Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in Q1 2025 performance, achieving revenue of 2.46 billion yuan (up 15.1% year-on-year) and a net profit attributable to shareholders of 210 million yuan (up 50.5% year-on-year) [2][5]. - The growth in advanced electronic materials and battery materials is driven by the rapid development of AI computing power, high-frequency communication, and increased demand for high-energy-density batteries [9]. - The company is a leader in synthetic resin, with stable profit contributions, while electronic chemicals and biomass chemicals show promising growth potential [9]. Summary by Sections Q1 Performance - In Q1 2025, the company achieved a sales volume of 17,600 tons for advanced electronic materials, a year-on-year increase of 11.1%, generating sales revenue of 360 million yuan (up 31.3%) [9]. - Synthetic resin products saw a sales volume of 166,000 tons (up 10.2%) and revenue of 1.28 billion yuan (up 10.3%) [9]. - Biomass products recorded a sales volume of 56,900 tons (up 36.6%) and revenue of 240 million yuan (up 14.1%) [9]. Business Segments - The company’s two main business segments, phenolic resin and casting materials, continue to see stable growth in market share, with phenolic resin sales reaching 529,000 tons (up 8.4%) and casting resin sales at 174,000 tons (up 10.4%) in 2024 [9]. - The company is enhancing its competitive edge through R&D and market expansion despite industry challenges [9]. Advanced Electronic Materials - The demand for high-frequency and high-speed resins is increasing, with the company accelerating the production of high-value-added products [9]. - New production lines for PPO and hydrocarbon resins are expected to meet domestic supply needs [9]. Biomass Project - The Daqing biomass project is set to resume production in June 2024, with expectations of achieving production and sales balance by the end of 2024 [9]. Financial Forecast - The company forecasts net profits of 1.29 billion yuan, 1.62 billion yuan, and 2.05 billion yuan for the years 2025, 2026, and 2027 respectively [9].

丨证券研究报告丨 行业研究丨专题报告丨保险Ⅱ [Table_Title] 深化个险改革，推动长期健康发展 ——保险基本面梳理 103 报告要点 [Table_Summary] 当前形势下，保护客户利益的前提下通过优化渠道、经营和赔付是必然的发展方向。一方面， 深化执行"报行合一"有助于直接改善行业费用管控；另一方面，专业化、职业化和长期化的 要求将促进队伍结构持续改善，提升经营效率，改善过往形象，促进行业高质量健康发展。 分析师及联系人 [Table_Author] [Table_Title 深化个险改革，推动长期健康发展 2] ——保险基本面梳理 103 [Table_Summary2] 现状：放弃"跑马圈地"，质态明显提升 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 渠道转型已成为上市险企共识。自代理人制度被引入后，代理人规模快速增长，尤其是在 2005- 2007 年和 2012-2016 年期间，"跑马圈地"的招募模式是行业常态。但在 2 ...

丨证券研究报告丨 公司研究丨点评报告丨鸿路钢构（002541.SZ） 请阅读最后评级说明和重要声明 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 [Table_Title] Q4 吨毛利环比改善，后续经营改善可期 报告要点 [Table_Summary] 公司 2024 年全年实现营业收入 215.14 亿元，同比减少 8.60%；归属净利润 7.72 亿元，同比 减少 34.51%；扣非后归属净利润 4.81 亿元，同比减少 44.91%。 分析师及联系人 %% %% %% %% research.95579.com 1 鸿路钢构（002541.SZ） cjzqdt11111 [Table_Title2] Q4 吨毛利环比改善，后续经营改善可期 [Table_Summary2] 事件描述 公司 2024 年全年实现营业收入 215.14 亿元，同比减少 8.60%；归属净利润 7.72 亿元，同比 减少 34.51%；扣非后归属净利润 4.81 亿元，同比减少 44.91%。 事件评论 风险提示 ...

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 深化"一带一路"，构建命运共同体，关注建筑 投资机会 报告要点 [Table_Summary] [Table_Summary] 中美关税博弈持续升级，关注后续实际落地进展；贸易格局变化带动"一带一路"迎来新进 展，关注周边外交；关税新形势下，继续关注内需增长与"一带一路"双主线。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 SAC：S0490520080022 SAC：S0490522060005 请阅读最后评级说明和重要声明 SFC：BUT917 %% %% %% %% research.95579.com 1 柬埔寨：携手构建新时代全天候中柬命运共同体。4 月 17 日晚，国家主席习近平同柬埔寨首 相洪玛奈在金边和平大厦举行会谈。会谈后，两国领导人共同见证中柬双方交换 30 多份双边 合作文本，涵盖产供链合作、人工智能、发展援助、海关检验检疫、卫生、新闻等领域。双方 发表《中华人民共和国和柬埔寨王国关于构建新时代全天候中柬命运共同体、落实三大全球倡 议的联合声明》。 "一带一路"密集催化，国际合作 ...

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9] Core Views - The company is expected to achieve a net profit attributable to shareholders of 149 million yuan in 2024, representing a year-on-year increase of 89.6%, and a net profit of 61 million yuan in Q1 2025, reflecting a year-on-year growth of 111% [2][6] - Despite the impact of the EU anti-dumping tax, the company is likely to offset risks through overseas channel expansion and new capacity construction, with projects such as the annual production of 100,000 tons of hydrocarbon-based biodiesel and the first phase of 100,000 tons in Singapore expected to enhance profits [2][6] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3.563 billion yuan, a year-on-year increase of 26.7%, and a net profit of 149 million yuan, a year-on-year increase of 89.6%. The net profit excluding non-recurring items was 135 million yuan, up 24.8% [6] - For Q4 2024, the company reported revenue of 589 million yuan, a year-on-year increase of 115%, and a net profit of 57 million yuan, a year-on-year increase of 176% [6] - In Q1 2025, the company recorded revenue of 709 million yuan, a year-on-year decrease of 18.4%, but a net profit of 61 million yuan, a year-on-year increase of 111% [6] Market Strategy - The company has actively expanded overseas channels and established a self-owned sales network in Europe through its subsidiary in the Netherlands, effectively mitigating the impact of the anti-dumping investigation [13] - The sales model adjustment has allowed the company to recognize revenue at local terminal prices in the EU, resulting in a year-on-year increase of 21.82% in the selling price per ton [13] Profitability Drivers - The profit growth in 2024 was supported by an increase in gross profit per ton, a reduction in expense ratios, and an increase in other income [13] - The gross profit margin for 2024 was 7.11%, a decrease of 0.62 percentage points year-on-year, while the gross profit per ton improved from 482 yuan/ton in 2023 to 524 yuan/ton in 2024 [13] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 410 million yuan, 600 million yuan, and 680 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 12.9x, 8.7x, and 7.6x [13]

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 季报期建议关注业绩超预期个股 报告要点 [Table_Summary] 2025 年年初以来非银板块相对大盘收益持续落后，近期市场整体有所降温。季报期临近，多家券商披露业 绩预增公告，另外历史上看业绩披露期以保险为主的非银子板块通常相对收益表现亮眼，建议 4 月积极增 配，看好业绩估值双升。 分析师及联系人 [Table_Author] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 季报期建议关注业绩超预期个股 2] [Table_Summary2] 核心观点： 近期因全球资产风险偏好下降板块估值整体有所回调，从业绩估值匹配度来看配置性价比正显 著提升。季报期临近，多家券商披露业绩预增公告，另外历史上看业绩披露期以保险为主的非 银子板块通常相对收益表 ...

激浊扬清，周观军工 第115期： 重点推荐·图南股份 长江证券研究所军工研究小组 2025-04-21 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 王贺嘉 分析师 王清 分析师 杨继虎 分析师 张晨晨 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SAC执业证书编号：S0490525040001 SAC执业证书编号：S0490524080007 SFC执业证书编号：BUX462 联系人 张飞 联系人 李麟君 %% %% %% %% research.95579.com 2 01 02 国内OEM公司有望受益海外需求外溢 目 录 04 05 03 关税混乱冲击全球航空制造业产业链， 供应链安全需求加速大飞机自主可控 制造产能优先保障"重新武装欧洲"， 图南股份：需求短期波动但盈利稳定， 紧固件等新项目转固迎来全新成长期 菲利华：深耕半导体光学等高端民用， 布局合成及天然砂提纯保障自主可控 十四五收官务期必成：甄选"产品力提 升、渗透率提升、客单价提升"标的 % ...

丨证券研究报告丨 公司研究丨点评报告丨华电国际（600027.SH） [Table_Title] 成本优化电价稳定，一季度业绩展望积极 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 报告要点 [Table_Summary] 2025 年一季度公司累计完成发电量 513.84 亿千瓦时，同比下降约 8.51%。电价方面，公司一 季度平均上网电价约为 0.506 元/千瓦时，同比仅降低 0.004 元/千瓦时，在多个省份年度长协 电价有较大幅度调整的背景下，公司电价相对稳定的主要原因或系高电价的气电电量占比提 升，以及受到分母端电量下滑的影响，固定的容量电费折算度电电价后略有提升的共同影响。 而一季度秦皇岛 Q5500 动力末煤平仓价同比降低 180.52 元/吨，在成本端显著优化的带动下， 公司一季度业绩展望积极。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

丨证券研究报告丨 报告要点 [Table_Summary] 寒武纪发布 2024 年年报及 2025 年一季报：1）公司 2024 年实现营收 11.74 亿元，同比增长 65.56%，实现归母净利润-4.52 亿元，同比增长 46.69%；2）公司 2025 年一季度实现营收 11.11 亿元，同比增长 4230.22%，实现归母净利润 3.55 亿元，同比增长 256.82%。公司营收高速增 长，业务进入新的放量期，销售毛利率相对稳健，持续投入研发，规模效应下业绩得以逐步释 放，部分与公司未来经营相关的核心财务指标向好，后续高增长值得期待。 分析师及联系人 [Table_Author] 联合研究丨公司点评丨寒武纪-U（688256.SH） [Table_Title] 寒武纪 2024 年报&2025Q1 点评：业绩进入爆 发期，存货超预期支撑持续高增长 宗建树 杨洋 余庚宗 SAC：S0490520030004 SAC：S0490517070012 SAC：S0490516030002 SFC：BUX668 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95 ...

丨证券研究报告丨 联合研究丨公司点评丨中国建筑（601668.SH） [Table_Title] 需求整体承压，分红率大幅提升 报告要点 [Table_Summary] 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 415.81 亿元，同比减少 14.3%。 分析师及联系人 [Table_Author] 张弛 刘义 宋子逸 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490520040001 SAC：S0490522080002 SAC：S0490522060005 SFC：BUT917 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国建筑（601668.SH） cjzqdt11111 [Table_Title2] 需求整体承压，分红率大幅提升 [Table_Summary2] 事件描述 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 ...