[Table_StockNameRptType] 国机通用（600444） 公司点评 业绩符合市场预期，主业持续稳健发展 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-18 | | 570 收盘价（元） | 14.41 | | 近 12 个月最高/最低（元） | 18.55/10.45 | | 总股本（百万股） | 146.42 | | 流通股本（百万股） | 146.42 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 21.10 | | 流通市值（亿元） | 21.10 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 国机通用 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 主要观点： ⚫[Table_Summary] 公司发布 2024 年年报 2024 年公司共实现营业收入7.66 亿元，同比增长1.47%；归母净利 ...

盾安环境（ [Table_StockNameRptType] 002011） 公司点评 顺利完成激励目标 ——盾安环境 2024 年点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-18 | | [Table_BaseData] 收盘价（元） | 11.43 | | 近 12 个月最高/最低（元） | 13.75/9.55 | | 总股本（百万股） | 1,065 | | 流通股本（百万股） | 916 | | 流通股比例（%） | 86.00 | | 总市值（亿元） | 122 | | 流通市值（亿元） | 105 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com [Table_CompanyReport] 相关报告 1.盾安环境 24Q3：盈利受信用减值损 失影响 2024-10-26 2.盾安环境 24Q2：汽零增长逻辑持续 验证 2024-09-02 3.收入稳健，持续体质增效 2024-04- 19 主要观点： ...

公司点评 顺利完成激励目标 ——盾安环境 2024 年点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-18 | | [Table_BaseData] 收盘价（元） | 11.43 | | 近 12 个月最高/最低（元） | 13.75/9.55 | | 总股本（百万股） | 1,065 | | 流通股本（百万股） | 916 | | 流通股比例（%） | 86.00 | | 总市值（亿元） | 122 | | 流通市值（亿元） | 105 | [公司价格与沪深 Table_Chart] 300 走势比较 -27% -13% 1% 15% 29% 4/24 7/24 10/24 1/25 盾安环境 沪深300 [Table_Author] 分析师：邓欣 盾安环境（ [Table_StockNameRptType] 002011） 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com [Table ...

中国西电（601179） 公司点评 业务结构持续优化，盈利能力改善明显 主要观点： 业绩 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-04-17 | | 收盘价（元） | 6.18 | | 近 12 个月最高/最低（元） | 9.54/6.08 | | 总股本（百万股） | 5,126 | | 流通股本（百万股） | 5,126 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 317 | | 流通市值（亿元） | 317 | 公司价格与沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 04-17 05-17 06-17 07-17 08-17 09-17 10-17 11-17 12-17 01-17 02-17 03-17 04-17 中国西电 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 相关报告 1.业绩快速增长，特高压高景气 ...

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company is undergoing a transformation towards hard technology, with expectations for performance improvements in 2024 [2][7] - The company has a solid foundation in TV ODM, with production in Vietnam starting in the first half of 2024, and manageable tariff impacts [12] - The integrated layout of the LED industry chain is entering a harvest period, expected to continuously contribute to performance elasticity [12] - The company is expanding into the optical communication field, enhancing its vertical industry chain advantages [9][12] Revenue Analysis - The company is actively expanding production capacity, with 50 COB production lines, making it the largest Mini COB backlight module manufacturer globally [9] - The optical communication sector has begun shipments in the optical access network and telecommunications fields, with plans to expand into data communication, industrial automation, and autonomous driving [9] Profit Analysis - The company adjusted its profit forecast, expecting revenues of 238 billion, 273 billion, and 310 billion yuan for 2025-2027, with year-on-year growth rates of +17%, +15%, and +13% respectively [12] - For 2024, the company anticipates revenues of 203.3 billion yuan, a year-on-year increase of +18.4%, with a net profit of 16.0 billion yuan, reflecting a +0.9% year-on-year growth [12] - The company plans to distribute a cash dividend of 1.07 yuan per 10 shares, maintaining a dividend payout ratio of 30% [12] Financial Metrics - The company’s gross margin for 2024 is projected at 17.2%, with a slight decrease of 1.3 percentage points year-on-year [13] - The net profit margin for 2024 is expected to be 7.9%, with a year-on-year decrease of 1.4 percentage points [13] - The company’s return on equity (ROE) is projected to improve from 10.1% in 2024 to 12.5% in 2027 [16][18]

中国西电（601179） 公司点评 业务结构持续优化，盈利能力改善明显 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-04-17 | | 收盘价（元） | 6.18 | | 近 12 个月最高/最低（元） | 9.54/6.08 | | 总股本（百万股） | 5,126 | | 流通股本（百万股） | 5,126 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 317 | | 流通市值（亿元） | 317 | 公司价格与沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 04-17 05-17 06-17 07-17 08-17 09-17 10-17 11-17 12-17 01-17 02-17 03-17 04-17 中国西电 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 相关报告 1.业绩快速增长，特高压高景气度支 撑快速发展 ...

兆驰股份（ [Table_StockNameRptType] 002429） 公司点评 硬科技转型静待收获 ——兆驰股份 2024 年业绩点评 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-04-17 | | [Table_BaseData] 收盘价（元） | 4.47 | | 近 12 个月最高/最低（元） | 6.47/4.08 | | 总股本（百万股） | 4,527 | | 流通股本（百万股） | 4,524 | | 流通股比例（%） | 99.94 | | 总市值（亿元） | 202 | | 流通市值（亿元） | 202 | [公司价格与沪深 Table_Chart] 300 走势比较 -25% -11% 4% 19% 33% 4/24 7/24 10/24 1/25 兆驰股份 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com 主要观 ...

中国铝业（ [Table_StockNameRptType] 601600） 公司专题 电解铝量价齐增，资源保障能力提升 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-04-17 | | | [Table_BaseData] 收盘价（港元） | 6.41 | | 近 12 个月最高/最低（港元） | 9.72/5.96 | | --- | --- | | 总股本（百万股） | 17,156 | | 流通股本（百万股） | 13,134 | | 流通股比例（%） | 76.56 | | 总市值（亿港元） | 1,100 | | 流通市值（亿港元） | 842 | [公司价格与沪深 Table_Chart] 300 走势比较 -25% -11% 4% 19% 33% 4/24 7/24 10/24 1/25 中国铝业 沪深300 [Table_Author] 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in both revenue and profit for the year 2024, driven by capacity release and rising product prices. The total revenue reached 5.906 billion yuan, a year-on-year increase of 36.72%, while the net profit attributable to shareholders was 956 million yuan, up 24.80% year-on-year [5][6] - The company's main products, including feed-grade dicalcium phosphate, monoammonium phosphate, phosphoric acid, and phosphate rock, contributed to the revenue growth, with notable increases in sales and prices [6][7] - The company is expanding its international trade capabilities by increasing capital in its subsidiaries, which is expected to enhance its growth potential [8][9] - The high market price of phosphate rock is expected to support the company's profitability in the long term, with plans to increase phosphate rock production capacity [10] - Profit forecasts for the company indicate a continued upward trend in net profit for the years 2025 to 2027, with expected figures of 1.229 billion, 1.447 billion, and 1.856 billion yuan respectively [11] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.906 billion yuan and a net profit of 956 million yuan, with respective year-on-year growth rates of 36.72% and 24.80% [5][6] - The fourth quarter of 2024 saw a revenue of 1.932 billion yuan, a year-on-year increase of 54.83% [5] Product Pricing and Market Conditions - The average market prices for key products in 2024 were as follows: wet phosphoric acid at 6,082.07 yuan/ton, industrial-grade monoammonium phosphate at 5,672.92 yuan/ton, and feed-grade dicalcium phosphate at 3,754.76 yuan/ton, with year-on-year changes of -7.32%, +1.67%, and +7.20% respectively [7] - The company anticipates continued price increases for its main products in 2025 due to strong demand [6][7] Strategic Developments - The company has established a new subsidiary and increased capital in its Hong Kong subsidiary to enhance international trade operations [8][9] - Plans to expand phosphate rock production capacity are underway, which will support long-term growth [10] Profit Forecasts - Expected net profits for 2025, 2026, and 2027 are projected to be 1.229 billion, 1.447 billion, and 1.856 billion yuan, respectively, with corresponding P/E ratios of 10, 8, and 7 [11]

公司专题 电解铝量价齐增，资源保障能力提升 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-04-17 | | | [Table_BaseData] 收盘价（港元） | 6.41 | | 近 12 个月最高/最低（港元） | 9.72/5.96 | | --- | --- | | 总股本（百万股） | 17,156 | | 流通股本（百万股） | 13,134 | | 流通股比例（%） | 76.56 | | 总市值（亿港元） | 1,100 | | 流通市值（亿港元） | 842 | 中国铝业（ [Table_StockNameRptType] 601600） [公司价格与沪深 Table_Chart] 300 走势比较 -25% -11% 4% 19% 33% 4/24 7/24 10/24 1/25 中国铝业 沪深300 [Table_Author] 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com ...