证券研究报告 交通运输 | 铁路公路 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 29 日 招商公路(001965.SZ) 投资评级： 买入（维持） ——费用优化及投资收益增加，归母净利润同比改善 投资要点： | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 9,731 | 12,711 | 12,895 | 13,230 | 13,600 | | 同比增长率（%） | 17.29% | 30.62% | 1.45% | 2.59% | 2.80% | | 归母净利润（百万元） | 6,767 | 5,322 | 5,735 | 6,186 | 6,704 | | 同比增长率（%） | 39.21% | -21.35% | 7.75% | 7.87% | 8.37% | | 每股收益（元/股） | 0.99 | 0.78 | 0.84 | 0.91 | 0.98 | | ROE（%） | 10 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company, Weimao Electronics, is an integrated manufacturer of industrial intelligent connection control solutions, actively expanding into emerging fields such as low-altitude economy [5][9]. - The company focuses on "small batch, multiple varieties" in electronic product manufacturing, with a projected revenue of 260 million yuan in 2024, representing a year-on-year growth of 13.69% [6][8]. - The growth in the new energy vehicle market is expected to significantly boost the demand for wiring harnesses, with the global vehicle wiring harness market projected to reach 793 billion yuan by 2029 [6][9]. Financial Performance Summary - The company achieved a revenue of 73 million yuan in Q1 2025, reflecting a year-on-year increase of 19.02%, and a net profit of 11.01 million yuan, up 18.02% year-on-year [6]. - The forecast for 2024 includes a revenue of 260 million yuan and a net profit of 45 million yuan, with respective year-on-year growth rates of 13.69% and 14.28% [8]. - The earnings per share (EPS) is projected to be 0.55 yuan in 2024, increasing to 0.87 yuan by 2027 [8]. Market Expansion and Product Development - The company is actively pursuing new markets, including low-altitude economy projects, with significant contracts already secured for components in flying cars [9]. - The company has a diverse product range across automotive, smart home appliances, and industrial automation, with a strong focus on R&D, which is expected to reach 14.03 million yuan in 2024 [6][9]. - The company is also expanding its production capacity for automotive wiring harnesses and components for new energy vehicles, which are expected to drive future revenue growth [6][9].

证券研究报告 晨会 hyzqdatemark 2025 年 04 月 28 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年04月28日 华源晨会精粹 农林牧渔 农业增强韧性，持续推荐低估值龙头——农林牧渔行业周报：农业作为国 之根本，是少有的"国内供应不足、过去几年处于价格下降、资产价格底部并有资 本退出"的行业，我们认为"对抗型资产溢价"+"产业逻辑相对独立且通顺"+"保 护农民收入需要"+"板块估值整体处于历史低位"等多重属性使得板块配置价值明 显上升，本次农业股的上涨或经历三个阶段：情绪刺激→产业逻辑演绎→周期上行 带动 EPS、PE 双击，目前或处于第二阶段早期。生猪：二育入场放缓，猪价短期维 持震荡。中国海关公布 3 月狗食或猫食饲料及罐头数据：整体出口额较 1-2 月增速 加快，对非美地区出口增长明显提速，对冲掉对美国出口订单的影响，显现出出口 的韧性及非美市场开拓顺利。 风险提示：养殖产品价格波动风险、突发大规模不可控疫病、重大食品安全事件、 宏观经济系统性风险、极端气候灾害导致农作物大规模减产推升粮价。 公用环保 一季度电力装机跟踪 关注海风及生物柴油机遇——大能源行业 202 ...

证券研究报告 医药生物 | 医药商业 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 梁裕 liangyu@huayuanstock.com | 基本数据 | 月 | | 年 | 04 | 25 | 日 | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 18.17 | | | | | | | 一 年 | | 高 | | | | | 最 | | / | 低 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 9,550.50 | | | | | | | 流通市值（百万元） | | | | | 9,549.28 | | | | | | | 总股本（百万股） | | | | | | | | | | | | 资产负债率（%） | | | | | 62.84 | | | | | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve stable profit growth as lithium salt production increases and costs decrease, with strong pricing power in cesium and rubidium products. The copper and germanium projects are anticipated to open new profit growth avenues. The projected net profits for 2025-2027 are 0.89 billion, 1.19 billion, and 1.50 billion yuan respectively, with corresponding EPS of 1.23, 1.64, and 2.07 yuan per share, leading to PE ratios of 23, 18, and 14 times [5] Financial Summary - The company reported a revenue of 5.36 billion yuan in 2024, a decrease of 10.8% year-on-year, and a net profit of 0.76 billion yuan, down 65.7% year-on-year. The Q4 2024 revenue was 1.80 billion yuan, showing a year-on-year increase of 78.1% and a quarter-on-quarter increase of 56.4% [7] - For 2025 Q1, the company achieved a revenue of 1.54 billion yuan, a year-on-year increase of 36.4%, but a quarter-on-quarter decrease of 14.4% [7] - The lithium salt sales volume for 2024 was 43,000 tons, a year-on-year increase of 145%, with a significant cost reduction of 42% per ton [7] - The cesium and rubidium segment generated revenue of 1.40 billion yuan in 2024, a year-on-year increase of 24%, with a gross profit of 1.09 billion yuan, reflecting a gross margin of 78% [7] - The copper project in Zambia is progressing, with mining operations already underway and expected to be operational by the end of 2026 [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The competitive advantages in the paint industry are gradually becoming evident, and the company is expected to emerge as a leader in the existing housing market [8] - The company has shown significant improvement in net profit due to effective cost control and a reduction in impairment provisions [8] - The company is positioned to benefit from domestic demand policies and has a unique valuation potential within the building materials sector [8] Financial Performance Summary - For 2024, the company achieved revenue of 12,105 million RMB, a decrease of 2.97% year-on-year, while net profit attributable to shareholders was 332 million RMB, an increase of 91.27% [8] - The company’s revenue for Q1 2025 was 21.30 billion RMB, reflecting a year-on-year growth of 3.12%, with net profit attributable to shareholders at 1.05 billion RMB, up 123.33% [8] - The company’s gross margin for 2024 was 29.6%, a decrease of 1.9 percentage points year-on-year, primarily due to intense market competition [8] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 802 million RMB, 1,001 million RMB, and 1,302 million RMB respectively, with corresponding EPS of 1.52, 1.90, and 2.47 RMB [8] - The company is expected to experience a significant increase in net profit growth rates of 141.60% in 2025 and 30.07% in 2027 [8] Market Position and Strategy - The company is recognized as a leading national paint enterprise, leveraging its unique competitive advantages and efficient channel strategy to navigate market volatility [8] - The company is anticipated to be among the first in the industry to experience a recovery in performance, benefiting from the cyclical nature of the market [8]

证券研究报告 环保 | 环境治理 非金融|公司点评报告 永兴股份(601033.SH) hyzqdatemark 2025 年 04 月 28 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | 月 25 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 15.83 | | 一 年 内 最 最 低 | 高 | / | | | | 17.17/12.00 | | （元） | | | | | | | | 总市值（百万元） | | | | | | 14,247.00 | | 流通市值（百万元） | | | | | | 3,799.20 | | 总股本（百万股） | | | | | | 900.00 | | 资产负债率（%） | ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 04 月 28 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 低空经济商业化路径逐渐清晰，关注威贸电子等北交所低空经济产业企业 ——北交所科技成长产业跟踪第二十三期（20250427） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水 润泽中华大地 内容目录 | 1. | 2024 年我国低空装备取得诸多创新性成果，低空经济商业化路径逐渐清晰 | 5 | | --- | --- | --- | | 2. | 总量：北交所科技成长股股价涨跌幅中值-3.48% | 10 | | 3. | 行业：信息技术产业市盈率 TTM 中值-1.45%至 38.0X 11 | | | 4. | 公告：浩淼科技拟在新加坡投资设立一家全资子公司 16 | | | 5. | 风险提示 | 17 | 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 18页 ...

证券研究报告 建筑材料 | 装修建材 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 联系人 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | | 2025 | 年 | 04 | 月 日 | 25 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | 12.26 | | 年 内 低 | 最 | 高 | / | 最 | | | | | | 一 | | | （元） | | | | | | | | 18 ...

证券研究报告 交通运输 | 物流 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 投资评级： 买入（维持） ——业绩短期承压，经营改善下盈利有望回升 投资要点： 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com | 基本数据 | | 年 | 04 | 月 25 日 | 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 13.39 | | | | | | 一 年 最 低 | 高 | | | 17.06/11.95 | | 内 | / | 最 | | （元） | | | | | | | | | | 总市值（百万元） | | | | 13,6 ...