证券研究报告 | 公司深度 | 农产品加工 保龄宝(002286) 报告日期：2025 年 05 月 08 日 产品结构优化驱动盈利改善，功能糖龙头再谱新篇章 ——保龄宝深度报告 投资要点 ❑ 要点一 引入职业经理人助力公司改革，产品结构优化驱动盈利改善。公司成立于 1997 年，是国内功能糖和营养补充剂产品矩阵最为丰富的企业之一，公司现已构成由 淀粉糖—减糖甜味剂—益生元—膳食纤维—特种功能性食品原料的五层产品矩 阵。在经历了 2019 年赤藓糖醇爆火后的冲高回落，公司在管理层中引入职业经 理人，在行业下行期积极调整经营策略和产品结构，在优化成本的同时推出高附 加值及差异化产品，助力公司去年实现利润的触底反弹，毛利率得到显著改善。 ❑ 要点二 赤藓糖醇反倾销受益标的，关注阿洛酮糖国内增量市场。赤藓糖醇在经历 21 年 元气森林爆火后，随着新增产能投产，价格冲高回落至景气度底部，当前行业格 局趋于稳定，全球仅中国、欧洲和美国拥有产能，公司目前拥有 3 万吨/年的产 能，受益于公司是欧盟反倾销税率最低的国内企业，预计公司赤藓糖醇在欧洲市 场有望迎来量价齐升，根据我们的测算，公司在欧洲的边际最优定价为 1.58 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 640 million yuan in Q1 2025, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 86 million yuan, which is a 69% increase year-on-year [1] - In 2024, the company achieved a revenue of 2.98 billion yuan, up 39% year-on-year, and a net profit of 430 million yuan, reflecting a 54% year-on-year growth [1] - The company’s sales net profit margin for 2024 was 14.5%, an increase of 1.4 percentage points year-on-year, and the weighted ROE was 14.2%, up 2.6 percentage points year-on-year [1] - The revenue from electric golf carts grew over 9 times in 2024, while electric bicycles and off-road motorcycles saw growth rates exceeding 40% [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 640 million yuan and a net profit of 86 million yuan, marking a 23% and 69% increase year-on-year respectively [1] - For the full year 2024, the company reported a revenue of 2.98 billion yuan and a net profit of 430 million yuan, with year-on-year growth rates of 39% and 54% respectively [1] - The company’s sales net profit margin for 2024 was 14.5%, and the weighted ROE was 14.2% [1] Product Segments - The revenue from smart electric low-speed vehicles in 2024 was 1.89 billion yuan, a 48% increase year-on-year, with electric golf carts contributing 810 million yuan, a staggering 935% increase [2] - The revenue from special vehicles in 2024 was 920 million yuan, with all-terrain vehicles generating 740 million yuan (up 19%) and off-road motorcycles generating 190 million yuan (up 52%) [2] Market Position and Strategy - The company is expected to strengthen its market position as the competitive landscape improves, with its market share likely to increase despite challenges in exports to the U.S. due to high tariffs [3] - The company has established a leading position in overseas production capacity, with factories planned in the U.S., Vietnam, and Thailand, enhancing its core competitiveness [3] Earnings Forecast and Valuation - The company’s projected revenues for 2025, 2026, and 2027 are 3.79 billion yuan, 4.52 billion yuan, and 5.30 billion yuan, respectively, with year-on-year growth rates of 27%, 19%, and 17% [4] - The net profit attributable to shareholders is expected to be 573 million yuan, 692 million yuan, and 826 million yuan for the same years, with growth rates of 33%, 21%, and 19% respectively [4]

证券研究报告 | 浙商早知道 浙商早知道 2025 年 05 月 09 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要观点 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 报告日期：2025 年 05 月 09 日 1、所在领域 固收 ❑ 大势：周四上证指数上涨 0.3%，沪深 300 上涨 0.6%，科创 50 下跌 0.4%，中证 1000 上涨 0.8%，创业板指上涨 1.7%，恒生指数上涨 0.4%。 ❑ 行业：周四表现最好的行业分别是通信（+2.6%)、国防军工（+2.6%)、电力设备（+1.6%)、银行（+1.1%)、机械 设备（+1.0%)，表现最差的行业分别是美容护理（-1.0%)、有色金属（-0.4%)、钢铁（-0.4%)、石油石化（- 0.3%)、交通运输（-0.2%)。 ❑ 资金：周四沪深两市总成交额为 12934 亿元，南下资金净流出 23.9 亿港元。 ❑ 【浙商固收 覃汉】债券市场专题研究：如何看待 507 一揽子货币政策措 ...

证券研究报告 | 公司点评 | 化学制药 投资要点 ❑ 盈利能力： 高盈利持续，利润弹性或逐步释放 2024 年公司毛利率为 70.22%，同比下降 7.85pct，主要和毛利率较低的福立仪器 并表影响有关，核心产品色谱填料和层析介质毛利率为 81.56%，同比略降 2.39pct。我们认为公司通过前期的高研发投入已有相对充分的新品储备能够抵御 市场竞争加剧风险，且公司稀缺的核心原料微球自产能力将进一步凸显，看好核 心产品毛利率维持高水平。费用端来看，2024 年公司三费受到福立仪器并表影 响以及股份支付费用影响表观依然出现了较大增长，2025 年后随着部分影响因 素消除，以及规模效应的逐步体现，看好公司利润端弹性释放。 ❑ 经营质量分析：看好经营性现金流持续优化 2024 年公司经营活动产生的现金流量净额为 1.33 亿元，同比增长 5.99%，延续 了较好的经营质量。2025 年一季度公司经营活动产生的现金流量净额为-530.26 万元，同比变化较大，主要系支付员工年度绩效奖金和进行部分采购备货所致。 账期方面，2024 年公司应收周转天数为 117 天，同比缩短约 14 天，2025 年一季 度公司应收 ...

证券研究报告 | 公司点评 | 化学制药 新机遇下看好利润拐点 ——纳微科技 2024 年报&2025 年一季报点评报告 投资要点 ❑ 盈利能力： 高盈利持续，利润弹性或逐步释放 2024 年公司毛利率为 70.22%，同比下降 7.85pct，主要和毛利率较低的福立仪器 并表影响有关，核心产品色谱填料和层析介质毛利率为 81.56%，同比略降 2.39pct。我们认为公司通过前期的高研发投入已有相对充分的新品储备能够抵御 市场竞争加剧风险，且公司稀缺的核心原料微球自产能力将进一步凸显，看好核 心产品毛利率维持高水平。费用端来看，2024 年公司三费受到福立仪器并表影 响以及股份支付费用影响表观依然出现了较大增长，2025 年后随着部分影响因 素消除，以及规模效应的逐步体现，看好公司利润端弹性释放。 ❑ 经营质量分析：看好经营性现金流持续优化 2024 年公司经营活动产生的现金流量净额为 1.33 亿元，同比增长 5.99%，延续 了较好的经营质量。2025 年一季度公司经营活动产生的现金流量净额为-530.26 万元，同比变化较大，主要系支付员工年度绩效奖金和进行部分采购备货所致。 账期方面，2024 年公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's performance in Q1 2025 shows resilience with a revenue increase of 25% and a profit increase of 44%, despite a challenging 2024 impacted by asset impairment [1][3] - The revenue structure indicates a shift towards traditional gold, while fashion jewelry and leather goods face pressure; however, the franchise business is experiencing significant growth [1][2] - The company is expected to maintain a strong growth trajectory, with revenue forecasts of 81 billion, 92 billion, and 103 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 14%, and 11% [3][4] Revenue and Profit Analysis - In 2024, the company reported a revenue of 6.52 billion (up 10.5% year-on-year) and a net profit of 194 million (down 42% year-on-year) due to impairment losses [1][4] - For Q4 2024, the revenue was 1.66 billion (up 18.4% year-on-year), but the net profit turned negative at -120 million, primarily due to a 210 million asset impairment loss [1] Store Expansion and Market Position - The company expanded its store count by 129 in 2024, reaching a total of 1,505 stores, with a notable increase in franchise stores [2] - The average GMV for franchise stores showed double-digit growth, indicating strong confidence among franchisees in the brand [2] Financial Forecasts - The company is projected to achieve a net profit of 4.8 billion, 5.6 billion, and 6.4 billion for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 148%, 17%, and 15% [3][4] - The expected P/E ratios for the next three years are 17.5, 15.0, and 13.1 [3][4] Profitability Metrics - The gross margin for 2024 was 23.6%, down 2.5 percentage points year-on-year, while the net profit margin improved to 3.0% [10] - In Q1 2025, the gross margin was 22.9%, down 2.0 percentage points year-on-year, but the net profit margin increased to 8.4% [10]

25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 ❑ 盈利预测与估值 公司是特种宽带通信龙头，前瞻布局卫星通信领域，考虑到短期客户订单节奏， 我们预计公司 2025-2027 年归母净利润为 1.05 亿元/2.46 亿元/4.46 亿元，对应 25 年 PE 为 129，公司积极打造卫星新成长点，维持"买入"评级。 ❑ 风险提示 军用宽带市场发展不及预期；市场竞争加剧的风险；卫星互联网发展不及预期 上海瀚讯(30076 ...

源杰科技(688498) 报告日期：2025 年 05 月 08 日 25Q1 快速增长，数通占比持续提升 ——源杰科技 2024 年年报&2025 年一季报点评 投资要点 ❑ 25Q1 快速增长，打造电信+数通双引擎 2024 年，公司营收 2.52 亿元，同比+74.6%，归母净利润-0.06 亿元，同比- 131.5%。毛利率 33.32%，同比-8.56pct。净利率-2.43%，同比-15.92pct。2025 年 Q1，公司营收 0.84 亿元，同比+40.5%，归母净利润 0.14 亿元，同比+35.9%，毛 利率 44.64%，同比+9.8pct，净利率 16.97%，同比-0.57pct。费用端持续向研发和 销售倾斜。公司在深耕电信市场的基础上，积极把握 AI 发展带来的数通市场机 遇，加速向"电信+数通"双轮驱动的高端光芯片解决方案供应商转型。 ❑ 数通业务占比有望持续提升，CW 光源批量出货 2024 年，公司数据中心及其他业务实现营收 4804 万元，同比+919%，毛利率为 71.04%，同比-13.9pct。在 AI 算力需求爆发的背景下，公司在 AI 数据中心市场 实现突破，尤其 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company's revenue met expectations, but financial expenses temporarily suppressed profit release. The company achieved an operating income of 79.024 billion yuan in 2024, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.572 billion yuan, a year-on-year decrease of 25.23% [1] - The subsidiary, New H3C, benefited from domestic AI infrastructure, with its revenue growing by 6.04% to 55.074 billion yuan in 2024, and a significant increase of 26.07% in Q1 2025 [2] - The company experienced a substantial increase in inventory and contract liabilities, indicating potential overperformance in AI server market share and profits [3] Financial Performance - In Q1 2025, the company reported an operating income of 20.79 billion yuan, a year-on-year increase of 22.25%, while the net profit attributable to shareholders was 349 million yuan, a decrease of 15.75% [1] - The financial pressure was attributed to the acquisition agreement of New H3C, which increased financial expenses significantly [4] - The company is advancing its H-share listing, which may alleviate financial pressure and support global expansion [5] Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2.14 billion yuan, 2.81 billion yuan, and 3.13 billion yuan, respectively, with corresponding PE ratios of 34, 26, and 23 [6]

证券研究报告 | 公司点评 | 通信设备 佳讯飞鸿(300213) 报告日期：2025 年 05 月 08 日 AI+铁路核心标的，5G-R 加速落地 ——佳讯飞鸿 2024 年报及 2025 一季报点评报告 投资要点 ❑ 事件：公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营收 11.54 亿 元，同比+2.70%；归母净利 7415 万元，同比+10.52%。其中，24Q4 实现收入 4.17 亿元，同比-6.83%；归母净利润 3740 万元，同比+9.71%。 25Q1，公司实现收入 1.17 亿元，同比-32.09%；归母净亏损 2553 万元，主要系 一季度为铁路装备行业和公司淡季，叠加公司部分订单执行周期影响导致一季度 收入下滑，亏损有所扩大。 ❑ 交通行业：铁路投资高位增长，海外拓展重大突破 ❑ 盈利预测与估值 公司交通业务基本盘稳固，但政府及国防领域收入/订单存在不确定性，因此我 们预计 25-27 年公司归母净利润分别为 0.83、1.08、1.47 亿元，同比+11%、 +31%、+36%，对应 25-27 年 PE 分别为 58、45、33 倍，维持"买入"评级 ...