证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-08 股票投资评级 公司基本情况 | 最新收盘价（元） | 5.26 | | --- | --- | | 总股本/流通股本（亿股）50.42 | / 50.42 | | 总市值/流通市值（亿元）265 | / 265 | | 52 周内最高/最低价 | 8.51 / 4.39 | | 资产负债率(%) | 67.2% | | 市盈率 | 10.52 | | 第一大股东 | 上海弘康实业投资有限 | | 公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 九州通(600998) 业务稳中有进，首创医药行业"股权+资产双上 市"平台 l 利润剔除特定因素实现较快增长，现金流改善明显 公司发布2024年年报：2024年营业收入 1518.1 亿元（+1.11%）， 归母净利润 25.07 亿元（+15.33%），归母净利润增长主要原因是 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [11]. Core Insights - The company reported a revenue of 8.224 billion yuan for 2024, representing a year-on-year growth of 14.50%. The net profit attributable to shareholders reached 485 million yuan, a significant increase of 775.84% year-on-year [3][5]. - For Q1 2025, the company achieved a revenue of 1.367 billion yuan, with a net profit of 70 million yuan, reflecting a year-on-year growth of 12.28% [3]. - The material handling equipment segment saw a revenue increase of 43% year-on-year, contributing 5.894 billion yuan to total revenue, while the gross margin improved by 4.56 percentage points to 23.41% [4]. - The company has a strong cash position with 3.747 billion yuan in cash as of Q1 2025, indicating liquidity and financial stability [4]. Financial Performance Summary - The company is projected to generate revenues of 7.871 billion yuan, 9.370 billion yuan, and 10.820 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of -4.3%, 19.06%, and 15.47% [5][9]. - The net profit attributable to shareholders is expected to be 456 million yuan, 590 million yuan, and 725 million yuan for the same years, with growth rates of -5.91%, 29.26%, and 22.98% respectively [5][9]. - The company's price-to-earnings (P/E) ratios are projected to be 12.06, 9.33, and 7.59 for 2025, 2026, and 2027 respectively, indicating a potentially undervalued stock [5][9].

Investment Rating - The report maintains a "Buy" rating for the company [8][14]. Core Views - The company faced significant challenges in 2024, with a revenue decline of 13.9% year-on-year, resulting in a net loss of 833 million yuan, primarily due to goodwill impairment in overseas operations and strategic adjustments in its core business [3][4]. - In Q1 2025, the company showed signs of stabilization with a revenue of 1.704 billion yuan, down 10.6% year-on-year, and a net profit of 217 million yuan, indicating a sequential improvement [3][4]. - The company is undergoing various adjustments in organizational structure, brand strategy, product innovation, and channel operations, with expectations for continued improvement in performance [6]. Company Overview - The latest closing price is 24.10 yuan, with a total market capitalization of 16.2 billion yuan [2]. - The company has a total share capital of 672 million shares, with an asset-liability ratio of 32.7% [2]. Financial Performance - In 2024, the personal care segment generated 2.38 billion yuan in revenue, a decrease of 3.42% year-on-year, while the beauty segment saw a significant decline of 29.81% to 1.05 billion yuan [4]. - The company’s online channel revenue was 2.54 billion yuan, down 9.7%, while offline channel revenue fell 17% to 3.14 billion yuan [5]. - The company has implemented a stock incentive plan for 2025, aiming to align the interests of key employees with the company's long-term growth [5]. Earnings Forecast - The company is projected to achieve net profits of 310 million yuan, 390 million yuan, and 480 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 52x, 42x, and 34x [6][10].

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |维持 研究所 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 国电南瑞 电力设备 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 22.15 | | --- | --- | | 总股本/流通股本（亿股）80.32 | / 79.96 | | 总市值/流通市值（亿元）1,779 | / 1,771 | | 周内最高/最低价 52 | 27.90 / 21.86 | | 资产负债率(%) | 43.1% | | 市盈率 | 23.32 | | 第一大股东 | 南瑞集团有限公司 | 国电南瑞(600406) 业绩符合预期，持续受益电网和抽蓄设备景气度提 升 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com | 最新收盘价（元） | 5.26 | | --- | --- | | 总股本/流通股本（亿股）50.42 | / 50.42 | | 总市值/流通市值（亿元）265 | / 265 | | 52 周内最高/最低价 | 8.51 / 4.39 | | 资产负债率(%) | 67.2% | | 市盈率 | 10.52 | | 第一大股东 | 上海弘康实业投资有限 | | 公司 | | 九州通(600998) 业务稳中有进，首创医药行业"股权+资产双上 市"平台 研究所 l 利润剔除特定因素实现较快增长，现金流改善明显 公司发布2024年年报：2024年营业收入 1518.1 亿元（+1.11%）， 归母净利润 25.07 亿元（+15.33%） ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [8][14]. Core Views - The company faced significant challenges in 2024, with a reported revenue of 5.679 billion yuan, a year-on-year decrease of 13.9%, and a net profit attributable to shareholders of -833 million yuan, a decline of 266.6% [3][6]. - In Q1 2025, the company showed signs of stabilization with a revenue of 1.704 billion yuan, down 10.6% year-on-year, and a net profit of 217 million yuan, down 15.3% year-on-year [3][4]. - The report highlights a strategic shift in the company's operations, focusing on improving product lines and enhancing online sales channels while reducing inventory in offline channels [5][6]. Company Overview - The latest closing price of the company's stock is 24.10 yuan, with a total market capitalization of 16.2 billion yuan [2]. - The company has a total share capital of 672 million shares, all of which are circulating [2]. Financial Performance - In 2024, the personal care segment generated 2.38 billion yuan in revenue, a decrease of 3.42% year-on-year, while the beauty segment saw a significant drop of 29.81% to 1.05 billion yuan [4]. - The company is undergoing adjustments in its organizational structure, brand strategy, product innovation, and channel operations, with expectations for continued improvement in 2025 [6][10]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025 is 310 million yuan, with expected growth rates of 137.4% in 2026 and 23.6% in 2027 [10][11]. - The projected earnings per share (EPS) for 2025 is 0.46 yuan, improving to 0.57 yuan in 2026 and 0.71 yuan in 2027 [10][11].

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 国电南瑞 电力设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 22.15 | | --- | --- | | 总股本/流通股本（亿股）80.32 | / 79.96 | | 总市值/流通市值（亿元）1,779 | / 1,771 | | 周内最高/最低价 52 | 27.90 / 21.86 | | 资产负债率(%) | 43.1% | | 市盈率 | 23.32 | | 第一大股东 | 南瑞集团有限公司 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 国电南瑞(600406) 业绩符合预期，持续受益电网和抽蓄设备景气度提 升 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [11]. Core Insights - The company reported a revenue of 8.224 billion yuan in 2024, representing a year-on-year growth of 14.50%. The net profit attributable to shareholders reached 485 million yuan, a significant increase of 775.84% year-on-year [3][5]. - For Q1 2025, the company achieved a revenue of 1.367 billion yuan and a net profit of 70 million yuan, reflecting a year-on-year growth of 12.28% [3]. - The material handling equipment segment saw a revenue increase of 43% year-on-year, contributing 5.894 billion yuan to the total revenue [4]. - The company has a healthy cash position with 3.747 billion yuan in cash as of Q1 2025, indicating strong liquidity [4]. Financial Performance Summary - The company’s gross margin improved to 23.85% in 2024, up by 3.42 percentage points year-on-year, while the net margin increased to 8.89%, up by 6.09 percentage points [4]. - The projected revenues for 2025-2027 are 7.871 billion yuan, 9.370 billion yuan, and 10.820 billion yuan, with expected growth rates of -4.3%, 19.06%, and 15.47% respectively [5][9]. - The estimated net profit for the same period is projected to be 456 million yuan, 590 million yuan, and 725 million yuan, with growth rates of -5.91%, 29.26%, and 22.98% respectively [5][9]. - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 12.06, 9.33, and 7.59 respectively [5][9].

证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |首次覆盖 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -23% 7% 37% 67% 97% 127% 157% 187% 217% 247% 277% 汉得信息 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.73 | | --- | --- | | 总股本/流通股本（亿股）9.85 | / 9.48 | | 总市值/流通市值（亿元）194 | / 187 | | 52 周内最高/最低价 | 25.22 / 5.76 | | 资产负债率(%) | 18.0% | | 市盈率 | 103.84 | | 第一大股东 | 陈迪清 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 汉得信息(300170) 构建自主 AI a ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |首次覆盖 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -23% 7% 37% 67% 97% 127% 157% 187% 217% 247% 277% 汉得信息 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.73 | | --- | --- | | 总股本/流通股本（亿股）9.85 | / 9.48 | | 总市值/流通市值（亿元）194 | / 187 | | 52 周内最高/最低价 | 25.22 / 5.76 | | 资产负债率(%) | 18.0% | | 市盈率 | 103.84 | | 第一大股东 | 陈迪清 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 自主软件产品业务全年实现收入 17.74 亿 ...