[Table_StockNameRptType] 昊华科技（600378） 公司点评 短期业绩承压，制冷剂景气度有望提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-11 | | | [Table_BaseData] 收盘价（元） | | 25.55 | | 近 12 个月最高/最低（元） | 34.56/24.51 | | | 总股本（百万股） | | 1290 | | 流通股本（百万股） | | 911 | | 流通股比例（%） | | 70.64 | | 总市值（亿元） | | 330 | | 流通市值（亿元） | | 233 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 40% 5/5 7/5 9/5 11/5 1/5 3/5 5/5 昊华科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S001052 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 25.20% year-on-year increase in revenue for 2024, reaching 2.014 billion yuan, and a 14.40% increase in net profit, amounting to 528 million yuan [2][4] - The gross margin remains stable at 46.93%, although it has decreased by 1.45 percentage points year-on-year, while the net margin has decreased by 2.47 percentage points to 26.19% due to increased asset impairment losses [2] - The company is a leader in the photovoltaic laser equipment sector, with significant breakthroughs in packaging equipment and ongoing research in semiconductor and other new fields [4][5] Financial Performance Summary - For 2024, the company achieved a revenue of 2.014 billion yuan, with a gross margin of 46.93% and a net profit margin of 26.19% [2][8] - The fourth quarter of 2024 saw a revenue of 574 million yuan, a 25.59% increase year-on-year, and a net profit of 144 million yuan, an 18.46% increase year-on-year [2] - In the first quarter of 2025, the company reported a revenue of 561 million yuan, a 24.55% increase year-on-year, and a net profit of 163 million yuan, a 20.76% increase year-on-year [2] Product and Market Position - The company has a competitive advantage in various photovoltaic product lines, with 99.96% of its revenue coming from the photovoltaic industry in 2024 [4] - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, indicating a diversification strategy [4] - The company has secured significant orders, including a 1.229 billion yuan order from a leading photovoltaic enterprise for its back-contact battery laser micro-etching equipment [5][6] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 2.415 billion yuan, 2.840 billion yuan, and 3.546 billion yuan, respectively, with corresponding net profits of 635 million yuan, 838 million yuan, and 1.110 billion yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.32 yuan, 3.06 yuan, and 4.06 yuan, respectively [6][8] - The price-to-earnings (P/E) ratios for the same years are projected to be 25, 19, and 14, reflecting the company's strong market position and innovation capabilities [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a significant increase in revenue and profit in the cesium and rubidium segment, while lithium salt production costs are decreasing [2] - The company achieved a revenue of 5.36 billion yuan in 2024, a year-on-year decrease of 10.8%, and a net profit attributable to shareholders of 760 million yuan, down 65.7% year-on-year [6][12] - The company’s self-supplied lithium ore advantage is becoming more prominent, with lithium salt sales from its own mines reaching 39,477 tons, a year-on-year increase of 164% [7] - The rare light metal (cesium and rubidium) segment saw a revenue increase of 24.16% year-on-year, with gross profit rising by 50.98% [8] - The company is expanding its copper resource layout, having acquired a 65% stake in the Kitumba copper mine project in Zambia [8] Financial Performance - In Q4 2024, the company achieved a revenue of 1.8 billion yuan, a year-on-year increase of 78.1%, and a net profit of 210 million yuan, up 53.0% year-on-year [6] - For Q1 2025, the company reported a revenue of 1.54 billion yuan, a year-on-year increase of 36.4%, but a net profit decrease of 47.4% year-on-year [6] - The projected net profits for 2025-2027 are 869 million, 1.55 billion, and 1.99 billion yuan respectively, with corresponding P/E ratios of 24, 14, and 11 times [9] Production Capacity - By the end of 2024, the company had a total of 4.18 million tons per year of mining capacity and 66,000 tons per year of battery-grade lithium salt production capacity [7]

[分Ta析bl师e_：Au王th莺or] 执业证书号：S0010520070003 电话：18502142884 邮箱：wangying@hazq.com [相Ta关bl报e_告CompanyReport] 2024-10-29 [Ta大ble北_Sto农ckN（ameRptType] 002385） 公司点评 出栏量有望达到 800 万头，完全成本降至 12.9 元 | [T投a资ble评_R级an：k]买入（维持） | | | --- | --- | | 报告日期： | 2025-05-06 | | [收Ta盘bl价e_（Ba元se）Data] | 4.12 | | 近 12 个月最高/最低（元） | 5.26/3.70 | | 总股本（百万股） | 4,300 | | 流通股本（百万股） | 3,524 | | 流通股比例（%） | 81.95 | | 总市值（亿元） | 177 | | 流通市值（亿元） | 145 | 2024 年，公司饲料外销量 540.55 万吨，同比下降 7.6%。其中，猪料 外销量 427.6 万吨，同比减少 8.2%；反刍料外销量 60.28 万吨，整体 保持平稳；水产料外 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a clear trend of international expansion, with overseas orders contributing to sustained performance improvement [1] - In 2024, the company achieved revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, while net profit attributable to shareholders was 419 million yuan, an increase of 46.49% year-on-year [5] - The company's gross margin improved to 22.92%, up 3.69 percentage points year-on-year, indicating enhanced profitability [5] - The company expects net profits for 2025-2027 to be 739 million, 881 million, and 1.041 billion yuan respectively, corresponding to P/E ratios of 14, 11, and 10 times [7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 831 million yuan, a year-on-year increase of 16.78%, and a net profit of 88 million yuan, up 71.56% year-on-year [6] - The company's inverter business generated revenue of 2.75 billion yuan in 2024, with a gross margin of 22.55%, reflecting a year-on-year increase of 2.3 percentage points [6] - The company’s overseas revenue reached 1.16 billion yuan in 2024, a year-on-year increase of 69% [6] Business Segments - The energy storage PCS business generated revenue of 1.93 billion yuan in 2024, with a gross margin of 21.98%, up 5.81 percentage points year-on-year [9] - The company is transitioning from a domestic leader in PCS to a global specialized leader, indicating significant growth potential in overseas markets [9] Financial Projections - The company forecasts revenues of 6.879 billion, 8.166 billion, and 9.395 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 44.1%, 18.7%, and 15.0% [10] - The projected gross margins for the next few years are expected to remain stable around 24.3% [10]

[Table_StockNameRptType] 中化国际（600500） 公司点评 减值拖累 2024 全年业绩，25Q1 经营减亏 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-05-08 | | | [Table_BaseData] 收盘价（元） | 3.69 | | 近 12 个月最高/最低（元） | 4.82/3.38 | | 总股本（百万股） | 3,589 | | 流通股本（百万股） | 3,587 | | 流通股比例（%） | 99.95 | | 总市值（亿元） | 132 | | 流通市值（亿元） | 132 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 5/7 7/7 9/7 11/7 1/7 3/7 5/7 中化国际 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：1381656246 ...

[Table_StockNameRptType] 鼎阳科技（688112） 公司点评 高端化战略持续推进，2025 年 Q1 盈利能力提升 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-05-08 | | 570 收盘价（元） | 36.50 | | 近 12 个月最高/最低（元） | 37.49/20.36 | | 总股本（百万股） | 159.20 | | 流通股本（百万股） | 159.20 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 58.11 | | 流通市值（亿元） | 58.11 | [公司价格与沪深 Table_Chart] 300 走势比较 -50% -40% -30% -20% -10% 0% 10% 20% 鼎阳科技 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 相关报告 1.《高端化加速国产替代，营销网络布 局全球》2024-11-21 主要观点： ⚫[Table_Summary] 公司发布 ...

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company reported an improvement in profitability in Q1, with ongoing expansion in resource capacity [1] - For 2024, the company expects revenue of 13.1 billion yuan, a year-on-year decrease of 68%, and a net profit attributable to shareholders of -7.9 billion yuan, a year-on-year decrease of 208% [1] - The main reasons for the profitability improvement include a shortened pricing cycle for lithium ore and the resolution of tax disputes impacting net profit [1] - The company is expanding its resource capacity, with planned lithium chemical product capacity exceeding 120,000 tons [2] - The company is expected to achieve net profits of 1.768 billion yuan in 2025, with corresponding P/E ratios of 27, 15, and 9 for the years 2025, 2026, and 2027 respectively [3] Financial Performance Summary - For 2024, the company anticipates revenue of 13.063 billion yuan, with a year-on-year decline of 67.7% [5] - The net profit attributable to shareholders is projected to be -7.905 billion yuan for 2024, with a year-on-year decline of 208.3% [5] - The gross margin is expected to be 46.1% in 2024, improving to 50.2% by 2027 [5] - The company’s return on equity (ROE) is projected to recover from -18.9% in 2024 to 9.9% in 2027 [5] - Earnings per share (EPS) is expected to turn positive, reaching 3.14 yuan by 2027 [5]

[Table_StockNameRptType] 中化国际（600500） 公司点评 减值拖累 2024 全年业绩，25Q1 经营减亏 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-05-08 | | | [Table_BaseData] 收盘价（元） | 3.69 | | 近 12 个月最高/最低（元） | 4.82/3.38 | | 总股本（百万股） | 3,589 | | 流通股本（百万股） | 3,587 | | 流通股比例（%） | 99.95 | | 总市值（亿元） | 132 | | 流通市值（亿元） | 132 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 5/7 7/7 9/7 11/7 1/7 3/7 5/7 中化国际 沪深300 [Table_Author] 分析师：王强峰 事件二：公司同日发布 2025 年一季报，实现营收 108.03 亿元，同比 -7.01%，环比-19.59%；归母净利-3.96 亿元，同比-38.64%，环比 +82.92%；扣非净利润-4 ...

天齐锂业（ [Table_StockNameRptType] 002466） 公司点评 一季度盈利改善，资源端持续扩张 [Table_Rank] 投资评级：买入（维持） 主要观点： ⚫[Table_Summary] 业绩 ⚫ 风险提示 新建产能不及预期；下游需求不及预期；新技术出现；不可控的全球地 缘风险。 | ⚫[Tab重要财务指标 le_Profit] | | | | 单位:百万元 | | --- | --- | --- | --- | --- | | 主要财务指标 | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 13063 | 15788 | 20900 | 27426 | | 收入同比（%） | -67.7% | 20.9% | 32.4% | 31.2% | | 归属母公司净利润 | -7905 | 1768 | 3176 | 5150 | | 净利润同比（%） | -208.3% | 122.4% | 79.6% | 62.2% | | 毛利率（%） | 46.1% | 47.2% | 50.1% | 50.2% | | ROE（%） | -18.9% | 4 ...