公司报告 | 年报点评报告 东南网架（002135） 证券研究报告 现金流仍表现优异，看好公司新能源&海外业务拓展 营收、利润短暂承压 25Q1 公司实现收入 24.37 亿，同比-18.94%，归母净利润为 0.47 亿，同比 -47.44%，扣非净利润为 0.41 亿，同比-43.88%，Q1 盈利下滑主要系毛利率 下降、期间费用率上升。24 年公司实现收入 112.42 亿，同比-13.49%，归 母净利润为 1.90 亿，同比-42.17%，扣非净利润为 1.56 亿，同比-49.1%， 非经常性损益为 0.34 亿，同比增加 0.12 亿。24Q4 单季实现收入 21.52 亿， 同比-32.16%，归母净利润 0.3 亿，同比-51.60%。 工程总承包业务增速较快，双引擎驱动助力公司发展 分业务来看，公司 2024 年工程总承包、钢结构分包、化纤业务分别实现收 入 34.68 亿、43.77 亿、31.24 亿，同比+47.80%、-38.33%、-2.33%，毛利率 分别为 9.75%、15.45%、1.62%，同比-2.53pct、+1.79pct、-0.71pct。24 年 公司综合毛利率 ...

均胜电子(600699) 报告日期：2025 年 05 月 22 日 证券研究报告 | 公司深度 | 汽车零部件 全球汽车安全+电子头部 Tier 1，人形机器人有望打开成长空间 ——均胜电子深度报告 投资要点 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 55,864 | 64,530 | 66,450 | 71,023 | | (+/-) (%) | 0.2% | 15.5% | 3.0% | 6.9% | | 归母净利润 | 960 | 1,534 | 1,833 | 2,161 | | (+/-) (%) | -11.3% | 59.7% | 19.5% | 17.9% | | 每股收益(元) | 0.7 | 1.1 | 1.3 | 1.5 | | P/E | 28.4 | 17.8 | 14.9 | 12.6 | | ROE | 4.9% | 7.4% | 8.2% | 8.9% | 资料来源：Wind，浙商证券研究所 投资评级: 买入(维持) 分析 ...

证券研究报告 | 公司深度 | 汽车零部件 均胜电子(600699) 报告日期：2025 年 05 月 22 日 全球汽车安全+电子头部 Tier 1，人形机器人有望打开成长空间 ——均胜电子深度报告 投资要点 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 55,864 | 64,530 | 66,450 | 71,023 | | (+/-) (%) | 0.2% | 15.5% | 3.0% | 6.9% | | 归母净利润 | 960 | 1,534 | 1,833 | 2,161 | | (+/-) (%) | -11.3% | 59.7% | 19.5% | 17.9% | | 每股收益(元) | 0.7 | 1.1 | 1.3 | 1.5 | | P/E | 28.4 | 17.8 | 14.9 | 12.6 | | ROE | 4.9% | 7.4% | 8.2% | 8.9% | 资料来源：Wind，浙商证券研究所 投资评级: 买入(维持) 分析 ...

证券研究报告 | 公司点评 gszqdatemark 2025 05 22 年 月 日 青岛啤酒（600600.SH） 跨界扩张，旺季发力 事件：近日公司召开 2024 年年度股东大会，新任董事长姜宗祥先生主持 会议并就公司近况进行交流。 啤酒：核心大单品为基，产品推新旺季发力。产品端公司持续推进青岛啤 酒主品牌"1+1+1+2+N"组合发展，核心大单品经典等继续做大做强， 高端及超高端系列目标更高增速。近年公司推出"奥古特 A 系列、尼卡希 白啤、无醇啤酒系列、轻干啤酒"等新品，丰富不同价格带、多元口味矩 阵，无醇、轻干等产品顺应健康消费大趋势，把握细分市场需求。区域来 看，公司加速推进"一纵两横"战略带市场建设与布局，完善渠道网络。 25Q1 啤酒淡季公司平稳过渡，旺季将加大市场开拓力度、发力产品结构 升级，量价或取得更优表现。 非啤酒：横向拓展多元酒饮，黄酒淡旺季互为补充。5 月 8 日公司公告收 购即墨黄酒 100%股权，收购对价 6.65 亿元。黄酒业务的补充为公司横向 拓展多元酒饮业务上的重要一步，黄酒与啤酒销售淡旺季互为补充，缓解 淡季销量占比偏低问题。同时黄酒销售网络及渠道等可与公司啤酒优势市 ...

Investment Rating - The report indicates a strong investment rating for the company, highlighting its high dividend payout ratio of 68% and record profits [37]. Core Insights - The company, Xizhuang Co., specializes in high-end heat exchange pressure vessels, successfully replacing imported products and entering the global market, including partnerships with Fortune 500 companies [1][19]. - The company has achieved significant milestones in 2024, including collaborations with major clients like Shell and BASF, and has expanded its international presence to over 20 countries [29][19]. - The revenue structure shows a strong reliance on heat exchange pressure vessels, which accounted for 79% of total revenue in 2024, with a notable increase in sales from the petrochemical sector [16][26]. Summary by Sections Company Overview - Xizhuang Co. has been engaged in metal pressure vessel manufacturing for over 30 years, focusing on high-value products like high-throughput heat exchangers, benefiting from a collaborative model with East China University of Science and Technology [5][7]. Product and Market Position - The company has a competitive edge in high-throughput heat exchangers, with a gross margin of approximately 46% in 2022, significantly higher than other standard products [13][14]. - The company has established a strong client base, including major players in the oil and gas industry, and has been recognized as a strategic supplier for Shell [19][21]. Financial Performance - In 2024, the company reported a revenue of 1.53 billion yuan, marking a 22.85% increase from the previous year, with a notable rise in net profit by 79% to 250 million yuan [31][26]. - The company has maintained a healthy cash flow, generating 1.19 billion yuan from operating activities from 2018 to 2024, with a free cash flow of 690 million yuan after capital expenditures [34][35]. Strategic Initiatives - The company is committed to an internationalization strategy, focusing on high-end markets and expanding its footprint globally, which has resulted in a higher export ratio compared to peers [23][19]. - Recent projects include significant deliveries to major international clients, enhancing the company's reputation and market reach [29][19].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on continuous R&D investment to seize opportunities in the automotive and industrial markets. The domestic substitution trend is seen as a significant opportunity for manufacturers in these sectors. The automotive business is expected to grow by 179% in 2024, with revenue contribution exceeding 3% [4][6] - The company has launched multiple new products in the automotive and industrial sectors, leveraging its advantages in consumer electronics. It aims to expand its customer base both domestically and internationally [4] - High R&D investment is driving product innovation, with R&D expenses expected to reach 437 million yuan in 2024, a 49.25% increase year-on-year, accounting for 17.01% of revenue [5] Financial Projections - Revenue projections for the company are 3.34 billion yuan in 2025, 4.37 billion yuan in 2026, and 5.68 billion yuan in 2027, with corresponding net profits of 331.99 million yuan, 452.43 million yuan, and 602.85 million yuan respectively [6][8] - The company is expected to maintain a strong growth rate, with revenue growth rates of 44.19% in 2024, 30.22% in 2025, and around 30% in the following years [8][10] - The company's earnings per share (EPS) is projected to increase from 0.72 yuan in 2024 to 1.42 yuan in 2027 [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q1 2025, with operating income of 18.495 billion yuan (up 5.63% YoY) and net profit attributable to ordinary shareholders of 7.417 billion yuan (up 5.76% YoY) [4] - The total assets reached 3.40 trillion yuan (up 17.58% YoY), with a non-performing loan (NPL) ratio of 0.76% (unchanged QoQ) and a provision coverage ratio of 370.54% (down 18.81 percentage points QoQ) [4] - The net interest margin (NIM) for Q1 was 1.80% (down 10 basis points YoY) [4] - The company has shown strong growth in corporate loans, while personal loan growth remains constrained by demand [4] - Deposit growth has been robust, benefiting from regional economic conditions and fiscal support [4] - The company maintains a cautious approach to non-performing loan recognition and disposal, reflecting its prudent management philosophy [5] - Earnings forecasts have been adjusted, with expected operating income for 2025-2027 at 71.402 billion, 76.912 billion, and 84.322 billion yuan respectively [5] Summary by Sections Financial Performance - Q1 2025 operating income was 18.495 billion yuan, a 5.63% increase YoY, and net profit was 7.417 billion yuan, a 5.76% increase YoY [4] - Total assets reached 3.40 trillion yuan, up 17.58% YoY, with an NPL ratio of 0.76% [4] Loan and Deposit Growth - Corporate loan growth was strong, driven by good regional economic demand, while personal loans saw a slight decline [4] - Deposits grew significantly, outpacing M2 growth, supported by strong customer retention and fiscal policies [4] Interest Margin and Investment - The NIM for Q1 was 1.80%, reflecting a slight decrease due to market conditions [4] - Investment income was impacted by market fluctuations, but the company’s professional investment capabilities are expected to provide resilience [5] Asset Quality - The overall asset quality remains stable, with a cautious approach to recognizing and managing non-performing loans [5] - The company reported a provision for loan losses of 4.701 billion yuan, a record high for a single quarter, indicating a proactive stance on risk management [5] Earnings Forecast - Adjusted earnings forecasts for 2025-2027 predict operating income of 71.402 billion, 76.912 billion, and 84.322 billion yuan, with net profits of 29.211 billion, 31.598 billion, and 34.823 billion yuan respectively [5]

公司研究 证 券 研 究 报 告 国轩高科（002074）2024 年报及 2025 年一季报点评 推荐（维持） 营收增长显著，盈利大幅提升 目标价：29.79 元 事项： ❖ 公司发布的 2024 年年报及 2025 年一季报显示，2024 年公司实现营收 353.92 亿元，同比+11.98%，归母净利润 12.07 亿元，同比+28.56%；扣非后净利润 2.63 亿元，同比+125.86%。2025 年一季度实现营收 90.55 亿元，同比+20.61%； 利润总额达到 0.99 亿元，同比+787.43%；实现归母净利润 1.01 亿元，同比 +45.55%。 评论： | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 35,392 | 43,023 | 52,451 | 64,932 | | 同比增速(%) | 12.0% | 21.6% | 21.9% | 23.8% | | 归母净利润(百万) | 1,207 | 1,358 | 1,790 | 2,657 | | 同比增 ...

业绩稳健增长，持续推进战略转型 ——九州通 24 年报及 25 年一季报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 根据 2024 年报，我们下调收入、毛利率和费用率预测，调整 2025-27 年每股收益预 测分别为 0.54/0.59/0.65（原预测 25-26 年为 0.53/0.58）元，根据可比公司给予 25 年 13 倍 PE，对应的目标价为 7.02 元，维持"买入"评级。 风险提示 医保和药品比价政策风险；应收账款回款不及时风险；行业竞争加剧风险；盈利能力 下滑风险等 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 150,140 | 151,810 | 162,732 | 174,346 | 186,714 | | 同比增长 (%) | 6.9% | 1.1% | 7.2% | 7.1% | 7.1% | | 营业利润(百万元) | 3,023 | 3,635 | 3,775 | 4,170 | 4,59 ...

Investment Rating - The report maintains a "Buy" rating for the company [10][12]. Core Insights - In 2024, driven by the AI wave, major internet companies are increasing their capital expenditures, leading to a resurgence in large-scale IDC tenders. By 2025, tighter national controls will further reduce supply, accelerating the improvement of the IDC supply-demand landscape, indicating an industry turning point. The company, as a veteran IDC provider, adheres to a dual-engine strategy of IDC and cloud computing, with cloud computing contributing core revenue growth and IDC business contributing core profit growth. The company has a stable cloud computing business tied to AWS and is set to secure major client orders in 2024, with ample resource reserves and potential for growth in Southeast Asia. Additionally, the company's debt ratio is significantly lower than its peers, providing ample financing space to benefit from the current IDC industry reversal [4][10][24]. Company Overview - The company was established in 1999, initially focusing on internet broadband access, and began IDC operations in Beijing in 2001. It has expanded its data center business through acquisitions and self-construction. In 2016, the company partnered with Amazon to operate AWS in China, marking its entry into the cloud computing sector. The company operates under a dual-engine model of "IDC + Cloud Computing," providing comprehensive digital infrastructure services [7][19]. IDC Market Dynamics - The IDC demand primarily stems from data storage and computing, with the internet being the main demand source. The IDC industry has experienced a supply-demand imbalance since 2020 due to increased supply from the "new infrastructure" policy and a slowdown in demand from major internet companies. However, in 2024, the AI wave is expected to drive renewed capital expenditures from internet giants, leading to a recovery in the IDC supply-demand balance and stabilization of prices [8][40]. Financial Performance - The company's revenue has remained stable, with a gradual recovery in performance since 2022. In 2024, the company achieved revenue of 7.28 billion, a year-on-year decrease of 7.31%, with net profit attributable to shareholders of 381 million, down 1.68% year-on-year. The IDC business revenue was 2.09 billion, down 5.9%, while cloud computing revenue was 5.1 billion, down 8.0% [24][26][27]. Business Strategy - The company maintains a dual-engine strategy with cloud computing contributing over 70% of revenue and IDC business accounting for 25%-30%. The IDC business is the core profit contributor, with a gross margin of over 60%. The cloud computing business has been stable, leveraging its long-term partnership with AWS to provide comprehensive services [26][27][38]. Growth Potential - The company is well-positioned for future growth, with significant resource reserves and a strategic focus on expanding into Southeast Asia. The low debt ratio enhances its ability to finance rapid expansion in the capital-intensive IDC sector [10][9][24].