证券研究报告：宏观报告 发布时间：2025-05-28 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《5 月经济高频数据环比回暖》 - 2025.05.26 宏观研究 费用下行支撑盈利改善，关税分担恐倒压上游价格 核心观点 （1）工业企业利润延续修复，或因政策推动企业费用下降 4 月当月全国规模以上工业企业实现利润总额同比增速为 3%，保 持继续修复态势，较前值回升 0.4pct；1-4 月，全国规模以上工业企 业实现利润总额累计同比增速为 1.4%，较前值上涨 0.6pct。 从量、价、利润率分析，量价疲弱背景下，利润率改善成为利润 修复核心驱动力，而利润率改善主要来自于企业销售费用和财务费用 下降，一方面是央行着力推动降低全社会综合融资成本，社会广谱利 率下行，企业财务费用同比下降；另一方面，或是受益于降低全社会 物流成本专项行动，企业物流成本有所下降，进而推动企业销售费用 降低。 （2）利润改善并 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11] Core Insights - The semiconductor business is driving revenue growth, with innovative materials achieving breakthroughs across multiple areas. In 2024, the company is expected to achieve revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [3][10] - The CMP polishing pad business continues to solidify its leading position in domestic supply, with sales revenue of 716 million yuan in 2024, representing a year-on-year growth of 71.51% [4] - The company is diversifying its semiconductor business, with significant advancements in CMP polishing liquids, cleaning liquids, and semiconductor display materials, all showing substantial revenue growth [5][7] Company Overview - The latest closing price is 27.91 yuan, with a total market capitalization of 26.2 billion yuan and a total share capital of 938 million shares [2] - The company has a debt-to-asset ratio of 34.1% and a price-to-earnings ratio of 49.84 [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.053 billion yuan, 4.901 billion yuan, and 5.900 billion yuan, respectively, with net profits of 701 million yuan, 959 million yuan, and 1.290 billion yuan [10][13] - The expected growth rates for revenue are 21.44%, 20.91%, and 20.39% for the respective years [13] Product Development - The company has made significant progress in high-end wafer photoresists, with over 20 products developed and 12 samples sent for client verification [8] - The semiconductor packaging materials, including PI and temporary bonding adhesives, have also seen initial orders, indicating a strong market entry [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 12 months [15]. Core Insights - The company plans to acquire a 54.5% stake in Winshang Technology for 578 million yuan, which will enhance its growth trajectory and diversify its business [5][7]. - Winshang Technology is a leading domestic supplier of rotary transformers, crucial for the electric drive systems in new energy vehicles, with a market share exceeding 50% in 2022 [6]. - The acquisition is expected to create synergies between the two companies, leveraging Winshang's technical expertise and the company's established global customer base [7]. Financial Projections - Revenue forecasts for the company are projected at 8.67 billion yuan for 2025, 9.65 billion yuan for 2026, and 10.24 billion yuan for 2027, with corresponding net profits of 537 million yuan, 609 million yuan, and 672 million yuan respectively [8][10]. - The company's earnings per share (EPS) are expected to grow from 1.05 yuan in 2025 to 1.31 yuan in 2027, reflecting a positive growth trend [10][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 18.1 in 2025 to 14.4 in 2027, indicating potential value appreciation [10][11].

证券研究报告：汽车 | 公司点评报告 发布时间：2025-05-28 股票投资评级 买入|维持 个股表现 -17% -11% -5% 1% 7% 13% 19% 25% 31% 37% 2024-05 2024-08 2024-10 2025-01 2025-03 2025-05 亚普股份 汽车 亚普股份(603013) 拟收购赢双科技 54.5%股权，开辟成长新路径 ⚫ 事件 5 月 27 日晚，亚普股份公告拟以自有资金 5.78 亿元购买赢双科 技 54.5%股权，交易对方包括上海飞驰、融享贝盈等法人实体及凌世 茂等自然人。本次交易完成后，赢双科技将成为公司控股子公司，纳 入合并报表范围。截至 2025 年 3 月 31 日，亚普股份总资产为 68.97 亿元，资产负债率为 33.63%，账面货币资金 14.02 亿元。 ⚫ 点评 一、标的公司赢双科技是旋转变压器国产化替代头部供应商。 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） | 18.94 | | --- | --- | | 总股本/流通股本（亿股）5.13 / 5.13 | | | 总市值/流通市值（亿元）97 / 97 | ...

证券研究报告：金融工程报告 发布时间：2025-05-27 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:冯昱文 SAC 登记编号:S1340124100011 Email:fengyuwen@cnpsec.com 近期研究报告 《谷歌发布智能体白皮书，Manus 全面 开放注册——AI 动态汇总 20250519》 - 2025.05.20 《证监会修改《重组办法》，深化并购 重组改革——微盘股指数周报 20250518》 - 2025.05.19 《通义千问发布 Qwen-3 模型， DeepSeek 发布数理证明大模型——AI 动态汇总 20250505》 - 2025.05.06 《基金 Q1 加仓有色汽车传媒，减仓电 新食饮通信——公募基金 2025Q1 季报 点评》 - 2025.04.30 《泛消费打开连板与涨幅高度，ETF 资 金平铺机器人、人工智能与芯片—— 行业轮动周报 20250427》 - 2025.04.28 《国家队交易特征显著，短期指数仍 交易补缺预期，TMT 类题材仍需等待— —行业 ...

证券研究报告：食品饮料|公司点评报告 发布时间：2025-05-27 股票投资评级 买入|维持 个股表现 -27% -23% -19% -15% -11% -7% -3% 1% 5% 9% 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 安井食品 食品饮料 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） | 83.86 | | --- | --- | | 总股本/流通股本（亿股）2.93 / 2.93 | | | 总市值/流通市值（亿元）246 / 246 | | | 52 周内最高/最低价 | 102.97 / 68.93 | | 资产负债率(%) | 23.6% | | 市盈率 | 16.51 | | 第一大股东 | 福建国力民生科技发展 | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 安井食品(603345) 战略转向新 ...

证券研究报告：房地产|行业周报 发布时间：2025-05-27 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | 1975.29 | | --- | --- | | 52 周最高 | 2656.47 | | 52 周最低 | 1627.84 | 行业相对指数表现 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《4 月地产数据有所回落 一二线新房 价格稳定》 - 2025.05.21 房地产行业报告（2025.5.19-2025.5.25） 存量地产行业更需要"运营商"而非"建造者" ⚫ 投资要点 5 月 20 日，国新办举行新闻发布会，住建部等四部委解读《关于 持续推进城市更新行动的意见》，会议指出，当前我国城市发展应从 大规模增量建设转向存量提质改造和 ...

发布时间：2025-05-27 股票投资评级 证券研究报告：医药生物 | 公司深度报告 公司基本情况 | 最新收盘价（元） | 23.83 | | --- | --- | | 总股本/流通股本（亿股）1.06 | / 0.51 | | 总市值/流通市值（亿元）25 | / 12 | | 52 周内最高/最低价 | 24.54 / 15.69 | | 资产负债率(%) | 57.3% | | 市盈率 | 37.83 | | 第一大股东 | 谭平涛 | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 华康洁净(301235) 公司是一家专业的洁净室系统集成化解决方案服务商，坚持以洁 净技术为核心，将公司业务领域由公立医院的医疗专项洁净扩展至高 等院校的科学实验室洁净、工业电子企业的电子洁净等，以全过程专 业技术服务为宗旨，为公立医院、高等院校、工业电子企业等单位、 机构提供洁净室建设全周期服务。考虑到公司在洁净室领域技术积累 及较强的获客能力，立足华中地区丰富的半导体产业资源，未来数年 有望在电子洁净领域实现高速增长。预测2025-20 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][8]. Core Insights - The company has shown a steady increase in revenue growth and profitability, with Q1 2025 performance exceeding expectations [4][5]. - The revenue for 2024 was reported at 1.102 billion yuan, reflecting a growth of 0.93%, while the net profit attributable to shareholders was 117 million yuan, up by 7.17% [4][10]. - The company is expected to continue its growth trajectory, with projected revenues of 1.312 billion yuan, 1.574 billion yuan, and 1.875 billion yuan for 2025, 2026, and 2027 respectively [7][10]. Company Overview - The latest closing price of the company's stock is 42.54 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 91 million shares, with 43 million shares in circulation [3]. - The company’s debt-to-asset ratio stands at 16.2%, indicating a strong financial position [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, representing a growth of 12.83%, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, with an increase to 44.34% in Q1 2025 [6]. - The company has maintained good cost control, with a sales expense ratio of 10.92% in Q1 2025, down from 11.51% in 2024 [6]. Revenue Breakdown - The company's revenue from molecular building blocks in 2024 was 936 million yuan, with a gross margin of 42% [5]. - The overseas revenue for 2024 was 616 million yuan, reflecting a growth of 10.58%, while domestic revenue was 486 million yuan, down by 9.12% [6]. Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 1.58 yuan, 1.96 yuan, and 2.54 yuan respectively [10]. - The projected price-to-earnings (P/E) ratios for the same years are 26.95, 21.67, and 16.74 [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][8]. Core Insights - The company has shown a steady increase in revenue growth and profitability, with Q1 2025 performance exceeding expectations [4][5]. - The revenue for 2024 was reported at 1.102 billion yuan, reflecting a growth of 0.93%, while the net profit attributable to shareholders was 117 million yuan, up by 7.17% [4]. - The company is well-positioned in the overseas market, with a significant portion of its revenue coming from international operations, which totaled 616 million yuan in 2024, marking a 10.58% increase [6]. Company Overview - The latest closing price of the company's stock is 42.54 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 91 million shares, with 43 million shares in circulation [3]. - The company’s debt-to-asset ratio stands at 16.2%, indicating a strong financial position [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, representing a 12.83% increase, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, an increase of 1.33 percentage points year-on-year, with expectations for continued improvement in 2025 [6]. - The company’s projected revenues for 2025-2027 are 1.312 billion, 1.574 billion, and 1.875 billion yuan, respectively, with net profits expected to reach 143 million, 178 million, and 231 million yuan [7][10]. Earnings Forecast - The report forecasts a compound annual growth rate (CAGR) for revenue of approximately 19% from 2024 to 2027 [10]. - The projected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26.95, 21.67, and 16.74, respectively [10].