[Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 4/29 6/29 8/29 10/2912/29 2/28 新凤鸣 沪深300 [Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 [Table_StockNameRptType] 新凤鸣（603225） 公司点评 产销稳步提升，PTA 项目投产一体化程度加深 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-05 | | | [Table_BaseData] 收盘价（元） | | 10.84 | | 近 12 个月最高/最低（元） | | 15.86/9.59 | | 总股本（百万股） | | 1,525 | | 流通股本（百万股） | | 1,512 | | 流通股比例（%） | | 99.15 | | 总市值（亿元） | | 165 | | 流通市值（亿元） | | 164 | 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a net profit of 289 million yuan in 2024, representing a year-on-year increase of 9.58%. For Q1 2025, the net profit was 69 million yuan, up 0.23% year-on-year, aligning with expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, a year-on-year increase of 1.03%, and the revenue for Q1 2025 grew by 1.89% year-on-year, indicating ongoing progress in its three-tier business strategy [5][6] Summary by Sections Business Segments 1. **First Tier Business**: This includes core components for turbochargers and various precision parts, which serve as the company's stable foundation. In 2024, the turbocharger business generated 1.058 billion yuan in revenue, with a CAGR of 9.83% from 2022 to 2024, accounting for 77.9% of total revenue. The gross margin for the automotive parts segment reached 33.68%, up 0.31 percentage points year-on-year [5] 2. **Second Tier Business**: Focused on components for electric vehicles, this segment saw significant growth, with sales revenue of 184 million yuan in 2024, a year-on-year increase of 38.73%. The company has successfully launched its subsidiary for electric vehicle components, enhancing its competitive position [6] 3. **Third Tier Business**: This includes areas such as "industrial mother machines," "humanoid robots," and "smart connected vehicles." The company has achieved successful validation and application of its high-precision rolling screw nuts and linear guide products, with small batch orders being delivered in 2024 [6] Financial Performance - The company's gross margin improved to 34.7% in 2024, up 0.24 percentage points year-on-year, while the net margin reached 21.29%, an increase of 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion, 1.751 billion, and 2.015 billion yuan respectively, with net profits projected at 333 million, 385 million, and 451 million yuan [8][10] - The diluted EPS for 2025-2027 is expected to be 0.67, 0.77, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a 9.58% year-on-year increase in net profit to 289 million yuan for 2024, and a 0.23% increase in Q1 2025 net profit to 69 million yuan, meeting expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, reflecting a 1.03% year-on-year growth, supported by the robust performance of the automotive industry, particularly in the new energy vehicle sector [5][6] Summary by Sections Business Segments 1. **First-tier Business**: This includes core components for turbochargers and various precision parts, which serve as the foundation for stable development. The turbocharger business generated 1.058 billion yuan in revenue, with a CAGR of 9.83% from 2022 to 2024, accounting for 77.9% of total revenue [5] 2. **Second-tier Business**: Focused on new energy vehicle components, this segment saw significant growth with sales revenue of 184 million yuan and a 38.73% increase in sales volume to 9.1077 million units in 2024, benefiting from the overall rise in new energy vehicle production and sales [6] 3. **Third-tier Business**: This includes areas such as "industrial mother machines," "humanoid robots," and "intelligent connected vehicles." The company has successfully validated its high-precision rolling screw nuts and linear guide products with well-known domestic machine tool manufacturers, achieving small batch orders in 2024 [6] Financial Performance - The company's gross margin reached 34.7% in 2024, a year-on-year increase of 0.24 percentage points, while the net margin was 21.29%, up 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion yuan, 1.751 billion yuan, and 2.015 billion yuan respectively, with net profits projected at 333 million yuan, 385 million yuan, and 451 million yuan [8][10] Valuation Metrics - The projected diluted EPS for 2025-2027 is 0.67 yuan, 0.77 yuan, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10] - The company is positioned as a leading player in precision components, with significant growth potential in the new energy vehicle and industrial sectors, justifying the "Buy" rating [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of approximately 3.39 billion yuan for 2024, a year-on-year increase of about 6.2%, but a net profit attributable to shareholders of approximately -970 million yuan, a year-on-year decrease of about 620.3% [5] - The gross margin for 2024 was approximately -9.0%, a decrease of about 25.4 percentage points year-on-year [5] - The revenue growth is attributed to the recovery in industry trends and the further release of 300mm semiconductor silicon wafer capacity, while profit margins are under pressure due to product price declines and high R&D expenditures [5][6] Financial Performance Summary - For 2024, the company achieved a revenue of 3,388 million yuan, with a year-on-year growth of 6.2% [11] - The net profit attributable to shareholders for 2024 was -971 million yuan, reflecting a significant decline of 620.3% year-on-year [11] - The gross margin for 2024 was -9.0%, indicating a decrease of 25.4 percentage points compared to the previous year [11] - The company expects net profits for 2025, 2026, and 2027 to be 26 million yuan, 217 million yuan, and 347 million yuan respectively, with corresponding P/E ratios of 1871.18, 220.43, and 137.88 [8] Production Capacity and Market Trends - The company’s 300mm silicon wafer shipments reached 5.052 million pieces in 2024, a year-on-year increase of 72.1%, with revenue from this segment at 2.11 billion yuan, up 52.8% year-on-year [7] - The company has achieved full coverage in various application fields for 300mm wafers and expects to double its production capacity to 1.2 million pieces per month following the completion of ongoing capacity upgrade projects [7][8] - The 200mm and below silicon wafer prices are under pressure, with a 3.3% decrease in shipments for this segment in 2024, leading to a revenue drop of 27.9% to 1.05 billion yuan [6][7]

Group 1: Financial Performance - Ningbo Bank's net profit for 2023 is projected at 27,127 million, with a growth rate of 6% for 2024 and 9% for 2025[1] - Revenue for Ningbo Bank is expected to reach 71,169 million in 2024, growing by 8% and 7% in the following years[1] - The EPS for Ningbo Bank is forecasted to be 4.4 in 2024 and 4.7 in 2025, with a corresponding PB of 0.75x in 2025[1] Group 2: Market Trends and Risks - The medical imaging sector, led by United Imaging, is expected to see a non-net profit growth exceeding 20% year-on-year, outperforming peers[1] - Anke Innovation is projected to achieve a revenue of 1,985 million in 2024, with a growth rate of 23%[1] - Risks for Ningbo Bank include interest rate risk, market risk, and operational risk[1] Group 3: Strategic Insights - United Imaging benefits from domestic high-end equipment replacement and is expected to see over 30% growth in overseas markets in 2024[1] - Sany Heavy Industry is anticipated to maintain its market leadership with a projected revenue of 78,383 million in 2024, growing by 6%[1] - Satellite Chemical is expected to see a revenue increase of 27% in 2024, with significant growth potential in its third and fourth phases[1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is actively adjusting its operational strategy in response to weakened industry demand, focusing on high-quality mid-priced products for B-end and high-quality mid-to-high-priced products for C-end, while continuously optimizing its product matrix and expanding revenue growth points [11] - The company is pushing for deeper channel penetration and embracing new retail channels to enhance market share, indicating a positive long-term development trend [11] Financial Performance Summary - For Q1 2025, the company reported revenue of 3.6 billion yuan, a decrease of 4.1%, and a net profit attributable to shareholders of 395 million yuan, down 10.0% [10] - In Q4 2024, revenue was 4.05 billion yuan, an increase of 7.3%, with a net profit of 438 million yuan, up 22.8% [10] - For the full year 2024, revenue reached 15.127 billion yuan, a growth of 7.7%, while net profit was 1.485 billion yuan, a slight increase of 0.5% [10] - The company’s gross margin for Q1 2025 decreased by 3.2 percentage points to 23.3%, primarily due to increased promotional efforts and weakened scale effects [10] - The company’s long-term revenue projections for 2025-2027 are 16.266 billion yuan, 17.619 billion yuan, and 19.211 billion yuan, reflecting year-on-year growth rates of 7.5%, 8.3%, and 9.0% respectively [11] Profitability Metrics - The projected net profit for 2025-2027 is 1.593 billion yuan, 1.772 billion yuan, and 1.988 billion yuan, with corresponding growth rates of 7.3%, 11.2%, and 12.2% [11] - The company’s price-to-earnings ratio (P/E) is projected to be 14, 13, and 11 for the years 2025, 2026, and 2027 respectively [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is actively adjusting its business strategy in response to weakened industry demand, focusing on high-quality mid-priced products for B-end and high-quality mid-to-high-priced products for C-end, while continuously optimizing its product matrix and expanding revenue growth points [11] - The company is pushing for channel penetration and exploring channel potential, fully embracing large B and new retail channels to continuously increase market share [11] - The long-term development trend of the company remains positive despite current challenges [11] Financial Performance Summary - For Q1 2025, the company reported revenue of 3.6 billion yuan (down 4.1%) and a net profit attributable to shareholders of 395 million yuan (down 10.0%) [10] - In Q4 2024, revenue was 4.05 billion yuan (up 7.3%) with a net profit of 438 million yuan (up 22.8%) [10] - For the full year 2024, revenue reached 15.127 billion yuan (up 7.7%) and net profit was 1.485 billion yuan (up 0.5%) [10] - The company’s gross margin for Q1 2025 decreased by 3.2 percentage points to 23.3%, primarily due to increased promotional efforts and weakened scale effects [10] - The company’s net profit margin for Q1 2025 decreased by 0.7 percentage points to 11.0% [10] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 16.266 billion yuan, 17.619 billion yuan, and 19.211 billion yuan, representing year-on-year growth of 7.5%, 8.3%, and 9.0% respectively [11] - Net profit forecasts for the same period are 1.593 billion yuan, 1.772 billion yuan, and 1.988 billion yuan, with year-on-year growth of 7.3%, 11.2%, and 12.2% respectively [11] - The current stock price corresponds to a price-to-earnings ratio of 14, 13, and 11 for the years 2025, 2026, and 2027 respectively [11]

Investment Rating - The investment rating for the company is maintained at "Buy" [6][9]. Core Views - The company's revenue has been impacted by the timing of the Spring Festival and channel adjustments [4]. - Profitability has improved due to scale effects and increased investment in expenses, with Q1 gross margin rising by 1.8 percentage points to 38.7% due to lower raw material costs and optimized supply chain [5]. - The company expects a recovery in operations in the second half of the year as channel inventory continues to decrease, with a focus on traditional channel penetration and e-commerce expansion [6]. Revenue and Profit Forecast - The company forecasts total revenue for 2025-2027 to be 5.8 billion, 6.2 billion, and 6.73 billion yuan respectively, with year-on-year growth of 5.1%, 7.0%, and 8.5% [6]. - The expected net profit attributable to the parent company for the same period is projected to be 900 million, 990 million, and 1.11 billion yuan, with year-on-year growth of 1.0%, 9.1%, and 12.3% [6]. Financial Performance - In Q1, the company reported revenue of 1.102 billion yuan, a decrease of 25.8%, and a net profit of 181 million yuan, down 24.2% [6][11]. - The main product, "Meiwei Xian," generated revenue of 1.08 billion yuan in Q1, a decline of 25.9% year-on-year, primarily due to the Spring Festival timing and channel inventory adjustments [6][11]. - The company added 118 new distributors in Q1, indicating ongoing channel expansion [6].

公司点评 | 盈利弹性超预期 | | --- | ——伊利股份 24 年报及 25Q1 点评 伊利股份（ [Table_StockNameRptType] 600887） 主要观点： ⚫ 收入：液奶降幅收窄明显 ⚫ 盈利：成本红利+产品结构优化 ⚫ 投资建议：维持"买入" ➢ 我们的观点： 经过 24 年渠道库存去化，公司今年经营基础更加稳健，Q1 报表已 有较好反馈，随着 Q2 低基数来临，公司业绩有望逐季修复，全年 [公司价格与沪深 Table_Chart] 300 走势比较 -33% -18% -4% 11% 26% 5/24 8/24 11/24 2/25 伊利股份 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 邮箱：zhengshaoxuan@hazq.com [Table_CompanyReport] 相关报告 1.伊利股份 24Q3：渠道调整初见成 效 2024-10-31 2.聚焦长期，H2 有望环比改善 2024- 09-01 敬请参阅末页重要 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [6][9]. Core Views - The company's revenue has been impacted by the timing of the Spring Festival and channel adjustments [4]. - The gross profit margin increased by 1.8 percentage points year-on-year to 38.7%, primarily due to a decline in raw material costs and optimized supply chain management [5]. - The net profit margin for the company increased by 0.3 percentage points year-on-year to 16.4% [5]. - The company is expected to experience a low start followed by improvement in operations in the second half of 2025, driven by inventory destocking and a focus on traditional channel penetration and e-commerce expansion [6]. Financial Performance Summary - In Q1, the company reported revenue of 1.102 billion yuan, a decrease of 25.8% year-on-year, and a net profit of 181 million yuan, down 24.2% year-on-year [6][9]. - The main product, "Meiwei Xian," generated revenue of 1.08 billion yuan in Q1, a decline of 25.9% year-on-year, attributed to the Spring Festival timing and inventory destocking [6]. - Revenue from soy sauce, chicken essence, and cooking oil decreased by 31.6%, 28.6%, and 50.0% year-on-year, respectively [6]. - The company anticipates total revenue of 5.8 billion yuan in 2025, with a year-on-year growth of 5.1% [11]. Profitability Forecast - The company is projected to achieve net profits of 900 million yuan, 990 million yuan, and 1.11 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.0%, 9.1%, and 12.3% [6][11]. - The current price-to-earnings ratio (P/E) is expected to be 17, 15, and 14 times for the years 2025, 2026, and 2027, respectively [6].