Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 17.6 billion yuan in 2024, a decrease of 2% year-on-year, with a net profit attributable to shareholders of 2.5 billion yuan, down 45% year-on-year. The gross margin was 33%, down 8 percentage points [1]. - In Q4 2024, the company reported a revenue of 3.1 billion yuan, a decline of 31% year-on-year and 28% quarter-on-quarter, with a net loss of 450 million yuan, primarily due to significant impairment losses [1]. - The company is expected to see a recovery in its photovoltaic business in 2025, with new products and technologies in the battery and component sectors likely to drive growth in the next industry cycle [6]. Financial Performance Summary - For 2024, the company reported a revenue of 17.6 billion yuan and a net profit of 2.5 billion yuan, with a gross margin of 33% and a net profit margin of 15% [1]. - The semiconductor business is positioned for growth, with a focus on advanced process and packaging equipment, and the company has secured over 3.3 billion yuan in orders for semiconductor equipment [6]. - The company anticipates revenues of 16.5 billion yuan in 2025, 15.5 billion yuan in 2026, and 14.6 billion yuan in 2027, with net profits projected at 2.35 billion yuan, 2.43 billion yuan, and 2.52 billion yuan respectively [5][6]. Business Segment Analysis - Equipment and Services: Revenue of 13.4 billion yuan in 2024, up 4.3% year-on-year, with a gross margin of 36.36% [1]. - Materials: Revenue of 3.3 billion yuan, down 20% year-on-year, with a gross margin of 28.71%, significantly impacted by falling prices of quartz crucibles [1][6]. - The company has developed new products in the photovoltaic sector, including de-silvering equipment, which has shown promising results in customer testing [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business profits have shown a strong recovery in Q1 2025, with a non-recurring net profit of 1.03 billion yuan, representing a year-on-year increase of 13.92%. The main business profit reached 640 million yuan, up 116% year-on-year [6] - The report highlights the positive impact of the company's marketing system reform initiated in 2024, which is expected to enhance short-term profit recovery and long-term revenue growth and profitability [6] - The demand for cultured gallstones is expected to grow steadily due to an aging population and the shortage of natural gallstones, providing significant replacement opportunities [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 892 million yuan, down 8.04% year-on-year, while the net profit attributable to shareholders was 110 million yuan, up 10.70% year-on-year [4][6] - The report forecasts revenues for 2025-2027 to be 39.50 billion yuan, 43.45 billion yuan, and 47.80 billion yuan, respectively, with net profits of 5.46 billion yuan, 6.25 billion yuan, and 7.41 billion yuan [6][8] Market Position and Growth Drivers - The company is expected to maintain high growth in its OTC and hospital sales channels, with significant market share increases for products like "Bengtong Capsule" and "Jianpi Shengxue Granule" [6] - New product launches, including pediatric and prescription drugs, are anticipated to contribute to sustained growth in the prescription line [6] Long-term Outlook - The report emphasizes the long-term growth potential of cultured gallstones, driven by increasing health demands and the aging population, which is expected to benefit downstream products containing gallstones [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's profitability is expected to significantly improve in 2024, driven by trends in large-scale, intelligent, and electrified operations, which will support continuous performance growth [1][6] - The company achieved a revenue of 6.145 billion yuan in 2024, representing a year-on-year increase of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year [4][6] - The company is making significant progress in the new energy and autonomous driving sectors, with successful deliveries and increased sales of new energy vehicles and autonomous mining trucks [6][8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.145 billion yuan, with domestic revenue of 5.134 billion yuan (up 5.22% year-on-year) and overseas revenue of 1.011 billion yuan (up 3.03% year-on-year) [6][8] - The gross profit margin for 2024 was 21.45%, an increase of 2.37 percentage points year-on-year, attributed to the introduction of higher-margin large-tonnage and new energy products [6][7] - The net profit margin improved to 12.91%, up 2.32 percentage points year-on-year, reflecting enhanced profitability [7][8] Market Trends and Strategic Initiatives - The company is positioned to benefit from national policies promoting equipment upgrades in the mining sector, which will drive demand for large-scale and autonomous mining trucks [7][8] - The autonomous mining truck market is expected to grow significantly, with projections indicating an increase in the number of autonomous trucks deployed in open-pit mines [7][8] - The company aims to enhance its market share in the new energy sector by increasing the production scale of electric off-road dump trucks [7][8] Earnings Forecast - The company forecasts revenues of 7.067 billion yuan in 2025, 8.296 billion yuan in 2026, and 9.821 billion yuan in 2027, with corresponding net profits of 910 million yuan, 995 million yuan, and 1.148 billion yuan respectively [8][9] - The expected growth rates for revenue and net profit are 15% and 9% for 2025 and 2026, respectively, with a return on equity (ROE) projected at around 25% [9][10]

证券研究报告 2025年04月21日 有色金属 铝行业周报：去库表现强势，关注需求及出口走向 评级：推荐(维持) 陈晨（证券分析师） 王璇（证券分析师） S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn 最近一年走势 相关报告 -23% -14% -5% 4% 13% 23% 2024/04 2024/07 2024/10 2025/01 2025/04 有色金属 沪深300 《铝行业周报：关税压力缓解，铝价压制减弱，关注需求变化（推荐）*有色 金属*王璇，陈晨》——2025-04-14 《铝行业周报：关税冲击，海外铝价持续下跌，国内去库延续（推荐）*有色 金属*王璇，陈晨》——2025-04-06 《铝行业周报：铝去库表现好，关税压力下铝价震荡（推荐）*有色金属*王璇， 陈晨》——2025-03-31 沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | -8.7% | -0.0% | -5.5% | | 沪深300 | -5.9% | -1 ...

2025 年 04 月 21 日 策略周报 [Table_Title] 中美博弈如何影响市场 ——策略周报 最近一年走势 投资要点: 1、中美博弈事件类型大致可以归结为四类，分别是贸易、科技、金融、 地缘政治，特朗普 2.0 时期用对等关税全面施压，科技、金融、地缘的 博弈也已露出苗头。 《哪些涨价细分领域可以重点关注*袁稻雨，胡国 鹏》——2025-03-25 《策略周报：两轮科技周期行业如何轮动*胡国鹏， 袁稻雨》——2025-02-23 2、科技方面的博弈在特朗普 1.0 时期主要有 2018 年的中兴通讯事件和 孟晚舟事件，2019年的华为实体清单以及2020年的TikTok和微信事件， 短期对市场造成 5%级别的冲击，结构上自主可控和反制主题表现较好。 3、金融方面的博弈主要有 2019 年的汇率操纵国以及 2020-2022 年美国 国会通过的《外国公司问责法案》，其中问责法案对港股冲击较大，短 期对市场造成 5-10%级别的冲击。 4、地缘政治方面的博弈主要有 2020 年的互关领事馆、2021 年的新疆棉 事件以及 2022 年的佩洛西窜台，这类事件造成的冲击不超过 1 周，市场 很快会修复失 ...

2025 年 04 月 21 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 重磅新车密集上市， [T鸿abl蒙e_T智itle行] 第五界"尚界"亮 相 ——汽车行业周报 | 行业相对表现 | | | 2025/04/18 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 汽车 | | -12.5% | 1.4% | 17.1% | | 沪深 | 300 | -5.9% | -1.0% | 5.7% | 相关报告 《汽车行业周报：零跑 B10、比亚迪汉 L 上市，吉 利星耀 8 开启预售，特斯拉拟在摩洛哥建厂（推荐） *汽车*戴畅》——2025-04-15 《汽车行业周报：特朗普正式宣布全球对等关税政 策，多家车企发布 3 月销量（推荐）*汽车*戴畅》 ——2025-04-07 《马斯克提出星舰将于 2026 年携带"擎天柱"前 往火星，宇树 G1 机器人首次完成侧空翻——人形 机器人行业 2025 年 3 月月报（推荐）*汽车*吴铭 杰，戴畅》——20 ...

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： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 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（600166）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 福田汽车 | -0.8% | -0.4% | -13.1% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | | | 2025/04/18 | | 当前价格（元） | | | 2.39 | | 周价格区间（元） 52 | | | 2.21-3.08 | | 总市值（百万） | | | 18,922.59 | | 流通市值（百万） | | | 15,508.30 | | 总股本（万股） | | | 791,740.04 | | 流通股本（万股） | | | 648,882.89 | | ...

2025 年 04 月 21 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 66 期 观点精粹: 最新报告摘要 2024Q4 收入创历史新高，天台项目有序推进--双箭股份/橡胶(002381/212206) 公司点评 成本压力明显缓解，业绩弹性可期--中孚实业/工业金属(600595/212403) 公司点评 AI 赋能显效，体检龙头迈向数智化健管时代--美年健康/医疗服务(002044/213706) 公司点评 全球首次人形机器人马拉松开赛，韩国成立人形机器人联盟--行业周报 业绩稳健增长，AI+信创赋能加速成长--电科数字/IT 服务Ⅱ(600850/217103) 公司点评 需求驱动锦纶行业持续增长，2025Q1 公司归母净利润同比上涨--华鼎股份/互联网电商(601113/214506) 公 司点评 代糖价格持续修复，2025 年一季度业绩大幅提升--金禾实业/化学制品(002597/212203) 公司点评 降本增效成果显现，海外订单快速放量--先惠技术/专用设备(688155/ ...

| 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 线下渠道快速增长，产品结构持续升级 ——百亚股份（003006）2025 年一季报点评 最近一年走势 2025 年 04 月 20 日 公司研究 评级：增持(维持) | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 百亚股份 | 14.6% | 12.2% | 49.5% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | | | 2025/04/18 | | 当前价格（元） | | | 26.92 | | ...

2025 年 04 月 20 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 联系人 ： 张益 S0350124100016 zhangy33@ghzq.com.cn [Table_Title] 进口约束与发运倒挂支撑基本面，煤炭高股息价 值持续关注 ——煤炭开采行业周报 | 行业相对表现 | | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | -1.1% | -6.1% | -22.2% | | 沪深 300 | -5.9% | -1.0% | 5.7% | 相关报告 《煤炭开采行业 3 月数据全面解读：进口量缩，火 电降幅收窄、非电景气提升（推荐）*煤炭开采*陈 晨》——2025-04-17 《煤炭开采行业周报：本周煤价持稳运行，关税冲 击下关注煤企高股息价值属性（推荐）*煤炭开采* 陈晨》——2025-04-14 《煤炭开采行业周报：港口煤价企稳，重视龙头煤 企投 资价值（ 推荐）*煤炭 开采* 陈晨 》—— 2025-0 ...