丨证券研究报告丨 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 海外&车载积极在拓，Q4 盈利表现大幅改善 报告要点 [Table_Summary] 公司发布 2024 年年报：2024 年公司实现营收 34.05 亿元，同比下滑 4.27%，实现归母净利润 1.20 亿元，同比下滑 0.30%，实现扣非归母净利润 0.92 亿元，同比增长 34.94%。其中 2024 年 Q4 公司实现营收 11.23 亿元，同比下滑 1.02%，实现归母净利润 1.60 亿元，同比增长 367.35%，实现扣非归母净利润 1.56 亿元，同比增长 499.03%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 海外&车载积极在拓，Q4 盈利表现大幅改善 [Table_Summary2] 事件描述 公司发布 2024 年年报：2024 年公司实现 ...

丨证券研究报告丨 公司研究丨点评报告丨亿田智能（300911.SZ） [Table_Title] 费用率边际优化，2024Q4 业绩大幅改善 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 亿田智能（300911.SZ） cjzqdt11111 [Table_Title2] 费用率边际优化，2024Q4 业绩大幅改善 报告要点 [Table_Summary] 2024 年公司实现营收 7.03 亿元，同比下滑 42.73%，实现归母净利润 2654.14 万元，同比下 滑 85.17%，实现扣非归母净利润 1124.74 万元，同比下滑 93.17%；其中，2024Q4 公司实现 营收 2.54 亿元，同比下滑 10.40%，实现归母净利润 3757.73 万元，同比增长 847.70%，实现 扣非归母净利润 3195.97 万元，同比增长 205.81%。同时，公司拟向全体股东每 10 股派发现 金红利 10 元（含税），对应分红率为 515.07%，并且公司拟以资本公积金向全体股东每 10 股 转增 3 股。 分析师及联系人 [Table_Author] 陈 ...

丨证券研究报告丨 [Table_Title] 坚持大客户战略，高分红回馈股东 报告要点 公司研究丨点评报告丨行动教育（605098.SH） [Table_Summary] 2024 年：营业收入 7.83 亿元，同比增长 16.54%；归母净利润 2.69 亿元，同比增长 22.39%。 单四季度：营业收入 2.21 亿元，同比+4.47%；归母净利润 7397 万元，同比+25.84%。合同负 债：期末合同负债 10.80 亿元，同比+12.70%。分红方案：公司拟向全体股东每 10 股派发现金 红利 7.5 元（含税），2024 年度拟分红比例 99.47%，对应股息率 6.38%。盈利预测及投资建 议 ： 预 计 2025-2027 年 公 司 归 母 净 利 润 分 别 为 3.2/3.8/4.4 亿 ， 对 应 PE 分 别 为 14.79/12.59/10.83X，维持"买入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 research.95579.com 1 行动教育 ...

丨证券研究报告丨 公司研究丨点评报告丨报喜鸟（002154.SZ） [Table_Title] 报喜鸟 2024 年报点评：利润短期承压，防御价 值凸显 报告要点 [Table_Summary] 展望来看，因零售承压、费用率抬升、补贴预期不明确等负面因素导致的利润下调渐消化后， 目前位置渐具防御价值，期待后续零售改善下带来的利润弹性。预计公司 2025-2027 年归母净 利润为 5.3、6.1、6.9 亿元，PE 为 11、9、8X，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报喜鸟（002154.SZ） cjzqdt11111 [Table_Title 报喜鸟 20242]年报点评：利润短期承压，防御价 值凸显 公司基础数据 [Table_BaseData] 当前股价(元) 3.86 总股本(万股) 145,933 流通A股/B股(万股) 142,150/0 每股净资产(元) ...

丨证券研究报告丨 公司研究丨点评报告丨紫燕食品（603057.SH） [Table_Title] 紫燕食品 2024 年报&2025 年一季报点评：收入 利润承压，供应链布局对冲风险 报告要点 [Table_Summary] 公司 2024 年营业总收入 33.63 亿元（同比-5.28%，下文皆为同比）；归母净利润 3.46 亿元 （+4.5%），扣非净利润 2.81 亿元（+1.28%）；其中 2024Q4 营业总收入 6.76 亿元（-7.88%）； 归母净利润-248.9 万元（同比减亏），扣非净利润-2028.26 万元（同比增亏）。公司 2025Q1 营 业总收入 5.64 亿元（-18.86%）；归母净利润 1521.82 万元（-71.8%），扣非净利润 500.28 万 元（-87.09%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 紫燕食品（603057.SH） cjzqdt1 ...

联合研究丨行业深度 [Table_Title] 人形机器人系列（八）：北京机器人大会、亦庄 机器人马拉松有哪些亮点？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 北京机器人大会多家企业参与演讲，分享以本体、大脑、灵巧手为主，产业逐级形成共识，大 脑与灵巧手发展加速。同时，北京亦庄半程马拉松比赛证明当前人形机器人在系统稳定性、关 节性能、控制算法等方面相较 2024 年均有较明显提升。展望未来，国内外企业软硬件技术迭 代加速，应用场景持续扩大，规模化商业应用有望加速落地，建议关注技术领先的主机厂，以 及具备核心零部件技术、与头部企业深度合作的零部件企业。 分析师及联系人 [Table_Author] 赵智勇 高伊楠 倪蕤 SAC：S0490517110001 SAC：S0490517060001 SAC：S0490520030003 SFC：BRP550 SFC：BUW101 王子豪 SAC：S0490524070004 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 ...

零食量贩迎来 2.0 时代 行业研究丨深度报告丨食品加工与肉类 [Table_Title] 休闲零食行业洞察之渠道篇（二）：拥抱全品类， %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 在性价比消费趋势下，零食量贩实现从 0 到 1 的快速发展，门店已超过 4 万家。随着零食量贩 行业日渐饱和，各品牌开始谋求向全品类硬折扣业态转型。本文通过复盘乐尔乐、奥乐齐两大 知名硬折扣品牌，寻找硬折扣成功的要素，更进一步从品类、消费者画像、盈利能力多方面对 零食量贩 2.0 模式进行展望。 分析师及联系人 [Table_Author] 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 [Table_Title 休闲零食行业洞察之渠道篇（二）：拥抱全品类， 2] 零食量贩迎来 2.0 时代 [Table_Summary2] 依托渠道发展，休闲食品行业几经变换 中国休闲食品行业规 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 7.77 billion yuan in Q1 2025, a year-on-year decrease of 2.6% and a quarter-on-quarter decrease of 14.1%. The net profit attributable to shareholders was 710 million yuan, down 33.7% year-on-year and 17.2% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 700 million yuan, reflecting a year-on-year decline of 34.2% and a quarter-on-quarter decline of 13.3% [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company experienced a decline in revenue and profit, with a revenue of 77.7 billion yuan and a net profit of 7.1 billion yuan. The gross margin was 16.3%, showing a quarter-on-quarter increase of 1.2 percentage points, while the net margin remained stable at 9.9% [2][12]. Market Conditions - The market prices for key products in Q1 2025 showed varied changes, with urea decreasing by 2.5% and DMF by 1.7%. The company’s sales volume for organic amine series products, chemical fertilizers, and acetic acid saw significant quarter-on-quarter declines of 11.1%, 3.9%, and 20.7%, respectively [12]. Future Outlook - The company is positioned at the bottom of the cycle, with expectations for gradual improvement in operations due to ongoing demand recovery and the release of new production capacity from the Jingzhou base. The company anticipates net profits of 3.72 billion yuan, 4.16 billion yuan, and 4.70 billion yuan for 2025, 2026, and 2027, respectively [12][12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's revenue performance is under pressure, with expectations for demand recovery driven by national subsidies. The company has a solid foundation in smart drying products and aims to expand into multiple categories to drive future growth. The company has a market share of approximately 40% in the smart drying sector and anticipates a gradual recovery in revenue following the implementation of national subsidies in March 2025 [9][10]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 1.557 billion, net profit attributable to shareholders of 248 million, and net profit excluding non-recurring items of 244 million, representing year-on-year declines of 8%, 24%, and 24% respectively. In Q4 2024, the expected revenue is 488 million, with net profit attributable to shareholders at 58 million and net profit excluding non-recurring items at 54 million, reflecting year-on-year declines of 15%, 35%, and 42% respectively. For Q1 2025, the company is expected to generate revenue of 259 million, with net profit attributable to shareholders at 33 million and net profit excluding non-recurring items at 32 million, showing year-on-year declines of 11%, 40%, and 43% respectively [2][7][9]. Revenue and Profit Analysis - The company faces significant operational pressure in 2024, with an overall revenue decline of 8%. In Q4 2024, the revenue decline is projected at 15%. However, the decline in Q1 2025 is expected to narrow to 11%. The sales performance of smart home products is expected to grow, while traditional drying rack products are projected to decline by 19% [13]. The gross margin is under pressure due to changes in product mix, with Q4 2024 and Q1 2025 gross margins at 37.6% and 47.9% respectively, reflecting year-on-year declines of 15.5 and 4.0 percentage points [13]. Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 280 million, 330 million, and 380 million for the years 2025 to 2027, corresponding to price-to-earnings ratios of 20, 17, and 15 times respectively [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - On April 28, 2025, the company launched the "Smart Assisted Driving Assurance Service" priced at 239 HKD per year, offering up to 1 million HKD in compensation, highlighting four key advantages: comprehensive coverage, wide insurance company participation, unlimited claims, and availability across all vehicle models [2][8]. - The company is expected to see steady sales growth due to the launch of new models such as MONA M03 and P7+, alongside improvements in its marketing system and channel transformation [2][8]. - The company anticipates a revenue of 150-157 billion HKD for Q1 2025, representing a year-on-year growth of 129.1%-139.8%, with Q4 2024 revenue reaching 161.1 billion HKD, marking its best quarterly performance [8]. - The company has a robust cash reserve of 419.6 billion HKD as of Q4 2024, reflecting a quarter-on-quarter increase of 17.4% [8]. - The company is positioned for a strong sales cycle in 2025, with multiple new models expected to launch, enhancing its revenue potential [8]. Summary by Sections Company Overview - The company has launched a unique service that allows users to enjoy benefits even 5 seconds after exiting the NGP, which is expected to significantly enhance user trust in its smart driving systems [2][8]. Financial Performance - The company reported a gross margin of 10.0% in Q4 2024, an increase of 5.9 percentage points year-on-year, achieving six consecutive quarters of growth [8]. - The projected revenue for the company in 2025 is 991 billion HKD, corresponding to a price-to-sales ratio of 1.4X [8]. Market Position - The company is leveraging its AI capabilities to maintain a competitive edge in the smart driving sector, with a monthly active user penetration rate of 86% for its XNGP urban driving feature as of March 2025 [8].