Email：duchong@zts.com.cn Email：luhao@zts.com.cn 上市公司数 37 行业总市值(亿元) 17,439.59 行业流通市值(亿元) 17,041.15 Q1 业绩密集披露期来临，关注相对确定性机会 煤炭 证券研究报告/行业定期报告 2025 年 04 月 19 日 执业证书编号：S0740522040001 蓄势待增》2025-04-17 注煤炭配置价值》2025-04-12 块配置价值》2025-04-06 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2022A | 2023A | 2024E | 2025E | 2026E | 2022A | 2023A | 2024E | 2025E ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company has demonstrated steady growth in revenue and profit, with a focus on AI+ education products that continue to make breakthroughs [3][6] - The company is enhancing its product development capabilities and actively transforming its marketing system, resulting in multiple new projects entering the R&D phase [6] - The company has launched various AI+ education products, including an intelligent reading system and a writing app with over 22 million users [6] Financial Performance Summary - For 2024, the company reported revenue of 531 million yuan, a year-on-year increase of 4.6%, and a net profit attributable to the parent company of 43 million yuan, up 1.4% [6] - The projected revenue for 2025 is 571 million yuan, with a growth rate of 7.62%, and net profit is expected to reach 47 million yuan, growing by 9.34% [6][7] - The company's earnings per share (EPS) is projected to increase from 0.12 yuan in 2024 to 0.13 yuan in 2025 [3][7] Valuation Metrics - The company's price-to-earnings (P/E) ratio is projected to decrease from 86.3 in 2023 to 77.8 in 2025, indicating a favorable valuation trend [3][7] - The price-to-book (P/B) ratio is expected to remain stable around 4.5 to 4.7 from 2025 to 2027 [3][7] Strategic Initiatives - The company is implementing a "research, sales, service, and technology integration" strategy to adapt to changing student demographics and market demands [6] - The company organized 608 educational service activities nationwide in 2024, empowering 141 clients [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7][23] Core Views - The company has prioritized risk control and has seen continuous improvement in operational quality despite facing challenges in the market [5][6][7] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 4.631 billion yuan, down 21.79% year-on-year, and net profit at 125 million yuan, down 53.06% year-on-year [5][6] - The company is focusing on enhancing its distribution channels and has seen a shift towards more stable distribution revenue, which accounted for 76.47% of total revenue in 2024 [6][7] Financial Performance Summary - The company achieved operating revenue of 46.31 billion yuan in 2024, a decrease of 21.79% year-on-year, and a net profit of 1.25 billion yuan, down 53.06% year-on-year [5] - The fourth quarter of 2024 saw revenue of 10.59 billion yuan, a decline of 23.05% year-on-year, with a net loss of 0.16 billion yuan [5] - The company’s gross margin for 2024 was 27.32%, a decrease of 2.19 percentage points compared to the previous year [6] Operational Strategy - The company is actively adjusting its channel structure to mitigate risks and has implemented cost reduction and efficiency improvement measures [6][7] - The focus for 2025 includes optimizing production management, enhancing product quality, and increasing new product development efforts [7] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, reflecting a commitment to shareholder returns despite challenging market conditions [6][7] Future Outlook - The company is expected to benefit from an improved industry landscape and demand recovery, with projected net profits of 242 million yuan, 338 million yuan, and 417 million yuan for 2025, 2026, and 2027 respectively [7] - The current stock price corresponds to a P/E ratio of 15.1 for 2025, indicating potential for growth as operational efficiencies improve [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19] Core Views - The report indicates that the company's short-term performance is impacted by policies such as centralized procurement and price reductions, but new products like overseas expansion and sequencing are expected to drive future growth [1][5] - The company reported a slight increase in revenue for 2024, with a total of 4.471 billion yuan, representing a year-on-year growth of 0.62%, while the net profit attributable to shareholders decreased by 1.89% to 1.194 billion yuan [3][5] - The report anticipates that the company's business will gradually stabilize and recover starting in 2025, following the full implementation of relevant adjustment policies [5][6] Financial Performance Summary - For 2023, the company achieved a revenue of 4.444 billion yuan, with a year-on-year growth rate of 0% [2] - The projected revenues for 2025, 2026, and 2027 are 4.789 billion yuan, 5.747 billion yuan, and 6.837 billion yuan, respectively, with growth rates of 7%, 20%, and 19% [2][5] - The net profit for 2025 is expected to be 1.251 billion yuan, reflecting a growth of 5% compared to the previous year [2][5] Cost and Profitability Analysis - The company's gross margin for 2024 was reported at 65.41%, showing a slight increase of 0.34 percentage points year-on-year [5] - The net profit margin for 2024 was 26.82%, which is a decrease of 0.73 percentage points compared to the previous year [5] - The report highlights that the company has maintained stable expense ratios, with a notable increase in R&D expenses due to investments in new products [5][6] Market Position and Future Outlook - The company is expected to face short-term pressure due to price reductions from centralized procurement policies, but it is projected to see a recovery in its business starting in 2025 [5][6] - The report emphasizes the company's commitment to innovation, with R&D expenditures increasing from 12.87% in 2022 to 16.37% in 2024, ensuring product innovation and market competitiveness [5][6] - The company has expanded its global footprint, entering over 100 countries and regions, with overseas revenue reaching 284 million yuan in 2024, a year-on-year growth of 36.25% [5][6]

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 汽车零部件 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 基本状况 | 总股本(百万股) | 2,609.74 | | --- | --- | | 流通股本(百万股) | 2,609.74 | | 市价(元) | 54.34 | | 市值(百万元) | 141,813.46 | | 流通市值(百万元) | 141,813.46 | 1、《汽玻量价齐升，强盈利、高分红 延续》2025-03-20 2、《Q3 再创佳绩，盈利能力持续优 异》2024-10-17 3、《【中泰汽车】福耀玻璃 24Q2 点评： Q2 超预期盈利质量向上，全球龙头 兼具成长性与确定性》2024-08-07 福耀玻璃（600660.SH） 证券研究报告/公司点评报告 2025 年 04 月 18 日 股价与行业-市场走势对比 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company has demonstrated strong revenue growth driven by offline efforts, with a first-quarter revenue of 999.5 million yuan, representing a year-on-year increase of 30.1% [5] - The company's net profit attributable to shareholders reached 131 million yuan, up 27.27% year-on-year, indicating better-than-expected profitability [5] - The report highlights a structural upgrade trend with improved gross margins and an increase in the proportion of offline channels [5] Financial Projections - Revenue projections for 2025-2027 are estimated at 4.33 billion, 5.61 billion, and 7.01 billion yuan, with year-on-year growth rates of 33%, 29%, and 25% respectively [2][5] - Net profit attributable to shareholders is forecasted to be 370 million, 500 million, and 646 million yuan for the same period, with growth rates of 29%, 35%, and 29% respectively [2][5] - Earnings per share (EPS) are projected to be 0.86, 1.17, and 1.50 yuan for 2025, 2026, and 2027 [2][5] Market Performance - The offline market revenue for the first quarter of 2025 was 650 million yuan, showing a 49% increase, with significant growth in core regions outside the main provinces [5] - Online revenue for the same period was 322 million yuan, reflecting an 8.6% increase, with expectations for recovery in growth rates following the resolution of industry-related issues [5] Profitability Metrics - The gross margin for the first quarter was 53.32%, with a net profit margin of 13.12% [5] - The report indicates a slight decrease in gross margin compared to the previous quarter, attributed to the increased share of offline sales [5]

——黄金行业专题报告 评级： 增持（维持） 执业证书编号：S0740525010001 Email：renheng@zts.com.cn 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 继续全面布局黄金板块，迎接黄金股重估行情 | 上市公司数 | 141 | | --- | --- | | 行业总市值(亿元) | 28,895.98 | | 行业流通市值(亿元) | 27,126.24 | 行业-市场走势对比 幅震荡》2025-04-14 2、《中重稀土价格上行》2025-04-13 3、《【中泰金属观察-全球制造业 PMI 或 构 筑 下 行 拐 点 20250407 》 2025-04-08 有色金属 证券研究报告/行业专题报告 2025 年 04 月 18 日 报告摘要 请务必阅读正文之后的重要声明部分 分析师：任恒 分析师：谢鸿鹤 基本状况 前言：1）金价的持续性；2）黄金股与金价的背离，是市场最关心的两大问题，我们 再次重申自己的看法，结论也很清晰：继续全面布局黄金板块，迎接黄金股重估行情。 以史为鉴：2000 年以来，通过美债收益率来度量黄金价格更适用于美 ...

呼吸机组件恢复，血糖等新产品进入收获阶段 医疗器械 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740518010004 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn | 总股本(百万股) | 406.66 | | --- | --- | | 流通股本(百万股) | 112.16 | | 市价(元) | 25.50 | | 市值(百万元) | 10,369.83 | | 流通市值(百万元) | 2,860.06 | 1、《多系列产品驱动业绩高增，海 外布局战略稳步推进》2024-10-25 2、《美好医疗 2024 半年报点评-客 户库存消化呼吸机业务拐点临近，血 糖等新品未来可期》2024-08-22 3、《美好医疗 2023 年年报点评-大 客户库存消化趋近结束，股权激励夯 实长期发展基础》2024-04-25 从盈利能力角度分析，2024 年公司销售费用率 2.83%，同比提升 0.45pp，管理费用 率6.76%，同比下降0.81p ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, with a payout ratio of 74.55% for 2024 [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, representing a 17% increase year-on-year [3]. - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6]. - The gas operation segment achieved a revenue of 3,962 million yuan, with a year-on-year increase of 14.37% [6]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [8]. Profitability and Margins - The gross margin for 2024 is reported at 22.51%, with a net margin of 11.14%, both showing slight improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding into various downstream sectors, achieving breakthroughs in distributed energy, petrochemicals, and overseas markets [8]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, a 15.35% increase year-on-year [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, resulting in a dividend payout ratio of 74.55% for 2024 [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, reflecting a 17% year-on-year growth [3]. - The earnings per share (EPS) is expected to increase from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6][8]. - The gas operation segment achieved a revenue of 3,962 million yuan, marking a 14.37% increase [6][8]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [6][8]. Profitability and Margins - The gross margin for 2024 was reported at 22.51%, with a net margin of 11.14%, both showing improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding its presence in various sectors, including distributed energy, petrochemicals, and overseas markets, achieving significant breakthroughs in these areas [8][9]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, up 15.35% year-on-year [9].