Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company's main business shows steady growth with profit elasticity trending upwards, as evidenced by a 8.9% year-on-year revenue increase to CNY 3.79 billion in Q1 2025, and a 16.0% increase in net profit to CNY 370 million [1][2] - The company is expected to achieve a revenue growth rate of over 10% year-on-year for 2025, with strong performance in both domestic and international markets [2][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenues of CNY 37.9 billion, with a breakdown of CNY 27.7 billion from yeast and deep processing, CNY 1.6 billion from sugar, CNY 1.0 billion from packaging, and CNY 7.6 billion from other businesses [1] - The gross profit margin increased by 1.3 percentage points to 26.0%, attributed to a higher proportion of high-margin yeast business and a decrease in molasses costs [2] - The net profit margin improved by 0.7 percentage points to 10.2% in Q1 2025 [2] Revenue and Profit Forecast - The company is projected to achieve net profits of CNY 1.6 billion, CNY 1.9 billion, and CNY 2.2 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 20.5%, 17.4%, and 18.2% [3][5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18, 16, and 13 for the years 2025, 2026, and 2027, indicating that the valuation is at a historical low [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's Q1 2025 performance met expectations, with revenue of 521 million yuan, a year-on-year decrease of 52.13%, and a net profit attributable to shareholders of -95.196 million yuan, down 19.68% year-on-year [1][2]. - The company is focusing on three cornerstone businesses: Wealth Technology, Asset Management Technology, and Proprietary Technology, leveraging AI and distributed architecture to enhance brokerage efficiency [2][4]. - The company has a strong commitment to R&D, with over 1,300 registered software copyrights and more than 60% of its workforce in R&D roles, ensuring a stable core technology team [3][4]. Financial Performance - For Q1 2025, the company reported a revenue of 521 million yuan, a decrease of 52.13% year-on-year, primarily due to a decline in IT equipment distribution revenue [2]. - The company expects revenues of 4.402 billion yuan, 4.659 billion yuan, and 5.027 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 165 million yuan, 226 million yuan, and 300 million yuan for the same years [5][6]. - The company's operating expenses for Q1 2025 were 6.5% for sales, 16.3% for management, and 24.4% for R&D, reflecting increases in all areas compared to the previous year [3]. AI Development - The company has established an AI Innovation Center to advance research and application in artificial intelligence, with successful internal deployment of its K-CODE model and integration of K-GPT into business scenarios [4]. - Several subsidiaries are actively promoting the application of AI models, enhancing product offerings and expanding market reach in the financial sector [4].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 投资建议：我们预计公司 2025-2027 年归母净利润分别为 129/136/141 亿，同比 增长 7%/5%/4%，EPS 分别为 0.75/0.79/0.82 元/股，当前股价对应 PE 分别为 6.4/6.1/5.9 倍，维持"买入"评级。 风险提示：电力投资不及预期、信用减值风险、新能源投产盈利不及预期等。 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported better-than-expected performance with a revenue of 3.78 billion yuan in 2024, a decrease of 12.6% year-on-year, while the net profit attributable to shareholders increased by 11.5% to 470 million yuan [1] - The company is focusing on expanding its export of offshore engineering products, which has led to improved profitability and a significant increase in revenue from this segment [2][3] - The establishment of a floating foundation business center and participation in global tenders are part of the company's strategy to enhance its market position in the offshore wind sector [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 29.83%, up 6.4 percentage points year-on-year, and a net profit margin of 12.54%, up 2.7 percentage points [1] - For Q1 2025, the company reported a revenue of 1.141 billion yuan, a year-on-year increase of 146.36%, and a net profit of 231 million yuan, up 335.91% year-on-year [1] - The company expects net profits to reach 898 million yuan, 1.181 billion yuan, and 1.514 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5, 14.8, and 11.6 [4][5] Business Segment Insights - The revenue from the export of offshore engineering products reached 1.733 billion yuan in 2024, with a gross margin of 38.5% [2] - The company's renewable energy segment generated 220 million yuan in revenue in Q1 2025, a 64% increase year-on-year, driven by the profitability of a 250MW wind power project [3] - The company has completed the layout of three major offshore engineering export bases, targeting the global offshore engineering market [2]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 亿，同增 4.5%，其中水资源与环境/能源电力/基建工程分别实现营收 801/2932/1699 亿， 同比+12%/+15%/-12%，能源电力工程增长较快，主要系新能源及抽蓄工程高增 驱动（收入分别同增 22%/35%）。勘测设计/电力投资与运营/其他业务（设备制 造、砂石骨料等）实现营收 319/254/313 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's education business is solidifying, with high growth expected to continue. In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% year-on-year [1]. - The first quarter of 2025 saw operating revenue of 864 million yuan, a year-on-year increase of 22.46%, and a net profit attributable to shareholders of 74 million yuan, up 47.00% year-on-year, primarily due to recovered impaired equity investments [1][2]. Summary by Sections Financial Performance - In 2024, the training revenue grew by 25.64% to 2.697 billion yuan, with the core high school personalized education business peaking before the college entrance examination [2]. - As of Q1 2025, cash receipts from sales and services reached 1.085 billion yuan, a year-on-year increase of 12.60%, indicating strong revenue growth certainty [2]. Operational Efficiency - The gross margin for 2024 and Q1 2025 was 34.56% and 32.02%, respectively, reflecting a slight decline due to increased teacher costs from network expansion [3]. - The company has repaid all principal loans to Unisplendour, reducing financial burdens and potentially accelerating performance [3]. Business Expansion - The company has expanded its personalized tutoring model, with over 300 learning centers and five full-time schools by the end of 2024, supporting high-quality development in the education sector [4]. - The vocational education business is also deepening, with over 15 vocational schools and integration bases, benefiting from government policies promoting vocational education [4]. Investment Outlook - Short-term performance may be impacted by store expansion and increased teaching staff, but long-term profitability is expected to improve as the business matures [5]. - The company is projected to achieve net profits of 250 million, 320 million, and 420 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 41.5%, 27.5%, and 28.6% [5].

Investment Rating - The industry maintains an "Accumulate" rating [5] Core Views - The gold market is expected to enter a consolidation phase in the short term, while still possessing upward momentum in the medium term. Recent price fluctuations are attributed to easing tariff policies and profit-taking by bullish investors. Concerns about the sustainability of central bank gold purchases are also noted [1][36] - For industrial metals, copper is seeing a recovery in prices due to increased downstream operating rates and a significant drop in inventories. The market sentiment has improved following the easing of tariff tensions, although uncertainties from trade conflicts remain [2] - In the energy metals sector, lithium production is being constrained by cost pressures, leading to a reduction in operational rates. The market is closely monitoring inventory levels for signs of a turning point [3] Summary by Sections Weekly Data Tracking - The non-ferrous metal sector has generally seen an increase in prices this week, with specific metals experiencing varied price movements [12][18] - The overall non-ferrous metal index rose by 1.5%, with energy metals up by 2.9% and precious metals down by 2.5% [18] Industrial Metals - **Copper**: Downstream operating rates have improved, and global copper inventories have decreased significantly to 641,000 tons, down by 55,000 tons week-on-week. The market anticipates a price recovery due to increased demand and tight supply conditions [2] - **Aluminum**: The easing of U.S. tariff policies is expected to support aluminum prices in the short term, despite an increase in production capacity [2] Energy Metals - **Lithium**: The production of lithium salts is being curtailed due to rising costs, with current production rates at 45%. The market is awaiting a potential inventory turning point [3] - **Silicon Metal**: High inventory levels are limiting price increases, with current social inventory at 602,000 tons. The market remains in a loose supply-demand balance [3] Key Stocks - Recommended stocks include Zijin Mining, Shandong Gold, and Chalco, all rated as "Buy" with projected earnings per share (EPS) growth [7]

Investment Rating - The report maintains a rating of "Increase" for the basic chemical industry [5] Core Insights - The integration of quantum computing and AI for Science (AI4S) is expected to revolutionize chemical research and development, enhancing precision and efficiency [2][3] - By 2035, the total market size for quantum computing is projected to reach $908.9 billion, with quantum computing alone accounting for nearly 90% of this market [1] - AI4S is identified as a key application area, capable of optimizing product formulations and accelerating the development of new materials [2][3] Summary by Sections Quantum Computing - Quantum computing is positioned as a strategic frontier in global technology competition, with significant implications for chemical R&D [1] - The report anticipates that by 2030, 58% of downstream demand for quantum computing will come from chemical and pharmaceutical sectors [3] AI for Science (AI4S) - AI4S is highlighted as a transformative force in scientific research, enabling deeper insights into chemical reactions at the atomic level [2][3] - The combination of AI and supercomputing is expected to yield optimal solutions for compound structures and formulation systems [2] Market Opportunities - The report emphasizes China's potential to lead in AI4S development, particularly in the pharmaceutical and new materials sectors [4] - Key companies such as Crystal Tech Holdings and Micro Era are noted for their advancements in AI4S and quantum algorithms, respectively [4] Price Trends - The report includes a detailed tracking of chemical product prices, indicating fluctuations and trends in the market [12][13]

证券研究报告 | 季报点评 gszqdatemark 2025 04 27 年 月 日 汤臣倍健（300146.SZ） 经营压力释放，期待逐季向好 事件：公司发布 2025 年一季报，25Q1 实现营收 17.9 亿元，同比-32.3%； 实现归母净利润 4.5 亿元，同比-37.4%；实现扣非净利润 4.1 亿元，同比 -42.4%。 高基数及春节错期仍有压力，线下渠道客流量压力更大。25Q1 公司收入 增长仍有承压，我们认为主要受上年同期基数为全年较高、今年春节错期、 消费力偏弱且行业维持较高强度竞争影响。分渠道来看，25Q1 公司线上/ 线下收入同比-15.8%/-42.6%，线下渠道上年同期基数较高，且预计仍受 保健品行业整体线下渠道人流量承压、线上为主要增量渠道影响。分品牌 来看，25Q1 汤臣倍健主品牌/健力多/Life-spacce 国内/LSG 境外收入分别 同比-36.4%/-46.2%/-36.2%/+5.9%，线下占比较高的主品牌、健力多、 Life-spacce 国内收入增长压力较明显，而 LSG 境外表现相对稳健。 毛利率因产品结构及规模效应承压，费用管控效果逐步显现。25Q1 毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved stable performance in 2024, with revenue of 6.444 billion yuan, a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.8% year-on-year. The first quarter of 2025 showed revenue of 1.306 billion yuan, a 26.21% increase year-on-year [1][4] - The company is expected to benefit from the growth in offshore wind power and data center sectors, which are anticipated to contribute to incremental performance in the future [1][3] Financial Performance Summary - **2024 Financials**: Revenue reached 6.444 billion yuan, net profit was 663 million yuan, and the gross margin was 22.29% [1] - **2025 Q1 Financials**: Revenue was 1.306 billion yuan, net profit was 112 million yuan, with a gross margin of 21.78% [1] - **Revenue Growth**: The company expects revenue to grow to 8.615 billion yuan in 2025, with a year-on-year growth rate of 33.7% [4] - **Profit Forecast**: Projected net profit for 2025 is 888 million yuan, reflecting a 34% year-on-year increase [4] Business Segment Analysis - **Box-type Substation**: Revenue of 4.239 billion yuan, up 22.60% year-on-year, with a gross margin of 21.13% [2] - **Transformers**: Revenue of 1.074 billion yuan, a significant increase of 56.12%, with a gross margin of 25.42% [2] - **Complete Switchgear**: Revenue of 674 million yuan, up 32.65%, with an improved gross margin of 18.06% [2] Strategic Developments - The company has made technological breakthroughs in offshore wind power, including the launch of a 66kV prefabricated intelligent offshore booster system, which has been successfully applied in major projects [2] - The company is expanding its presence in the data center market with the MyPower module, which has secured significant orders from leading internet companies [3] - The company is pursuing a global expansion strategy, focusing on high-margin overseas markets, particularly in Europe and Southeast Asia [3]