Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Viewpoints - The company is expected to achieve a revenue of 934 million yuan in 2024, representing a year-on-year growth of 11.16%. However, the net profit attributable to shareholders is projected to be 77.16 million yuan, a decline of 27.27% year-on-year [2][4]. - In Q1 2025, the company reported a revenue of 246 million yuan, with a year-on-year increase of 10%, but the net profit decreased by 65.96% to 9.758 million yuan [2][4]. - The revenue performance is relatively stable, but profit performance is poor, mainly due to losses from certain subsidiaries. The company's VIP revenue for the year is expected to be 920 million yuan, with a 13% increase in sales volume [4][11]. - The company anticipates that new business segments will provide incremental growth by 2025, particularly in the ultra-thin VIP market for battery insulation in electric vehicles [11]. Summary by Sections Financial Performance - The company expects total revenue of 934 million yuan for 2024, with a gross profit margin of approximately 29% [4][15]. - The projected net profit for 2025 and 2026 is 132 million yuan and 173 million yuan, respectively, corresponding to PE ratios of 18 and 14 [5][15]. Market Dynamics - Domestic sales are expected to reach 530 million yuan in 2024, a 41% increase, while international sales are projected to decline by 13% to 400 million yuan due to geopolitical tensions affecting logistics and shipping costs [4][11]. - The company is seeing improved order signals driven by the "old-for-new" policy in China, particularly in the refrigerator segment [11]. Product Development - The company has successfully applied its VIP boards in the battery insulation sector for electric vehicles, with recognition from major automotive and battery manufacturers [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved an annual revenue of 12.1 billion yuan in 2024, a year-on-year decrease of 3%. However, the net profit attributable to shareholders was 330 million yuan, representing a year-on-year increase of 91%. The non-recurring net profit was approximately 150 million yuan, showing a significant year-on-year growth of 234% [3][4]. - In the first quarter, the company reported a revenue of 2.1 billion yuan, which is a year-on-year increase of 3%. The net profit attributable to shareholders reached 110 million yuan, up 123% year-on-year, while the non-recurring net profit was approximately -10 million yuan, indicating a substantial improvement [3][4]. Summary by Sections Revenue and Profitability - The company’s total revenue for 2024 was 12.1 billion yuan, down 3% year-on-year. The core business of wall coatings saw a 4% decline, accounting for 58% of total revenue. However, the revenue from home decoration wall paint grew by 13% [8]. - The first quarter of 2025 showed a revenue growth of 3%, with wall coatings generating 1.25 billion yuan, a 9% increase year-on-year. The engineering wall coatings also saw a 9% increase in revenue [8]. Market Performance - The company’s retail revenue continued to grow positively, while the engineering business faced challenges due to price wars. The retail revenue showed double-digit growth, contrasting with a 13% decline in engineering wall coatings revenue [8]. Cost and Margin Analysis - The gross margin for 2024 was approximately 29.6%, a decrease of 1.9 percentage points year-on-year, but showed a quarterly improvement to 31.0% in Q1 2025, up 2.7 percentage points year-on-year. The operating expense ratio also improved, with a decrease in the period expense ratio to 25.7% for 2024 [8]. Cash Flow and Financial Health - The company maintained a strong operating cash flow, with a cash collection ratio of 1.11, 1.18, and 1.15 over the past three years. The net cash flow from operating activities for 2024 was approximately 1 billion yuan, with Q1 2025 achieving a positive cash flow of 110 million yuan, marking the first positive cash flow in Q1 in history [8]. Future Outlook - The company is positioned as a core player in the stock market, adapting to the new era of renovation. The projected net profits for 2025 and 2026 are approximately 1 billion yuan and 1.31 billion yuan, respectively, with corresponding valuations of 26 and 20 times [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 168 million yuan in Q1 2025, representing a year-on-year increase of 227.91% but a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, indicating a reduction in losses [5][11] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from engineering general contracting services in 2025-2026 [11] - The company is focusing on high-end, green, and intelligent development in response to national policies aimed at promoting the chemical industry [11] - The petrochemical equipment market is expected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] - The projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 168 million yuan, a year-on-year increase of 227.91% and a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, showing a reduction in losses [5][11] Order Book and Revenue Recognition - The company has 5.868 billion yuan in orders on hand, with engineering general contracting services expected to contribute significantly to revenue recognition in 2025-2026 [11] Industry Outlook - The petrochemical equipment market is projected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] Strategic Focus - The company is actively pursuing high-end, green, and intelligent development in alignment with national policies aimed at enhancing the chemical industry [11] Profit Forecast - Projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report mainly focuses on the issuance progress and details of local government bonds, including new - issued bonds, refinancing bonds, and special bonds. It provides data on actual and forecasted bond issuances, net supply, and investment - related spreads. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecasted Issuance - 4/21 - 4/27 local bond net supply was 1625 billion yuan; 4/28 - 5/4 local bond forecasted net supply is 927 billion yuan [13][17] - In March, there were differences between the planned and actual issuance of local bonds; in April, there were also differences between the disclosed plan and actual issuance [15][21] 3.2 Local Bond Net Supply - As of April 25, the issuance progress of new general bonds was 36.95%, and that of new special bonds was 25.27% [27] - As of April 25, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in the report [27] 3.3 Special Bond Issuance Details - As of April 25, the fourth - round special refinancing bonds totaled 39874.69 billion yuan, with 15989.44 billion yuan disclosed in 2025 and 56.30 billion yuan newly disclosed next week. The top three regions in terms of disclosed scale were Jiangsu, Sichuan, and Hunan [7] - As of April 25, the special new special bonds in 2025 totaled 1432.58 billion yuan, and 13337.71 billion yuan since 2023. The top three regions in terms of disclosed scale were Jiangsu, Hubei, and Xinjiang [7] 3.4 Local Bond Investment and Trading - The report shows the first - and second - level spreads of local bonds and the second - level spreads by region [37][40] 3.5 New Special Bond Investment Directions The report provides a monthly statistics of project investment directions for new special bonds, with the latest month only considering issued new bonds [42]

丨证券研究报告丨 [Table_Summary] 截至 2025 年 4 月 23 日，发布 2024 年分红预案的公司数量超过三分之一，统计数据发现，半 数以上的行业分红率实现提升，红利策略继续挖掘"新红马"。从一级行业看，截至 2025 年 4 月 23 日，我们自下而上统计得到的行业 2024 年与 2023 年分红率差值，结果发现半数以上行 业分红率实现提升，其中预期股息率超过 3.5%的行业中，家电制造、交通运输等行业 2024 年 分红率提升较多；细分行业看，小家电、快递、楼宇设备等行业分红率提升靠前。 分析师及联系人 [Table_Author] SAC：S0490524010002 SFC：BTR264 戴清 胡飞 投资策略丨专题报告 [Table_Title] 价值策略周报：分红率普涨，寻觅"新红马" 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 价值策略周报：分红率普涨，寻觅"新红马" [Table_Summary2] 上市公司分红预案跟踪：行业分红率普遍提升，继续挖掘"新红马" 2024 年上市公司 ...

联合研究丨组合推荐 [Table_Title] 大消费行业 2025 年 5 月金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2025 年 5 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 11 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has significant growth potential in the commercial vehicle information technology sector, with a notable increase in product value due to continuous technological iterations. Compared to its US counterpart, Samsara, the company's valuation is significantly lower, indicating potential for upward valuation adjustments in the future [1][3]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50%. In Q1 2025, the company reported revenue of 515 million yuan, a year-on-year increase of 2.53%, and a net profit of 101 million yuan, up 89.60% [3][8]. - The company's domestic revenue in 2024 was 693 million yuan, a year-on-year increase of 14.80%, while overseas revenue reached 1.281 billion yuan, up 44.99%. Revenue from commercial vehicle information technology products was 1.671 billion yuan, an increase of 25.99% [8]. Market Expansion and Strategy - The company has established a localized marketing network and a dual-brand strategy, particularly making strides in the European commercial vehicle market, which has enhanced its competitiveness in international markets. Plans are in place to establish subsidiaries in more countries and regions to deepen its global business network [8]. - The company is committed to a global strategy, with significant improvements in production efficiency and quality control at its smart factory in Vietnam, which has gained recognition from clients in various regions [8]. Research and Development - The company continues to invest in R&D, with R&D expenses amounting to 284 million yuan in 2024, a year-on-year increase of 15.14%. The R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024, indicating improved efficiency [8]. - The company has integrated AI algorithms with 5G and vehicle networking technologies, transitioning its products from "passive monitoring" to "active warning" and "active intervention," aligning better with industry demands for safety and efficiency [8]. Profitability Forecast - The company is expected to achieve net profits of 406 million yuan, 526 million yuan, and 717 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 30%, and 36%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 12 times [8].

丨证券研究报告丨 固定收益丨点评报告 research.95579.com 1 [Table_Title] 信用表现偏弱 ——信用利差周报（4/27） 报告要点 [Table_Summary] 4 月 21 日-4 月 25 日债券收益率多数上行，信用利差多数跟随走阔。收益率方面，0.5-1Y 证券 公司次级债上行幅度超 3bp，1Y 产业债上行幅度超 1bp。2-3Y 城投债、产业债、商业银行二 级资本债、证券公司普通债多数上行幅度超 3bp，2-3Y 商业银行永续债上行幅度超 1bp。5Y 产 业债、商业银行二级资本债、证券公司次级债、证券公司永续债上行幅度超 3bp，2-5Y 城投债 多数上行幅度超 4bp。信用利差方面，1-2Y 城投债、产业债信用利差多数走阔超 1bp。3Y 城 投债、产业债、商业银行二级资本债信用利差多数走阔超 2bp。5Y 商金债信用利差收窄超 2bp。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% ...

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 报告要点 [Table_Summary] [Table_Summary] 中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作：会议指出，统筹 国内经济工作和国际经贸斗争，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，同时指出，要持续用力防范化解重点领域 风险，结合来看，政治会议为地产链释放积极的稳定信号。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 [Table_Title] 政治局会议召开，关注稳增长+"一带一路" 会议指出，统筹国内经济工作和国际经贸斗争，以高质量发展的确定性应对外部环境急剧变化 的不确定性。中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。注意 到本次政治局会议将中美贸易摩擦称作"国际贸易斗争"，今年 4 月以来，美国对华关税持续 提升，不久前，美国白宫声明表示，由于中国采取报复性措施，美对华关税加征至 245%，相 比上一次美国上调关税（20 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AECS 国标正式发布，关注 eCall 相关投资机会 报告要点 [Table_Summary] 近日，根据全国标准信息公共服务平台官网显示，《车载事故紧急呼叫系统》（On-board accident emergency call system，以下简称"AECS"）已正式发布。此次《车载事故紧急呼叫系统 （AECS）》国标发布进度略超市场预期，或在车辆安全考量下加速推行，进而惠及包括 T-Box 等部件在内的全产业链。建议关注 eCall 全产业链，重点关注 eCall 市占率较高的上市公司。 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 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] AECS 国标正式发布，关注 eCall 相关投资机会 [Table_Summary2] 事件描述 近日，根据全国标准信息公共服务平台官网显示，《车载事故紧急呼叫系统 ...