Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - Q1 performance remains under pressure due to fluctuating gross margins, with traditional infrastructure investments still needing improvement. The company reported total revenue of 256.8 billion, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 5.15 billion, down 14.5% [1][2] - The company has a substantial backlog of contracts amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future performance as new funding sources are expected to accelerate project execution [1][2] - New contracts in emerging sectors such as mining and electricity have seen rapid growth, while overseas orders continue to increase significantly. The total new contract amount for Q1 was 492.8 billion, a decrease of 10.5% year-on-year, with infrastructure projects accounting for 85% of the total [3] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 7.51%, a decrease of 0.28 percentage points year-on-year. The expense ratio was 4.15%, down 0.07 percentage points, indicating effective cost control [2] - Operating cash flow showed improvement, with a net outflow of 38.95 billion, which is 7.65 billion less than the previous year [2] Contracting and Order Book - The new contract amount for Q1 was 492.8 billion, with infrastructure projects seeing a decline of 13%. However, contracts in emerging sectors like mining and electricity grew significantly, with increases of 66% and 139% respectively [3] - Domestic and overseas contracts were 4,487 billion and 442 billion respectively, with overseas business maintaining rapid growth [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 yuan per share [4]

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 新天绿能（600956.SH） 风电量增价稳，业绩具备增长弹性 公司发布 2025 年一季度报告。公司 2025 年一季度实现营业收入 69.11 亿元，同比减少 12.6%；实现归属于母公司所有者的净利润 9.54 亿元，同比增长 14.71%；扣非归母净利润 9.52 亿元，同比+15.38%； 经营活动产生的现金流量净额同比+131.45%，基本每股收益 0.23 元， 同比增长 15.0%。其中，天然气售气量同比下滑影响营业收入，风电 电量修复增长带动利润提升。 风电量增价稳，装机增量有望带动增长。电量方面，2025 年一季度公 司风电实现发电量 44.63 亿度，同比+9.44%；风电上网电量 43.65 亿 度，同比+9.55%。实现光伏发电量 0.81 亿度，同比+107.27%；上网 电量 0.78 亿度，同比+105.58%。公司市场化交易电量 19.86 亿千瓦 时，交易电量占比 44.71%，同比增加 9.04pct。电价方面，公司平均 上网电价（不含税）为 0.43 元/千瓦时，较去年同期持平。一季 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 九号公司（689009.SH） 业绩增长强劲，两轮车持续放量 事件：公司发布 2025 年一季度报。公司 2025 年实现营业总收入 51.12 亿元，同比增长 99.52%；实现归母净利润 4.56 亿元，同比 增长 236.22%。 两轮车板块高增。分业务看，公司电动两轮车实现收入 28.62 亿元， 同比+140.5%，销量 100.38 万台，同比+140.8%，均价 2851 元， 以旧换新政策驱动下公司增长强劲；自主滑板车实现收入 3.95 亿 元，同比+30.4%，实现销量 20.67 万台，同比+36.3%，均价 1911 元；全地形车实现收入 2.15 亿元，同比持平，实现销量 4822 台， 同比-12.1%，均价实现 44587 元，同比+13.8%提升强劲；TOB 业 务实现 8.1 亿元，同比+91.9%，配件业务实现 8.3 亿元。 盈利能力持续提升。毛利率：2025Q1 公司毛利率实现 29.67%，同 比-0.81pct。费率端：2025Q1 公司销售/管理/研发/财务费率为 8.18%/5 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, representing a year-over-year increase of 14.7% and a quarter-over-quarter decrease of 5.1%. The net profit attributable to shareholders was 870 million yuan, up 55.3% year-over-year [1]. - The growth in revenue is primarily driven by the accelerated penetration of automotive intelligence and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027, respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, an increase of 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company’s revenue for 2024 is projected to be 25.73 billion yuan, with a year-over-year growth rate of 22.4% [5]. - The net profit for 2025 is forecasted to be 4.38 billion yuan, reflecting a year-over-year growth of 31.7% [3][5]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, up 30% year-over-year, while the mobile CIS segment is projected to generate 9.8 billion yuan, up 26% year-over-year [2]. - The IoT CIS segment also showed strong growth, achieving 760 million yuan in revenue in 2024, a 42% increase year-over-year [2]. - The company is enhancing its competitive advantage through the dual product lines of mobile and automotive CIS, with expectations for continued growth in both segments [2].

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 鸿路钢构（002541.SZ） 25Q1 扣非业绩超预期，盈利拐点已现 25Q1 营收增速拐头向上，扣非业绩超预期。公司 25Q1 实现营收 48.2 亿 元，同增 8.8%，结束连续 4 个季度的收入下滑；实现扣非后归母净利润 1.1 亿元，同比大幅增长 31%，超市场预期，主因 Q1 研发费用率下降； 实现归母净利润 1.4 亿元，同降 33%，同比下滑主因上年同期确认较多的 政府补助。25Q1 以产量计算的吨扣非后净利 109 元，同比/环比提升 14/10 元，单吨盈利能力已实现触底回升。公司 25Q1 新签订单同增 1.3%，历 经 4 个季度同比下滑后增速回正；钢结构产量同增 14.3%显著加速，结束 连续 4 个季度产量微增的状态。整体看公司 25Q1 订单、产量、营收、扣 非吨净利均出现向上拐点，后续公司业绩有望持续向上修复。 毛利率下降，费用率降低，钢材采购增多致 Q1 现金流净流出。25Q1 公 司毛利率 9.83%，YoY-0.76 个 pct，主因钢结构售价跟随钢价下行（25Q1 热轧卷板日均价格 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 东华科技（002140.SZ） Q1 营收稳健增长，扣非业绩增速亮眼 Q1 收入稳健增长，归母业绩同比基本持平，扣非业绩增速亮眼。2025Q1 公司实现营业总收入 20.7 亿元，同比增长 13.5%，在建总承包项目有序 推进带动收入规模稳健增长；实现归母净利润 1.2 亿元，同比下降 0.9%， 业绩略有下滑主要因毛利率小幅下降 0.45pct 以及减值损失转回同比减少 0.6 亿元；扣非归母净利润 1.1 亿元，同比增长 27.0%，扣非业绩增速显 著高于归母净利润增速主要因上年同期个别单项计提减值项目转回减值 准备较多，扣非业绩增长展现公司经营性盈利向好。公司当前在手订单充 裕、在建项目稳步推进，后续作为煤化工建设领军企业有望核心受益新疆 煤化工投资加码与建设提速，2025 年全年收入利润有望加速增长。 费用率显著优化，现金流短期承压。2025Q1 公司综合毛利率 8.74%，同 比下降 0.45pct。期间费用率 2.17%，同比下降 3.60pct，其中销售/管理/ 研发/财务费用率分别同比下降 0.02/0.3 ...

Q1 业绩增长超预期，实业板块盈利有望改善 24 全年营收业绩稳健增长，毛利率改善带动 25Q1 业绩超预期。2024 年公 司实现营业总收入 1866 亿，同增 4.1%；实现归母净利润 57 亿，同增 4.8%； 扣非归母净利润同增 6%，全年业绩稳增符合预期。分季度看：24Q1/Q2/Q3/Q4 单季营收分别同比+6%/-6%/+8%/+9%；单季归母净利润分别同比+9%/- 12%/+29%/+9%，Q4 收入业绩稳健增长。分业务看：化学工程/基础设施/环 境治理/实业分别实现营收 1522/206/22/88 亿，同比+7%/-6%/-22%/+13%。 分区域看：境内/境外分别实现营收 1391/462 亿，同比-2%/+30%，海外收 入增长强劲。2025Q1 公司实现营业总收入 447 亿，同降 1%；实现归母净利 润 14.4 亿，同增 19%；扣非归母净利润同增 23%，业绩增长超预期，主要得 益于单季毛利率显著提升。 毛利率稳步上行，净现比持续优异。2024 年公司综合毛利率 10.48%，同比 +0.65pct，主要得益于化工主业盈利显著改善（毛利率同比+0.8pct）；基建/ 实业/ ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, with a year-over-year growth of 14.7% and a quarter-over-quarter decline of 5.1%. The net profit attributable to shareholders was 870 million yuan, reflecting a year-over-year increase of 55.3% [1]. - The growth in revenue is primarily driven by the acceleration of automotive intelligence penetration and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, up 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company forecasts a net profit of 4.38 billion yuan in 2025, representing a year-over-year growth of 31.7% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 36, 26, and 22 respectively, indicating a strong growth trend [3]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, reflecting a year-over-year increase of 30% [2]. - The mobile CIS segment is projected to generate 9.8 billion yuan in revenue in 2024, with a year-over-year growth of 26% [2]. - The IoT CIS segment also showed strong performance with a revenue of 760 million yuan in 2024, growing by 42% year-over-year [2].

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 鸿路钢构（002541.SZ） 25Q1 扣非业绩超预期，盈利拐点已现 25Q1 营收增速拐头向上，扣非业绩超预期。公司 25Q1 实现营收 48.2 亿 元，同增 8.8%，结束连续 4 个季度的收入下滑；实现扣非后归母净利润 1.1 亿元，同比大幅增长 31%，超市场预期，主因 Q1 研发费用率下降； 实现归母净利润 1.4 亿元，同降 33%，同比下滑主因上年同期确认较多的 政府补助。25Q1 以产量计算的吨扣非后净利 109 元，同比/环比提升 14/10 元，单吨盈利能力已实现触底回升。公司 25Q1 新签订单同增 1.3%，历 经 4 个季度同比下滑后增速回正；钢结构产量同增 14.3%显著加速，结束 连续 4 个季度产量微增的状态。整体看公司 25Q1 订单、产量、营收、扣 非吨净利均出现向上拐点，后续公司业绩有望持续向上修复。 股价走势 -50% -36% -22% -8% 6% 20% 2024-04 2024-08 2024-12 2025-04 鸿路钢构 沪深300 毛利率下降，费用率降低，钢材采购增 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 30 年 月 日 海澜之家（600398.SH） 分红卓越，主业稳健，期待京东奥莱引领增长 2024 年公司收入同比-3%/归母净利润同比-27%，股利支付率高达 91%。1）2024 年公司收 入为 209.6 亿元，同比-3%；归母净利润为 21.6 亿元，同比-27%；扣非归母净利润为 20.1 亿元， 同比-26%。少数股东损益为 0.30 亿元，我们推算品牌管理（斯搏兹+京东奥莱）子公司口径全年 利润约为 1 亿元。2）盈利质量：毛利率同比持平为 44.5%；销售/管理/财务费用率同比分别 +2.9/+0.5/-1.1pct 至 23.1%/4.9%/-0.8%（我们判断销售费用率提升主要系直营渠道占比增加）； 综合以上，净利率同比-3.1pct 至 10.4%。3）单 Q4：2024Q4 公司收入为 57.0 亿元，同比-4%； 归母净利润为 2.5 亿元，同比-50%；扣非归母净利润为 2.7 亿元，同比-45%。4）公司 2024 年合 计拟分配现金股利 19.69 亿元，股利支付率约为 91%，以 2025 年 4 月 ...