Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 4.717 billion yuan in 2024, a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 1.002 billion yuan, a year-on-year increase of 2.0% [1] - The company's overseas smart distribution and power supply revenue reached nearly 3 billion yuan, with steady growth in the Latin America, Asia, and Africa regions [2] - The gross profit margin improved year-on-year in 2024, while operating expenses increased during the first quarter of 2025 [3] Financial Summary - Revenue and Profit Forecasts: - 2025 estimated net profit is 1.124 billion yuan, a year-on-year increase of 12.2% [4] - Revenue is projected to grow to 5.947 billion yuan in 2025, reflecting a growth rate of 26.1% [5] - Key Financial Metrics: - The latest diluted EPS for 2024 is 2.06 yuan per share, with a projected increase to 2.31 yuan in 2025 [5] - The net asset return rate for 2024 is 14.1%, with a slight decrease expected in the following years [5] - Cash Flow: - The operating cash flow for 2024 was 886 million yuan, a decrease of 19.56% compared to the previous year [10]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 维力医疗（603309.SH） 业绩稳健增长，去库存结束+本土化布局驱动外销快速增长 维力医疗发布 2024 年度报告。2024 年公司实现营业收入 15.09 亿元，同比增长 8.76%；归母净利润 2.19 亿元，同比增长 13.98%；扣非后归母净利润 2.10 亿元，同 比增长 16.94%。分季度看，2024Q4 实现营业收入 4.49 亿元，同比增长 9.32%；归母 净利润 0.53 亿元，同比增长 8.44%；扣非后归母净利润 0.50 亿元，同比增长 5.18%。 维力医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 3.48 亿元，同比增长 12.60%；归母净利润 0.59 亿元，同比增长 17.25%；扣非后归母净利润 0.57 亿元， 同比增长 20.49%。 观点：2024 年国内市场因政策扰动短期承压，海外市场去库存影响消除后呈恢复性增 长态势，利润端增速快于收入端主要系降本增效驱动期间费用率改善。海外本土化布 局加速，海外生产基地建设提升全球服务能力。公司各板块亮点纷呈，护 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 海兴电力（603556.SH） 25Q1 单季归母净利润短期承压，海外配用电仍具备优势 事件：公司发布 2024 年报及 2025 年一季报。2024 年：公司 2024 年 实现营收 47.17 亿元，同增 12.30%；归母净利润 10.02 亿元，同增 1.99%。 其中，24Q4 单季营收 13.07 亿元，同减 1.52%；归母净利润 2.11 亿元， 同减 32.87%。公司 2024 年汇兑损失 1.29 亿元，若还原汇兑影响（未考 虑税率影响），2024 年归母净利润 11.31 亿元，同比+19.14%。25Q1 单 季：营收 7.84 亿元，同减 12.99%；归母净利 1.41 亿元，同减 34.07%。 海外智能配用电收入规模近 30 亿元，亚非拉地区收入稳健增长。2024 年， 公司 1）智能配用电收入 45.35 亿元，同比+13.35%。其中，海外业务实 现收入 29.40 亿元，同比+9.77%。分地区看，2024 年拉美地区收入 8.87 亿，同比+11.01%；亚洲地区收入 9.33 ...

事件：公司发布 2024 年年报。2024 年，公司实现营业收入 64,288.16 万 元，同比下降 36.97%，归属于上市公司股东的净利润 1,934.71 万元，同 比下降 90.45%。公司业绩符合预期。 证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 卡莱特（301391.SZ） 年报业绩符合预期，阶段性承压静待花开 全球景气度阶段性波动，带来业绩端阶段性承压。随着 LED 显示屏市场规 模的持续增长，对超高清视频需求愈加强烈，行业内竞争加剧，公司通过 加大对研、产、销的投入，增强视频处理算法能力，满足市场对显控系统 更精密的需求，为全球客户打造更多前沿、卓越的视觉解决方案。2024 年， 公司实现营业收入 64,288.16 万元，同比下降 36.97%，出现阶段性压力。 各项分业务增速体现了公司面临的激烈市场竞争。2024 年，公司的主要 营业收入情况如下：1、视频处理设备的收入为 28,061.93 万元，占营业 收入的 43.65%，视频处理设备的收入占比同比下降 5.20%；2、LED 显示 控制系统-接收卡收入为 23,843.23 万元，占 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 1.509 billion yuan, representing an 8.76% year-on-year increase, and a net profit of 219 million yuan, up 13.98% year-on-year. The growth in net profit outpaced revenue growth due to improved cost management and efficiency [1][2] - The domestic market is under short-term pressure due to policy disruptions, while the overseas market is recovering as inventory issues are resolved, leading to a significant increase in export revenue [2][3] - The company is accelerating its overseas localization strategy, with plans for new production bases to enhance global service capabilities and meet international market demands [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.509 billion yuan, a growth of 8.76% year-on-year, and a net profit of 219 million yuan, reflecting a 13.98% increase. The first quarter of 2025 saw revenue of 348 million yuan, up 12.60%, and a net profit of 59 million yuan, up 17.25% [1][4] - The gross margin for 2024 was 44.53%, with a slight decrease of 1.36 percentage points year-on-year. The sales expense ratio was 10.48%, down 0.93 percentage points, and the management expense ratio was 8.61%, down 1.02 percentage points [2] Market Dynamics - The domestic market faced challenges with a 5.39% decline in internal sales revenue, totaling 683 million yuan, while overseas sales revenue reached 797 million yuan, marking a 23.74% increase [2] - The company is expanding its overseas customer base, with significant growth in regions such as North America, Europe, and Southeast Asia, and plans to establish new production bases in Mexico and Southeast Asia [3] Future Projections - Revenue projections for 2025-2027 are estimated at 1.751 billion yuan, 2.052 billion yuan, and 2.414 billion yuan, respectively, with year-on-year growth rates of 16.0%, 17.2%, and 17.7%. Net profit is expected to reach 264 million yuan, 318 million yuan, and 383 million yuan, with growth rates of 20.1%, 20.7%, and 20.6% [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced significant growth in Q4, with a 39% year-on-year increase in net profit attributable to shareholders, driven by non-operating income [1][2] - The company is focusing on developing six emerging business sectors to create a second growth curve, with new contracts in these sectors reaching nearly 100 billion yuan in 2024 [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 300.2 billion yuan, a decrease of 1.4% year-on-year, while net profit attributable to shareholders was 2.168 billion yuan, an increase of 39% [1][4] - The comprehensive gross margin for 2024 was 8.74%, down 0.13 percentage points, primarily due to a decline in the gross margin of the construction business [2] - The company reported a significant increase in asset disposal income, which contributed to a net profit margin increase to 0.7%, up 0.21 percentage points year-on-year [2] Business Segment Performance - The construction segment generated revenue of 266.7 billion yuan, a year-on-year increase of 0.65%, with various sub-segments showing mixed performance [1] - Emerging business sectors, including urban renewal and new infrastructure, showed strong growth, with contract values increasing by 9%, 18%, and 68% respectively [3] Future Projections - The company is projected to achieve net profits of 1.83 billion yuan in 2025, a decrease of 16% year-on-year, followed by growth in subsequent years [3][4] - The expected earnings per share (EPS) for 2025 is 0.21 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 11, and 10 for the years 2025, 2026, and 2027 respectively [3][4]

证券研究报告 | 固定收益 gszqdatemark 2025 05 08 年 月 日 宽松的开始 5 月 7 日，国务院新闻办公室举行新闻发布会，央行行长潘功胜推出一揽 子货币政策措施。主要有三大类共十项措施，包括降准降息、结构性货币 政策、地产政策和股市政策。降准方面，将下调存款准备金率 0.5 个百分 点，向金融市场提供长期流动性约 1 万亿元。降息方面，下调政策利率 0.1 个百分点，7 天期逆回购操作利率由 1.5%下调到 1.4%。预计将带动贷款 市场报价利率（LPR）随之下行 0.1 个百分点。同时将通过利率自律机制 引导商业银行相应下调存款利率。房地产方面，降低个人住房公积金贷款 利率 0.25 个百分点。结构性货币政策方面，下调结构性货币政策工具利 率 0.25 个百分点，设立 5000 亿元的服务消费与养老再贷款，将科技创新 和技术改造再贷款额度从 5000 亿元增加至 8000 亿元，增加支农支小再 贷款额度 3000 亿元。还有科创债融资支持和优化两项支持资本市场工具。 降准降息对债市是直接利好，短端利率下行空间打开，将带动长端利率下 行。降准降息落地，资金利率将下行。央行降准落地后， ...

证券研究报告 | 朝闻国盛 gszqdatemark 杨柳 2025 05 08 年 月 日 朝闻国盛 才刚开始—5.7 一揽子金融政策 6 点理解 今日概览 重磅研报 【宏观】才刚开始—5.7 一揽子金融政策 6 点理解——20250507 【环保】业绩承压，长帆正待顺风行——2024 年报及 2025Q1 总结—— 20250507 【化工】机器人腱绳：渗透加速，重视超高分子量聚乙烯——20250507 【电子】立讯精密（002475.SZ）-夯实消费电子基本盘，通讯+汽车双 翼齐飞——20250507 研究视点 【社会服务】长线游、反向游、出入境游热度显著，五一数据延续高景 气——20250507 【食品饮料】零售变革草根调研（三）江苏兴化好想来全食优选：多种 店型打造适配，下沉市场消费升级——20250507 【医药生物】南微医学（688029.SH）-公司经营稳健，海外市场持续高 增——20250507 【医药生物】伟思医疗（688580.SH）-25Q1 业绩恢复性增长，股权激 励彰显成长信心——20250507 【建筑装饰】上海建工（600170.SH）-Q4 业绩增长显著提速，新兴业务 持续发 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 66% year-on-year increase, and a net profit of 79 million yuan, which is a 150% year-on-year increase and a 147% quarter-on-quarter increase [1] - The growth is driven by the increasing demand for high-density connection products, supported by factors such as the upgrade of optical module speeds and the gradual commercialization of CPO technology [1] - The company has signed a patent licensing agreement with US Conec, allowing it to produce and sell MDC and MMC products, which are essential components for high-speed optical modules and CPOs, thus filling a technological gap and enhancing its competitive advantage [2] - The company is expanding its production capacity to meet the rising demand driven by AI, with a new production base established in Vietnam to mitigate tariff risks and improve delivery capabilities [2] Financial Projections - Revenue projections for 2025-2027 are 2.315 billion yuan, 3.918 billion yuan, and 5.289 billion yuan respectively, with net profits of 509 million yuan, 959 million yuan, and 1.375 billion yuan [3] - The corresponding P/E ratios are expected to be 33, 18, and 12 times for the years 2025, 2026, and 2027 respectively [3] - The company is anticipated to benefit significantly from the infrastructure development of data centers, leading to increased demand for high-density connection products [3]

Investment Rating - The report maintains a "Buy" rating for key stocks in the environmental protection sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4][6]. Core Insights - The environmental protection industry faced pressure in 2024, with overall revenue of 348.96 billion yuan, a year-on-year decline of 3.3%. Net profit attributable to shareholders was 13.8 billion yuan, down 37.7% year-on-year, attributed to difficulties in accounts receivable collection and increased impairment losses [1][14]. - In Q1 2025, the industry showed signs of recovery with revenue of 78.83 billion yuan, a decrease of 1.8% year-on-year, while net profit increased by 4.1% to 7.25 billion yuan, driven by lower production costs and increased investment income [1][17]. Summary by Sections Overview - The report analyzes 97 listed companies in the environmental protection sector, categorizing them into six sub-industries: water services, water treatment, solid waste treatment, air pollution control, monitoring, and energy conservation [12]. Sub-Industry Analysis - **Solid Waste Treatment**: Revenue reached 162.26 billion yuan in 2024, up 6.2% year-on-year, with net profit of 7.28 billion yuan, down 12.3%. The sector benefits from stable growth driven by hazardous waste resource recovery and resource recycling [41][45]. - **Water Services**: Revenue was 76.72 billion yuan, a slight decline of 0.4%, while net profit increased by 24.7% to 12.11 billion yuan, supported by urban population growth and improved operational efficiency [49][54]. - **Monitoring**: The sector's revenue was 10.28 billion yuan, down 1.7%, with a net loss of 450 million yuan, reflecting increased competition and external challenges [60]. Financial Performance - The overall net profit margin for the environmental protection sector decreased to 4.6%, down 2.1 percentage points year-on-year, influenced by increased asset impairment losses and rising expense ratios [23][25]. - Operating cash flow for the industry grew significantly to 48.3 billion yuan, a 10.9% increase year-on-year, primarily due to reduced procurement and improved collection [28]. Key Recommendations - The report recommends focusing on companies benefiting from carbon neutrality initiatives, particularly in the resource recycling sector, such as Gaoneng Environment and Huicheng Environmental, which are expected to see significant growth [3].