Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 4.47 billion yuan for 2024, representing a year-on-year increase of 19.6%. However, the net profit attributable to shareholders was 180 million yuan, down 44.5% year-on-year, and the net profit after deducting non-recurring gains and losses was 120 million yuan, down 42.1% year-on-year. In Q1 2025, the company achieved a revenue of 1.13 billion yuan, up 23.2% year-on-year but down 7.4% quarter-on-quarter, with a net profit of 90 million yuan, up 81.2% year-on-year and turning from loss to profit [6][11]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.47 billion yuan, with a gross profit of 622 million yuan, resulting in a gross margin of 13.9%, down 5.1 percentage points year-on-year. The net profit margin was 3.4%, down 4.8 percentage points year-on-year. The company plans to distribute a cash dividend of 1 yuan per 10 shares, which accounts for 87.8% of the annual net profit [6][11][16]. Business Segments - The company focuses on new insulation materials, developing optical film materials, electronic materials, and environmentally friendly flame retardant materials. The products are widely used in various sectors, including power generation, smart grids, new energy vehicles, and consumer electronics. In 2024, the sales volume of several key segments increased significantly, with electrical insulation materials up 59.4%, new energy materials up 11.1%, and optical film materials up 10.9% [11][16]. Future Outlook - The company is expected to benefit from the high-quality development of emerging sectors such as ultra-high voltage power grids and new energy vehicles. The forecasted net profits for 2025, 2026, and 2027 are 460 million yuan, 560 million yuan, and 730 million yuan, respectively, indicating a positive growth trajectory [11][16].

丨证券研究报告丨 公司研究丨点评报告丨润丰股份（301035.SZ） [Table_Title] 24 年汇兑影响明显，25 年精彩开场 报告要点 [Table_Summary] 公司发布 2024 年报，全年实现收入 133.0 亿元（同比+15.8%），实现归属净利润 4.5 亿元（同 比-41.6%），实现归属扣非净利润 4.7 亿元（同比-38.9%）。2025Q1 实现收入 26.9 亿元（同比 -0.3%，环比-23.5%），实现归属净利润 2.6 亿元（同比+68.0%，环比+136.6%），实现归属扣 非净利润 2.6 亿元（同比+68.7%，环比+104.4%）。 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 润丰股份（301035.SZ） cjzqdt11111 分析师及联系人 [Table_Author] 马太 王明 [Table_Title2] 24 年汇兑影响明显，25 年精彩开场 [Table_Summary2] ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first quarter, the company achieved operating revenue of 4.5 billion yuan, a year-on-year increase of 32%; net profit attributable to shareholders was 730 million yuan, up 109% year-on-year, and the non-recurring net profit was approximately 740 million yuan, reflecting a year-on-year increase of 342% [2][4]. Summary by Relevant Sections Sales Performance - The company experienced significant sales growth, with domestic market demand driving the increase, while export sales weakened due to political and economic factors in Europe and the United States [10]. Cost and Profitability - The gross profit margin for the first quarter was approximately 30.5%, an increase of 10.4 percentage points year-on-year, attributed to both price increases and a decrease in production costs [10]. - The net profit margin for the first quarter was approximately 16.3%, reflecting a year-on-year increase of 6 percentage points [10]. Market Outlook - The company is expected to benefit from the growing demand in the wind power sector, with an anticipated global fiberglass demand increase of over 600,000 tons this year [10]. - The company’s competitive advantages include resource access, product structure, and scale, which are expected to maintain its leading position in the fiberglass industry [10]. Financial Projections - The projected net profit for the company is approximately 3.4 billion yuan in 2025 and 4.3 billion yuan in 2026, corresponding to valuation multiples of 14 and 11 times, respectively [10].

丨证券研究报告丨 公司研究丨点评报告丨新凤鸣（603225.SH） [Table_Title] 规模持续提升，业绩延续上行 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现营业收入 670.9 亿元（同比+9.1%），实现归属净利润 11.0 亿 元（同比+1.3%），实现归属扣非净利润 9.6 亿元（同比+7.1%）。其中 Q4 单季度实现收入 178.9 亿元（同比+3.6%，环比-0.2%），实现归属净利润 3.5 亿元（同比+77.9%，环比+151.8%）， 实现归属扣非净利润 3.3 亿元（同比+100.4%，环比+232.9%）。公司拟每股派发现金红利 0.225 元（含税），合计派发现金红利 3.36 亿元（含税）。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新凤鸣（603225.SH） cjzqdt11111 [Table_Title2] 规模持续提升，业绩延续上行 [Table_Summary2] ...

丨证券研究报告丨 公司研究丨点评报告丨远兴能源（000683.SZ） [Table_Title] 景气底部，天然碱龙头业绩韧性依旧 报告要点 [Table_Summary] 公司发布 2024 年报，全年实现收入 132.6 亿元（同比+10.1%），实现归属净利润 18.1 亿元（同 比+28.5%），实现归属扣非净利润 20.7 亿元（同比-14.2%）。2025Q1 实现收入 28.7 亿元（同 比-7.3%，环比-0.8%），实现归属净利润 3.4 亿元（同比-40.4%，环比+5027.5%），实现归属 扣非净利润 3.3 亿元（同比-41.1%，环比+19.6%）。公司拟向全体股东每 10 股派发现金红利 3.0 元（含税），现金分红总额 11.2 亿元，以 4 月 24 日收盘价计，股息率约为 5.9%。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 远兴能源（000683.SZ） cjzqdt11111 [Table_Title2] ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported significant performance improvement in Q4 2024, with revenue growth driven by new products such as chemical cleaning and advanced packaging [3] - The company faces profit pressure due to increased R&D expenses, with a notable decline in net profit for the year [4] - The upcoming control change with Beifang Huachuang is expected to enhance the company's business development and accelerate domestic substitution of equipment [5] Revenue Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.1%. Q4 revenue was 649 million yuan, up 27.13% year-on-year and 57.91% quarter-on-quarter [3] - The revenue breakdown shows that coating and developing equipment generated 1.05 billion yuan, down 1.52% year-on-year, while single-wafer wet processing equipment revenue was 640 million yuan, up 7.43% year-on-year [3] Profitability Analysis - The company reported a net profit of 203 million yuan for 2024, a decrease of 19% year-on-year, with a significant improvement in Q4 net profit [4] - The overall gross margin for 2024 was 37.7%, a slight decline of 0.9 percentage points year-on-year, with R&D expenses rising to 297 million yuan, an increase of 49.93% [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 2.096 billion yuan and 2.693 billion yuan, representing year-on-year growth of 19.5% and 28.5% respectively [7] - The projected net profit for 2025 is 264 million yuan, with an expected increase of 30% year-on-year [7] Market Position and Product Development - The company has secured orders from leading domestic clients for its coating and developing equipment, indicating strong market demand [5] - New products in advanced packaging, such as temporary bonding and debonding machines, are entering the volume production stage, with nearly 20 units on order [6]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 458 million, 598 million, and 759 million RMB, representing year-on-year growth of 34%, 30%, and 27% respectively, corresponding to P/E ratios of 36, 28, and 22 times [3][8]. Core Insights - The company's gross margin improved to 76.05% in Q1 2025, with a year-on-year increase of 1.44 percentage points and a quarter-on-quarter increase of 4.13 percentage points. The sales expense ratio decreased by 3.24 percentage points quarter-on-quarter to 52.17%, while the management expense ratio and R&D expense ratio saw slight reductions [3][8]. - The main brand, Marubi, continues to strengthen its market position in "eye care and wrinkle reduction," with a revenue of 2.055 billion RMB in 2024, a year-on-year increase of 31.69%, accounting for 69.24% of total revenue. The brand's flagship products have shown significant online sales growth [9][8]. - The PL brand, focusing on the mass foundation market, achieved a revenue of 905 million RMB in 2024, a year-on-year increase of 40.72%, contributing 30.51% to total revenue. Six foundation products exceeded 100 million RMB in annual GMV, showcasing strong product performance [9][8]. Summary by Sections Financial Performance - The company reported a revenue of 2.226 billion RMB in 2023, with a growth rate of 28.52%. The projected revenues for 2024 and 2025 are 2.970 billion and 3.856 billion RMB, with growth rates of 33.44% and 29.85% respectively [7][11]. - The net profit attributable to the parent company for 2023 is 259 million RMB, with projections of 342 million and 458 million RMB for 2024 and 2025, reflecting growth rates of 48.93% and 31.69% [7][11]. Market Position and Strategy - The company is deepening its focus on major product strategies and online transformation, with both Marubi and PL brands showing strong momentum. The online and offline revenue for 2024 is projected at 2.541 billion and 427 million RMB, with year-on-year growth of 35.77% and 20.79% respectively [9][8]. - The report highlights the competitive landscape, noting that the main brand's growth has not met expectations due to intense online competition and slower-than-expected offline recovery [3].

证券研究报告·公司点评报告·休闲食品 有友食品（603697） 2025 一季报点评：成长性凸显，新品节奏加 快 买入（维持） 2025 年 04 月 27 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 李茵琦 执业证书：S0600524110002 liyinqi@dwzq.com.cn 股价走势 -16% -2% 12% 26% 40% 54% 68% 82% 96% 110% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 有友食品 沪深300 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 966.21 | 1,182.33 | 1,516.87 | 1,761.44 | 2,025.66 | | 同比（%） | (5.68) | 22.37 | 28.30 | 16.12 | 15.00 | | 归母净利润（百万元） | ...

证券研究报告·公司点评报告·军工电子Ⅱ 国光电气（688776） 2024 年报点评：下游项目合同签订延迟，今 年有望恢复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 745.45 | 536.68 | 958.10 | 1,112.40 | 1,322.60 | | 同比 | (18.21) | (28.01) | 78.52 | 16.11 | 18.90 | | 归母净利润（百万元） | 90.36 | 47.05 | 123.42 | 155.78 | 209.31 | | 同比 | (45.59) | (47.93) | 162.30 | 26.22 | 34.37 | | EPS-最新摊薄（元/股） | 0.83 | 0.43 | 1.14 | 1.44 | 1.93 | | P/E（现价&最新摊薄） | 95.13 | 182.69 | 69.65 | 55.18 | 41.07 | [Tabl ...

煤炭量价齐跌致业绩下降，静待需求改善 ——中国神华一季报点评报告 事件 近日，公司发布 2025 年第一季度报告，中国神华 2025 年一季度实现营业收入 695.85 亿元，同比减少 21.1%；归母净利润 119.49 亿元，同比下降 18.0%；扣非 后归母净利润 117.05 亿元，同比减少 28.9%，基本每股收益 0.601 元，同比减少 18.0%。经营活动产生的现金流量净额 205.38 亿元，同比减少 25.9%。总资产 6723.07 亿元，较上年末增长 0.6%。 成本方面。自产煤单位生产成本 195.8 元/吨，同比微增 2.3%，主要受人工成本 （+6.7%）及修理费（+15.5%）增长影响。 利润方面。煤炭分部（合并抵销前）毛利润为 155.1 亿元，同比减少 22.8%，毛 利率为 30.1%，同比上升 1.2 个百分点。毛利率上升主要因外购煤销售量及采购 价格下降导致其销售成本降幅（-26.8%）大于收入降幅（-25.7%）。其中，自产 煤毛利 150.2 亿元（同比-38.7%），毛利率 39.5%（同比-4.3pct）；外购煤毛利 1.7 亿元（同比-68.2%），毛利率 ...