Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company achieved steady growth in 2024, with revenue of 10.28 billion yuan, a year-on-year increase of 1.3%, and a net profit of 1.04 billion yuan, up 2.1% year-on-year, driven by a focus on distributed energy market expansion and customer demand [1][12] - In Q1 2025, the company reported revenue of 2.56 billion yuan, a 2.7% year-on-year increase, and a net profit of 250 million yuan, up 5.6% year-on-year, attributed to cost reduction and market expansion efforts [1] - The company is positioned as a leader in axial flow compressors, benefiting from the commercialization and rapid development of compressed air energy storage [3] Financial Performance - The company's gross margin for 2024 was 22.5%, an increase of 1 percentage point year-on-year, while the net margin was 11.1%, up 0.3 percentage points year-on-year [2][17] - In Q1 2025, the gross margin decreased to 20.5%, down 2.9 percentage points year-on-year, but the net margin increased to 10.9%, up 0.3 percentage points year-on-year [2] - The company’s operating expenses ratio for 2024 was 9.2%, an increase of 1.3 percentage points year-on-year, with R&D expenses rising due to increased investment in the distributed energy market [2][17] Market Outlook - The industrial gas market in China is projected to grow from 212.9 billion yuan in 2023 to 284.2 billion yuan by 2026, with a compound annual growth rate of 10% [5] - The company’s subsidiary, Qin Feng Gas, achieved a market share of 1.6% in 2023, establishing itself as a leader in the domestic industrial gas sector [5] Profit Forecast and Valuation - The company’s net profit is expected to reach 1.13 billion yuan in 2025, 1.24 billion yuan in 2026, and 1.36 billion yuan in 2027, with year-on-year growth rates of 8%, 10%, and 10% respectively [6] - The corresponding price-to-earnings ratios are projected to be 13.2, 12.0, and 11.0 for the years 2025, 2026, and 2027 [6]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company is expected to recover its performance in 2025 driven by new products and overseas expansion [1][2] - Despite a decline in revenue and profit in Q1 2025 due to high base effects, there is optimism for growth throughout the year as demand recovers and channels expand [1][2] Revenue and Profit Analysis - In 2024, the company's revenue was 7.566 billion yuan, a year-on-year decrease of 5.09%, while the net profit attributable to the parent company was 1.806 billion yuan, down 24.63% [1] - Q4 2024 showed a revenue of 1.538 billion yuan, a year-on-year increase of 17.51%, and a net profit of 274 million yuan, up 33.60% [1] - For Q1 2025, revenue reached 2.436 billion yuan, a year-on-year increase of 9.17%, while net profit was 625 million yuan, down 5.26% [1] Product and Channel Growth - The blood glucose and AED new products are expected to drive high growth in revenue [3] - The blood glucose management segment saw a 40% year-on-year revenue increase in 2024, with CGM products experiencing over 100% growth [3] - The overseas revenue for 2024 was 949 million yuan, a year-on-year increase of 30%, indicating significant growth potential in international markets [4] Profitability Outlook - The gross margin for 2024 was 50.14%, a slight decrease of 1.35 percentage points year-on-year, but is expected to maintain a relatively high level in 2025 [5] - The net margin for 2024 was 23.85%, down 5.96 percentage points year-on-year, but is projected to remain high due to cost reduction and efficiency improvements [5] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 8.688 billion, 10.056 billion, and 11.543 billion yuan, representing year-on-year growth rates of 14.83%, 15.75%, and 14.78% respectively [6] - Net profit forecasts for the same period are 2.094 billion, 2.423 billion, and 2.798 billion yuan, with corresponding year-on-year growth rates of 15.95%, 15.75%, and 15.46% [6]

量增价减业绩承压，疆煤外运龙头仍可期 ——广汇能源事件点评报告 事件 近日，公司召开 2024 年与 2025 年第一季度业绩和现金分红说明会。2024 年，公 司实现营业收入 364.41 亿元，同比-40.72%；归母净利润 29.61 亿元，同比- 42.60%；扣非后归母净利润 29.52 亿元，同比-46.41%。经营活动产生的现金流 量净额 56.75 亿元，同比-16.64%。公司拟向全体股东每 10 股派发现金红利 6.22 元（含税），另加当期回购股份折算红利 0.07822 元/股，实际分配现金红利 0.70022 元/股（含税），合计派发现金红利 44.76 亿元，占当年归母净利润的 151.16%。 2025 年一季度，公司实现营业收入 89.02 亿元，同比-11.34%；归母净 利润 6.94 亿元，同比-14.07%。 证券研究报告 | 公司点评 | 炼化及贸易 投资要点 ❑ 煤炭业务：产销量创历史新高，盈利能力受价格下行影响 。 2024 年 产销量方面。 公司煤炭业务实现跨越式增长，原煤产量达 3983.29 万吨，同比增 长 78.52%；煤炭总销量达 4723.40 万吨 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in Q1 2025 met expectations, with a significant year-on-year increase in net profit of 180.99% [1][2] - The shipbuilding industry is experiencing an upward cycle due to factors such as the ship replacement cycle, environmental policies, and tight production capacity [4][5] - The company has a strong order backlog, with a total of 2,169.62 billion yuan in hand for civil ship orders as of 2024 [2] Financial Performance - In 2024, the company achieved an operating revenue of 78,584 million yuan, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3,614 million yuan, up 22.21% [1] - For Q1 2025, the company reported an operating revenue of 15,858 million yuan, a 3.85% increase year-on-year, and a net profit of 1,127 million yuan, reflecting a 180.99% increase [2] - The gross profit margin for 2024 was approximately 10.20%, with a net profit margin of 4.91% [3] Business Segmentation - The shipbuilding and marine engineering segment generated revenue of 75,374 million yuan in 2024, up 7.03% year-on-year [1] - The electromechanical equipment segment reported revenue of 1,956 million yuan, a 1.45% increase [1] - The company delivered 93 civil ships in 2024, achieving 721.34 million deadweight tons, exceeding the annual plan by 112.74% [2] Order and Delivery Insights - The company secured new orders worth 1,039 million yuan for civil ships in 2024, along with 20.73 million yuan for repair services [1] - As of Q1 2025, the company’s gross profit margin improved to 12.84%, a year-on-year increase of 5.62 percentage points [3] - The total hand-held civil ship orders amounted to 2,169.62 billion yuan, indicating strong future revenue potential [2] Industry Trends - The shipbuilding industry is witnessing a slowdown in new orders, with a 56% year-on-year decline in new orders from January to April 2025 [4][17] - Despite the slowdown, ship prices are expected to continue rising due to tight supply and inflationary pressures [4][5] - The integration of shipbuilding assets within the group is progressing smoothly, which is expected to enhance operational efficiency and competitive positioning [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 16 日 浙商早知道 2025 年 05 月 16 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 11524 亿元，南下资金净流出 2,21 亿港元。 浙商早报 1 市场总览 1、大势：周四上证指数下跌 0.7%，沪深 300 下跌 0.9%，科创 50 下跌 1.3%，中证 1000 下跌 1.7%，创 业板指下跌 1.9%，恒生指数下跌 0.8%。 重要观点 ❑ 【浙商宏观 李超/费瑾】宏观专题研究：4 月金融数据：金融数据回落中的结构性亮点——20250514 重要点评 ❑ 【浙商大制造中观策略 邱世梁/王华君/张菁】机械设备 行业深度：深海科技：政策东风起，聚焦深海装备、深 海信息技术、深海探测等——20250514 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数下跌 0.7%，沪深 300 下跌 0.9%，科创 50 下跌 1 ...

Investment Rating - The investment rating for Zhengmei Machine (601717) is "Accumulate" [4] Core Views - The company achieved a total operating revenue of 37.05 billion yuan in 2024, representing a year-on-year growth of 1.7%. The net profit attributable to shareholders was 3.93 billion yuan, up 20.2%, driven by revenue structure optimization in the coal machinery segment and a decrease in material costs [2][10] - In Q1 2025, the company reported an operating revenue of 9.76 billion yuan, a 0.9% increase year-on-year, and a net profit of 1.09 billion yuan, reflecting a 4.5% year-on-year growth, mainly due to the growth of the automotive parts subsidiary Yaxin Technology and increased shareholding in subsidiaries [2] - The company's profitability showed slight fluctuations, with a decrease in expense ratios and significant cost reduction and efficiency improvement effects [2] Financial Performance Summary - For 2024, the gross profit margin was 24.0%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 11.4%, also up by 1.9 percentage points year-on-year. In Q1 2025, the gross profit margin was 23.5%, down 0.4 percentage points year-on-year, and the net profit margin was 11.5%, down 0.7 percentage points year-on-year [2][3][15] - The company’s expense ratio for 2024 was 10.9%, a decrease of 0.5 percentage points year-on-year, with sales expense ratio at 2.5%, down 0.6 percentage points, and R&D expense ratio at 4.1%, down 0.2 percentage points [3][15] Profit Forecast - The company is expected to achieve operating revenues of 38.2 billion yuan, 40.2 billion yuan, and 43.9 billion yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 7%. The net profit attributable to shareholders is projected to be 4.11 billion yuan, 4.41 billion yuan, and 4.99 billion yuan for the same years, with a CAGR of 10% [4][5]

证券研究报告 | 公司点评 | 化学制药 健友股份(603707) 报告日期：2025 年 05 月 15 日 生物药进入兑现期，看好向上拐点 ——健友股份点评 投资要点 公司 2024 年实现营业收入 39.24 亿元（YOY-0.20%），归母净利润 8.26 亿元 （YOY+536.09%），扣非后归母净利润 7.82 亿元（YOY+566.00%）。2025Q1 实 现营业收入 8.85 亿元（YOY-11.85%），归母净利润 0.85 亿元（YOY-52.19%）， 扣非后归母净利润 0.75 亿元（YOY-56.05%）。 2025Q1 公司原料药板块受客户采购策略调整影响，肝素原料药收入同比大幅下 降 51.61%，公司制剂业务保持快速发展，整体销售收入同比增长 18.30%。其 中，国内制剂因部分产品续标导致收入阶段性承压。 ❑ 拆分： 非肝素制剂持续放量，看好国际生物药进入兑现期 非肝素制剂放量驱动海外制剂增长，看好国际生物药大分子进入兑现期。收入 看：2024 年制剂实现收入 30.50 亿元（YOY10.05%），占比为 77.74%；其中，非 肝素制剂 14.67 亿元（YOY24. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29%. Despite the pressure on the cybersecurity industry due to tightened budgets from downstream clients, the company focused on core customers and high-value markets to achieve growth [2] - The company's net loss narrowed to 365 million yuan in 2024, with a significant improvement in operating quality driven by cost reduction and efficiency enhancement strategies. The gross margin for security products reached 67.87% [3] - The company is targeting AI and security as dual engines for growth, with plans to enhance its technology stack and build ecosystems in the future [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.358 billion yuan, a 40.29% increase year-on-year. The net loss was reduced to 365 million yuan, with a net profit margin improvement from -58.1% to -15.5% [2][3] - For Q4 2024, the revenue was 1.084 billion yuan, showing a year-on-year growth of 128.67% [8] - The company forecasts revenues of 2.536 billion yuan, 2.743 billion yuan, and 2.981 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits turning positive in 2025 [9][10] Strategic Focus - The company is implementing a "focus strategy" to optimize resource allocation, concentrating on stable core customers in sectors like telecommunications, finance, and energy while reducing inefficiencies in other markets [2] - The introduction of a restricted stock incentive plan for 2024 indicates management's confidence in long-term performance improvement, with revenue targets set for 2025 and 2026 [2] Innovation and Market Position - The company made significant advancements in AI and security, launching the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" risk assessment product [4] - The strategic goal is to solidify domestic leadership while expanding into international markets, aiming to become a leader in digital cybersecurity [4]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that the turning point for the CXO sector has emerged, suggesting a positive outlook for investment [6][70] - The report highlights that domestic performance, orders, and AI are the main themes driving growth [5] - The report emphasizes the recovery of revenue growth year-over-year (YOY) and the gradual improvement in profitability [5][29] Summary by Sections Price Review - The medical research outsourcing index increased by 0.82% from December 31, 2024, to April 30, 2025, outperforming the pharmaceutical and biotechnology index by 0.64 percentage points [5] Financial Analysis - Revenue growth is showing a positive trend, with the average YOY revenue growth for CXO companies reaching 8.2% in Q1 2025 [28] - The average gross margin for Q1 2025 is 30.9%, reflecting a YOY increase of 1.1 percentage points [34] - The average net profit margin excluding non-recurring items is 8.0%, up by 12.5 percentage points YOY [34] Growth Potential - The report notes that the global healthcare industry is seeing a stabilization in private equity and venture capital financing, which is expected to drive demand recovery [6] - The report mentions that the order growth for leading companies remains strong, with notable increases in new orders for companies like Kailaiying and Kanglonghua [61] Operational Efficiency - Inventory turnover rates have improved, with an average of 3.36 in 2024, indicating a stabilization in operational efficiency [39] - The report anticipates that operational efficiency will continue to improve as leading CXO companies execute orders and enhance capacity utilization [39] Investment Strategy - The report recommends actively allocating investments in the CXO sector, particularly in small molecule and large molecule CDMO opportunities, as well as clinical CROs supported by domestic innovation policies [72]

❑ 业绩概览： 24 年：收入 117.9 亿（同比+21%），归母净利 2.05 亿（同比+2%），扣非归母 1.39 亿（同比+4%）。 25Q1：收入 33.0 亿（同比+25%），归母净利 5778 万（同比+42%），扣非归母 4620 万（同比+103%）。 ❑ 业绩拆分：灵工高增驱动增长，海外 24 年或已触底、拐点将至 24 年收入分业务看，灵活用工/猎头/招聘流程外包/技术服务分别为 111.4 亿元 （同比+22%）/3.7 亿元（同比-12%）/0.6 亿元（同比-18%）/0.6 亿元（同比 +44%），占比为 94.5%/3.2%/0.5%/0.5%，灵工仍为公司增长核心驱动，猎头业务 较中报时的 15%降幅进一步缩小。 科锐国际(300662) 报告日期：2025 年 05 月 15 日 三重驱动全线向好，25Q1 归母净利同比+42% ——科锐国际 2024 年年报及 25 年一季报点评报告 投资要点 分区域看，大陆营收同比+29%，欧美等区域受多重宏观因素影响招聘需求不活 跃，对应港澳台及海外收入同比下滑 4%，海外营收降幅较中报时的-6%亦呈收 窄趋势，伴随公司国内及海外业务 ...