公 司 报 告 医药 凯因科技(688687.SH) 长效干扰素有望25年底前获批，持股计划彰显发展信心 推荐 ( 维持) 股价:24.57元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kawin.com.cn | | 大股东/持股 | 北京松安投资管理有限公司/22.46% | | 实际控制人 | 周德胜 | | 总股本(百万股) | 171 | | 流通A股(百万股) | 171 | | 流通B/H股(百万股) | | | 总市值(亿元) | 42 | | 流通A股市值(亿元) | 42 | | 每股净资产(元) | 10.97 | | 资产负债率(%) | 24.3 | 行情走势图 相关研究报告 【平安证券】凯因科技（688687.SH）*半年报点评* 凯力唯保持快速放量，长效干扰素报产在即*推荐 20240820 【平安证券】凯因科技（688687.SH）*年报点评*23 年金舒喜集采落地，长效干扰素报产在即*推荐 20240410 【平安证券】凯因科技（688687.SH）*季报点评*三 季报业绩超预期，看好凯力唯和乙肝功能性治愈潜力 公司公布2024年 ...

公 司 报 告 计算机 2025年04月30日 福昕软件(688095.SH) 订阅指标强劲助力主业增长，一横多纵布局开拓国内市场 推荐 ( 维持) 股价:64.94元 主要数据 | 行业 | 计算机 | | --- | --- | | 公司网址 | www.fuxinsoft.cn | | 大股东/持股 | 熊雨前/39.82% | | 实际控制人 | 熊雨前 | | 总股本(百万股) | 91 | | 流通A股(百万股) | 91 | | 流通B/H股(百万股) | | | 总市值(亿元) | 59 | | 流通A股市值(亿元) | 59 | | 每股净资产(元) | 27.92 | | 资产负债率(%) | 22.3 | 行情走势图 相关研究报告 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@pingan.com.cn 【平安证券】福昕软件（688095.SH）*首次覆盖报 告*PDF+OFD版式软件领军者，双转型战略驱动成长 *推荐20241120 证券分析师 闫磊 投资咨询资格编号 S1060517070006 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][7][13] Core Views - The company reported a revenue of 22.36 billion yuan in 2024, a slight decrease of 0.36% year-on-year, with a net profit of 519 million yuan, down 44.13% year-on-year [3][4] - The gross margin is expected to improve to 33.17% in 2024, an increase of 0.62 percentage points, driven by the Torch Project which optimizes operations, procurement, and sales [6][7] - The company aims to enhance profitability through refined management practices, with net profit forecasts adjusted to 912 million yuan for 2025, 1.00 billion yuan for 2026, and 1.24 billion yuan for 2027 [6][7] Financial Performance Summary - Revenue projections for 2024 are 22.36 billion yuan, with expected growth of 14.9% in 2025 and 13.6% in 2026 [5][11] - The net profit is projected to recover to 912 million yuan in 2025, with a growth rate of 75.6% [5][11] - The gross margin is forecasted to increase gradually, reaching 35.0% by 2027 [5][11] - The company plans to continue expanding its store network, adding 1,703 stores in 2024, with a focus on key provinces to increase market share [6][7] Key Financial Ratios - The company’s return on equity (ROE) is expected to improve from 7.9% in 2024 to 14.7% by 2027 [5][11] - The price-to-earnings (P/E) ratio is projected to decrease from 26.8 in 2024 to 11.3 by 2027, indicating potential value for investors [5][11] - The debt-to-asset ratio is forecasted to decline from 66.0% in 2024 to 61.0% in 2027, suggesting improved financial stability [5][11]

汽车 2025 年 04 月 30 日 赛力斯(601127.SH) 一季度销量有所承压，但盈利表现超预期 推荐（维持） 股价：126.79 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.seres.com.cn | | 大股东/持股 | 重庆小康控股有限公司/24.52% | | 实际控制人 | 张兴海 | | 总股本(百万股) | 1,633 | | 流通 A 股(百万股) | 1,510 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 2,071 | | 流通 A 股市值(亿元) | 1,914 | | 每股净资产(元) | 14.16 | | 资产负债率(%) | 76.8 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@ ...

公 司 报 告 有色金属 2025 年 4 月 30 日 金力永磁（300748.SZ） 磁材产销回升，产能扩张推进 推荐（维持） 现价：20.28 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.jlmag.com.cn | | 大股东/持股 | 江西瑞德创业投资有限公司 | | | /28.21% | | 实际控制人 | 蔡报贵；胡志滨；李忻农 | | 总股本(百万股) | 1372 | | 流通 A 股(百万股) | 1134 | | 流通 B/H 股(百万股) | 228 | | 总市值（亿元） | 260 | | 流通 A 股市值(亿元) | 230 | | 每股净资产(元) | 5.23 | | 资产负债率(%) | 47.19 | 行情走势图 -40% -20% 0% 20% 40% 60% 80% 2024/06/24 2024/08/23 2024/10/22 2024/12/21 2025/02/19 2025/04/20 金力永磁 沪深300 相关研究报告 《金力永磁(300748.SZ)：业绩环比提升，稳 健成 长可 期》2024-10- ...

公 司 报 告 电子 2025年04月30日 鼎龙股份(300054.SZ) 半导体业务占比持续提升，已成为驱动业绩增长重要动力 推荐 ( 维持) 股价:29.36元 行情走势图 证券分析师 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 公司公布2024年年报和2025年一季报，2024年公司实现营收33.38亿元，同 比增长25.14%；归属上市公司股东净利润5.21亿元，同比增长134.54%。 2025年一季度公司实现营收8.24亿元，同比增长16.37%；归属上市公司股东 净利润1.41亿元，同比增长72.84%。公司拟每10股派发现金红利1.00元（含 税）。 平安观点： 半导体业务已成为驱动公司主营业务收入及净利润双增长的重要动力： 2024年公司实现营收33.38亿元（+25.14%YoY），归母净利润为5.21亿 元（+134.54%YoY），主要系半导体业务已成为驱动公司主营业务收入 及净利润双增长的重要动力。2024年公司整体毛利率和净利率分别是 46.88%（+9.93pct YoY）和19.14%（+8.35pct Y ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% within the next six months [1][11]. Core Insights - The semiconductor business has become a significant driver of revenue and net profit growth for the company, with 2024 revenue reaching 3.338 billion yuan, a year-on-year increase of 25.14%, and net profit attributable to shareholders of 521 million yuan, up 134.54% year-on-year [3][4]. - The company's gross margin and net margin for 2024 were 46.88% (up 9.93 percentage points year-on-year) and 19.14% (up 8.35 percentage points year-on-year), respectively [4]. - The semiconductor segment, including semiconductor materials and integrated circuit chip design and application, generated 1.52 billion yuan in revenue in 2024, a year-on-year increase of 77.40% [4]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit of 141 million yuan, up 72.84% year-on-year [3][7]. - The revenue structure for 2024 showed stable operations in the general consumables business, with sales of 1.79 billion yuan, while the semiconductor business saw significant growth across various product lines [4][7]. - The company expects continued growth in net profit, projecting 715 million yuan for 2025, 938 million yuan for 2026, and 1.142 billion yuan for 2027, with corresponding EPS of 0.76 yuan, 1.00 yuan, and 1.22 yuan [7][9]. Business Segment Performance - The CMP polishing pad business generated 716 million yuan in revenue in 2024, a year-on-year increase of 71.51%, while CMP polishing liquids and cleaning liquids saw revenue of 215 million yuan, up 178.89% [4]. - The high-end wafer photoresist business received orders from major domestic wafer manufacturers for the first time in 2024, indicating a positive trend in the semiconductor materials sector [4][7]. - The company is focusing on semiconductor innovation materials, particularly in CMP process materials, photoresists, display materials, and advanced packaging materials, aiming to establish itself as a platform company in the semiconductor materials field [7].

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a current stock price of 92.41 yuan [1] Core Views - The company is strategically positioned in the AIGC sector, maintaining a high level of orders on hand [1] - In 2024, the company achieved revenue of 2.322 billion yuan, a slight decrease of 0.69% year-on-year, while the net profit attributable to shareholders was -601 million yuan, a significant decrease of 102.68% year-on-year [5][9] - The first quarter of 2025 showed a revenue increase of 22.49% year-on-year, reaching 390 million yuan, although the net profit was still negative at -220 million yuan [5][10] Financial Performance Summary - **2024 Financials**: Revenue was 2.322 billion yuan, with a net profit of -601 million yuan. The gross margin was 39.9%, and the net margin was -25.9% [7][9] - **2025 Projections**: Expected revenue growth of 27.3% to 2.955 billion yuan, with a projected net profit of -263 million yuan [7][14] - **Key Revenue Drivers**: Significant revenue growth in data processing, computer peripherals, and automotive electronics, with respective increases of 75.46%, 64.07%, and 37.32% [9] Order and Market Position - As of Q1 2025, the company had a record high order backlog of 2.456 billion yuan, maintaining high order levels for six consecutive quarters [10] - The company has a strong presence in the NPU IP market, with its technology adopted in 142 chip models across various sectors [12] Valuation and Future Outlook - The company is expected to achieve revenues of 2.955 billion yuan in 2025, 3.617 billion yuan in 2026, and 4.404 billion yuan in 2027, with corresponding price-to-sales ratios of 15.7X, 12.8X, and 10.5X [12][14] - The report highlights the company's leading position in the domestic IP sector and its unique positioning in AI-related IP, indicating a positive long-term outlook [12]

电子 芯原股份(688521.SH) 前瞻性布局AIGC，公司在手订单保持高位 推荐 ( 维持) 股价:92.41元 行情走势图 证券分析师 公 司 报 告 事项： 公司公布2024年年报和2025年一季报，2024年公司实现营收23.22亿元，同 比减少0.69%；归属上市公司股东净利润-6.01亿元，同比减少102.68%。 2025年一季度公司实现营收3.90亿元，同比增长22.49%；归属上市公司股东 净利润-2.20亿元，同比减少6.45%。 平安观点： 证 券 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,338 | 2,322 | 2,955 | 3,617 | 4,404 | | YOY(%) | -12.7 | -0.7 | 27.3 | 22.4 | 21.8 | | 净利润(百万元) | -296 | -601 | -263 | -86 | 74 | | YOY(%) | -501.6 | -102.7 | 56.2 | 6 ...

公 司 报 告 行情走势图 证券分析师 电子 微导纳米(688147.SH) 半导体在手订单大幅增长，1Q25业绩数据亮眼 推荐 ( 维持) 股价:28.02元 事项： 公司发布2024年报和2025年一季报，2024年，公司实现收入27.00亿元，同 比增长60.74%，实现归母净利润2.27亿元，同比下降16.16%；2025年一季 度，公司实现收入5.10亿元，同比增长198.95%，实现归母净利润0.84亿元， 同比增长2253.57%。2024年，公司拟向全体股东每10股派发现金红利0.44元 （含税）。 平安观点： 证 券 XUYONG318@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,680 | 2,700 | 3,262 | 3,796 | 4,326 | | YOY(%) | 145.4 | 60.7 | 20.8 | 16.4 | 14.0 | | 净利润(百万元) | 270 | 227 | 293 | 451 ...