证券研究报告·公司点评报告·环保 英科再生（688087） 2024 年报&2025 一季报点评：2024 年业绩高 增 57%，高值化利用产品增长动能充足 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） | 2,455 | 2,924 | 3,393 | 4,166 | 4,948 | | 同比（%） | 19.41 | 19.09 | 16.03 | 22.80 | 18.76 | | 归母净利润（百万元） | 195.65 | 307.32 | 386.09 | 458.22 | 540.77 | | 同比（%） | (15.22) | 57.07 | 25.63 | 18.68 | 18.02 | | EPS-最新摊薄（元/股） | 1.05 | 1.64 | 2.06 | 2.45 | 2.89 | | P/E（现价&最新摊薄） | 22.55 | 14.36 | 11.43 | 9.63 | 8.16 | ...

莲花控股（600186） 2024 年报及 2025 年一季报点评：符合预期， 积极有为 证券研究报告·公司点评报告·调味发酵品Ⅱ 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） | 2,101 | 2,646 | 3,253 | 3,857 | 4,476 | | 同比（%） | 24.23 | 25.98 | 22.94 | 18.56 | 16.05 | | 归母净利润（百万元） | 129.93 | 202.58 | 264.07 | 332.54 | 401.63 | | 同比（%） | 181.26 | 55.92 | 30.35 | 25.93 | 20.78 | | EPS-最新摊薄（元/股） | 0.07 | 0.11 | 0.15 | 0.19 | 0.22 | | P/E（现价&最新摊薄） | 93.62 | 60.04 | 46.06 | 36.58 | 30.29 | [Table_Tag] ...

证券研究报告·公司点评报告·风电设备 日月股份（603218） 2024 年年报及 2025 年一季报点评：Q1 收入 同比大幅增长，静待盈利拐点 guoyn@dwzq.com.cn 证券分析师 胡隽颖 执业证书：S0600524080010 hujunying@dwzq.com.cn 股价走势 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） | 4656 | 4696 | 6037 | 6885 | 7436 | | 同比（%） | (4.30) | 0.87 | 28.56 | 14.05 | 8.00 | | 归母净利润（百万元） | 481.51 | 623.81 | 904.31 | 1,055.28 | 1,159.08 | | 同比（%） | 39.84 | 29.55 | 44.97 | 16.69 | 9.84 | | EPS-最新摊薄（元/股） | 0.47 | 0.61 | 0.88 | 1.0 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown steady performance improvement, with significant growth in non-equipment business segments. In 2024, the company achieved revenue of 5.469 billion yuan, a year-on-year increase of 42.63%. The high-end electronic process equipment revenue was 3.449 billion yuan, up 39.44% year-on-year, accounting for 63.06% of total revenue [8] - The company is expected to continue benefiting from the growth potential of its OPEX business, particularly in areas such as GasBox and MRO [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 3.835 billion yuan, 2024A: 5.469 billion yuan, 2025E: 6.622 billion yuan, 2026E: 7.939 billion yuan, and 2027E: 9.599 billion yuan, with year-on-year growth rates of 41.78%, 42.63%, 21.08%, 19.89%, and 20.90% respectively [1] - The net profit attributable to the parent company is projected to be 401.34 million yuan in 2023A, 527.75 million yuan in 2024A, 727.12 million yuan in 2025E, 958.29 million yuan in 2026E, and 1.27463 billion yuan in 2027E, with year-on-year growth rates of 55.10%, 31.50%, 37.78%, 31.79%, and 33.01% respectively [1] - The company's earnings per share (EPS) are forecasted to be 1.37 yuan in 2023A, 1.81 yuan in 2024A, 2.49 yuan in 2025E, 3.28 yuan in 2026E, and 4.36 yuan in 2027E [1] Business Segment Performance - The company has seen significant growth in its non-equipment business, with a year-on-year increase of 58.5% in the same-caliber non-equipment business [8] - The MRO business has grown rapidly, with the company establishing 14 service points in China to provide faster response and better service [8] - The company has made breakthroughs in semiconductor precursors, completing the construction of a manufacturing base for over 20 types of precursor products [8] Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 15/12/9 times for the years 2025-2027, respectively [8]

证券研究报告·公司深度研究·通用设备 精智达（688627） 技术突破引领国产替代，双轮驱动打开成长 空间 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 648.56 | 803.13 | 1,000.00 | 1,800.00 | 2,600.00 | | 同比（%） | 28.53 | 23.83 | 24.51 | 80.00 | 44.44 | | 归母净利润（百万元） | 115.69 | 80.16 | 200.10 | 359.74 | 521.66 | | 同比（%） | 75.10 | (30.71) | 149.63 | 79.78 | 45.01 | | EPS-最新摊薄（元/股） | 1.23 | 0.85 | 2.13 | 3.83 | 5.55 | | P/E（现价&最新摊薄） | 60.88 | 87.87 | 35.20 | 19.58 | 13.50 | [Table_Tag] ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.525 billion yuan in 2024, representing a year-on-year growth of 26.42%, and a net profit attributable to shareholders of 225.09 million yuan, up 25.11% year-on-year [2] - The company is actively expanding into the humanoid robot sector, having launched a pioneering dexterous hand product with 17 degrees of freedom [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.525 billion yuan, with a year-on-year increase of 26.42%. The net profit attributable to shareholders was 225.09 million yuan, reflecting a 25.11% increase year-on-year. The net profit excluding non-recurring items was 184 million yuan, up 37.57% year-on-year [2] - The revenue breakdown shows that the micro drive system generated 966 million yuan (up 28.20%), precision injection parts contributed 467 million yuan (up 24.52%), and precision molds and others accounted for 91 million yuan (up 18.36%) [2] - The gross margin for 2024 was 31.43%, an increase of 2.38 percentage points year-on-year, driven by improved margins in the micro drive system and precision injection parts [3] - The company’s cash flow from operating activities was 124 million yuan in 2024, a decrease of 36.89% year-on-year, indicating some pressure on cash flow turnover [4] Strategic Initiatives Summary - The company has made significant strides in the humanoid robot market by introducing a dexterous hand product that integrates various advanced technologies, enhancing its competitive edge in complex grasping tasks [5]

证券研究报告·公司点评报告·电力 南网储能（600995） 2025 年一季报点评：调峰水电受益于来水偏 丰，业绩略超市场预期 买入（维持） -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 南网储能 沪深300 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,630 | 6,174 | 6,673 | 7,731 | 8,691 | | 同比（%） | (31.85) | 9.67 | 8.08 | 15.86 | 12.42 | | 归母净利润（百万元） | 1,014 | 1,126 | 1,235 | 1,394 | 1,517 | | 同比（%） | (39.05) | 11.14 | 9.61 | 12.90 | 8.82 | | EPS-最新摊薄（元/股） | 0.32 | 0.35 | ...

证券研究报告·公司点评报告·电力 华电国际（600027） 2025 一季报点评：收入略低于预期，关注核 电、光伏发电量对火电的挤占影响 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） | 117,176 | 112,994 | 111,247 | 113,262 | 136,224 | | 同比（%） | 9.45 | (3.57) | (1.55) | 1.81 | 20.27 | | 归母净利润（百万元） | 4,522 | 5,703 | 6,452 | 6,813 | 7,740 | | 同比（%） | 3,789.00 | 26.11 | 13.14 | 5.60 | 13.60 | | EPS-最新摊薄（元/股） | 0.44 | 0.56 | 0.63 | 0.67 | 0.76 | | P/E（现价&最新摊薄） | 12.91 | 10.24 | 9.05 | 8.57 | 7.55 | [Tabl ...

证券研究报告·公司点评报告·中药Ⅱ 方盛制药（603998） 2024年报&25年一季报点评：业绩符合预期， 多产品矩阵保障业绩平稳 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） | 1,629 | 1,777 | 2,015 | 2,277 | 2,562 | | 同比（%） | (9.12) | 9.15 | 13.36 | 12.99 | 12.54 | | 归母净利润（百万元） | 186.82 | 255.22 | 309.13 | 376.74 | 450.44 | | 同比（%） | (34.64) | 36.61 | 21.12 | 21.87 | 19.56 | | EPS-最新摊薄（元/股） | 0.43 | 0.58 | 0.70 | 0.86 | 1.03 | | P/E（现价&最新摊薄） | 22.82 | 16.71 | 13.79 | 11.32 | 9.47 | [Table_Tag ...

证券研究报告·行业点评报告·电子 电子行业点评报告 透视大厂 AI 动态，看好 ASIC 产业方向 2025 年 05 月 05 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 北美大厂陆续更新 AI 展望，未来投入趋势仍乐观。 北美头部 CSP 厂商已于 4 月底陆续披露 CY25Q1 业绩，并在业绩电话 会上对各自的 AI 投入进行了分析展望。Meta 一季度资本支出 139.6 亿 美元，同比增长 103.7%，公司将全年资本支出预期从 600-650 亿美元提 升至了 640-720 亿美元，主要投向 AI 发展。谷歌一季度资本支出达到 172 亿美元，同比增长 43%，即使宏观经济环境发生了变化，但仍维持 全年 750 亿美元资本支出预期。微软 25Q3 财季含财务租赁资本支出为 214 亿美元，因为数据中心租赁交付时间波动而略低于预期，但给予了 Q4 财季环比增长，下半年总额维持此前预期的指引，新财年资本支出 也将继续增长。亚马逊一季度资本支出 250.2 亿美元，同比增长 20.2%， 此前公司 CEO 在股东信中表示全年资本支出将达到 1000 亿美元， ...