证券研究报告·行业深度报告·证券Ⅱ 证券Ⅱ行业深度报告 低基数叠加市场活跃，归母净利润同比增长 80% ——证券行业 2025 年一季报总结 增持（维持） [Table_Tag] [Table_Summary] 投资要点: 2025 年一季度 50 家上市券商归母净利润同比+80%，调整后归 母净利润同比增长 51%。目前券商股估值较低，考虑到行业发展政策积 极，我们认为大型券商优势仍显著，推荐中信证券、招商证券、中国银河、 中金公司、广发证券、华泰证券。同时推荐弹性较高的互联网金融东方财 富、指南针、湘财股份等。 ◼ 2025 年一季度交投活跃度延续高位。1）2025Q1 市场日均股基交易额为 17031 亿元，同比增长 70%，环比下滑 16%，仍保持在高位。2025Q1 沪 市投资者平均每月账户新开户数为 280 万户，同比增长 32%，环比去年 四季度高位的 419 万户下滑 33%。2）2025Q1 融资融券余额同比增长 25%，较上年末增长 3%。平均维持担保比为 264%，较 2024 年增加 10pct， 保持在较高水平。3）IPO 持续收紧、再融资规模大增。2025Q1 共发行 27 家 I ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,423 | 27,214 | 35,855 | 43,743 | 53,367 | | 同比（%） | 82.13 | 56.19 | 31.75 | 22.00 | 22.00 | | 归母净利润（百万元） | (6,715.86) | (4,978.29) | 403.50 | 3,592.88 | 6,748.76 | | 同比（%） | 50.77 | 25.87 | 108.11 | 790.43 | 87.84 | | EPS-最新摊薄（元/股） | (4.79) | (3.55) | 0.29 | 2.56 | 4.82 | | P/E（现价&最新摊薄） | - | - | 857.32 | 96.28 | 51.26 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·生物制品 百济神州-U（688 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report indicates that the company's performance is under short-term pressure, but there is optimism regarding the ramp-up of PCB equipment and composite copper foil equipment [1] - The company has experienced a decline in revenue and net profit, primarily due to the impact of new energy electroplating equipment [7] - The report highlights the company's strong growth potential in the PCB electroplating and new energy electroplating equipment sectors, with successful product breakthroughs and increased technical capabilities [7] Financial Summary - Total revenue for 2023 was 909.23 million, projected to decline to 750 million in 2024, before rebounding to 964.39 million in 2025, representing a year-on-year growth of 28.59% [1][8] - The net profit attributable to the parent company is expected to drop from 151.43 million in 2023 to 69.27 million in 2024, but is forecasted to recover to 147.05 million in 2025, reflecting a significant year-on-year increase of 112.28% [1][8] - The report projects a dynamic P/E ratio of 69 for 2025, decreasing to 44.95 by 2027, indicating a favorable valuation outlook as earnings improve [1][8] Operational Insights - The company's PCB electroplating business saw a revenue increase of 37.7% year-on-year, contributing 65% to total revenue in Q1 2025 [7] - The report notes a significant increase in contract liabilities and inventory, with contract liabilities growing by 148.3% year-on-year as of Q1 2025, indicating strong demand and pre-sales activity [7] - The company is the only one globally to achieve large-scale production of new energy lithium electroplating film equipment, showcasing its competitive edge in the market [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's semiconductor business has exceeded expectations, with a revenue increase of 30% year-on-year, indicating a potential new growth point in semiconductor components [3] - The company has increased its investment in new product development, launching several new products aimed at high-purity applications and ultra-clean industries [3] - The forecast for the company's net profit for 2025-2026 has been adjusted downwards due to performance slowdown, with new estimates for 2027 net profit set at 581 million [3] Financial Summary - Total revenue for 2023 is projected at 2,711 million, with a year-on-year growth of 3.49% [1] - The net profit attributable to the parent company for 2023 is expected to be 235.90 million, reflecting a year-on-year decrease of 31.58% [1] - The earnings per share (EPS) for 2023 is estimated at 0.58 yuan, with a price-to-earnings (P/E) ratio of 55.01 [1] - The company anticipates total revenue of 3,503 million in 2025, representing a year-on-year growth of 22.96% [1] - The projected net profit for 2025 is 312.82 million, with a growth rate of 38.20% [1]

证券研究报告·公司点评报告·光伏设备 2025 年 05 月 05 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 股价走势 迈为股份（300751） 2024年报&2025一季报点评：业绩短期承压， 看好半导体&显示设备放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,089 | 9,830 | 7,561 | 8,330 | 9,414 | | 同比（%） | 94.99 | 21.53 | (23.09) | 10.17 | 13.02 | | 归母净利润（百万元） | 913.90 | 925.91 | 764.86 | 878.68 | 1,097.05 | | 同比（%） | 6.03 | 1.31 | (17. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to recover steady growth in 2025, with a significant increase in energy storage sales. The micro-inverter shipments showed a quarter-on-quarter increase in Q1 2025, and the overall shipments for the year are projected to grow by 30% [9] - The company's revenue for 2024 was 1.993 billion yuan, a slight decrease of 1.63% year-on-year, while the net profit attributable to shareholders was 344.22 million yuan, down 32.75% year-on-year. However, Q4 2024 showed a strong recovery with a revenue of 727 million yuan, up 18% quarter-on-quarter and 103% year-on-year [9] - The energy storage business is anticipated to double in growth in 2025, with revenue for 2024 at 310 million yuan, remaining stable year-on-year, and a projected revenue of approximately 500 million yuan in Q1 2025, representing a 25% increase [9] Financial Summary - Total revenue is forecasted to reach 3.062 billion yuan in 2025, representing a year-on-year increase of 53.62%. The net profit attributable to shareholders is expected to be 505.79 million yuan, a growth of 46.94% [1][10] - The company's earnings per share (EPS) is projected to be 4.08 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.55 [1][10] - The gross margin is expected to decline to 40.57% in 2025, down from 42.36% in 2024, primarily due to the lower margins associated with the photovoltaic and energy storage products [10]

汽车周观点： 4月第4周乘用车环比+16.9%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年5月5日 请务必阅读正文之后的免责声明部分 证券研究报告 核心结论 注：若无特殊说明，"本周"均代表2025.4.28-2025.5.4 2 （ ◼ 本周复盘总结：四月第4周交强险44.2万辆，环比上周/上月周度+16.9%/-6.4%。本 周SW汽车指数+0.5%，细分板块涨跌幅排序: SW汽车零部件(+2.3%) >SW摩托车及 其他(+1.8%) >SＷ商用载货车(+1.2%) >SW汽车(+0.5%)>重卡指数(+0.2%) > SW 乘用车(-2.6%)> SW商用载客车(-3.5%) 。本周已覆盖标的零跑汽车、耐世特、明阳科 技、理想汽车-W、中鼎股份涨幅较好。 ◼ 本周团队研究成果：外发比亚迪、长安汽车、广汽集团、宇通客车、均胜电子、江淮 汽车、沪光股份、金龙汽车、华阳集团、中国汽研、长华集团、拓普集团、赛力斯、 上汽集团、北汽蓝谷、瑞玛精密、经纬恒润、中鼎股份、华域汽车、中国重汽、爱柯 迪、一汽解放、福田 ...

九州通（600998） 2024 年年报及 2025 年一季报点评：三新两 化战略成效显著，"公募+私募"Reits 平台开 启轻资产化运营 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,140 | 151,810 | 165,919 | 181,323 | 197,954 | | 同比（%） | 6.92 | 1.11 | 9.29 | 9.28 | 9.17 | | 归母净利润（百万元） | 2,174 | 2,507 | 2,809 | 3,158 | 3,529 | | 同比（%） | 4.27 | 15.33 | 12.03 | 12.42 | 11.75 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.56 | 0.63 | 0.70 | | P/E（现价&最新摊薄） | 12.15 | 10.54 | 9.41 | 8.37 | 7.49 | 证券研究报告·公司点评 ...

证券研究报告·公司点评报告·汽车零部件 潍柴动力（000338） 2025 年一季报点评：Q1 业绩亮眼，发动机 龙头强者恒强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 213,958 | 215,691 | 228,632 | 250,533 | 263,153 | | 同比（%） | 22.15 | 0.81 | 6.00 | 9.58 | 5.04 | | 归母净利润（百万元） | 9,014 | 11,403 | 12,863 | 15,310 | 16,172 | | 同比（%） | 83.77 | 26.51 | 12.80 | 19.03 | 5.63 | | EPS-最新摊薄（元/股） | 1.03 | 1.31 | 1.48 | 1.76 | 1.86 | | P/E（现价&最新摊薄） | 14.70 | 11.62 | 10.30 | 8.65 | 8.19 | [Table_Tag] ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power [1] Core Views - Weichai Power's Q1 performance is impressive, with revenue reaching 57.46 billion yuan, a year-on-year increase of 22.15% [7] - The company's net profit attributable to shareholders for Q1 is 2.71 billion yuan, reflecting a year-on-year growth of 83.77% [7] - The report highlights the benefits from the heavy truck cycle and the company's strong position in the engine sector, projecting continued growth in net profit for 2025-2027 [7] Financial Performance Summary - Total revenue forecast for 2023A is 213.96 billion yuan, with a projected growth of 6.00% in 2025E [1] - Net profit attributable to shareholders is expected to grow from 11.40 billion yuan in 2024A to 12.86 billion yuan in 2025E, representing a 12.80% increase [1] - The latest diluted EPS is projected to be 1.48 yuan in 2025E, with a corresponding P/E ratio of 10.30 [1] Operational Insights - The report notes that the company's gross margin for Q1 is 22.2%, with cost control measures contributing to profit margins [7] - The company is expected to benefit from the expansion of the National IV scrapping policy for natural gas heavy trucks, which is anticipated to boost domestic demand [7] - Weichai Power is also focusing on new energy initiatives, with a joint venture factory with BYD set to commence production in 2025 [7]