圣邦股份（ [Table_StockNameRptType] 300661） 公司点评 Q1 受淡季影响，不断推出新品强化竞争力 | | | | | | | [Table_BaseData] 收盘价（元） | 96.49 | | --- | --- | | 近 12 个月最高/最低（元） | 126.60/64.76 | | 总股本（百万股） | 474 | | 流通股本（百万股） | 454 | | 流通股比例（%） | 95.89 | | 总市值（亿元） | 457 | | 流通市值（亿元） | 438 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -24% 1% 26% 50% 75% 5/24 8/24 11/24 2/25 5/25 圣邦股份 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱： chenyaobo@hazq.com 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[Table_Summary] 事件 公司 2025 年第一季度实现营业收入 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 700 million yuan in Q1 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3%. However, the net profit attributable to the parent company decreased by 37% year-on-year to 63.49 million yuan, but increased by 81% quarter-on-quarter [6] - In 2024, the company reported a total revenue of 2.6 billion yuan, a year-on-year increase of 44%, with a net profit of 300 million yuan, up 17% year-on-year [6] - The company has seen rapid growth across various downstream sectors, particularly in automotive power management, which grew by 179% year-on-year to 85.51 million yuan [7][8] Financial Performance Summary - The company’s revenue is projected to grow significantly from 2.57 billion yuan in 2024 to 5.34 billion yuan in 2027, with year-on-year growth rates of 44.2%, 31.3%, 25.4%, and 26.4% respectively [11] - The net profit attributable to the parent company is expected to increase from 307 million yuan in 2024 to 704 million yuan in 2027, with corresponding year-on-year growth rates of 17.4%, 26.3%, 29.1%, and 40.6% [11] - The company’s gross margin is projected to remain stable around 40% over the forecast period [11] Investment Recommendations - The forecasted net profits for 2025, 2026, and 2027 are 387 million yuan, 500 million yuan, and 704 million yuan respectively, with corresponding earnings per share (EPS) of 0.91 yuan, 1.18 yuan, and 1.65 yuan. The latest closing price corresponds to price-to-earnings (PE) ratios of 36x, 28x, and 20x for the respective years [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported strong performance with record highs in its two main business segments [1] - In 2024, the company achieved operating revenue of 15.374 billion, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 917 million, up 86.62% year-on-year, primarily due to market expansion [4][5] - The company has increased its R&D expenditure to 575 million, a growth of 17.42%, leading to multiple breakthroughs in technology [4] - The company is capitalizing on policy opportunities, with domestic and international businesses flourishing, particularly in the electric vehicle charging sector, which has seen a 131.87% increase in overseas contracts [5] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are adjusted to 1.2 billion, 1.5 billion, and 2.1 billion respectively, with corresponding P/E ratios of 20, 16, and 12 [6] - Key financial metrics for 2024 include a gross margin of 25.9%, a return on equity (ROE) of 12.3%, and earnings per share (EPS) of 0.89 [8] - The company’s operating revenue is expected to grow to 19.092 billion in 2025, reflecting a year-on-year growth of 24.2% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported outstanding performance with both major business segments reaching new highs [1] - In 2024, the company achieved operating revenue of 15.374 billion, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 917 million, up 86.62% year-on-year, primarily due to market expansion [4][5] - The company has increased its R&D expenditure to 575 million, a growth of 17.42%, leading to multiple breakthroughs in technology [4] - The company is capitalizing on policy opportunities, with domestic and international businesses flourishing, particularly in the electric vehicle charging sector, which has seen a 131.87% increase in overseas business [5] Summary by Sections Financial Performance - The company’s operating revenue for 2024 was 15.374 billion, with a year-on-year growth of 21.15% [4] - The net profit attributable to shareholders was 917 million, reflecting an 86.62% increase year-on-year [4] - The company’s R&D expenses were 575 million, marking a 17.42% increase [4] Future Projections - The projected net profits for 2025, 2026, and 2027 are 1.2 billion, 1.5 billion, and 2.1 billion respectively, with corresponding P/E ratios of 20, 16, and 12 [6] - Revenue is expected to grow to 19.092 billion in 2025, 23.014 billion in 2026, and 26.069 billion in 2027, with year-on-year growth rates of 24.2%, 20.5%, and 13.3% respectively [8] Market Position - The company holds the leading position in the public charging terminal operation sector, which is expected to drive revenue growth in the new energy charging network business [5] - The company’s market share is anticipated to expand further due to the digitalization and intelligence upgrades of its product lines [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][10]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 3.044 billion yuan, with a quarter-on-quarter increase of 1.56% and a year-on-year increase of 16.81%. The net profit for the same period was 204 million yuan, showing a quarter-on-quarter increase of 8.84% [4]. - The overall gross margin for 2024 was 18.6%, a year-on-year increase of 0.5 percentage points, with tracking brackets achieving a gross margin of 19.7% [6]. - The company forecasts revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 920 million yuan, 950 million yuan, and 1.31 billion yuan [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][5]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In 2024, the company reported revenue of 90.26 billion yuan, with a year-on-year growth of 41.25%. The net profit attributable to shareholders was 6.32 billion yuan, up 83.03% year-on-year [4][10]. - The company’s gross margin for 2024 was 18.6%, a slight increase of 0.5 percentage points year-on-year. The net profit margin improved to 7.1%, up 1.7 percentage points [6][10]. - Forecasts for 2025, 2026, and 2027 project revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan, respectively, with corresponding net profits of 9.2 billion yuan, 9.5 billion yuan, and 13.1 billion yuan [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [12]. Core Views - The company reported a revenue of 28.396 billion yuan for 2024, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [4][6]. - The agricultural chemical market is showing signs of recovery, contributing to stable performance in profitability throughout the year [6]. - The company has adjusted its production and sales strategies, leading to significant increases in operating rates and sales volumes across its main products [9]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 7.228 billion yuan, a year-on-year increase of 4.94% and a quarter-on-quarter increase of 13.90% [5]. - For Q4 2024, the company reported a revenue of 6.346 billion yuan, a year-on-year increase of 1.70% but a quarter-on-quarter decrease of 26.60% [8]. Product Performance - The company’s main product segments, including specialty chemicals, fertilizers, pesticides, and organic silicon, generated revenues of 5.278 billion, 4.049 billion, 5.204 billion, and 2.647 billion yuan respectively in 2024, with year-on-year growth rates of 4.97%, 12.26%, 21.50%, and 23.48% [6]. - The average market prices for key products in 2024 were as follows: glyphosate at 25,049.75 yuan/ton (down 22.96%), phosphate rock at 1,013.52 yuan/ton (up 2.36%), and DMC at 13,987.6 yuan/ton (down 6.34%) [7]. Strategic Initiatives - The company invested 1.188 billion yuan in R&D in 2024, focusing on technological innovations and project advancements to support its transition to a green chemical new materials enterprise [11]. - Key projects such as the 1 million tons/year optical selection mining project and the 200,000 tons/year phosphate rock selection project have commenced operations, enhancing the company's resource utilization [11]. Future Outlook - The company is expected to achieve net profits of 1.825 billion, 2.078 billion, and 2.366 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13, 11, and 10 [12].

Investment Rating - The investment rating for Alibaba is "Buy" (maintained) [1] Core Views - In FY25Q4, Alibaba's revenue reached 236.5 billion yuan, a year-over-year increase of 7%, slightly below Bloomberg's expectations; adjusted EBITDA and adjusted net profit were 41.8 billion yuan (up 36%, margin of 18%) and 29.8 billion yuan (up 22%, margin of 13%), respectively, exceeding Bloomberg's expectations by 1.3% and 1.6% [4][5] - The Taobao Group's revenue was 101.4 billion yuan (up 9%), exceeding Bloomberg's expectations by 3.6%, with adjusted EBITA of 41.7 billion yuan (up 8%); the Alibaba International Digital Commerce Group's revenue was 33.6 billion yuan (up 22%), below expectations by 4.0%, with adjusted EBITA of -3.6 billion yuan (up 12.5%); the Local Life Group's revenue was 16.1 billion yuan (up 10%), slightly below expectations by 1.7%, with adjusted EBITA of -2.3 billion yuan (up 28%); the Cainiao Group's revenue was 21.6 billion yuan (down 12%), below expectations by 14%, with adjusted EBITA of -0.6 billion yuan (up 55%); the Cloud Intelligence Group's revenue was 30.1 billion yuan (up 18%), exceeding expectations by 0.8%, with adjusted EBITA of 2.4 billion yuan (up 69%); the Digital Entertainment Group's revenue was 5.6 billion yuan (up 12%), with adjusted EBITA of 0.04 billion yuan [5][6] - The CMR performance of Taobao was impressive, with a year-over-year increase of 12% to 71.1 billion yuan, surpassing Bloomberg's expectations by 3.9%, and the take rate improved year-over-year [6] - The cloud business accelerated growth, with revenue of 30.1 billion yuan (up 18%), slightly above Bloomberg's expectations; the capital expenditure for the quarter was 24.6 billion yuan, with a total of 86 billion yuan for FY2025, significantly higher than 32.1 billion yuan in FY2024 [6] Financial Projections - Revenue projections for Alibaba for FY2026-2028 are 1,086.7 billion yuan, 1,200.6 billion yuan, and 1,315.7 billion yuan, representing year-over-year growth of 9.1%, 10.5%, and 9.6%, respectively; Non-GAAP net profit is expected to be 169.3 billion yuan, 186.0 billion yuan, and 192.5 billion yuan, with year-over-year growth of 7.1%, 9.9%, and 3.5% [6][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall performance in FY25Q4 showed a revenue of 236.5 billion yuan, a year-on-year increase of 7%, slightly below Bloomberg's expectations. Adjusted EBITDA and adjusted net profit reached 41.8 billion yuan (up 36%, margin of 18%) and 29.8 billion yuan (up 22%, margin of 13%), respectively, both exceeding Bloomberg's expectations by 1.3% and 1.6% [4][5] - The Taobao Group's revenue was 101.4 billion yuan (up 9%), exceeding Bloomberg's expectations by 3.6%, with adjusted EBITA of 41.7 billion yuan (up 8%). The international digital commerce group's revenue was 33.6 billion yuan (up 22%), below expectations by 4.0%, with adjusted EBITA of -3.6 billion yuan (up 12.5%) [5] - The cloud intelligence group's revenue was 30.1 billion yuan (up 18%), slightly above Bloomberg's expectations by 0.8%, with adjusted EBITA of 2.4 billion yuan (up 69%) [6] Summary by Sections Overall Performance - In FY25Q4, the company reported a revenue of 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan and adjusted net profit of 29.8 billion yuan, both showing significant year-on-year growth [4][5] Segment Performance - Taobao Group: Revenue of 101.4 billion yuan (up 9%), adjusted EBITA of 41.7 billion yuan (up 8%) [5] - International Digital Commerce Group: Revenue of 33.6 billion yuan (up 22%), adjusted EBITA of -3.6 billion yuan [5] - Local Life Group: Revenue of 16.1 billion yuan (up 10%), adjusted EBITA of -2.3 billion yuan [5] - Cainiao Group: Revenue of 21.6 billion yuan (down 12%), adjusted EBITA of -0.6 billion yuan [5] - Cloud Intelligence Group: Revenue of 30.1 billion yuan (up 18%), adjusted EBITA of 2.4 billion yuan [6] - Entertainment Group: Revenue of 5.6 billion yuan (up 12%), adjusted EBITA of 0.04 billion yuan [5] Cloud Business Growth - The cloud business showed accelerated growth with a revenue of 30.1 billion yuan (up 18%), surpassing Bloomberg's expectations. The AI business has seen continuous triple-digit growth for seven consecutive quarters [6] Future Projections - Revenue projections for FY2026-2028 are 1,086.7 billion yuan, 1,200.6 billion yuan, and 1,315.7 billion yuan, reflecting year-on-year growth rates of 9.1%, 10.5%, and 9.6% respectively. Non-GAAP net profit is expected to be 169.3 billion yuan, 186.0 billion yuan, and 192.5 billion yuan for the same period [6][10]

- The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [1][11] - Since 2025 until 2025/5/16, the IPO yield for a Class A 2 billion account is 1.32%, and for a Class B 2 billion account is 1.15%; for a Class A 10 billion account, the IPO yield is 0.30%, and for a Class B 10 billion account, the IPO yield is 0.27% [1][11] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with the number of valid quotation accounts for Class A STAR Market new stocks around 3051, and for Class B around 1784; for Class A ChiNext new stocks around 3414, and for Class B around 2056; for Class A Main Board stocks around 3493, and for Class B around 2376 [2][23] - The average first-day increase for STAR Market stocks is 198.41%, and for ChiNext stocks is 227.46% [1][16] - The report measures the theoretical IPO yield for different scale accounts, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [1][11] - The report lists the IPO results for recent new stocks, including the issuance price, issuance P/E ratio, industry P/E ratio, number of new shares issued, and the actual fundraising amount [25][26] - The report provides a calendar of recent IPOs, including the status of stocks waiting for inquiry, waiting for issuance price announcement, waiting for subscription, and waiting for listing [27][28][29] - The report calculates the full subscription yield for each stock, using the average winning rate of Class A institutions to estimate the yield when fully subscribed [35][37] - The report lists the monthly IPO yield and IPO yield rate for different scale Class A accounts, assuming all stock quotations are included, with a 90% fund utilization efficiency [42][43][44][45][46] - The report lists the monthly IPO yield and IPO yield rate for different scale Class B accounts, assuming all stock quotations are included, with a 90% fund utilization efficiency [47][48][49][50][51]