2025 年 05 月 04 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中国软件 | | 3.5% | 5.0% | 50.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 45.38 | | 52 周价格区间（元） | 27.64-73.00 | | 总市值（百万） | 38,571.30 | | 流通市值（百万） | 38,285.10 | | 总股本（万股） | 84,996.25 | | 流通股本（万股） | 84,365.59 | | 日均成交额（百万） | 872.78 | | 近一月换手（%） | 4.79 | 相关报告 《中国软件（600536）2024 年三季报点评：前三 季度麒麟软件营收同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved significant revenue growth in the semiconductor sector, successfully breaking into international top-tier clients [6] - The first quarter of 2025 saw a decline in net profit due to concentrated strategic investments impacting costs [6][8] - The company is actively expanding its production capacity both domestically and internationally, enhancing its platform strategy [8] Financial Performance Summary - In 2024, the company reported revenue of 3.04 billion yuan, a year-on-year increase of 47.14%, and a net profit of 203 million yuan, up 20.13% [3] - The first quarter of 2025 showed revenue of 762 million yuan, an 8.62% increase year-on-year, but a net loss of 22 million yuan, a decrease of 136.67% [3] - The gross margin for 2024 was 25.80%, with a slight increase from the previous year, while the first quarter of 2025 saw a decrease to 24.15% [6] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 4.256 billion yuan, 5.426 billion yuan, and 6.686 billion yuan respectively, with growth rates of 40%, 27%, and 23% [7] - Expected net profits for the same years are 351 million yuan, 487 million yuan, and 643 million yuan, with growth rates of 73%, 39%, and 32% respectively [7] Strategic Developments - The company is enhancing its product development capabilities, achieving breakthroughs in advanced product areas and expanding its production capacity in multiple locations [8] - A strategic investment in Compart aims to leverage its technology and global supply chain resources to improve advanced component manufacturing capabilities [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.989 billion yuan in 2024, a year-on-year increase of 2.23%, but the net profit attributable to shareholders decreased by 65.91% to 102 million yuan [6] - The first quarter of 2025 showed improvement with revenue of 1.071 billion yuan, a year-on-year increase of 10.49% and a quarter-on-quarter increase of 11.56%, while net profit increased by 2.73% year-on-year and 233.12% quarter-on-quarter to 82 million yuan [5][8] - The gross profit margin improved to 21.81% in Q1 2025, an increase of 2.34 percentage points year-on-year and 2.84 percentage points quarter-on-quarter, indicating a positive trend in profitability [5][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.989 billion yuan, with a gross profit margin of 18.46%, down 4.36 percentage points year-on-year [6] - The fourth quarter of 2024 saw a revenue of 960 million yuan, a year-on-year increase of 17.93%, but a net loss of 61 million yuan [5] - The first quarter of 2025 reported a revenue of 1.071 billion yuan, with a gross profit margin of 21.81% [5][8] Business Segments - The renewable energy segment faced challenges, with a revenue decline of 21.49% to 1.730 billion yuan due to product price fluctuations and a contraction in the photovoltaic backplane business [6] - The transportation segment capitalized on the growth in the new energy vehicle market, achieving a revenue increase of 36.73% to 990 million yuan [6] - The electronics segment focused on high-growth areas such as consumer electronics and automotive electronics, generating a revenue of 615 million yuan, up 9.54% year-on-year [6] Future Outlook - The company expects revenue growth to reach 4.608 billion yuan in 2025, with net profit projected at 186 million yuan, reflecting a significant recovery from 2024 [10] - The gross profit margin is anticipated to stabilize around 20% in the coming years, indicating a positive outlook for profitability [10]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][12]. Core Views - The report highlights that both volume and cost have room for improvement, with a long-term resource advantage through strategic acquisitions [3][8]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion yuan, down 35% year-on-year, and net profit at 150 million yuan, down 80% year-on-year [4][8]. - The report anticipates a gradual recovery in revenue and profit over the next few years, with projected revenues of 25.1 billion yuan in 2025, 26.4 billion yuan in 2026, and 27.8 billion yuan in 2027, reflecting a year-on-year change of -17%, +5%, and +5% respectively [8][12]. Summary by Sections Recent Performance - In Q1 2025, the company achieved a coal production of 7.5 million tons, up 13% year-on-year, while the sales volume of commercial coal was 6.32 million tons, down 9% year-on-year [8]. - The average selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34% year-on-year, while the cost per ton was 616 yuan, down 26% year-on-year [8]. Strategic Initiatives - The company has implemented a strategy to acquire quality coal resources, including a 60% stake in Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan and the successful acquisition of exploration rights for a coal mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [8]. Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 660 million yuan, 1.33 billion yuan, and 1.96 billion yuan respectively, with corresponding earnings per share (EPS) of 0.27 yuan, 0.54 yuan, and 0.79 yuan [8][12]. - The price-to-earnings (P/E) ratio is expected to be 31, 15, and 10 times for the years 2025, 2026, and 2027 respectively [8][12].

2025 年 05 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 2024 年亏损收窄，特色专科建设和精益管理助 力进一步利润改善 ——国际医学（000516）公司动态研究 | 相对沪深 | 表现 300 | | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 国际医学 | | -9.4% | 3.7% | -12.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 5.04 | | 周价格区间（元） 52 | 4.01-6.77 | | 总市值（百万） | 11,392.33 | | 流通市值（百万） | 11,209.79 | | 总股本（万股） | 226,038.27 | | 流通股本（万股） | 222,416.43 | | 日均成交额（百万） | 90 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company achieved a revenue of 1.08 billion yuan in Q1 2025, representing a year-on-year growth of 40%, but a quarter-on-quarter decline of 22.4%. The net profit attributable to the parent company was 40 million yuan, down 28% year-on-year and down 48.8% quarter-on-quarter [5]. - The company is increasing its R&D investment to enhance product competitiveness, with a R&D expense ratio of 4.6%, up 0.7 percentage points year-on-year [6]. - The company is expanding its customer base in the renewable energy sector, with energy product sales growing by 28.2% year-on-year, and lighting products increasing by 20.5% due to market demand recovery [6]. - The global production base construction is progressing, with new facilities in Anhui, Malaysia, Thailand, and the US, which is expected to support performance growth and mitigate tariff impacts on exports to North America [6]. - The company is expected to benefit from the growing demand for data center construction, with projections for revenue growth of 26% in 2025 and 21% in 2026 [7][8]. Financial Projections - The company is projected to achieve revenues of 5.825 billion yuan in 2025, 7.065 billion yuan in 2026, and 8.318 billion yuan in 2027, with corresponding net profits of 421 million yuan, 555 million yuan, and 692 million yuan respectively [7][8]. - The estimated P/E ratios for 2025, 2026, and 2027 are 14.35, 10.88, and 8.72 respectively, indicating a favorable valuation trend [7][8]. Shareholder Returns - The company has implemented a share buyback plan, repurchasing 7.0449 million shares, which is 1.7962% of its total share capital, to enhance investor confidence [8]. - A cash dividend of 3 yuan per 10 shares was distributed, totaling 116 million yuan, reflecting a commitment to shareholder returns [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company has excellent cost control and that ongoing construction projects are expected to enhance performance [3][4] - The coal business experienced a decline in both volume and price, but the company is expected to stabilize due to long-term contract pricing [9][10] Financial Performance - In Q1 2025, the company achieved operating revenue of 10.567 billion yuan, a year-on-year decrease of 39%, and a net profit attributable to shareholders of 0.692 billion yuan, down 56.5% year-on-year [8] - The weighted average return on equity (ROE) was 1.62%, a decrease of 2.5 percentage points year-on-year [8] Coal Business Analysis - In Q1 2025, the company produced 4.31 million tons of commercial coal, a decrease of 18% year-on-year, and sold 2.97 million tons, down 26% year-on-year [9] - The unit price of commercial coal was 938 yuan per ton, a decrease of 20% year-on-year, while the cost per ton was 520 yuan, down 12% year-on-year [9] - The gross profit per ton of coal was 418 yuan, a decrease of 28% year-on-year [9] Construction Projects - The company is progressing with the construction of its first large-scale coal mine in Inner Mongolia, with an annual capacity of 8 million tons, expected to be completed by the end of 2025 [9] - The Xinhai coal mine has entered a new phase of systematic recovery [9] Chemical Business Performance - In Q1 2025, the company saw a decline in both coke and methanol sales, with coke production at 740,000 tons (down 15% year-on-year) and sales at 700,000 tons (down 19% year-on-year) [9] - The unit price of coke was 1,499 yuan per ton, down 35% year-on-year, leading to a sales revenue of 1.051 billion yuan, a decrease of 47% [9] - Methanol production was 120,000 tons (up 31% year-on-year), but sales were only 40,000 tons (down 47% year-on-year) [9] Earnings Forecast and Valuation - The company is expected to achieve operating revenues of 63.4 billion yuan, 67.9 billion yuan, and 70.7 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year changes of -4%, +7%, and +4% [9] - Net profits attributable to shareholders are forecasted to be 3.2 billion yuan, 3.9 billion yuan, and 4.4 billion yuan for the same years, with year-on-year changes of -34%, +23%, and +10% [9] - The estimated earnings per share (EPS) are projected to be 1.19 yuan, 1.47 yuan, and 1.62 yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (P/E) ratios of 10, 8, and 7 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has recently secured a significant contract worth approximately $406 million, enhancing its competitive strength in the market [4][5] - The company's revenue for Q1 2025 reached 407 million yuan, representing a year-on-year growth of 54.02%, while the net profit attributable to the parent company was 39 million yuan, up 27.30% year-on-year [4] - The company is advancing its "internationalization" and "intelligentization" strategies, which are expected to strengthen its influence in the international conveyor machinery sector and expand its overseas market presence [5] Summary by Sections Recent Performance - The company's stock performance over the last year shows a 32.7% increase, outperforming the Shanghai and Shenzhen 300 index, which increased by only 4.6% [3] - As of April 30, 2025, the company's current stock price is 29.39 yuan, with a market capitalization of approximately 4.93 billion yuan [3] Financial Forecast - Revenue projections for the company are as follows: 2.44 billion yuan in 2025, 3.27 billion yuan in 2026, and 4.26 billion yuan in 2027, with corresponding net profits of 251 million yuan, 387 million yuan, and 567 million yuan respectively [7][8] - The expected growth rates for revenue are 59% in 2025, 34% in 2026, and 30% in 2027, while net profit growth rates are projected at 59%, 54%, and 46% for the same years [7][8] Strategic Developments - The recent contract with Silver Valley International SA is expected to contribute significantly to the company's revenue, accounting for approximately 190.53% of the audited revenue for 2024 [5] - The contract has a duration of 442 days, with payments made to the contractor based on progress as per the contract terms [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company achieved a total revenue of 7.344 billion yuan in 2024, representing a year-on-year increase of 8.46%, and a net profit attributable to shareholders of 2.589 billion yuan, up 13.45% year-on-year [5][7] - In Q1 2025, the company reported a total revenue of 2.047 billion yuan, down 12.35% year-on-year, and a net profit of 0.829 billion yuan, down 9.54% year-on-year [5][7] - The company’s high-end product series continues to show strong momentum in Anhui province, although performance has been slightly pressured due to low-priced liquor and challenges in the out-of-province market [7][8] Summary by Sections Recent Performance - The company's stock performance over the last year shows a decline of 36.9%, compared to a 4.6% increase in the CSI 300 index [3] - As of April 30, 2025, the current stock price is 43.92 yuan, with a total market capitalization of 35.136 billion yuan [3] Financial Highlights - In 2024, the company’s mid-to-high-end liquor revenue was 5.713 billion yuan, up 13.76% year-on-year, while ordinary liquor revenue was 1.290 billion yuan, down 6.53% year-on-year [7] - For Q1 2025, mid-to-high-end liquor revenue was 1.720 billion yuan, down 8.57% year-on-year, and ordinary liquor revenue was 0.242 billion yuan, down 32.09% year-on-year [7] - The company’s gross profit margin increased to 73.94% in 2024, up 2.57 percentage points year-on-year, primarily due to the higher margin of the high-end product series [7] Future Projections - The company’s revenue projections for 2025-2027 are 7.447 billion yuan, 7.826 billion yuan, and 8.484 billion yuan, respectively, with net profits projected at 2.651 billion yuan, 2.818 billion yuan, and 3.063 billion yuan [8][9] - The expected EPS for 2025-2027 is 3.31 yuan, 3.52 yuan, and 3.83 yuan, with corresponding P/E ratios of 13, 12, and 11 [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in Q1 2025, with revenue and net profit increasing by 2.42% and 3.59% year-on-year, respectively [4][6] - The company launched new products to fill market gaps, particularly in the 200-300 RMB price range, which is one of the fastest-growing segments in Anhui [6] - The company is focusing on marketing reforms and expanding its market presence, particularly in the Anhui province, where its revenue share is steadily increasing [6] Financial Performance Summary - In 2024, the company achieved total revenue of 6.015 billion RMB, a year-on-year increase of 0.89%, while net profit decreased by 3.83% to 1.655 billion RMB [4][6] - For Q1 2025, the company reported total revenue of 1.810 billion RMB, up 2.42% year-on-year, and net profit of 610 million RMB, up 3.59% year-on-year [4][6] - The company's revenue from high-end, mid-range, and low-end products in 2024 was 5.681 billion RMB, 68 million RMB, and 126 million RMB, respectively, with growth rates of 0.06%, -10.35%, and +33.01% [6] Market and Product Strategy - The company has been actively launching new products, including the "Jian 8" and "Jian 7," to enhance its product lineup in the 100-300 RMB price range [6] - The revenue from direct sales (including group purchases) increased by 55.73% year-on-year, while wholesale revenue slightly decreased by 0.80% [6] - The company has expanded its dealer network, increasing the number of dealers in Anhui province and outside the province [6] Profitability and Financial Ratios - The company's gross profit margin for 2024 was 74.59%, a decrease of 0.60 percentage points year-on-year, while the net profit margin was 27.52%, down 1.35 percentage points [6] - The company expects revenue growth rates of 10% in 2025 and 15% in the following years, with net profit growth rates also projected at 10% and 15% [8][10] - The projected P/E ratios for the company are 14.22 for 2024, decreasing to 8.91 by 2027, indicating an improving valuation over time [8][10]