营收增速边际回升，息差韧性凸显 ——宁波银行 2024 年年报点评 核心观点 盈利预测与投资建议 ⚫ 结合财报数据，适度上调息差、下调非息收入增速等假设，预测公司 25/26/27 年归 母净利润同比增速为 6.8%/7.7%/8.7%，BVPS 为 35.01/38.75/42.82 元（25/26 年 前预测值 34.08/38.27 元），当前 A 股股价对应 25/26/27 年 PB 为 0.67/0.60/0.55 倍。公司近三年 PB（FY1）均值为 0.99倍，维持20%的折价幅度，对应 25年 0.79 倍 PB，目标价 27.75 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 公司主要财务信息 | 屈俊 | qujun@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523060001 | | 于博文 | yubowen1@orientsec.com.cn | | | 执业证书编号：S0860524020002 | | | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.59 CNY based on a 27x P/E ratio for 2025 [2][5]. Core Views - The company's performance in 2024 is expected to be impacted by the demand rhythm in the equipment business and a reduction in government subsidies, but growth is anticipated to resume in 2025 [1]. - The revenue for 2024 is projected to decline by 2.7% to 2.45 billion CNY, with a recovery expected in subsequent years, reaching 2.89 billion CNY in 2025, 3.37 billion CNY in 2026, and 3.95 billion CNY in 2027 [4][10]. Financial Forecasts - Earnings per share (EPS) are forecasted to be 1.17 CNY in 2025, 1.35 CNY in 2026, and 1.59 CNY in 2027, with previous estimates adjusted downwards [2][4]. - The company’s gross margin is expected to stabilize around 48.3% in 2025, with net profit margins projected at 33.6% [4][10]. - The net profit attributable to the parent company is expected to recover to 970 million CNY in 2025, with further growth to 1.32 billion CNY by 2027 [4][10]. Revenue Breakdown - The report highlights a decline in carbon fiber revenue by 12.91% to 1.45 billion CNY, while carbon beam revenue increased by 25.81% to 537 million CNY [10]. - The T300 grade carbon fiber revenue is expected to drop significantly due to downstream equipment demand, while T800 grade revenue is projected to grow substantially as it begins mass supply [10]. Market Performance - The stock price as of April 8, 2025, was 27.46 CNY, with a 52-week high of 39.87 CNY and a low of 23.73 CNY [5]. - The company’s market capitalization is reported at 22.83 billion CNY [5].

深蓝及阿维塔销量同比较高增长，新车即 将上市 核心观点 盈利预测与投资建议 ⚫ 预测 2024-2026 年归母净利润 59.47、82.68、101.25 亿元，可比公司 25 年平均 PE 估值 21 倍，目标价 17.43 元，维持买入评级。 风险提示 长安福特销量低于预期、长安马自达销量低于预期、长安自主品牌销量低于预期、行业 价格战影响盈利。 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 121,253 | 151,298 | 174,823 | 194,292 | 213,009 | | 同比增长 (%) | 15.3% | 24.8% | 15.5% | 11.1% | 9.6% | | 营业利润(百万元) | 7,634 | 10,447 | 6,252 | 8,717 | 10,681 | | 同比增长 (%) | 104.6% | 36.9% | -40.2% | 39.4% | 22.5% | | 归属母公司净利润(百万元) ...

核心观点 盈利预测与投资建议 ⚫ 公司核心业务或重要产品未来 1-2 年处于快速进展时期，我们预测公司 2024-2026 年每股收益分别为 0.26、0.39 和 0.62 元。根据可比公司 2025 年平均估值，给予公 司当年 54 倍市盈率，对应目标价 21.06 元，首次给予"增持"评级。 风险提示 研发进展不及预期风险；新产品放量低预期风险；市场竞争加剧风险；毛利率提升不及 预期风险。 泰恩康 301263.SZ 公司研究 | 首次报告 拐点将至，CKBA 打开成长空间 ——泰恩康首次覆盖报告 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 783 | 761 | 757 | 951 | 1,214 | | 同比增长 (%) | 19.9% | -2.9% | -0.5% | 25.7% | 27.6% | | 营业利润(百万元) | 209 | 191 | 147 | 216 | 340 | | 同比增长 (%) | 51.0% | -8 ...

盈利预测与投资建议 ⚫ 预测 2024-2026 年归母净利润 59.47、82.68、101.25 亿元，可比公司 25 年平均 PE 估值 21 倍，目标价 17.43 元，维持买入评级。 风险提示 长安福特销量低于预期、长安马自达销量低于预期、长安自主品牌销量低于预期、行业 价格战影响盈利。 深蓝及阿维塔销量同比较高增长，新车即 将上市 核心观点 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 121,253 | 151,298 | 174,823 | 194,292 | 213,009 | | 同比增长 (%) | 15.3% | 24.8% | 15.5% | 11.1% | 9.6% | | 营业利润(百万元) | 7,634 | 10,447 | 6,252 | 8,717 | 10,681 | | 同比增长 (%) | 104.6% | 36.9% | -40.2% | 39.4% | 22.5% | | 归属母公司净利润(百万元) ...

Investment Rating - The report gives the company an "Accumulate" rating for the first time, with a target price of 21.06 CNY based on a 54 times P/E ratio for 2025 [3][6]. Core Views - The company is expected to experience rapid progress in its core business or important products over the next 1-2 years, with projected earnings per share of 0.26, 0.39, and 0.62 CNY for 2024-2026 [3]. - The company has a solid foundation as a comprehensive pharmaceutical enterprise, having established a research and development platform and acquired a pipeline of high-potential products [10][15]. - The treatment for vitiligo is scarce, and the company's CKBA product is expected to stand out in the market due to its unique mechanism and promising clinical trial results [10][50]. Financial Information - The company's revenue for 2022 was 783 million CNY, with a projected revenue of 757 million CNY for 2024, followed by 951 million CNY in 2025 and 1,214 million CNY in 2026, reflecting a growth rate of 25.7% and 27.6% respectively [5]. - The net profit attributable to the parent company for 2022 was 175 million CNY, with projections of 111 million CNY for 2024, 165 million CNY for 2025, and 262 million CNY for 2026, indicating a significant growth trajectory [5]. - The gross margin is expected to improve from 58.6% in 2024 to 69.7% in 2026, while the net margin is projected to increase from 14.7% in 2024 to 21.6% in 2026 [5]. Business Overview - The company started as an agent and has developed into a comprehensive pharmaceutical enterprise, focusing on gastrointestinal, sexual health, and ophthalmic medications [10][15]. - The core products include "Hewei Zhengchang Wan" and "Woli Ting," with a strong emphasis on research and development to enhance product offerings [10][15]. - The company has significantly increased its R&D investment, leading to the successful development of key products like Dapoxetine and a rich pipeline of innovative drugs [32][34].

吉比特 603444.SH 公司研究 | 年报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年04月08日） | 204.8 元 | | 目标价格 | 207.90 元 | | 52 周最高价/最低价 | 265.93/148.25 元 | | 总股本/流通 A 股（万股） | 7,204/7,204 | | A 股市值（百万元） | 14,754 | | 国家/地区 | 中国 | | 行业 | 传媒 | | 报告发布日期 | 2025 年 04 月 10 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -9.3 | -10.18 | -0.24 | 18.78 | | 相对表现% | -3.21 | -2.74 | 3.41 | 15.55 | | 沪深 300% | -6.09 | -7.44 | -3.65 | 3.23 | | 项雯倩 | 021-63325888*6128 | | --- | --- | | 李雨琪 | xiangwenqian@orientsec. ...

公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39,111 | 40,033 | 42,417 | 44,281 | 46,777 | | 同比增长 (%) | 7.2% | 2.4% | 6.0% | 4.4% | 5.6% | | 营业利润(百万元) | 4,831 | 5,712 | 6,050 | 6,653 | 7,328 | | 同比增长 (%) | 43.3% | 18.2% | 5.9% | 10.0% | 10.1% | | 归属母公司净利润(百万元) | 4,094 | 4,749 | 5,103 | 5,594 | 6,140 | | 同比增长 (%) | 36.4% | 16.0% | 7.5% | 9.6% | 9.8% | | 每股收益（元） | 2.29 | 2.66 | 2.86 | 3.14 | 3.44 | | 毛利率(%) | 26.5% | 27.9% | 28.9% | 29.4% | 29.8% | | ...

业绩强劲增长，业务结构优化 ——云南白药 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 考虑到公司提质增效的效果显著，我们下调销售费用率预期，预测公司 2025-2027 年每股收益分别为 2.86、3.14、3.44 元（原预测值 2025-2026 年每股收益分别为 2.81/3.11 元），参考可比公司平均市盈率，我们给予公司 2025 年 22 倍 PE 估值， 对应目标价 62.92 元，维持"买入"评级。 风险提示 ⚫ 药品销售不达预期、创新药研发不达预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39,111 | 40,033 | 42,417 | 44,281 | 46,777 | | 同比增长 (%) | 7.2% | 2.4% | 6.0% | 4.4% | 5.6% | | 营业利润(百万元) | 4,831 | 5,712 | 6,050 | 6,653 | 7,328 | | 同比增长 (%) | 43.3 ...