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 [6]. Core Views - The company reported a significant improvement in net profit for Q1 2025, with a net profit of 0.65 billion yuan, a year-on-year increase of 69.24% and a quarter-on-quarter increase of 3.98 billion yuan [1][2]. - The company is experiencing a steady capacity expansion and has a complete industrial chain from fluorine resources to lithium battery production, which is expected to drive long-term growth [3][4]. - The company has increased its profit forecasts for 2025-2027, projecting net profits of 0.281 billion yuan (up 79.5%), 0.336 billion yuan (up 34.3%), and 0.446 billion yuan respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 8.207 billion yuan, a decrease of 31.25% year-on-year, and a net profit attributable to shareholders of -0.308 billion yuan, down by 8.18 billion yuan [1][2]. - The Q1 2025 operating income was 2.098 billion yuan, a decrease of 2.09% year-on-year but an increase of 57.68% quarter-on-quarter [1]. Revenue Breakdown - In 2024, the revenue from various segments was as follows: fluorine-based new materials (2.693 billion yuan, +20.42%), electronic information materials (0.935 billion yuan, -24.52%), new energy materials (2.593 billion yuan, -45.93%), and new energy batteries (1.611 billion yuan, -38.33%) [2]. Capacity Expansion - The company has a total existing capacity of 330,000 tons/year for anhydrous aluminum fluoride, 65,000 tons/year for lithium hexafluorophosphate, and 60,000 tons/year for electronic-grade hydrofluoric acid, with several projects under construction [3]. Research and Development - The company is increasing its R&D investment in the lithium battery sector, focusing on safety and efficiency improvements in its products, which are gaining traction in various applications [4]. Profit Forecasts - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 0.281 billion yuan, 0.336 billion yuan, and 0.446 billion yuan respectively, indicating a positive outlook for future profitability [4][5].

2025 年 5 月 5 日 行业研究 国内电解铜社会库存降至 2023 年以来同期新低 ——铜行业周报（20250428-20250502） 要点 本周小结：国内电解铜社库降至 2023 年以来同期新低，看好宏观预期改善后的 铜价上行。截至 2025 年 4 月 30 日，SHFE 铜收盘价 77220 元/吨，环比上周五 -0.9%；5 月 2 日，LME 铜收盘价 9366 美元/吨，环比上周五-0.1%。当前铜行 业仍处于宏观压制与供需紧张的背离中。（1）宏观：贸易冲突对铜价的情绪影 响已基本反映，但涨幅或仍受制于关税对经济负面预期的压制。（2）供需：国 内电解铜库存降至近五年低位对铜价构成支撑；线缆企业开工率维持高位，7 月 空调排产延续高增长。铜价有望在国内刺激政策出台以及美国降息后逐步上行。 库存：国内铜社库环比-29%，LME 铜库存环比-3%。（1）国内港口铜精矿库存： 截至 2025 年 4 月 30 日，国内主流港口铜精矿库存 83.6 万吨，环比上周+4.2%。 （2）全球电解铜库存：截至 2025 年 4 月 30 日，全球三大交易所库存合计 43.1 万吨（近 6 年同期最高），环 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [6]. Core Insights - The company reported a revenue of 3.989 billion yuan in 2024, a year-on-year increase of 2.23%, but the net profit attributable to the parent company decreased by 65.91% to 102 million yuan. In Q1 2025, revenue reached 1.071 billion yuan, up 10.49% year-on-year and 11.56% quarter-on-quarter, with a net profit of 82 million yuan, reflecting a year-on-year increase of 2.73% [1][2]. - The decline in net profit in 2024 was attributed to the oversupply in the photovoltaic industry, which led to a significant drop in sales of photovoltaic backboards by approximately 58.34% and a decrease in gross margin by 7.82 percentage points. However, in Q1 2025, the company saw an increase in sales of silicone products in the photovoltaic sector, with improved gross margins [2][3]. - The company has a diversified product portfolio with significant growth in the electronics and automotive sectors. In 2024, sales in the electronics sector exceeded 600 million yuan, growing by 9.54%, while automotive-related sales increased by approximately 70% [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.989 billion yuan, with a net profit of 102 million yuan. The forecast for 2025-2027 projects net profits of 289 million yuan, 342 million yuan, and 437 million yuan respectively, reflecting a recovery trend [4][5]. - The revenue growth rate is expected to increase significantly in the coming years, with projections of 16.55% in 2025 and 17.69% in 2026 [5]. Product and Market Analysis - The company has a total silicone production capacity of 210,000 tons per year, with new production lines for polyurethane and lithium battery adhesives expected to come online in 2025. The electronics sector is a key growth area, with significant sales increases in consumer and automotive electronics [3][4]. - The company has successfully expanded its customer base in the automotive sector, with notable clients including BYD and Huichuan Technology, contributing to a 36.73% increase in sales revenue in the transportation sector [3]. Valuation Metrics - The report provides various valuation metrics, including a projected P/E ratio of 16 for 2025 and a P/B ratio of 1.6, indicating a favorable valuation compared to historical performance [5][14].

2025 年 5 月 6 日 公司研究 25Q1 归母净利润同环比改善，积极布局海外市场 ——海利尔（603639.SH）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年度报告及 2025 年一季报。24 年公司实现营业收入 39.08 亿元，同比-11.16%，实现归母净利润 1.81 亿元，同比-61.67%。25Q1 公司实现营业收入 12.64 亿元，同比+10.16%，环比+82.22%；实现归母净利润 1.05 亿元，同比+15.64%，环比增加 1.19 亿元。 24 年公司归母净利润同比下降，25Q1 公司归母净利润同环比改善。24 年公司 营业收入减少主要原因是农药部分产品价格下降，产销量提升不足以弥补价格下 降影响。24 年，公司农药、肥料、农业及服务分别实现营收 38.08、0.67、0.28 亿元，同比分别变动-11.29%、+38.85%、-43.55%。销量方面，24 年公司农药、 化肥分别实现销量 5.66、0.64 万吨，同比分别+2.56%、+58.05%。毛利率方面， 23 年公司农药、肥料、农业及服务的毛利率分别为 23.64%、40.68 ...

公司研究 2024 年组件销量维持行业第一，2025 年出货目标 85~100GW ——晶科能源（688223.SH）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报&2025 年一季报，2024 年实现营业收入 924.71 亿 元，同比-22.08%，实现归母净利润 0.99 亿元，同比-98.67%；2025Q1 实现营 业收入 138.43 亿元，同比-40.03%，实现归母净利润-13.9 亿元，环比亏损扩大。 2024 年组件销量维持行业第一，计提减值准备阶段性影响公司业绩。2024 年公 司实现组件出货 92.87GW，同比增长 18.28%，组件销量维持行业第一，其中 N 型出货 81.29GW，占比约 88%；但在产业链价格持续下跌的背景下，2024 年公 司光伏组件业务营业收入同比减少 22.13%至 890.74 亿元，毛利率同比减少 5.76 个 pct 至 7.79%。此外，公司基于审慎性原则 2024 年资产处置和计提减值损失 共 21.86 亿元（其中资产减值损失 14.58 亿元），阶段性影响公司业绩。 2025Q1 公司实现总出货量 19.13 ...

2025 年 5 月 5 日 公司研究 Q1 新事业部投产致利润承压，期待公司业绩逐步改善 ——迎丰股份（605055.SH）2024 年年报及 2025 年一季报点评 要点 24 年收入 /归母净利润同比+2.1%/+18.8%，25Q1 收入同比-5.5%，利润端亏损 迎丰股份发布 2024 年年报及 2025 年一季报。公司 2024 年实现营业收入 15.8 亿元，同比增长 2.1%，归母净利润 4418 万元，同比增长 18.8%，扣非归母净 利润 4363 万元，同比增长 42.6%，EPS 为 0.10 元，拟每股派发现金红利 0.06 元（含税）。 24 年公司归母净利率同比提升 0.4PCT 至 2.8%。分季度来看，24Q1~Q4 公司 单季度收入分别同比+7.0%/+5.3%/-3.0%/+0.2%，归母净利润分别同比减亏 52.7%/+68.1%/-93.2%/+36.6%。25Q1 公司实现收入 3.0 亿元，同比下滑 5.5%， 归母净利润-986 万元，利润端亏损主要系新事业部投产成本增加（即三迎丰工 厂）所致。 分业务来看，公司梭织/针织 24 年收入占比分别为 49.6%/4 ...

外贸收入快速增长，内贸业务受益于装备升级及商发国产化机遇 ——航发科技（600391.SH）2024 年年报、2025 年一季报点评 2025 年 5 月 5 日 公司研究 要点 事件： 2024 年，公司实现营收 38.50 亿元，同比-14.77%；实现归母净利润 0.69 亿元，同比+42.85%。2025Q1，公司实现营收 7.56 亿元，同比-6.79%；实现 归母净利润 0.04 亿元，上年同期为-0.02 亿元。（注：23 年业绩为调整后业绩。） 外贸收入快速增长，盈利能力提升；公司 25 年营收、营业总成本目标为 44.60、 43.37 亿元。24 年，公司营收下滑主要由于内贸航空零部件业务需求未达到年 初预计水平。分产品看，内贸航空及衍生产品收入 25.72 亿元，同比-24.77%； 外贸产品收入 11.63 亿元，同比+16.25%。24 年，公司销售毛利率、净利率分 别为 16.09%、3.53%，分别同比+4.75pcts、+1.16pcts，盈利能力提升，一方 面由于公司大力开拓科研新品及外贸转包市场，毛利率较高的外贸产品收入占比 提升；另一方面，公司采取了精益生产、费用压降等有 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a significant decline in revenue and net profit in Q1 2025, with revenue down 31.64% year-on-year to 17.52 billion yuan and net profit down 23.55% to 613 million yuan [1] - The company continues to optimize its channel strategy and has launched cross-industry collaboration products, including partnerships with various gaming companies [3] - Despite the challenges posed by rising gold prices affecting sales, the company is expected to maintain its position as a leading brand in the gold jewelry industry through continuous product innovation [4] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 17.52 billion yuan, a decrease of 31.64% year-on-year, and a net profit of 613 million yuan, down 23.55% [1] - For the full year 2024, the company achieved a revenue of 56.79 billion yuan, a decline of 20.50%, and a net profit of 1.95 billion yuan, down 11.95% [1] - The comprehensive gross margin for Q1 2025 was 9.06%, an increase of 0.69 percentage points year-on-year [2] Cost and Expense Management - The company’s expense ratio in Q1 2025 was 2.20%, up 0.18 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing varied changes [2] Product and Channel Strategy - The company has optimized its store quality, reducing the total number of marketing outlets to 5,838 by the end of 2024, with a focus on self-operated and franchised stores [3] - New product lines include collaborations with popular IPs and themed collections, enhancing the product offering [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 46% and 47% respectively, with expected net profits of 1.55 billion yuan and 1.77 billion yuan [4] - The company is projected to achieve a net profit of 1.92 billion yuan in 2027 [4] Market Data - The current stock price is 47.99 yuan, with a total market capitalization of 25.11 billion yuan [6]

2025 年 5 月 5 日 公司研究 营收稳健增长，装机规模持续提升 wuyujie@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 172.26 | | 总市值(亿元)： | 813.07 | | 一年最低/最高(元)： | 4.33/6.24 | | 近 3 月换手率： | 30.55% | 股价相对走势 买入（维持） 当前价：4.72 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com ——中国电建（601669.SH）2024 年年报及 2025 年一季报点评 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 -12% -4% 5% 13% 21% 04/24 07/24 10/24 01/25 中国电建 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -0.53 | -5.14 | -9.76 | | 绝对 | -2.88 | -5.79 | ...