Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in revenue growth quarter by quarter, with a significant increase in the proportion of consumables in its business [2] - The company is increasing its R&D investment and optimizing its supply chain, which is expected to enhance profitability [2] - Revenue forecasts for 2025-2027 indicate a positive growth trajectory, with expected revenues of 10.58 billion, 13.14 billion, and 16.21 billion respectively, and corresponding net profits of 2.06 billion, 2.69 billion, and 3.43 billion [2] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 843 million (down 24.85% YoY) and a net profit of 155 million (down 47.74% YoY) [3] - The revenue for Q4 2024 was 241 million (up 36.29% YoY), with a net profit of 30 million (up 12.65% YoY) [3] - The company’s gross margin improved to 48.3% in 2024, with a projected gross margin of 49.3% in 2025 [3] Revenue Breakdown - The company’s consumables revenue reached 284 million in 2024, representing a 46.22% increase YoY, and accounted for 33.72% of total revenue [2] - The revenue from home respiratory therapy products was 527 million (down 38.15% YoY), primarily due to inventory destocking in overseas markets [2] Profitability Metrics - The sales expense ratio increased to 13.36% (up 4.06 percentage points YoY), while the management expense ratio rose to 7.29% (up 3.70 percentage points YoY) [2] - The net profit margin for 2024 was 18.80% (down 7.91 percentage points YoY) [2] Future Projections - Expected revenue growth rates for 2025, 2026, and 2027 are 25.4%, 24.2%, and 23.4% respectively [2] - The projected net profit growth rates for the same period are 32.4%, 30.6%, and 27.7% respectively [2]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 迪普科技(300768.SZ) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@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] 业绩保持稳健增长，持续推进有序扩张战略 [Table_ReportDate] 2025 年 4 月 18 日 [Table_S 事件：迪普科技 ummary]发布 2024 年度报告及 2025 年一季度报告，公司 2024 年 实现营收 11.55 亿元，同比增长 11.68%；实现归母净利润 1.61 亿元，同比 增长 27.26%；实现扣非净利润 1.48 亿元，同比增长 24.06%；实现经营性 现金流净额 3.28 亿元，同比增加 160.69%。单 2024Q4 来看，公司实现营 收 3.35 亿元，同比 ...

投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 安图生物(603658) 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 整体经营稳健，研发加码助力长期成长 免疫业务稳健增长，24Q1 盈利能力显著提 升 疫情后业绩恢复势好，研发高投入成效初 显 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] 经营稳健，集采压力下业务韧性凸显 [Table_ReportDate] 2025 年 04 月 18 日 [Table_S 事件：2024 ummar年，公司实现营业 ...

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 the performance metrics and growth expectations [1]. Core Insights - The company is expected to achieve a revenue of CNY 15.59 billion in 2024, representing a year-on-year growth of 10.8%. The net profit attributable to shareholders is projected to be CNY 610 million, a 7.3% increase year-on-year [1]. - For the first quarter of 2025, the company anticipates a net profit between CNY 220 million and CNY 250 million, reflecting a significant increase of 43.2% to 63.5% compared to the previous year [1][4]. - The growth in the lead-acid battery business is a key driver for the company's performance, with steady sales increases and improved profitability from recycled lead-acid batteries [4]. Financial Performance Summary - Total revenue for the years 2022 to 2026 is projected as follows: CNY 134.3 billion (2022), CNY 140.8 billion (2023), CNY 155.9 billion (2024), CNY 178.8 billion (2025), and CNY 196.1 billion (2026), with respective growth rates of 8.2%, 4.9%, 10.7%, 14.7%, and 9.7% [3]. - The net profit attributable to shareholders is forecasted to grow from CNY 4.7 billion in 2022 to CNY 12.9 billion in 2026, with growth rates of -43.5% (2022), 21.8% (2023), 7.1% (2024), 54.4% (2025), and 36.6% (2026) [3]. - The gross profit margin is expected to improve from 14.2% in 2022 to 16.5% in 2026, indicating enhanced operational efficiency [3]. Business Strategy and Product Development - The company is focusing on a diversified product matrix that includes low-voltage lead-acid batteries, energy storage batteries, and recycled resource products, catering to various vehicle types [4]. - The dual strategy of maintaining traditional lead-acid battery sales while expanding into lithium battery markets is expected to drive future growth, with significant sales increases in low-voltage lithium batteries [4]. - The company’s investment projects have also seen an increase in fair value, contributing positively to net profit [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's main business gross margin is on the rise, indicating a steady improvement in operational quality [1] - In 2024, the company achieved operating revenue of 9.049 billion yuan, a year-on-year increase of 11.9%, and a net profit attributable to shareholders of 1.996 billion yuan, up 8.3% year-on-year [1][2] - The company plans to distribute a dividend of 1.87 yuan per 10 shares, resulting in a dividend yield of 2.46% based on the closing price on April 17 [2] Summary by Sections Business Performance - The water supply business sold 1.15 billion tons in 2024, a year-on-year increase of 7.62%, generating revenue of 2.62 billion yuan, up 7.26% year-on-year, with a gross margin of 45.57% [4] - The wastewater treatment business processed 1.384 billion tons, a year-on-year increase of 9.72%, with revenue of 3.641 billion yuan, up 20.42% year-on-year, and a gross margin of 41.63% [4] - The environmental protection business generated 994 million kWh of waste incineration power, a year-on-year increase of 2.88%, with a gross margin of 48.07% [4] Financial Metrics - The company reported a net cash flow from operating activities of 3.681 billion yuan in 2024, an increase of 8.61% year-on-year [4] - Accounts receivable increased by 21.55% year-on-year to 3.28 billion yuan, with a turnover period of 118.94 days, an increase of 11 days year-on-year [4] - The company expects to achieve operating revenues of 9.687 billion yuan, 10.592 billion yuan, and 10.983 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.192 billion yuan, 2.492 billion yuan, and 2.538 billion yuan [5][6] Growth Potential - The company is expected to continue expanding its water supply market in Chengdu, with new projects set to come online in 2025 [5] - The company has a robust pipeline of projects, with a total capacity of over 9 million tons per day, which is expected to contribute to revenue growth in the coming years [5]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 陕西能源(001286.SZ) | | | 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@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] 煤矿电厂投运助力业绩新高，产能持续扩张 未来可期 [Table_ReportDate] 2025 年 04 月 18 日 [Table_S 事件：202ummar 5 年y ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 1.594 billion in 2024, representing a year-on-year growth of 19.19%, with a net profit of 364 million, up 16.11% year-on-year [2][4] - The company is expanding its overseas production capacity, which highlights its supply chain advantages, with 87% of revenue coming from international markets [2] - The company is investing in new product development, with a focus on blood glucose management and cardiovascular technologies, which is expected to provide new growth drivers [2] - A new stock incentive plan has been introduced, reflecting the company's confidence in long-term growth [2] Financial Summary - In 2024, the company reported total revenue of 1.594 billion, with a net profit of 364 million, and a significant increase in cash flow from operating activities by 27.80% year-on-year [2][3] - The company forecasts revenue growth of 30.1%, 25.3%, and 23.1% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 479 million, 601 million, and 741 million [4] - The gross margin is projected to remain stable around 42% over the next few years, with a return on equity (ROE) increasing from 10.5% in 2024 to 14.5% by 2027 [3][4]

证券研究报告 公司研究 [Table_StockAndRank] 安图生物(603658) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 整体经营稳健，研发加码助力长期成长 免疫业务稳健增长，24Q1 盈利能力显著提 升 疫情后业绩恢复势好，研发高投入成效初 显 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 [Table_ReportType] 公司点评报告 ➢ 集采压力下保持稳健经营，业务韧性凸显。2024 年公司营业收入 44.71 亿元（yoy+0.62%），分业务来看，免疫诊断业务实现营收 25.56 亿元 （yoy+2.91%），在 DRG 扩面、集采等政策压力下，展现了较强的发 展韧性，微生物检测业务实现营收 3.61 亿元（yoy+11. ...

证券研究报告 公司研究 | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 下游去库影响消退，多项新业务助力 成长 下游去库进入尾声，24Q2 营收恢复增 长 夯实两大基石业务，加速新客户拓展， 平台扩张能力凸显 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] 新业务潜力可期，股权加码彰显成长信心 [Table_ReportDate] 2025 年 04 月 18 日 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 美好医疗(301363) [Table_S 事件：ummar 公司发布y] 2024 年 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 军骆驼股份（601311.SH） 投资评级 [Table_S 事件：公司发布 ummary]2024 年度业绩快报与 2025 年第一季度业绩预增公告。2024 年，公司预计实现营业收入 155.9 亿元，同比+10.8%；实现归母净利润 6.1 亿元，同比+7.3%；实现扣非归母净利润 5.9 亿元，同比+10.9%。2025 年第 一季度，公司实现归母净利润为为 2.2 亿元到 2.5 亿元之间，同比增加 6723.64 万元到 9889.91 万元，同比+43.2%到+63.5%。 上次评级 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindas.com 武浩 电力设备与新能源行业首席分析 师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股份有限公 ...