2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 12 日 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 研究助理： 王金源 邮箱：wangjinyuan@sxzq.com | 收盘价（元）： | 52.10 | | --- | --- | | 年内最高/最低（元）： | 68.20/46.12 | | 流通A股/总股本（亿）： | 4.03/4.07 | | 流通 A 股市值（亿）： | 209.89 | | 总市值（亿）： | 211.88 | 基础数据：2025 年 3 月 31 日 基本每股收益(元)： 1.07 摊薄每股收益(元)： 1.07 每股净资产(元)： 27.02 资料来源：最闻 李旋坤 农药 扬农化工（600486.SH） 买入-B(维持) 农化景气触底回升，葫芦岛项目放量在即 事件描述 4 月 29 日，公司发布《2025 年一季度报告》，实现营业收 32.41 亿元， 同比+2.04%，环比+33.96%，实现归母净利为 4.35 亿元，同比+1.35%，环比 +146.77%。 事件点评 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [4][10] Core Views - The company experienced strong sales and production in 2024, but faced pressure on profitability in Q1 2025. The revenue for 2024 was CNY 8.511 billion, up 8.53% year-on-year, with a net profit of CNY 2.186 billion, up 59.74% year-on-year. However, Q1 2025 saw total revenue of CNY 2.056 billion, down 2.79% quarter-on-quarter and 5.28% year-on-year, with a net profit of CNY 361 million, down 28.29% quarter-on-quarter and 21.52% year-on-year [4][5][10] Summary by Sections Financial Performance - In 2024, the company produced 32.2261 million tires, a 10.22% increase year-on-year, and sold 31.4087 million tires, a 7.34% increase year-on-year. Q1 2025 sales were 7.3774 million tires, down 3.02% year-on-year [5] - The overall gross margin for 2024 was 32.84%, an increase of 7.63 percentage points year-on-year, while Q1 2025 gross margin was 22.75%, down 8.58 percentage points quarter-on-quarter and 2.46 percentage points year-on-year [5] Global Expansion and Production Capacity - The company's Thailand factory significantly increased its performance in 2024, generating CNY 5.337 billion in revenue, up 22.69% year-on-year, and a net profit of CNY 1.306 billion, up 53.72% year-on-year. The Morocco factory is expected to ramp up production in 2025, contributing to revenue growth [6][10] - The company is also developing a smart manufacturing base in Spain, with a planned annual production of 12 million high-performance tires [6] Market Environment and Strategic Positioning - The report highlights the impact of global trade tensions, particularly the U.S. tariffs on imported tires, which could affect the market. The company's diversified global production layout helps mitigate some of these risks [7] - The "Golden Triangle" production strategy, which includes facilities in China, Thailand, and Morocco, positions the company well for global competition [7][10] Future Projections - The company is projected to achieve net profits of CNY 2.010 billion, CNY 2.353 billion, and CNY 2.733 billion for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 10, 9, and 7 [10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5] Core Views - The company's revenue and net profit for Q1 2025 showed significant growth, driven by the high demand in the server PCB market, particularly due to the upgrade of traditional servers and the ongoing boom in AI server applications [3][4] - The company achieved a revenue of 1.117 billion yuan in Q1 2025, representing a year-on-year increase of 42.41%, and a net profit of 240 million yuan, up 65.68% year-on-year [1][3] - The increase in gross margin and net profit margin indicates an improvement in product structure, benefiting from the high demand for high-layer, high-precision, high-density, and high-reliability PCB products [4][3] Financial Performance Summary - For Q1 2025, the company's gross margin was 35.19%, up 0.74 percentage points year-on-year, while the net profit margin was 21.52%, an increase of 3.02 percentage points year-on-year [4] - The company expects to achieve revenues of 5.047 billion, 5.980 billion, and 6.960 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 35.2%, 18.5%, and 16.4% [5][11] - The projected net profits for the same years are 854 million, 1.075 billion, and 1.313 billion yuan, with growth rates of 26.4%, 25.8%, and 22.1% [5][11] Market Data - As of May 9, 2025, the closing price of the company's stock was 49.55 yuan, with a market capitalization of 74.45 billion yuan [3][4] - The stock has seen a yearly high of 67.64 yuan and a low of 32.77 yuan [3]

4 月 29 日，公司发布《2025 年第一季度报告》，2025Q1 实现营业总收 入 2.53 亿元，同环比分别+126.9%/ +14.1%;归母净利润为 0.43 亿元，同环比 分别+147.4%/ -10.9%；扣非归母净利润为 0.40 亿元，同环比分别+163.9%/ -13.5%。 事件点评 2025Q1 收入大幅提升，主要系销量增加及并购子公司等综合影响。 2025Q1 实现营业总收入 2.53 亿元，同环比分别+126.9%/ +14.1%，主要系本 期销量增加及并购子公司等综合影响。2025Q1，子公司超美斯实现营收 0.68 亿元，净利润 227 万元。 基础数据：2025 年 3 月 31 日 增资赋能超美斯，盈利能力改善可期。4 月 29 日公司发布公告，拟使用 自有资金对子公司超美斯增资 1.5 亿元，增资完成后公司持股比例为 83.52%。 2024 年，超美斯实现营业收入 3.45 亿元，净利润 374 万元，净利润率 1.1%。 公司同行业头部竞争对手 2024 年净利润率 23.5%，超美斯盈利水平具有较大 提升空间。公司此次增资的主要目的是满足超美斯设备更新迭代以及市场拓 ...

其他电子零组件Ⅲ 维峰电子（301328.SZ） 买入-A(维持) 不利因素预期逐渐消散，2025Q1 公司业绩迎来关键拐点 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 5 月 9 日 | | | --- | --- | | 收盘价（元）： | 39.74 | | 年内最高/最低（元）： | 51.10/29.19 | | 流通 A 股/总股本（亿股）： | 0.34/1.10 | | 流通 股市值（亿元）： A | 13.56 | | 总市值（亿元）： | 43.67 | | 基础数据：2025 年 | 3 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.23 | | 摊薄每股收益(元)： | | | 0.23 | | 每股净资产(元)： | | | 17.76 | | 净资产收益率(%)： | | | 1.39 | 请务必阅读最后股票评级说明和免责声明 1 公司研究/公司快报 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@s ...

半导体材料 晶升股份（688478.SH） 增持-A(下调) 产品结构变化致业绩增长承压，拓展光伏、外延设备等新应用领域 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司披露 2024 年年度报告及 2025 年一季度报告。2024 年实现营业收入 4.25 亿元/+4.78%，归母净利润 0.54 亿元/-24.32%，扣非归母净利润 0.30 亿 元/-28.70%。其中单 Q4 实现营业收入 1.0 亿元/-39.90%，归母净利润-0.01 亿 元/-102.29%，扣非归母净利润 0.04 亿元/-72.79%。 事件点评 市场数据：2025 年 5 月 9 日 收盘价（元）： 29.31 年内最高/最低（元）： 37.49/21.02 流通A股/总股本（亿）： 1.03/1.38 流通 A 股市值（亿）： 30.31 总市值（亿）： 40.56 基础数据：2025 年 3 月 31 日 基本每股收益(元)： -0.02 摊薄每股收益(元)： -0.02 产品结构变化致 24H2 业绩增长承压，加速拓展产品序列。2024 年，公 司不断拓展技术应用领域，加速拓展 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [2][7] Core Views - The company has shown a steady growth in bio-composite fertilizers, benefiting from the continuous rise in potash prices. In 2024, the company achieved a revenue of 21.265 billion yuan, a year-on-year decrease of 2.1%, while the net profit attributable to the parent company increased by 69.7% to 1.061 billion yuan [3][4] - The company is focusing on a "Bio+" strategy, enhancing its profitability through product differentiation and improved production efficiency. The gross profit margin and net profit margin for 2024 were 11.96% and 5.06%, respectively, reflecting an increase of 1.56 percentage points and 1.91 percentage points year-on-year [5][7] Financial Performance Summary - In 2024, the company reported revenues from various fertilizer products: bio-composite fertilizers (6.75 billion yuan, +2.5%), phosphate fertilizers (6.66 billion yuan, +18.1%), potash fertilizers (3.94 billion yuan, -25.0%), and specialty fertilizers (0.68 billion yuan, +16.6%) [4] - The total sales volume of fertilizers in 2024 was 7.21 million tons, remaining stable compared to the previous year, with bio-composite fertilizer sales increasing by 10% [4] - The company expects net profits for 2025, 2026, and 2027 to be 1.35 billion yuan, 1.48 billion yuan, and 1.60 billion yuan, respectively, corresponding to P/E ratios of 5.6, 5.1, and 4.8 [7][9] Market Data - As of May 12, 2025, the closing price of the company's stock was 1.170 HKD, with a market capitalization of 8.219 billion HKD [2]

农药 扬农化工（600486.SH） 买入-B(维持) 农化景气触底回升，葫芦岛项目放量在即 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 4 月 29 日，公司发布《2025 年一季度报告》，实现营业收 32.41 亿元， 同比+2.04%，环比+33.96%，实现归母净利为 4.35 亿元，同比+1.35%，环比 +146.77%。 事件点评 市场数据：2025 年 5 月 12 日 收盘价（元）： 52.10 年内最高/最低（元）： 68.20/46.12 流通A股/总股本（亿）： 4.03/4.07 原药制剂逆势增长。25Q1 公司实现原药收入 18.06 亿元，同比+4.8%， 环比+13.1%，实现销量为 28670 吨，同比+14.8%，环比+20.5%，实现价格 为 6.3 万元/吨，同比-8.77%，但相比 24 年原药销售均价仅-2.0%，25Q1 价格 的修复正在持续。25Q1 制剂收入为 8.71 亿元，同比+1.1%，环比+451.7%， 实现销量为 15392 吨，同比+2.8%，环比+642.7%，实现售价为 5.66 万元/吨， 同比-1.6 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy-A" [1][8] Core Views - The company's high-quality development strategy is progressing smoothly, leading to significant improvements in both performance and profitability year-on-year [4][8] - The company achieved a revenue of 584 million yuan in 2024, representing a year-on-year growth of 17.21%, and a net profit of 108 million yuan, up 71.49% year-on-year [3][10] - In Q1 2025, the company reported a revenue of 83.57 million yuan, a year-on-year increase of 37.51%, although it recorded a net loss of 6.39 million yuan [3][10] Financial Performance - The company's gross margin and net margin improved in 2024 and Q1 2025, with the gross margin at 63.62% and net margin at 18.42% for 2024, and 65.61% and -7.65% respectively for Q1 2025 [5][10] - The projected revenues for 2025-2027 are 754 million, 987 million, and 1.309 billion yuan, with year-on-year growth rates of 29.1%, 31.0%, and 32.6% respectively [8][10] - The expected net profits for the same period are 149 million, 199 million, and 267 million yuan, with growth rates of 38.9%, 33.2%, and 34.3% respectively [8][10] Strategic Developments - The company has successfully implemented management adjustments and operational model innovations, which have led to increased business opportunities and improved order quality [4][8] - The "High-Quality Development 2.0 Strategy" focuses on partner strategy, service strategy, and global product strategy, which has shown initial success in the coal industry [4][8] - The company is enhancing its AI capabilities, developing competitive intelligent products, and laying the foundation for subscription-based services [6][7]

煤炭 行业周报（20250505-20250511） 同步大市-A(维持) 外需预期主导波动，关注迎峰度夏需求改善 2025 年 5 月 12 日 行业研究/行业周报 煤炭行业近一年市场表现 投资要点 动态数据跟踪 资料来源：最闻 相关报告： 【山证煤炭】宏观利好提振钢矿需求， 冶金煤价格企稳-【山证煤炭】行业周报 （20250421-20250427）： 2025.4.28 动力煤：节后库存走高，港口煤价延续弱势。本周产地煤矿生产基本维 持较好水平。需求方面，节后一周南方降雨增加，利好水电出力，叠加气温 下降，居民用电走低，火电负荷受到影响，发电煤耗继续低位；下游复工及 基建仍有待提高，工业原料用煤支撑减弱；节后大秦线复运，港口发运增加， 北方港口煤炭调入恢复高位并高于调出，煤炭库存增加明显，港口煤价维持 弱势。进入二季度中下旬，关税博弈仍存，国内稳经济财政、货币政策将继 续落地，非电用煤需求或有所恢复；同时，内外贸价差倒挂，预计国内进口 煤减少，国内动力煤价格中枢继续下降空间不大。截至 5 月 9 日，环渤海动 力煤现货参考价 643 元/吨，周变化-2.13%；广州港山西优混 670 元/吨，周 变化- ...