分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信电子行业领涨 A 股震荡整固 ——市场分析 ◼ A 股市场综述 周五（04 月 18 日）A 股市场先抑后扬、小幅震荡整理，早盘股指低 开后震荡回落，盘中股指在 3262 点附近获得支撑，午后股指震荡回 升，盘中通信设备、消费电子、房地产以及证券等行业表现较好； 旅游酒店、食品饮料、农牧饲渔以及物流等行业表现较弱，沪指全 天基本呈现小幅震荡整理的运行特征。创业板市场周五震荡上扬， 创业板成分指数全天表现强于主板市场。 相关报告 《市场分析：软件半导体行业领涨 A 股低开 高走》 2025-04-17 《市场分析：防御行业领涨 A 股震荡整固》 2025-04-16 《市场分析：银行消费行业领涨 A 股小幅上 行》 2025-04-15 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 04 月 18 日 投资要点： ◼ 后市研判及投资建议 周五 A 股市场先抑后扬、小幅震荡整理，早盘股指低开后震荡回 落，盘中股指在 3262 点附近获得支 ...

专用机械 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 矿用装备和新能源环卫装备表现突出，较 大分红力度强化股东回报 ——宇通重工(600817)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 10.64 | | --- | --- | | 一年内最高/最低(元) | 14.25/7.85 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.34 | | 流通市值(亿元) | 56.10 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 4.54 | | 每股经营现金流(元) | 1.06 | | 毛利率(%) | 21.56 | | 净资产收益率_摊薄(%) | 9.32 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 53,684.94/52,724.93 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -12% ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 直销增长迅猛，成本局部升高 证券研究报告-年报点评 谨慎增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 32.33 | | --- | --- | | 一年内最高/最低(元) | 48.07/22.00 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.74 | | 流通市值(亿元) | 39.95 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 11.80 | | 每股经营现金流(元) | 1.56 | | 毛利率(%) | 41.73 | | 净资产收益率_摊薄(%) | 10.18 | | 资产负债率(%) | 13.91 | | 总股本/流通股(万股) | 14,600.00/12,358.15 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -26% -18% -11% -4% 4% 11% 18% 26% 2024.04 2024.08 2024.12 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index in the next six months [20]. Core Views - The company achieved a record revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders reached 3.32 billion yuan, a significant increase of 498.11% year-on-year [5][11]. - The company is continuously enhancing its product matrix in the CIS (CMOS Image Sensor) sector, particularly in high-end smartphones and automotive applications, which is expected to drive market share growth [8][9]. - The company is actively pursuing the domestic substitution of analog chips, with a focus on automotive analog chip products, which are anticipated to contribute to future growth [7][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.73 billion yuan, a year-on-year increase of 22.41%. The net profit attributable to shareholders was 3.32 billion yuan, up 498.11% year-on-year. The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.87% [5][11]. - The gross margin for 2024 was 29.44%, an increase of 7.68% year-on-year, while the net margin was 12.76%, up 10.17% year-on-year [8]. Product Development - The company has launched several advanced CIS products, including the OV50K40 sensor, which sets a new performance benchmark for flagship smartphone cameras. The automotive CIS product line has also been expanded with new high-performance sensors [8][9]. - The company is focusing on enhancing its competitive edge in the high-end smartphone CIS market and expanding its automotive CIS product offerings, which are expected to improve product value and profitability [8][9]. Market Outlook - The global analog IC market is projected to grow from 79.4 billion USD in 2024 to 103.8 billion USD by 2029, with a compound annual growth rate of 5.5%. The domestic market's self-sufficiency rate for analog chips is currently around 15%, indicating significant potential for domestic substitution [9]. - The company is expected to maintain its growth trajectory, with projected revenues of 30.16 billion yuan in 2025, 35.21 billion yuan in 2026, and 40.36 billion yuan in 2027, alongside corresponding net profits of 4.34 billion yuan, 5.40 billion yuan, and 6.62 billion yuan respectively [11].

分析师：乔琪 登记编码：S0730520090001 传媒 qiaoqi@ccnew.com 021-50586985 业绩迎来回暖，政策护航业务增长 ——风语筑(603466)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 9.48 | | --- | --- | | 一年内最高/最低(元) | 12.80/6.58 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.55 | | 流通市值(亿元) | 56.39 | | 基础数据(2025-03-31) | | 《风语筑(603466)年报点评：在手订单规模充 沛，项目周期影响 Q1 业绩》 2024-04-30 联系人：李智 公司 2024 年营业收入 13.76 亿元，同比减少 41.44%，归母净利润-1.35 亿元，同 比减少 147.97%，扣非后归母净利润-1.16 亿元，同比减少 154.25%。2025 年第 一季度营业收入 3.82 亿元，同比增加 29.81%，归母净利润 4027.44 万元，上年 同期为-1501.39 万元，扣非后归母净利润 39 ...

塑料及制品 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 盈利能力下滑业绩短期承压，新产品持续 创新突破保障长期成长 ——利通科技(832225)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-18) | 收盘价(元) | 16.69 | | --- | --- | | 一年内最高/最低(元) | 17.38/7.01 | | 沪深 300 指数 | 3772.52 | | 市净率(倍) | 3.14 | | 流通市值(亿元) | 13.85 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.31 | | 每股经营现金流(元) | 1.10 | | 毛利率(%) | 43.26 | | 净资产收益率_摊薄(%) | 17.02 | | 资产负债率(%) | 23.90 | | 总股本/流通股(万股) | 12691.89/8278.32 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -42% -30% -18% -5% 7% 19% 31% ...

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 "全球化、数智化、低碳化"战略持续发 力，行业复苏龙头盈利修复 ——三一重工(600031)2024 年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 19.06 | | --- | --- | | 一年内最高/最低(元) | 20.54/14.95 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.24 | | 流通市值(亿元) | 1,613.28 | 基础数据(2024-12-31) 工程机械Ⅱ | 每股净资产(元) | 8.49 | | --- | --- | | 每股经营现金流(元) | 1.75 | | 毛利率(%) | 26.43 | | 净资产收益率_摊薄(%) | 8.30 | | 资产负债率(%) | 52.02 | | 总股本/流通股(万股) | 847,497.80/846,421.5 | | | 8 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index in the next six months [20]. Core Views - The company achieved a record revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.41%. The net profit attributable to shareholders reached 3.32 billion yuan, a significant increase of 498.11% year-on-year [5][11]. - The company is continuously enhancing its product matrix in the CIS (CMOS Image Sensor) sector, particularly in high-end smartphones and automotive applications, which is expected to drive market share growth [8][9]. - The company is actively pursuing the domestic substitution of analog chips, with a focus on automotive analog chip products, which are anticipated to contribute to future growth [7][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.73 billion yuan, up 22.41% year-on-year, and a net profit of 3.32 billion yuan, up 498.11% year-on-year. The fourth quarter of 2024 saw a revenue of 6.82 billion yuan, a year-on-year increase of 14.87% [5][11]. - The gross margin for 2024 was 29.44%, an increase of 7.68% year-on-year, while the net margin was 12.76%, up 10.17% year-on-year [8]. Product Development - The company has launched several advanced CIS products, including the OV50K40 sensor, which sets a new performance benchmark for flagship smartphone cameras. The company is also expanding its automotive CIS product offerings, which are expected to enhance its competitive position in the market [8][9]. - The company is focusing on optimizing its product structure and supply chain, which has led to improved profitability and market competitiveness [8]. Market Outlook - The global analog IC market is projected to grow from 79.4 billion USD in 2024 to 103.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.5%. The domestic market's self-sufficiency rate for analog chips is currently around 15%, indicating significant potential for domestic substitution [9]. - The company is expected to maintain its growth trajectory, with projected revenues of 30.16 billion yuan in 2025, 35.21 billion yuan in 2026, and 40.36 billion yuan in 2027 [11].

塑料及制品 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 盈利能力下滑业绩短期承压，新产品持续 创新突破保障长期成长 ——利通科技(832225)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-18) -42% -30% -18% -5% 7% 19% 31% 44% 2024.04 2024.08 2024.12 2025.04 利通科技 资料来源：中原证券研究所，聚源 相关报告 《利通科技(832225)年报点评：一季度业绩略 有下滑，石油钻采等新业务提供增长动力》 2024-05-23 联系人：李智 | | | | 收盘价(元) | 16.69 | | --- | --- | | 一年内最高/最低(元) | 17.38/7.01 | | 沪深 300 指数 | 3772.52 | | 市净率(倍) | 3.14 | | 流通市值(亿元) | 13.85 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.31 | | 每股经营现金流(元) | 1.10 | | 毛利率(%) | 4 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 直销增长迅猛，成本局部升高 证券研究报告-年报点评 谨慎增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 32.33 | | --- | --- | | 一年内最高/最低(元) | 48.07/22.00 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.74 | | 流通市值(亿元) | 39.95 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 11.80 | | 每股经营现金流(元) | 1.56 | | 毛利率(%) | 41.73 | | 净资产收益率_摊薄(%) | 10.18 | | 资产负债率(%) | 13.91 | | 总股本/流通股(万股) | 14,600.00/12,358.15 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -26% -18% -11% -4% 4% 11% 18% 26% 2024.04 2024.08 2024.12 ...