Investment Rating - The report maintains a "Buy-A" rating for the company [7] Core Views - The company has seen a significant increase in contract liabilities and inventory, driven by strong demand for computing power from internet clients [1][4] - The company's revenue for 2024 reached 1147.67 billion, a year-on-year increase of 74.24%, with a net profit of 22.92 billion, up 28.55% year-on-year [3][4] - The company is expected to benefit from the ongoing demand for AI computing power from major internet companies, with projected revenues for 2025-2027 showing continued growth [5][6] Financial Performance - In 2024, the company achieved a gross margin of 6.85%, a decrease of 3.19 percentage points from the previous year, primarily due to increased revenue share from major internet clients [4] - The company's net profit margin for 2024 was 2.00%, down 0.73 percentage points year-on-year [4] - Contract liabilities increased by 491% year-on-year to 113 billion by the end of 2024, indicating strong order fulfillment [4] Future Projections - Revenue projections for 2025-2027 are 155.04 billion, 180.16 billion, and 202.21 billion respectively, with year-on-year growth rates of 35.1%, 16.2%, and 12.2% [9][11] - The expected EPS for 2025-2027 is 2.50, 2.87, and 3.02 respectively, with corresponding P/E ratios of 21.42, 18.64, and 17.71 [6][9]

来源：最闻，山西证券研究所 | 市场数据：2025 年 3 月 | 31 | 日 | | | --- | --- | --- | --- | | 收盘价（港元）： | | | 729.00 | | 年内最高/最低（港元）： | | | 798.00/60.950 | | 流通股/总股本（亿股）： | | | 0.95/1.68 | | 流通市值（亿港元）： | | | 690.91 | | 总市值（亿港元）： | | | 1,227.39 | 来源：最闻，山西证券研究所 黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2024 年营收业绩强劲增长，2025 年推动品牌出海 2025 年 4 月 1 日 公司研究/公司快报 事件描述 3 月 31 日，公司披露 2024 年年报，2024 年，公司实现收入 85.06 亿元，同比增长 167.5%，实现归母净利润 14.73 亿元，同比增长 253.9%。公司董事 ...

航天军工 航天电器（002025.SZ） 增持-A(维持) 防务业务持续修复，新域新质造新动力 2025 年 4 月 1 日 公司研究/公司快报 公司近一年市场表现 事件描述 执业登记编码：S0760522050002 邮箱：luozhiwei@sxzq.com 李通 市场数据：2025 年 3 月 31 日 | 收盘价（元）： | 55.60 | | --- | --- | | 年内最高/最低（元）： | 65.70/36.08 | | 流通 A 股/总股本（亿股）： | 4.53/4.57 | | 流通 A 股市值（亿元）： | 251.62 | | 总市值（亿元）： | 254.02 | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 0.76 | | --- | --- | | 摊薄每股收益(元)： | 0.76 | | 每股净资产(元)： | 16.42 | | 净资产收益率(%)： | 5.39 | 分析师： 骆志伟 执业登记编码：S0760521110001 电话：010-83496308 邮箱：litong@sxzq.com 航天电器公司发布 2024 年报。2024 ...

2025 年 4 月 1 日 行业研究/行业周报 非银行金融行业近一年市场表现 相关报告： 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 研究助理： 李明阳 邮箱：limingyang@sxzq.com 非银行金融 行业周报（20250324-20250330） 领先大市-A(维持) 券商业绩显著改善，鼓励耐心资本入市 【山证非银行金融】行业并购再推进， 关 注 券 商 业 绩 披 露 - 行 业 周 报 （20250317-20250323）： 2025.3.25 【山证非银行金融】资本市场助力提振 消费，券商财富管理优势凸显-行业周报 （20250310-20250316）： 2025.3.19 投资要点 券商业绩显著提升。上周 19 家券商披露 2024 年年报，整体业 绩改善显著。其中，13 家证券公司实现收入正增长，15 家证券公 司实现归母净利润正增长，13 家证券公司加权平均净资产收益率实 ...

2025 年 4 月 1 日 行业研究/行业周报 非银行金融行业近一年市场表现 相关报告： 【山证非银行金融】行业并购再推进， 关 注 券 商 业 绩 披 露 - 行 业 周 报 （20250317-20250323）： 2025.3.25 【山证非银行金融】资本市场助力提振 消费，券商财富管理优势凸显-行业周报 （20250310-20250316）： 2025.3.19 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 研究助理： 李明阳 邮箱：limingyang@sxzq.com 非银行金融 行业周报（20250324-20250330） 领先大市-A(维持) 券商业绩显著改善，鼓励耐心资本入市 投资要点 券商业绩显著提升。上周 19 家券商披露 2024 年年报，整体业 绩改善显著。其中，13 家证券公司实现收入正增长，15 家证券公 司实现归母净利润正增长，13 家证券公司加权平均净资产收益率实 ...

炼焦煤 淮北矿业（600985.SH） 增持-A(维持) 一体化经营继续加深，红利成长双可期 2025 年 4 月 1 日 公司研究/公司快报 事件描述 公司发布 2024 年度报告：报告期内公司实现营业收入 657.35 亿元，同 比-10.43%，归母净利润 48.55 亿元，同比-22.00%，扣非后归母净利润 46.43 亿元，同比-21.19%。经营活动产生的现金流量净额 90.63 亿元，同比-30.45%； 基本每股收益为 1.84 元，同比-26.69%；加权平均 ROE 为 11.95%，同比降 低 5.67 个百分点。 事件点评 26.93/26.93 煤炭量、价随市场下行，但成本下降，毛利率持平。2024 年以来受下游 需求不振及进口增速超预期等影响，国内煤、焦产业链价格以回调为主。2024 年，秦皇岛港动力末煤 Q5500、京唐港主焦煤全年均价分别同比变化-11.44% 和-11.42%，淮北产二级冶金焦均价同比-15.41%。公司产品以炼焦精煤、焦 炭为主，售价的下行拖累公司业绩；公司 2024 年累计实现商品煤产销量分 别 2055.30、1536.69 万吨，同比变化-6.46% ...

基础数据：2024 年 12 月 31 日 基本每股收益(元)： 1.84 摊薄每股收益(元)： 1.84 每股净资产(元)： 17.40 净资产收益率(%)： 9.55 资料来源：最闻 分析师： 煤化工板块继续受成本压制及售价下行影响，毛利亏损。报告期内公司实现 焦炭产量 354.65 万吨，同比-5.95%；销量 352.21 万吨，同比-6.05%；吨焦 售价 1961.04 元/吨，同比-15.85%；实现甲醇产量 40.77 万吨，同比-22.74%， 销售 19.84 万吨，同比-61.75%，单位售价 2157.21 元/吨，同比+1.58%。甲 醇销量变化主要受延伸产业链利用甲醇生产无水乙醇影响，2024 年公司 60 万吨无水乙醇项目正式投产，全年累计产量 37.11 万吨，销量 36.19 万吨， 单位售价 4999.42 元/吨。但整体来看，因受焦炭下游市场需求不振影响， 公司煤化工板块整体毛利率实现 19.34%，同比降低 0.99 个百分点。 炼焦煤 淮北矿业（600985.SH） 增持-A(维持) 一体化经营继续加深，红利成长双可期 2025 年 4 月 1 日 公司研究/公司快报 ...

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various types of helicopters and general aircraft [5]. - The company is integrating helicopter assembly assets to expand its product range and enhance overall production capacity, which is expected to improve its main business capabilities. It has raised 3 billion yuan for projects related to new helicopter and drone development, maintenance capabilities, and production capacity enhancement [5]. - The company is anticipated to benefit from the rapid growth of general aviation and the low-altitude economy, with projected earnings per share (EPS) for 2025-2027 being 0.83, 0.99, and 1.15 yuan, respectively [6]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The adjusted net profit increased by 19.68% to 482 million yuan [4]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents rose by 311.85% to 132.72 billion yuan [4]. - The projected revenue for 2025 is 34.622 billion yuan, with a year-on-year growth of 16.3%, and the net profit is expected to increase to 680 million yuan, reflecting a growth of 22.3% [11]. Valuation Metrics - The report provides a forecast for the company's price-to-earnings (P/E) ratio, which is expected to be 43.7, 36.7, and 31.5 for the years 2025, 2026, and 2027, respectively [6]. - The projected return on equity (ROE) is expected to improve from 2.9% in 2024 to 5.1% by 2027, indicating an enhancement in the company's profitability [11].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock based on expected performance relative to the benchmark index [8]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various helicopter models and general aviation aircraft [6]. - The company is undertaking an integration of helicopter assembly assets to expand its product range and enhance overall production capacity. This strategic move is expected to improve its main business capabilities and allow it to benefit from the growth of new aircraft models in the low-altitude economy [6]. - The company raised 3 billion yuan to fund projects aimed at enhancing its research and development capabilities for new helicopters and drones, as well as improving its aviation maintenance and production capabilities [6]. Financial Performance - In 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The non-recurring net profit increased by 19.68% to 482 million yuan [5]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents surged by 311.85% to 132.72 billion yuan [5]. - The earnings per share (EPS) for 2024 was reported at 0.72 yuan, with a return on equity (ROE) of 2.94% [4]. Financial Projections - The report forecasts the company's EPS for 2025, 2026, and 2027 to be 0.83 yuan, 0.99 yuan, and 1.15 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are projected to be 43.7, 36.7, and 31.5 [8]. - Revenue is expected to grow from 34.622 billion yuan in 2025 to 45.291 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.9% [12].

研究早观点 2025 年 4 月 1 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,335.75 | -0.46 | | 深证成指 | | 10,504.33 | -0.97 | | 沪深 | 300 | 3,887.31 | -0.71 | | 中小板指 | | 6,570.50 | -1.16 | | 创业板指 | | 2,103.70 | -1.15 | | 科创 | 50 | 1,022.71 | -0.66 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证新股】新股周报（2025.03.31-2025.04.03）-3 月份双创板块新股 首日涨幅下降，科创板胜科纳米上市 【山证农业】农业行业周报（2025.03.24-2025.03.30）-水产饲料需求或有望 见底回升，看好海大集团的配置时机 【行业评论】化学原料：新材料周报（250324-03 ...