2025 年 5 月 1 日 要点 公司 1Q2025 营收同比下降 39.71%，归母净利润同比下降 62.96% 公司公布2025年一季报：1Q2025实现营业收入110.03亿元，同比下降39.71%， 实现归母净利润 1.35 亿元，同比下降 62.96%，实现扣非归母净利润 1.33 亿元， 同比下降 63.91%。 2024 年，公司实现营业收入 604.64 亿元，同比增长 7.27%，实现归母净利润 8.18 亿元，同比下降 15.93%，实现扣非归母净利润 7.90 亿元，同比下降 10.33%。 公司 1Q2025 综合毛利率增长 1.55 个百分点，期间费用率增长 0.29 个百分点 1Q2025 公司综合毛利率为 5.65%，同比增长 1.55 个百分点。2024 年公司综合 毛利率为 4.32%，同比增长 0.20 个百分点。 1Q2025 公司期间费用率为 1.28%，同比增长 0.29 个百分点。其中，销售/管理 /研发/财务费用率分别为 0.87%/0.38%/0.03%/-0.01%，同比分别变化+0.17 /+0.18/+0.02/-0.08 个百分点。2024 年公司期间 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [4][15]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with operating income of 28.42 billion yuan, down 51.95% year-on-year, and a net loss attributable to shareholders of 9.82 billion yuan, down 387.42% year-on-year [1][5]. - Despite facing substantial pressure on profitability due to industry price declines, the company is expected to benefit from its advantages in the photovoltaic silicon supply chain and non-silicon cost advantages, alongside its global expansion strategy [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a silicon wafer shipment of 125.8 GW, a year-on-year increase of 10.5%, maintaining the industry's highest market share at 18.9%. However, revenue from the photovoltaic silicon wafer segment fell by 61.98% to 16.65 billion yuan, with a gross margin decrease of 42.32 percentage points to -20.53% [2]. - The company reported a total asset impairment of 5.2 billion yuan in 2024, impacting total profit by 1.47 billion yuan [2]. - For Q1 2025, the company recorded a revenue of 6.10 billion yuan, down 38.58% year-on-year, with a net loss of 1.91 billion yuan, showing a reduction in loss compared to the previous quarter [1][3]. Business Segments - The semiconductor materials business showed steady growth, with 12-inch semiconductor silicon wafer capacity reaching 700,000 pieces per month by the end of 2024, and revenue from this product increasing by 70% year-on-year to 2.33 billion yuan [4]. - The company is actively pursuing a global strategy, collaborating with Saudi Arabia's Public Investment Fund to establish a large-scale overseas crystal chip factory and restructuring its operations in the U.S. market [4]. Profitability and Forecast - The company’s profitability is under pressure due to industry oversupply, with projected net profits for 2025-2027 expected to be -4.12 billion yuan, -1.26 billion yuan, and 1.82 billion yuan respectively [4][5]. - The report anticipates a gradual recovery in profitability, with gross margins expected to improve from -9.1% in 2024 to 17.5% by 2027 [13].

2025 年 4 月 30 日 公司研究 费用投入加大致业绩下滑，期待多品牌高质量发展 ——报喜鸟（002154.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：3.82 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 14.59 | | 总市值(亿元)： | 55.75 | | 一年最低/最高(元)： | 3.12/6.05 | | 近 3 月换手率： | 141.70% | 股价相对走势 -39% -24% -9% 6% 21% 04/24 07/24 10/24 01/25 报喜鸟 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The home furnishing industry continues to undergo deep adjustments, with the company's performance under pressure in 2024, but profitability is expected to improve significantly in Q1 2025 [1][6] - The company achieved a revenue of 3.79 billion yuan in 2024, a year-on-year decrease of 22.7%, and a net profit attributable to shareholders of -220 million yuan [1][4] - The company is actively transitioning from direct sales to franchising and expanding its overseas presence, with overseas revenue increasing by 39% year-on-year to 16.86 million yuan in 2024 [4][6] Revenue Performance - In 2024, the company generated revenue of 3.79 billion yuan, down 22.7% year-on-year, with Q4 2024 revenue at 1.06 billion yuan, a decrease of 23.8% [1][4] - For Q1 2025, the company reported revenue of 740 million yuan, a decline of 4.5% year-on-year, with a net profit of -38.86 million yuan [1][4] Product and Regional Performance - Revenue from customized home furnishings and supporting home furnishings in 2024 was 2.72 billion yuan and 490 million yuan, respectively, down 22.5% and 31.3% year-on-year [4] - Revenue by region in 2024 showed declines in South China (-8.4%), East China (-35.2%), North China (-27.5%), and Central China (-32.7%) [4] Profitability and Cost Structure - The company's gross margin in 2024 was 33.1%, a decrease of 1.9 percentage points year-on-year, with customized furniture and supporting home furnishings gross margins at 31.8% and 21.2%, respectively [5] - In Q1 2025, the gross margin improved to 35.2%, an increase of 7.4 percentage points year-on-year, while the expense ratio was 39.1%, down 2.1 percentage points [5] Future Projections - The company has adjusted its revenue forecasts for 2025 and 2026 to 4.01 billion yuan and 4.27 billion yuan, respectively, reflecting a downward adjustment of 15% and 18% [6] - The net profit forecasts for 2025 and 2026 have been raised to 78 million yuan and 152 million yuan, respectively, with EPS projections of 0.35 yuan and 0.68 yuan [6][8]

公司研究 单位租金稳步上涨，分红派息保持稳定 ——上海临港（600848.SH）2024 年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年报及 2025 年一季报 2024 年，公司实现营业总收入 111.03 亿元，（调整后）同比增长 57.2%；实 现归母净利润 10.97 亿元，（调整后）同比增长 3.1%。 2025 年一季度，公司实现营业总收入 15.81 亿元，（调整后）同比下降 17.1%； 实现归母净利润 1.72 亿元，（调整后）同比下降 16.5%。 点评：经营业绩略超预期，单位租金稳步上涨，分红派息保持稳定 2025 年 4 月 30 日 经营业绩略超预期：2024 年公司实现营业收入 111.03 亿元（我们预测为 82 亿 元），实现归母净利润 10.97 亿元（我们预测为 9.5 亿元），略超预期。原因主 要为 2024 年园区销售业务实现营收 74.77 亿元（同比增长 100.97%），实现结 转面积 35.41 万平方米（同比增长 159.2%）。 单位租金稳步上涨：2024 年公司出租房地产的建筑面积约为 269.9 万平方米（同 比下降 13.9%）， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2024 was impacted by macroeconomic conditions, with a revenue of 5.26 billion yuan, down 14% year-on-year, and a net profit of 390 million yuan, down 35.2% year-on-year. The fourth quarter of 2024 saw a revenue of 1.58 billion yuan, down 27.7%, and a net profit of 120 million yuan, down 51.5%. In the first quarter of 2025, revenue was 820 million yuan, down 0.3%, with a net profit of 42.08 million yuan, down 10.9% [5][6][10] Summary by Sections Revenue Performance - In 2024, the revenue from kitchen cabinets, wardrobes, and wooden doors was 2.39 billion, 2.12 billion, and 370 million yuan respectively, with year-on-year declines of 15.6%, 15.3%, and 9.1%. The fourth quarter of 2024 saw revenues of 730 million, 620 million, and 130 million yuan for these segments, with declines of 32.5%, 25.7%, and 22.4% respectively [6][10] Channel Performance - Revenue from direct sales, distribution, bulk, and overseas channels in 2024 was 470 million, 2.53 billion, 1.68 billion, and 210 million yuan, with year-on-year changes of -0.8%, -18.9%, -16.2%, and +37.3% respectively. In Q4 2024, these channels generated revenues of 210 million, 620 million, 580 million, and 70 million yuan, with changes of +26.8%, -35.3%, -36.7%, and +41.0% respectively [6][10] Overseas Expansion - The company accelerated its overseas expansion, extending its business from engineering integration to retail franchises. By the end of 2024, the overseas business covered over ten countries and regions, including Australia, Southeast Asia, and the Middle East [6][10] Profitability Metrics - The overall gross margin for 2024 was 36.3%, a decrease of 0.8 percentage points year-on-year. The gross margins for kitchen cabinets, wardrobes, and wooden doors were 40.2%, 39.0%, and 17.7%, with changes of -0.7, +1.0, and -3.3 percentage points respectively. The gross margin for overseas channels was 28.0%, an increase of 9.8 percentage points year-on-year [8][9] Financial Forecasts - The revenue forecasts for 2025 and 2026 have been adjusted to 5.693 billion and 6.296 billion yuan, respectively, with net profit forecasts of 422 million and 494 million yuan. The report also includes a new forecast for 2027, projecting revenue of 6.857 billion yuan and net profit of 552 million yuan [10][11]

2025 年 4 月 30 日 公司研究 外贸业务持续增长，一季度业绩增长表现靓丽 ——顾家家居（603816.SH）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：24.94 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com -29% -17% -4% 8% 21% 04/24 07/24 10/24 01/25 顾家家居 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 0.16 | -9.61 | -27.04 | | 绝对 | -2.84 | -10.26 | -22.43 | | 资料来源：Wind | | | | 相关研报 外贸业务延续增长，"1+N+X"渠道战略持 续推进中——顾家家居（603816.SH）2024 年三季报点评（2024-10-29） 外贸业务表现亮眼，毛利率同比有所提升— —顾家家居（603816.S ...

公司研究 热电运营规模稳步提升，公司预计 2025 年实现营业收入 105 亿元 ——华光环能（600475.SH）2024 年年报&2025 年一季报点评 2025 年 4 月 30 日 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 91.13 亿 元，同比-13.31%，实现归母净利润 7.04 亿元，同比-4.98%；2025Q1 实现营 业收入 19.65 亿元，同比-32.25%，实现归母净利润 1.29 亿元，同比-30.77%， 环比-42.14%。 热电运营规模稳步提升，能源装备海外市场持续突破。公司持续加大热电联产项 目布局，截至 2024 年底控股热电联产装机规模近 1.3GW（其中天然气 1.1GW）， 供热管网总长度已超 645 公里，实现热电联产集中供热 971.32 万吨（同比 +18.76%），可贡献稳定的利润和现金流。公司能源装备在海外市场订单金额及 占比不断提升，2024 年成功签约哈萨克斯坦、土耳其等多个项目，并突破性开 拓了非洲市场，中标科特迪瓦和几内亚项目。 扎实有序推进氢能电解槽及火电灵活性改造业务。（1）2024 年公司中标中 ...

2025 年 4 月 30 日 公司研究 现金牛属性稳固，短期利润承压不改长期价值 ——大参林（603233.SH）2024 年报及 2025 年一季报点评 要点 事件： 1）公司发布 2024 年报，营业收入 264.97 亿元，同比+8.01%；归母净 利润 9.15 亿元，同比-21.58%；扣非归母净利润 8.85 亿元，同比-22.42%；经 营性净现金流 31.06 亿元，同比-2.13%；EPS（基本）0.81 元。 2）公司发布 2025 年一季报，营业收入 69.56 亿元，同比+3.02%；归母净利润 4.60 亿元，同比+15.45%；扣非归母净利润 4.55 亿元，同比+14.82%；经营性 净现金流 17.68 亿元，同比+44.14%。 点评： 消费力拖累短期业绩，现金牛属性稳固：2024Q1~2025Q1，公司单季度营业收 入分别为 67.52/65.93/63.86/67.66/69.56 亿元，同比+13.54%/+9.07%/ +11.42%/-0.63%/+3.02%；归母净利润 3.98/2.59/2.01/0.57/4.60 亿元，同比 -19.79%/-38.40% ...

2025 年 4 月 30 日 公司研究 25Q1 业绩稳步提升，全产业链优势引领穿越油价周期 ——中国石油（601857.SH/0857.HK）2025 年一季报点评 A 股：买入（维持） 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 市场数据 | 总股本(亿股) | 1830.21 | | --- | --- | | 总市值(亿元)： | 14531.87 | | 一年最低/最高(元)： | 7.33/10.46 | | 近 3 月换手率： | 5.02% | 当前价：7.94 元 H 股：买入（维持） 当前价：5.80 港元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 分析师：蔡嘉豪 股价相对走势 -26% -14% -3% 9% 21% 04/24 07/24 10/24 01/25 中国石油 沪深300 | 收益表现 | | | | | --- | --- | --- ...