公司报告 | 季报点评 收入结构变化影响毛利率，净利率水平同比提升 2025Q1 公司毛利率为21.41%，同比-0.22pct，净利率为6.58%，同比+0.03pct。 根据公司 24 年年报显示，内外销毛利率分别为 30.7%/11.4%，公司 25Q1 公司毛利率更低的外销增速较好，我们预计毛利率同比略下滑主要是收入 结构变化所致。 2025Q1 公司季度销售、管理、研发、财务费用率分别为 9.55%、2.39%、 3.32%、0.02%，同比-0.45、-0.25、+0.02、+0.33pct。公司费用率基本保持 平稳，财务费用率同比提升主要由于汇兑损益波动所致。 公司短期现金流承压 2025Q1 公司经营活动产生的现金流量净额为 0.65 亿元，同比-58.3%，其中 购买商品、接受劳务支付的现金 143.44 亿元，同比+14.43%。 海信家电（000921） 证券研究报告 外销增速表现亮眼，利润水平持续提升 事件：2025Q1 公司实现营业收入 248.38 亿元，同比+5.76%，归母净利润 11.27 亿元，同比+14.89%。 外销快速增长，内销表现平稳 收入端，内销方面，根据奥维数据 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 毛利率维持高位，持续加大研发投入 [Table_Title] 业绩增速亮眼，极致创新赋能长期增长 [Table_Title2] 安克创新(300866) [Table_Summary] 事件概述 安克创新发布 2024 年及 2025 年一季报。 2024 年实现营业收入 247.10 亿元，同比+41.14%；归母净利润 21.14 亿元，同比+30.93%；扣非归母净利润 18.88 亿元，同比 +40.50%。 25Q1 实现营业收入 59.93 亿元，同比+36.91%；归母净利润 4.96 亿元，同比+59.57%；扣非归母净利润 4.40 亿元，同比 +39.36%。 业绩表现亮眼，三大品类均保持较高增速 分业务看，2024 年充电储能类产品实现营收 126.67 亿元，同 比 +47.23% ， 其 中 储 能 业 务实 现 营 收 30.20 亿元 ， 同 比 +184.00%。智 能创 新类 产品 实现营 收 63.36 亿元 ，同比 +39.53% 。智能影音类产品实现营收 56.92 亿元 ， 同 比 ...

上 市 公 司 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.01 | | 资产负债率% | 39.31 | | 总股本/流通 A 股（百万） | 623/441 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% -10% 0% 10% 20% 30% 奥佳华 沪深300指数 (收益率) 相关研究 ——2024 年年报及 2025 年一季报点评：24 年业绩承压， 静候行业需求复苏 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 6.20 | | 一年内最高/最低（元） | 8.70/5.08 | | 市净率 | 0.9 | | 股息率%（分红/股价） | 4.84 | | 流通 A 股市值（百万元） | 2,734 | | 上证指数/深证成指 | 3,2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown robust growth in revenue and net profit for 2024, with a significant increase in Q1 2025, driven by investments in R&D and new product lines in automotive electronics [3][7] - The company is expected to benefit from the growing demand in consumer electronics and automotive electronics, with a focus on micro-prism and optical waveguide technologies [4][7] Financial Summary - The company’s revenue is projected to grow from RMB 754 million in 2023 to RMB 2,224 million by 2027, reflecting a compound annual growth rate (CAGR) of 41.4% from 2025 to 2026 [6][8] - The net profit is expected to increase from RMB 180 million in 2023 to RMB 572 million by 2027, with a notable growth rate of 66.2% in 2025 [6][8] - The company’s R&D expenses are anticipated to rise significantly, reaching RMB 132 million in 2025, which is 11.3% of revenue, indicating a strong commitment to innovation [7][8] Business Performance - In 2024, the optical prism segment is projected to generate RMB 650 million in revenue, a 59% increase year-on-year, primarily due to the demand for smartphone camera modules [7] - The glass aspheric lens segment is expected to achieve RMB 250 million in revenue, with a gross margin of 51.9%, reflecting a strategic adjustment in product and customer structure [7] - The company has increased its R&D personnel from 227 in 2023 to 353 in 2024, a growth of 55.5%, enhancing its competitive edge in the market [7]

Investment Rating - The investment rating for Lu'an Environmental Energy (601699.SH) is "Buy" [1] Core Views - The report highlights significant cost reduction and efficiency improvements in the first quarter, with expectations for increased volume and reduced costs throughout the year [3] - The company aims to expand its resource base to address the short lifespan of existing mines, focusing on resource acquisition and project development [4][6] - The company is projected to maintain a high cash dividend payout ratio, reflecting strong asset quality and a solid operational strategy [6] Financial Performance Summary - In 2024, the company achieved total revenue of 35.85 billion yuan, a decrease of 16.89% year-on-year, and a net profit attributable to shareholders of 2.45 billion yuan, down 69.08% year-on-year [1] - The first quarter of 2025 saw a revenue of 6.97 billion yuan, a decline of 19.53% year-on-year, with a net profit of 0.66 billion yuan, down 48.95% year-on-year [2] - The company’s coal production in 2024 was 57.28 million tons, a decrease of 5.17% year-on-year, with expectations for recovery in the latter half of the year [3] Strategic Initiatives - The company is actively pursuing resource expansion and project construction to enhance its competitive edge in the coal industry [4] - A recent acquisition of coal exploration rights in Shanxi Province is expected to significantly boost the company's resource base [4] Earnings Forecast - The projected net profits for 2025-2027 are 1.86 billion, 2.44 billion, and 2.74 billion yuan respectively, with corresponding EPS of 0.62, 0.82, and 0.91 yuan per share [6] - The report maintains a positive outlook on the company's growth potential, supported by its strong market position and high dividend yield [6]

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [6] Core Views - The company maintains good growth in performance, with operating income for 2024 and Q1 2025 reaching 12.22 billion and 3.25 billion respectively, representing year-on-year growth of 3.0% and 0.8% [1] - The net profit attributable to shareholders for 2024 and Q1 2025 is 5.07 billion and 1.55 billion respectively, with year-on-year growth of 10.2% and 6.8% [1] - Non-interest income significantly contributed to revenue growth, with a 27.6% increase in 2024, while Q1 2025 saw a decline in non-interest income growth to 3.3% [1][2] - The net interest margin decline has narrowed, with average net interest margins for 2024 and Q1 2025 at 1.38% and 1.34%, down 30bps and 18bps year-on-year [2] - The company shows strong asset quality with a non-performing loan ratio of 0.83% as of March 2025, remaining stable compared to the beginning of the year [3] Summary by Sections Financial Performance - Operating income for 2024 is projected at 12.22 billion, with a growth rate of 3.0% [5] - Net profit for 2024 is estimated at 5.07 billion, reflecting a 10.2% increase [5] - The company expects net profits for 2025-2027 to be 5.42 billion, 5.96 billion, and 6.59 billion respectively, with growth rates of 6.9%, 10.0%, and 10.7% [4][5] Asset Quality - The company maintains a high provision coverage ratio, which decreased to 484% at the end of 2024 and further to 447% by March 2025 [3] - The non-performing loan generation rate for 2024 is 0.60%, which is still below the industry average [3] Market Position - The company benefits from a clear geographical advantage and has shown a gradual stabilization in net interest margins [4] - The current stock price corresponds to a price-to-book ratio of 0.76x for 2025, with a dividend yield of 4.93% [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of 4.668 billion yuan in Q1 2025, representing a year-over-year increase of 39.98%, with a net profit of 515 million yuan, up 49.61% year-over-year [3]. - The sales volume of compound fertilizers grew by approximately 35% year-over-year, marking the highest sales volume for the same period in the company's history, laying a solid foundation for achieving annual sales targets [3]. - The overall gross margin improved by 0.19 percentage points to 18.17% in Q1, indicating potential for further recovery in gross margins for compound fertilizers [3]. - The company has focused on expanding the market for new fertilizers, with sales increasing from 548,500 tons in 2018 to 1.38 million tons in 2024, reflecting a compound annual growth rate of 16.63% [4]. - The proportion of new fertilizers in total compound fertilizer sales rose from 16.56% in 2018 to 31.67% in 2024, contributing to an increase in overall gross margins [4]. Financial Performance Summary - The company is projected to achieve net profits of 1.47 billion yuan, 1.68 billion yuan, and 1.91 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 1.15 yuan, 1.31 yuan, and 1.49 yuan [5][6]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 12, 10, and 9 times, respectively [5][10]. - Revenue is expected to grow from 15.10 billion yuan in 2023 to 20.51 billion yuan in 2027, with a compound annual growth rate of approximately 10.11% [6][11]. Company Overview - The company is a leading producer of phosphate fertilizers in China, with a production capacity of 10.28 million tons per year for various high-concentration phosphate fertilizers and 900,000 tons per year for phosphate rock [7]. - The company has expanded its business into related fields such as new materials and phosphogypsum building materials [7].

山东黄金（600547.SH）2025 年一季报点评 金价上行，利润稳健增长 2025 年 04 月 29 日 ➢ 事件：公司发布 2025 年一季报。2025 年第一季度公司实现营收 259.35 亿 元，同比增长 36.81%，环比增长 67.19%，归母净利润 10.26 亿元，同比增长 46.62%，环比增长 15.86%，扣非归母净利 10.30 亿元，同比增长 45.19%，环 比增长 14.74%。 ➢ 点评：金价上行驱动公司业绩。量：公司 2025 年第一季度自产金产量 11.87 吨，同比减少 0.31%，销量 10.99 吨，同比增长 7.98%。外购金产量 20.24 吨， 同比增长 1.67%，销量 20.24 吨，同比增长 12.94%，小金条产量 3.18 吨，同 比减少 55.49%，销量 2.85 吨，同比减少 59.21%。价：2025 年第一季度黄金 均价 2807 美元/盎司，同比增长 38.3%，环比增长 5.5%。利：公司 25 年第一 季 度 毛 利 / 净利率水平 15.57%/5.63% ， 同 比 +1.01/+0.06pct ，环比 - 7.94/+1.66 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company had a strong start in Q1 2025, with revenue reaching 8.315 billion yuan, a year-on-year increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% year-on-year [6]. - The main business showed steady performance, with significant growth in online channels. Revenue from soy sauce, seasoning sauce, oyster sauce, and other categories reached 4.420 billion yuan, 0.913 billion yuan, 1.360 billion yuan, and 1.289 billion yuan respectively, with year-on-year growth rates of +8.20%, +13.95%, +6.10%, and +20.83% [6]. - The company's gross margin improved by 2.73 percentage points to 40.04% in Q1 2025, benefiting from lower raw material prices [6]. - The report projects earnings per share of 1.27 yuan and 1.40 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 32 times and 29 times [6][7]. Financial Summary - As of April 28, 2025, the company's closing price was 41.26 yuan, with a total market capitalization of 229.43 billion yuan and a total share capital of 5.561 billion shares [3]. - The return on equity (ROE) for the trailing twelve months (TTM) stands at 20.02% [3]. - The company forecasts total revenue of 29.591 billion yuan for 2025, with a net profit of 7.099 billion yuan, reflecting a growth trajectory [7].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][5] Core Views - The company has shown a significant turnaround in its performance with a revenue growth of 35.7% year-on-year in 2024, and a substantial reduction in losses by 65.4% to RMB 0.4 billion. Notably, Q4 2024 marked the first quarter since 2022 where the company achieved a positive net profit attributable to shareholders [3][8] - The company's strategic focus on edge AI and humanoid robots is expected to drive future revenue growth, maintaining the "Buy" rating [3][5] Financial Summary - The company is projected to achieve a net profit attributable to shareholders of RMB 0.41 billion, RMB 0.97 billion, and RMB 1.59 billion for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share of RMB 0.73, RMB 1.73, and RMB 2.84 [5][7] - The revenue for 2024 is expected to be RMB 5.06 billion, with a growth rate of 35.7%, and the EBITDA is projected to be RMB 4 million [7][9] - The gross margin for 2024 is reported at 24.9%, an increase of 8.1 percentage points year-on-year, while the net margin improved to -7.0%, up by 20.6 percentage points year-on-year [8][9] Business Performance - The company's MEMS pressure sensor revenue surged by 150.7% year-on-year, contributing significantly to the overall revenue growth, which is now diversified beyond a single growth driver [8] - The company has initiated several R&D projects targeting the demands of humanoid robots, including MEMS six-dimensional force/torque sensors and flexible pressure and temperature sensors [8]