公司研究 证 券 研 究 报 告 国轩高科（002074）2024 年报及 2025 年一季报点评 推荐（维持） 营收增长显著，盈利大幅提升 目标价：29.79 元 事项： ❖ 公司发布的 2024 年年报及 2025 年一季报显示，2024 年公司实现营收 353.92 亿元，同比+11.98%，归母净利润 12.07 亿元，同比+28.56%；扣非后净利润 2.63 亿元，同比+125.86%。2025 年一季度实现营收 90.55 亿元，同比+20.61%； 利润总额达到 0.99 亿元，同比+787.43%；实现归母净利润 1.01 亿元，同比 +45.55%。 评论： | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 35,392 | 43,023 | 52,451 | 64,932 | | 同比增速(%) | 12.0% | 21.6% | 21.9% | 23.8% | | 归母净利润(百万) | 1,207 | 1,358 | 1,790 | 2,657 | | 同比增 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 发债快慢之间的财政线索 ——4 月财政数据点评 事 项 4 月广义财政收入同比 2.7%，3 月同比-1.7%；4 月广义财政支出同比 12.9%， 3 月同比 10.1%。 主要观点 一、发债快慢之间的财政线索 收入端承压之下（1-4 月税收收入同比-2.1%，卖地收入同比-11.4%），今年财 政或较往年更依赖债务端；通过观察政府债发行，可以得到若干财政政策线 索： （一）开年以来发债进度较快，支撑财政靠前发力→年内财政要保持力度，或 大概率需要增量债务 观察 1：开年以来政府债发行进度较快（今年政府债净融资预计 13.9 万亿，较 去年增加 2.2 万亿（13.9 万亿包括：一般国债净融资约 4.9 万亿，特别国债净 融资约 1.8 万亿，新增一般债 8000 亿，新增专项债 4.4 万亿，特殊再融资债约 2 万亿）；截至 5 月 20 日，已知政府债净融资 6.2 万亿，进度 44.9%，去年 1- 5 月 2.6 万亿，进度 22.5%，2018~2024 年同期进度分别为 5.7%、38.8%、37.4%、 23%、40.3%、27.4%、22.5% ...

公司研究 证 券 研 究 报 告 博众精工（688097）深度研究报告 强推（首次） 3C 自动化设备领先企业，积极拓展新兴领域 目标价：34.8 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,954 | 5,751 | 7,004 | 8,392 | | 同比增速(%) | 2.4% | 16.1% | 21.8% | 19.8% | | 归母净利润(百万) | 399 | 517 | 636 | 767 | | 同比增速(%) | 2.0% | 29.6% | 23.1% | 20.8% | | 每股盈利(元) | 0.89 | 1.16 | 1.42 | 1.72 | | 市盈率(倍) | 28 | 22 | 18 | 15 | | 市净率(倍) | 2.5 | 2.3 | 2.1 | 1.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 其他专用机械 2025 年 05 月 2 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 34.80 CNY [1][9]. Core Insights - The company is a leading player in the 3C automation equipment sector, actively expanding into emerging fields such as new energy, semiconductors, and low-altitude economy [6][8]. - The company has shown a compound annual growth rate (CAGR) of 11.94% in revenue from 25.18 billion CNY in 2018 to 49.54 billion CNY in 2024, with net profit increasing from 3.23 billion CNY to 3.98 billion CNY during the same period [6][29]. - The company is well-positioned to benefit from the new innovation cycle in consumer electronics, particularly in AI, foldable screens, and XR technologies [8][47]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 4,954 million CNY, 5,751 million CNY, 7,004 million CNY, and 8,392 million CNY respectively, with growth rates of 2.4%, 16.1%, 21.8%, and 19.8% [2]. - Net profit estimates for the same years are 399 million CNY, 517 million CNY, 636 million CNY, and 767 million CNY, with growth rates of 2.0%, 29.6%, 23.1%, and 20.8% [2]. - Earnings per share (EPS) are projected to be 0.89 CNY, 1.16 CNY, 1.42 CNY, and 1.72 CNY for 2024A, 2025E, 2026E, and 2027E respectively [2]. Business Overview - The company specializes in automation equipment, flexible production lines, key automation components, and tooling, serving sectors such as consumer electronics, new energy vehicles, and semiconductors [6][13]. - The company has established a strong relationship with major clients like Apple, which significantly influences its revenue [51][56]. - The company is expanding its product matrix in the consumer electronics sector, covering a wide range of devices including smartphones, tablets, and wearables [20][21]. Market Position and Strategy - The company is actively pursuing multiple business tracks in response to national policy directions, focusing on new energy, semiconductors, and low-altitude economy sectors [8][67]. - The company has a stable shareholding structure and has implemented stock incentive plans to enhance employee motivation and align interests [23][28]. Growth Potential - The company is expected to achieve significant revenue growth driven by the increasing demand for automation in the consumer electronics sector and the expansion into new energy and semiconductor markets [8][67]. - The report highlights the potential for growth in the lithium battery equipment market, driven by the rapid expansion of electric vehicles and energy storage systems [73].

公司研究 证 券 研 究 报 告 今世缘（603369）2024 年股东大会调研反馈 强推（维持） 稳健进取，持续破局 目标价：75 元 事项： ❖ 公司于 5 月 21 日召开 2024 年度股东大会以及分析师和投资者交流会，会上 公司领导积极坦诚交流，就行业发展阶段、公司战略考量、具体执行落地等投 资者关切的问题，进行深刻透彻地解答。我们前往参会，核心反馈及分析如下： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 11,546 | 12,578 | 13,641 | 14,695 | | 同比增速(%) | 14.3% | 8.9% | 8.5% | 7.7% | | 归母净利润(百万) | 3,412 | 3,647 | 3,930 | 4,235 | | 同比增速(%) | 8.8% | 6.9% | 7.8% | 7.8% | | 每股盈利(元) | 2.74 | 2.93 | 3.15 | 3.40 | | 市盈率 ...

证 券 研 究 报 告 今世缘（603369）2024 年股东大会调研反馈 强推（维持） 稳健进取，持续破局 目标价：75 元 事项： ❖ 公司于 5 月 21 日召开 2024 年度股东大会以及分析师和投资者交流会，会上 公司领导积极坦诚交流，就行业发展阶段、公司战略考量、具体执行落地等投 资者关切的问题，进行深刻透彻地解答。我们前往参会，核心反馈及分析如下： 评论： [ReportFinancialIndex] 主要财务指标 公司研究 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 11,546 | 12,578 | 13,641 | 14,695 | | 同比增速(%) | 14.3% | 8.9% | 8.5% | 7.7% | | 归母净利润(百万) | 3,412 | 3,647 | 3,930 | 4,235 | | 同比增速(%) | 8.8% | 6.9% | 7.8% | 7.8% | | ...

事项： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题。 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 安井食品（603345）跟踪分析报告 强推（维持） 思路升级，方向明确，重申底部布局 目标价：100 元 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 公司研究 速冻食品 2025 年 05 月 22 日 当前价：80.82 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 16,368 | 17,765 | 19,282 | | 同比增速(%) | 7.7% | 8.2% | 8.5% | 8.5% | | 归母净利润(百万 ...

资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 证 券 研 究 报 告 安井食品（603345）跟踪分析报告 强推（维持） 思路升级，方向明确，重申底部布局 目标价：100 元 事项： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 16,368 | 17,765 | 19,282 | | 同比增速(%) | 7.7% | 8.2% | 8.5% | 8.5% | | 归母净利润(百万) | 1,485 | 1,522 | 1,673 | 1,875 | | 同比增速(%) | 0.5% | 2.5% | 9.9% | 12.0% | | 每股盈利(元) | 5.06 | 5.19 | 5.71 | 6.39 | | 市盈率(倍) | 16 | 16 | 14 | 13 | | 市净率(倍) | 1.8 | 1.7 | 1 ...

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250521 市场概况：今日转债半数行业下跌，估值环比抬升 指数表现：中证转债指数环比上涨 0.13%、上证综指环比上涨 0.21%、深证成 指环比上涨 0.44%、创业板指环比上涨 0.83%、上证 50 指数环比上涨 0.43%、 中证 1000 指数环比下降 0.23%。 市场风格：大盘成长相对占优。大盘成长环比上涨 0.78%、大盘价值环比上涨 0.46%、中盘成长环比上涨 0.52%、中盘价值环比上涨 0.70%、小盘成长环比 上涨 0.16%、小盘价值环比上涨 0.31%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 551.88 亿元，环比 减少 4.69%；万得全 A 总成交额为 12143.73 亿元，环比增长 0.26%；沪深两 市主力净流出 229.13 亿元，十年国债收益率环比上升 0.96bp 至 1.71%。 转债价格：转债中枢提升，高价券占比下降。转债整体收盘价加权平均值为 119.50 元，环比昨日上升 0.13%。其中偏股型转债的收盘价为 156.03 元，环比 下降 1.77%；偏债型转债的收盘价 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.7 yuan per share [1]. Core Views - The company reported a decline in revenue and net profit for 2024, with total revenue of 7.1 billion yuan, a year-on-year decrease of 9.0%, and a net profit of 903 million yuan, down 2.3% [1][4]. - In Q1 2025, the company achieved revenue of 1.49 billion yuan, a decrease of 5.8% year-on-year, but net profit increased by 16.8% to 140 million yuan [1]. - The company plans to distribute a cash dividend of 0.9 yuan per share, totaling 666 million yuan, which corresponds to a dividend payout ratio of 73.8% [1]. Financial Summary - For 2024, the company expects total revenue of 7.1 billion yuan, with a projected growth rate of -9.0% [4]. - The net profit for 2024 is estimated at 903 million yuan, with a growth rate of -2.3% [4]. - The earnings per share (EPS) for 2024 is projected to be 1.21 yuan, with a price-to-earnings (P/E) ratio of 16 times [4]. - The company anticipates a gradual recovery in revenue growth, with estimates of 7.6 billion yuan in 2025, representing a growth rate of 7.5% [4]. Business Strategy - The company is focusing on product platform development and enhancing product competitiveness through innovation in smart lighting solutions [1]. - It aims to optimize retail channels and improve coverage and store productivity by aligning with trends in smart home and consumer scenarios [1]. - The company is also expanding its overseas business, targeting markets in the Middle East, Southeast Asia, and Africa, with a goal of achieving 670 million yuan in foreign sales for 2024 [1].