证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 英派斯(002899) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 英派斯：自主品牌延续高增，业务转型加速 [Table_ReportDate] 2025 年 05 月 04 日 报告内容摘要: 风险提示：产能爬坡不及预期、贸易摩擦加剧。 | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 895 | 1,214 | 1,342 | 1,462 | 1,592 | | 增长率 YoY % | 8.6% | 35.6% | 10.5% | 9.0% | 8.9% | | 归属母公司净利润 | 88 | 109 | 12 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 旺能环境(002034) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 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 [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@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 [Table_Title] 计提减值致业绩短期承压，垃圾焚烧提质增 效运营能力持续提升 [Table_ReportDate] 2025 年 05 月 04 日 [Table ...

| 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@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 [Table_Title] 仙鹤股份：盈利环比改善，产能稳步扩张，林 浆纸布局持续完善 [Table_ReportDate] 2025 年 05 月 04 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 年公司实现收入 102.74 亿元 （同比+20.1%），归母净利润 10.04 亿元（同比+51.2%），扣非归母净利润 9.33 亿元（同比+56.9%）；单 Q4 收入 30.12 亿元（同比+28.7%），归母净利润 1.87 亿元（同比-33.8%），扣非归母净利润 1.91 亿元（同比-31.7%）。25Q1 公司实 现收入 29.91 亿元（同比+35.4%），归母净利润 2.36 亿 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 英派斯(002899) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 英派斯：自主品牌延续高增，业务转型加速 [Table_ReportDate] 2025 年 05 月 04 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 年公司实现收入 12.14 亿元 （同比+35.6%），归母净利润 1.09 亿元（同比+23.8%），扣非归母净利润 1.06 亿元（同比+24.3%）；单 Q4 收入 3.18 亿元（同比+34.2%），归母净利润 0.22 亿元（同比+40.6%），扣非归母净利润 0.24 亿元（同比+45.9%）。25Q1 公司 实现收入 2.91 亿元（同比+21.9%），归母净利润 0.14 亿元（同比+2.2%），扣 非 ...

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Insights - Yuma Technology has reported a revenue of 769 million yuan in 2024, representing a year-on-year growth of 16.1%, and a net profit of 186 million yuan, up by 12.5% [1] - The company is expanding its overseas warehouse layout and synchronizing capacity and regional expansion, with a steady increase in orders [1] - The first quarter of 2025 saw a revenue decline of 4.9% to 151 million yuan, attributed to early stocking by overseas clients and pressure on domestic sales [1] - The company is focusing on optimizing product structure and steadily expanding capacity, with total capacity reaching 67.65 million square meters by the end of 2023 [2] - Yuma Technology's gross profit margin for Q1 2025 was 40.7%, showing a year-on-year increase of 1.3 percentage points [3] Financial Performance Summary - In 2024, the revenue from sunlight, full shading, and adjustable light fabrics was 266 million yuan, 222 million yuan, and 167 million yuan respectively, with growth rates of 31.4%, 9.3%, and 8.5% [2] - The company expects net profits for 2025 to be 192 million yuan, with projected P/E ratios of 16.1X, 13.4X, and 11.4X for 2025, 2026, and 2027 respectively [3][5] - The operating cash flow for Q1 2025 was 7 million yuan, down by 20 million yuan year-on-year, primarily due to increased inventory for shortening delivery times [3][7] - The company plans to build a production base in Vietnam to mitigate trade friction impacts [2]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中原环保(000544) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 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 [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@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 [Table_Title] 污水处理业务稳步增长，提标改造持续推进 [Table_ReportDate] 2025 年 05 月 04 日 [Table_S 事件：公司um ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 奥精医疗(688613) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 仿生矿化胶原技术领先，人工骨修复 材料市场龙头正扬帆 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] 业绩短期承压，市场拓展加速，成长动能充 沛 [Table_ReportDate] 2025 年 05 月 02 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 2.06 亿元（yoy-9.03%），归母净利润-0.13 亿元（yoy-123.35%），扣非归母净 利润-0.28 亿元（yoy-210.11%），经营活动产生的现金流量净 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 新产业(300832) 投资评级 上次评级 [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 相关研究 [Table_Title] 大型机占比持续提升，收入展现增长韧性 [Table_ReportDate] 2025 年 05 月 02 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 45.35 亿元（yoy+15.41%），归母净利润 18.28 亿元（yoy+10.57%），扣非归母 净利润 17.20 亿元（yoy+11.19%），经营活动产生的现金流量净额 13.56 亿 元（yoy-4.36%）。2025Q1 实现营业收入 11.25 亿元（yoy+10.12%），归 母净利润 4.38 亿元（yoy+ ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 九号公司(689009) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] [Table_Title] 九号公司：电动两轮车成长加速、规模效应凸 显，多元新品蓄势待发 [Table_ReportDate] 2025 年 05 月 02 日 [Table_S 事件 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be optimistic based on the performance metrics and future projections. Core Viewpoints - The company has shown significant growth in Q1 2025, with revenue reaching 5.112 billion yuan, a year-on-year increase of 99.5%, and a net profit of 456 million yuan, up 236.2% year-on-year, indicating strong operational performance and market demand [1][2]. - The electric two-wheeler segment is a key driver of growth, with sales volume reaching 1.004 million units, a 140.8% increase year-on-year, and revenue from this segment accounting for 56% of total revenue [2][3]. - The company is expected to launch multiple new products across various categories, including electric two-wheelers and all-terrain vehicles, which are anticipated to further enhance market presence and customer base [4][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 29.7%, with a notable reduction in expense ratios across sales, management, and R&D, contributing to improved profitability [3]. - The company forecasts a steady increase in total revenue from 10.222 billion yuan in 2023 to 31.106 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.1% [6]. - Net profit is projected to grow from 598 million yuan in 2023 to 3.521 billion yuan in 2027, reflecting a strong upward trend in profitability [6]. Product Development and Market Strategy - The company is focusing on technological innovation and product diversification, with plans to introduce new models targeting specific consumer segments, such as the "Q" series for female consumers [4][5]. - The introduction of smart service packages is expected to enhance user engagement and generate additional revenue streams as the user base expands [2]. Market Position and Competitive Advantage - The company holds a leading position in the robotic lawn mower market with its Navimow brand, which has achieved significant market penetration and customer adoption [2]. - The strategic partnerships, such as the collaboration with BMW for developing innovative electric two-wheelers, are expected to bolster the company's competitive edge [4].