证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 仙鹤股份(603733) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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] 仙鹤股份：盈利环比改善，产能稳步扩张，林 浆纸布局持续完善 [Table_ReportDate] 2025 年 05 月 04 日 盈利预测&投资评级：我们预计 2025-2027 年公司归母净利润分别为 13.5、 17.2、20.1 亿元，对应 PE 估值分别为 11.0X、8.7X、7.4X，维持"买入"评级。 风险提示：终端需求不及预期，产能投放不及预期，竞争加剧。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 报告内容摘要: [Table_S 事 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong revenue growth, achieving 1.214 billion yuan in 2024, a year-on-year increase of 35.6%, and a net profit of 109 million yuan, up 23.8% year-on-year [2][3] - The company is experiencing a transformation with a focus on its own brand, which is expected to continue driving high growth in 2025 [2] - The company’s profitability faced temporary pressure due to increased depreciation costs, but operational efficiency is expected to improve in the coming quarters [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.214 billion yuan, with a year-on-year growth rate of 35.6% [4] - The net profit attributable to the parent company for 2024 was 109 million yuan, reflecting a year-on-year increase of 23.8% [4] - For Q1 2025, the company reported revenue of 291 million yuan, a year-on-year increase of 21.9%, and a net profit of 14 million yuan, which is a slight increase of 2.2% year-on-year [3] Revenue Breakdown - In 2024, domestic sales generated 259 million yuan (up 7.5% year-on-year), while overseas sales reached 955 million yuan (up 45.9% year-on-year) [2] - The gross margin for domestic sales was 33.0% (up 5.4 percentage points), while for overseas sales it was 31.4% (down 2.0 percentage points) [2] Profitability and Cost Management - The gross margin for Q1 2025 was 25.4%, down 2.8 percentage points year-on-year, while the net profit margin was 4.9%, down 0.9 percentage points year-on-year [3] - The company maintained a strong cost control with a total expense ratio of 19.20% in Q1 2025, which is a decrease of 1.1 percentage points year-on-year [3] Future Projections - The company’s net profit is projected to reach 125 million yuan in 2025, 143 million yuan in 2026, and 164 million yuan in 2027, with corresponding P/E ratios of 23.76X, 20.76X, and 18.08X respectively [4]

Investment Rating - The investment rating for 旺能环境 (002034) is not explicitly stated in the report [1]. Core Insights - The report highlights that the company's performance is under short-term pressure due to impairment provisions, while the operational efficiency of waste incineration is continuously improving [1][3]. - In 2024, the company achieved total revenue of 3.173 billion yuan, a slight decrease of 0.17% year-on-year, and a net profit attributable to shareholders of 561 million yuan, down 6.9% year-on-year [1][3]. - The first quarter of 2025 showed a positive trend with total revenue of 874 million yuan, an increase of 11.12% year-on-year, and a net profit of 201 million yuan, up 10.62% year-on-year [1][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.173 billion yuan, a decrease of 0.17% from 2023, primarily due to a reduction in BOT project construction revenue [3]. - The net profit attributable to shareholders was 561 million yuan, a decline of 6.9%, influenced by increased bad debt provisions and asset disposal losses [3]. - The gross profit margin improved to 38.54%, up 1.2 percentage points year-on-year [3]. Business Segments - The main business segments generated the following revenues in 2024: - Municipal solid waste operations: 2.296 billion yuan (+3.5%) - Kitchen waste operations: 462 million yuan (+27.29%) - BOT project construction: 31 million yuan (-88.18%) - Rubber recycling: 187 million yuan (+81.45%) - Lithium battery recycling: 57 million yuan (-33.89%) [3]. - The gross profit margins for these segments were 47.89%, 31.33%, 0%, -5.64%, and -59.9%, respectively [3]. Operational Efficiency - As of the end of 2024, the company had 21 operational waste-to-energy plants with a total capacity of 21,820 tons, including the South Taihu Phase V project, which achieved a thermal efficiency increase from 22% to 30% [3]. - In Q1 2025, the waste incineration power generation projects generated revenue of 656 million yuan, a year-on-year increase of 7.52% [3]. Future Outlook - The company forecasts revenues of 3.359 billion yuan, 3.428 billion yuan, and 3.592 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 5.9%, 2.0%, and 4.8% [6]. - The net profit attributable to shareholders is expected to be 693 million yuan, 753 million yuan, and 795 million yuan for the same years, with growth rates of 23.5%, 8.7%, and 5.5% [6].

| 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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] 仙鹤股份：盈利环比改善，产能稳步扩张，林 浆纸布局持续完善 [Table_ReportDate] 2025 年 05 月 04 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 年公司实现收入 102.74 亿元 （同比+20.1%），归母净利润 10.04 亿元（同比+51.2%），扣非归母净利润 9.33 亿元（同比+56.9%）；单 Q4 收入 30.12 亿元（同比+28.7%），归母净利润 1.87 亿元（同比-33.8%），扣非归母净利润 1.91 亿元（同比-31.7%）。25Q1 公司实 现收入 29.91 亿元（同比+35.4%），归母净利润 2.36 亿 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong revenue growth, achieving 1.214 billion yuan in 2024, a year-on-year increase of 35.6%, and a net profit of 109 million yuan, up 23.8% year-on-year [2][3] - The company is experiencing a transformation with a focus on its own brand, which is expected to continue driving high growth in the coming years [2][3] - The company is managing costs effectively, with a decrease in expense ratios, which is expected to improve profitability as production efficiency increases [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.214 billion yuan, with a year-on-year growth rate of 35.6% [4] - The net profit attributable to the parent company was 109 million yuan, reflecting a year-on-year increase of 23.8% [4] - For Q1 2025, the company reported revenue of 291 million yuan, a year-on-year increase of 21.9%, and a net profit of 14 million yuan, up 2.2% year-on-year [2][3] Revenue Breakdown - Domestic sales reached 259 million yuan, growing by 7.5% year-on-year, while overseas sales were 955 million yuan, up 45.9% year-on-year [2] - The gross margin for domestic sales was 33.0%, while for overseas sales it was 31.4% [2] Profitability and Cost Management - The gross margin for Q1 2025 was 25.4%, down 2.8 percentage points year-on-year, while the net profit margin was 4.9%, down 0.9 percentage points year-on-year [3] - The company has maintained a strong control over expenses, with a total expense ratio of 19.20%, down 1.1 percentage points year-on-year [3] Future Projections - The company is projected to achieve net profits of 125 million yuan, 143 million yuan, and 164 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23.76X, 20.76X, and 18.08X [4][3]

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Insights - Yuma Technology has reported a revenue of 769 million yuan in 2024, representing a year-on-year growth of 16.1%, and a net profit of 186 million yuan, up by 12.5% [1] - The company is expanding its overseas warehouse layout and synchronizing capacity and regional expansion, with a steady increase in orders [1] - The first quarter of 2025 saw a revenue decline of 4.9% to 151 million yuan, attributed to early stocking by overseas clients and pressure on domestic sales [1] - The company is focusing on optimizing product structure and steadily expanding capacity, with total capacity reaching 67.65 million square meters by the end of 2023 [2] - Yuma Technology's gross profit margin for Q1 2025 was 40.7%, showing a year-on-year increase of 1.3 percentage points [3] Financial Performance Summary - In 2024, the revenue from sunlight, full shading, and adjustable light fabrics was 266 million yuan, 222 million yuan, and 167 million yuan respectively, with growth rates of 31.4%, 9.3%, and 8.5% [2] - The company expects net profits for 2025 to be 192 million yuan, with projected P/E ratios of 16.1X, 13.4X, and 11.4X for 2025, 2026, and 2027 respectively [3][5] - The operating cash flow for Q1 2025 was 7 million yuan, down by 20 million yuan year-on-year, primarily due to increased inventory for shortening delivery times [3][7] - The company plans to build a production base in Vietnam to mitigate trade friction impacts [2]

Investment Rating - The investment rating for Zhongyuan Environmental Protection (000544) is not explicitly stated in the report [1]. Core Viewpoints - The company's wastewater treatment business is steadily growing, with ongoing upgrades and transformations [3]. - In 2024, the company processed 936 million tons of wastewater and supplied 6.284 million cubic meters of recycled water, with a significant increase in sludge treatment and heating supply areas [3]. - The company has initiated several projects to enhance its profitability, including the commercial operation of new wastewater treatment plants and various upgrade projects [3]. - The operating cash flow has significantly improved, while accounts receivable have shown an upward trend, indicating a focus on receivables management [3]. - The company forecasts revenues of 5.43 billion, 5.8 billion, and 6.24 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to grow steadily [4]. Summary by Sections Financial Performance - In 2024, the total revenue was 5.443 billion yuan, a decrease of 30.3% year-on-year, while the net profit attributable to the parent company was 1.032 billion yuan, an increase of 20% [1][5]. - The gross profit margin for wastewater treatment was 49.62%, with a slight decrease of 1.46 percentage points year-on-year [3]. - The company expects a gradual recovery in revenue growth, with projected growth rates of -0.2%, 6.8%, and 7.7% for the years 2025 to 2027 [4]. Cash Flow and Receivables - The net cash flow from operating activities improved significantly, with a net cash flow of -609 million yuan in 2024, an increase of 69.87% year-on-year [3]. - Accounts receivable increased to 6.786 billion yuan by the end of 2024, prompting the company to implement stricter receivables management measures [3]. Project Developments - The company has approved investments in six new projects, including wastewater treatment and renewable energy initiatives, which are expected to drive future growth [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance is under short-term pressure due to centralized procurement, but market expansion is accelerating, indicating strong growth momentum. In 2024, the company achieved revenue of 206 million yuan, a year-on-year decrease of 9.03%, and a net profit loss of 13 million yuan, a year-on-year decline of 123.35%. The company is actively expanding its domestic market and has made breakthroughs in international markets [2][4] - The "Bone Gold" product line is expected to see increased sales volume, while the company is also positioning itself in the implant business to create new growth points. The revenue from the "Bone Gold" product was 145 million yuan, with a gross margin of 72.84%. The company has also acquired HumanTechDental in Germany to expand its dental implant business [2][4] - Revenue forecasts for 2025-2027 are projected at 270 million, 355 million, and 470 million yuan, with year-on-year growth rates of 31.0%, 31.5%, and 32.3%, respectively. The net profit for the same period is expected to be 42 million, 66 million, and 98 million yuan, with significant growth rates [2][4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 206 million yuan, a decrease of 9.03% year-on-year, and a net profit loss of 13 million yuan, a decline of 123.35% year-on-year. The first quarter of 2025 saw revenue of 42 million yuan, down 10.35% year-on-year, with a net profit of 0.01 yuan, a decrease of 84.99% year-on-year [2][4] - The company is expected to recover with projected revenues of 270 million, 355 million, and 470 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 42 million, 66 million, and 98 million yuan [4] Market Expansion - The company has developed over 900 new hospitals in 2024, a 90% increase year-on-year, primarily due to the implementation of centralized procurement. This expansion is expected to lay a solid foundation for domestic revenue growth [2] - The company has made significant strides in international markets, completing clinical trials for its artificial bone repair products in Southeast Asia and Latin America [2] Product Lines - The "Bone Gold" product line generated revenue of 145 million yuan, with a gross margin of 72.84%. The decline in gross margin is attributed to lower factory prices following centralized procurement [2] - The "Tooth Bay" dental repair material performed well, achieving revenue of 39 million yuan, an increase of 82.1% year-on-year. The acquisition of HumanTechDental is expected to enhance the synergy between the dental implant and "Tooth Bay" businesses [2]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 新产业(300832) 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_Title] 大型机占比持续提升，收入展现增长韧性 [Table_ReportDate] 2025 年 05 月 02 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 45.35 亿元（yoy+15.41%），归母净利润 18.28 亿元（yoy+10.57%），扣非归母 净利润 17.20 亿元（yoy+11.19%），经营活动产生的现金流量净额 13.56 亿 元（yoy-4.36%）。2025Q1 实现营业收入 11.25 亿元（yoy+10.12%），归 母净利润 4.38 亿元（yoy+ ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be optimistic based on the growth metrics and product developments mentioned. Core Viewpoints - The company has shown significant growth in Q1 2025, with revenue reaching 5.112 billion yuan, a year-on-year increase of 99.5%, and a net profit of 456 million yuan, up 236.2% year-on-year, indicating strong operational performance and market demand [1][2]. - The electric two-wheeler segment is a key driver of growth, with sales volume reaching 1.004 million units, a 140.8% increase year-on-year, and revenue from this segment accounting for 56% of total revenue [2][3]. - The company is expected to launch multiple new products across various categories, including electric two-wheelers and all-terrain vehicles, which are anticipated to further enhance market presence and customer base [4][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 29.7%, with a notable reduction in expense ratios across sales, management, and R&D, contributing to improved profitability [3]. - The company forecasts a steady increase in total revenue from 10.222 billion yuan in 2023 to 31.106 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.1% [6]. Product Development - The company is set to introduce new models targeting specific consumer segments, such as the "Q" series for female consumers and upgraded smart driving series, which are expected to attract a broader customer base [4]. - The Navimow robotic lawnmower is highlighted as a leading product in its category, with significant market potential and a strong brand presence [2][5]. Market Outlook - The overall market outlook for the company remains positive, with expectations of continued growth driven by product innovation and expanding market share in the electric two-wheeler and robotic lawnmower segments [2][4].