Investment Rating - The report maintains a "Buy" rating for the company [1][15][49] Core Views - The company achieved a record high gross margin of 26.68% in Q1 2025, indicating strong profitability [7][10] - The company is recognized as a leading player in the specialty surfactants market, focusing on niche products and sustainable development [8][12] - The company reported a revenue of 2.333 billion yuan in 2024, a year-on-year increase of 23.17%, and a net profit of 398 million yuan, up 22.50% year-on-year [6][21] Financial Performance Summary - In Q1 2025, the company achieved revenue of 603 million yuan, a year-on-year increase of 13.47%, and a net profit of 102 million yuan, up 15.77% year-on-year [7][10] - The gross margin for Q1 2025 was 26.68%, an increase of 2.46 percentage points year-on-year, while the net profit margin was 16.87%, up 0.34 percentage points year-on-year [7][10] - For the full year 2024, the company reported a gross margin of 24.98%, a slight increase of 0.36 percentage points year-on-year, and a net profit margin of 17.05%, a decrease of 0.09 percentage points year-on-year [6][8] Growth Projections - The company expects revenues of 2.805 billion yuan in 2025, 3.144 billion yuan in 2026, and 3.564 billion yuan in 2027, with corresponding net profits of 501 million yuan, 571 million yuan, and 654 million yuan respectively [15][17][47] - The projected growth rates for revenue are 20% in 2025, 12% in 2026, and 13% in 2027, while net profit growth rates are expected to be 26%, 14%, and 15% respectively [15][17][47] Market Position and Strategy - The company is positioned as a leading domestic manufacturer of specialty surfactants, with a production capacity of nearly 300,000 tons [12][11] - The company is actively expanding into strategic emerging industries, focusing on functional new materials and high-end electronic chemicals [12][11] - The company has exited the production of large-volume products and is concentrating on niche markets to enhance profitability [10][11]

2025 年 04 月 20 日 公司研究 评级：买入(上调) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 厚积薄发，国产算力的"寒武纪"时刻 ——寒武纪（688256）2024 年年报和 2025 年一 季报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 寒武纪 | | -10.7% | 13.1% | 346.1% | | 沪深 300 | | -5.9% | -1.0% | 5.7% | | 市场数据 | 2025/04/18 | | --- | --- | | 当前价格（元） | 669.54 | | 周价格区间（元） 52 | 130.02-818.87 | | 总市值（百万） | 279,503.99 | | 流通市值（百万） | 279,503.99 | | 总股本（万股） | 41,745.68 | | 流通股本（万股） | 41,745.68 | | 日 ...

2025 年 04 月 20 日 公司研究 评级：买入(维持) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 2025Q1 业绩高增，储备内容逐步释放 ——华策影视（300133）2024 年&2025Q1 业绩点评 最近一年走势 研究所： | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华策影视 | -14.4% | -0.2% | -2.2% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | | | 2025/04/18 | | 当前价格（元） | | | 6.88 | | 周价格区间（元） 52 | | | 4.80-10.53 | | 总市值（百万） | | | 13,079.39 | | 流通市值（百万） | | | 11,172.03 | | 总股本（万股） | | | 190,107.37 | | 流通股本 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced a significant improvement in its first-quarter performance for 2025, with expected net profit growth of 78.06% to 93.54% year-on-year [5][8] - The price of sugar substitutes is recovering, which is anticipated to positively impact the company's profitability [6][9] - The company is focusing on enhancing its production efficiency and reducing costs through technological advancements [8][9] Financial Performance Summary - In 2024, the company reported revenue of 5.303 billion yuan, a slight decrease of 0.15% year-on-year, and a net profit of 557 million yuan, down 20.94% year-on-year [4][6] - The fourth quarter of 2024 saw revenue of 1.261 billion yuan, a year-on-year increase of 3.52%, but a quarter-on-quarter decrease of 16.19% [5] - The company expects to achieve a net profit of 230 to 250 million yuan in the first quarter of 2025, marking a substantial increase compared to the previous year [5][8] Market Data Summary - As of April 18, 2025, the company's stock price is 23.99 yuan, with a market capitalization of approximately 13.67 billion yuan [3] - The company has shown a 12-month performance of 16.4%, outperforming the CSI 300 index, which increased by 5.7% [3] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 6.126 billion yuan, 6.536 billion yuan, and 7.366 billion yuan, respectively, with corresponding net profits of 1.006 billion yuan, 1.243 billion yuan, and 1.487 billion yuan [10][12] - The report anticipates a significant recovery in profitability, with net profit growth rates of 81% in 2025, 24% in 2026, and 20% in 2027 [10][12]

2025 年 04 月 19 日 公司研究 评级：买入(维持) 研究所： 投资要点: 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] AI 赋能显效，体检龙头迈向数智化健管时代 ——美年健康（002044）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 美年健康 | -18.9% | 18.5% | 12.4% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | 2025/04/18 | | --- | --- | | 当前价格（元） | 5.19 | | 周价格区间（元） 52 | 3.22-7.79 | | 总市值（百万） | 20,314.98 | | 流通市值（百万） | 20,098.01 | | 总股本（万股） | 391,425.39 | | 流通股本（万股） | 387,244.87 | | 日均成交额（百万） | 311.03 | | ...

2025 年 04 月 19 日 行业研究 评级：推荐(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： | 李铭全 S0350523030001 | | | limq@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | [Table_Title] 全球首次人形机器人马拉松开赛，韩国成立人形 机器人联盟 ——人形机器人行业周报 最近一年走势 频，宇树科技 Dex5 灵巧手上线（推荐）*电力设备 *李航，邱迪，李铭全，李昂》——2025-04-05 《人形机器人行业周报（0324-0330）：腾讯领投 智元机器人新一轮融资，美国或考虑推出机器人国 家战略（推荐）*电力设备*李航，邱迪，李铭全， 李昂》——2025-03-29 本周重要事件与核心观点： 产业动态： 全球首个人形机器人半程马拉松 ...

2025 年 04 月 18 日 公司研究 评级：买入(首次覆盖) 研究所： | 证券分析师: | | | --- | --- | | | 4 | | 证券分析师: | | 证券分析师： 张建业 S0350524080005 zhangjy03@ghzq.com.cn 证券分析师： 陈沁一 S0350524100003 chenqy@ghzq.com.cn ——中孚实业（600595）2024 年报及 2025 年一 季报点评 | 相对沪深 | 300 | 表现 | | 2025/04/17 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中孚实业 | | -16.6% | 11.3% | -13.5% | | 沪深 300 | | -5.6% | -1.1% | 5.8% | | 市场数据 | 2025/04/17 | | --- | --- | | 当前价格（元） | 3.46 | | 52 周价格区间（元） | 2.24-4.48 | | 总市值（百万） | 13,872.63 | | 流通市值（百万） | 13,867.35 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high revenue of 7.79 billion yuan in Q4 2024, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [6][8] - The company continues to solidify its market share despite a challenging economic environment and increased competition, with a total revenue of 27.13 billion yuan for 2024, representing a year-on-year growth of 4.64% [7][11] - The company is focusing on accelerating project construction and expanding production capacity, particularly with the TianTai project, which is progressing steadily [10][11] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 1.54 billion yuan, a decrease of 36.49% year-on-year [5][7] - The sales gross margin for 2024 was 17.63%, down 3.12 percentage points year-on-year, while the net profit margin was 5.68%, down 3.72 percentage points year-on-year [5][6] - The company’s operating cash flow for 2024 was 0.75 billion yuan, a decline of 37.51% year-on-year, primarily due to increased cash payments to employees [7] Future Projections - The company’s revenue is projected to reach 32.00 billion yuan in 2025, 38.80 billion yuan in 2026, and 45.13 billion yuan in 2027, with corresponding net profits of 2.41 billion yuan, 3.57 billion yuan, and 4.17 billion yuan respectively [11][13] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 10.9, 7.4, and 6.3 times respectively, indicating a favorable growth outlook [11][13]

2025 年 04 月 18 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 65 期 观点精粹: 最新报告摘要 地平线机器人-W（9660.HK）深度报告：技术引领+软硬一体+开放生态，攀登智驾新高峰--地平线机器人-W/ 自动化设备(09660/216407) 公司 PPT 报告（港股美股） 业绩稳中有升，期待以旧换新促增长--爱玛科技/摩托车及其他(603529/212804) 公司点评 进口量缩，火电降幅收窄、非电景气提升--行业动态研究 业绩稳健增长，看好多元业务持续扩张--密尔克卫/物流(603713/214208) 公司点评 AutoGLM 沉思：DeepResearch+Operator，开启智能体新阶段--行业专题研究 社融总量超预期，信贷结构显现积极变化--资产配置报告 2024 年业绩稳健增长，国产数据库迎信创加速--达梦数据/软件开发(688692/217104) 科创板公司普通报告 证券研究报告 1、最新报告摘要 1.1、地平线机器人-W（9660.HK）深度报告： ...

2025 年 04 月 17 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 64 期 1、最新报告摘要 观点精粹: 最新报告摘要 如何把握二季度信用债行情？--债券研究周报 核心业务延续强劲增长，经营杠杆继续释放--腾讯控股/社交Ⅱ(00700/217208) 点评报告（港股美股） 主营产品销量提升，龙头优势持续强化--浙江龙盛/化学制品(600352/212203) 公司点评 多领域布局赋能视觉，加速国产 CIS 替代--思特威/半导体(688213/212701) 科创板公司深度研究 业绩维持高增，关注用户增长和 AI 赋能--合合信息/软件开发(688615/217104) 科创板公司动态研究 环泊酚快速增长，创新产品陆续兑现可期--海思科/化学制药(002653/213701) 公司动态研究 2025Q1 业绩同比高增，迎接 AI 算力浪潮--飞荣达/消费电子(300602/212705) 公司点评 锂电筑底蓄势起，非锂高增潮头立--联赢激光/自动化设备(688518/216407 ...