公司研究 证 券 研 究 报 告 中信证券（600030）2025 年一季报点评 推荐（维持） 业绩略超预期，自营业绩环比同比均有提升 目标价：31.9 元 事项： 中信证券发布 2025 年一季报。剔除其他业务收入后营业总收入：162 亿元， 同比+27.5%。归母净利润：65.5 亿元，同比+32%。 点评： ROE 同比提升明显，主因是自营收益率提升。公司报告期内 ROE 为 2.2%， 同比+0.4pct，杜邦拆分来看： 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 88.6 亿元。单季度自营收益率为 1.1%，环比+0.5pct，同 比+0.3pct。 对比来看，单季度期间主动型股票型基金平均收益率为+3.25%，环比-2.07pct， 同比+6.84pct。纯债基金平均收益率为-0.2%。环比-1.62pct，同比-1.29pct。 2）信用业务：公司利息收入为 47.6 亿元，环比-4.39 亿元。两融业务规模为 1498 亿元，环比+114.5 亿元。两融市占率为 7.81%，同比+0.61pct。 3）质押业务：买入返售金融资产余额为 545 亿 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 75 yuan [1]. Core Views - The company achieved a total revenue of 11.55 billion yuan in 2024, representing a year-on-year increase of 14.3%, while the net profit attributable to shareholders was 3.41 billion yuan, up 8.8% year-on-year [1]. - In Q4 2024, the company reported a revenue of 1.6 billion yuan, down 7.6% year-on-year, and a net profit of 330 million yuan, down 34.8% year-on-year [1]. - For Q1 2025, the company recorded a revenue of 5.1 billion yuan, an increase of 9.2% year-on-year, and a net profit of 1.64 billion yuan, up 7.3% year-on-year [1]. - The company aims for a revenue growth target of 5%-12% for 2025, with expectations for V3 and expansion in the provincial market to drive growth [5]. Financial Summary - **2024 Financial Performance**: - Total Revenue: 11,546 million yuan - Year-on-Year Growth: 14.3% - Net Profit: 3,412 million yuan - Year-on-Year Growth: 8.8% - Earnings Per Share (EPS): 2.74 yuan - Price-to-Earnings Ratio (P/E): 17 times [1][9]. - **2025 Financial Projections**: - Total Revenue: 12,578 million yuan - Year-on-Year Growth: 8.9% - Net Profit: 3,647 million yuan - Year-on-Year Growth: 6.9% - EPS: 2.93 yuan - P/E: 16 times [1][9]. - **2026 and 2027 Projections**: - 2026 Total Revenue: 13,641 million yuan, Growth: 8.5% - 2027 Total Revenue: 14,695 million yuan, Growth: 7.7% - 2026 Net Profit: 3,930 million yuan, Growth: 7.8% - 2027 Net Profit: 4,235 million yuan, Growth: 7.8% [1][9]. Market Performance - The company has shown a consistent increase in market share within the province, with a notable revenue increase of 27% in provincial markets and a 19% increase in external markets in 2024 [5]. - The company’s cash flow and contract liabilities are reported to be in a relatively healthy state, with a contract liability of 540 million yuan at the end of Q1 2025 [5].

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. (600887) with a target price of 36 CNY [2][8]. Core Views - The company reported a revenue of 115.39 billion CNY for 2024, a year-on-year decrease of 8.24%, and a net profit attributable to shareholders of 8.45 billion CNY, down 18.9% year-on-year. The first quarter of 2025 showed a revenue increase of 1.46% year-on-year, indicating a potential recovery [2][9]. - The company plans to distribute a cash dividend of 1.22 CNY per share, totaling 7.73 billion CNY, with a payout ratio of 91.4% [2]. Financial Performance Summary - **2024 Financials**: - Total revenue: 115.78 billion CNY, down 8.2% year-on-year - Net profit: 8.45 billion CNY, down 18.9% year-on-year - EPS: 1.33 CNY [9]. - **2025 Estimates**: - Projected revenue: 119.11 billion CNY, up 2.9% year-on-year - Projected net profit: 10.74 billion CNY, up 27.1% year-on-year - Projected EPS: 1.69 CNY [9]. Product Performance - In Q4 2024, the revenue from liquid milk, milk powder, and dairy products was 17.48 billion CNY, 8.35 billion CNY, and 0.377 billion CNY respectively, with year-on-year changes of -13.1%, +8.7%, and +23.7% [7]. - In Q1 2025, the revenue from liquid milk, milk powder, and dairy products was 19.64 billion CNY, 8.81 billion CNY, and 4.11 billion CNY respectively, with year-on-year changes of -3.1%, +18.6%, and -5.3% [7]. Cost and Profitability - The gross margin for Q4 2024 was 30.8%, a decrease of 0.69 percentage points year-on-year, while the gross margin for Q1 2025 improved to 37.7%, an increase of 1.88 percentage points year-on-year [7]. - The net profit margin for Q1 2025 was 15.0%, down 3.33 percentage points year-on-year, primarily due to a decrease in investment income [7]. Future Outlook - The company aims for a revenue target of 119 billion CNY and a total profit of 12.6 billion CNY for 2025, representing a year-on-year increase of 2.8% and 24% respectively [7]. - The expected net profit margin for 2025 is 9.0%, aligning with previous plans [7].

公司研究 证 券 研 究 报 告 广发证券（000776）2025 年一季报点评 推荐（维持） 目标价：20.51 元 当前价：15.33 元 业绩环比稳定，轻资本业务受市场影响有所 回落 事项： 广发证券发布 2025 年一季报。剔除其他业务收入后营业总收入：71 亿元，同 比+48.1%。归母净利润：27.6 亿元，环比-1.2 亿元，同比+79.2%。 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 27,199 | 33,517 | 35,280 | 37,867 | | 同比增速(%) | 17% | 23% | 5% | 7% | | 归母净利润(百万) | 9,637 | 11,014 | 11,801 | 12,795 | | 同比增速(%) | 38% | 14% | 7% | 8% | | 每股盈利(元) | 1.15 | 1.45 | 1 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][21]. Core Views - The company achieved record high operating performance in 2024, with revenue reaching 3.406 billion yuan, a year-on-year increase of 35.82%, and a net profit of 1.023 billion yuan, up 41.40% year-on-year [5][6]. - The company is actively advancing new product and business layouts, particularly in the AI-driven advanced packaging market, which is projected to grow significantly [5][6]. - The company has successfully increased its market share and sales scale in CMP products, enhancing its core competitiveness through increased R&D investment and production capacity [5][6]. Financial Performance - In 2024, the company reported total revenue of 34.06 billion yuan, with a year-on-year growth of 35.82%, and a net profit attributable to shareholders of 10.23 billion yuan, reflecting a year-on-year increase of 41.40% [5][6]. - For Q1 2025, the company achieved revenue of 9.12 billion yuan, a year-on-year increase of 34.14%, and a net profit of 2.33 billion yuan, up 15.47% year-on-year [5][6]. - The company’s earnings per share (EPS) are projected to be 5.70 yuan in 2025, 7.15 yuan in 2026, and 8.36 yuan in 2027 [6][7]. Market Position and Strategy - The company is focusing on the development of new products and technologies, achieving significant results in CMP equipment, thinning equipment, and other product lines [5][6]. - The company has completed the construction of new production bases to support its platform strategy, enhancing its production scale and competitiveness [5][6]. - The global advanced packaging market is expected to grow from 37.8 billion USD in 2023 to 69.5 billion USD by 2029, with a compound annual growth rate of 10.7%, presenting significant opportunities for the company [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28 CNY [2][6]. Core Views - The company reported a slight decline in total revenue for Q1 2025, with a total revenue of 14.3 billion CNY, down 0.1% year-on-year. The net profit attributable to shareholders was 1.14 billion CNY, down 10.6% year-on-year [2][6]. - The meat product business faced challenges due to weak consumer demand and inventory destocking, leading to a 17.8% decline in revenue to 5.58 billion CNY in Q1 2025. However, the company is expected to improve its performance in the coming quarters as inventory levels are low and new channels show growth [6][8]. - The slaughtering business showed a revenue increase of 6.1% to 7.0 billion CNY in Q1 2025, driven by an increase in slaughter volume and a more stable market environment [6][9]. - The company is expected to achieve steady growth throughout the year, supported by improved operational efficiency in its breeding business and a focus on specialized operations [6][8]. Financial Summary - For the fiscal years 2024 to 2027, the company is projected to have total revenues of 59.56 billion CNY, 61.77 billion CNY, 63.79 billion CNY, and 65.70 billion CNY, respectively, with year-on-year growth rates of -0.6%, 3.7%, 3.3%, and 3.0% [2][12]. - The net profit attributable to shareholders is forecasted to be 4.99 billion CNY, 5.24 billion CNY, 5.48 billion CNY, and 5.73 billion CNY for the same period, with growth rates of -1.3%, 5.1%, 4.4%, and 4.6% [2][12]. - The earnings per share (EPS) are expected to be 1.44 CNY, 1.51 CNY, 1.58 CNY, and 1.65 CNY for 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 18, 17, and 16 [2][12].

公司研究 证 券 研 究 报 告 浙商证券（601878）2025 年一季报点评 推荐（维持） 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 15,816 | 17,251 | 17,943 | 18,746 | | 同比增速(%) | -10% | 9% | 4% | 4% | | 归母净利润(百万) | 1,932 | 2,380 | 2,662 | 2,982 | | 同比增速(%) | 10% | 23% | 12% | 12% | | 每股盈利(元) | 0.49 | 0.52 | 0.58 | 0.65 | | 市盈率(倍) | 21.3 | 20.1 | 18.0 | 16.0 | | 市净率(倍) | 1.36 | 1.28 | 1.22 | 1.17 | 受市场影响，业绩略有回落 目标价：12.25 元 事项： 浙商证券发布 2025 年一 ...

Investment Rating - The report maintains a "Strong Buy" rating for China Nuclear Power (601985), expecting it to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The report highlights a 3% year-on-year growth in net profit attributable to shareholders for Q1 2025, with new projects receiving approval, ensuring long-term growth potential [1]. - The company is expected to see a revenue increase from 77.27 billion yuan in 2024 to 84.87 billion yuan in 2025, reflecting a growth rate of 9.8% [2]. - The report emphasizes the company's robust pipeline of projects under construction, which is anticipated to support its medium to long-term growth trajectory [6]. Financial Performance Summary - **Revenue and Profit**: In 2024, the company achieved a total revenue of 77.27 billion yuan, a 3.09% increase year-on-year. The net profit attributable to shareholders was 8.77 billion yuan, down 17.4% year-on-year [6][7]. - **Quarterly Performance**: For Q1 2025, the company reported a net profit of 3.14 billion yuan, a 2.55% increase year-on-year, with revenue reaching 20.27 billion yuan, up 12.7% year-on-year [6][7]. - **Electricity Generation**: The total electricity generated in 2024 was 203.92 billion kWh, a 3.28% increase year-on-year, with a significant growth in renewable energy generation [6]. Project Pipeline and Growth Potential - The report notes that as of March 31, 2025, the company has 26 operational nuclear power units with a total capacity of 24.96 million kW and 17 units under construction or approved, with a capacity of 19.43 million kW [6]. - The recent approval of two new nuclear units at the Zhejiang Sanmen Nuclear Power Project is expected to further enhance the company's growth prospects [6]. Valuation and Price Target - The report adjusts the earnings forecast for 2025 to 10.5 billion yuan and for 2026 to 11.5 billion yuan, with a new target price set at 10.7 yuan, indicating a 15% upside from the current price of 9.33 yuan [2][6].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][21]. Core Views - The company's performance is under pressure in the short term, but its deepening overseas layout is expected to contribute to incremental growth [2][3]. - The company has established a strong market presence in Poland, with an anticipated market share exceeding 30% in 2024, and is actively expanding in the Middle East [8][4]. - The company has a robust pipeline of energy storage projects, with cumulative deliveries and grid connections exceeding 4.5 GWh and project reserves over 10 GWh as of the end of 2024 [8][4]. Financial Summary - Total revenue for 2024 is projected at 67.42 billion, a year-on-year decrease of 1.89%, with a net profit of 7.53 billion, down 27.00% year-on-year [4][8]. - The company expects revenue growth of 14.3% in 2025, reaching 77.06 billion, and a net profit of 8.18 billion, reflecting an 8.6% increase [4][8]. - The earnings per share (EPS) is forecasted to increase from 0.37 yuan in 2024 to 0.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 14 times for 2025 [4][8]. Market Position and Strategy - The company is collaborating with global leaders in metering technology to enhance its overseas market presence, particularly in Europe and the Middle East [8][4]. - The establishment of a new overseas base in Saudi Arabia, with a capacity of approximately 1 GWh, is expected to commence production within the year, further expanding its market reach [8][4]. - The report highlights the importance of operational efficiency and cost management, noting a 20% increase in operating expenses in 2024, which has impacted profitability [8][4].

Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Tire (000589) with a target price of 5.20 CNY, compared to the current price of 4.36 CNY [3][7]. Core Views - The company achieved steady growth in production and sales, focusing on structural improvements and actively advancing the Vietnam Phase III project [2][7]. - In 2024, the company reported a revenue of 10.691 billion CNY, a year-on-year increase of 11.35%, while the net profit attributable to shareholders decreased by 26.08% to 615 million CNY [7][8]. - The company plans to produce and sell 10.45 million and 10.35 million tires in 2025, respectively, representing growth of 8.7% and 7.8% compared to 2024 [7][8]. Financial Performance - In Q4 2024, the company achieved a revenue of 2.848 billion CNY, with a year-on-year increase of 11.06% and a quarter-on-quarter increase of 6.72% [7]. - The company’s tire production and sales reached 9.611 million and 9.602 million units in 2024, with year-on-year increases of 7.4% and 11.8% respectively [7]. - The average price of tire products in 2024 was 1,113.4 CNY per unit, showing a slight decrease of 0.4% year-on-year, indicating stable pricing [7]. Vietnam Operations - The Vietnam operations saw significant growth, with production and sales of 2.1163 million and 2.0601 million tires, respectively, marking increases of 65.3% and 64.0% year-on-year [7]. - The revenue from the Vietnam operations was 1.789 billion CNY, a year-on-year increase of 45.7%, with a net profit of 232 million CNY, down 3.2% year-on-year [7]. Profitability Metrics - The company reported a gross margin of 17.94% and a net profit margin of 5.81% for 2024, both showing declines compared to the previous year due to rising raw material costs [7]. - In Q1 2025, the gross margin and net profit margin were 14.19% and 2.65%, respectively, reflecting a year-on-year decline primarily due to increased raw material prices [7]. Future Outlook - The company is optimistic about the domestic economic foundation and expects a recovery in the commercial vehicle tire market, which will support its growth [7]. - The report adjusts the net profit forecasts for 2025 and 2026 to 618 million CNY and 806 million CNY, respectively, with a new forecast for 2027 at 1.024 billion CNY [7][8].