公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

行业报告 | 行业研究周报 2025 年 06 月 02 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 潘暕 分析师 SAC 执业证书编号：S1110517070005 panjian@tfzq.com 许俊峰 分析师 SAC 执业证书编号：S1110520110003 xujunfeng@tfzq.com 包恒星 分析师 SAC 执业证书编号：S1110524100001 baohengxing@tfzq.com 行业走势图 -12% -4% 4% 12% 20% 28% 36% 2024-06 2024-10 2025-02 消费电子 沪深300 资料来源：聚源数据 相关报告 1 《消费电子-行业研究周报:小米玄戒 O1 发布，赋能"人车家"AI 生态进阶》 2025-05-25 2 《消费电子-行业研究周报:关税协议 阶段性落地，看好消费电子板块修复机 会》 2025-05-22 3 《消费电子-行业专题研究:英伟达虚 拟仿真技术主导，驱动人形机器人行 业》 2025-05-20 消费电子 证券研究报告 AI 眼镜 ...

行业报告 | 行业研究周报 2025 年 06 月 02 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 潘暕 分析师 SAC 执业证书编号：S1110517070005 panjian@tfzq.com 许俊峰 分析师 SAC 执业证书编号：S1110520110003 xujunfeng@tfzq.com 包恒星 分析师 SAC 执业证书编号：S1110524100001 baohengxing@tfzq.com 行业走势图 -12% -4% 4% 12% 20% 28% 36% 2024-06 2024-10 2025-02 消费电子 沪深300 资料来源：聚源数据 相关报告 1 《消费电子-行业研究周报:小米玄戒 O1 发布，赋能"人车家"AI 生态进阶》 2025-05-25 3 《消费电子-行业专题研究:英伟达虚 拟仿真技术主导，驱动人形机器人行 业》 2025-05-20 消费电子 证券研究报告 AI 眼镜密集发布，看好软硬件方案成熟带动渗透率提升 AI 眼镜：雷鸟、Rokid、李未可等 AI眼镜发布，看好 ...

主业：下游汽车市场需求旺盛，公司进军高端精冲材料国产替代 精冲材料迈向高端化，开辟机器人第二增长极 行业端，随着我国汽车制造行业发展，叠加单车精冲材料用量向发达国家 靠拢，中国精密冲压特殊钢市场前景广阔，目前需求量约为 100 万吨/年。 同时，我国高端精冲材料仍有部分高度依赖进口，具备国产替代机会。 基本情况：深耕精冲特钢材料二十年，切入人形机器人领域 公司报告 | 首次覆盖报告 公司主要从事定制化精密冲压特殊钢材料的研发、生产和销售，产品主要 用于各类汽车精冲零部件，应用范围覆盖汽车发动机系统、变速器与离合 器系统、座椅系统、内饰系统等结构件及功能件。2024 年，公司开拓机器 人领域的新业务，将精冲材料创新地应用于谐波减速器、行星减速器等机 器人零部件中。 翔楼新材（301160） 证券研究报告 我们预计公司 25-27 年分别实现收入 17.8、20.9、24.6 亿元，YOY+20%、17%、 18%，实现归母净利润 2.5、3.0、3.7 亿元，YOY+18%、22%、23%。 风险提示：汽车需求不及预期、原材料价格波动超预期、人形机器人发展 不及预期、股价波动较大风险、产能扩张进度不及预期风险； ...

公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

公司报告 | 首次覆盖报告 翔楼新材（301160） 证券研究报告 精冲材料迈向高端化，开辟机器人第二增长极 基本情况：深耕精冲特钢材料二十年，切入人形机器人领域 公司主要从事定制化精密冲压特殊钢材料的研发、生产和销售，产品主要 用于各类汽车精冲零部件，应用范围覆盖汽车发动机系统、变速器与离合 器系统、座椅系统、内饰系统等结构件及功能件。2024 年，公司开拓机器 人领域的新业务，将精冲材料创新地应用于谐波减速器、行星减速器等机 器人零部件中。 主业：下游汽车市场需求旺盛，公司进军高端精冲材料国产替代 行业端，随着我国汽车制造行业发展，叠加单车精冲材料用量向发达国家 靠拢，中国精密冲压特殊钢市场前景广阔，目前需求量约为 100 万吨/年。 同时，我国高端精冲材料仍有部分高度依赖进口，具备国产替代机会。 公司端，翔楼多年来坚持自主研发，在核心工艺环节精密冷轧和热处理领 域掌握了多项核心技术。目前，公司精冲材料在性能上已经接近国际巨头 威尔斯，并且汽车领域的产品价格能比外资竞争对手低 30%-50%。同时， 安徽新厂的建设预计能在公司原有 18 万吨产能的基础上扩张 15 万吨新产 能，并且开拓高端轴承、机器人等 ...

行业报告 | 行业研究周报 2025 年 06 月 01 日 -15% -7% 1% 9% 17% 25% 33% 2024-06 2024-10 2025-02 金属与材料 沪深300 资料来源：聚源数据 相关报告 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市（维持评级） | | 上次评级 | 强于大市 | 作者 刘奕町 分析师 SAC 执业证书编号：S1110523050001 liuyiting@tfzq.com 曾先毅 分析师 SAC 执业证书编号：S1110524060002 zengxianyi@tfzq.com 胡十尹 分析师 SAC 执业证书编号：S1110525010002 hushiyin@tfzq.com 吴亚宁 联系人 wuyaning@tfzq.com 行业走势图 1 《金属与材料-行业研究周报:黄金重 回 升 势 ，关 注权 益 板块 配 置机 会 》 2025-05-24 2 《金属与材料-行业研究周报:宏观情 绪 回 暖 ，看 好基 本 金属 向 上修 复 》 2025-05-18 3 《 金 属 与 材 料 - 行 业 深 度 研 究:24&2 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [1] Core Viewpoints - The basic metals sector is experiencing a continued destocking support, with copper and aluminum prices fluctuating at high levels. Copper prices are expected to remain stable with slight fluctuations, while aluminum prices have shown a slight increase due to low social inventory and positive economic data [4][12][16] - Precious metals are supported by strong safe-haven buying, with gold and silver prices showing upward trends. The market is reacting to reduced trade uncertainties, although concerns about U.S. fiscal deficits and geopolitical tensions continue to support gold prices [5][24] - The small metals sector is witnessing price increases for tungsten products, driven by tight resources and market dynamics. However, demand from downstream sectors remains cautious, affecting overall market activity [6][55] Summary by Sections 1. Basic and Precious Metals - Copper: Prices are fluctuating within a narrow range, with social inventory decreasing. The market is seeing a slight recovery in demand as prices adjust [12][13] - Aluminum: External and domestic aluminum prices have decreased, but spot prices have slightly increased due to low inventory levels and positive consumer data [16][20] - Precious Metals: Gold and silver prices have increased, supported by safe-haven demand amid trade uncertainties and economic concerns [24][25] 2. Small Metals - Tungsten: Prices for tungsten products are rising, with black tungsten concentrate averaging 169,500 CNY/ton, and ammonium paratungstate reaching 248,000 CNY/ton [6][55] - Lithium: The lithium market remains weak, with prices stable but demand sluggish [36][37] - Cobalt: Cobalt prices are stable, but market activity is low due to weak demand and high prices [39][40] - Tin: Tin prices are under pressure due to expectations of increased supply from resumed mining operations [48][49] - Molybdenum: The molybdenum market is strong, with prices increasing due to tight supply and active demand [60][61]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - In May 2025, the sales performance of the top 100 real estate companies showed a month-on-month increase, but the year-on-year decline expanded. The sales amount reached 294.58 billion yuan, a month-on-month increase of 3.5% but a year-on-year decrease of 11.4%, with the decline widening by 2.7 percentage points compared to April [11][12] - The new housing market continues to face pressure with fluctuating growth rates, despite a month-on-month recovery in sales. The recent interest rate cuts may take time to show their effects, and there is a possibility of continued weakness in year-on-year growth [11][12] - The report highlights the resilience of state-owned enterprises in sales performance, with significant differences observed among different types of companies. Central enterprises showed a decline of 7.0%, while private enterprises faced a much larger decline of 29.5% [12][13] Summary by Sections Sales Performance Overview - In May 2025, the top 100 real estate companies achieved a sales amount of 294.58 billion yuan, with a month-on-month increase of 3.5% and a year-on-year decrease of 11.4%. Cumulative sales from January to May reached 1,312.75 billion yuan, down 7.1% year-on-year [11] - The sales performance varied significantly among different tiers of companies, with the top 10 companies experiencing a year-on-year change of -11.1%, while those ranked 11-30 saw a 12.3% increase [12] Market Dynamics - The new housing market recorded a transaction area of 2.99 million square meters in the last week of May, with a year-on-year decline of 15.96%. However, there was a slight improvement compared to the previous month [20] - The second-hand housing market also faced challenges, with a transaction area of 1.91 million square meters, reflecting a year-on-year decrease of 0.89% [20] Investment Recommendations - The report suggests focusing on non-state-owned enterprises that may benefit from debt restructuring and policy support, as well as leading companies with product advantages. It also highlights the potential of regional companies and second-hand intermediaries benefiting from improved transaction conditions [15][16]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 57 CNY, based on a 30x P/E for 2025 [6]. Core Insights - The company has been a leader in lithium battery cathode materials for over 20 years, particularly in cobalt lithium, with a global market share of approximately 47% in 2024 [1][34]. - The company is expanding its product offerings to include ternary and iron-lithium cathode materials, which are gaining market traction due to their competitive advantages [1][2]. - New materials such as NL cathode materials and lithium sulfide solid electrolytes are being actively developed, positioning the company for leadership in next-generation battery technologies [1][4][5]. Summary by Sections Business Overview - The company specializes in the research, production, and sales of new energy battery materials, with key products including high-voltage cobalt lithium, high-voltage ternary materials, and iron-lithium [12]. - Cobalt lithium is recognized for its superior performance and has maintained a leading market position due to its high voltage and energy density, making it suitable for high-end consumer electronics [13][27]. Product Development - The cobalt lithium segment is expected to benefit from stable demand growth, driven by the increasing average capacity of consumer electronics [2]. - Ternary materials are gaining traction in applications such as drones, thanks to their high power and voltage advantages [2][41]. - The NL materials are poised for rapid adoption in consumer electronics and drones once downstream testing is completed [3]. Financial Performance - The company forecasts a significant increase in net profit from 800 million CNY in 2025 to 1.19 billion CNY in 2027, reflecting year-over-year growth rates of 62%, 18%, and 26% respectively [5]. - In 2024, the company achieved a revenue of 13.30 billion CNY, with a net profit of 494 million CNY, indicating a slight decline compared to the previous year [24]. Market Position - The company holds a dominant position in the cobalt lithium market, with a sales volume of 46,184 tons in 2024, representing a year-on-year growth of 33.52% [34]. - The ternary materials segment also saw a significant increase in sales, driven by the demand from the new energy vehicle sector [24][41]. Future Outlook - The global cobalt lithium market is projected to grow at a compound annual growth rate (CAGR) of over 9.1% from 2024 to 2032, driven by high-end consumer electronics and portable energy storage systems [32]. - The company is well-positioned to capitalize on this growth through its advanced technology and established customer relationships [5][34].