2025 年 4 月 1 日 公司研究 煤炭板块拖累 2024 年业绩， 2025 年电解铝利润有望走扩 ——神火股份（000933.SZ）2024 年报点评 要点 事件：公司发布 2024 年年报， 2024 年公司实现营业收入 383.73 亿元，同比 +1.99%，实现归母净利润 43.07 亿元，同比-27.07%。 点评：煤炭板块量价齐跌拖累 2024 年业绩。2024 年业绩下滑主要系煤炭产品 的价格、产销量同比下降，铝产品的主要原材料氧化铝价格同比上涨。2024 年 公司实现煤炭产销量分别为 673.9/670.13 万吨，同比-6.01%/-7.54%；实现铝 产品产销量 162.85/162.89 万吨，同比+7.28%/+6.65%。公司 2024 年煤炭产品 均价 1019.3 元/吨，同比-7.8%。2024 年河南氧化铝平均价为 4070.6 元/吨，同 比+37.4%。 今年年初以来氧化铝价格持续下跌，预计 2025 年电解铝利润走扩。截至 2025 年 3 月 28 日河南氧化铝价格为 3120 元/吨，较年初下滑 44.3%。根据我们 2025 年 1 月 15 日外发报告《氧 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Views - The company is expected to see operational improvements as capacity is set to be released, with a focus on the growth of its display materials segment and the anticipated production ramp-up of the UTG project [1][2]. - The financial performance for 2024 shows a slight decline in revenue but a significant increase in net profit, indicating improved profitability despite challenges in certain segments [1][3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 4.89 billion, a decrease of 2.3% year-on-year, while net profit attributable to shareholders increased by 30.8% to 140 million [1]. - The gross margin improved to 17.0%, up by 3.7 percentage points, primarily due to better margins in the display materials business [1][10]. Segment Analysis - Display materials revenue grew by 7.7% to 3.52 billion, with a notable increase in sales volume of new display materials by 22.5% [2]. - Application materials faced a decline in revenue by 26.6% to 1.16 billion, attributed to falling prices of high-purity quartz sand [3]. Profitability and Cash Flow - The operating cash flow for 2024 was 144 million, reflecting an 8.2% increase year-on-year [1]. - The company plans to distribute a dividend of 0.05 per share, yielding a dividend rate of 0.4% as of the announcement date [1][11]. Future Projections - The net profit forecasts for 2025 and 2026 have been slightly adjusted upwards to 2.62 billion and 3.19 billion, respectively, with a new forecast for 2027 set at 3.62 billion [3]. - The report anticipates continued growth in the display materials segment and successful ramp-up of the UTG project, which is expected to reach operational status by October 2025 [2][3].

2025 年 4 月 1 日 公司研究 全年业绩高增，2025E 或再配套强周期车型 ——博俊科技（300926.SZ）2024 年报业绩点评 要点 2024 年业绩披露，全年表现亮眼：2024 年公司总收入同比+62.6%至 42.3 亿元 （vs. 我们此前预期 42.9 亿元），归母净利润同比+98.7%至 6.1 亿元（vs. 我 们此前预期 6.0 亿元）；其中，4Q24 公司收入同比+51.8%/环比+19.9%至 13.7 亿元，归母净利润同比+93.4%/环比+80.8%至 2.5 亿元。4Q24 公司营收和利润 端均表现强劲主要受益于小鹏 MONA M03 放量带动广东新工厂爬坡。 4Q24 毛利率如期爬坡，坚持研发创新构筑长期利润护城河：2024 年公司毛利 率同比+2.1pcts 至 27.7%，其中 4Q24 毛利率同比+2.1pcts/环比+5.7pcts 至 30.3%；2024 年销管研三费费用率同比+0.2pcts 至 7.3%（研发费用率同比 +0.6pcts 至 3.8% vs. 销 售 / 管 理 费 用 率 分 别 同 比 -0.1pcts/-0.3pcts 至 0.3 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady growth in sales of specialty chemicals and other products, with a notable increase in the sales volume of specialty chemicals, pesticides, fertilizers, and silicone products [6][9] - The company has announced a new employee stock ownership plan for 2025, aiming to raise a maximum of 297 million yuan, which is expected to enhance employee cohesion and promote long-term development [7][9] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [5] - The sales volumes for key products in 2024 were 514,000 tons for specialty chemicals (up 14.4%), 245,000 tons for pesticides (up 42.8%), 1.28 million tons for fertilizers (up 3.4%), and 250,000 tons for silicone products (up 33.5%) [6] Employee Stock Ownership Plan - The new employee stock ownership plan is expected to involve up to 1,516 participants, representing approximately 10.7% of the company's total workforce of 14,100 employees [7] Market Position and Growth - The company is expected to maintain its growth trajectory, with projected net profits of 2.092 billion yuan, 2.441 billion yuan, and 2.878 billion yuan for 2025, 2026, and 2027 respectively [9][10] - The company has a robust pipeline of projects that will enhance its capabilities in various sectors, including microelectronics and agricultural chemicals [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will exceed the market benchmark by more than 15% over the next 6-12 months [3][14]. Core Insights - The company achieved a revenue of 4.012 billion yuan in 2024, representing a year-on-year growth of 19.22%. The net profit attributable to the parent company was 570 million yuan, up 8.43% year-on-year, and operating cash flow reached 1.186 billion yuan, increasing by 41.32% [1][3]. - The successful launch of new products, such as复立坦 and信立汀, is expected to drive future growth. Both products have been included in the national medical insurance directory, laying a foundation for increased sales [2]. - The company has multiple projects in the pipeline, with four projects having submitted applications for market approval. Notably, S086 for hypertension has passed technical review, and other products are under evaluation [2]. Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 4.012 billion yuan in 2024 to 6.303 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.90% [4]. - Net profit is expected to increase from 570 million yuan in 2024 to 979 million yuan in 2027, reflecting a CAGR of around 19.04% [4]. - Earnings Per Share (EPS) is forecasted to rise from 0.54 yuan in 2024 to 0.88 yuan in 2027 [4]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 61 in 2024 to 37 in 2027, indicating a more attractive valuation as earnings grow [4][12]. - The company is positioned as a leader in the chronic disease sector, with strong sales capabilities and an ongoing transition towards innovation, which is expected to yield significant product returns in the near future [3].

2025 年 4 月 1 日 公司研究 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,450 | 2,387 | 2,579 | 2,740 | 2,868 | | 营业收入增长率 | -3.86% | -2.56% | 8.02% | 6.27% | 4.68% | | 归母净利润（百万元） | 827 | 799 | 878 | 939 | 991 | | 归母净利润增长率 | -8.03% | -3.29% | 9.82% | 6.99% | 5.48% | | EPS（元） | 0.72 | 0.69 | 0.76 | 0.81 | 0.86 | | ROE（归属母公司)（摊薄） | 10.03% | 9.19% | 9.66% | 9.62% | 9.46% | | P/E | 18.7 | 19.4 | 17.6 | 16.5 | 15.6 | | P/B | 1.9 | 1.8 | 1.7 | 1.6 | 1.5 | 24Q4 业绩承压，静待调整 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company's performance in 2024 was under pressure due to a significant decline in the price of glyphosate, resulting in a year-on-year revenue decrease of 6.87% to 7.311 billion yuan and a net profit drop of 64.34% to 215 million yuan [1][2]. - Despite the challenges, the company is steadily advancing its capacity construction and optimizing production processes, which is expected to enhance competitiveness [3]. - The report projects an increase in net profit for 2025-2027, with estimates of 460 million yuan for 2025, 506 million yuan for 2026, and 668 million yuan for 2027, reflecting a significant upward revision in profit forecasts [3]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 7.311 billion yuan, down 6.87% year-on-year, and a net profit of 215 million yuan, down 64.34% year-on-year. The fourth quarter showed improvement with revenue of 2.123 billion yuan, up 15.10% year-on-year, and net profit of 83 million yuan, up 89.94% year-on-year [1][2]. - The revenue from pesticide raw materials was 4.101 billion yuan, down 14.45%, while pesticide formulations generated 1.500 billion yuan, down 9.42%. However, pesticide intermediates saw a revenue increase of 42.49% to 779 million yuan [2]. Capacity and Production - As of the end of 2024, the company had a raw material capacity of 86,320 tons per year with a utilization rate of 94.40%, and a formulation capacity of 81,200 tons per year with a utilization rate of 85.95% [2]. - The company is actively expanding its production capacity for refined glyphosate and optimizing production processes to reduce costs and improve efficiency [3]. Market Outlook - The average market price of glyphosate in China was 54,300 yuan per ton in 2024, a decrease of 34.2% year-on-year, and further declined to 45,500 yuan per ton by March 28, 2025 [2]. - The report indicates that the decline in glyphosate prices has slowed, leading to an upward revision of profit forecasts for 2025-2027 [3].

2025 年 4 月 1 日 公司研究 全年息差逆势走阔，营收盈利增长提速 ——江阴银行（002807.SZ）2024 年年报点评 增持（维持） 当前价：4.45 元 作者 分析师：王一峰 执业证书编号：S0930519050002 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 7.30 | 3.02 | 16.51 | | 绝对 | 7.23 | 0.23 | 26.40 | 资料来源：Wind 要点 事件： 3 月 28 日，江阴银行发布 2024 年年报，全年实现营收 39.6 亿，同比增长 2.5%， 归母净利润 20.4 亿，同比增长 7.9%。加权平均净资产收益率（ROAE）为 11.55%， 同比下降 1pct。 点评： 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 24.61 | | 总 ...

2025 年 4 月 1 日 公司研究 平台交易气量快速增长，拟私有化新奥能源提升产业协同 ——新奥股份（600803.SH）2024 年年报点评 要点 事件：公司发布 2024 年年度报告，2024 年公司实现营业收入 1358 亿元，同比 -5.5%；实现归母净利润 44.9 亿元，同比-36.6%；实现核心利润 51.4 亿元，同 比-19.4%。其中 Q4 单季度公司实现营业收入 371 亿元，同比-22.4%，环比 +16.9%；实现归母净利润 10 亿元，同比-74.9%，环比+4.2%。 点评： 天然气需求重回增长态势，24 年公司天然气销量持续增长：2024 年，中国经济 运行稳中有进，叠加"双碳"政策推动能源结构优化，天然气需求重回快速增长 态势，在城市燃气、工业燃料、发电和化工用气等增长带动下，全国天然气表观 消费量 4260.5 亿方，同比增长 8%。公司积极把握市场发展机遇，以需求、资 源、设施、交易和风控五大业务支点为支撑，持续做大气量规模。2024 年公司 实现天然气总销售量 392 亿方，同比+1.4%。其中零售气、平台交易气销售量分 别为 262 亿方、55.7 亿方，同比分别 ...

公司研究 2025 年 4 月 1 日 营收稳步增长，拨备维持高位 ——无锡银行（600908.SH）2024 年年报点评 增持（维持） 当前价：5.72 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 21.95 | | 总市值(亿元)： | 125.54 | | 一年最低/最高(元)： | 4.81/6.66 | | 近 3 月换手率： | 94.67% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 1.49 | -2.50 | 5.68 | | 绝对 | 1.42 | -5.30 | 15.56 | | 资料来源：Wind | | | | 要点 事件： 3 月 28 日，无锡银行发布 2024 年年报，全年实现营 ...