Q1 业绩增长超预期，实业板块盈利有望改善 24 全年营收业绩稳健增长，毛利率改善带动 25Q1 业绩超预期。2024 年公 司实现营业总收入 1866 亿，同增 4.1%；实现归母净利润 57 亿，同增 4.8%； 扣非归母净利润同增 6%，全年业绩稳增符合预期。分季度看：24Q1/Q2/Q3/Q4 单季营收分别同比+6%/-6%/+8%/+9%；单季归母净利润分别同比+9%/- 12%/+29%/+9%，Q4 收入业绩稳健增长。分业务看：化学工程/基础设施/环 境治理/实业分别实现营收 1522/206/22/88 亿，同比+7%/-6%/-22%/+13%。 分区域看：境内/境外分别实现营收 1391/462 亿，同比-2%/+30%，海外收 入增长强劲。2025Q1 公司实现营业总收入 447 亿，同降 1%；实现归母净利 润 14.4 亿，同增 19%；扣非归母净利润同增 23%，业绩增长超预期，主要得 益于单季毛利率显著提升。 毛利率稳步上行，净现比持续优异。2024 年公司综合毛利率 10.48%，同比 +0.65pct，主要得益于化工主业盈利显著改善（毛利率同比+0.8pct）；基建/ 实业/ ...

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, with a year-over-year growth of 14.7% and a quarter-over-quarter decline of 5.1%. The net profit attributable to shareholders was 870 million yuan, reflecting a year-over-year increase of 55.3% [1]. - The growth in revenue is primarily driven by the acceleration of automotive intelligence penetration 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%, up 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 forecasts a net profit of 4.38 billion yuan in 2025, representing a year-over-year growth of 31.7% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 36, 26, and 22 respectively, indicating a strong growth trend [3]. 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, reflecting a year-over-year increase of 30% [2]. - The mobile CIS segment is projected to generate 9.8 billion yuan in revenue in 2024, with a year-over-year growth of 26% [2]. - The IoT CIS segment also showed strong performance with a revenue of 760 million yuan in 2024, growing by 42% year-over-year [2].

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。 股价走势 -50% -36% -22% -8% 6% 20% 2024-04 2024-08 2024-12 2025-04 鸿路钢构 沪深300 毛利率下降，费用率降低，钢材采购增 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to experience a revenue decline of 3% year-on-year in 2024, with a significant drop in net profit by 27% [1] - The company has a high dividend payout ratio of 91%, making its dividend attractive with an estimated yield of 5.2% based on the closing price on April 29, 2025 [1] - The main brand's revenue is projected to decrease by 7% in 2024, while new business lines such as JD Outlet and Sporz are expected to drive growth [3][5] Summary by Sections Financial Performance - In 2024, the company's revenue is projected to be CNY 20.96 billion, down 3% year-on-year, with a net profit of CNY 2.16 billion, down 27% [1] - For Q1 2025, the company reported revenue of CNY 6.19 billion, flat year-on-year, and a net profit of CNY 0.94 billion, up 5% [2] - The gross margin for 2024 is expected to remain stable at 44.5%, while the net margin is projected to decline to 10.4% [1] Brand Performance - The main brand's revenue is expected to decline by 7% to CNY 15.27 billion in 2024, but it maintains a gross margin of 46.5% [3] - The group purchase and customization series is projected to see a revenue decline of 3% to CNY 2.22 billion [3] - Other brands are expected to grow by 32% to CNY 2.67 billion, driven by the integration of Sporz and JD Outlet [3] Channel Performance - Offline store revenue is expected to decline by 10% to CNY 15.74 billion in 2024, while online sales are projected to grow by 36% to CNY 4.42 billion [4] - Direct sales are expected to increase by 5% to CNY 4.78 billion, outperforming franchise sales, which are projected to decline by 6% [4] Cash Flow and Inventory Management - Inventory levels are expected to increase by 28.4% year-on-year to CNY 11.99 billion by the end of 2024, with inventory turnover days increasing [5] - Operating cash flow is projected to be CNY 2.32 billion in 2024, approximately 1.1 times the net profit for the same period [5] Future Outlook - The company anticipates a potential revenue growth in the low single digits for 2024, with net profit expected to grow rapidly due to a low base effect [5] - The report suggests that the company will continue to focus on high-quality store openings and improving profitability in new projects [5]

Investment Rating - The investment rating for the company is maintained as "Buy" [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 attributable to shareholders of 720 million yuan, down 11.2% year-on-year. The revenue for Q4 2024 was 660 million yuan, a decline of 18.0% year-on-year, while the net profit was 140 million yuan, an increase of 0.5% year-on-year. For Q1 2025, revenue was 740 million yuan, down 8.1% year-on-year, and net profit was 180 million yuan, up 7.0% year-on-year [1][2][3] Financial Performance Summary - In 2024, the gross margin increased by 3.0 percentage points to 69.7%, 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%. The net profit margin decreased by 1.2 percentage points to 23.5% due to rising expense ratios [2][3] - The company expects the pre-mixed beverage business to face short-term growth pressure due to a high base and weak demand, while the whiskey segment is anticipated to contribute modest revenue [1][3] Revenue and Profit Forecast - The company has slightly adjusted its profit forecasts for 2025-2026 and introduced a forecast for 2027, expecting net profits of 860 million yuan, 1.00 billion yuan, and 1.12 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 20.0%, 16.3%, and 11.7% [3][5] Market Position and Strategy - The company is focusing on improving the efficiency of its marketing expenditures and anticipates better profit performance than revenue growth. The launch of new whiskey products is expected to enhance market presence and drive sales [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.32 billion yuan in Q1 2025, representing a year-on-year increase of 10.6%. However, the net profit attributable to the parent company decreased by 14.0% year-on-year to 130 million yuan [1] - The gross margin for Q1 2025 was 36.8%, down 1.7 percentage points year-on-year. The net profit margin was 10.3%, down 2.4 percentage points year-on-year but up 2.9 percentage points quarter-on-quarter [2] - The company expects a continuous revenue growth, with projected net profits for 2025, 2026, and 2027 at 370 million, 416 million, and 466 million yuan respectively, indicating year-on-year growth rates of 28.7%, 12.4%, and 11.9% [2] Financial Summary - The company’s revenue for 2023 is projected at 4.712 billion yuan, with a year-on-year growth rate of 14.4%. The revenue is expected to reach 5.214 billion yuan in 2025, reflecting a growth rate of 9.6% [4] - The diluted EPS for 2025 is estimated to be 2.36 yuan per share, with a projected P/E ratio of 19.3 times [4] - The net asset return rate is expected to be 12.3% in 2025, increasing to 13.6% by 2027 [4]

Investment Rating - The report maintains a "Buy" investment rating for Midea Group [3][6]. Core Views - Midea Group reported strong revenue growth in Q1 2025, achieving an operating income of 1284.28 billion yuan, a year-on-year increase of 20.61%, and a net profit attributable to shareholders of 124.22 billion yuan, up 38.02% year-on-year [1]. - The company is experiencing rapid growth in its B-end business segments, with revenues from new energy and industrial technology, smart building technology, and robotics and automation increasing by 45%, 20%, and 9% respectively [1]. - Midea Group plans to spin off its subsidiary, Ande Intelligent Logistics, for a listing on the Hong Kong Stock Exchange, which is expected to enhance business management structure and unlock valuation potential for the logistics segment [1]. Financial Performance - The gross profit margin for Q1 2025 was reported at 25.45%, with a net profit margin of 9.97%, reflecting a year-on-year increase of 1.45 percentage points [2]. - Operating cash flow for Q1 2025 was 143.21 billion yuan, a year-on-year increase of 2.81%, with cash received from sales of goods rising by 23.35% to 1092.67 billion yuan [2]. - The company forecasts net profits for 2025-2027 to be 431.79 billion yuan, 475.1 billion yuan, and 518.21 billion yuan respectively, with year-on-year growth rates of 12.0%, 10.0%, and 9.1% [3]. Financial Metrics - For the fiscal year 2025, Midea Group is projected to achieve an operating income of 439.72 billion yuan, with a year-on-year growth rate of 8.0% [5]. - The latest diluted EPS is expected to be 5.63 yuan per share for 2025, with a projected P/E ratio of 13.2 [5]. - The company’s return on equity (ROE) is forecasted to be 29.8% for 2025, indicating strong profitability [5].

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 stimulated demand in the industry, and it is positioned to lead in high-end and intelligent product offerings [2]. Financial Performance - The company's 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]. - Revenue projections for 2025-2027 indicate continued growth, with expected net profits of 1.82 billion yuan in 2025, 2.52 billion yuan in 2026, and 3.26 billion yuan in 2027, reflecting year-on-year growth rates of 67.5%, 38.7%, and 29.2% respectively [3]. Business Segments - The electric two-wheeler segment is the largest contributor, with revenue of 2.862 billion yuan and a sales volume of 1.0038 million units [1]. - The TOB (business-to-business) segment generated 810 million yuan, a year-on-year increase of 91.9% [1]. - The company’s self-branded scooters achieved revenue of 395 million yuan, with a sales volume of 206,700 units, marking a 30.4% increase in revenue year-on-year [1].

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 - Q1 2025 gross margin was 45.5%, down 11.0 percentage points year-on-year [2] - The net profit margin for Q1 2025 was 7.8%, 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][4] 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 expected to be 11.26 yuan per share [4] - The company’s return on equity (ROE) is projected to be 14.1% in 2025, with a P/E ratio of 16.5 times [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 ...