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博汇纸业(600966):2024年报及2025年一季报点评:盈利能力承压,静待后续需求修复
Huachuang Securities· 2025-05-21 09:45
公司研究 证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 18,930 | 20,409 | 22,134 | 23,529 | | 同比增速(%) | 1.3% | 7.8% | 8.5% | 6.3% | | 归母净利润(百万) | 176 | 215 | 352 | 445 | | 同比增速(%) | -3.3% | 22.4% | 63.7% | 26.5% | | 每股盈利(元) | 0.13 | 0.16 | 0.26 | 0.33 | | 市盈率(倍) | 35 | 29 | 17 | 14 | | 市净率(倍) | 0.9 | 0.9 | 0.8 | 0.8 | 资料来源:公司公告,华创证券预测 注:股价为 2025 年 5 月 20 造纸Ⅲ 2025 年 05 月 21 日 | | | 华创证券研究所 博汇纸业(600966)2024 年报及 2025 年一季报点评 推荐(维持) 盈利能力承压, ...
山鹰国际(600567):2024年报及2025年一季报点评:债务结构持续优化,25Q1净利率环比转正
Huachuang Securities· 2025-05-21 09:03
Investment Rating - The report assigns a "Recommendation" rating to the company, with a target price of 1.96 CNY per share [1]. Core Views - The company reported a revenue of 29.23 billion CNY in 2024, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of -0.45 billion CNY, indicating a shift from profit to loss [1]. - In Q1 2025, the company achieved a revenue of 6.77 billion CNY, reflecting a year-on-year increase of 1.5%, but the net profit attributable to shareholders was only 0.03 billion CNY, down 16.0% year-on-year [1]. - The company is focusing on optimizing its debt structure and has successfully completed the market-oriented conversion of its bonds, enhancing its financial strength and risk resistance [1]. Financial Summary - **2024 Financial Performance**: - Total revenue: 29.23 billion CNY - Net profit: -0.45 billion CNY - Gross margin: 7.4%, down 2.5 percentage points year-on-year [1][7]. - **2025 Financial Projections**: - Expected total revenue: 29.98 billion CNY, with a growth rate of 2.6% - Expected net profit: 0.216 billion CNY, with a growth rate of 147.8% [1][7]. - **Key Financial Ratios**: - Price-to-earnings ratio (P/E) for 2025 is projected at 45 times, decreasing to 22 times by 2027 [1][7]. - Price-to-book ratio (P/B) is set at 0.70 times for 2025 [1]. Business Segments - **Paper Production**: - The company reported a revenue of 19.59 billion CNY in 2024, with a year-on-year increase of 1.8% [1]. - The production capacity is expected to exceed 9 million tons following the completion of a new production line [1]. - **Packaging**: - The packaging segment's revenue is projected to decline by 2.6% to 6.90 billion CNY in 2024, with a focus on enhancing service capabilities for major clients [1]. - **Trade**: - The trade segment is expected to generate a revenue of 2.01 billion CNY in 2024, down 5.6% year-on-year [1]. Strategic Initiatives - The company is strategically exiting non-core businesses to strengthen its financial position, including the successful divestment of stakes in non-core assets [1]. - The debt ratio as of Q1 2025 stands at 68.8%, a decrease of 2.6 percentage points from the previous year [1].
可靠股份(301009):2024年报及2025年一季报点评:成本结构持续优化,自有品牌加速培育
Huachuang Securities· 2025-05-21 08:42
公司研究 证 券 研 究 报 告 可靠股份(301009)2024 年报及 2025 年一季报点评 推荐(维持) 成本结构持续优化,自有品牌加速培育 目标价:16.1 元 华创证券研究所 证券分析师:刘一怡 邮箱:liuyiyi@hcyjs.com 执业编号:S0360524070003 事项: 公司公布 2024 年年报及 2025 年一季报。2024 年,公司实现营收/归母净利润 /扣非归母净利润 10.8/0.3/0.2 亿元,同比-0.3%/+54.4%/+33.1%。25Q1,公司实 现营收/归母净利润/扣非归母净利润 2.8/0.2/0.2 亿元,同比-1.0%/+1.4%/-3.5%。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,079 | 1,152 | 1,256 | 1,393 | | 同比增速(%) | -0.3% | 6.8% | 9.0% | 10.9% | | 归母净利润(百万) | 31 | ...
卫宁健康(300253):2024年报及2025年一季报点评:经营质量提升,WiNEX进入快速交付期
Huachuang Securities· 2025-05-21 08:15
公司研究 证 券 研 究 报 告 卫宁健康(300253)2024 年报及 2025 年一季报点评 推荐(维持) 经营质量提升,WiNEX 进入快速交付期 目标价:11.28 元 事项: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,782 | 3,147 | 3,548 | 4,004 | | 同比增速(%) | -12.0% | 13.1% | 12.8% | 12.8% | | 归母净利润(百万) | 88 | 384 | 445 | 515 | | 同比增速(%) | -75.4% | 336.7% | 16.0% | 15.7% | | 每股盈利(元) | 0.04 | 0.17 | 0.20 | 0.23 | | 市盈率(倍) | 249 | 57 | 49 | 42 | | 市净率(倍) | 3.7 | 3.3 | 3.1 | 3.0 | 资料来源:公司公告,华创证券预测 注:股价为 2025 年 5 月 20 日收 ...
中顺洁柔(002511):2024年报及2025年一季报点评:主动收缩低效业务,25Q1重回正增长
Huachuang Securities· 2025-05-21 06:42
公司研究 证 券 研 究 报 告 中顺洁柔(002511)2024 年报及 2025 年一季报点评 推荐(下调) 主动收缩低效业务,25Q1 重回正增长 事项: ❖ 公司公布 2024 年年报和 2025 年一季报。2024 年,公司实现营收/归母净利润 /扣非归母净利润 81.5/0.8/0.5 亿元,同比-16.8%/-76.8%/-83.0%。25Q1,公司实 现营收/归母净利润/扣非归母净利润 20.7/0.7/0.7 亿元,同比+12.1%/-30.1%/- 22.7%。 评论: [ReportFinancialIndex] 主要财务指标 | 总股本(万股) | 129,255.60 | | --- | --- | | 已上市流通股(万股) | 126,526.59 | | 总市值(亿元) | 93.32 | | 流通市值(亿元) | 91.35 | | 资产负债率(%) | 40.56 | | 每股净资产(元) | 4.24 | | 12 个月内最高/最低价 | 8.54/6.01 | 市场表现对比图(近 12 个月) | | 2024A | 2025E | 2026E | 2027E | | - ...
新巨丰(301296):2024年报及2025年一季报点评:大客户一季度收入转正,期待并购协同效应释放
Huachuang Securities· 2025-05-21 05:44
证 券 研 究 报 告 新巨丰(301296)2024 年报及 2025 年一季报点评 强推(维持) 大客户一季度收入转正,期待并购协同效应 事项: ❖ 公司公布 2024 年报及 2025 年一季报。2024 年,公司实现营收/归母净利润/扣 非归母净利润 17.1/1.8/1.6 亿元,同比-1.8%/+8.0%/-4.2%。25Q1,公司实现营 收/归母净利润/扣非归母净利润 3.6/0.1/0.1 亿元,同比-18.2%/-75.0%/-74.5%。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,706 | 1,764 | 1,875 | 2,012 | | 同比增速(%) | -1.8% | 3.4% | 6.3% | 7.3% | | 归母净利润(百万) | 184 | 211 | 226 | 243 | | 同比增速(%) | 8.0% | 14.9% | 7.1% | 7.5% | | 每股盈利(元) | ...
青岛啤酒(600600)2024年股东大会调研反馈
Huachuang Securities· 2025-05-21 00:20
公司研究 证 券 研 究 报 告 青岛啤酒(600600)2024 年股东大会调研反馈 强推(维持) 新帅亮相,继往开来 目标价:90 元、70 港元 事项: 公司于 5 月 20 日召开 2024 年度股东大会以及分析师和投资者交流会,会上 以董事长姜宗祥为代表的新管理班子首次公开亮相,姜总以"创新驱动,进中 提质,开创高质量发展新局面"为主题,分析行业阶段并展望公司经营战略, 并与 CFO 侯秋燕、营销总裁蔡志伟、副总裁李辉及董秘张瑞祥共同解答投资 者关心的问题。我们前往参会,核心反馈及分析如下: 评论: 风险提示:需求不及预期,行业竞争加剧,恶劣天气等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 32,138 | 33,639 | 34,556 | 35,235 | | 同比增速(%) | -5.3% | 4.7% | 2.7% | 2.0% | | 归母净利润(百万) | 4,345 | 4,875 | 5,303 | 5 ...
华创交运|红利资产月报(2025年5月)
Huachuang Securities· 2025-05-21 00:20
行业研究 证 券 研 究 报 告 华创交运|红利资产月报(2025 年 5 月) 收费公路管理条例预备修订,关税调整下港 推荐(维持) 口交易活跃 交通运输 2025 年 05 月 20 日 邮箱:luhaomin@hcyjs.com 执业编号:S0360524090001 华创证券研究所 证券分析师:吴一凡 电话:021-20572539 邮箱:wuyifan@hcyjs.com 执业编号:S0360516090002 证券分析师:梁婉怡 邮箱:liangwanyi@hcyjs.com 执业编号:S0360523080001 证券分析师:吴晨玥 邮箱:wuchenyue@hcyjs.com 执业编号:S0360523070001 证券分析师:霍鹏浩 邮箱:huopenghao@hcyjs.com 执业编号:S0360524030001 证券分析师:卢浩敏 联系人:李清影 邮箱:liqingying@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 122 | 0.02 | | 总市值(亿元) | 33,240.61 | 3.34 | | ...
司太立(603520)深度研究报告:极具稀缺性的造影剂领军企业,有望开启新一轮高速成长周期
Huachuang Securities· 2025-05-21 00:15
Investment Rating - The report maintains a "Strong Buy" rating for the company [1][11]. Core Views - The company is a leading enterprise in the highly scarce contrast agent industry, poised to enter a new phase of rapid growth [2]. - The iodine contrast agent sector is characterized by a large market size, long-term growth potential, high entry barriers, and few global players, making it an excellent investment opportunity [10]. - The company has strengthened its competitive position through strategic capacity investments and is expected to benefit from scale effects and product upgrades in the coming years [10][18]. Summary by Sections Section 1: Scarcity in the Contrast Agent Industry - The company has over 20 years of experience in the contrast agent field and is the largest producer of iodine contrast agent raw materials in China [15]. - From 2018 to 2024, the company's revenue compound annual growth rate (CAGR) reached 17.6%, indicating robust growth [15]. - The company has established a comprehensive layout across the entire contrast agent industry chain, enhancing its core competitiveness [15]. Section 2: Iodine Contrast Agent Raw Materials - The company is expected to achieve revenue of 1.226 billion yuan from iodine contrast agent raw materials and intermediates in 2024, maintaining a stable contribution to overall revenue [27]. - New production capacities from the company's three major production bases are gradually being realized, which will lead to increased revenue and gross margins in the iodine contrast agent segment [27][28]. Section 3: Formulations and Global Strategy - The domestic formulation business is projected to generate revenue of 558 million yuan in 2024, with a year-on-year growth of 13.75% [42]. - The company has successfully won bids for three major iodine contrast agent formulations, positioning itself advantageously in the domestic market [46]. - The overseas formulation business, particularly through the Ireland IMAX platform, is expected to see significant revenue and profit growth [47]. Financial Projections - The company is projected to achieve net profits of 96 million yuan, 245 million yuan, and 360 million yuan for the years 2025, 2026, and 2027, respectively, indicating a turnaround from losses [3][11]. - The current stock price corresponds to price-to-earnings (PE) ratios of 42, 17, and 11 for the years 2025, 2026, and 2027, respectively [11].
柯力传感:2024年报及2025年一季报点评25Q1利润高增,“传感器森林”投资布局初见雏形-20250520
Huachuang Securities· 2025-05-20 13:30
Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Views - The company achieved a revenue of 1.295 billion yuan in 2024, representing a year-on-year growth of 20.79%. However, the net profit attributable to shareholders decreased by 16.62% to 261 million yuan. In Q1 2025, revenue grew by 27.08% to 316 million yuan, with net profit increasing by 75.85% to 76 million yuan [1][3]. - The company is focusing on the "sensor forest" investment layout, with significant growth in its mechanical sensors and instruments segment, which generated 631 million yuan in revenue with a gross margin of 41.81% [1][7]. - The company has made strategic investments in various sectors, including industrial measurement and control, smart logistics, energy environment measurement, and robot sensors, with a total of nine strategic investment projects completed in 2024 [1][7]. Financial Summary - The total revenue forecast for 2025 is 1.53 billion yuan, with a year-on-year growth rate of 18.2%. The net profit is expected to rise to 364 million yuan, reflecting a growth rate of 40% [3][8]. - The earnings per share (EPS) is projected to be 1.30 yuan in 2025, with a price-to-earnings (P/E) ratio of 51 [3][8]. - The company’s total market capitalization is approximately 18.553 billion yuan, with a circulating market value of 18.498 billion yuan [4].