Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is focusing on its core business by divesting its stake in Antai Environment, leading to stable profit growth in 2024. It is projected to achieve a revenue of 7.573 billion yuan, a decrease of 7.50% year-on-year, while the net profit attributable to shareholders is expected to rise by 49.26% to 372 million yuan [2][9]. - The company has shown strong growth in its amorphous materials segment, with new contract amounts exceeding 1.17 billion yuan, a year-on-year increase of 33% [7]. Financial Performance - In 2024, the company reported a revenue of 7.573 billion yuan, with a net profit of 372 million yuan, reflecting a significant increase of 49.26% year-on-year. The gross profit margin was 17.54%, slightly down by 0.02 percentage points [2][11]. - The fourth quarter of 2024 saw a revenue of 1.720 billion yuan, a decline of 19.74% year-on-year, and a net profit of 32 million yuan, down 40.22% year-on-year [3]. - The advanced functional materials and devices segment generated 2.803 billion yuan in revenue, a decrease of 9.89% year-on-year, while the powder metallurgy materials segment saw a revenue increase of 3.97% to 2.962 billion yuan [4]. Product Segment Performance - The advanced functional materials and devices segment had a gross margin of 17.12%, while the powder metallurgy materials segment improved its gross margin to 20.06%, an increase of 1.99 percentage points [4]. - The environmental and high-end technology services segment experienced a significant revenue drop of 75.81% to 158 million yuan, primarily due to the divestiture of Antai Environment [4]. Future Projections - The company is expected to achieve revenues of 8.542 billion yuan, 9.746 billion yuan, and 10.764 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 343 million yuan, 424 million yuan, and 495 million yuan [9][11]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 35, 28, and 24 times, respectively [9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][46]. Core Views - The superconducting business has shown remarkable performance, with a significant increase in net profit year-on-year for the first quarter of 2025 [1][5]. - The company achieved a revenue of 4.612 billion yuan in 2024, representing a year-on-year growth of 10.91%, and a net profit of 801 million yuan, up 6.44% year-on-year [4][11]. - The high-end titanium alloy materials segment saw a revenue increase of 9.87%, while superconducting products grew by 32.41% [6][11]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.074 billion yuan, a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% year-on-year [5][8]. - The gross profit margin for Q1 2025 was 35.29%, an increase of 6.83 percentage points year-on-year [5][8]. - For the full year 2024, the company had a gross profit margin of 33.55%, which is an increase of 1.68 percentage points compared to the previous year [4][6]. Product Segments - The high-end titanium alloy materials segment generated a revenue of 2.752 billion yuan in 2024, with a gross margin of 38.67%, up 4.26 percentage points year-on-year [6][15]. - The superconducting wire segment achieved a revenue of 1.304 billion yuan, with a gross margin of 30.22%, although it decreased by 4.16 percentage points year-on-year [6][15]. - The high-performance high-temperature alloy materials segment saw a revenue decline of 31.02%, totaling 327 million yuan, but its gross margin improved by 6.39 percentage points [7][15]. Future Projections - The company is projected to achieve revenues of 5.632 billion yuan, 6.822 billion yuan, and 8.258 billion yuan for the years 2025, 2026, and 2027, respectively [11][44]. - Corresponding net profits are expected to be 1.010 billion yuan, 1.255 billion yuan, and 1.498 billion yuan for the same years [11][44]. - The report anticipates a positive demand trend for titanium alloys and a significant increase in superconducting wire production capacity [11][44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company achieved a revenue of 12.702 billion yuan in 2024, representing a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28% year-on-year [5][6] - The growth was driven by the dual engines of passenger vehicles and digital energy, with significant breakthroughs in strategic customer projects [6] - The company has a robust order backlog, with over 300 new projects secured, expected to generate an additional annual sales revenue of approximately 9.073 billion yuan upon reaching full production [6] Financial Performance - In Q4 2024, the company reported a revenue of 3.497 billion yuan, a year-on-year increase of 15.57%, but a quarter-on-quarter decline in net profit by 10.91% due to significant asset impairment losses [6] - The gross profit margin for 2024 was 20.12%, a decrease of 1.45 percentage points year-on-year, primarily due to changes in accounting policies [6] Business Segments - Revenue from the commercial vehicle and non-road business was 4.2 billion yuan, down 7.52% year-on-year, while the passenger vehicle segment saw a revenue increase of 30.63% to 7.1 billion yuan [6] - The digital and energy business revenue grew by 47.44% to 1 billion yuan [6] Future Projections - The company is projected to achieve revenues of 15.478 billion yuan, 17.838 billion yuan, and 19.633 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 22%, 15%, and 10% [9][10] - Net profit is expected to reach 1.067 billion yuan, 1.323 billion yuan, and 1.551 billion yuan for the same years, with growth rates of 36%, 24%, and 17% respectively [9][10]

——平安银行（000001）公司点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 平安银行 | -3.5% | -2.7% | 12.8% | | 沪深 300 | -3.3% | -1.2% | 6.9% | | 市场数据 | | | 2025/04/21 | | 当前价格（元） | | | 11.02 | | 周价格区间（元） 52 | | | 9.61-13.43 | | 总市值（百万） | | | 213,853.22 | | 流通市值（百万） | | | 213,849.40 | | 总股本（万股） | | | 1,940,591.82 | | 流通股本（万股） | | | 1,940,557.19 | | 日均成交额（百万） | | | 1,230.80 | [Table_Title] 单季净息差环比上升，资产质量保持稳定 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524 ...

2025 年 04 月 22 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 67 期 观点精粹: 最新报告摘要 分红持续提升，2025 年关注"百校计划"--行动教育/教育(605098/214611) 公司点评 计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）--行业 PPT 报告 一季度主业利润强势恢复，同时看好联营公司体外培育牛黄长期稳健增长--健民集团/中药Ⅱ(600976/213702) 公司点评 2024 年盈利能力显著提升，大型化、智能化及电动化趋势助推业绩持续增长--同力股份/机械设备 (834599/2164) 北交所公司普通报告 中美博弈如何影响市场--策略周报 2025Q1 卡车销量同比增速显著优于行业，海外+新能源双轮驱动有望实现新增长--福田汽车/商用车 (600166/212806) 公司动态研究 重磅新车密集上市，鸿蒙智行第五界"尚界"亮相--行业周报 铝行业周报：去库表现强势，关注需求及出口走向--行业 PPT 报告 2025Q1 业绩快速 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Views - The demand for MLCC nickel powder is expected to benefit from AI-driven product structure optimization, with a projected gross margin recovery to over 40% in 2025. The company’s self-developed nano nickel powder is well-positioned to capture new market opportunities [6]. - The potential for photovoltaic copper powder is significant, which may open a second growth curve for the company. The company aims to enhance market penetration of copper core powders suitable for HJT applications [6]. - Revenue forecasts for the company are optimistic, with expected revenues of 1.339 billion, 1.767 billion, and 2.484 billion yuan for 2025, 2026, and 2027 respectively. Net profits are projected to be 277 million, 374 million, and 508 million yuan for the same years [6][7]. Summary by Sections Recent Performance - In 2024, the company achieved total revenue of 945 million yuan, a year-on-year increase of 37.22%, and a net profit of 87 million yuan, marking a turnaround from losses [3]. Market Data - As of April 21, 2025, the company's stock price is 34.38 yuan, with a market capitalization of approximately 8.99 billion yuan. The stock has shown a 60.1% increase over the past 12 months [5]. Financial Projections - The company’s revenue growth rates are projected at 42% for 2025, 32% for 2026, and 41% for 2027. The net profit growth rates are expected to be 216% for 2025, 35% for 2026, and 36% for 2027 [7][8].

2025 年 04 月 21 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 王宁 S0350522010001 wangn02@ghzq.com.cn 证券分析师： 张婉姝 S0350522010003 zhangws@ghzq.com.cn [Table_Title] 营收稳健增长，毛利率同比提升 最近一年走势 | 相对沪深 300 表现 | 2025/04/21 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 表现 | | | | | | | | 华测检测 | | -8.7% | -2.2% | -14.0% | | | | 周价格区间（元） 52 | 9.48-18.00 | | | | | | | 总市值（百万） | 19,184.24 | | | | | | | 当前价格（元） | | | | | | 11.40 | | 流通市值（百万） | 16,322.17 | | | | | | | 总股本（万股） | 168,282.82 | | | | | | | 流通股本（万股） | 143,176.97 | | | | | ...

2025 年 04 月 21 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 邱怡瑄 S0350124070030 qiuyx@ghzq.com.cn [Table_Title] 2025Q2 指引超预期，持续关注关税之潜在影响 2025 年 4 月 17 日，台积电发布 2025 年 Q1 财报：2025Q1，公司实现 收入 8,392.5 亿元新台币/255.3 亿美元（新台币价值 QoQ-3.4%， YoY+41.6%）；归母净利 3,615.6 亿元新台币（QoQ-3.5%，YoY+60.3%）； 晶圆季出货量（等效 12 英寸晶圆）325.9 万片（QoQ-4.7%，YoY+7.6%）。 投资要点: 最近一年走势 行业相对表现 《2024 年强劲收官，乐观看待未来五年 AI 增长— —台积电（TSM）FY2024Q4 财报点评*陈梦竹》 ——2025-1-21 ——台积电（TSM）2025Q1 财报点评 事件: 国海证券研究所 请务必阅读正文后免责条款部分 表现 1M 3M 12M TSM.N -13. ...

最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华夏银行 | 4.8% | 6.1% | 23.8% | | 沪深 300 | -3.3% | -1.2% | 6.9% | 2025 年 04 月 21 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn | 市场数据 | 2025/04/21 | | --- | --- | | 当前价格（元） | 7.88 | | 52 周价格区间（元） | 6.02-8.22 | | 总市值（百万） | 125,409.64 | | 流通市值（百万） | 121,251.32 | | 总股本（万股） | 1,591,492.85 | | 流通股本（万股） | 1,538,722.40 | | 日均成交额（百万） | 385.58 | | 近一月换手（%） | 0.32 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Views - The company is positioned as a leader in the domestic spandex and adipic acid industry, with significant cost advantages at the bottom of the cycle, awaiting an industry turning point [9][10]. - In 2024, the company is expected to experience a decline in profitability due to insufficient demand and price drops in key products, despite an increase in sales volume [6][7]. - The report forecasts a recovery in the spandex and adipic acid sectors, with no new capacity expected in the adipic acid industry in 2025, which may lead to improved consumption driven by domestic technological advancements [10][12]. Financial Performance Summary - In 2024, the company achieved operating revenue of 26.931 billion yuan, a year-on-year increase of 2.4%, while net profit attributable to shareholders was 2.220 billion yuan, down 10.4% year-on-year [6][11]. - The fourth quarter of 2024 saw a decline in revenue to 6.559 billion yuan, a decrease of 0.9% year-on-year, and a significant drop in net profit to 205 million yuan, down 62.7% year-on-year [6][8]. - The gross profit margin for 2024 was 13.8%, down 1.5 percentage points from the previous year, indicating pressure on profitability [6][12]. Product Segment Performance - The chemical fiber segment generated revenue of 9.051 billion yuan in 2024, a decrease of 2.7% year-on-year, while sales volume increased by 12.3% to 368,000 tons [7]. - The chemical new materials segment reported revenue of 5.844 billion yuan, a slight decline of 0.7% year-on-year, with a sales volume of 425,000 tons, up 2.4% [7]. - The basic chemical products segment saw a revenue increase of 22.3% to 10.475 billion yuan, with a sales volume of 1.366 million tons, although the gross margin decreased by 8.8 percentage points [7].