证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 投资建议：我们预计公司 2025-2027 年归母净利润分别为 129/136/141 亿，同比 增长 7%/5%/4%，EPS 分别为 0.75/0.79/0.82 元/股，当前股价对应 PE 分别为 6.4/6.1/5.9 倍，维持"买入"评级。 风险提示：电力投资不及预期、信用减值风险、新能源投产盈利不及预期等。 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported better-than-expected performance with a revenue of 3.78 billion yuan in 2024, a decrease of 12.6% year-on-year, while the net profit attributable to shareholders increased by 11.5% to 470 million yuan [1] - The company is focusing on expanding its export of offshore engineering products, which has led to improved profitability and a significant increase in revenue from this segment [2][3] - The establishment of a floating foundation business center and participation in global tenders are part of the company's strategy to enhance its market position in the offshore wind sector [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 29.83%, up 6.4 percentage points year-on-year, and a net profit margin of 12.54%, up 2.7 percentage points [1] - For Q1 2025, the company reported a revenue of 1.141 billion yuan, a year-on-year increase of 146.36%, and a net profit of 231 million yuan, up 335.91% year-on-year [1] - The company expects net profits to reach 898 million yuan, 1.181 billion yuan, and 1.514 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5, 14.8, and 11.6 [4][5] Business Segment Insights - The revenue from the export of offshore engineering products reached 1.733 billion yuan in 2024, with a gross margin of 38.5% [2] - The company's renewable energy segment generated 220 million yuan in revenue in Q1 2025, a 64% increase year-on-year, driven by the profitability of a 250MW wind power project [3] - The company has completed the layout of three major offshore engineering export bases, targeting the global offshore engineering market [2]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 亿，同增 4.5%，其中水资源与环境/能源电力/基建工程分别实现营收 801/2932/1699 亿， 同比+12%/+15%/-12%，能源电力工程增长较快，主要系新能源及抽蓄工程高增 驱动（收入分别同增 22%/35%）。勘测设计/电力投资与运营/其他业务（设备制 造、砂石骨料等）实现营收 319/254/313 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's education business is solidifying, with high growth expected to continue. In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% year-on-year [1]. - The first quarter of 2025 saw operating revenue of 864 million yuan, a year-on-year increase of 22.46%, and a net profit attributable to shareholders of 74 million yuan, up 47.00% year-on-year, primarily due to recovered impaired equity investments [1][2]. Summary by Sections Financial Performance - In 2024, the training revenue grew by 25.64% to 2.697 billion yuan, with the core high school personalized education business peaking before the college entrance examination [2]. - As of Q1 2025, cash receipts from sales and services reached 1.085 billion yuan, a year-on-year increase of 12.60%, indicating strong revenue growth certainty [2]. Operational Efficiency - The gross margin for 2024 and Q1 2025 was 34.56% and 32.02%, respectively, reflecting a slight decline due to increased teacher costs from network expansion [3]. - The company has repaid all principal loans to Unisplendour, reducing financial burdens and potentially accelerating performance [3]. Business Expansion - The company has expanded its personalized tutoring model, with over 300 learning centers and five full-time schools by the end of 2024, supporting high-quality development in the education sector [4]. - The vocational education business is also deepening, with over 15 vocational schools and integration bases, benefiting from government policies promoting vocational education [4]. Investment Outlook - Short-term performance may be impacted by store expansion and increased teaching staff, but long-term profitability is expected to improve as the business matures [5]. - The company is projected to achieve net profits of 250 million, 320 million, and 420 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 41.5%, 27.5%, and 28.6% [5].

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 有色金属 美国关税政策松动，金价短期进入盘整期 黄金：短期或进入盘整期，中期仍具备上涨动能。近期黄金价格冲高回落，短期看：1）关 税缓和信号缓解市场避险情绪：当地时间周二，特朗普表示，在关税谈判期间他不会对中国 采取"强硬手段"，并"乐观"认为能够"相当迅速地"与之达成一项协议，"大幅下调"对 中国进口商品加征的 145%巨额关税；2）短期涨幅过高，多头获利了结；3）金价快速上涨 背景下，市场对央行购金的持续性产生担忧。中期来看，美国经济数据疲弱在特朗普超预期 的关税政策公布前已初现端倪，市场由特朗普胜选初期的"过热+通胀"逻辑转向滞涨。此 外，关税政策的不确定性对美国企业和消费者信心已造成冲击，未来不排除其经济数据进一 步走弱的可能。周内美联储理事沃勒公开讲话释放出对美国经济下行风险的担忧，表示""一 旦劳动力市场出现严重恶化，我预计会进一步降息，而且降息会更快。"建议关注：紫金矿 业、山东黄金、赤峰黄金、银泰黄金、招金矿业等。 工业金属：（1）铜：下游开工率提升，铜库存大幅回落。①宏观方面：特朗普关税态度缓 和后，市场 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 基础化工 AI4S 结合量子计算，化学研发的未来范式 量子计算：突破维度瓶颈，开启化学研发的范式革命。经典计算如同只看 着前方寻路，而量子计算是一种并行计算方式，如同俯视迷宫（增加维度）， 同时寻找各条路径上的"宝藏"，对于宝藏方位的把握能力自然大幅提升。 量子计算已经进入了软硬件全方位落地的黄金时代，成为全球科技争霸的 战略高地。根据 ICV 及光子盒，2035 年量子总产业规模有望达到 9089 亿 美元，届时量子计算将独占近九成空间，市场规模超过 8000 亿美元。 AI for Science：下一个超级应用。AI for Science（AI4S）即人工智能驱 动的科学研究，2024 年的英伟达 GTC 大会中，黄仁勋将大语言模型、具 身智能、AI4S 并列为 AI 三大关键方向。通过建立相应的 AI 垂类模型， AI4S 可以对产品配方进行优化、研发出升级迭代的新品、对测试结果进 行建模预测，为企业研发效率带来切实的大幅提升。数据和算法能在多维 复杂问题中比人脑更好地抓住规律，一方面，AI4S 可以由原子尺度深 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 27 年 月 日 汤臣倍健（300146.SZ） 经营压力释放，期待逐季向好 事件：公司发布 2025 年一季报，25Q1 实现营收 17.9 亿元，同比-32.3%； 实现归母净利润 4.5 亿元，同比-37.4%；实现扣非净利润 4.1 亿元，同比 -42.4%。 高基数及春节错期仍有压力，线下渠道客流量压力更大。25Q1 公司收入 增长仍有承压，我们认为主要受上年同期基数为全年较高、今年春节错期、 消费力偏弱且行业维持较高强度竞争影响。分渠道来看，25Q1 公司线上/ 线下收入同比-15.8%/-42.6%，线下渠道上年同期基数较高，且预计仍受 保健品行业整体线下渠道人流量承压、线上为主要增量渠道影响。分品牌 来看，25Q1 汤臣倍健主品牌/健力多/Life-spacce 国内/LSG 境外收入分别 同比-36.4%/-46.2%/-36.2%/+5.9%，线下占比较高的主品牌、健力多、 Life-spacce 国内收入增长压力较明显，而 LSG 境外表现相对稳健。 毛利率因产品结构及规模效应承压，费用管控效果逐步显现。25Q1 毛利 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 27 年 月 日 明阳电气（301291.SZ） 业绩稳定兑现，后续双海+数据中心有望贡献增量业绩 事件：公司发布 2024 年年度报告与 2025 年一季度报告。2024 年全年实现： 1）营收 64.44 亿元，同比+29.62%；归母净利润 6.63 亿元，同比+33.8%； 扣非归母净利润 6.54 亿元，同比+33.57%。2）毛利率 22.29%，同比-0.4pct； 净利率 10.28%，同比+0.22pct。3）期间费用率为 8.38%（（售 /管理/研发/ 财务费用率分别为 3.36%、2.05%、3.27%、-0.3%，同比分别变动-0.3，-0.55， +0.02，-0.18pct），同比-1.01pct。2025 年 Q1 实现：1）营收 13.06 亿元， 同比+26.21%，环比-44.53%；归母净利润 1.12 亿元，同比+25.01%，环比 -50.51%。扣非净利润为 1.1 亿元，同比+23.07%，环比-50.78%。2）毛利 率 21.78%，同比-5.59pcts。净利率 8.6%，同比-0. ...

Group 1: Macro Insights - The first quarter of 2025 saw industrial enterprises' profits turn positive for the first time in five months, supported by a decline in the base and strong production, although profit margins remain low due to falling factory prices [5] - The April Politburo meeting emphasized a strategic approach to the ongoing trade war, highlighting the need for proactive policy implementation and preparedness for changing circumstances [5] Group 2: Industry Performance - The agricultural sector showed a 6.2% increase in March, while the retail sector experienced a significant 25.0% growth over the past year, indicating strong consumer demand [2] - The power equipment sector faced a decline of 4.9% in March, reflecting ongoing challenges in the industry [2] Group 3: Company-Specific Insights - Shengnong Development (002299.SZ) is positioned as a leader in the white chicken industry, achieving higher profitability than the industry average, with a projected increase in performance due to self-sufficient breeding and a focus on both raw and cooked food segments [22] - China Power International Development is recommended for investment due to its improving cash flow and increasing profitability from renewable energy sources [4] Group 4: Market Trends - The coal market is expected to face pressure as iron production peaks, with a focus on the potential for price increases depending on import disruptions and government stimulus policies [29][31] - The real estate sector is being closely monitored for its recovery, with the Politburo's focus on urban renewal and the acquisition of existing properties to stabilize the market [32] Group 5: Technological Advancements - The integration of AI and quantum computing is set to revolutionize chemical research, with significant market potential projected for 2035 [24][25] - The demand for AI-driven solutions in various sectors, including automotive and data centers, is expected to grow, driven by advancements in technology and increased investment [41][42]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has exceeded performance expectations with significant growth in offshore wind product profitability, driven by an increase in export orders and a strategic shift towards international markets [1][2][3] - The company is positioned as a leader in the offshore wind tower and pile market, with forecasts indicating substantial profit growth in the coming years [4] Financial Performance Summary - For the year 2024, the company reported revenue of 3.78 billion, a decrease of 12.6% year-on-year, while net profit attributable to shareholders was 474 million, an increase of 11.5% year-on-year [1] - In Q1 2025, the company achieved revenue of 1.141 billion, a remarkable increase of 146.36% year-on-year, and net profit attributable to shareholders reached 231 million, up 335.91% year-on-year [1] - The gross margin for 2024 was 29.83%, an increase of 6.4 percentage points year-on-year, while the net margin was 12.54%, up 2.7 percentage points year-on-year [1] Export and Market Strategy - The company has seen a significant increase in the proportion of revenue from export marine engineering products, with a gross margin of 38.5% for the year, reflecting a strategic pivot away from less profitable domestic operations [2] - The establishment of three major export marine engineering bases has been completed, targeting the global marine engineering market [2] New Energy Sector Growth - The new energy generation business reported revenue of 220 million, a growth of 64.0% year-on-year, with a gross margin of 78.5%, primarily driven by the profitability of a 250MW wind power project [3] - The company has plans for further development in the new energy sector, including a 1GW wind power project in Hebei [3] Future Profitability Forecast - The company is projected to achieve net profits of 898 million, 1.181 billion, and 1.514 billion for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5, 14.8, and 11.6 [4][5]