——业绩符合预期，抗老化剂行业景气触底，润滑油添加 剂放量在即 上 市 公 司 基础化工 2025 年 05 月 21 日 利安隆 (300596) 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,687 | 1,481 | 6,559 | 7,729 | 8,205 | | 同比增长率（%） | 7.7 | 9.4 | 15.3 | 17.8 | 6.1 | | 归母净利润（百万元） | 426 | 108 | 585 | 706 | 799 | | 同比增长率（%） | 17.6 | 0.7 | 37.2 | 20.6 | 13.2 | | 每股收益（元/股） | 1.86 | 0.47 | 2.55 | 3.07 | 3.48 | | 毛利率（%） | 21.2 | 21.5 | 22.4 | 21.6 | 22.5 | | ROE（%） | 9.6 | 2.4 | 11.8 | ...

上 市 公 司 基础化工 2025 年 05 月 21 日 呈和科技 (688625) ——业绩符合预期，国产替代趋势加强，进军靶材打造第 二成长曲线 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 05 月 20 日 | | | --- | --- | | 收盘价（元） | 46.75 | | 一年内最高/最低（元） 56.89/29.68 | | | 市净率 | 4.6 | | 息率（分红/股价） | 2.35 | | 流通 A 股市值（百万元） | 6,327 | | 上证指数/深证成指 3,380.48/10,249.17 | | | 注："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） | 10.24 | | 资产负债率% | 58.77 | | 总股本/流通 A 股（百万） | 135/135 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-20 06-20 07-20 08-20 09-20 10-20 11-20 12-20 01 ...

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is positioned as a leader in AI and IoT, with embodied intelligence gaining a competitive edge [1] - The global IoT industry is recovering, with edge AI presenting new opportunities, and smart modules becoming a new growth direction [5] - The company focuses on vertical industries within IoT and continues to optimize its product matrix [6] Financial Performance - In 2024, the company achieved revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, up 18.53% year-on-year [4] - For Q1 2025, the company reported revenue of 1.856 billion yuan, a decrease of 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year [4] - Excluding the impact of RuiLing Wireless's automotive business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the 5G fixed wireless access (FWA) sector [4] Market Data - As of May 20, 2025, the closing price was 27.43 yuan, with a total market capitalization of 146.18 billion yuan [3] - The company has a total share capital of 766 million shares, with 533 million shares in circulation [3] Growth Opportunities - The number of global IoT terminals is expected to reach 18.8 billion in 2024, a year-on-year increase of 13%, and is projected to reach 41.1 billion by 2030 [5] - The company has launched various AI solutions, including the MagiCore AI toy model solution and multi-functional AI infrared camera solutions, which are expected to enhance user interaction and application in various fields [6][7] - The company is also focusing on embodied intelligence and has introduced solutions for unmanned lawn mowing and humanoid robots, aiming to establish a commercial closed loop [7] Profit Forecast and Valuation Analysis - The company is expected to achieve net profits of 553 million yuan, 697 million yuan, and 873 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3% [8] - The estimated EPS for 2025, 2026, and 2027 are 0.72 yuan, 0.91 yuan, and 1.14 yuan respectively, with corresponding P/E ratios of 38.0, 30.1, and 24.0 [8] - The company's valuation is currently at a historically low level, and with the potential growth in edge AI and robotics, the "Buy-B" rating is maintained [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.72 yuan per share [7][12]. Core Views - The company has shown steady revenue growth, achieving 16.247 billion yuan in revenue for 2024, a year-on-year increase of 4.37%, and a net profit of 793 million yuan, up 49.63% year-on-year [1]. - The company emphasizes research and development, with R&D expenditure of 805 million yuan in 2024, accounting for 3.95% of revenue, leading to breakthroughs in key technologies in emerging fields [2]. - The company is actively expanding its presence in the embodied intelligence sector, developing key components for humanoid robots and forming strategic partnerships with leading robotics firms [3]. Financial Performance - In Q1 2025, the company reported revenue of 4.039 billion yuan, a 7.95% increase year-on-year, and a net profit of 268 million yuan, up 20.45% year-on-year [1]. - The company forecasts revenues of 17.449 billion yuan, 18.890 billion yuan, and 20.393 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.001 billion yuan, 1.130 billion yuan, and 1.156 billion yuan [4][6]. - The projected EPS for 2025, 2026, and 2027 is 0.64 yuan, 0.72 yuan, and 0.74 yuan respectively, with PE ratios of 39, 35, and 34 times [4][6]. Strategic Initiatives - The company has established a robust overseas management system and completed personnel configurations for its three major overseas headquarters, enhancing its global operational capabilities [2]. - The company is focusing on the development of humanoid robots and has signed a strategic investment agreement with a robotics innovation company to advance technology and flexible manufacturing solutions [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.95 yuan per share [6][11]. Core Insights - The company achieved a revenue of 1.729 billion yuan in 2024, representing a year-on-year increase of 12.25%. However, the net profit attributable to shareholders decreased by 18.53% to 147 million yuan [1]. - In Q1 2025, the company reported a revenue of 404 million yuan, a decline of 25.93% year-on-year, primarily due to decreased sales in carbon fiber and resource recycling equipment [1]. - The company has a diversified product matrix, with significant market shares in carbon fiber equipment (over 50%), polyester recycling equipment, building energy-saving devices (over 40%), and textile machinery (over 50%) [2]. Financial Performance Summary - The company forecasts revenues of 2.052 billion yuan, 2.455 billion yuan, and 2.979 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 225 million yuan, 278 million yuan, and 337 million yuan for the same years [3][5]. - The report indicates an expected EPS of 0.43 yuan, 0.53 yuan, and 0.65 yuan for 2025, 2026, and 2027, with corresponding PE ratios of 42, 34, and 28 times [3][5].

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 雅达股份（430556.BJ） 具备电力监控系统集成自主开发能力，2025Q1 营收同比+24% 2025 年 05 月 21 日 投资评级：增持（维持） 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 实现营收 0.76 亿元（+24.11%），归母净利润 623.02 万元（+28.44%） 2025 年一季度公司营业收入 7586.08 万元，同比增长 24.11%；归母净利润 623.02 万元，同比增长 28.44%，扣非归母净利润 566.18 万元，同比增长 47.35%。受行 业竞争加剧影响，我们下调 2025 和 2026 年盈利预测，新增 2027 年盈利预测， 预计公司 2024-2026 年归母净利润分别为 0.34（原 0.46）/0.38（原 0.52）/0.44 亿元，对应 EPS 分别为 0.21/0.24/0.27 元/股，对应当前股价的 PE 分别为 56.4/49.7/43.4X，我们看好国家电网和南方电网加大投资+积极向数据中心领域拓 展为公司业务增长带来机遇，维持"增持"评级。 国家电网和南 ...

Investment Rating - The report maintains an "Add-A" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][8]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 357 million yuan, down 18.79% year-on-year, and net profit at 33 million yuan, down 69.98% year-on-year. However, Q1 2025 showed a revenue increase of 7.01% year-on-year [3][4]. - The company is transitioning from a single communication equipment provider to a customized solution provider, with significant investments in R&D and market expansion [5][6]. - Despite short-term pressures in various sectors, the company is expected to benefit from long-term growth opportunities in smart energy, smart cities, and intelligent manufacturing [7][8]. Financial Performance Summary - In 2024, the company reported a revenue of 357 million yuan, with a year-on-year decline of 18.8%. The net profit was 33 million yuan, reflecting a significant drop of 70.0% [9]. - The projected revenue for 2025 is 411 million yuan, with an expected growth of 15.2% year-on-year, and net profit is forecasted to rise to 44 million yuan, a growth of 35.3% [9]. - The company's gross margin is expected to be 58.0% in 2025, with a net margin of 10.8% [9]. Market Position and Strategy - The company maintains a leading position in the smart energy sector, benefiting from digitalization initiatives in the power grid and various demonstration projects [6][7]. - The company is focusing on high-end markets and aims to leverage opportunities in AI, robotics, and low-altitude industries to drive growth [7][8]. - The report highlights the company's commitment to R&D, with significant investments aimed at developing cutting-edge technologies such as TSN, edge computing, and AI [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.72 yuan per share [7][12]. Core Insights - The company achieved steady revenue growth, with 2024 revenue reaching 16.247 billion yuan, a year-on-year increase of 4.37%. The net profit attributable to shareholders was 793 million yuan, up 49.63% year-on-year [1][4]. - The company places a strong emphasis on R&D, with 805 million yuan spent in 2024, accounting for 3.95% of revenue. This investment has led to breakthroughs in key technologies across several strategic emerging fields [2]. - The company is actively expanding its presence in the embodied intelligence sector, developing key components for humanoid robots and forming strategic partnerships with leading robotics firms [3]. Financial Performance - In Q1 2025, the company reported revenue of 4.039 billion yuan, a year-on-year increase of 7.95%, and a net profit of 268 million yuan, up 20.45% year-on-year [1]. - The projected revenue for 2025-2027 is expected to be 17.449 billion yuan, 18.890 billion yuan, and 20.393 billion yuan, respectively, with net profits of 1.001 billion yuan, 1.130 billion yuan, and 1.156 billion yuan [4][6]. - The company's gross margin and net margin for 2024 were 24.05% and 5.12%, respectively, with a slight decrease in gross margin compared to the previous year [1][10]. Strategic Initiatives - The company has established a robust overseas management system and completed personnel configurations for its three major overseas headquarters, enhancing its global operational capabilities [2]. - Recent strategic investments in humanoid robotics firms indicate a commitment to advancing embodied intelligence technologies and flexible manufacturing solutions [3].

证券研究报告 | 2025年05月21日 智微智能（001339.SZ） 优于大市 物联网数字化核心方案商，智算业务打开第二成长曲线 智微智能：以物联网为基，横向切入 AIGC 基础设施领域。公司为国内领先 的智联网硬件产品及解决方案提供商，成立于 2011 年，产品覆盖行业终端、 ICT 基础设施、工业物联网三大业务板块；2024 年投资设立控股子公司 腾云智算，致力于为客户提供 AIGC 高性能基础设施产品，围绕 AI 算力 规划与设计、设备交付、运维调优、算力调度管理、设备维保及置换等 提供端到端的智算中心全流程综合服务。根据 2024 年年报披露数据， 2024 年行业终端、ICT 基础设施、工业物联网、智算业务收入分别为 25.97、6.31、1.51、3.01 亿元，占比分别为 64.4%、15.6%、3.7%、7.5%。 传统主业：行业终端、ICT 基础设施、工业物联网三大板块。1）行业终端 业务：公司产品主要有教育商显 OPS、云终端、PC 类产品，其中 PC 类产品 受全球将进入后疫情时代换机潮，叠加 Win10 停更带来的换机需求拉动， 根据 IDC 披露数据，预计 25 年全球 PC 出 ...