Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 5.20 based on a projected 20x PE for 2025 [1][11]. Core Insights - The company's performance is under pressure due to declining electricity prices and impairment losses, but the sale of hydropower assets is expected to improve earnings in 2025. As a leader in green energy, the company has a solid project pipeline for future growth [4][11]. Financial Summary - **Revenue Projections**: The company is expected to generate revenues of RMB 29.72 billion in 2024, increasing to RMB 34.77 billion in 2025, reflecting a year-on-year growth of 12.1% and 17.0% respectively [2][11]. - **Net Profit**: The net profit attributable to shareholders is projected to be RMB 6.11 billion in 2024, with a recovery to RMB 7.52 billion in 2025, after a decline of 14.8% in 2024 due to impairment losses [2][11]. - **Earnings Per Share (EPS)**: EPS is expected to be RMB 0.21 in 2024 and RMB 0.26 in 2025, indicating a gradual recovery [2][11]. Operational Highlights - **Installed Capacity**: As of the end of 2024, the company has 16.44 GW of installed capacity under construction, including 4.87 GW of wind power and 7.45 GW of solar power, which supports its growth strategy [4][11]. - **Revenue Breakdown**: Wind power revenue is projected at RMB 19.82 billion in 2024, while solar power revenue is expected to reach RMB 9.12 billion, showing significant growth in the solar segment [4][11]. Market Position - The company is recognized as an industry leader with significant advantages in offshore wind power, justifying a valuation premium compared to peers [1][11].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][13]. Core Views - The company reported a revenue of 1.6 billion yuan and a net profit of 190 million yuan for 2024, reflecting a year-on-year decline of 13.9% and 5.3% respectively. The first quarter of 2025 showed a slight revenue decrease of 1.4% year-on-year [1][3]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, resulting in a dividend payout ratio of 59.3% for 2024 [1]. - The company is focusing on expanding its second growth curve, with new product launches and technology advancements in areas such as AI and automotive seating [7]. Financial Performance Summary - For 2024, the company achieved total revenue of 1,597 million yuan, with a projected growth of 4.2% in 2025, reaching 1,664 million yuan [3]. - The net profit for 2024 was 192 million yuan, with an expected increase to 200 million yuan in 2025, reflecting a growth rate of 4.0% [3]. - The gross margin for 2024 was reported at 31.7%, with an improvement expected in 2025 [7]. - The company’s earnings per share (EPS) for 2024 is projected at 1.08 yuan, increasing to 1.13 yuan in 2025 [3]. Market and Product Insights - The sales of massage chairs and small massage appliances faced challenges in 2024, with revenues of 152 million yuan and 5 million yuan respectively, down 14.1% and 28.6% year-on-year [7]. - The domestic market saw a revenue decline of 19.1%, while the overseas market experienced a mixed performance, with a notable 60% growth in cross-border e-commerce through Amazon [7]. - The first quarter of 2025 showed signs of recovery in the domestic and Korean markets, with revenue increases of approximately 8% and 25% respectively [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 1.443 billion yuan, a year-on-year growth of 85%, and net profit of 730 million yuan, a year-on-year growth of 144% [2][4]. - In Q1 2025, the company achieved revenue of 366 million yuan, a year-on-year increase of 62.5%, and net profit of 169 million yuan, a year-on-year increase of 66% [2][4]. - The company is expected to continue its high growth trajectory, driven by high-value products and new product launches, particularly in the aesthetic medicine sector [9]. Summary by Sections Financial Performance - In 2024, the company's revenue from single materials and functional skincare products reached 1.128 billion yuan and 142 million yuan, respectively, with year-on-year growth of 99.7% and 86.8% [9]. - The gross profit margin for 2024 improved by 1.9 percentage points to 92%, while the net profit margin increased by 12.3 percentage points [9]. - For Q1 2025, the gross profit margin was 46%, continuing the upward trend [9]. Business Highlights - The company expanded its market presence, doubling the number of medical beauty institutions covered to 4,000, with clinical applications exceeding 2 million units [9]. - The new product "Recombinant Type III Humanized Collagen Gel for Injection" received regulatory approval, which is expected to enhance the company's market position in aesthetic applications [9]. Future Outlook - The company forecasts EPS of 13.00, 17.86, and 23.62 yuan per share for 2025, 2026, and 2027, respectively, indicating strong growth potential [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [7]. Core Insights - The company achieved a revenue of 160.4 billion yuan in Q1 2025, a year-on-year increase of 35%, while net profit attributable to shareholders was 5.2 billion yuan, up 25% year-on-year [5]. - The cloud computing business has shown strong momentum, with revenue growth exceeding 50% year-on-year in Q1 2025, driven by AI and general server sales [6]. - The company is expected to benefit from the growing demand for AI, with projected revenues of 758.7 billion yuan, 955.8 billion yuan, and 1,195.1 billion yuan for 2025, 2026, and 2027 respectively [7]. Financial Performance Summary - For 2024, the company reported revenues of 609.1 billion yuan, a 28% increase year-on-year, and a net profit of 23.2 billion yuan, up 10% year-on-year [5]. - The projected financials for 2025 to 2027 include revenues of 758.7 billion yuan, 955.8 billion yuan, and 1,195.1 billion yuan, with net profits of 29.2 billion yuan, 35.5 billion yuan, and 45.1 billion yuan respectively [9]. - The company’s gross margin is expected to decline slightly from 7.3% in 2024 to 6.3% by 2027, while ROE is projected to improve from 15.2% to 17.3% over the same period [9].

Investment Rating - The report has downgraded the investment rating to "Recommended" with a target price of 7.91 CNY, down from the previous rating [2][3][7]. Core Views - The company has actively reduced inefficient businesses and returned to positive growth in Q1 2025, with a revenue increase of 12.1% year-on-year [2]. - The company focuses on optimizing product categories and enhancing channel capabilities, with significant revenue contributions from both traditional and non-traditional channels [2][7]. - Despite ongoing pressure on profitability, the company is expected to improve its net profit margins and maintain a strong brand presence in the market [2][7]. Financial Performance Summary - For 2024, the company reported total revenue of 8.15 billion CNY, a decrease of 16.8% year-on-year, with a net profit of 0.77 billion CNY, down 76.8% [2][8]. - In Q1 2025, the company achieved revenue of 2.07 billion CNY, with a net profit of 0.07 billion CNY, reflecting a year-on-year revenue growth of 12.1% [2][8]. - The projected financials for 2025-2027 indicate a recovery in net profit, with estimates of 2.56 billion CNY, 2.97 billion CNY, and 3.33 billion CNY respectively [2][8]. Product and Channel Strategy - The company has implemented a systematic promotion strategy focusing on high-margin and trending products, while optimizing its product mix [2][7]. - Revenue from life paper and personal care products in 2024 was 8.04 billion CNY and 0.11 billion CNY respectively, with declines of 16.8% and 21.8% year-on-year [2][7]. - The company has established an overseas channel department to accelerate international business expansion [2][7]. Profitability and Cost Management - The gross margin for 2024 was 30.7%, a decrease of 2.4 percentage points year-on-year, while the net profit margin was 0.9%, down 2.4 percentage points [2][7]. - In Q1 2025, the gross margin improved slightly to 30.8%, with a net profit margin of 3.2% [2][7]. - The company has reduced sales expenses, with sales expense ratio decreasing to 20.4% in Q1 2025 [2][7].

证 券 研 究 报 告 新巨丰（301296）2024 年报及 2025 年一季报点评 强推（维持） 大客户一季度收入转正，期待并购协同效应 事项： ❖ 公司公布 2024 年报及 2025 年一季报。2024 年，公司实现营收/归母净利润/扣 非归母净利润 17.1/1.8/1.6 亿元，同比-1.8%/+8.0%/-4.2%。25Q1，公司实现营 收/归母净利润/扣非归母净利润 3.6/0.1/0.1 亿元，同比-18.2%/-75.0%/-74.5%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,706 | 1,764 | 1,875 | 2,012 | | 同比增速(%) | -1.8% | 3.4% | 6.3% | 7.3% | | 归母净利润(百万) | 184 | 211 | 226 | 243 | | 同比增速(%) | 8.0% | 14.9% | 7.1% | 7.5% | | 每股盈利(元) | ...

北交所信息更新 天铭科技（836270.BJ） 2025 年 05 月 20 日 投资评级：买入（维持） | 日期 | 2025/5/20 | | --- | --- | | 当前股价(元) | 18.36 | | 一年最高最低(元) | 24.78/6.35 | | 总市值(亿元) | 19.21 | | 流通市值(亿元) | 14.89 | | 总股本(亿股) | 1.05 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 258.55 | 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 ⚫ 2024 全年营收+12.08%归母净利润+7.39%，维持"买入"评级 2024 年天铭科技实现营业收入 25,325.49 万元+12.08%；归母净利润 6,219.50 万 元+7.39%。2025Q1 天铭科技实现营收 4195.56 万元，归母净利润 936.47 万元。 考虑到天铭科技募投项目小幅延期至 2025.12.31 达到可使用状态，我们小幅下调 2025、2026 并新增 2027 盈利预测，预计 2025-2027 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 11.28 CNY for 2025 [2][7]. Core Views - The company is experiencing a short-term performance pressure due to deferred downstream demand, but it is expected to improve as the WiNEX product enters a rapid delivery phase [7]. - The company has achieved a significant market share of 13.4% in the core hospital system market in China, ranking first [7]. - The company is focusing on enhancing its operational quality, with a notable increase in cash flow from operating activities, which grew by 120.5% year-on-year [7]. Financial Summary - Total revenue for 2024 is projected at 2,782 million CNY, a decrease of 12.0% year-on-year, with a net profit of 88 million CNY, down 75.4% year-on-year [3][7]. - For 2025, the company expects revenue to increase to 3,147 million CNY, reflecting a growth rate of 13.1%, and net profit to rise significantly to 384 million CNY, indicating a growth rate of 336.7% [3][7]. - The company’s earnings per share (EPS) is projected to be 0.04 CNY in 2024, increasing to 0.17 CNY in 2025 [3][7]. Business Development - The company is actively developing its WiNEX product line and has made significant investments in AI applications, with R&D expenses accounting for 20.2% of revenue [7]. - The company has established a digital health application ecosystem, with subsidiaries generating revenues of 1.6 million CNY, 2.1 million CNY, and 1.9 million CNY respectively in 2024 [7]. - The company is enhancing its international presence, exemplified by the successful implementation of a project at the Macau Concordia Hospital [7].

2025 年 5 月 21 日 公司研究 分红派息保持稳定，投资开工相对谨慎 ——华发股份（600325.SH）动态跟踪 要点 事件： 5 月 20 日，公司发布 2024 年度权益分配实施公告。 点评：分红派息相对稳定，Q1 毛利率下降明显，投资开工相对谨慎。 分红派息相对稳定：2024 年公司派发每股现金红利 0.104 元，剔除回购股份后 共计派发现金红利 2.85 亿元，约占 2024 年归母净利润的 30.0%。近年来公司 分红派息比例保持相对稳定，2020/2021/2022/2023/2024 分别占归母净利润的 32.8%、30.5%、30.4%、55.4%、30.0%，预计后续公司的分红派息策略将保 持相对稳定。 Q1 毛利率下降明显：2025 年一季度，公司实现营业收入 184.8 亿元，单季毛利 率约为 8.8%（2024 年全年约为 14.3%）下降明显，继续计提信用减值损失 3725 万元，对合联营企业的投资亏损 2830 万元，实现归母净利润 1.9 亿元（归母净 利润率约为 1.0%）；2025 年一季度公司实现销售金额 294.9 亿元（同比增加 45%），销售面积 108.2 ...

Investment Rating - The report assigns a "Recommend" rating to the company, with a target price of 1.96 CNY per share [1]. Core Views - The company reported a revenue of 29.23 billion CNY in 2024, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of -0.45 billion CNY, indicating a shift from profit to loss [1]. - In Q1 2025, the company achieved a revenue of 6.77 billion CNY, reflecting a year-on-year increase of 1.5%, but the net profit attributable to shareholders decreased by 16.0% year-on-year to 0.03 billion CNY [1]. - The company is recognized as a leading player in the domestic boxboard paper market, leveraging its integrated supply chain advantages to develop its paper, packaging, and fiber recycling businesses [1]. Financial Summary - **2024 Financial Performance**: - Total revenue: 29.23 billion CNY - Net profit: -0.45 billion CNY - Gross margin: 7.4%, down 2.5 percentage points year-on-year [1][7]. - **2025 Financial Projections**: - Expected total revenue: 29.98 billion CNY, with a growth rate of 2.6% - Expected net profit: 0.216 billion CNY, with a growth rate of 147.8% [1][7]. - **Key Financial Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 45 times, decreasing to 22 times by 2027 [1][7]. - Price-to-Book (P/B) ratio is set at 0.70 times for 2025 [1][7]. Business Strategy - The company is strategically exiting non-core businesses, having successfully divested 48.16% of its stake in Nordic Paper and completed the transfer of shares in Jiaxing Yinghuang for 546 million CNY, enhancing its financial strength and risk resilience [1]. - The company has optimized its debt structure, achieving a debt-to-asset ratio of 68.8% as of Q1 2025, a decrease of 2.6 percentage points from the end of Q1 2024 [1].