Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 22.40 CNY, compared to the current price of 21.38 CNY [4][8]. Core Insights - The company achieved a revenue of 836 million CNY in 2024, representing a year-on-year growth of 25.75%. The net profit attributable to the parent company was 43 million CNY, with a growth of 1.48%. The non-recurring net profit reached 37 million CNY, showing a significant increase of 60.72% [2][4]. - In Q1 2025, the company reported a revenue of 79.86 million CNY, marking a year-on-year increase of 51.43%, while the net profit attributable to the parent company was a loss of 0.718 million CNY, indicating a substantial narrowing of losses [2][4]. Financial Performance - The company’s main revenue sources in 2024 included: 1. Intelligent warehousing logistics systems, generating 711 million CNY, up 23.34% year-on-year. 2. Intelligent warehousing logistics equipment, generating 98 million CNY, up 35.50% year-on-year [8]. - The overall gross margin for 2024 was 23.84%, an increase of 1.19 percentage points year-on-year. The gross margin for intelligent warehousing logistics systems was 21.46%, up 0.69 percentage points, while for intelligent warehousing logistics equipment, it was 38.66%, up 5.08 percentage points [8]. Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 1,034 million CNY - 2026: 1,268 million CNY - 2027: 1,540 million CNY - The net profit attributable to the parent company is projected to be: - 2025: 56 million CNY - 2026: 63 million CNY - 2027: 71 million CNY [8][9]. Valuation Metrics - The report suggests a 35x price-to-earnings (P/E) ratio for 2025, leading to a target price of approximately 22.40 CNY. The company is expected to benefit from its leading position in the intelligent warehousing and equipment sector, driving both revenue and valuation growth [8][9].

公司研究 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 1,529 | 1,961 | 2,376 | 2,796 | | 同比增速(%) | 37.4% | 28.3% | 21.2% | 17.7% | | 归母净利润(百万) | 104 | 294 | 372 | 479 | | 同比增速(%) | 43.5% | 182.1% | 26.4% | 28.9% | | 每股盈利(元) | 0.17 | 0.49 | 0.62 | 0.80 | | 市盈率(倍) | 344 | 122 | 96 | 75 | | 市净率(倍) | 16.0 | 13.1 | 11.6 | 10.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 19 日收盘价 行业应用软件 2025 年 05 月 20 日 证 券 研 究 报 告 指南针（300803）2024 年报及 2025 年一季报点评 推荐（维持） 业绩增长 ...

风险提示：经济出现下滑，行业业务量增速明显放缓，价格战明显扩大。 行业研究 证 券 研 究 报 告 快递行业 2025 年 4 月数据点评 4 月行业件量增速 19.1%，顺丰"激活经营" 推荐（维持） 策略下 30%增速继续领跑 快递 2025 年 05 月 20 日 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：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | | 占比% | | --- | --- | --- | --- | | 股票家数(只) ...

公司研究 证 券 研 究 报 告 指南针（300803）2024 年报及 2025 年一季报点评 推荐（维持） 业绩增长稳健，全牌照协同效应显现 当前价：59.89 元 事项： ❖ 公司发布 2024 年报及 2025 年一季报：2024 年，公司实现营业收入 15.29 亿 元（同比+37.37%），归母净利润 1.04 亿元（同比+43.50%），其中第四季度单 季贡献营收 7.52 亿元（同比+75.18%）、净利润 2.14 亿元（同比+89.25%）；2025 年一季度公司实现营收 5.42 亿元（同比+84.68%），归母净利润 1.39 亿元（同 比+725.93%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 1,529 | 1,961 | 2,376 | 2,796 | | 同比增速(%) | 37.4% | 28.3% | 21.2% | 17.7% | | 归母净利润(百万) | 104 | 294 | ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 22.8 yuan [2][9]. Core Views - The company achieved a revenue of 1.339 billion yuan in 2024, a slight decline of 0.55% year-on-year, and a net profit attributable to shareholders of 73 million yuan, down 55.96% year-on-year. In Q1 2025, revenue increased to 208 million yuan, a growth of 6.25% year-on-year, with a net profit of 15 million yuan, up 17.18% year-on-year [2][9]. - The company is steadily advancing in smart healthcare and actively laying out data elements, with a focus on developing integrated solutions for smart hospitals and healthcare systems [9]. - The company has established partnerships with various data operation units to promote the implementation of data elements in the market, leveraging public data resources to create a comprehensive solution and technical system [9]. Financial Summary - For 2024, total revenue is projected at 1.339 billion yuan, with a year-on-year growth rate of -0.5%. By 2025, revenue is expected to rise to 1.487 billion yuan, reflecting an 11% growth rate [4]. - The net profit attributable to shareholders is forecasted to be 73 million yuan in 2024, with a significant recovery to 154 million yuan in 2025, indicating a growth rate of 110.2% [4]. - The company's earnings per share (EPS) is expected to increase from 0.18 yuan in 2024 to 0.38 yuan in 2025, with a projected price-to-earnings (P/E) ratio of 60x for 2025 [4][9].

公司研究 证 券 研 究 报 告 收入实现较快增长，产品矩阵持续丰富 目标价：22.40 元 事项： 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 公司基本数据 近期，公司发布 2024 年度报告及 2025 年一季报，2024 年实现营业收入 8.36 亿元，同比增长 25.75%；归母净利润 0.43 亿元，同比增长 1.48%；扣非净利 润 0.37 亿元，同比增长 60.72%。2025Q1 实现营业收入 7986.44 万元，同比增 长 51.43%；实现归母净利润-71.80 万元，亏损大幅收窄。 评论： [ReportFinancialIndex] 主要财务指标 其他专用机械 2025 年 05 月 20 日 | | | | 目标价：22.40 元 | | --- | --- | --- | --- | | 井松智能（688251）2024 年报及 收入实现较快增长，产品矩阵持续丰富 | 2025 | 年一季报点评 | 推荐（维持） 元 当前价：21.38 | 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040 ...

证 券 研 究 报 告 【华创策略】 ❖ 风险提示： 宏观经济复苏不及预期；海外经济疲弱，可能对相关产业链及国内出口造成影 响；历史经验不代表未来；DeepSeek 在归纳文本时可能存在 AI 幻觉、信息不 准确、语义理解错误等问题。 策略研究 策略快评 2025 年 05 月 20 日 DeepSeek 读 A500 年报——第四期 ❖ DeepSeek 读 A500 年报 中证 A500 指数从各行业选取市值较大、流动性较好的 500 只证券作为指数样 本，基本能反映各行业最具代表性上市公司证券的整体表现。我们将借助 AI， 以周频跟踪 A500 成分股年报当中对于行业趋势的判断和分析，系统提炼微观 主体视角下的行业动态与结构性变化。 我们将中证 A500 成分股 2024 年报（发布日期：2025/4/21-4/30），基于 220 家 上市公司年报）按照申万一级行业分批次投喂给 DeepSeek R1 模型学习，并要 求其对年报中涉及行业形势判断的内容进行总结。同时，为减少 AI 幻觉以及 表述性错误，我们针对生成的内容进行了人工校对与修订。 我们向 DeepSeek R1 提出的具体问题： "你是一 ...

公司研究 证 券 研 究 报 告 久远银海（002777）2024 年报及 2025 年一季报点评 推荐（维持） 智慧医疗稳步推进，积极布局数据要素 目标价：22.8 元 事项： ❖ 公司发布 2024 年年报与 2025 年一季度报告：2024 年，公司实现营业收入 13.39 亿元，同比下滑 0.55%；归母净利润 0.73 亿元，同比下滑 55.96%；扣 非净利润 0.53 亿元，同比下滑 60.18%。2025Q1，公司实现营业收入 2.08 亿 元，同比增长 6.25%；实现归母净利润 0.15 亿元，同比增长 17.18%；扣非 净利润 0.11 亿元，同比增长 11.99%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,339 | 1,487 | 1,650 | 1,830 | | 同比增速(%) | -0.5% | 11.0% | 11.0% | 10.9% | | 归母净利润(百万) | 73 | 1 ...

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 [6][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 reached 316 million yuan, up 27.08%, with net profit increasing by 75.85% to 76 million yuan [1][3]. - The company is focusing on strategic investments in four key areas: industrial measurement and control, smart logistics, energy and environmental measurement, and robotic sensors. In Q1 2025, it completed a strategic investment in Kepler Robotics [7][8]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 1.530 billion yuan, 1.830 billion yuan, and 2.231 billion yuan, respectively, with growth rates of 18.2%, 19.6%, and 21.9% [3][8]. - **Net Profit Forecast**: The net profit attributable to shareholders is forecasted to be 364 million yuan in 2025, 420 million yuan in 2026, and 505 million yuan in 2027, with growth rates of 40.0%, 15.2%, and 20.1% respectively [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to be 1.30 yuan in 2025, 1.49 yuan in 2026, and 1.79 yuan in 2027 [3][8]. - **Valuation Metrics**: The company is assigned a target price of 78.0 yuan based on a 60x PE ratio for 2025, with the current price at 65.87 yuan [3][8]. Market Position and Strategy - The company is developing a "sensor forest" strategy, focusing on multi-physical quantity sensors, with significant growth in the mechanical sensor and instrument segment, which generated 631 million yuan in revenue with a gross margin of 41.81% [7][8]. - The company has sent samples of its six-dimensional force sensors to over 50 clients, with some entering the bulk order phase, indicating strong market demand [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Moutai with a target price of 2600 CNY [1][4]. Core Views - The management conveyed confidence in the company's quality, culture, and foundational strength during the 2024 annual shareholders' meeting, emphasizing the resilience of Moutai's brand and its ability to navigate through market cycles [2][8]. - The company is focusing on strategic initiatives to adapt to current challenges, including enhancing customer engagement, service upgrades, and international expansion [8][9]. - The report highlights Moutai's strong performance in the first quarter, indicating its leading position in the liquor industry and the stabilization of product prices, which further enhances investment certainty [8][9]. Financial Summary - Total revenue projections for Guizhou Moutai are as follows: - 2024: 174,144 million CNY - 2025: 190,775 million CNY (growth of 9.6%) - 2026: 207,395 million CNY (growth of 8.7%) - 2027: 223,719 million CNY (growth of 7.9%) [4][10]. - Net profit forecasts are: - 2024: 86,228 million CNY - 2025: 94,679 million CNY (growth of 9.8%) - 2026: 103,603 million CNY (growth of 9.4%) - 2027: 112,623 million CNY (growth of 8.7%) [4][10]. - Earnings per share (EPS) estimates are: - 2024: 68.64 CNY - 2025: 75.37 CNY - 2026: 82.47 CNY - 2027: 89.65 CNY [4][10]. Market Position - Guizhou Moutai's market capitalization is approximately 19,395.69 billion CNY, with a total share capital of 125,619.78 million shares [5][10]. - The company maintains a low debt-to-equity ratio of 0.2%, indicating strong financial health and stability [10].