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 ...

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 0.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 | 最新收盘价（元） | 21.26 | | --- | --- | | 总股本/流通股本（亿股）10.19 | / 10.08 | | 总市值/流通市值（亿元）217 | / 214 | | 52 周内最高/最低价 | 35.05 / 21.26 | | 资产负债率(%) | 51.0% | | 市盈率 | 19.30 | | 第一大股东 | 中国电气装备集团有限 | | 公司 | | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 许继电气(000400) 收入结构优化，受益特高压景气度 l 投资要点 事件：2025 年 4 月 10 日，公司发布 2024 年年报和 2025 年一季 报。 2024 年公司营收 170.9 亿元，同比+0.2%；归母净利润 11.2 亿 元，同比+11.1%；其中 2024Q4 公司营收 75.0 亿元，同环比分别 +20.4%/+172.8%，归母净利 ...

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 | 最新收盘价（元） | 21.64 | | --- | --- | | 总股本/流通股本（亿股）4.71 | / 1.25 | | 总市值/流通市值（亿元）102 | / 27 | | 52 周内最高/最低价 | 26.44 / 16.45 | | 资产负债率(%) | 8.0% | | 市盈率 | 195.66 | | 第一大股东 | 宁波梅山保税港区铧杰 | | | 股权投资管理有限公司 | | | -嘉兴华杰一号股权投 | | | 资合伙企业(有限合伙) | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 微电生理(688351) 压力导管加速放量，公司盈利能力持续提升 l 业绩简评 公司发布 2024 年年报和 2025 年一季度报，2024 年公司实现营 业收入 4.13 亿元 ...

Industry Investment Rating - The investment rating for the defense and military industry is "Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights the recent escalation of conflict between India and Pakistan, which has implications for military trade opportunities [4][5]. - Pakistan is identified as a significant military trade partner for China, with approximately 60% of China's military exports going to Pakistan from 2019 to 2023 [5]. - The report emphasizes the need for military state-owned enterprises to enhance their international competitiveness, suggesting that there is substantial room for growth in revenue and profit margins compared to international military giants [6]. - Relevant listed companies in the defense sector include Guorui Technology, AVIC Chengfei, Aerospace Nanhua, Guobo Electronics, Leidian Weili, Zhongwu Drone, and Aerospace Rainbow [6]. Summary by Sections Industry Basic Situation - Closing point: 1439.46 - 52-week high: 1712.48 - 52-week low: 1113.62 [1]. Recent Research Reports - The report mentions that 62 military listed companies disclosed their Q1 2025 performance, with 20 companies showing year-on-year growth [4]. Relative Index Performance - The report includes a performance chart comparing the defense and military industry to the CSI 300 index, indicating fluctuations in relative performance over time [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within six months [15]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 413 million yuan, a year-on-year growth of 25.51%, and net profit of 52 million yuan, a staggering increase of 815.36% [3][9]. - In Q1 2025, the company achieved revenue of 104 million yuan, up 16.77% year-on-year, and net profit of 18 million yuan, reflecting a growth of 328.63% [3][9]. - The company has expanded its market presence, with over 4,000 procedures performed using its pressure monitoring magnetic navigation radiofrequency ablation catheters in the domestic market, and has successfully conducted surgeries in 21 countries internationally [4][8]. Company Overview - The latest closing price of the company's stock is 21.64 yuan, with a total market capitalization of 10.2 billion yuan [2]. - The company has a total share capital of 471 million shares, with 125 million shares in circulation [2]. - The largest shareholder is Ningbo Meishan Bonded Port Area Huajie Equity Investment Management Co., Ltd. [2]. Financial Performance - The company forecasts revenue growth from 539 million yuan in 2025 to 956 million yuan in 2027, with corresponding year-on-year growth rates of 30.5%, 34.5%, and 31.9% respectively [9][11]. - The projected net profit for the same period is expected to rise from 74 million yuan in 2025 to 172 million yuan in 2027, with growth rates of 41.5%, 57.8%, and 47.6% [9][11]. - The company's PE ratio is projected to decrease from 142 times in 2025 to 61 times in 2027, indicating improving valuation metrics [9][11]. Product Development and Market Strategy - The company is focusing on enhancing its product matrix, including the launch of new products such as the Magbot™ catheter and the PulseMagic™ pressure pulse catheter, which are in various stages of regulatory approval [5][6]. - The company plans to increase its hospital coverage and promote core and new products in both domestic and international markets, aiming to enhance the penetration rate of its three-dimensional surgeries [8][9].

Industry Investment Rating - The investment rating for the defense and military industry is "Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights the recent escalation of conflict between India and Pakistan, which has implications for military trade opportunities [4][5]. - Pakistan is identified as a significant market for Chinese military exports, accounting for approximately 60% of China's military trade exports from 2019 to 2023 [5]. - The report emphasizes the need for state-owned military enterprises to enhance their international competitiveness, suggesting that there is substantial room for growth in revenue and profit margins compared to international military giants [6]. - Key listed companies in the defense sector include Guorui Technology, AVIC Chengfei, Aerospace Nanhua, Guobo Electronics, Leidian Weili, Zhong无人机, and Aerospace Rainbow [6]. Summary by Relevant Sections Industry Basic Situation - Closing point: 1439.46 - 52-week high: 1712.48 - 52-week low: 1113.62 [1]. Recent Research Reports - The report references a recent publication indicating that 20 out of 62 military listed companies reported year-on-year growth in their Q1 2025 earnings [4].

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, addressing the urgent demand for energy solutions [5][6] Financial Performance Summary - The company’s revenue projections for 2025-2027 are 14.80 billion yuan, 19.00 billion yuan, and 24.65 billion yuan respectively, with net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were 37.2% and 27.5%, showing improvements in profitability despite some increases in sales and management expenses [4][6]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][12]. Core Views - The company reported a revenue of 480 million yuan in 2024, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 50 million yuan, down 58.1% year-on-year. The decline in performance is attributed to intensified market competition, delayed order deliveries, and increased investments in market expansion [4][5]. - The first quarter of 2025 showed a slight recovery with revenue of 110 million yuan, a year-on-year decrease of 3.6%, and a net profit of 20 million yuan, an increase of 11.3% year-on-year [4][5]. - The testing power business generated revenue of 360 million yuan in 2024, a slight increase of 0.9%, but faced pressure on profit margins due to fierce competition. The company anticipates a recovery in this segment as overseas markets and distribution channels are further developed [5][6]. - The hydrogen energy testing equipment business underperformed with revenue of 100 million yuan in 2024, down 15.1% year-on-year. The report suggests that the development of the hydrogen energy industry and the establishment of standards will take time, but policy support is expected to enhance industry prospects [5][6]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 550 million yuan, 660 million yuan, and 840 million yuan, respectively. Corresponding net profits are forecasted at 70 million yuan, 90 million yuan, and 130 million yuan, leading to price-to-earnings ratios of 34, 25, and 18 times [6][10]. - The report indicates a gradual improvement in profitability, with a projected net profit margin increase from 10.3% in 2024 to 15.3% in 2027 [11]. Key Financial Metrics - The company’s asset-liability ratio stands at 24.0%, indicating a relatively low level of debt [3][11]. - The earnings per share (EPS) is expected to rise from 0.58 yuan in 2024 to 1.53 yuan in 2027, reflecting the anticipated growth in profitability [10][11]. - The report highlights a decrease in expense ratios, contributing to improved net profit margins in the first quarter of 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][12]. Core Views - The company reported a revenue of 480 million yuan in 2024, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 50 million yuan, down 58.1% year-on-year. The decline in performance is attributed to intensified market competition, delayed order deliveries, and increased investments in market expansion [4][5]. - In Q1 2025, the company achieved a revenue of 110 million yuan, a slight decrease of 3.6% year-on-year, while the net profit increased by 11.3% year-on-year to 20 million yuan [4][5]. - The testing power business generated revenue of 360 million yuan in 2024, with a gross margin of 44.2%, facing pressure from market competition. However, there are expectations for recovery as overseas markets and distribution channels are developed [5][6]. - The hydrogen energy testing equipment business underperformed, with revenue of 100 million yuan in 2024, down 15.1% year-on-year, but the gross margin remained stable at 46.9%. The industry is expected to improve as national policies are implemented [5][6]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 550 million yuan, 660 million yuan, and 840 million yuan, respectively. Corresponding net profits are forecasted to be 70 million yuan, 90 million yuan, and 130 million yuan, with price-to-earnings ratios of 34, 25, and 18 times [6][10]. - The company’s gross margin is expected to improve gradually, with projections of 47% in 2025, 47.7% in 2026, and 48.3% in 2027 [11]. Key Financial Metrics - The company’s asset-liability ratio stands at 24.0%, indicating a solid financial position [3][11]. - The earnings per share (EPS) are projected to increase from 0.58 yuan in 2024 to 1.53 yuan in 2027 [10][11]. - The company’s market capitalization is currently 2.2 billion yuan, with a total share capital of 840 million shares [3].

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, particularly in energy storage solutions, which are expected to drive future growth [5][6] Financial Performance Summary - The company’s revenue projections for 2025, 2026, and 2027 are 14.80 billion yuan, 19.90 billion yuan, and 24.65 billion yuan respectively, with corresponding net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 times respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were reported at 37.2% and 27.5%, showing improvements in profitability [4]