半导体材料 晶升股份（688478.SH） 增持-A(下调) 产品结构变化致业绩增长承压，拓展光伏、外延设备等新应用领域 事件点评 产品结构变化致 24H2 业绩增长承压，加速拓展产品序列。2024 年，公 司不断拓展技术应用领域，加速拓展产品序列，深化与客户合作。分季度看， Q1-Q4 收入分别为 0.81/1.18/1.27/1.0 亿元，同比分别+111.29%/+54.79%/ +0.97%/-39.90%；归母净利润分别为 0.15/0.20/0.19/-0.01 亿元，同比分别 +507.43%/+59.58%/-31.57%/-102.29%。在宏观经济环境和行业形势等多重因 素的作用下，公司季度间业绩波动较大，由于产品结构变化、研发投入增加 等因素，下半年收入同比下降、业绩增长承压。2024 年，公司整体毛利率为 26.07%/-7.39pcts，25Q1 整体毛利率 4.53%/-29.17pcts，主要光伏产品受市场 影响毛利率较低，同步影响 Q1 业绩转负。2024 年，公司推进了碳化硅外延 炉、多线切割机、减薄机、抛光机等新产品的研发，研发费用 4,424.71 万元 /+16.39% ...

Investment Rating - The report upgrades the investment rating of the company to "Buy-A" [1][8] Core Views - The company's high-quality development strategy is progressing smoothly, leading to significant improvements in both performance and profitability year-on-year [4][8] - The company achieved a revenue of 584 million yuan in 2024, representing a year-on-year growth of 17.21%, and a net profit of 108 million yuan, up 71.49% year-on-year [3][4] - In Q1 2025, the company reported a revenue of 83.57 million yuan, a year-on-year increase of 37.51%, although it recorded a net loss of 6.39 million yuan [3][4] Financial Performance - The company's gross profit margin and net profit margin improved in 2024 and Q1 2025, with the coal industry seeing the most significant increase due to the implementation of the partner strategy [5][6] - The gross profit margin for 2024 was 63.62%, up 1.49 percentage points year-on-year, while the net profit margin was 18.42%, an increase of 5.83 percentage points [5] - For Q1 2025, the gross profit margin was 65.61%, an increase of 3.37 percentage points year-on-year, while the net profit margin was -7.65%, improving by 24.11 percentage points from the previous year [5] Strategic Developments - The company has successfully completed management adjustments and operational model innovations, which have led to increased business opportunities and improved order quality [4][8] - The "High-Quality Development 2.0 Strategy" focuses on partner strategy, service strategy, and global product strategy, which has shown initial success in the coal industry [4][8] - The company is enhancing its AI capabilities, developing competitive intelligent products for subscription-based services, and has launched the PHMGPT industry model [6][7] Future Projections - The company is expected to achieve revenues of 754 million yuan, 987 million yuan, and 1.309 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 29.1%, 31.0%, and 32.6% [8][10] - Projected net profits for the same years are 149 million yuan, 199 million yuan, and 267 million yuan, with growth rates of 38.9%, 33.2%, and 34.3% [8][10] - Corresponding EPS for 2025, 2026, and 2027 are expected to be 1.71 yuan, 2.28 yuan, and 3.06 yuan, with P/E ratios of 31.0X, 23.3X, and 17.3X, respectively [8][10]

证券Ⅲ 第一创业（002797.SZ） 增持-A(维持) 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 12 | | | --- | --- | --- | | 收盘价（元）： | | 6.94 | | 年内最高/最低（元）： | | 11.38/4.75 | | 流通 A 股/总股本（亿 | | 42.02/42.02 | | 股）： | | | | 流通 股市值（亿元）： A | | 291.65 | | 总市值（亿元）： | | 291.65 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.03 | | 摊薄每股收益(元)： | | | 0.03 | | 每股净资产(元)： | | | 4.09 | | 净资产收益率(%)： | | | 0.79 | | 资料来源：最闻 | | | | 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 孙田田 执业登记编 ...

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - External demand expectations dominate fluctuations, with attention on improving demand during the peak summer season [1] - The coal market has shown weak price performance, with a notable increase in inventory levels and a decline in coal prices [3][4] - Monetary policy easing is expected to support demand for metallurgical coal as it enters the traditional peak season [4][5] - The coal transportation market is experiencing a downturn due to weak demand and falling prices [6] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Post-holiday inventory levels are high, and port coal prices continue to show weakness. As of May 9, the spot reference price for thermal coal in the Bohai Rim was 643 CNY/ton, a weekly change of -2.13% [3][19] - **Metallurgical Coal**: The easing of monetary policy has led to increased demand as the industry enters its peak season. As of May 9, the price for main coking coal at Jingtang Port was 1320 CNY/ton, a weekly change of -4.35% [4][34] - **Coking Steel Industry Chain**: Downstream operations are improving, stabilizing coking coal prices. The average price for first-grade metallurgical coke was 1530 CNY/ton as of May 9, unchanged from the previous week [5][55] - **Coal Transportation**: The coal price weakness has led to a decline in transportation demand, with the coastal coal transportation price index at 640.35 points, a weekly change of -8.06% [6][65] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market but has not outperformed major indices. The CITIC coal index closed at 3191.92 points, with a five-day change of +0.97% [7][72] 3. Industry News Summary - A series of financial policies have been implemented to stabilize the market and expectations, with a focus on maintaining a healthy monetary environment [76][78] - Global thermal coal prices have seen a recovery, with significant increases reported in recent trading sessions [78] - The first quarter of 2025 saw a substantial increase in coal production in Shanxi province, contributing to overall industrial growth [79] 4. Important Announcements from Listed Companies - Announcements from companies such as Anyuan Coal Industry and Meijin Energy regarding management changes and stock pledges have been noted, reflecting ongoing corporate governance activities [80] 5. Next Week's Views and Investment Recommendations - The recovery in coal production and the expected stabilization of prices suggest limited downside for domestic thermal coal prices. Investment recommendations include focusing on undervalued companies with strong performance support, particularly those with low non-coal business ratios [8][81]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance [2][7]. Core Insights - The company has shown a steady growth in its biological compound fertilizer segment, benefiting from rising potassium fertilizer prices. In 2024, the company achieved a revenue of 21.265 billion yuan, a slight decrease of 2.1% year-on-year, while net profit increased significantly by 69.7% to 1.061 billion yuan [3][4][5]. Summary by Sections Financial Performance - In 2024, the company reported revenues from various fertilizer products: biological compound fertilizer (6.75 billion yuan, +2.5%), phosphate fertilizer (6.66 billion yuan, +18.1%), potassium fertilizer (3.94 billion yuan, -25.0%), feed calcium (1.32 billion yuan, +6.1%), and specialty fertilizers (680 million yuan, +16.6%) [4]. - The total sales volume of fertilizers remained stable at 7.21 million tons, with biological compound fertilizer sales increasing by 10% and phosphate fertilizer sales rising by 12% [4]. Strategic Focus - The company is focusing on its "Bio+" strategy, which has led to an increase in the proportion of differentiated products in its compound fertilizer production from 6.8% in 2023 to 65.7% in 2024. The strategy emphasizes biological nitrogen fixation and phosphorus solubilization, resulting in a significant increase in sales of A-class products by 55% [5]. Profitability and Projections - The company's gross margin and net margin improved to 11.96% and 5.06%, respectively, reflecting a year-on-year increase of 1.56 percentage points and 1.91 percentage points [5]. - The analyst forecasts net profits for 2025, 2026, and 2027 to be 1.35 billion yuan, 1.48 billion yuan, and 1.60 billion yuan, corresponding to price-to-earnings ratios of 5.6, 5.1, and 4.8 times [7].

2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 12 日 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 研究助理： 王金源 邮箱：wangjinyuan@sxzq.com | 收盘价（元）： | 52.10 | | --- | --- | | 年内最高/最低（元）： | 68.20/46.12 | | 流通A股/总股本（亿）： | 4.03/4.07 | | 流通 A 股市值（亿）： | 209.89 | | 总市值（亿）： | 211.88 | 基础数据：2025 年 3 月 31 日 基本每股收益(元)： 1.07 摊薄每股收益(元)： 1.07 每股净资产(元)： 27.02 资料来源：最闻 李旋坤 农药 扬农化工（600486.SH） 买入-B(维持) 农化景气触底回升，葫芦岛项目放量在即 事件描述 4 月 29 日，公司发布《2025 年一季度报告》，实现营业收 32.41 亿元， 同比+2.04%，环比+33.96%，实现归母净利为 4.35 亿元，同比+1.35%，环比 +146.77%。 事件点评 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [4][10] Core Views - The company experienced strong sales and production in 2024, but faced pressure on profitability in Q1 2025. The revenue for 2024 was CNY 8.511 billion, up 8.53% year-on-year, with a net profit of CNY 2.186 billion, up 59.74% year-on-year. However, Q1 2025 saw total revenue of CNY 2.056 billion, down 2.79% quarter-on-quarter and 5.28% year-on-year, with a net profit of CNY 361 million, down 28.29% quarter-on-quarter and 21.52% year-on-year [4][5][10] Summary by Sections Financial Performance - In 2024, the company produced 32.2261 million tires, a 10.22% increase year-on-year, and sold 31.4087 million tires, a 7.34% increase year-on-year. Q1 2025 sales were 7.3774 million tires, down 3.02% year-on-year [5] - The overall gross margin for 2024 was 32.84%, an increase of 7.63 percentage points year-on-year, while Q1 2025 gross margin was 22.75%, down 8.58 percentage points quarter-on-quarter and 2.46 percentage points year-on-year [5] Global Expansion and Production Capacity - The company's Thailand factory significantly increased its performance in 2024, generating CNY 5.337 billion in revenue, up 22.69% year-on-year, and a net profit of CNY 1.306 billion, up 53.72% year-on-year. The Morocco factory is expected to ramp up production in 2025, contributing to revenue growth [6][10] - The company is also developing a smart manufacturing base in Spain, with a planned annual production of 12 million high-performance tires [6] Market Environment and Strategic Positioning - The report highlights the impact of global trade tensions, particularly the U.S. tariffs on imported tires, which could affect the market. The company's diversified global production layout helps mitigate some of these risks [7] - The "Golden Triangle" production strategy, which includes facilities in China, Thailand, and Morocco, positions the company well for global competition [7][10] Future Projections - The company is projected to achieve net profits of CNY 2.010 billion, CNY 2.353 billion, and CNY 2.733 billion for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 10, 9, and 7 [10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5] Core Views - The company's revenue and net profit for Q1 2025 showed significant growth, driven by the high demand in the server PCB market, particularly due to the upgrade of traditional servers and the ongoing boom in AI server applications [3][4] - The company achieved a revenue of 1.117 billion yuan in Q1 2025, representing a year-on-year increase of 42.41%, and a net profit of 240 million yuan, up 65.68% year-on-year [1][3] - The increase in gross margin and net profit margin indicates an improvement in product structure, benefiting from the high demand for high-layer, high-precision, high-density, and high-reliability PCB products [4][3] Financial Performance Summary - For Q1 2025, the company's gross margin was 35.19%, up 0.74 percentage points year-on-year, while the net profit margin was 21.52%, an increase of 3.02 percentage points year-on-year [4] - The company expects to achieve revenues of 5.047 billion, 5.980 billion, and 6.960 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 35.2%, 18.5%, and 16.4% [5][11] - The projected net profits for the same years are 854 million, 1.075 billion, and 1.313 billion yuan, with growth rates of 26.4%, 25.8%, and 22.1% [5][11] Market Data - As of May 9, 2025, the closing price of the company's stock was 49.55 yuan, with a market capitalization of 74.45 billion yuan [3][4] - The stock has seen a yearly high of 67.64 yuan and a low of 32.77 yuan [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7] Core Views - The company reported significant revenue growth in Q1 2025, achieving total revenue of 253 million yuan, representing a year-on-year increase of 126.9% and a quarter-on-quarter increase of 14.1% [3][4] - The increase in revenue is attributed to higher sales volume and the impact of acquisitions, particularly the subsidiary Chaomeisi, which generated revenue of 68 million yuan and a net profit of 2.27 million yuan in Q1 2025 [4][5] - The company plans to invest 150 million yuan in Chaomeisi to enhance its competitive strength and profitability, aiming for a substantial improvement in its profit margin, which currently stands at 1.1% compared to the industry average of 23.5% [5][7] Financial Performance and Projections - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 200 million yuan, 240 million yuan, and 290 million yuan, respectively, with corresponding P/E ratios of 28, 23, and 19 times [7][9] - The company’s revenue is expected to grow significantly, with projections of 996 million yuan in 2025, 1.196 billion yuan in 2026, and 1.407 billion yuan in 2027, reflecting year-on-year growth rates of 53.3%, 20.1%, and 17.7% respectively [9][13] - The gross profit margin is forecasted to stabilize around 36.4% to 37.2% over the next few years, indicating a consistent profitability outlook [9][14] Market Data - As of May 12, 2025, the company's closing price was 24.99 yuan, with a year-to-date high of 26.60 yuan and a low of 9.57 yuan [10]

其他电子零组件Ⅲ 维峰电子（301328.SZ） 买入-A(维持) 不利因素预期逐渐消散，2025Q1 公司业绩迎来关键拐点 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 5 月 9 日 | | | --- | --- | | 收盘价（元）： | 39.74 | | 年内最高/最低（元）： | 51.10/29.19 | | 流通 A 股/总股本（亿股）： | 0.34/1.10 | | 流通 股市值（亿元）： A | 13.56 | | 总市值（亿元）： | 43.67 | | 基础数据：2025 年 | 3 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.23 | | 摊薄每股收益(元)： | | | 0.23 | | 每股净资产(元)： | | | 17.76 | | 净资产收益率(%)： | | | 1.39 | 请务必阅读最后股票评级说明和免责声明 1 公司研究/公司快报 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@s ...