Investment Rating - The report adjusts the investment rating to "Cautious Recommendation" [5] Core Views - The company reported a revenue of 36.194 billion yuan in 2024, a year-on-year decrease of 16.32%, and a net profit attributable to shareholders of 167 million yuan, down 87.60% year-on-year [1] - The company is a leader in the ductile iron pipe industry and is actively expanding into overseas markets, with a current production capacity of 3.2 million tons [2][3] - The demand for ductile iron pipes is expected to gradually increase due to urban pipeline renovation projects, with an estimated total investment demand of approximately 4 trillion yuan over the next five years [3] Summary by Sections Financial Performance - In 2024, the company sold 8.2164 million tons of cast pipes and steel, a decrease of 4.2% year-on-year, with specific product sales showing a decline in cast pipes and common steel but an increase in special steel [2] - The gross profit margin for 2024 was 5.40%, a decrease of 0.89 percentage points year-on-year, with the fourth quarter showing a gross profit margin of 4.84% [2] - The company experienced significant impairment losses, which negatively impacted its financial performance [2] Market Outlook - The company is well-positioned to benefit from domestic urban pipeline renovation, with a projected net profit of 396 million yuan in 2025, representing a growth rate of 136.5% [4] - The company has secured over 300,000 tons of new cast pipe contracts in 2024, with a year-end contract reserve of over 130,000 tons [3] Investment Projections - The projected net profits for 2025, 2026, and 2027 are 396 million yuan, 584 million yuan, and 784 million yuan, respectively, with corresponding price-to-earnings ratios of 33, 22, and 17 [4]

电力及公用事业行业周报(25WK15) 虚拟电厂顶层指导意见出台，甘肃现货价格上涨 2025 年 04 月 13 日 ➢ 本周（20250407-20250411）电力板块行情：本周电力板块走势优于大盘。 截至 2025 年 04 月 11 日，本周公用事业板块收于 2278.57 点，下跌 68.42 点， 跌幅 2.92%；电力子板块收于 3044.54 点，下跌 84.89 点，跌幅 2.71%，低于 沪深 300 本周跌幅。公用事业（电力）板块涨跌幅在申万 31 个一级板块中排第 10 位。本周水力发电表现最优，水力发电上涨 0.88%，光伏发电下跌 7.06%， 风力发电下跌 3.53%，热力服务下跌 7.75%，火力发电下跌 4.51%。 ➢ 本周专题：近日，国家发改委、国家能源局发布《关于加快推进虚拟电厂发 展的指导意见》，提出加快提升虚拟电厂的发展规模和水平，充分发挥调节作用。 坚持开放包容，健全支持虚拟电厂发展的政策和市场体系。坚持多元参与，鼓励 民营企业等各类社会资本结合自身优势参与虚拟电厂投资、建设和运营。《意见》 提出，虚拟电厂是聚合分布式电源、可调节负荷、储能等各类分散资源，作为新 ...

电力及公用事业行业周报(25WK15) 虚拟电厂顶层指导意见出台，甘肃现货价格上涨 2025 年 04 月 13 日 ➢ 本周（20250407-20250411）电力板块行情：本周电力板块走势优于大盘。 截至 2025 年 04 月 11 日，本周公用事业板块收于 2278.57 点，下跌 68.42 点， 跌幅 2.92%；电力子板块收于 3044.54 点，下跌 84.89 点，跌幅 2.71%，低于 沪深 300 本周跌幅。公用事业（电力）板块涨跌幅在申万 31 个一级板块中排第 10 位。本周水力发电表现最优，水力发电上涨 0.88%，光伏发电下跌 7.06%， 风力发电下跌 3.53%，热力服务下跌 7.75%，火力发电下跌 4.51%。 ➢ 本周专题：近日，国家发改委、国家能源局发布《关于加快推进虚拟电厂发 展的指导意见》，提出加快提升虚拟电厂的发展规模和水平，充分发挥调节作用。 坚持开放包容，健全支持虚拟电厂发展的政策和市场体系。坚持多元参与，鼓励 民营企业等各类社会资本结合自身优势参与虚拟电厂投资、建设和运营。《意见》 提出，虚拟电厂是聚合分布式电源、可调节负荷、储能等各类分散资源，作为新 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a revenue of 2.146 billion yuan in 2024, a year-on-year decline of 12.08%, while the net profit attributable to shareholders was 204 million yuan, an increase of 4.88% [1]. - The fourth quarter of 2024 saw revenue of 888 million yuan, down 16.45% year-on-year, and a net profit of 218 million yuan, down 23.10% year-on-year, attributed to reduced customer budgets and slower project acceptance [1]. - The company demonstrated excellent cost control, with sales, management, and R&D expenses of 520 million, 170 million, and 460 million yuan respectively, showing year-on-year decreases of 14%, 9%, and 11% [2]. - Operating cash flow reached 264 million yuan, a significant increase of 420% year-on-year, marking the highest level since 2021 [2]. - The smart procurement business generated 950 million yuan in revenue, a decline of 7.2%, while the procurement operation business grew by 6.3% to 390 million yuan [3]. - The company is advancing AI product implementation, including the launch of the "Trading Brain" project in public resource trading, which integrates AI technology [3]. - The projected net profits for 2025, 2026, and 2027 are 278 million, 341 million, and 412 million yuan respectively, with corresponding PE ratios of 36, 29, and 24 times [3]. Financial Summary - The company's total revenue for 2024 was 2.146 billion yuan, with a projected growth rate of -12.1% for 2025, followed by 9.6% in 2026 and 19.9% in 2027 [10]. - The net profit attributable to shareholders for 2024 was 204 million yuan, with expected growth rates of 36.1%, 22.8%, and 20.7% for the following years [10]. - The earnings per share for 2024 is projected at 0.62 yuan, increasing to 1.25 yuan by 2027 [10].

大金重工（002487.SZ）2024 年年报点评 经营全面提质，向全球一流海工企业迈进 2025 年 04 月 13 日 ➢ 事件：2025 年 4 月 11 日，公司发布 2024 年年报，2024 年实现营业收入 37.80 亿元，同比下降 12.61%；归母净利润 4.74 亿元，同比增长 11.46%；扣 非归母净利润 4.33 亿元，同比增长 17.70%。 单季度来看，得益于公司 DAP 交付模式下的首批出口海工产品交付完毕，24Q4 公司实现收入 14.73 亿元，同比增长 48.55%、环比增长 55.07%；归母净利润 1.92 亿元，同比增长 1017.55%、环比增长 77.44%；扣非归母净利润 1.75 亿 元，同比扭亏、环比增长 80.81%。 ➢ 经营质量持续提升：盈利能力方面，公司转型海工业务主导的成果显著，毛 利率、净利率连续三年提升，2024 年实现毛利率 29.83%、同比提升 6.59pcts， 实现净利率 12.54%、同比提升 2.71pcts。其中，风电装备产品毛利率为 25.93%， 同比提升 5.37pcts。由于海外客户回款优质，且公司对国内业务加强回款管 ...

计算机周报 20250413 金融自主可控：中国金融支付给世界的另一选择 2025 年 04 月 13 日 ⚫ 市场回顾 ➢ 本周（4.7-4.11）沪深 300 指数下跌 1.37%，中小板指数下跌 2.93%，创 业板指数下跌 2.95%，计算机（中信）板块下跌 1.72%。板块个股涨幅前五名 分别为：四方精创、中国长城、中国软件、飞天诚信、信息发；跌幅前五名分 别为：鼎捷软件、同为股份、万集科技、致远互联、新晨科技。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 中科创达：4 月 10 日消息，公司于 2025 年 4 月 9 日首次通过回购专用证 券账户以集中竞价交易方式回购公司股份 202,300 股，占公司目前总股本的 0.04%，最高成交价为 50.20 元/股，最低成交价为 48.65 元/股，成交总金额为 10,007,674 元（不含交易费用）。 ➢ 恒生电子：4 月 12 日消息，公司拟使用自有资金以集中竞价交易方式回购 公司已发行的人民币普通股，回购金额不低于人民币 2000 万元且不超过人民币 4000 万元（含），回购价格不超过人民币 44.38 元/股（含），预计回购股份 数量为 450,65 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a revenue of 2.146 billion yuan in 2024, a year-on-year decline of 12.08%, while the net profit attributable to shareholders was 204 million yuan, an increase of 4.88% [1]. - The fourth quarter of 2024 saw revenue drop to 888 million yuan, down 16.45% year-on-year, and net profit attributable to shareholders decreased by 23.10% to 218 million yuan [1]. - The company demonstrated strong cost control with sales, management, and R&D expenses of 520 million, 170 million, and 460 million yuan respectively, reflecting year-on-year reductions of 14%, 9%, and 11% [2]. - Operating cash flow reached 264 million yuan, a significant increase of 420% year-on-year, marking the highest level since 2021 [2]. - The company is advancing its AI product deployment, with the smart procurement business generating 950 million yuan in revenue, a decline of 7.2%, while the procurement operation business grew by 6.3% to 390 million yuan [3]. - The government services business reported 870 million yuan in revenue, down 18.5%, with new AI-driven products launched to enhance service efficiency [3]. - Future profit projections estimate net profits of 278 million, 341 million, and 412 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 36, 29, and 24 times [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.146 billion yuan, with a net profit of 204 million yuan and a significant increase in non-recurring net profit by 44.04% to 114 million yuan [1][2]. - The fourth quarter results showed a revenue of 888 million yuan and a net profit of 218 million yuan, indicating pressures from reduced client budgets and slower project acceptance [1]. Cost Management - The company effectively controlled expenses, with a notable reduction in sales, management, and R&D costs, contributing to improved operational quality [2]. AI Product Development - The company is actively pushing AI product implementations, particularly in the procurement and government sectors, with innovative projects like the "Trading Brain" AI model [3]. Future Outlook - The company is expected to benefit from fiscal policy support, with projected net profits increasing significantly over the next three years, indicating a positive growth trajectory [3].

钢铁周报 20250413 "对等关税"持续升级，建材板材需求表现分化 2025 年 04 月 13 日 ➢ 价格：本周钢材价格下跌。截至 4 月 11 日，上海 20mm HRB400 材质螺 纹价格为 3170 元/吨，较上周降 50 元/吨。高线 8.0mm 价格为 3390 元/吨， 较上周降 30 元/吨。热轧 3.0mm 价格为 3330 元/吨，较上周降 40 元/吨。冷轧 1.0mm 价格为 3910 元/吨，较上周降 100 元/吨。普中板 20mm 价格为 3420 元/吨，较上周降 70 元/吨。本周原材料中，国产矿市场价格稳中有跌，进口矿 市场价格下跌，废钢价格下跌。 ➢ 利润：本周钢材长流程利润下降。长流程方面，我们测算本周行业螺纹钢、 热轧和冷轧毛利分别环比前一周变化-19 元/吨，-41 元/吨和-38 元/吨。短流程 方面，本周电炉钢利润小幅上升。 ➢ 产量与库存：截至 4 月 11 日，五大钢材产量下降，总库存环比下降。产量 方面，本周五大钢材品种产量 871 万吨，环比降 1.46 万吨，其中建筑钢材产量 周环比增 8.07 万吨，板材产量周环比降 9.53 万吨，螺纹钢本 ...

➢ 事件：2025 年 4 月 11 日，公司发布 2024 年年报，2024 年实现营业收入 37.80 亿元，同比下降 12.61%；归母净利润 4.74 亿元，同比增长 11.46%；扣 非归母净利润 4.33 亿元，同比增长 17.70%。 大金重工（002487.SZ）2024 年年报点评 经营全面提质，向全球一流海工企业迈进 2025 年 04 月 13 日 单季度来看，得益于公司 DAP 交付模式下的首批出口海工产品交付完毕，24Q4 公司实现收入 14.73 亿元，同比增长 48.55%、环比增长 55.07%；归母净利润 1.92 亿元，同比增长 1017.55%、环比增长 77.44%；扣非归母净利润 1.75 亿 元，同比扭亏、环比增长 80.81%。 ➢ 经营质量持续提升：盈利能力方面，公司转型海工业务主导的成果显著，毛 利率、净利率连续三年提升，2024 年实现毛利率 29.83%、同比提升 6.59pcts， 实现净利率 12.54%、同比提升 2.71pcts。其中，风电装备产品毛利率为 25.93%， 同比提升 5.37pcts。由于海外客户回款优质，且公司对国内业务加强回款管 ...

紫金矿业（601899.SH）2025 年一季报深度点评 单季利润创新高，真金不怕火炼 2025 年 04 月 12 日 ➢ 事件：公司发布 2025 年一季报。2025Q1 公司实现营业收入 789.3 亿元， 同比增长 5.55%，环比增长 7.76%，归母净利润 101.7 亿元，同比增长 62.39%， 环比增长 32.15%，实现扣非归母净利润 98.81 亿元，同比增长 58.76%，环比 增长 24.37%。业绩符合我们预期。 ➢ 同比来看，公司 Q1 归母净利润同比增长 39.06 亿元。主要是由于毛利同比 增长 56.5 亿元，主要是得益于铜金量价齐升，矿产金和矿产铜板块毛利同比分 别增长 32.9/17.9 亿元，此外其他业务板块（除主要矿产品和冶炼端之外业务） 毛利同比增长 7.2 亿。其他增利项还有投资收益同比增长 7.4 亿，主要或也是由 于参股铜金公司受益于铜金量价齐升。 ➢ 环比来看，公司 Q1 归母净利润环比增长 24.74 亿元。主要是由于毛利环比 增长 12 亿元，主要得益于铜金量价齐升，价格影响更大。销量：2025Q1，矿产 金铜环比分别增长 6.92%、7.33%。主要 ...