, and 973 million yuan, with growth rates of 39.21%, 38.24%, and 26.92% respectively [6][10].

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 1575.92 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 2020 年全球分析仪器市场规模约 670 亿美元，中国分析仪器市 场约为 385 亿元。根据 SDI 发布的全球实验分析仪器市场规模数据显 示，2020 年全球分析仪器市场规模预计达到 670 亿美元，2015-2020 年年均复合增长率约为5.5 ...

Industry Investment Rating - The investment rating for the mechanical equipment industry is "Outperform the Market" [1] Core Viewpoints - The report highlights the importance of domestic substitution in the analysis instrument sector, emphasizing the low current domestic production rate and the government's supportive policies for industry development [7][30] - The global market for analytical instruments is projected to reach approximately $67 billion, with China's market at around 38.5 billion yuan [5][24] - The report anticipates a growth rate of 6-10% for China's analytical instrument industry in 2025, driven by policy support and increased focus on product innovation [6][33] Summary by Relevant Sections Industry Overview - The closing index for the mechanical equipment sector is 1575.92, with a 52-week high of 1803.12 and a low of 1122.98 [1] Market Performance - The relative performance of the mechanical equipment sector against the CSI 300 index shows a projected decline of 19% to a growth of 26% from April 2024 to April 2025 [3] Market Size and Growth - The global analytical instrument market was approximately $67 billion in 2020, with a compound annual growth rate (CAGR) of about 5.5% from 2015 to 2020 [5][21] - China's analytical instrument market was about 38.5 billion yuan in 2020, significantly lower than the U.S. and Germany [24] Domestic Production and Policy Support - The domestic market share of analytical instruments has increased from 32.2% in 2011 to 44.6% in 2023, with specific categories like mass spectrometers seeing growth from 1.5% to 11.2% [7][30] - The report outlines various government policies aimed at promoting domestic production and innovation in the analytical instrument sector [32] Import Data Analysis - The import value of analytical instruments under the 9027 tariff code showed a decline from 696 billion yuan in 2020 to 570 billion yuan in 2024, indicating a shift towards domestic products [8][34] - The U.S. remains the largest source of imports for analytical instruments, accounting for approximately 23.4% of imports in 2024 [34] Key Companies to Watch - The report suggests monitoring companies such as 聚光科技 (Juguang Technology), 钢研纳克 (Gangyan Nake), and 莱伯泰科 (Leibotai Technology) for their roles in the analytical instrument market [10][44]