Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to see a bottoming out of its performance, with a positive outlook on profit elasticity for the full year [1]. - The core K12 business shows steady revenue growth, and operational profit margins are anticipated to improve post-autumn 2025 due to cost reduction measures [1][3]. - The non-selective business is projected to have revenue growth guidance of 10-13% year-on-year for Q4 FY25, aligning with market expectations [1][2]. Financial Performance Summary - For Q3 FY25, total revenue was $1.183 billion, a year-on-year decrease of 2%, while revenue excluding selective business was $1.038 billion, reflecting a 21.2% increase [1][2]. - Adjusted operating profit for Q3 was $142 million, with a profit margin of 13.3%, slightly better than previous forecasts [1][2]. - The company expects non-GAAP operating profit margin to improve by approximately 1 percentage point in Q4 FY25 due to a low base effect [3]. Revenue and Profit Forecasts - Revenue forecasts for non-selective business are adjusted to $4.424 billion, $4.819 billion, and $5.538 billion for FY25, FY26, and FY27 respectively [4][10]. - Non-GAAP net profit estimates are revised to $457 million, $550 million, and $654 million for FY25, FY26, and FY27 respectively [4][10]. - The company anticipates a steady increase in revenue and profit margins, with a focus on enhancing management efficiency and optimizing expansion pace [3][4]. Valuation Analysis - The target price is set at $67.25 based on a 20x PE ratio for FY26E, reflecting the company's leading position in the education sector [4][13]. - The report highlights that the current demand for non-academic training remains strong, supporting the company's long-term growth potential [4][10].

证券研究报告 永安期货 (600927 CH) 经纪业务收入同比下滑，深化客户经营 2024 年，公司手续费及佣金净收入 5.38 亿元、同比-28.9%，实现期货经纪 业务境内代理期货成交手数 2.01 亿手、同比-14.1%；境内代理期货成交金 额 14.71 万亿元、同比-7.6%；年末客户权益 470.57 亿元，同比+2.9%。25Q1 手续费及佣金净收入 1.09 亿元、同比-2.5%。公司通过理念革新，重塑经纪 业务服务运营体系，对客户精细化分类服务、优化结构、实施营销激励提升 客户权益；发布"永动企航"品牌推动产业服务战略落地。 风险管理收入同比调整，保持龙头地位 2024 年，公司风险管理业务实现收入 201.42 亿元，同比下降 9.8%。做市 业务表现出色，全年交易规模 1.39 万亿元，期货做市成交量和成交额均排 名行业第 1。公司主要通过永安资本及其子公司开展风险管理业务，该业务 营业收入排名行业第 1，且连续 4 年入围"中国服务业企业 500 强"。在复 杂的大宗商品市场环境下，公司主动调整业务结构，有效提升交易能力。 发力境外金融业务扩张，收入同比高增 公司主要通过新永安金控及 ...

证券研究报告 隆华科技 (300263 CH) 新材料业务积极拓向新能源等领域 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 24 日│中国内地 | 有色金属 | 隆华科技发布 2024 年年报及 2025 年一季报，2024 年实现营收 27.11 亿元 （yoy+9.87%），归母净利 1.31 亿元（yoy+3.37%），低于我们先前的预期 （归母净利 2.14 亿元），主因节能环保业务利润表现不佳。2025Q1 实现营 收 6.39 亿元（yoy-0.46%，qoq-18.16%），归母净利 0.45 亿元（yoy-18.11%， qoq+290.07%）。公司新材料业务积极拓向新能源、军工和轨交等领域，公 司利润有望同比改善，维持"买入"评级。 2024 年公司新材料业务营收和毛利均实现正增长，毛利占比显著提升 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 2,46 ...

证券研究报告 百洋医药 (301015 CH) 计提减值影响 1Q 表观利润增速 | | | 公司 2024 年收入/归母净利润/扣非归母净利润 80.94/6.92/6.56 亿元，调整 后同比-2.0%/-2.9%/+3.4%；1Q25 收入/归母净利润/扣非归母净利润 18.41/0.85/1.00 亿元，同比-0.4%/-54.4%/-39.5%。24 年收入高于我们预期， 归母净利润由于销售费用率较高导致低于我们预期（收入/归母净利润 79.2/8.5 亿元）。我们认为 1Q25 净利润增速承压主因公司将运营的品牌紫 杉醇聚合物胶束计提存货跌价准备，且销售费用率同比进一步增长，我们看 好后续影响消化后净利润增速改善，维持买入评级。 24 年核心品种收入同比稳定增长，百洋制药收入同比快速增长 24 年公司品牌运营业务收入 55.59 亿元，同比+9.2%：1）迪巧：24 年收 入 21.01 亿元，同比+10.7%，公司持续深耕 OTC、保健品、跨境食品及小 黄条系列产品推广，并推出新品规小粉条液体钙，收入稳健增长；2）海露： 24 年收入 7.36 亿元，同比+14.9%，公司线上线下加强产品推广， ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 138.66 RMB [8][9]. Core Insights - The company's Q1 revenue reached 6.792 billion RMB, representing a year-over-year increase of 20.26% and a quarter-over-quarter decrease of 21.42%. The net profit attributable to the parent company was 582 million RMB, up 51.32% year-over-year and down 2.65% quarter-over-quarter, exceeding expectations due to a significant improvement in gross margin [1][2]. - The company is benefiting from the wave of automotive intelligence and is committed to an overseas expansion strategy, which is expected to unlock growth potential. Revenue and profit are projected to maintain rapid growth from 2025 to 2027 [1][4]. Summary by Sections Q1 Performance - Q1 revenue was 6.792 billion RMB, with a year-over-year growth of 20.26% and a quarter-over-quarter decline of 21.42%. The net profit attributable to the parent company was 582 million RMB, reflecting a year-over-year increase of 51.32% [1][2]. - The gross margin for Q1 was 20.52%, showing a year-over-year increase of 1.18 percentage points and a quarter-over-quarter increase of 2.12 percentage points [3]. Market Position and Strategy - The company holds leading market shares in cockpit domain control and intelligent driving domain control, with respective market shares of 16.1% and 26.7%. It is expected to continue benefiting from the automotive intelligence trend [2][4]. - The overseas order scale is projected to exceed 5 billion RMB in 2024, with new facilities established in Germany, France, and Spain to support its "new business + new market" dual-engine strategy [4]. Financial Forecast - The company maintains its profit forecast, expecting revenues of 34.2 billion RMB, 41.2 billion RMB, and 49.6 billion RMB for 2025, 2026, and 2027 respectively, with net profits of 2.6 billion RMB, 3.2 billion RMB, and 4.0 billion RMB for the same years [5][7]. - The estimated PE ratio for 2025 is set at 29.6 times, reflecting a 10% premium due to the company's leading position in automotive intelligence and accelerated globalization [5].

证券研究报告 合盛硅业 (603260 CH) 24 年盈利承压，硅化工景气待改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 24 日│中国内地 | 化学原料 | 合盛硅业于 4 月 23 日发布 2024 年报和 25Q1 一季报：全年实现营业收入 266.9 亿元，同比+0.4%，归母净利润 17.4 亿元，同比-34%；其中 24Q4 实现营业收入 63.2 亿元，同比-6%/环比-11.0%，归母净利润 2.9 亿元，同 比-35%/环比-40%。公司 25Q1 实现营业收入 52.3 亿元，同比-3.5%/环比 -17%，归母净利润 2.6 亿元，同比-51%/环比-9%。24 年末公司拟每股派现 0.45 元（含税），现金分红及回购合计占年度归母净利润 59%。公司 25Q1 归母净利基本符合我们预期（2.2 亿元）。考虑公司具备工业硅/有机硅龙头 规模优势，行业低谷期有望保持成本领先，维持"增持"评级。 24 年工业硅价格承压下行，公司有机硅橡胶稳步放量 24 年工业硅板块营收同比+1%至 137.6 亿元，工业 ...

证券研究报告 建投能源 (000600 CH) 火电+新能源协同开发，多能互补完善资产结构 煤价利好释放，多能互补驱动高增 华泰研究 年报点评 2025 年 4 月 24 日│中国内地 发电 建投能源公布业绩：2024 年实现营收 235.17 亿元（yoy+20%），归母净利 5.31 亿元（yoy+182%），扣非净利 3.99 亿元（yoy+5401%），均和业绩快 报一致。公司预告 1Q25 归母净利 4.47 亿元（yoy+77%），高于华泰预测区 间（2.85~3.15 亿元），得益于煤价和资金成本下降。电量增长与煤价下降 抬升火电盈利能力，煤电装机规模有望持续扩大，多能互补完善资产结构。 公司 2024 年拟派息 0.13 元/股，占当期可供分配利润比例 94%；公司 2025-26 年计划派息不低于当期可供分配利润的 50%。维持"增持"评级。 电量增长与煤价下降抬升火电盈利能力 2024 年公司控股发电量 yoy+28%至 504 亿千瓦时，得益于装机容量增长 （yoy+19%）和利用小时数提升（yoy+2%）。2024 年公司平均结算电价 yoy-2.8%至 388 元/兆瓦时（不含税）， ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 93.52 RMB [8][9]. Core Views - The company's performance in Q4 showed significant improvement, benefiting from the AI trend, with Q4 revenue reaching 1.69 billion RMB, a year-on-year increase of 23.76% and a quarter-on-quarter increase of 30.67% [1][2]. - The company is expected to continue benefiting from the recovery in downstream demand and the penetration of edge AI, which may lead to further revenue growth [2][4]. - The company's global market expansion strategy is yielding positive results, with overseas revenue growing by 13.87% year-on-year, indicating a strong drive from international markets [3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.385 billion RMB, a year-on-year increase of 2.72%, while the net profit attributable to the parent company was 407.46 million RMB, down 12.60% year-on-year [1][7]. - The company reported a significant improvement in Q4, with net profit reaching 255 million RMB, a year-on-year increase of 282.76% [1][2]. Business Segments - The smart software business generated 1.423 billion RMB in revenue, up 0.49% year-on-year, while the smart automotive business generated 2.416 billion RMB, up 3.42% year-on-year [2]. - The smart IoT business reported revenue of 1.545 billion RMB, reflecting a year-on-year increase of 3.73% [2]. Cost Structure and Investments - The company maintained a sales/management/R&D expense ratio of 3.71%/8.88%/19.09%, with R&D expenses increasing by 0.96 percentage points year-on-year [4]. - Strategic investments in AI and partnerships with chip manufacturers are expected to enhance the company's core value in software and robotics [4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 is projected to be 1.40 RMB, with a target price based on a price-to-earnings (PE) ratio of 66.8x [5][7]. - The company is expected to see a recovery in earnings growth, with net profit forecasted to increase significantly in the coming years [5][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 39.45 [7][8]. Core Views - The company experienced a significant performance reversal in Q1 2025, with a revenue increase of 365.26% year-on-year, reaching RMB 0.92 billion, and a net profit of RMB 0.30 billion, up 300% year-on-year [2][5]. - Despite a decline in 2024 due to industry factors affecting delivery schedules, the company's core position and technological advantages remain intact, indicating potential for high growth in 2025 [1][2]. - The company is one of the few in China capable of providing complete T/R chip solutions, with established technology in satellite applications and ongoing expansion into airborne and ground-based phased array systems [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 2.12 billion, down 26.38% year-on-year, and a net loss of RMB 31.12 million, a decline of 139.04% year-on-year [1][6]. - The forecast for 2025-2027 projects net profits of RMB 1.15 billion, RMB 1.84 billion, and RMB 2.57 billion respectively, with a significant increase in 2025 due to improved market conditions [5][6]. Market Position and Growth Potential - The company is set to deliver next-generation low-orbit communication satellite T/R chips in 2025, which are expected to enhance market share [4]. - Multiple models of remote sensing satellite projects are entering mass delivery phases, and several airborne projects are transitioning to mass production [4]. Valuation Metrics - The company’s estimated PE ratio for 2025 is 70 times, with a target price set at RMB 39.45, reflecting a downward adjustment from previous estimates due to anticipated high R&D expenses [5][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.57 RMB [8][9] Core Insights - The company reported a significant improvement in gross margin and cash flow, with a gross margin of 14.5% for 2024, up 5.7 percentage points year-on-year [2] - Despite a decline in revenue of 33.1% year-on-year to 17.6 billion RMB in 2024, the net profit attributable to the parent company increased by 9.7% to 835.2 million RMB [1][5] - The company has seen a notable increase in overseas orders, with new contracts signed reaching 19.7 billion RMB, a 2.1% increase year-on-year, and overseas orders accounting for 89% of total new contracts [2] Revenue and Profitability - The company experienced a revenue decline in Q4 2024 and Q1 2025, with revenues of 50.4 billion RMB and 35.2 billion RMB respectively, down 45.3% and 28.2% year-on-year [1] - The net profit margin improved to 4.73% in 2024, up 1.85 percentage points year-on-year, despite an increase in the expense ratio to 6.7% [3] Cash Flow and Financial Health - Operating cash flow significantly improved, with a net cash inflow of 1.5 billion RMB in 2024, and a cash flow ratio of 97.6% for receipts and 103.1% for payments [4] - As of Q1 2025, the company's debt-to-asset ratio decreased to 66.9%, down 2.9 percentage points year-on-year, indicating improved financial stability [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company is adjusted to 878.4 million RMB for 2025, reflecting a decrease of 9.7% from previous estimates [5] - The company is valued at a price-to-earnings (P/E) ratio of 14 times for 2025, aligning with the industry average [5][13]