证券研究报告·公司点评报告·调味发酵品Ⅱ 莲花控股（600186） 2024 年报及 2025 年一季报点评：符合预期， 积极有为 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·海外公司点评·资讯科技器材(HS) 比亚迪电子（00285.HK） 2025 年一季度业绩点评：业绩短期波动，看 好多重布局 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） | 130,404 | 177,306 | 195,953 | 221,482 | 237,397 | | 同比(%) | 20.83 | 35.97 | 10.52 | 13.03 | 7.19 | | 归母净利润（百万元） | 4,041 | 4,266 | 5,264 | 6,321 | 7,302 | | 同比(%) | 117.56 | 5.55 | 23.42 | 20.07 | 15.52 | | EPS-最新摊薄（元/股） | 1.79 | 1.89 | 2.34 | 2.81 | 3.24 | | P/E（现价&最新摊薄） | 17.57 | 16.65 | 13.49 | 11.23 | 9.73 | [关键词： ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for Q1 2025 reached 443 million yuan, representing a year-on-year growth of 15.30%, while the net profit attributable to the parent company was 112 million yuan, up 45.94% year-on-year [8] - The growth in Q1 was primarily driven by an increase in paid membership numbers and a continuous rise in AI product sales, with the number of paid members for China Manufacturing Network reaching 28,118, an increase of 703 members from the end of 2024 [8] - The company has seen a significant increase in buyer traffic, which is expected to enhance seller cash flow growth [8] - The company plans to issue stock options to 1,153 incentive targets, with performance targets set for net profit growth rates of no less than 20%, 40%, and 60% for the years 2025, 2026, and 2027, respectively [8] - The report forecasts net profits for 2025-2027 at 557 million, 679 million, and 785 million yuan, respectively, with corresponding P/E ratios of 24.08, 19.76, and 17.10 [8] Financial Summary - Total revenue is projected to grow from 1,669 million yuan in 2024 to 1,880 million yuan in 2025, reflecting a year-on-year growth of 12.66% [9] - The net profit attributable to the parent company is expected to increase from 451 million yuan in 2024 to 557 million yuan in 2025, indicating a growth rate of 23.52% [9] - The company's gross margin is forecasted to be 80.74% in 2025, slightly improving to 82.39% by 2027 [9] - The report highlights a significant improvement in operating efficiency, with sales expense ratio, management expense ratio, and R&D expense ratio decreasing by 1.27 percentage points, 3.00 percentage points, and 1.76 percentage points, respectively [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the acceleration of seller cash returns and the broad future potential of AI new products are key drivers for the company's growth [1][8] - The company is considered undervalued as a leading digital economy platform, expected to benefit from three major advantages: "technology empowerment + SaaS model + favorable policies," leading to accelerated growth [8] Financial Performance Summary - The total revenue forecast for 2023 is 1,527 million, with a year-on-year growth of 3.51%. By 2027, the revenue is expected to reach 2,545 million, reflecting a growth rate of 16.61% [1] - The net profit attributable to the parent company is projected to be 378.87 million in 2023, with a year-on-year increase of 26.12%. By 2027, it is expected to grow to 784.92 million, with a growth rate of 15.56% [1] - The latest diluted EPS is forecasted to be 1.19 in 2023, increasing to 2.47 by 2027 [1] Membership and Product Sales - The number of paid members for the China Manufacturing Network reached 28,118 in Q1 2025, a year-on-year increase of 12.39% [8] - The sales of AI products have seen a significant increase, with over 11,000 members purchasing AI products, excluding trial customers [8] Cash Flow and Financial Ratios - The cash return growth rate for sales products and services reached 23.41% [8] - The report indicates a gross profit margin of 80.29% in 2024, expected to improve to 82.39% by 2027 [9] - The company's P/E ratios for 2025-2027 are projected to be 24.08, 19.76, and 17.10 respectively [1][9]

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 a rating of "Accumulate" for the company [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’s net profit attributable to shareholders reached 527.75 million yuan in 2024, reflecting a year-on-year growth of 31.50% [8] - The report highlights the growth potential of the OPEX business, particularly in the areas of process media supply systems, GasBox, and MRO services [8] Financial Summary - 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 respective year-on-year growth rates of 41.78%, 42.63%, 21.08%, 19.89%, and 20.90% [1] - The net profit attributable to shareholders 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 report indicates that the company’s gross margin for 2024 is expected to be 26.02%, slightly down by 1.09 percentage points year-on-year [8] Business Growth Potential - The company is positioned as a leader in the domestic process media supply systems market, capable of competing with international suppliers. It serves major clients in the semiconductor industry [8] - The GasBox product line has gained traction, with the company supplying to leading semiconductor equipment manufacturers in China [8] - The MRO business is rapidly expanding, with 14 service points established to enhance customer service [8]

证券研究报告·公司点评报告·电池 杭可科技（688006） 2024 年报&2025 年一季报点评：25Q1 营收 环比改善，看好公司海外市场布局 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） | 3,932 | 2,981 | 3,770 | 4,625 | 5,481 | | 同比（%） | 13.83 | (24.18) | 26.45 | 22.68 | 18.51 | | 归母净利润（百万元） | 809.09 | 326.34 | 425.26 | 584.85 | 725.66 | | 同比（%） | 64.92 | (59.67) | 30.31 | 37.53 | 24.08 | | EPS-最新摊薄（元/股） | 1.34 | 0.54 | 0.70 | 0.97 | 1.20 | | P/E（现价&最新摊薄） | 12.72 | 31.54 | 24.20 | 17.60 | 14.18 | ...

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 dexterous hand product with 17 degrees of freedom, showcasing significant innovation [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 growth of 25.11% year-on-year. The net profit after deducting non-recurring items was 184 million yuan, up 37.57% year-on-year [2] - The revenue breakdown by product shows that the micro drive system generated 966 million yuan, up 28.20% year-on-year, precision injection parts generated 467 million yuan, up 24.52%, and precision molds and others generated 91 million yuan, up 18.36% [2] - The company's gross margin for 2024 was 31.43%, an increase of 2.38 percentage points year-on-year, driven by improvements in the gross margins of the micro drive system and precision injection parts [3] - The company reported a net cash flow from operating activities of 124 million yuan in 2024, a decrease of 36.89% year-on-year, indicating some pressure on cash flow management [4] Strategic Initiatives Summary - The company has made significant strides in the humanoid robot market, launching a dexterous hand product that integrates advanced technologies such as micro gear reducers, motors, control units, and electronic skin sensors, enhancing its competitive edge in complex grasping tasks [5]

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） | 470.60 | 442.83 | 542.15 | 639.44 | 755.09 | | 同比（%） | (1.31) | (5.90) | 22.43 | 17.95 | 18.09 | | 归母净利润（百万元） | 145.71 | 135.35 | 175.31 | 213.04 | 262.06 | | 同比（%） | (20.19) | (7.11) | 29.52 | 21.53 | 23.01 | | EPS-最新摊薄（元/股） | 1.21 | 1.12 | 1.45 | 1.77 | 2.17 | | P/E（现价&最新摊薄） | 28.60 | 30.79 | 23.77 | 19.56 | 15.90 | 证券研究报告·公司点评报告·医疗器械 海泰新光（688677） 2024 年年报及 2025 年一季报点评：2024 年 业绩短期承压， ...

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 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 | 1.02 | 1.12 | | P/E（现价&最新摊薄） | 25.45 | 19.64 | 13.55 | 11.61 | 10.57 | [Table_Tag] [Table_Summary ...