证券研究报告 利安隆 (300596 CH) 25Q1 业绩稳健，多元布局助力成长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 化学制品 | 公司公布一季度业绩：实现收入 15 亿元，同环比+9%/+4%；归母净利润 1 亿元，同环比+0.7%/-4%，公司 25Q1 净利与我们业绩前瞻基本一致（1 亿元）。 我们维持前次盈利预测。考虑公司新建项目逐步爬坡释放，电子级 PI 与生命 科学板块产业化持续推进，预计公司未来仍有增长空间。维持"增持"评级。 25Q1 业绩稳健，助剂业务再接再厉 公司加强下游市场开拓，25Q1业绩表现稳健。一季度公司毛利率为 21.52%， 同环比基本持平；综合费用率为 12%，同环比-0.04/+1.47pct，环比增加主 要是研发费用增加所致。据公司公告，公司拟在马来西亚建设研发生产基地， 生产销售抗老化添加剂与润滑油添加剂。海外公司的设立有助于进一步落实 公司国际化战略布局，提升公司的综合竞争力和抗风险能力。据海关总署， 25Q1 辽宁省润滑油添加剂出口量 0.77 万吨， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion, particularly in Vietnam, which will enhance its market share [1][2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The operating efficiency has also shown significant improvement, with inventory turnover days decreasing by 11 days to 111 days and accounts receivable turnover days down by 2 days to 46 days [3][4]. - The Vietnam production facility, which began operations in March 2024, is expected to ramp up capacity steadily, contributing to a quick release of net profits. The second phase of the Vietnam project is scheduled for completion in 2026, which will further aid in expanding the customer base in Europe and Southeast Asia [2][3]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 980 million RMB, a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% growth [1]. - The gross margin for Q1 2025 was 38.8%, an increase of 0.91 percentage points year-on-year, while the net profit margin rose by 0.5 percentage points to 10.3% [3]. Capacity Expansion - The Vietnam facility's production capacity is expected to ramp up, with a positive order flow anticipated for Q1 2025. The second phase of the Vietnam project is projected to be completed by 2026, enhancing the company's global footprint [2][3]. Profitability and Efficiency - The company has seen a reduction in management expenses, with the management expense ratio decreasing by 1.6 percentage points to 11.4%. The overall operational efficiency has improved, as indicated by the reduced inventory and accounts receivable turnover days [3][4]. Earnings Forecast - The report maintains the earnings forecast for 2025-2027, projecting net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, reflecting its expected outperformance in market share [4].

证券研究报告 看好公司两大主业 25 年实现向好发展 1）设备类产品：24 年收入 84.45 亿元（yoy-14.9%），主因国内外部因素 短期影响行业规模增长，但 RT 业务仍凭借产品的优异性能实现收入逆势增 长（yoy+18.1%）。考虑国内政策执行边际向好、海外竞争力持续提升，看 好板块 25 年发展向上。2）维保服务：24 年收入 13.56 亿元（yoy+26.8%）， 毛利率 63.4%（yoy+1.7pct），收入占比 13.2%（yoy+3.8pct），板块经营质 量及业绩贡献度持续提升。考虑设备装机量持续提升（截至 24 年底公司全 球设备装机已超 34500 台/套），海外售后团队及本地化平台持续完善，看好 板块 25 年收入实现快速增长。 国内市场认可度持续提升，海外市场加速拓展 1）境内：24 年收入 80.34 亿元（yoy-17.5%），主因国内行业因素短期扰 动。虽国内行业规模整体增长放缓，但公司产品认可度仍持续提升；按新增 市场金额口径统计，公司 24 年位列中国影像产品（不含超声和 DSA）综合 新增市占率头名。展望 25 全年，看好公司国内业务在配置证管理优化及设 备更新 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion and market share growth [1][2]. - The acceleration of capacity release in Vietnam is anticipated to enhance the company's global footprint and customer base, particularly in the European and Southeast Asian markets. The company is also advancing its "smart manufacturing" strategy, which is expected to further boost profitability [2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The management expense ratio decreased by 1.6 percentage points to 11.4%, contributing to enhanced profitability [3]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 980 million RMB, representing a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% increase year-on-year. The company is positioned as an industry leader with significant advantages in one-stop design services and rapid response supply chains [1]. Capacity Expansion and Global Strategy - The Vietnam industrial park began production at the end of March 2024, with steady capacity ramp-up expected. The second phase of the project is projected to be completed by 2026, which will facilitate market expansion into Europe and Southeast Asia [2]. Profitability and Efficiency - The company's gross margin rose to 38.8%, and the net profit margin increased to 10.3%. The improvement in operational efficiency is evidenced by a reduction in inventory turnover days by 11 days to 111 days and accounts receivable turnover days by 2 days to 46 days [3]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, with a target price of 15.84 RMB [4].

证券研究报告 裕同科技 (002831 CH) 收入延续稳健增长，高分红优势突出 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 包装印刷 | 裕同科技发布年报及一季报：24 年公司实现营收 171.57 亿元/yoy+12.7%， 归母净利 14.09 亿元/yoy-2.1%，低于此前预期（16.44 亿元），主要系公司 策略性处置武汉艾特、广东鸿铭股权以及确认员工持股计划股份支付费用所 致。此外，1Q25 营收 36.99 亿元/同比+6.4%，归母净利 2.41 亿元/同比 +10.3%，24 年及 1Q25 公司收入稳健增长，我们判断系下游电子消费等需 求恢复，带动纸质精品包装主业营收增长。展望后续，我们认为公司作为精 品纸包装行业龙头，海外产能布局搭配市场开拓不断完善，智能制造护城河 持续构筑，看好公司竞争优势及长期成长潜力，维持"买入"评级。 纸包装主业稳健成长，海外收入表现亮眼 1）分业务看，24 年纸质精品包装营收 124.2 亿元/yoy+12.5%，我们判断 主要系下游消费电子等行业需求回 ...

证券研究报告 顾家家居 (603816 CH) 减值拖累 24 年盈利，25Q1 开局亮眼 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 家居用品 | 盈利预测与估值 考虑到内贸有待复苏，我们略下调公司 25-26 年内贸业务收入预测，新增 27 年盈利预测，预计 25-27 年归母净利分别为 18.77/20.83/22.93 亿元 （25-26 年分别较前值下调 10.2%/8.4%），对应 EPS 分别为 2.28/2.53/2.79 元，参考可比公司 25 年 Wind 一致预期 PE 均值为 11 倍，考虑公司组织管 理能力优秀，零售运营/供应链管理/仓配服等能力优势突出，给予公司 25 年 14 倍 PE，目标价 31.92 元（前值 43.18 元，基于 25 年 17 倍 PE，对应 EPS 为 2.54 元），维持"买入"评级。 风险提示：需求恢复不及预期，贸易摩擦风险，原材价格及汇率波动。 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 60.06 [8][9]. Core Insights - The company reported a revenue of RMB 8.98 billion in 2024, a year-on-year increase of 9.7%, and a net profit of RMB 700 million, up 19.8% year-on-year. The revenue exceeded previous expectations, while profit was slightly below due to an asset impairment loss of approximately RMB 240 million [1]. - In Q1 2025, the company achieved a revenue of RMB 2.61 billion, representing a year-on-year growth of 36.5%, and a net profit of RMB 250 million, also up 36.3% year-on-year. This growth is attributed to accelerated consumer goods sales and the consolidation of GRI in the medical segment [1]. - The company is expected to benefit from a dual growth strategy in consumer and medical sectors, with a strong growth momentum anticipated in 2025 [1]. Summary by Sections Consumer Products - The health and lifestyle consumer products segment generated revenues of RMB 4.99 billion in 2024 and RMB 1.34 billion in Q1 2025, with year-on-year growth rates of 17.1% and 28.8%, respectively. Key product categories such as cotton soft towels and sanitary napkins saw double-digit growth [2]. Medical Supplies - The medical supplies segment reported revenues of RMB 3.91 billion in 2024 and RMB 1.25 billion in Q1 2025, with year-on-year growth of 1.1% and 46.3%, respectively. The high base effect from infection prevention products is gradually being digested, while regular products showed strong growth [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of RMB 1.06 billion, RMB 1.30 billion, and RMB 1.59 billion for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be RMB 1.82, RMB 2.23, and RMB 2.73 [5].

证券研究报告 深城交 (301091 CH) 24 年订单高增，期待低空业务放量 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 建筑施工 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 13.2/1.1 亿元，同比 -7.3%/-34.7%，24 年业绩低于我们预期（1.6 亿元）主要系毛利率下滑及计 提信用减值损失。25Q1 公司收入/归母净利 1.8/-0.3 亿元，同比-20.8%/+0.04 亿元，毛利率同比改善带动 Q1 减亏，我们认为公司在硬件和运营领域的拓 展有望进一步打开公司未来在低空经济领域的市场空间，维持"增持"。 大数据软件及智慧交通收入快速增长，25Q1 毛利率同比改善 24 年公司大数据软件及智慧交通/工程设计与检测/规划咨询服务业务分别 实现收入 7.4/2.2/3.5 亿元，同比+27.1%/-31.8%/-30.3%，新质业务延续快 速增长；毛利率 25.4%/41.3%/42.6%，同比-1.9/-1.5/-3.0pct，毛利率下滑 主要系智慧集成业务增长 ...

证券研究报告 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 医疗器械 | 联影医疗 (688271 CH) 公 司 24 年收入 /归 母 净 利 / 扣非归母净利 103.00/12.62/10.10 亿 元 （yoy-9.7%/-36.1%/-39.3%），符合业绩快报预期。公司 24 年业绩下滑主 因国内设备更新政策落地延迟短期扰动行业需求释放，叠加公司着眼长期发 展积极强化新品研发及全球化销售能力建设。公司 1Q25 收入/归母净利/扣 非归母净利 24.78/3.70/3.79 亿元（yoy+5.4%/+1.9%/+26.1%），公司业绩 已重回增长轨道。公司 1Q25 毛利率为 49.9%（yoy+0.4pct），高端新品放 量叠加服务收入占比提升带动整体毛利率稳中有升。考虑国内设备更新政策 落地有望边际提速，叠加公司全球化推广持续发力，看好公司 25 年实现稳 健发展。维持"买入"。 看好公司两大主业 25 年实现向好发展 1Q25 业绩重回增长，看好全年发展 1）设备类产品：24 年收入 84.45 亿元（yo ...

证券研究报告 青岛啤酒 (168 HK/600600 CH) Q1 销售恢复/成本改善拉动利润稳增 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 | 4 月 29 日│中国内地/中国香港 | 饮料 | 25Q1 营 收 /归母净利润/扣非归母净利 104.5/17.1/16.0 亿元，同 比 +2.9%/+7.1%/+5.9%，业绩符合预期（我们前瞻预计 25Q1 公司营收同比 +3%，归母净利同比+8%）。收入端，25Q1 销量/吨酒收入同比+3.5 %/-0.6%， 低基数、低库存下 Q1 补库拉动销量恢复增长，春节错期导致吨酒收入同比 略降；利润端，成本红利拉动毛利率同比+1.2pct，叠加费效比提升，归母 净利率同比+0.6pct。展望来看，当前逐渐步入旺季备货期，随北方天气升 温、经济活力逐渐激活、销售增长有望提速；25 年内部高考核、重视费效 比、成本红利延续之下，收入、利润有望延续较快增长，维持"买入"评级。 销售回暖，韧性升级 25Q1 公司啤酒销量 226.1 万吨，同比+3.5%，销量恢复增长得益于下游餐 饮门店开店率、客流等同比触底趋稳，且 ...