证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 海油工程(600583.SH) | | | [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 25Q1 利润率创新高，公司业绩保持增长 [Table_ReportDate] 2025 年 4 月 28 日 [Table_S 事件：2025 ummar年y]4 月 25 日，海油工程发布 2025 年一季度报告，2025 年第 一季度，公司单季度营业收入 50.96 亿元，同比下降 10%，环比下降 46.5%；单季度归母净利润 5.41 亿元，同比上涨 14%，环比上涨 30%；单 季度扣非后净利润 4.77 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 星帅尔(002860) 投资评级 上次评级 [Table_Author] 罗岸阳 家电行业首席分析师 执业编号：S1500520070002 邮 箱：luoanyang@cindasc.com [Table_OtherReport] 星帅尔：Q3 业绩再超预期，增收降本 释放弹性 星帅尔：半年度收入翻倍增长，光伏 盈利能力显著提升 星帅尔：Q2 业绩超预期高增，持续深 化光储布局 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 白电主业经营稳健，年报减值计提充分 [Table_ReportDate] 2025 年 04 月 28 日 相关研究 [Table_Finance] ➢ 白电主业经营稳健，收入及盈利能力双增：24 年公司白电业务（包括 冰箱压缩机配件等）实现收入 8.48 亿元，同比增长 21.04%；毛利率 34.07%，同比增长 1.91pct。在家电国补政策带 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue and profit growth projections. Core Insights - The company reported a revenue of 278 million yuan in 2024, representing a year-over-year increase of 20.61%, with a net profit of 79 million yuan, up 92.9% year-over-year [1][2] - The core product, artificial dura mater patches, generated 156 million yuan in revenue, reflecting an 11.46% increase, while new products contributed significantly to growth [2] - The company is expanding its market presence both domestically and internationally, with revenues from domestic sales reaching 222 million yuan (up 22.63% YoY) and international sales at 57 million yuan (up 13.28% YoY) [2] Financial Performance Summary - In 2024, the company achieved a net cash flow from operating activities of 116 million yuan, a year-over-year increase of 8.08% [1] - The company’s gross margin is projected to decline slightly from 82.0% in 2023 to 76.2% by 2027, indicating a focus on maintaining profitability despite increased competition [4] - The forecasted revenues for 2025, 2026, and 2027 are 369 million yuan, 488 million yuan, and 637 million yuan, respectively, with corresponding net profits of 114 million yuan, 150 million yuan, and 197 million yuan [4] Market and Product Insights - The company is actively engaging in marketing and brand promotion, having entered nearly 2000 hospitals in China, which enhances its brand influence [2] - The introduction of new products, such as absorbable regenerated oxidized cellulose and dura mater medical glue, is expected to drive future growth [2] - The company has received EU MDR certification for its dura mater medical glue, which is anticipated to enhance its competitiveness in international markets [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance above the benchmark index by over 15% [4]. Core Insights - The company reported a single-quarter revenue of 5.096 billion yuan in Q1 2025, a year-on-year decrease of 10% and a quarter-on-quarter decrease of 46.5%. However, the net profit attributable to the parent company was 541 million yuan, reflecting a year-on-year increase of 14% and a quarter-on-quarter increase of 30% [1][4]. - The gross margin for Q1 2025 was 16.15%, with a quarter-on-quarter increase of 2.76 percentage points and a year-on-year increase of 6.24 percentage points, marking the highest level since 2020 [4]. - The company has a robust order backlog, with total orders amounting to approximately 38.4 billion yuan as of the end of Q1 2025, despite a 45% year-on-year decrease in new contracts [4]. Financial Summary - Total revenue for 2023 is projected at 30.752 billion yuan, with a year-on-year growth rate of 4.7%. For 2024, revenue is expected to decline to 29.954 billion yuan, followed by a recovery to 32.411 billion yuan in 2025, representing an 8.2% growth [3]. - The net profit attributable to the parent company is forecasted to grow from 1.621 billion yuan in 2023 to 2.547 billion yuan in 2025, with year-on-year growth rates of 11.1% and 17.8% respectively [3]. - The report anticipates an increase in EPS (diluted) from 0.37 yuan in 2023 to 0.58 yuan in 2025, with corresponding P/E ratios decreasing from 14.92 to 9.50 [3][4].

[Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 迈普医学(301033) 投资评级 上次评级 相关研究 [Table_OtherReport] 集采压力期已过，国内海外双丰收 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 集采助力产品放量，盈利能力逐步增强 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 2.78 亿元（yoy+20.61%），归母净利润 0.79 亿元（yoy+92.9%），扣非归母净 利润 0.68 亿 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on performance metrics and future projections [1]. Core Insights - The company reported a revenue of 2.077 billion yuan in 2024, a decrease of 27.84% year-on-year, with a net profit attributable to the parent company of 144 million yuan, down 29.03% year-on-year [1]. - The white goods segment showed stable operations with a revenue increase of 21.04% in 2024, reaching 848 million yuan, and a gross margin of 34.07%, up 1.91 percentage points year-on-year [4]. - The photovoltaic segment faced challenges, with a revenue decline of 50.56% in 2024, totaling 974 million yuan, and a gross margin of 5.01%, down 3.80 percentage points year-on-year [4]. - The company has made sufficient impairment provisions in its financial statements, with total credit and asset impairment losses of 42.53 million yuan in 2024, including a significant fixed asset impairment loss of 22.12 million yuan [4]. - Future revenue projections for 2025-2027 are estimated at 2.23 billion, 2.47 billion, and 2.73 billion yuan, respectively, with corresponding net profits of 232 million, 267 million, and 302 million yuan, indicating growth rates of 61.7%, 14.8%, and 13.1% [4]. Financial Summary - Total revenue for 2023 was 2.879 billion yuan, with a year-on-year growth rate of 47.7%. The projected revenue for 2025 is 2.226 billion yuan, reflecting a growth rate of 7.2% [3]. - The gross margin is expected to improve from 16.6% in 2024 to 19.4% in 2025, indicating enhanced profitability [3]. - The return on equity (ROE) is projected to increase from 7.9% in 2024 to 10.0% in 2025 [3]. - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2024 to 0.64 yuan in 2025 [3].

Investment Rating - The investment rating for Xiangsheng Medical (688358) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and product development [1]. Core Viewpoints - The company reported a revenue of 469 million yuan in 2024, a year-over-year decrease of 3.13%, with a net profit of 141 million yuan, down 4.08% year-over-year. However, cash flow from operating activities increased significantly by 63.76% to 141 million yuan [1][2]. - The company maintains a stable gross margin of 58.95% in 2024, slightly up from the previous year, attributed to an increase in domestic sales and changes in product structure [2]. - Research and development efforts are focused on AI advancements, enhancing the competitiveness of portable ultrasound products, and addressing clinical pain points with innovative solutions [2]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 469 million yuan, with ultrasound imaging equipment contributing 427 million yuan and accessories generating 30.4 million yuan, reflecting a 20.45% increase year-over-year [2]. - The company’s gross margin for 2024 was 58.95%, showing a slight increase of 0.14 percentage points year-over-year [2]. - The forecast for revenue from 2025 to 2027 is 549 million yuan, 664 million yuan, and 801 million yuan, with respective year-over-year growth rates of 17.0%, 21.0%, and 20.8% [2][4]. Research and Development - R&D expenses reached 79.63 million yuan in 2024, representing 16.99% of total revenue, indicating a strong commitment to innovation [2]. - The company has made significant progress in AI-assisted diagnostic software across various medical fields, enhancing the accuracy and efficiency of screenings [2]. Market Position and Strategy - The company is actively expanding its market presence, particularly in the domestic sector, benefiting from government policies aimed at upgrading medical equipment [2]. - The report highlights the company's strategic focus on portable ultrasound technology, which is expected to drive future growth and customer acquisition [2].

Investment Rating - The investment rating for Xiangsheng Medical (688358) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and product development [1]. Core Viewpoints - The company reported a revenue of 469 million yuan in 2024, a year-over-year decrease of 3.13%, with a net profit of 141 million yuan, down 4.08% year-over-year. However, cash flow from operating activities increased significantly by 63.76% to 141 million yuan [1][2]. - The company maintains a stable gross margin of 58.95% in 2024, slightly up from the previous year, attributed to an increase in domestic sales and changes in product structure [2]. - Research and development efforts are focused on AI advancements, enhancing the competitiveness of portable ultrasound products, and addressing clinical pain points with innovative solutions [2]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 469 million yuan, with ultrasound imaging equipment contributing 427 million yuan and accessories 30.4 million yuan. The technical service revenue saw a significant decline of 49.65% to 10.64 million yuan [2]. - The company’s gross margin for 2024 was 58.95%, reflecting a slight increase of 0.14 percentage points year-over-year [2][4]. - The projected revenues for 2025 to 2027 are 549 million yuan, 664 million yuan, and 801 million yuan, respectively, with year-over-year growth rates of 17.0%, 21.0%, and 20.8% [2][4]. Research and Development - The company invested 79.63 million yuan in R&D in 2024, representing 16.99% of its revenue, focusing on the SonoFamily product line and AI-assisted diagnostic software [2]. - Innovations include the SonoAir series, which has gained recognition for its advanced imaging technology and design, and the development of AI-driven solutions for breast cancer screening [2]. Market Position and Strategy - The company is actively expanding its market presence, particularly in the domestic sector, benefiting from policies like "old-for-new" exchanges to enhance its foothold in grassroots medical markets [2]. - Despite a 4% decline in overseas revenue due to global economic conditions, domestic revenue grew by 6.21% to 62.86 million yuan [2].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights strong performance in AI-related sectors, emphasizing the importance of Q1 high growth trends [2] - The report notes that the semiconductor sector has seen a year-to-date increase of 2.57%, while other electronic sectors have experienced declines [2][8] - Key companies in the AI space are reporting significant revenue growth, with notable increases in earnings from companies like Haiguang Information and PCB manufacturers [2] - Alphabet's cloud business shows robust growth, with Q1 revenues reaching $90.234 billion, a 12% year-on-year increase, and a net income of $34.540 billion, up 46% [26] Summary by Sections Market Tracking - The report indicates mixed performance in the Shenwan electronic sector, with year-to-date changes showing semiconductors up by 2.57% and consumer electronics down by 12.24% [8] - Notable rebounds in major North American tech stocks were observed, with Tesla up 25.25% and Micron Technology up 19.54% this week [10] Company Performance - Haiguang Information reported Q1 2025 revenue of 2.4 billion yuan, a year-on-year increase of 50.8% [2] - PCB manufacturer Huidian reported Q1 2025 revenue of 4.04 billion yuan, up 56.3% year-on-year [2] - AI chip company Ruixinwei reported Q1 2025 revenue of 880 million yuan, a 63% increase year-on-year [2] Recommendations - The report suggests focusing on companies in the supply chain such as Lens Technology, Linyu Intelligent Manufacturing, and Dongshan Precision [2] - It also highlights companies in the computing power chain like Industrial Fulian and Shenghong Technology as potential investment opportunities [2]

Investment Rating - The investment rating for Yongxin Co., Ltd. is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance and growth expectations outlined in the report [1]. Core Viewpoints - Yongxin Co., Ltd. reported a revenue of 848 million yuan in Q1 2025, reflecting a year-on-year increase of 1.6%, and a net profit attributable to shareholders of 89 million yuan, up 2.9% year-on-year, indicating stable growth despite a high base from the previous year and declining oil prices affecting product prices [1][2]. - The company is expected to benefit from a gradual improvement in downstream demand, with retail sales in the daily necessities and grain/oil food categories increasing by 6.8% and 12.2% year-on-year, respectively [2]. - The management team has undergone a renewal, focusing on talent acquisition and market-driven incentives to enhance product development and sales capabilities, which is anticipated to accelerate business expansion and improve profitability [2]. Financial Performance Summary - In Q1 2025, the company's gross margin was 21.3%, and the net profit margin was 10.5%, with slight changes compared to the previous year [3]. - The company’s operating cash flow was negative at -27 million yuan, which may be attributed to seasonal factors [3]. - Forecasts for net profit attributable to shareholders for 2025, 2026, and 2027 are 510 million yuan, 550 million yuan, and 610 million yuan, respectively, with corresponding price-to-earnings ratios of 13X, 12X, and 11X [3].