丨证券研究报告丨 公司研究丨点评报告丨彤程新材（603650.SH） [Table_Title] 电子材料快速成长，静待新项目贡献增量 报告要点 [Table_Summary] 公司发布 2024 年年报，2024 年实现收入 32.7 亿元（同比+11.1%），实现归属净利润 5.2 亿元 （同比+27.1%），实现归属扣非净利润 4.2 亿元（同比+7.6%）。其中 Q4 单季度实现收入 8.5 亿元（同比+13.0%，环比-0.4%），归属净利润 0.8 亿元（同比+38.1%，环比-37.7%），扣非归 属净利润 0.6 亿元（同比+4.8%，环比-48.4%），拟向全体股东每 10 股派发现金红利 5 元，合 计派发现金红利 3.0 亿元。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 彤程新材（603650.SH） cjzqdt11111 1、下游需求恢复不及预期； 2、新项目进度不及预期。 请阅读最后评级说明和重要声明 丨证券研究报告丨 ...

丨证券研究报告丨 港股研究丨公司点评丨中国建筑国际（3311.HK） [Table_Title] 投资业务重启， 内地、港澳业务景气可期 报告要点 [Table_Summary] 4 月 25 日，中国建筑国际公布 2025 年一季度业绩：集团营业总额约为人民币 228.87 亿元， 较去年同期增长约 3.62%；经营溢利及应占合营企业盈利合计约为人民币 39.63 亿元，同比增 长 10.84%。 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 中国建筑国际（3311.HK） cjzqdt11111 [Table_Title2] 投资业务重启， 内地、港澳业务景气可期 [Table_Summary2] 事件描述 4 月 25 日，中国建筑国际公布 2025 年一季度业绩：集团营业总额约为人民币 228.87 亿元， 较去年同期增长约 3.62%；经营溢利及应占合营企业盈利合计约为人民币 3 ...

丨证券研究报告丨 行业研究丨点评报告丨环保 [Table_Title] 广州涨水价终落地，公共事业市场化改革推 进获进展 报告要点 [Table_Summary] 2025 年 4 月 29 日，广州市发改委发布《关于我市中心城区自来水价格改革有关问题的通知》， 明确自 6 月 1 日，将自来水第一、二、三阶梯水价涨至 2.55/3.82/7.65 元/立方米。公用事业市 场化改革获进展，利于行业盈利性保障和现金流改善，具备估值修复逻辑，看好垃圾焚烧、水 务、燃气板块的优质标的。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 广州涨水价终落地，公共事业市场化改革推进 2] 获进展 [Table_Summary2] 事件描述 2025 年 4 月 29 日，广州市发 ...

公司研究丨深度报告丨首都在线（300846.SZ） [Table_Title] 坚定全球化布局，AI 助力再次腾飞 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司成立于 2005 年，是国内较早的全球云网一体化云计算服务商。核心高管背景均来自通信 &云计算行业"老兵"，具备优秀的资源统筹能力。大模型能力持续提升，长文本、深度思考能 力不断突破，配套协议不断完善，AI Agent 智变元年已至。 IDC 算力利用率有望爬坡，智算云 服务长期供给仍短缺。公司是优秀的资源运筹管理者，整体业务逐渐从 IaaS 向 Paas 和 MaaS 进阶，有望从重资源型企业加速转型至资源统筹+赋能的云服务厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 2 / 29 %% %% %% %% research.95579.com 2 首都在线（300846.SZ） cjzqdt11111 [Table_Title2] 坚定全球化布局，AI 助力再次 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 198.38 billion yuan for 2024, representing a year-on-year growth of 13.66%. The net profit attributable to shareholders was 5.32 billion yuan, up 108.97% year-on-year, aligning with previous forecasts. The net operating cash flow reached 47.74 billion yuan, a 24.64% increase year-on-year, with free cash flow exceeding 15 billion yuan, significantly up from 9 billion yuan in 2023 and 7 billion yuan in 2022 [2][6]. - The company announced a shareholder return plan for the next three years, committing to distribute cash dividends of no less than 35% of the net profit attributable to shareholders each year, along with a minimum buyback of 1.5 billion yuan annually, with potential mid-term profit distributions when conditions permit [2][6]. Financial Performance Summary - For Q4, the company achieved a revenue of 54.65 billion yuan, a year-on-year increase of 13.79% and a quarter-on-quarter increase of 8.55%. The net profit attributable to shareholders for Q4 was 2.01 billion yuan, up 32.01% year-on-year and 96.30% quarter-on-quarter. The strong performance in Q4 was driven by domestic market demand stimulated by government policies and increased demand from North American clients [12]. - The company continues to advance its "1+4+N+ecosystem" strategy, with significant innovations in technology and new products. High-end LCD solutions and OLED products have seen substantial sales growth, and the company has established a strong presence in various segments, including smart finance and IoT [12]. - The company expects to reach a peak in depreciation in the upcoming quarters, with a gradual decline anticipated starting in 2028. The current price-to-book (PB) ratio is 1.1X, indicating a high margin of safety for investors [12]. Earnings Forecast - The projected earnings per share (EPS) for the company are 0.22 yuan, 0.32 yuan, and 0.42 yuan for the years 2025, 2026, and 2027, respectively, corresponding to price-to-earnings (PE) ratios of 17.54, 11.99, and 9.08 [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report indicates a significant recovery in defense demand expected in Q1, with improvements in revenue and profitability anticipated in Q2. High inventory levels ensure short-term delivery capabilities, while substantial R&D investments solidify long-term growth certainty [2][12]. - The company reported Q1 revenue of 1.466 billion yuan, a year-on-year decrease of 9.15%, and a net profit attributable to shareholders of 47 million yuan, down 79.35% year-on-year [6][12]. Summary by Sections Demand and Revenue - A substantial recovery in defense demand is expected in Q1, which will reflect in the financial statements and revenue improvements in Q2. The company experienced a significant increase in product orders in Q1, although production and delivery confirmations require time [12]. Financial Performance - The revenue structure showed a decline in high-margin defense product revenue, coupled with rising costs due to increased prices of raw materials, leading to a gross margin decrease of 8.87 percentage points to 31.43%. R&D expenses grew by 33.15%, indicating a strong commitment to technological advancements [12]. Inventory and R&D - The company maintains a high inventory balance of 1.771 billion yuan, exceeding the overall revenue level for Q1, which supports strong short-term delivery certainty. Non-current assets increased by 77.69%, primarily due to higher prepayments for equipment purchases, suggesting potential capacity enhancements [12]. Market Development - The company is focused on integrating market development with product development, targeting large markets and key users. It aims to enhance technological research capabilities and accelerate core technology breakthroughs to support strategic emerging industries [12]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 894 million, 1.153 billion, and 1.402 billion yuan, representing year-on-year growth rates of 158%, 29%, and 22%, respectively. The corresponding price-to-earnings ratios are projected to be 27, 21, and 17 times [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's performance in 2024 is in line with expectations, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 4.749 billion, 296 million, and 293 million yuan respectively, representing year-on-year growth of 34%, -1%, and 40% [2][6]. - In Q4 2024, the company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.359 billion, 71 million, and 69 million yuan, showing year-on-year growth of 31%, -18%, and 391% [2][6]. - For Q1 2025, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.010 billion, 58 million, and 54 million yuan, with year-on-year increases of 18%, 35%, and 26% [2][6]. Summary by Sections Financial Performance - The company expects steady revenue growth in 2024, with foreign sales and domestic sales increasing by 37% and 26% respectively. The revenue from self-owned brands and non-self-owned brands grew by 31% and 35% respectively [12]. - The company achieved a gross profit margin of 21.6% in 2024, a slight decrease of 1.2 percentage points year-on-year, primarily due to intense competition in the sofa market and cross-border e-commerce [12]. - The net profit margin attributable to the parent company decreased by 2.2 percentage points to 6.2% in 2024, influenced by a high base from government subsidies and compensation income in 2023 [12]. Globalization and Competitive Advantage - The company is enhancing its global capacity and customer base, with expectations for rapid growth in its Romanian base and standing out in overseas markets [12]. - The company is focusing on expanding its market share in the top ten GDP countries and key customers, while also promoting domestic self-owned brand sales through both online and offline channels [12]. Dividend Policy - The company maintains a stable dividend policy, distributing 152 million yuan in cash dividends in 2024, with a dividend payout ratio of 51.44%. A mid-term dividend plan for 2025 is also in place, aiming to increase the frequency of dividends [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to reach a turning point in performance, with an anticipated gradual increase in electronic cigarette orders [4] - For 2024, the company is projected to achieve total revenue of 3.573 billion yuan, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 252 million yuan, down 44% year-on-year [2][4] - The fourth quarter of 2024 is expected to show a revenue increase of 15% year-on-year, while the first quarter of 2025 is projected to see a revenue increase of 12% year-on-year [2][4] Financial Performance Summary - In 2024, the company’s revenue is expected to be 3.573 billion yuan, with a net profit of 252 million yuan and a net profit excluding non-recurring items of 238 million yuan, reflecting year-on-year declines of 7%, 44%, and 38% respectively [2][4] - For Q4 2024, the expected revenue is 1.034 billion yuan, with a net profit of 80 million yuan and a net profit excluding non-recurring items of 94 million yuan, showing year-on-year changes of +15%, -32%, and -8% respectively [2][4] - In Q1 2025, the expected revenue is 859 million yuan, with a net profit of 77 million yuan and a net profit excluding non-recurring items of 74 million yuan, reflecting year-on-year increases of +12%, +38%, and +71% respectively [2][4] Business Segment Analysis - The company’s revenue from the intelligent control components and innovative consumer electronics is expected to decline by 14% and 2% respectively in 2024, while automotive electronics are projected to grow by 19% [4] - The electronic cigarette business is anticipated to improve gradually, with orders expected to increase as labor issues in the Malaysian base are resolved [4] - The automotive electronics segment is expected to maintain stable growth, contributing positively to overall revenue [4] Future Outlook - The company aims for a revenue increase of 25% to 50% in 2025, targeting a revenue range of 4.5 to 5.4 billion yuan, primarily driven by the electronic cigarette and automotive electronics segments [4] - The company is expected to achieve net profits of 500 million yuan, 690 million yuan, and 870 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 24, 18, and 14 times [4]

Investment Rating - The investment rating for the company is "Accumulate" and maintained [7] Core Views - The company is expected to achieve total revenue of 11.397 billion yuan in 2024, with a year-on-year growth of 3%. However, the net profit attributable to the parent company is projected to decline by 18% to 63 million yuan, and the net profit after deducting non-recurring gains and losses is expected to decrease by 21% to 59 million yuan [2][4] - In Q4 2024, the company anticipates total revenue of 3.001 billion yuan, with a year-on-year decline of 10%. The net profit is expected to be a loss of 96 million yuan [2][4] - For Q1 2025, total revenue is projected to be 2.212 billion yuan, with a slight year-on-year increase of 1%. The net profit attributable to the parent company is expected to be 49 million yuan, showing a decrease of 1% [2][4] Summary by Sections Business Performance - The B2B business is estimated to achieve stable growth in 2024, contributing to a total revenue increase of 3%. The revenue from the B2B segment is expected to be 11.352 billion yuan, driven by digital transformation and the use of AI tools to optimize business processes [11] - The SAAS business is projected to generate 4.5 million yuan in revenue, a decrease of 42%, as the company focuses on the smart education sector [11] Profitability - The company's net profit for 2024 is expected to be 63 million yuan, with a net profit of 110 million yuan after excluding goodwill impairment [11] - The gross margin for 2024 is projected to be 8.6%, an increase of 0.2 percentage points. The gross margins for B2B and SAAS businesses are expected to be 8.58% and 10.40%, respectively [11] Future Outlook - In Q4 2024, the company anticipates revenue pressure across all business segments, leading to losses. The B2B revenue is expected to decline by 10%, while SAAS revenue is projected to drop by 52% [11] - For Q1 2025, the company expects a recovery in B2B revenue and positive profitability from the good vision business adjustments [11] - The company aims to optimize its B2B customer structure and enhance its MRO share, leveraging AI for cost reduction and efficiency improvements [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an annual revenue of 6.5 billion yuan, a year-on-year decrease of 17%, and a net profit attributable to shareholders of 330 million yuan, down 54% year-on-year [2][4]. - In the first quarter, the company reported a revenue of 1 billion yuan, a decline of 2% year-on-year, with a net profit of -30 million yuan, a decrease of 164% year-on-year [2][4]. - The ongoing price war in the industry is expected to continue, with a significant impact on profitability and revenue [11]. Summary by Sections Financial Performance - The company's revenue for 2024 is projected to decline by 17%, with tile revenue down 18% due to weak terminal demand and a 9% decrease in tile sales volume [11]. - The average price of tiles fell by approximately 10%, while production costs decreased by 7%, leading to a decline in gross margin from 33.5% in 2023 to 31.0% in 2024 [11]. - The net profit margin for 2024 is estimated to be around 5.1%, down 4.2 percentage points year-on-year [11]. Market Conditions - The first quarter showed a slight recovery in revenue decline, but profitability remains under pressure due to the ongoing price war [11]. - The construction area is expected to decline by about 28% in 2024, impacting overall demand in the industry [11]. Future Projections - The company is expected to achieve net profits of approximately 340 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to valuation multiples of 21 and 15 times [6]. - The cash flow performance is strong, with a net cash flow from operating activities of 860 million yuan in 2024 [11]. Industry Dynamics - The supply side of the tile industry is experiencing significant exits, with production expected to decrease by 12% in 2024 compared to previous years [11]. - Environmental policies are pushing the industry towards green production and smart manufacturing, which may further influence supply dynamics [11].