2025 年 05 月 04 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中国软件 | | 3.5% | 5.0% | 50.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 45.38 | | 52 周价格区间（元） | 27.64-73.00 | | 总市值（百万） | 38,571.30 | | 流通市值（百万） | 38,285.10 | | 总股本（万股） | 84,996.25 | | 流通股本（万股） | 84,365.59 | | 日均成交额（百万） | 872.78 | | 近一月换手（%） | 4.79 | 相关报告 《中国软件（600536）2024 年三季报点评：前三 季度麒麟软件营收同比 ...

2025 年 05 月 02 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn [Table_Title] 国内外产能持续布局，平台化战略加速 ——富创精密（688409）2024 年报及 2025 年一 季报点评 最近一年走势 事件: 富创精密 4 月 29 日发布 2024 年报和 2025 年一季报：2024 年实现收入 30.40 亿元，同比增长 47.14%；实现归母净利润 2.03 亿元，同比增长 20.13%；实现扣非归母净利润 1.72 亿元，同比增长 98.98%。2025Q1 实 现收入 7.62 亿元，同比增长 8.62%；实现归母净利润-0.22 亿元，同比 减少 136.67%；实现扣非归母净利润-0.28 亿元，同比减少 152.63%。 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 富创精密 | -20.8% | -5.8% | -0.5% | | 沪深 300 | -3.7% ...

2025 年 05 月 02 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 陈云 S0350524070001 cheny17@ghzq.com.cn [Table_Title] 毛利率改善，2025 年一季度业绩同环比提高 ——回天新材（300041）2024 年年报及 2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 回天新材 | -4.8% | -1.5% | 5.4% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 8.45 | | 周价格区间（元） 52 | | | 6.92-10.70 | | 总市值（百万） | | | 4,727.22 | | 流 ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][12]. Core Views - The report highlights that both volume and cost have room for improvement, with a long-term resource advantage through strategic acquisitions [3][8]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion yuan, down 35% year-on-year, and net profit at 150 million yuan, down 80% year-on-year [4][8]. - The report anticipates a gradual recovery in revenue and profit over the next few years, with projected revenues of 25.1 billion yuan in 2025, 26.4 billion yuan in 2026, and 27.8 billion yuan in 2027, reflecting a year-on-year change of -17%, +5%, and +5% respectively [8][12]. Summary by Sections Recent Performance - In Q1 2025, the company achieved a coal production of 7.5 million tons, up 13% year-on-year, while the sales volume of commercial coal was 6.32 million tons, down 9% year-on-year [8]. - The average selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34% year-on-year, while the cost per ton was 616 yuan, down 26% year-on-year [8]. Strategic Initiatives - The company has implemented a strategy to acquire quality coal resources, including a 60% stake in Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan and the successful acquisition of exploration rights for a coal mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [8]. Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 660 million yuan, 1.33 billion yuan, and 1.96 billion yuan respectively, with corresponding earnings per share (EPS) of 0.27 yuan, 0.54 yuan, and 0.79 yuan [8][12]. - The price-to-earnings (P/E) ratio is expected to be 31, 15, and 10 times for the years 2025, 2026, and 2027 respectively [8][12].

2025 年 05 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 2024 年亏损收窄，特色专科建设和精益管理助 力进一步利润改善 ——国际医学（000516）公司动态研究 | 相对沪深 | 表现 300 | | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 国际医学 | | -9.4% | 3.7% | -12.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 5.04 | | 周价格区间（元） 52 | 4.01-6.77 | | 总市值（百万） | 11,392.33 | | 流通市值（百万） | 11,209.79 | | 总股本（万股） | 226,038.27 | | 流通股本（万股） | 222,416.43 | | 日均成交额（百万） | 90 ...

2025 年 05 月 02 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | [Table_Title] 全球化产能布局推进，数据中心业务构造新一轮 增长曲线 ——伊戈尔（002922）2025 年一季报公司点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 伊戈尔 | | -15.9% | -14.1% | -11.9% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 15.38 ...

2025 年 05 月 02 日 公司研究 评级：买入(维持) [Table_Title] 2025Q1 成本控制优异、在建项目逐步投产将增 厚业绩 ——淮北矿业（600985）2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 淮北矿业 | -10.6% | -16.2% | -34.9% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 11.86 | | 52 周价格区间（元） | | | 11.76-20.18 | | 总市值（百万） | | | 31,942.05 | | 流通市值（百万） | | | 31,942.05 | | 总股本（万股） | | | 269,325.87 | | 流通股本（万股） | | | 269,325.87 | | 日均成交额（百万） | | | 212.84 | | 近一月换手（%） | | | 0.58 | 相 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has recently secured a significant contract worth approximately $406 million, enhancing its competitive strength in the market [4][5] - The company's revenue for Q1 2025 reached 407 million yuan, representing a year-on-year growth of 54.02%, while the net profit attributable to the parent company was 39 million yuan, up 27.30% year-on-year [4] - The company is advancing its "internationalization" and "intelligentization" strategies, which are expected to strengthen its influence in the international conveyor machinery sector and expand its overseas market presence [5] Summary by Sections Recent Performance - The company's stock performance over the last year shows a 32.7% increase, outperforming the Shanghai and Shenzhen 300 index, which increased by only 4.6% [3] - As of April 30, 2025, the company's current stock price is 29.39 yuan, with a market capitalization of approximately 4.93 billion yuan [3] Financial Forecast - Revenue projections for the company are as follows: 2.44 billion yuan in 2025, 3.27 billion yuan in 2026, and 4.26 billion yuan in 2027, with corresponding net profits of 251 million yuan, 387 million yuan, and 567 million yuan respectively [7][8] - The expected growth rates for revenue are 59% in 2025, 34% in 2026, and 30% in 2027, while net profit growth rates are projected at 59%, 54%, and 46% for the same years [7][8] Strategic Developments - The recent contract with Silver Valley International SA is expected to contribute significantly to the company's revenue, accounting for approximately 190.53% of the audited revenue for 2024 [5] - The contract has a duration of 442 days, with payments made to the contractor based on progress as per the contract terms [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company achieved a total revenue of 7.344 billion yuan in 2024, representing a year-on-year increase of 8.46%, and a net profit attributable to shareholders of 2.589 billion yuan, up 13.45% year-on-year [5][7] - In Q1 2025, the company reported a total revenue of 2.047 billion yuan, down 12.35% year-on-year, and a net profit of 0.829 billion yuan, down 9.54% year-on-year [5][7] - The company’s high-end product series continues to show strong momentum in Anhui province, although performance has been slightly pressured due to low-priced liquor and challenges in the out-of-province market [7][8] Summary by Sections Recent Performance - The company's stock performance over the last year shows a decline of 36.9%, compared to a 4.6% increase in the CSI 300 index [3] - As of April 30, 2025, the current stock price is 43.92 yuan, with a total market capitalization of 35.136 billion yuan [3] Financial Highlights - In 2024, the company’s mid-to-high-end liquor revenue was 5.713 billion yuan, up 13.76% year-on-year, while ordinary liquor revenue was 1.290 billion yuan, down 6.53% year-on-year [7] - For Q1 2025, mid-to-high-end liquor revenue was 1.720 billion yuan, down 8.57% year-on-year, and ordinary liquor revenue was 0.242 billion yuan, down 32.09% year-on-year [7] - The company’s gross profit margin increased to 73.94% in 2024, up 2.57 percentage points year-on-year, primarily due to the higher margin of the high-end product series [7] Future Projections - The company’s revenue projections for 2025-2027 are 7.447 billion yuan, 7.826 billion yuan, and 8.484 billion yuan, respectively, with net profits projected at 2.651 billion yuan, 2.818 billion yuan, and 3.063 billion yuan [8][9] - The expected EPS for 2025-2027 is 3.31 yuan, 3.52 yuan, and 3.83 yuan, with corresponding P/E ratios of 13, 12, and 11 [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in Q1 2025, with revenue and net profit increasing by 2.42% and 3.59% year-on-year, respectively [4][6] - The company launched new products to fill market gaps, particularly in the 200-300 RMB price range, which is one of the fastest-growing segments in Anhui [6] - The company is focusing on marketing reforms and expanding its market presence, particularly in the Anhui province, where its revenue share is steadily increasing [6] Financial Performance Summary - In 2024, the company achieved total revenue of 6.015 billion RMB, a year-on-year increase of 0.89%, while net profit decreased by 3.83% to 1.655 billion RMB [4][6] - For Q1 2025, the company reported total revenue of 1.810 billion RMB, up 2.42% year-on-year, and net profit of 610 million RMB, up 3.59% year-on-year [4][6] - The company's revenue from high-end, mid-range, and low-end products in 2024 was 5.681 billion RMB, 68 million RMB, and 126 million RMB, respectively, with growth rates of 0.06%, -10.35%, and +33.01% [6] Market and Product Strategy - The company has been actively launching new products, including the "Jian 8" and "Jian 7," to enhance its product lineup in the 100-300 RMB price range [6] - The revenue from direct sales (including group purchases) increased by 55.73% year-on-year, while wholesale revenue slightly decreased by 0.80% [6] - The company has expanded its dealer network, increasing the number of dealers in Anhui province and outside the province [6] Profitability and Financial Ratios - The company's gross profit margin for 2024 was 74.59%, a decrease of 0.60 percentage points year-on-year, while the net profit margin was 27.52%, down 1.35 percentage points [6] - The company expects revenue growth rates of 10% in 2025 and 15% in the following years, with net profit growth rates also projected at 10% and 15% [8][10] - The projected P/E ratios for the company are 14.22 for 2024, decreasing to 8.91 by 2027, indicating an improving valuation over time [8][10]