Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to maintain stable performance in 2024, with a slight revenue decline of 0.6% to 3.01 billion yuan and a net profit decrease of 5.2% to 542 million yuan. The overall performance aligns with expectations [1]. - The company plans to focus on high-end markets and optimize its direct sales channels in 2025, aiming to enhance brand experience centers in core cities [2]. - The e-commerce segment is facing challenges, with a revenue decline of 7.4% to 1.12 billion yuan, but the company is prioritizing profitability improvements [3]. - The company is projected to have stable performance in 2025, with revenue and profit expected to remain flat, reflecting a cautious approach in a slow recovery demand environment [4]. Summary by Sections Financial Performance - In 2024, the company's revenue is projected to decline by 0.6% to 3.01 billion yuan, with a net profit decrease of 5.2% to 542 million yuan. The gross margin is expected to increase by 0.4 percentage points to 56.1% [1]. - The company plans to distribute a year-end dividend of 0.62 yuan per share, resulting in a dividend payout ratio of 95.84% and a dividend yield of 7.9% based on the closing price on April 29 [1]. Direct Sales Channel - The direct sales channel is expected to grow by 1.78% to 740 million yuan in 2024, with a gross margin decrease of 2.28 percentage points to 67.86%. The number of direct stores is projected to be 485 by the end of 2024 [2]. Franchise Channel - The franchise business is anticipated to grow by 1.40% to 840 million yuan in 2024, with a gross margin decrease of 0.64 percentage points to 55.57%. The number of franchise stores is expected to be 987, with a net closure of 23 stores [2]. E-commerce Channel - The e-commerce segment is projected to decline by 7.4% to 1.12 billion yuan in 2024, but the gross margin is expected to improve by 2.27 percentage points to 50.26%. The company is focusing on enhancing profitability in this segment [3]. Cash Flow and Inventory - By the end of 2024, inventory is expected to increase by 8.9% to 760 million yuan, while accounts receivable are projected to rise by 41.2% to 550 million yuan. Operating cash flow is expected to decline by 52.2% to 370 million yuan [3]. Future Outlook - For 2025, the company is expected to maintain stable performance, with projected revenues of 5.49 billion yuan, 5.86 billion yuan, and 6.23 billion yuan for 2025, 2026, and 2027 respectively. The price-to-earnings ratio for 2025 is estimated at 12 times [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 2.07 billion yuan in Q1 2025, representing a year-on-year growth of 13.5%. The net profit attributable to shareholders was 120 million yuan, a slight decline of 0.9% year-on-year, while the non-recurring net profit increased by 27.0% year-on-year, indicating improved operational profitability [1][2] - The company has a robust order backlog, with a total of 49.9 billion yuan in uncompleted contracts, which is 5.6 times the expected revenue for 2024. This strong order book supports anticipated revenue growth [3] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 8.74%, down by 0.45 percentage points year-on-year. The total expense ratio decreased by 3.60 percentage points year-on-year to 2.17% [2] - The operating cash flow showed a net outflow of 340 million yuan, primarily due to increased payments for project construction [2] Order and Market Outlook - The company signed new orders worth 1.886 billion yuan in Q1 2025, a decrease of 11% year-on-year. However, the domestic coal chemical investment is accelerating, particularly in Xinjiang, which is expected to provide significant order growth opportunities [3] - The company is actively expanding into overseas markets, which is anticipated to contribute positively to order growth [3] Future Projections - The company is projected to achieve net profits of 500 million yuan, 650 million yuan, and 790 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 29%, and 22% [3] - The earnings per share (EPS) are expected to be 0.71 yuan, 0.92 yuan, and 1.12 yuan for the years 2025, 2026, and 2027, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 86.2% year-on-year in Q1 2025, reaching 3.43 billion yuan, while net profit decreased by 32.9% to 270 million yuan [1] - The revenue growth is attributed to the company's expanded product and pricing matrix, aggressive market strategies, and strong performance in both domestic and international markets [1][2] - The company benefits from domestic policies promoting the replacement of old appliances and has enhanced its competitive edge through refined overseas operations [1] Financial Performance Summary - In Q1 2025, the company's gross margin was 45.5%, down 11.0 percentage points year-on-year [2] - The net profit margin for Q1 2025 was 7.8%, reflecting a decrease of 13.9 percentage points year-on-year [2] - The company expects net profits for 2025, 2026, and 2027 to be 2.08 billion, 2.54 billion, and 3.07 billion yuan respectively, with growth rates of 5.2%, 22.2%, and 20.8% [2] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 16.06 billion, 19.36 billion, and 22.99 billion yuan, with year-on-year growth rates of 34.5%, 20.5%, and 18.8% respectively [4] - The latest diluted EPS for 2025 is projected at 11.26 yuan per share, with a P/E ratio of 16.5 [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 3.05 billion yuan for 2024, a decrease of 6.6% year-on-year, and a net profit of 720 million yuan, down 11.2% year-on-year. The fourth quarter of 2024 saw a revenue of 660 million yuan, down 18.0% year-on-year, with a net profit of 140 million yuan, up 0.5% year-on-year [1] - The pre-mixed liquor segment continues to face pressure due to high base effects and weak demand, while the flavoring business showed stable performance. The sales volume of pre-mixed liquor decreased by 8.8% to 32.38 million boxes in 2024, with an average price increase of 1.8% to 82.7 yuan per box [1][2] - The company expects improved performance in the pre-mixed liquor segment starting from Q2 2025, as the base effect diminishes. The introduction of new whiskey products is anticipated to drive revenue growth [3] Financial Summary - The company's gross margin increased by 3.0 percentage points to 69.7% in 2024, primarily due to channel and product structure optimization. The sales expense ratio rose by 2.9 percentage points to 24.6%, with advertising expenses increasing by 34% [2] - For 2025-2027, the company is projected to achieve net profits of 860 million, 1.00 billion, and 1.12 billion yuan, representing year-on-year growth rates of 20.0%, 16.3%, and 11.7% respectively. The current stock price corresponds to a PE ratio of 32, 28, and 25 times for the respective years [3][5]

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - Q1 performance remains under pressure due to fluctuating gross margins, with traditional infrastructure investments still needing improvement. The company reported total revenue of 256.8 billion, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 5.15 billion, down 14.5% [1][2] - The company has a substantial backlog of contracts amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future performance as new funding sources are expected to accelerate project execution [1][2] - New contracts in emerging sectors such as mining and electricity have seen rapid growth, while overseas orders continue to increase significantly. The total new contract amount for Q1 was 492.8 billion, a decrease of 10.5% year-on-year, with infrastructure projects accounting for 85% of the total [3] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 7.51%, a decrease of 0.28 percentage points year-on-year. The expense ratio was 4.15%, down 0.07 percentage points, indicating effective cost control [2] - Operating cash flow showed improvement, with a net outflow of 38.95 billion, which is 7.65 billion less than the previous year [2] Contracting and Order Book - The new contract amount for Q1 was 492.8 billion, with infrastructure projects seeing a decline of 13%. However, contracts in emerging sectors like mining and electricity grew significantly, with increases of 66% and 139% respectively [3] - Domestic and overseas contracts were 4,487 billion and 442 billion respectively, with overseas business maintaining rapid growth [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 yuan per share [4]

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 新天绿能（600956.SH） 风电量增价稳，业绩具备增长弹性 公司发布 2025 年一季度报告。公司 2025 年一季度实现营业收入 69.11 亿元，同比减少 12.6%；实现归属于母公司所有者的净利润 9.54 亿元，同比增长 14.71%；扣非归母净利润 9.52 亿元，同比+15.38%； 经营活动产生的现金流量净额同比+131.45%，基本每股收益 0.23 元， 同比增长 15.0%。其中，天然气售气量同比下滑影响营业收入，风电 电量修复增长带动利润提升。 风电量增价稳，装机增量有望带动增长。电量方面，2025 年一季度公 司风电实现发电量 44.63 亿度，同比+9.44%；风电上网电量 43.65 亿 度，同比+9.55%。实现光伏发电量 0.81 亿度，同比+107.27%；上网 电量 0.78 亿度，同比+105.58%。公司市场化交易电量 19.86 亿千瓦 时，交易电量占比 44.71%，同比增加 9.04pct。电价方面，公司平均 上网电价（不含税）为 0.43 元/千瓦时，较去年同期持平。一季 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported strong performance in Q1 2025, achieving total revenue of 5.112 billion yuan, a year-on-year increase of 99.52%, and a net profit attributable to shareholders of 456 million yuan, up 236.22% year-on-year [1]. - The electric two-wheeler segment showed significant growth, with revenue reaching 2.862 billion yuan, a 140.5% increase year-on-year, and sales of 1.0038 million units, also up 140.8% year-on-year [1]. - The company benefits from government policies promoting trade-in programs, which have driven demand in the industry, with over 350,000 consumers applying for subsidies under the trade-in policy [2]. Financial Performance - The gross margin for Q1 2025 was 29.67%, a slight decrease of 0.81 percentage points year-on-year [2]. - The net profit margin improved to 8.92%, an increase of 3.63 percentage points year-on-year [2]. - The company is expected to continue benefiting from the growth in the two-wheeler market and the expansion of its robotics segment, with projected net profits of 1.82 billion, 2.52 billion, and 3.26 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 67.5%, 38.7%, and 29.2% [3]. Financial Projections - Revenue projections for the company are as follows: 10.222 billion yuan in 2023, 14.196 billion yuan in 2024, 20.584 billion yuan in 2025, 25.524 billion yuan in 2026, and 30.629 billion yuan in 2027, with respective growth rates of 1.0%, 38.9%, 45.0%, 24.0%, and 20.0% [5]. - The earnings per share (EPS) are projected to increase from 8.34 yuan in 2023 to 45.37 yuan in 2027 [5].

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 鸿路钢构（002541.SZ） 25Q1 扣非业绩超预期，盈利拐点已现 25Q1 营收增速拐头向上，扣非业绩超预期。公司 25Q1 实现营收 48.2 亿 元，同增 8.8%，结束连续 4 个季度的收入下滑；实现扣非后归母净利润 1.1 亿元，同比大幅增长 31%，超市场预期，主因 Q1 研发费用率下降； 实现归母净利润 1.4 亿元，同降 33%，同比下滑主因上年同期确认较多的 政府补助。25Q1 以产量计算的吨扣非后净利 109 元，同比/环比提升 14/10 元，单吨盈利能力已实现触底回升。公司 25Q1 新签订单同增 1.3%，历 经 4 个季度同比下滑后增速回正；钢结构产量同增 14.3%显著加速，结束 连续 4 个季度产量微增的状态。整体看公司 25Q1 订单、产量、营收、扣 非吨净利均出现向上拐点，后续公司业绩有望持续向上修复。 毛利率下降，费用率降低，钢材采购增多致 Q1 现金流净流出。25Q1 公 司毛利率 9.83%，YoY-0.76 个 pct，主因钢结构售价跟随钢价下行（25Q1 热轧卷板日均价格 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, representing a year-over-year increase of 14.7% and a quarter-over-quarter decrease of 5.1%. The net profit attributable to shareholders was 870 million yuan, up 55.3% year-over-year [1]. - The growth in revenue is primarily driven by the accelerated penetration of automotive intelligence and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027, respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, an increase of 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company’s revenue for 2024 is projected to be 25.73 billion yuan, with a year-over-year growth rate of 22.4% [5]. - The net profit for 2025 is forecasted to be 4.38 billion yuan, reflecting a year-over-year growth of 31.7% [3][5]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, up 30% year-over-year, while the mobile CIS segment is projected to generate 9.8 billion yuan, up 26% year-over-year [2]. - The IoT CIS segment also showed strong growth, achieving 760 million yuan in revenue in 2024, a 42% increase year-over-year [2]. - The company is enhancing its competitive advantage through the dual product lines of mobile and automotive CIS, with expectations for continued growth in both segments [2].

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 东华科技（002140.SZ） Q1 营收稳健增长，扣非业绩增速亮眼 Q1 收入稳健增长，归母业绩同比基本持平，扣非业绩增速亮眼。2025Q1 公司实现营业总收入 20.7 亿元，同比增长 13.5%，在建总承包项目有序 推进带动收入规模稳健增长；实现归母净利润 1.2 亿元，同比下降 0.9%， 业绩略有下滑主要因毛利率小幅下降 0.45pct 以及减值损失转回同比减少 0.6 亿元；扣非归母净利润 1.1 亿元，同比增长 27.0%，扣非业绩增速显 著高于归母净利润增速主要因上年同期个别单项计提减值项目转回减值 准备较多，扣非业绩增长展现公司经营性盈利向好。公司当前在手订单充 裕、在建项目稳步推进，后续作为煤化工建设领军企业有望核心受益新疆 煤化工投资加码与建设提速，2025 年全年收入利润有望加速增长。 费用率显著优化，现金流短期承压。2025Q1 公司综合毛利率 8.74%，同 比下降 0.45pct。期间费用率 2.17%，同比下降 3.60pct，其中销售/管理/ 研发/财务费用率分别同比下降 0.02/0.3 ...