Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - Longsheng Technology reported a revenue of 2.397 billion yuan for 2024, representing a year-on-year increase of 31.21%, and a net profit attributable to the parent company of 224 million yuan, up 52.81% year-on-year [3][5] - The company has a rich reserve of supporting models and designated projects that underpin its growth, with significant contributions from its EGR and injection systems business, which generated 729 million yuan in revenue, a 29.88% increase year-on-year [5] - The company is gradually improving its layout in the humanoid robot sector, with its second-generation humanoid robot capable of precise positioning and dual-arm collaborative operations [5][6] Financial Summary - For 2024 Q4, the company achieved a revenue of 754 million yuan, a year-on-year increase of 17.77%, and a net profit of 71 million yuan, up 42.24% year-on-year [3] - The company's net profit margin for 2024 Q4 was 9.38%, an increase of 1.61 percentage points year-on-year, attributed to excellent cost control and a significant increase in fair value changes [5] - The projected net profits for 2025, 2026, and 2027 are 327 million yuan, 406 million yuan, and 439 million yuan, respectively, with corresponding P/E ratios of 25.7, 20.7, and 19.2 [6][7] Market Data - The current stock price is 36.43 yuan, with a market capitalization of approximately 8.416 billion yuan [3] - The stock has a 52-week price range of 13.31 to 49.50 yuan, indicating significant volatility [3] Growth Potential - The company is expected to benefit from the launch of new products in 2025, including the AITO M8 and Xiaomi YU7, which are anticipated to drive growth in its motor core business [5] - Longsheng Technology's humanoid robot development is supported by its acquisition of key components, enhancing its competitive edge in the robotics market [5][6]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company has a deep foundation in the reducer field and is expected to benefit from the mass production of humanoid robots. The company has been involved in the modularization of joint modules and has a first-mover advantage in the humanoid robot sector, having already supplied certain mainframe manufacturers [6][4]. Financial Performance Summary - In 2024, the company achieved a total revenue of 976 million yuan, a year-on-year decrease of 10.1%. The net profit attributable to the parent company was 73 million yuan, a decrease of 0.82% year-on-year. However, the net profit after deducting non-recurring gains and losses was 58 million yuan, an increase of 3.26% year-on-year [4][6]. - The gross profit margin improved to 25.9%, an increase of 3.02 percentage points year-on-year. Revenue from the intelligent execution unit was 370 million yuan, down 23.65%, while the revenue from the reducer motor was 345 million yuan, up 0.78%. The revenue from reducers was 243 million yuan, up 1.07% [6][4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 1.12 billion yuan, 1.29 billion yuan, and 1.49 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 14.48%, 15.23%, and 15.89% [6][7]. - The net profit attributable to the parent company is forecasted to be 91 million yuan, 107 million yuan, and 129 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.84%, 17.26%, and 20.46% [6][7]. Market Position and Competitive Advantage - The company supplies products to robot mainframe manufacturers and has competitive advantages in integrated actuators. Its products are widely used in various sectors, including robotics, intelligent logistics, and CNC machine tools. The company has been focusing on core components such as reducer motors and reducers, aligning with the industry's trend towards integration [6][4].

Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - Longsheng Technology reported a revenue of 2.397 billion yuan for 2024, representing a year-on-year increase of 31.21%, and a net profit attributable to the parent company of 224 million yuan, up 52.81% year-on-year [3][5] - The company has a rich reserve of supporting models and designated projects that underpin its growth, with significant contributions from its EGR and injection systems business, which generated 729 million yuan in revenue, up 29.88% year-on-year [5] - The human-shaped robot layout is gradually improving, with the second generation of the robot body "Lansen" capable of intelligent judgment and optimized execution, enhancing operational efficiency [5][6] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 754 million yuan, a year-on-year increase of 17.77%, and a net profit of 71 million yuan, up 42.24% year-on-year [3][5] - The company's net profit margin in Q4 2024 was 9.38%, an increase of 1.61 percentage points year-on-year, attributed to excellent cost control and a significant increase in fair value changes [5] - The projected net profits for 2025, 2026, and 2027 are 327 million yuan, 406 million yuan, and 439 million yuan, respectively, with corresponding P/E ratios of 25.7, 20.7, and 19.2 [6][7] Business Segments - The EGR and injection systems business is a key growth driver, benefiting from increased sales from core customers such as BYD, Chery, and Geely, which has led to an increase in market share [5] - The new energy products segment generated 1.034 billion yuan in revenue, reflecting a year-on-year growth of 29.21%, with potential blockbuster products set to launch in 2025 [5] - The company is expanding its human-shaped robot capabilities, with core components being developed and integrated into its existing product lines, enhancing its competitive edge in the robotics sector [5][6]

Investment Rating - The investment rating for the company is "Accumulate" with a first-time coverage [4][7]. 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 28.00% year-on-year [4]. - The digital energy business is growing rapidly, with significant breakthroughs in various fields, achieving a revenue of 1.027 billion yuan, a year-on-year increase of 47.44% [6]. - The company has a strong focus on humanoid robots, having established an AI digital products department in August 2024 and obtained 10 patents in the robotics field by the end of 2024 [6]. Financial Performance Summary - In 2024, the passenger vehicle segment generated a revenue of 7.090 billion yuan, up 30.63% year-on-year, driven by a 37.97% increase in new energy passenger vehicle sales [6]. - The commercial vehicle and non-road business segment saw a revenue of 4.176 billion yuan, down 7.52% year-on-year, primarily due to a decline in sales of commercial vehicles and engineering machinery [6]. - The company reported a gross margin of 20.12% in 2024, with a net profit margin increase of 0.68 percentage points [6]. - Operating cash flow for 2024 was 1.205 billion yuan, reflecting a year-on-year increase of 30.84% [6]. Earnings Forecast - The company is expected to achieve net profits of 1.074 billion yuan, 1.352 billion yuan, and 1.618 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.4, 15.4, and 12.9 [8][6].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] 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 28.00% year-on-year [4] - The digital energy business is growing rapidly, with significant breakthroughs in various fields, achieving a revenue of 1.027 billion yuan, a year-on-year increase of 47.44% [6] - The company has a strong focus on humanoid robots, having established an AI digital products department in August 2024 and obtained 10 patents in the robotics field by the end of 2024 [6] Financial Performance Summary - In 2024, the passenger vehicle segment generated a revenue of 7.090 billion yuan, up 30.63% year-on-year, driven by a 37.97% increase in new energy passenger vehicle sales [6] - The commercial vehicle and non-road business segment saw a revenue of 4.176 billion yuan, down 7.52% year-on-year, mainly due to a decline in sales of commercial vehicles and engineering machinery [6] - The company reported a gross margin of 20.12% in 2024, with a net profit margin increase of 0.68 percentage points [6] - The operating cash flow for 2024 was 1.205 billion yuan, reflecting a year-on-year increase of 30.84% [6] Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 1.074 billion yuan, 1.352 billion yuan, and 1.618 billion yuan respectively, with corresponding P/E ratios of 19.4, 15.4, and 12.9 [8][6]

Investment Rating - The investment rating for the building materials industry is "Recommended" [3][38]. Core Views - The impact of the tariff policy on the building materials industry is limited, and the real estate sector is expected to drive domestic demand, leading to industry valuation recovery [5][38]. - In March 2025, the average cement shipment rate increased by approximately 26 percentage points month-on-month and 8 percentage points year-on-year, indicating seasonal recovery in demand [16][38]. - The glass industry is experiencing slow demand recovery, with overall market prices expected to remain weak in April 2025 [39][40]. - The fiberglass sector is seeing strong demand from wind power and new energy vehicles, with the tariff policy having a limited impact on the industry [30][31][38]. Summary by Sections Cement Industry - In March 2025, the national cement production reached 158 million tons, a year-on-year increase of 2.5%, showing better-than-expected performance [10]. - The average price of cement in March 2025 was 394.92 yuan per ton, a decrease of 4.5 yuan from February [16][38]. - Key stocks to watch include Shangfeng Cement (000672.SZ), Huaxin Cement (600801.SH), and Conch Cement (600585.SH) [16][38]. Glass Industry - The flat glass production in the first quarter of 2025 was 234 million weight boxes, a year-on-year decrease of 6.4% [23]. - The overall market demand is expected to improve in April, but the growth pace remains slow [39][40]. - Key stocks to consider are Qibin Group (601636.SH) and Jinjing Technology (600586.SH) [39][40]. Fiberglass Industry - The fiberglass industry is experiencing a slight increase in PPI, with strong demand from the wind power and new energy vehicle sectors [30][31]. - The tariff policy has a limited impact on the fiberglass and products industry, with a focus on expanding domestic markets [31][38]. - Key stocks to monitor include China Jushi (600176.SH) and Zhongcai Technology (002080.SZ) [31][38]. Consumer Building Materials - The consumer building materials sector is expected to benefit from real estate policies aimed at stabilizing the market, with limited impact from the tariff policy [9][40]. - Key stocks to focus on include Weixing New Materials (002372.SZ), Beixin Building Materials (000786.SZ), and Dongfang Yuhong (002271.SZ) [9][40].

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Viewpoints - The company has achieved steady growth in its main business, with a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.06%. The net profit attributable to the parent company was 106 million yuan, up 1.61% year-on-year [3][4] - The company is collaborating with Bandai Namco to create a second growth curve, successfully entering the IP retail market and targeting younger consumer groups [9] Financial Performance Summary - In 2024, the company's revenue by product categories was as follows: milk powder (2.097 billion yuan, +9.45%), food (312 million yuan, +0.38%), supplies (504 million yuan, -2.78%), cotton products (223 million yuan, -6.92%), toys and travel (70 million yuan, -11.27%), maternal and infant services (36 million yuan, -1.41%), and supplier services (223 million yuan, -2.92%) [4] - Revenue by sales channels included: store sales (2.484 billion yuan, +2.03%), e-commerce (720 million yuan, +16.62%), maternal and infant services (36 million yuan, -1.41%), and supplier services (223 million yuan, -2.92%) [4] - The company opened 62 new maternal and infant stores in competitive regions, with a 21-store increase compared to the previous year, focusing on shopping centers with an optimal area of 200-250 square meters [4] - Online sales reached 719.64 million yuan in 2024, a growth of 17% year-on-year [6][9] Earnings Forecast - The company is expected to achieve revenues of 3.801 billion yuan in 2025, 4.177 billion yuan in 2026, and 4.603 billion yuan in 2027, with corresponding growth rates of 9.64%, 9.90%, and 10.19% respectively [7][9] - The net profit attributable to the parent company is projected to be 127 million yuan in 2025, 153 million yuan in 2026, and 186 million yuan in 2027, with growth rates of 19.58%, 20.27%, and 21.34% respectively [7][9] - The company's price-to-earnings ratio (P/E) is expected to be 26.4X in 2025, 22.0X in 2026, and 18.1X in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company, Weixing New Materials (002372.SZ), reported a revenue of 6.267 billion yuan in 2024, a year-on-year decline of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year [3][5]. - Despite facing unprecedented challenges in the plastic pipeline industry due to complex international situations and insufficient domestic demand, the company has managed to steadily increase its retail market share [5]. - The company is focusing on its core pipeline business while promoting rapid growth in waterproof and water purification segments, aiming to enhance its market presence [5]. Financial Performance Summary - In 2024, the company experienced a revenue decline of 1.75% compared to 2023, with a total revenue of 6.267 billion yuan [6]. - The net profit for 2024 was 953 million yuan, reflecting a significant decrease of 33.49% from the previous year [6]. - The company anticipates revenue growth rates of 5.09%, 5.96%, and 6.13% for the years 2025, 2026, and 2027, respectively [5][6]. - The projected net profit for 2025 is 1.036 billion yuan, with an expected increase in subsequent years [6]. Valuation Metrics - The current price of the company's stock is 12.30 yuan, with a market capitalization of approximately 19.58 billion yuan [3]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.9, 16.6, and 14.9, respectively [5][6]. - The average P/E ratio for comparable companies in 2025 is estimated at 27.7 [5].

执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 证券研究报告 建筑材料 报告日期：2025 年 04 月 21 日 关税政策对建材行业影响有限，关注地产政策带动的行业估值修复 ——建筑材料行业月报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 相关阅读 《风电、新能源汽车需求旺盛，关注玻 纤涨价带来的投资机会—建筑材料行业 月报》2025.03.25 《水泥需求回升价格持续上涨，行业盈 利能力有望提升—建筑材料行业周报》 2025.03.18 两侧积极变化—建筑材料行业周报》 2025.03.03 摘要： 请认真阅读文后免责条款 建材行业：2025 年 4 月 2 日，美国正式实施所谓的"对等关税" 政策，对所有进口商品加征 10%的关税，并对中国商品加征额外 关税，后续又对中国商品出台多轮加征关税措施。关税政策下， 建材行业整体影响有限，同时房地产作为拉动内需的核心领域， 有望成为政策发力方向，关注地产政策带来的行业估值修复，维 持建材行业"推荐"评级。 分析师：彭棋 水泥行业：2025 年 3 月份全国水泥平均出货率环比提升约 26 个 百分点，同比提升约 8 个百 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company's revenue for 2024 reached 25.731 billion yuan, a year-on-year increase of 22.41%, while the net profit attributable to shareholders was 3.323 billion yuan, reflecting a significant year-on-year growth of 498.11% [3][5] - The growth in demand for smartphones and automobiles has driven high growth in the company's CIS (CMOS Image Sensor) business, with smartphone CIS revenue increasing by 26.01% to 9.802 billion yuan and automotive CIS revenue reaching 5.905 billion yuan [5] - The company maintains a high level of R&D investment, which accounted for 15% of semiconductor design sales revenue, ensuring product upgrades and enhancing competitiveness [5] Financial Performance Summary - In 2024, the company's CIS business generated 19.190 billion yuan in revenue, accounting for 74.76% of its main business income, an increase of 23.52% from the previous year [5] - The company is projected to achieve net profits of 4.406 billion yuan, 5.301 billion yuan, and 6.000 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34.3, 28.5, and 25.2 [5][7] - The company's R&D expenses have consistently increased, with a 10.89% year-on-year growth in 2024, indicating a strong commitment to innovation and product development [5] Market Data - As of April 16, 2025, the company's stock price is 124.22 yuan, with a market capitalization of approximately 150.61 billion yuan [3][5] - The company has a 52-week price range of 81.41 to 161.96 yuan, indicating volatility in its stock performance [3]