渤海证券研究所晨会纪要（2025.04.18）-20250418

Macro and Strategy Research - The A-share market had a good start in Q1 2025, with the Shanghai Composite Index rising by 1.76% and the ChiNext Index by 0.43% during the trading period from April 11 to April 17 [2] - In Q1, the GDP grew by 5.4% year-on-year, driven by a 12.4% increase in exports in March and a 4.2% rise in fixed asset investment [2][7] - The service consumption sector is expected to receive supportive measures, particularly in areas like dining, tourism, and health services, as part of the government's strategy to boost domestic demand [3] Company Research: Aima Technology (603529) - Aima Technology reported a revenue of 21.606 billion yuan in 2024, a year-on-year increase of 2.71%, and a net profit of 1.988 billion yuan, up 5.68% [12] - The company’s gross margin and net margin improved to 17.82% and 9.31%, respectively, in 2024, with significant growth in Q4 driven by government policies promoting trade-in programs [13] - In Q1 2025, Aima is expected to achieve a net profit of 605 million yuan, a 25.12% increase year-on-year, benefiting from the trade-in policy [14] Company Research: Zijin Mining (601899) - Zijin Mining reported a revenue of 78.928 billion yuan in Q1 2025, a 5.55% increase year-on-year, and a net profit of 10.167 billion yuan, up 62.39% [17] - The company experienced a 13.45% increase in gold production and a 9.49% increase in copper production in Q1 2025, alongside significant price increases for its main products [18] - Zijin Mining's share buyback plan, with a total investment of 600 million to 1 billion yuan, reflects confidence in its future growth prospects [18]