黄金与成长双主线领跑， 港股配置与电子持仓创历史新高 公募基金 2025Q1 季报分析 2025 年 4 月 25 日 邮 箱：yumingming@cindasc.com 于明明 金融工程与金融产品首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 于明明 金融工程与金融产品首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 证券研究报告 金工研究 基金点评报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 黄金与成长双主线领跑， 港股配置与电子持仓创历史新高 2025 年 4 月 25 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 公募基金市场： 2025Q1，公募基金市场规模小幅回落，整体呈现"总 量回调、结构分化" ...

Investment Rating - The report assigns a "Buy" rating for the stock, indicating a strong performance relative to the benchmark index [18]. Core Insights - The core business of the company, specifically chromatography fillers and chromatography media, has shown significant recovery, with overseas business achieving major breakthroughs, indicating promising future growth [3][4]. Financial Performance - In 2024, the company achieved total revenue of 782 million, a year-on-year increase of 33.33%, and a net profit attributable to the parent company of 83 million, up 20.82% [1][9]. - For Q1 2025, the company reported revenue of 189 million, a 22.39% increase year-on-year, and a net profit of 29 million, reflecting a 72.98% growth [1][9]. Business Segmentation - The core business of chromatography fillers and chromatography media generated revenue of 451 million in 2024, a 10.20% increase year-on-year, while other segments contributed additional revenue [4]. - The domestic business accounted for 733 million in revenue, a 30.11% increase, while international revenue reached 47 million, a remarkable 122.19% growth [4]. Profitability and Margins - The overall gross margin for 2024 was 70.22%, a decrease of approximately 7.67 percentage points, primarily due to the consolidation of Fuli Instruments [5]. - The gross margin for chromatography fillers and chromatography media remained high at 81.56%, with fluctuations controlled within 3% [5]. Market Opportunities - The company is positioned to benefit from two major opportunities: commercialization scaling and import substitution, particularly in the context of increasing domestic demand for chromatography materials [10][6]. - The number of customers for chromatography fillers and chromatography media increased to 792 in 2024, with significant sales in both large and small molecule projects [6][7]. Strategic Partnerships - The company has deepened strategic partnerships with key clients, resulting in sales of approximately 224 million from strategic biopharmaceutical clients, accounting for about 49.67% of total sales [7]. Future Projections - Revenue projections for 2025-2027 are estimated at 998 million, 1,235 million, and 1,531 million respectively, with net profits expected to reach 151 million, 231 million, and 312 million [11][9].

Investment Rating - The investment rating for Yongyi Co., Ltd. (603600) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Viewpoints - Yongyi Co., Ltd. reported a revenue of 4.749 billion yuan in 2024, representing a year-on-year increase of 34.2%, while the net profit attributable to the parent company was 296 million yuan, a slight decrease of 0.6% year-on-year. The first quarter of 2025 showed a revenue of 1.010 billion yuan, up 17.9% year-on-year, with a net profit of 58 million yuan, an increase of 34.8% year-on-year [1][4]. - The company is expanding its overseas channels and product matrix, with office chairs and sofas generating revenues of 3.416 billion yuan and 645 million yuan respectively in 2024, showing growth rates of 33.5% and 20.2% year-on-year. The new category of height-adjustable desks saw a revenue of 91 million yuan, a significant increase of 137.6% year-on-year [2]. - The overseas production capacity is robust, with strategic locations in Vietnam and Romania. The Vietnam base is enhancing production efficiency and is expected to capture more market share in the U.S. The Romanian base is set to accelerate production in 2025 [3]. - The company's own brand revenue reached 933 million yuan in 2024, reflecting a growth of 30.9%. The domestic online and offline brands are expected to maintain high growth, while cross-border e-commerce faces some pressure [3]. - The gross profit margin for Q1 2025 was 20.7%, a decrease of 1.5 percentage points year-on-year, while the net profit margin increased by 0.7 percentage points to 5.7% [4]. - The company forecasts net profits of 380 million yuan, 490 million yuan, and 590 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 8.6X, 6.7X, and 5.6X [4]. Summary by Sections Financial Performance - In 2024, Yongyi Co., Ltd. achieved total revenue of 4.749 billion yuan, with a year-on-year growth of 34.2%. The net profit attributable to the parent company was 296 million yuan, showing a slight decline of 0.6% year-on-year. The first quarter of 2025 reported a revenue of 1.010 billion yuan, up 17.9% year-on-year, and a net profit of 58 million yuan, an increase of 34.8% year-on-year [1][4]. Product and Market Expansion - The company has successfully expanded its product offerings, with office chairs and sofas generating revenues of 3.416 billion yuan and 645 million yuan respectively in 2024. The height-adjustable desks category saw a remarkable growth of 137.6% year-on-year, indicating strong market demand [2]. Overseas Strategy - Yongyi Co., Ltd. has established a strong overseas production capacity, particularly in Vietnam and Romania, which are expected to enhance production efficiency and market share in the U.S. market [3]. Brand Development - The company's own brand revenue reached 933 million yuan in 2024, with expectations for continued high growth in domestic online and offline sales channels [3]. Profitability Metrics - The gross profit margin for Q1 2025 was reported at 20.7%, while the net profit margin improved to 5.7%. The company anticipates significant growth in net profits over the next few years [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance in 2024 and Q1 2025 has been significantly impacted by the decline in energy prices, with a notable drop in revenue and net profit [3][5] - The company is expected to benefit from the release of long-term production capacity, particularly from the Marang coal mine, which has recently obtained mining rights [6][9] - Future growth is anticipated through strategic partnerships and new projects aimed at enhancing coal utilization and expanding the coal-chemical industry [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 36.44 billion yuan, a decrease of 40.72% year-on-year, and a net profit attributable to shareholders of 2.96 billion yuan, down 42.60% [3][10] - For Q1 2025, revenue was 8.90 billion yuan, a decline of 11.34% year-on-year, with a net profit of 0.69 billion yuan, down 14.07% [3][10] - The company’s LNG production in 2024 was approximately 489,600 tons, an increase of 17.58% year-on-year, while sales volume dropped by 52.95% [5][6] - Coal production in 2024 reached 43.25 million tons, a 64.02% increase year-on-year, with a significant rise in raw coal production [5][10] Future Outlook - The Marang coal mine is expected to significantly increase its output in 2025, contributing to the company's overall production growth [6][9] - The company plans to establish a 15 million tons/year coal utilization demonstration project to enhance local coal consumption capabilities [8] - The introduction of strategic partners for the development of coal-chemical projects is anticipated to accelerate the company's growth in the coal market [7][9]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on growth and innovation strategies. Core Viewpoints - The company reported a revenue of 16.83 billion yuan in 2024, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 4.27 billion yuan, up 10.4% year-on-year. The first quarter of 2025 saw a revenue of 3.92 billion yuan, reflecting a 3.1% year-on-year growth, with a net profit of 975 million yuan, up 4.9% year-on-year. The company focuses on three strategic directions: "smart ecology, new energy, and internationalization," driving growth through innovation and channel expansion [1]. Summary by Sections Electric Connection - The electric connection business generated revenue of 7.68 billion yuan in 2024, a 4.01% increase year-on-year, with a gross margin of 40.97%, up 0.08 percentage points. Continuous innovation in converter products, including the launch of "zero-gap ultra-thin track" sockets and the "Z Generation series" targeting younger consumers, has strengthened the company's high-quality image [2]. Smart Electrical Lighting - The smart electrical lighting segment achieved revenue of 8.33 billion yuan in 2024, a 5.42% year-on-year increase, with a gross margin of 46.18%, up 0.37 percentage points. The company has introduced high-end innovations in wall switches and LED lighting, focusing on health-oriented light products. The development of a distributed AI voice control system for smart lighting is expected to enhance the overall home electrical ecosystem [2]. New Energy - The new energy business reported revenue of 777 million yuan in 2024, a significant year-on-year increase of 104.75%, with a gross margin of 34.81%, up 0.65 percentage points. The company has established a comprehensive product and channel layout, with a focus on home charging and fast charging & storage solutions, positioning itself as a leader in the industry [3]. Internationalization - The international business segment generated revenue of 239 million yuan in 2024, a 36.75% year-on-year increase, with a gross margin of 16.49%, down 10.80 percentage points. The company is actively expanding its global footprint by developing localized products and channels in emerging markets, including Southeast Asia, the Middle East, and South America [3]. Financial Performance - The company's gross margin for 2024 was 43.25%, with a net profit margin of 25.38%, both showing relative stability. The operating cash flow for 2024 was 3.73 billion yuan, with a cash dividend and buyback totaling 3.43 billion yuan, resulting in a payout ratio of 80.2% [5]. The forecast for net profit attributable to shareholders for 2025-2027 is 4.66 billion yuan, 5.20 billion yuan, and 5.84 billion yuan, respectively, with corresponding growth rates of 9.2%, 11.5%, and 12.3% [5].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 纳微科技(688690) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 核心业务明显回暖，面临商业化放大和进口替 代两大机遇 [Table_ReportDate] 2025 年 04 月 25 日 [Table_S 事件：2025 ummar年y]4 月 24 日，公司发布 2024 年年度报告&2025 年第一季度报 告。2024 年公司实现营业收入 7.82 亿元，同比增长 33.33%；实现归母净 利润 0.83 亿元，同比增长 20.82%；实现扣非归母净利润 0.66 亿元，同比 增长 108.55%。2025 年 Q1 公司实现营业收入 1 ...

Investment Rating - The investment rating for the company is "Buy," maintaining the same rating as the previous report [1]. Core Views - The company's performance in 2024 and Q1 2025 has been significantly impacted by the decline in energy prices, particularly coal and natural gas, leading to a substantial decrease in revenue and net profit [3][5]. - Despite the short-term challenges, the company is expected to benefit from the release of long-term production capacity, particularly from the Marang coal mine and strategic partnerships in coal chemical projects [8][9]. Financial Performance Summary - In 2024, the company achieved a total revenue of 36.441 billion yuan, a year-on-year decrease of 40.72%, and a net profit attributable to shareholders of 2.961 billion yuan, down 42.60% [3][10]. - For Q1 2025, the company reported revenue of 8.902 billion yuan, a decline of 11.34% year-on-year, and a net profit of 694 million yuan, down 14.07% [3][10]. - The company's LNG production in 2024 was approximately 489,600 tons, an increase of 17.58% year-on-year, while LNG sales dropped by 52.95% to approximately 293,100 tons [5][6]. - Coal production in 2024 reached 43.2524 million tons, a significant increase of 64.02% year-on-year, with sales also rising by 52.39% [5][6]. Future Outlook - The Marang coal mine is expected to significantly increase its production capacity in 2025, contributing to the company's long-term growth [8][9]. - The company plans to establish a 15 million tons/year coal quality utilization demonstration project, enhancing its coal consumption capabilities [8][9]. - Strategic partnerships, such as the collaboration with the Naomao Lake East coal mine, are anticipated to expand the company's market capacity and resource utilization [7][8]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 3.598 billion yuan, 4.239 billion yuan, and 4.691 billion yuan, respectively, with corresponding EPS of 0.55, 0.65, and 0.71 yuan [9][10].

Investment Rating - The investment rating for Yongyi Co., Ltd. (603600) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Viewpoints - Yongyi Co., Ltd. reported a revenue of 4.749 billion yuan in 2024, representing a year-on-year increase of 34.2%, while the net profit attributable to the parent company was 296 million yuan, a slight decrease of 0.6% year-on-year. The adjusted net profit was 293 million yuan, showing a significant increase of 40.1% year-on-year [1] - The company is expanding its overseas channels and product matrix, with office chairs and sofas generating revenues of 3.416 billion yuan and 645 million yuan respectively in 2024, reflecting year-on-year growth of 33.5% and 20.2%. The new category of height-adjustable desks saw a revenue of 91 million yuan, marking a substantial increase of 137.6% year-on-year [2] - The overseas production capacity is robust, with strategic locations in Vietnam and Romania. The Vietnam base is enhancing production efficiency and is expected to capture more market share in the U.S. in 2025. The Romanian base is also anticipated to ramp up production in 2025 [3] - The company's self-owned brand revenue reached 933 million yuan in 2024, a year-on-year increase of 30.9%. The domestic online and offline brands are expected to maintain high growth, while cross-border e-commerce may stabilize due to overseas production advantages [3] - The gross profit margin for Q1 2025 was 20.7%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 5.7%, an increase of 0.7 percentage points year-on-year. The company is optimizing its expense allocation, with a total expense ratio of 15.5% in Q1 2025, down 1.4 percentage points year-on-year [4] Summary by Relevant Sections Financial Performance - In 2024, the total revenue was 4.749 billion yuan, with a growth rate of 34.2% year-on-year. The net profit attributable to the parent company was 296 million yuan, with a slight decline of 0.6% year-on-year. The gross profit margin was 21.6% [5] - The projected net profits for 2025 to 2027 are 383 million yuan, 492 million yuan, and 585 million yuan respectively, with corresponding P/E ratios of 8.58X, 6.68X, and 5.62X [4][5] Operational Efficiency - The company is focusing on improving operational efficiency through lean production and local supply chain management in its overseas bases. The inventory turnover days were 66.24 days, an increase of 11.05 days year-on-year, while accounts receivable turnover days were 51.87 days, a decrease of 3.85 days year-on-year [4][5] Market Positioning - The company is solidifying its brand positioning and accelerating strategic transformation, with a focus on expanding its presence in both domestic and international markets. The flagship products have shown strong market acceptance, and the company is optimizing its marketing expenses [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to see a recovery in its heat pump business, with a focus on automation and new growth areas in the electric vehicle thermal management and robotics sectors [4] - The company reported a revenue of 1.297 billion in 2024, a decrease of 16% year-on-year, but showed a positive trend in Q1 2025 with a revenue of 0.351 billion, an increase of 19% year-on-year [1][4] - The forecast for net profit for 2025-2027 is 2.6 billion, 3.5 billion, and 4.1 billion respectively, indicating growth rates of 55%, 35%, and 17% [4] Financial Summary - The total revenue for 2023 was 1.545 billion, with a year-on-year decrease of 4.3%, while the projected revenue for 2025 is 1.737 billion, reflecting a growth of 33.9% [3] - The net profit attributable to the parent company for 2024 was 168 million, down 22.2% year-on-year, but is expected to rise to 260 million in 2025, a growth of 54.6% [3] - The gross margin is projected to stabilize around 25% for the coming years, with a slight increase to 25.5% in 2026 and 2027 [3] - The company's P/E ratio is expected to decrease from 40.53 in 2024 to 26.22 in 2025, indicating a more attractive valuation [3]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth [1]. Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year increase of 29.26%, with a net profit of 106 million yuan, up 94.58% [1]. - In Q1 2025, the company achieved a revenue of 574 million yuan, a 54.16% increase year-on-year, and a net profit of 27 million yuan, up 113.88% [1]. - The company plans to distribute a cash dividend of 0.5 yuan per share and a stock dividend of 0.4 shares per share, with a total cash dividend amounting to 79 million yuan, resulting in a dividend payout ratio of 75.09% [1]. Summary by Sections Self-Owned Brand Performance - The self-owned brand business generated revenue of 500 million yuan in 2024, a 90.28% increase, accounting for 28.37% of total revenue [2]. - The brand "Zhanjia" achieved revenue of 484 million yuan in 2024, with a year-on-year growth of 90.09%, and saw significant sales growth across multiple channels [2]. - The brand "Feicui" launched in September 2024, generated 12 million yuan in revenue in 2024, and continued to grow rapidly in Q1 2025 [2]. Brand Management Business - The brand management business reported revenue of 501 million yuan in 2024, a substantial increase of 212.24% [3]. - The brand "Kangwang" saw a 283% increase in sales across all channels in 2024, with significant growth on platforms like Tmall and Douyin [3]. - Strategic partnerships with international brands were established to enhance the company's presence in the health and personal care sectors [4]. Gross Margin Improvement - The overall gross margin for the company improved to 44.57% in 2024, an increase of 4.33 percentage points year-on-year [4]. - The gross margin for the self-owned brand "Zhanjia" reached 66.92%, reflecting a 4.2 percentage point increase [4]. - In Q1 2025, the company's gross margin further increased to 53.94% [4].