输变电设备 金杯电工（002533.SZ） 增持-A(首次) 核心业务保持增长，持续推进产能扩张与全球化布局 2025 年 5 月 23 日 公司研究/公司快报 公司近一年市场表现 事件描述 近日，金杯电工发布 2024 年度报告。2024 年全年，公司实现营业收 入 176.69 亿元，同比增长 15.54%；实现归母净利润 5.69 亿元，同比增长 8.78%。2025 年 Q1，公司实现营业收入 40.97 亿元，同比增长 16.32%。 归母净利润为 1.36 亿元，同比增长 1.84%。 事件点评 市场数据：2025 年 5 月 22 日 收盘价（元）： 9.57 年内最高/最低（元）： 12.21/7.95 流通A股/总股本（亿）： 6.38/7.34 流通 A 股市值（亿）： 61.02 总市值（亿）： 70.24 基础数据：2025 年 3 月 31 日 核心业务持续增长，市场份额不断扩张。分业务来看，2024 年电磁线业 务出货量约 8.5 万吨，同比增长约 20%，营收突破 66 亿元，同比增长约 31%， 营收占公司总营收比重接近 40%，利润占比突破 40%。在特高压输变电领域， 公司 ...

2025 年 05 月 22 日 公司研究●证券研究报告 昆仑万维（300418.SZ） 公司快报 AI 产品矩阵逐步丰富，有助高效提升用户规模 投资要点 风险提示：政策不确定性、参股公司亏损与减值、AI 技术发展不及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,915 | 5,662 | 6,581 | 7,019 | 7,514 | | YoY(%) | 3.8 | 15.2 | 16.2 | 6.7 | 7.0 | | 归母净利润(百万元) | 1,258 | -1,595 | 3 | 28 | 51 | | YoY(%) | 9.2 | -226.7 | 100.2 | 774.3 | 83.7 | | 毛利率(%) | 78.8 | 73.6 | 69.8 | 69.3 | 68.8 | | EPS(摊薄/元) | 1.02 | -1.30 | 0.00 | 0.02 | 0.04 | | ROE(%) | 8.6 ...

Investment Rating - The investment rating for Qingdao Beer is "Outperform the Market" [6][17]. Core Viewpoints - The beer industry is experiencing a diversification in demand, leading to increased requirements for product innovation among beer companies. Consumers are increasingly pursuing high-end, healthy, personalized, and value-for-money options. From the second half of 2024, leading beer companies are accelerating product and channel innovation, such as launching low-alcohol/non-alcoholic beers and high-quality craft beers, while actively collaborating with emerging channels like instant retail and bulk snacks [2][10]. - Qingdao Beer is proactively responding to market changes by accelerating its innovation pace. The company is focusing on rapidly growing new channels, such as online e-commerce and instant retail, and has introduced a "30-minute fresh delivery" model, which has covered 29 cities nationwide. The management emphasizes that the company will enhance systematic innovation driven by technology to meet changing consumer demands and habits [3][11]. - The company is committed to developing its core beer business while gradually expanding into non-beer sectors. The acquisition of the Jimo Huangjiu business is aimed at meeting diverse consumer needs and balancing seasonal sales fluctuations between beer and Huangjiu, thereby strengthening the company's channel foundation. The management has stated that the expansion into non-beer businesses will not compromise the focus on the beer core business [3][12]. Financial Forecasts - For the years 2025-2027, Qingdao Beer is expected to achieve total revenue of 332.5 billion, 341.8 billion, and 350.3 billion yuan, respectively, with year-on-year growth rates of +3.4%, +2.8%, and +2.5%. The net profit attributable to shareholders is projected to be 47.6 billion, 51.2 billion, and 53.6 billion yuan, with growth rates of +9.7%, +7.5%, and +4.7% [4][17]. - The company is expected to maintain a profit growth rate that outpaces revenue growth, supported by continuous product structure upgrades and cost advantages throughout the year [3][17].

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [6][8]. Core Insights - The company reported a revenue of 1.35 billion yuan in 2024, representing a year-on-year growth of 27.0%, while the net profit attributable to shareholders was 220 million yuan, down 14.8% year-on-year [4][5]. - The company's revenue for Q4 2024 was 630 million yuan, showing a significant increase of 260.1% year-on-year, although the net profit for the same quarter decreased by 27.7% year-on-year [4]. - The company is actively developing new technologies in the power sector, including virtual power plants and smart microgrids, which are expected to enhance its market position [5][6]. Financial Performance - The company's revenue projections for 2025, 2026, and 2027 are 1.64 billion yuan, 1.99 billion yuan, and 2.43 billion yuan, respectively, with corresponding net profits of 240 million yuan, 320 million yuan, and 400 million yuan [6][8]. - The company's gross margin for 2024 is projected to be 30.5%, a decrease of 8.6 percentage points year-on-year, while the net margin is expected to be 15.6%, down 7.7 percentage points year-on-year [5][9]. - The company’s PE ratios for 2025, 2026, and 2027 are forecasted to be 22, 17, and 13 times, respectively, indicating a potentially attractive valuation as earnings grow [6][8]. Segment Analysis - The revenue from the system integration segment grew by 48.7% year-on-year to 1.04 billion yuan in 2024, while the construction and operation maintenance segment saw a decline of 21.6% [5]. - The gross margins for the three main segments in 2024 were 29.8% for system integration, 22.4% for construction and operation maintenance, and 66.9% for power design, reflecting varying profitability across segments [5][9]. Market Opportunities - The company is expected to benefit from the new distributed photovoltaic management regulations effective from May 1, 2025, which align with its product offerings [6][8]. - The company has secured a major project with the State Grid for controllable photovoltaic integration, positioning it well to capitalize on upcoming regulatory changes [6].

Investment Rating - The investment rating for Qingdao Beer is "Outperform the Market" [6][17]. Core Viewpoints - The beer industry is experiencing a diversification in demand, leading to increased requirements for product innovation among beer companies. Consumers are increasingly pursuing high-end, healthy, personalized, and value-for-money options. From the second half of 2024, leading beer companies are accelerating product and channel innovation, such as launching low-alcohol/non-alcoholic beers and high-quality craft beers, while actively collaborating with emerging channels like instant retail and bulk snacks [2][10]. - Qingdao Beer is proactively responding to market changes by accelerating its innovation pace. The company is focusing on rapidly growing new channels, such as e-commerce and instant retail, and has introduced a "30-minute fresh delivery" model, which has covered 29 cities nationwide. The management emphasizes systematic innovation driven by technology to adapt to changing consumer demands and habits [3][11]. - The company is committed to developing its core beer business while gradually expanding into non-beer sectors. The acquisition of a yellow wine business is aimed at meeting diverse consumer needs and balancing seasonal sales fluctuations. The management has stated that the expansion into non-beer businesses will not compromise the focus on the beer sector, which remains the company's priority [3][12]. Financial Forecasts and Performance - The company has adjusted its revenue and profit forecasts for 2025-2027, expecting total revenue of 332.5 billion, 341.8 billion, and 350.3 billion yuan, respectively, with year-on-year growth rates of +3.4%, +2.8%, and +2.5%. The expected net profit attributable to shareholders is 47.6 billion, 51.2 billion, and 53.6 billion yuan, with growth rates of +9.7%, +7.5%, and +4.7% [4][17]. - For 2024, the company anticipates total revenue of 321.4 billion yuan, a decrease of 5.3% year-on-year, with a net profit of 43.4 billion yuan, reflecting a slight increase of 1.8% [12][14]. - The company is expected to maintain a strong gross margin due to cost reductions, with a projected gross margin of 41.6% in the first quarter of 2025, up 1.2 percentage points year-on-year [16]. Market Position and Strategy - Qingdao Beer is leveraging its competitive advantages in the market, with a comprehensive product range and leading brand strength. The company's systematic innovation is expected to support its performance growth [4][17]. - The company is focusing on improving the quality of growth by actively controlling channel inventory and enhancing product freshness at the terminal level, which is expected to lead to a strong recovery in sales as it enters the peak season [3][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is forming a joint venture with Luxshare Precision to enhance its capabilities in 3D printing technology, specifically in the SLM manufacturing sector [5][8] - The joint venture aims to leverage both companies' strengths in technology and innovation to meet the growing demand for high-precision, complex metal components in various industries, including consumer electronics and automotive [8] - The global manufacturing industry is increasingly shifting towards high-end and intelligent manufacturing, with 3D printing technology being a key driver of this transformation [8] - The establishment of the joint venture is expected to improve production efficiency, shorten product development cycles, and meet market demands for customized products [8] - The company maintains its profit forecasts for 2025-2026 and introduces a new forecast for 2027, expecting net profits of 1.721 billion, 2.297 billion, and 2.959 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 41.0%, 33.5%, and 28.8% [7][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 11.709 billion yuan in 2024 to 28.156 billion yuan in 2027, with a compound annual growth rate of approximately 27.8% [7][10] - The company's gross profit margin is expected to remain stable around 22% over the forecast period [7] - The return on equity (ROE) is projected to increase from 12.0% in 2024 to 18.1% in 2027, indicating improved profitability [7]

2025 年 05 月 22 日 伊利股份（600887.SH） 食品饮料/食品加工 公司有效去化库存，单季营收有望触底回升 ——伊利股份 2024 年年报 2025 年一季报点评 公司点评 公司表示行业供需方面，短期内乳品消费规模较 2023 年同期有所缩减，乳品 市场处于阶段性的供给过剩，导致供需不平衡，带动乳品零售价格下行。2024 年四季度，基于对 2025 年需求偏谨慎的判断，公司坚持低渠道库存的策略， 并且进一步优化了终端产品的新鲜度水平。2025 年 1 月公司液奶渠道库存的 稳中有降，终端产品价盘的持续坚挺，以及经销商进货意愿的提升。从 24 年下半年开始，上游产能处在持续优化过程中，目前这个趋势还在延续。2025 年原奶的供需格局，整体来看会比 2024 年好一些。特别是三季度有双节，预 计原奶供需能够实现阶段性平衡。 品牌优势地位稳固，强化全渠道管理，公司持续推动产品结构升级 2024 年，凯度 BrandZ 最具价值全球品牌榜发布，"伊利"品牌价值连续多 年蝉联全球乳业第一。公司布局液态奶、乳饮料、奶粉、酸奶、冷冻饮品、 奶酪、黄油、稀奶油等多个品类，并持续推动乳品供给结构升级。 尼尔森 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook on its performance and growth potential [6][9]. Core Views - The company is positioned to benefit from the expanding demand for high-performance rare earth permanent magnets, particularly driven by the growth in the electric vehicle and robotics sectors. The report highlights that the company has a competitive edge due to its scale, profitability, and technological advantages [8][11][35]. Summary by Sections 1. Demand for High-Performance Rare Earth Permanent Magnets - The demand for high-performance rare earth permanent magnets is expected to continue expanding, driven by applications in consumer electronics, variable frequency air conditioners, energy-saving elevators, industrial robots, wind power, and new energy vehicles. The global market demand for high-performance rare earth permanent magnets is projected to reach 10.3/11.4/12.9/14.2 million tons from 2024 to 2027, with a CAGR of 11% [8][15][24]. 2. Company’s Competitive Advantages - The company is recognized as a leading player in the magnetic materials sector, benefiting from scale effects, profitability, and technological advantages. Its production capacity is expected to increase from 23,000 tons in 2023 to 40,000 tons in 2025, and further to 60,000 tons by 2027. The company has also invested in a new project in Mexico to enhance its production capabilities for magnetic components [35][42][43]. 3. Profit Forecast and Valuation - The report forecasts the company's revenue to reach 87.9 billion RMB in 2025, with net profits of 5.5 billion RMB, and projects continued growth through 2027. The price-to-earnings (P/E) ratios for the company are estimated to be 50, 42, and 31 for the years 2025, 2026, and 2027, respectively [7][47][50].

上 市 公 司 机械设备 2025 年 05 月 23 日 锐科激光 (300747) ——Q1 主业订单回暖，期待特种及高端业务放量 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 22 日 | | --- | --- | | 收盘价（元） | 20.15 | | 一年内最高/最低（元） | 27.19/13.28 | | 市净率 | 3.5 | | 股息率%（分红/股价） | 0.75 | | 流通 A 股市值（百万元） | 10,177 | | 上证指数/深证成指 | 3,380.19/10,219.62 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.80 | | 资产负债率% | 37.02 | | 总股本/流通 A 股（百万） | 565/505 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-22 06-22 07-22 08-22 09-22 10-22 11-22 12-22 01-22 0 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Viewpoints - The company is actively implementing ESG principles, showcasing its commitment to social responsibility and sustainable development [3][4]. - In 2024, the domestic natural gas production of the company is expected to account for 54.4% of its total oil and gas equivalent production, indicating an optimization of its energy structure [2]. - The company has set ambitious goals for its renewable energy business, aiming for a 7% share of its total capacity by 2025 and a balanced division between renewable and oil and gas businesses by 2035 [4][22]. Summary by Relevant Sections ESG Development - The company has established a comprehensive ESG governance system and is committed to long-term planning in ESG development [3][11]. - The company integrates ESG principles into its overall development strategy and operational management, with a structured governance framework involving the board of directors and specialized committees [11][13]. Renewable Energy and Low-Carbon Transition - The company is rapidly advancing in its renewable energy business, with a 21.7% year-on-year increase in new energy investments and a doubling of wind and solar power generation [2][26]. - The company has launched the "Green Low-Carbon Development Action Plan 3.0," focusing on clean energy development and carbon neutrality [4][22]. - By 2024, the company plans to invest 24.05 billion yuan in renewable energy, reflecting a significant commitment to low-carbon technologies [26]. Social Responsibility - The company actively participates in ensuring energy security and contributes to rural revitalization, with over 1,000 projects across 28 provinces [45][47]. - The company emphasizes employee welfare and development, fostering a harmonious labor relationship and enhancing employee satisfaction [45][49]. Financial Projections - The company is projected to achieve net profits of 167.4 billion yuan, 170.9 billion yuan, and 174 billion yuan for the years 2025, 2026, and 2027, respectively, with diluted EPS of 0.91, 0.93, and 0.95 yuan [58].