Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.67 [8]. Core Views - The company is expected to achieve performance growth driven by dual engines, with profitability anticipated in 2025. The 2024 revenue is projected at RMB 14.563 billion, a year-on-year decrease of 0.9%, while the net profit attributable to the parent company is expected to be RMB 2.793 billion, reflecting a year-on-year increase of 6.5% [1][5]. Summary by Sections Financial Performance - In 2024, the company is expected to generate revenue of RMB 145.63 billion, with a net profit of RMB 27.93 billion, and a non-recurring net profit of RMB 27.58 billion, both showing positive growth compared to the previous year [1]. - The fourth quarter of 2024 is projected to have revenue of RMB 40.78 billion, a year-on-year decrease of 6%, but a net profit increase of 3.3% to RMB 10.20 billion [1]. New Energy Sector - The company's wind power generation is expected to increase by 9.4% year-on-year to 60.13 billion kWh in 2024, with offshore wind power growing by 12% to 35.37 billion kWh. The profit from new energy is projected to rise by 21% year-on-year, accounting for 62% of total profits [2]. - In the first quarter of 2025, wind power generation is expected to continue its high growth, with a year-on-year increase of 28% [2]. Thermal Power Sector - The company's thermal power generation is expected to decline by 3.1% year-on-year to 180.77 billion kWh in 2024. However, the decrease in coal prices is anticipated to offset the impact of declining generation and prices, leading to a projected profit increase of 22% in 2025 [3]. - The company plans to implement a mid-term dividend policy in 2025, with a payout ratio of no less than 10% [1]. Project Pipeline - The company has a robust project pipeline, with ongoing projects including Dongqiao Thermal Power (1.32 GW) and Mulan Pumped Storage (1.4 GW). The goal is to achieve installed capacity of 15 GW by 2025 and 20 GW by 2030 [4]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been slightly adjusted, with net profits projected at RMB 3.071 billion, RMB 3.310 billion, and RMB 3.717 billion respectively. The earnings per share (EPS) are expected to be RMB 1.10, RMB 1.19, and RMB 1.34 [5][22].

证券研究报告 国药股份 (600511 CH) 母公司业绩稳健增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 医药商业 | 公司 1Q25 收入/归母净利润/扣非归母净利润 127.13/4.59/4.46 亿元，同比 +4.9%/-0.1%/-2.6%。由于受市场环境影响，部分客户回款周期延长，以及 带量采购品种付款压力加大等影响，1Q25公司归母净利润增速仍相对承压， 我们认为公司基本业务稳固，短期归母净利润波动不改长期增长逻辑，维持 买入评级。 1Q25 投资收益同比平稳增长，部分子公司拖累业绩表现 我们维持盈利预测，预测公司 25-27 年归母净利润分别为 21.0/22.1/23.1 亿 元，同比+5.0%/+5.0%/+4.8%，对应 EPS 2.78/2.92/3.07 元。考虑到公司 精麻分销市占率领先，北京普药配送业务稳固，短期净利业绩波动不改长期 增长逻辑，我们给予公司 25 年 15x PE 估值（可比公司 25 年 Wind 一致预 期均值 11x），维持目标价 41.76 元。 ...

证券研究报告 卫宁健康 (300253 CH) 收入端受硬件及互联网医疗业务影响较大，费用整体管控良好 2025Q1 公司毛利率为 34.46%，同比提升 0.75pct，销售/管理/研发费率分 别为 14.96/9.23/14.85%，同比变动-0.09/0.57/0.67pct，费用管控良好。从 分业务来看：1）医疗卫生信息化收入 3.13 亿元，同比-23.44%，其中：核 心产品软件销售及技术服务收入 2.92 亿元，同比-18.08%，硬件销售收入 2147 万元，同比-75.65%；2）互联网医疗健康业务收入 3168 万元，同比 -36.77%。一季度公司收入受低毛利率的硬件及互联网医疗业务影响较大。 垂直大模型快速接入 DeepSeek，积极响应市场需求 一季度 DeepSeek R1 带来国内大模型应用的快速突破，公司积极响应客户 需求，发布 WiNEX Copilot 2.1 版本接入 DeepSeek。公司从数据工程、算 法及知识图谱等方面进行模型增强，以提高 DeepSeek 的专业性和可靠性， 使其更加适合于医疗严肃场景的应用。近期，公司新版本大模型与医护助手 在北京大学人民医院等三 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 26.6 billion RMB in 2024, representing a year-over-year increase of 35.02%, and a net profit of 3.001 billion RMB, up 39.52% year-over-year [1] - The company's automotive business is expected to benefit from increased orders from key clients like Huawei and Xiaomi, while the robotics segment is anticipated to open long-term growth opportunities [1][4] - The company is expanding its product lines, with significant growth in automotive electronics, which saw an increase of 908% year-over-year, driven by the delivery of over 240,000 closed air suspension systems [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 7.248 billion RMB, a year-over-year increase of 30.63% and a quarter-over-quarter increase of 1.66% [1] - The gross margin for 2024 decreased by 2.1 percentage points to 20.8%, attributed to the ramp-up of new production capacity [3] - The net profit margin improved by 0.4 percentage points to 11.3% due to a reduction in credit impairment losses and lower expense ratios [3] Business Segments - Traditional shock absorber business grew steadily by 2.4% year-over-year, while the automotive electronics segment saw a significant increase due to the rapid adoption of new energy vehicles [2] - The company is actively investing in R&D to expand its product lines in both automotive and robotics sectors, indicating a broad growth potential [2][4] Profit Forecast and Valuation - The company is projected to achieve net profits of 3.81 billion RMB in 2025 and 4.71 billion RMB in 2026, with an estimated target price of 67.45 RMB based on a PE ratio of 30.8 for 2025 [5]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 9.86 [9][11]. Core Views - The company's revenue and net profit for 2024 are expected to grow by 0.9% and 1.2% year-on-year, slightly above previous expectations due to improved non-interest income from the bond market [1]. - The company has shown steady operational quality, with an increase in dividend payout ratio, indicating a commitment to shareholder returns [1]. - The asset quality remains stable with a non-performing loan (NPL) ratio of 0.97% and a provision coverage ratio of 339% as of Q1 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the company's revenue and net profit decreased by 7.4% and increased by 0.3% year-on-year, respectively, with a notable high base effect from property disposal income in the previous year [1]. - The company reported a net interest margin of 1.50% for 2024, a decrease from the previous year, but with an ongoing improvement in funding costs [3]. Asset and Liability Management - As of Q1 2025, total assets, loans, and deposits grew by 6.8%, 6.6%, and 5.7% year-on-year, respectively, indicating a steady expansion of the balance sheet [2]. - The company has optimized its deposit structure, with a current account ratio of 30.6% as of the end of 2024, reflecting a strategic focus on improving funding costs [2]. Dividend and Profitability - The company plans to distribute a dividend of RMB 0.43 per share for 2024, resulting in a dividend payout ratio of 33.91%, up from 30.10% in 2023 [4]. - The forecasted net profit for 2025 is RMB 12.386 billion, with a projected growth rate of 0.79% year-on-year [28]. Valuation Metrics - The report assigns a price-to-book (PB) ratio of 0.72 for 2025, reflecting a premium valuation compared to peers, which have an average PB of 0.53 [5][23]. - The estimated book value per share (BVPS) for 2025 is RMB 13.69, indicating a slight increase from previous estimates [5].

证券研究报告 易点天下 (301171 CH) 25Q1 营收高增，大力拓展程序化广告 华泰研究 年报点评 2025 年 4 月 25 日│中国内地 营销 维持"买入"评级 考虑到公司大力发展程序化广告，毛利率承压，我们调整 25-27 年归母净利 预测至 3.05/4.02/5.76 亿元（25-26 年调整幅度-13.6%/-9.1%），可比公司 25 年 PE 平均估值 46X（前值 25 年 26X），考虑公司 AI 布局赋能主业，中 长尾媒体效果营销优势明显，我们给予 25 年 48X PE 估值，目标价 31.2 元 （前值 24 元，对应 25 年 32XPE），维持"买入"评级。 易点天下发布 24 年报&25Q1 季报，24 年营收 25.47 亿元（yoy+18.83%）， 归母净利 2.32 亿元（yoy+6.81%），低于我们之前预计（2.8 亿元），主因拓 展程序化广告业务，毛利率回落。扣非净利 2.17 亿元（yoy+30.10%）；25Q1 营收 9.29 亿元（yoy+93.18%），归母净利 0.56 亿元（yoy+11.67%），扣非 归母净利润 0.61 亿元（yoy+3 ...

证券研究报告 永和股份 (605020 CH) 制冷剂延续改善，含氟材料静待复苏 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 化学制品 | 永和股份于 4 月 24 日发布 2024 年报和 25Q1 一季报：全年实现营业收入 46.1 亿元，同比+5.4%，归母净利润 2.51 亿元，同比+37%；其中 24Q4 实现营业收入 12.3 亿元，同比+8%/环比+2%，归母净利润 1.05 亿元，同 比+385%/环比+210%。公司 25Q1 实现营业收入 11.4 亿元，同比+12%/环 比-7%，归母净利润 0.97 亿元，同比+162%/环比-7%。24 年末公司拟每股 派息 0.25 元（含税），股利支付率为 47%。公司 25Q1 归母净利低于我们 预期（1.5 亿元），原因系含氟高分子材料盈利仍偏弱。考虑制冷剂板块景 气度较好，维持"增持"评级。 24 年制冷剂景气回升，含氟高分子/化工原料板块毛利率承压下行 24 年氟碳化学品销量同比-9.2%至 10.3 万吨，供给配额制下行业景气回升， ...

证券研究报告 沪电股份 (002463 CH) 面对 AI 类客户的强劲需求，沪电股份的产线在过去四个季度持续满负荷运 行。虽然公司通过产品结构优化，实现了单季度营收规模的持续攀升，并在 4Q24 创下了 43 亿单季度营收历史新高，但市场一直关注公司现有产线的 产值上限会在哪里。我们看公司将通过"技改+扩产"来应对产值焦虑：1）短 期，公司主要通过技改扩充瓶颈及关键制程产能；2）中长期，公司将通过 高端 AI 类 PCB 产能建设，分阶段达成产能升级式扩容（公司预计到 31 年 将累计新增 48 亿高端 HDI 产值），彰显了公司对 AI 长期产业趋势的看好。 下调目标价至 48.50 元，维持"买入"评级 我们维持公司 2025/2026/2027 年归母净利润预测分别为 37.3/45.6/49.9 亿 元。考虑到目前关税冲突下，投资者对于科技股的投资更为谨慎，我们下调 目标价至 48.50 元（前值 58.20 元，对应 30.0x 25 年目标 PE），基于 25.0x 25 年目标 PE（vs Wind 一致预期可比公司均值 19.7x 25 年 PE，溢价以反映 公司在全球 AI 算力链中的龙头 ...

证券研究报告 中国铝业 (2600 HK/601600 CH) 港股通 铝价维持高位或支撑公司业绩稳定 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地/中国香港 | 基本金属及加工 | 中国铝业发布一季报，2025 年 Q1 实现营收 557.84 亿元（yoy+13.95%、 qoq-11.86%），归母净利 35.38 亿元（yoy+58.78%、qoq+4.56%）。铝价维 持高位，对公司利润形成一定支撑，看好公司业绩穿越周期保持稳定，我们 维持"买入"评级。 公司一季度盈利能力受氧化铝价格下跌有所拖累 公司 25Q1 毛利率为 15.86%，同比+0.52pct，环比-1.33pct，根据 SMM， 25Q1 电解铝现货均价为 2.04 万元/吨，同比上升 7.28%，环比下降 0.47%， 但氧化铝 25Q1 均价为 3833 元/吨，同比上涨 15.16%，环比下降 28.09%， 由于公司有部分氧化铝外售，价格下跌对公司业绩形成一定拖累。费用方面， 一季度公司合计期间费用 21.52 亿元，同比下降 ...

证券研究报告 北方导航 (600435 CH) 25Q1 业绩高增长，下游需求全面复苏 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 25 日│中国内地 | 其他军工 | 北方导航发布 24 年报和 25 年一季报，2024 年实现营收 27.48 亿元 （yoy-22.91%），归母净利 5903.74 万元（yoy-69.29%），低于我们此前 1.79 亿元归母净利的预期，主要原因是部分产品受技术状态变更、订货合同延迟 签订等因素影响，已确定的订单未能在当期确认收入，导致较上年同比下降。 25Q1 公司产品交付和收入确认节奏有所恢复，交付量较上年有明显提升， 实现营业收入 3.52 亿元（yoy+347.47%）；归母净利-1676 万元，上年同期 为-4976 万元，亏损有所收窄。考虑到"十四五"国防建设任务需要按期完 成，我们预计公司 25 年将实现较快增长，维持"买入"评级。 24 年多因素导致业绩下滑，25Q1 已逐步恢复正常 2024 年行业因素导致公司业绩有所下滑，核心军民两用产品实现收入 26.90 亿元，同比下滑 22.31%， ...