Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [1] - The company's overseas market revenue reached 938 million yuan, growing by 30.39% year-on-year, while domestic revenue was 2.313 billion yuan, an increase of 18.07% [1] - The gross margin improved from 57.77% in 2023 to 58.13% in 2024, indicating enhanced profitability [1] - The high-precision positioning market is experiencing robust growth, with the overall output value of China's satellite navigation and positioning service industry reaching 536.2 billion yuan in 2023, a 7.09% increase from 2022 [2] - The company has established partnerships in the autonomous driving and robotics sectors, becoming a designated supplier for several automotive manufacturers, with cumulative deliveries exceeding 300,000 units [3] - Future profit forecasts for the company suggest net profits of 734 million yuan, 928 million yuan, and 1.183 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE multiples of 31x, 24x, and 19x [4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.251 billion yuan, with a projected revenue growth rate of 21.4% for 2025 [4] - The net profit attributable to shareholders is expected to grow to 734 million yuan in 2025, reflecting a growth rate of 25.8% [4] Market Trends - The high-precision application terminal sales in China reached nearly 2.8 million units in 2023, with over 80% utilizing domestic high-precision chips or modules [2] - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] Strategic Developments - The company is leveraging its core technology in navigation algorithms to meet the demands of high-precision navigation in various applications, including autonomous driving and intelligent logistics [3] - Collaborations with major companies such as JD.com and Huawei in the autonomous driving sector are expected to drive future growth [3]

供需两弱煤价筑底，关注稳定高股息投资价值 2025 年 04 月 19 日 ➢ 关税贸易冲突持续，稳定高股息价值提升。伴随关税贸易冲突继续加码，叠 加弱需求及国债收益率下行，煤炭板块受中美贸易冲突影响较小、稳定高股息所 体现的投资价值再度提升，而高长协龙头企业受益"稳盈利+低负债+高现金+高 股息"属性防御价值凸显，同时在保障股东回报基础上利用充沛现金低成本扩张， 或在煤炭资源供给刚性下通过一级市场竞拍保障资源接续，兼具中长期成长属 性。近期国家能源集团、中国中煤、山东能源集团等多家煤炭央国企启动对旗下 控股上市公司的股份增持和资产注入计划，有助于提振市场信心、优化资产结构、 提升上市公司中长期成长性和市场竞争力，看好板块估值提升。 ➢ 供需两弱煤价筑底，长协韧性凸显。3 月中旬以来，煤价在 670 元/吨左右 窄幅波动，一方面需求疲弱难以改善，火电发电持续同比负增长且季节性走弱， 非电需求环比提升但节奏缓慢，另一方面持续低煤价下新疆、内蒙古以露天矿为 主的地区出现停减产，发运倒挂叠加 4 月大秦线春季检修，港口到货量减少，供 需两弱下港口成交较少、去库缓慢，煤价持续横盘。展望后市，非电需求仍维持 缓慢提升， ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company has shown significant growth in its non-GAAP net profit, which increased by 144.46% year-on-year, despite a decline in net profit attributable to shareholders by 41.52% [1][4]. - The acquisition of the remaining 48% stake in Aipuyang Technology has positioned the company as a leader in the domestic AI programming software market, with promising growth potential in its IDE business [2][4]. - The company is actively integrating AI into its firmware business and is expected to benefit from the trend of domestic substitution in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 323 million yuan, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 32.84 million yuan [1]. - The forecast for 2025-2027 indicates a significant recovery in net profit, projected at 86 million yuan in 2025, 119 million yuan in 2026, and 167 million yuan in 2027, with corresponding PE ratios of 60X, 43X, and 31X [5][4]. Business Strategy - The company is focusing on creating a dual layout of "AI + IDE," with its SnapDevelop tool deeply integrated with leading AI models, enhancing its software development capabilities [3][4]. - Strategic collaboration with DCloud, which has over 9 million front-end developer users, is expected to accelerate the promotion of SnapDevelop and expand the company's market reach [2][4].

博士眼镜（300622.SZ）2024 年年报点评 线上线下全渠道发展，持续发力布局智能眼镜赛道 2025 年 04 月 18 日 ➢ 事件：博士眼镜发布 2024 年年报。24 年公司实现营收 12.03 亿元，同比 +2.29%；归母净利润 1.04 亿元，同比-19.08%；扣非归母净利 0.88 亿元，同 比-24.03%。24Q4，公司实现营收 2.88 亿元，同比+6.33%；归母净利润 0.20 亿元，同比-33.89%；扣非归母净利润 0.15 亿元，同比-32.56%。 ➢ 整体营收持续增长，隐形眼镜系列产品营收微降。24 年，公司实现营收 12.03 亿元，同比+2.29%。分产品来看，1）光学眼镜及验配服务：24 年营收 8.06 亿 元，同比+1.78%。2）成镜系列产品：24 年营收 1.78 亿元，同比+11.97%，主 要系是款式更新、推广活动带动线上销售量增长提升。3）隐形眼镜系列产品： 24 年营收 1.56 亿元，同比-5.03%。4）其他：24 年营收 0.63 亿元，同比+3.37%。 ➢ 24 年毛利率同比-1.36pct，归母净利率同比-2.27pct 至 8.62 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company has shown significant growth in its non-recurring net profit, with a 144.46% increase year-on-year, despite a 41.52% decline in net profit attributable to shareholders [1][4]. - The acquisition of the remaining 48% stake in Aipuyang Technology has positioned the company as a leader in the "AI + IDE" programming software sector, with promising growth potential in its IDE business [2][4]. - The company is actively integrating AI into its firmware business and is expected to benefit from the trend of domestic substitution in the semiconductor industry [4]. Financial Performance - In 2024, the company reported an operating income of 323 million yuan, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 33 million yuan [1][5]. - The projected net profit for 2025-2027 is expected to be 86 million, 119 million, and 167 million yuan, respectively, with corresponding PE ratios of 60X, 43X, and 31X [4][5]. - The company’s gross profit margin is projected to improve from 52.20% in 2024 to 57.16% by 2027 [11].

贝斯特（300580.SZ）深度报告 三梯次布局 机器人+工业母机蓄势待发 2025 年 04 月 18 日 ➢ 涡轮增压器零部件行业领军者 三梯次布局蓄力未来成长。贝斯特深耕精密 零部件制造领域，持续拓展业务边界，现已形成"原有业务+新能源汽车零部件 +直线滚动功能部件"三梯次产业战略布局。公司营收规模持续增长，归母净利 润加速向上，盈利能力优秀。2019-2023 年，公司营业收入 CAGR 为 10.9%。 2024Q1-Q3，公司实现营业收入 10.4 亿元，同比增长 3.5%；归母净利润 2.2 亿 元，同比增长 7.1%。 ➢ 涡轮增压器零部件：持续深耕内功深厚 奠定业绩牢固基石。乘用车排放标 准不断趋严，有望推动涡轮增压器渗透率持续提升；插电混动销量快速增长，打 开涡轮增压器增量市场空间，涡轮增压器市场规模有望稳健增长。涡轮增压器市 场集中度高，主要由外资垄断，全球 CR4 超过 90%。公司与下游头部客户深度 绑定，为未来业绩发展提供强有力支撑。预计公司涡轮增压器零部件业务将保持 平稳增长，2024-2026 年营业收入分别为 11.2/12.2/13.3 亿元，同比增速分别 为 10%/9. ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in Shenzhen, the United States, and Malaysia [2]. - The company is venturing into the humanoid robot sector, collaborating with various partners to innovate in joint module components, which is expected to create a second growth curve [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, representing a year-on-year growth of 25.34% and a quarter-on-quarter increase of 9.28%. The net profit for the same period was 455 million yuan, up 12.07% year-on-year and 23.64% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 27.26%, an increase of 2.98 percentage points year-on-year and 3.84 percentage points quarter-on-quarter [1]. Market Expansion - The company has strengthened relationships with major clients such as CATL, LG, and Tesla, ensuring long-term strategic cooperation [2]. - A strategic cooperation agreement was signed with Inpai Battery in February 2025, securing 100% of the supply share for power and energy storage battery structural components for the next five years [2]. Production Capacity - The company is investing up to 1.2 billion yuan in a new production base for precision structural components for new energy batteries in Shenzhen [2]. - An investment of up to 49 million USD is planned for a new production base in the United States, alongside a project in Malaysia with a budget of up to 600 million yuan [2]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 14.97 billion yuan, 18.20 billion yuan, and 21.78 billion yuan, respectively, with year-on-year growth rates of 24.4%, 21.6%, and 19.6% [4]. - The net profit attributable to shareholders is expected to reach 1.795 billion yuan, 2.183 billion yuan, and 2.620 billion yuan for the same years, with growth rates of 21.9%, 21.6%, and 20.1% [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][11]. Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in Shenzhen, the United States, and Malaysia [2]. - The company is venturing into the humanoid robot sector, collaborating with various partners to innovate in joint module components, which is expected to create a second growth curve for the company [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, representing a year-on-year growth of 25.34% and a quarter-on-quarter increase of 9.28%. The net profit for the same quarter was 455 million yuan, up 12.07% year-on-year and 23.64% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 27.26%, an increase of 2.98 percentage points year-on-year, while the net margin was 13.21%, a decrease of 1.83 percentage points year-on-year [1]. Market Expansion - The company has strengthened its relationships with major clients such as CATL, LG, and Tesla, ensuring long-term strategic cooperation. Additionally, it signed a strategic cooperation agreement with Inpai Battery for a 100% supply share of battery structural components over the next five years [2]. - The company is actively expanding its market presence both domestically and internationally, which is expected to enhance its profitability and competitive edge [2]. Future Projections - The company is projected to achieve revenues of 14.97 billion yuan, 18.20 billion yuan, and 21.78 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.4%, 21.6%, and 19.6% [4]. - The net profit attributable to shareholders is expected to reach 1.795 billion yuan, 2.183 billion yuan, and 2.620 billion yuan for the same years, with growth rates of 21.9%, 21.6%, and 20.1% [4].

城投随笔系列 外部冲击之下的城投融资 2025 年 04 月 18 日 近期，在美国推出"超预期对等关税"的背景下，国内城投融资政策是否 会有转变？政策走向如何展望？本文聚焦于此。 ➢ 2018 年，城投融资有何变化？ 以史为鉴，我们先复盘 2018 年中美贸易摩擦后国内的政策应对。 2018 年，中美贸易摩擦分阶段升级，美国对我国加征关税的商品规模从 500 亿美元逐步扩大至 2500 亿美元，涵盖机械、通信设备等高附加值领域。 我国央行的货币政策实行多目标制，在外部冲击的压力下，这一阶段"稳 增长"目标的重要性上升。央行全年通过四次定向降准和 MLF 操作释放中长期 流动性，并创新 TMLF 工具定向支持小微企业和民营企业。 2018 年中之后，央行在保持"稳健中性"主基调的同时，通过结构性工具 和预期管理，逐步引导货币环境向"宽信用"过渡：2018 年新增人民币贷款较 2017 年同比多增 18.3 万亿元，其中 7-12 月同比多增 12.7 万亿元；企业债券 融资 2018 年同比多增 2 万亿元。 另一方面，2018 年初，正临严控地方政府隐性债务的大环境，基建增速处 于下滑态势，城投融资政策在" ...

九丰能源（605090.SH）24 年年报&25 年一季报点评 利润接连新高，分红回购彰显发展信心 2025 年 04 月 18 日 ➢ 事件：2025 年 4 月 17 日，公司发布 2024 年年度报告和 2025 年第一季度 报告。2024 年，公司实现营业收入 220.47 亿元，同比下滑 17.01%；实现归母 净利润 16.84 亿元，同比大增 28.93%；实现扣非归母净利润 13.50 亿元，同比 增长 1.12%。2025 年第一季度，公司实现营业收入 54.84 亿元，同比下滑 13.41%；实现归母净利润 5.06 亿元，同比增长 5.40%；实现扣非归母净利润 4.68 亿元，同比增长 1.38%。 ➢ LNG 业务快速发展，公司积极开拓交通燃料和气电市场。2024 年，公司天 然气业务 LNG 销量合计 274 万吨（包含能源服务销量），同比增长 20.39%， 其中，归属于清洁能源业务的销量为 218 万吨，同比增长 15.20%，归属于能源 服务业务的销量为 39 万吨，同比略增 0.80%。一方面，在资源端，公司与长约 合作方马石油保持良好合作关系，并在风险敞口可控条件下进行现 ...