证券研究报告 基金点评报告 基金市场 一季报后新关注的人形机器人、消费+等主动品种 梳理 公募基金 2025 年 1 季报跟踪（三） 2025 年 04 月 28 日 上证指数-上证基金指数走势图 -12% -2% 8% 18% 28% 2024-04 2024-07 2024-10 2025-01 基金指数 上证指数 主要指数表现（涨跌幅% ） | 指数名称 | 60 日 | 年初至今 | | --- | --- | --- | | 上证指数 | -2.52 | -1.69 | | 中证基金 | -2.26 | -0.22 | | 股票基金 | -5.79 | -0.81 | | 混合基金 | -5.11 | 0.43 | | 债券基金 | 0.33 | 0.21 | | 货币基金 | 0.23 | 0.46 | 刘鋆 分析师 执业证书编号:S0530519090001 liujun23@hnchasing.com 相关报告 1 公募基金 2025 年 1 季报跟踪（二）：汽车、电 子、有色、传媒、医药等行业配置净值比提升明 显 2025-04-24 2 公募基金 2025 年 1 季报跟踪（一）：创新药板 ...

证券研究报告 2025 年 04 月 30 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3286.65 | -0.05 | | 深证成指 | 9849.80 | -0.05 | | 创业板指 | 1931.94 | -0.13 | | 科创 50 | 1003.87 | 0.10 | | 北证 50 | 1292.80 | 1.24 | | 沪深 300 | 3775.08 | -0.17 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 633796 | 493553 | 11.61 | 1.20 | | 深证成指 | 209389 | 177330 | 19.48 | 2.04 | | 创业板指 | 54030 | 42891 | 25.42 | 3.50 | | 科创 50 | 34752 | 22601 | 57.22 | 4.16 | | 北证 5 ...

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing at 3288.41, down 0.20% [2] - The total market capitalization of the Shanghai Composite Index is 6344.43 billion, with a PE ratio of 11.70 and a PB ratio of 1.22 [3] - The overall market sentiment is cautious, with a significant number of stocks declining [10] Economic Policies - The central bank will continue to implement a moderately loose monetary policy to support the real economy [15][16] - Measures to stabilize employment and promote high-quality economic development are set to be introduced [17][18] - The central bank conducted a 279 billion 7-day reverse repurchase operation, injecting liquidity into the market [19] Industry Dynamics - The engineering machinery export maintained growth momentum in Q1 2025, with total exports reaching 13.61 billion USD, up 7.6% year-on-year [27][28] - The export of excavators saw a significant increase, with a total of 2.34 billion USD, up 21.4% year-on-year [28] - The industrial vehicle sector experienced a slight decline in exports, totaling 2.06 billion USD, down 1.3% year-on-year [29] Company Performance - Keda Li (002850.SZ) reported a Q1 2025 net profit of 387 million, up 25.51% year-on-year, with revenue of 3.022 billion, reflecting a 20.46% increase [34][35] - Jin Lei Co., Ltd. (300443.SZ) achieved a net profit of 55.91 million in Q1 2025, up 91.2% year-on-year, with revenue of 505 million, up 97.5% [36] - Qingsong Co., Ltd. (300132.SZ) turned a profit with a net profit of 54.68 million in 2024, compared to a loss in the previous year [38] - Hualing Cable (001208.SZ) reported a net profit of 28 million in Q1 2025, up 101.34% year-on-year, driven by improved gross margins [46] Investment Opportunities - The banking sector is highlighted as a defensive investment due to its stable dividend yields amid market volatility [10][11] - The energy sector, particularly electric power, is expected to see increased demand as summer approaches, presenting potential investment opportunities [11] - Companies in the AI industry chain and those benefiting from domestic consumption expansion are recommended for long-term investment [11]

Group 1 - The report emphasizes the need for policies to address external shocks, focusing on expanding domestic demand and investing in the AI industry [1][4][17] - The macro policy tone from the April Politburo meeting is described as both proactive and reserved, with an emphasis on implementing more active macro policies and enhancing counter-cyclical adjustments [1][17] - The report highlights the importance of service consumption as a key driver for expanding domestic demand, alongside a strong focus on technological innovation and the implementation of the "AI+" initiative [1][17] Group 2 - The A-share market showed a mixed performance, with the Shanghai Composite Index rising by 0.56% and the Shenzhen Component Index increasing by 1.38% during the week of April 21-25 [7][11] - The report notes that sectors such as automotive, beauty care, and basic chemicals performed well, indicating a recovery in the export-related industries [7][14][16] - The report suggests that the AI industry is expected to see significant growth, with major Chinese internet companies increasing their capital expenditures significantly in Q4 2024, indicating a strong future performance for the domestic AI industry chain [14][24] Group 3 - The report indicates that the overall market valuation is relatively low, with the Wan De All A Index's price-to-book ratio at 1.53, which is below historical averages, suggesting strong long-term investment value [14][41] - The report highlights the potential for structural market trends post-May Day holiday, with a focus on domestic demand expansion and the AI industry as key themes [15][24] - The report identifies specific sectors for investment, including service consumption, AI industry chain components, and self-sufficiency areas such as national defense and industrial machinery [24][25][26]

Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [1]. Core Insights - The company has shown steady growth in its core business, particularly in structural mechanics testing and electrochemical workstation solutions, with a significant increase in revenue and profitability expected in the coming years [5][6]. - The company is strategically positioning itself in the humanoid robot sensor market, with promising prospects for its six-dimensional force sensors currently in small-batch trial production [6]. Financial Performance Summary - **Revenue Forecasts**: - 2023A: 378.19 million - 2024A: 502.22 million (32.79% YoY growth) - 2025E: 660.69 million - 2026E: 871.60 million - 2027E: 1,150.16 million [5][8] - **Net Profit Forecasts**: - 2023A: 87.75 million - 2024A: 121.88 million (38.90% YoY growth) - 2025E: 171.59 million - 2026E: 229.48 million - 2027E: 303.69 million [5][8] - **Earnings Per Share (EPS)**: - 2023A: 0.63 - 2024A: 0.88 - 2025E: 1.24 - 2026E: 1.66 - 2027E: 2.20 [5][8] - **Valuation Ratios**: - P/E ratios are projected to decrease from 62.77 in 2023A to 18.14 in 2027E, indicating improving valuation as earnings grow [5][8]. Business Segment Performance - The core business of structural mechanics testing generated 3.01 billion in revenue for 2024, accounting for 60.01% of total revenue, with a gross margin of 66.50% [6]. - The electrochemical workstation segment saw a revenue increase of 52.26% YoY, contributing 17.62% to total revenue with a gross margin of 67.89% [6]. Strategic Outlook - The company is focusing on the humanoid robot sensor market, leveraging its technological expertise to capture emerging opportunities in various sectors including industrial robotics, aerospace, automotive, electronics, and healthcare [6].

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][8] Core Views - The company reported a significant revenue growth of 80.31% year-on-year and a net profit increase of 339.22% year-on-year for Q1 2025, exceeding previous forecasts [6] - The company is expected to continue benefiting from AI technology advancements and data center upgrades, with projected revenues of 194.11 billion, 251.52 billion, and 301.83 billion for 2025, 2026, and 2027 respectively [6][7] Financial Performance Summary - For Q1 2025, the company achieved a revenue of 43.12 billion and a net profit of 9.21 billion, with a gross margin of 33.37%, reflecting a year-on-year increase of 13.89 percentage points [6] - The company anticipates a net profit growth of no less than 30% for Q2 2025, with a projected net profit of at least 11.97 billion [6] - The company's earnings per share (EPS) are expected to rise from 0.78 in 2023 to 5.36 in 2025, indicating strong growth potential [7] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 98.17 in 2023 to 14.27 in 2025, suggesting an attractive valuation as earnings grow [7] - The price-to-book (P/B) ratio is expected to decline from 8.64 in 2023 to 5.13 in 2025, further indicating potential for investment [7]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3297.29, up 0.03%, while the Shenzhen Component Index fell by 0.58% to 9878.32 [2] - The overall market capitalization of the Shanghai Composite Index is 634702 billion, with a PE ratio of 11.66 and a PB ratio of 1.23 [3] Industry Dynamics - The global charging module market is projected to reach 14.35 billion in 2024, with China accounting for 71.1% of the market share [26] - In Q1 2025, China's lithium battery shipments continued to grow significantly, with a year-on-year increase of over 45% [28] - The global energy storage lithium battery shipments are expected to grow by over 55% in 2024, with China's shipments increasing by over 60% [30] Company Tracking - Kailaiying (002821.SZ) reported a Q1 2025 net profit of 3.27 billion, a year-on-year increase of 15.83% [35] - Two-faced Needle (600249.SH) reported a Q1 2025 net loss of 14.17 million, with a revenue of 2.40 billion, up 15.49% year-on-year [37] - Senqilin (002984.SZ) achieved a revenue of 20.56 billion in Q1 2025, with a net profit of 3.61 billion, down 28.29% year-on-year [41] - Changgao Electric (002452.SZ) reported a revenue of 17.6 billion in 2024, with a net profit increase of 45.66% [43] - Ugreen Technology (301606.SH) achieved a revenue of 61.70 billion in 2024, with a net profit growth of 19.29% [46]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1] Core Views - The company has shown significant growth in revenue and profit in Q1 2025, with a year-over-year revenue increase of 50.76% and a net profit increase of 75.33% [6] - The demand in the downstream market for AI and trusted computing continues to be strong, validating the company's product competitiveness [6] - The company is expected to achieve rapid growth driven by its leadership in high-end CPU and DPU processors, with projected revenues of 142.09 billion, 203.34 billion, and 271.69 billion for 2025, 2026, and 2027 respectively [6][8] Financial Performance - In Q1 2025, the company achieved a revenue of 24.00 billion and a net profit of 5.06 billion, with a gross margin of 61.19% and a net margin of 29.74% [6] - The company's contract liabilities increased significantly to 32.37 billion by the end of Q1 2025, compared to 9.03 billion at the end of 2024, indicating strong demand and prepayments from customers [6] - The company’s inventory also rose to 57.94 billion, reflecting proactive stockpiling in response to market demand [6] Earnings Forecast - The company is projected to achieve a net profit of 29.79 billion in 2025, with a year-over-year growth of 54.25%, and an EPS of 1.28 [5][6] - The P/E ratio is expected to decrease from 282.86 in 2023 to 119.95 in 2025, indicating improving valuation as earnings grow [5][8] Market Comparison - The company is positioned as a leader in the semiconductor industry, with a significant market capitalization of approximately 357.30 billion [1][7] - Comparatively, the average P/S ratio for similar companies is around 53.51 for 2025, suggesting the company is competitively valued [7]

Market Overview - The A-share market shows mixed performance with the Shanghai Composite Index closing at 3296.36, down 0.10%, while the Shenzhen Component Index rose by 0.67% to 9935.80 [2][4] - The overall market capitalization of the Shanghai Composite Index is 6344.14 billion, with a price-to-earnings (PE) ratio of 11.69 and a price-to-book (PB) ratio of 1.23 [3] Company Performance Highlights - **TeBao Bio** reported a Q1 2025 net profit of 182 million, up 41.40% year-on-year, with revenue of 673 million, a 23.48% increase [27] - **YanJinPuZi** achieved a revenue of 5.304 billion in 2024, a 28.89% increase, and a Q1 2025 revenue of 1.537 billion, up 25.69% year-on-year [29][30] - **Oriental Cable** reported a Q1 2025 net profit of 281 million, a 6.66% increase, with revenue reaching 2.147 billion, up 63.83% year-on-year [32][33] - **XGIMI Technology** reported a total revenue of 3.405 billion in 2024, down 4.27%, with a net profit of 120 million, a slight decrease of 0.30% [40][41] - **North鼎 Co.** achieved a Q1 2025 revenue of 213 million, up 33.41%, and a net profit of 33 million, up 47.71% year-on-year [43][44] Industry Trends - The robotics sector is experiencing strong performance, with significant events such as the first humanoid robot sports event generating market interest [9][10] - The low-altitude economy is gaining traction, with companies like Meituan receiving operational certifications for drone logistics, indicating a shift towards commercialization in this sector [10] - The digital infrastructure projects in Hunan province are set to enhance the local economy, focusing on AI, cloud computing, and 5G technologies [56] Economic Indicators - The central bank conducted a 1080 billion reverse repurchase operation, indicating a net liquidity injection into the market [18] - The overall economic activity is stable, with the manufacturing PMI at 50.5%, suggesting a balanced economic environment [64]

Market Overview - The A-share market continues to show a volatile pattern, with the cross-border payment concept gaining strength [4][9] - The Shanghai Composite Index closed at 3299.76, up 0.25%, while the Shenzhen Component Index fell by 0.36% [2][7] - The overall market saw 2529 companies rise and 2669 companies fall, with a total trading volume of 11212.07 billion [9] Company Dynamics - **Ningde Times (300750.SZ)**: Launched new battery technologies, including the second-generation supercharging battery and sodium-ion battery, enhancing its competitive edge in the electric vehicle market [27][29][31] - **Guai Bao Pet (301498.SZ)**: Reported a 2024 revenue of 5.245 billion, a 21.22% increase, and a net profit of 625 million, up 45.68% [32][33] - **Haiguang Information (688041.SH)**: Achieved a Q1 revenue of 2.4 billion, a 50.76% year-on-year increase, and a net profit of 506 million, up 75.33% [34][35] - **Dajin Heavy Industry (002487.SZ)**: Reported a Q1 net profit of 231 million, a 335.91% increase, driven by strong export performance [37] - **Kongdong Medical (605369.SH)**: Achieved a net profit of 172 million in 2024, a 57.28% increase [38] - **Jinbo Bio (832982.BJ)**: Reported a net profit of 732 million in 2024, a 144.27% increase [40][42] - **Kehua Bio (002022.SZ)**: Received medical device registration for its automated chemiluminescence immunoassay analyzer [43] - **Shenghong Technology (300476.SZ)**: Reported a Q1 net profit of 921 million, a 339.22% increase [45] - **Haida Group (002311.SZ)**: Achieved a Q1 net profit of 1.282 billion, a 48.99% increase [48] - **Kangda New Materials (002669.SZ)**: Expected to turn profitable in Q1 2025, with a projected net profit of 5.4 to 6.6 million [50][52] - **Sunlord Electronics (002138.SZ)**: Reported a Q1 net profit of 233 million, a 37.02% increase [53] - **Guangda Special Materials (688186.SH)**: Achieved a Q1 net profit of 742.5 million, a 1488.76% increase [56] Industry Trends - The storage chip market is experiencing price increases, with DRAM prices rising and NAND prices stabilizing [25] - The cross-border payment sector is gaining traction due to supportive government policies aimed at enhancing cross-border financial services [9][10] - The overall economic environment in Hunan province shows a GDP growth of 5.4% in Q1 2025, indicating a stable economic outlook [60][61]