丨证券研究报告丨 公司研究丨点评报告丨艾罗能源（688717.SH） [Table_Title] Q1 收入同环比双增，期待 Q2 更好表现 报告要点 [Table_Summary] 艾罗能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 30.73 亿元，同比下降 31%；归母净利 2.04 亿元，同比下降 81%；其中，2024Q4 实现收入 6.66 亿元，同比增长 43%，环比下降 19%；归母净利 0.43 亿元，同比下降 7%，环比下降 25%。2025Q1 实现收入 7.99 亿元，同比增长 17%，环比增长 20%；归母净利 0.46 亿元，同比增长 35%，环比增长 7%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 艾罗能源（688717.SH） cjzqdt11111 [Table_Title2] Q1 收入同环 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.8 CNY [2][5] Core Views - The company has shown impressive growth in 2024, with a revenue increase of 1.2% year-on-year, reaching 16.49 billion CNY, and a net profit growth of 17.9%, totaling 2.02 billion CNY [10] - The electric forklift market is experiencing rapid growth, with the overall sales of forklifts in 2024 reaching 1.2855 million units, a year-on-year increase of 9.52% [10] - The company's international expansion is deepening, with overseas revenue accounting for 41.5% of total revenue, reflecting a 1.4 percentage point increase year-on-year [10] Financial Performance Summary - Revenue for 2023 was 16.299 billion CNY, with a projected increase to 16.486 billion CNY in 2024, and further growth to 17.993 billion CNY in 2025, representing a year-on-year growth of 1.1% and 9.1% respectively [4] - The company's gross profit margin is expected to improve from 20.8% in 2023 to 23.6% in 2024, and net profit margin is projected to increase from 10.5% to 12.3% in the same period [4] - The net profit attributable to the parent company is forecasted to rise from 1.716 billion CNY in 2023 to 2.022 billion CNY in 2024, and further to 2.233 billion CNY in 2025, indicating a year-on-year growth of 17.9% [4] Market Position and Valuation - The company is positioned as a leader in the forklift industry, with a significant market share and a strong focus on electric and globalized operations [10] - The average price-to-earnings (P/E) ratio for comparable companies is noted to be around 14 times for 2025, which supports the target price of 23.8 CNY for the company [2][11]

基础化工 | 证券研究报告 — 调整盈利预测 2025 年 5 月 20 日 605016.SH 买入 | 流通股 (百万) | 323.09 | | --- | --- | | 总市值 (人民币 百万) | 8,745.95 | | 3 个月日均交易额 (人民币 百万) | 140.78 | | 主要股东持股比例(%) | | | 窦宝德 | 47.36 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 19 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工：化学制品 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 原评级：买入 市场价格:人民币 27.07 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 55.6 52.5 39.5 (11.2) 相对上证综指 52.4 49.7 39.1 (17 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company has established subsidiaries and acquired three automotive parts companies to expand its overseas presence, with a projected revenue growth of 48% year-on-year in Q1 2025 [3][5] - The company reported Q1 2025 revenue of 155 million yuan, a year-on-year increase of 48.45%, and a net profit attributable to the parent company of 16 million yuan, up 49.27% [5] - The automotive industry in China is a crucial pillar of the national economy, with a projected production and sales volume of 31.28 million and 31.44 million vehicles in 2024, respectively, representing year-on-year growth of 3.70% and 4.50% [5] - The demand for lightweight materials is accelerating due to the increased weight of new energy vehicles, with aluminum alloy being highlighted as a leading lightweight material [5] Financial Summary and Valuation Indicators - Revenue projections for 2025-2027 are 690 million, 810 million, and 959 million yuan, respectively, with year-on-year growth rates of 19.6%, 17.4%, and 18.4% [8] - The net profit attributable to the parent company is forecasted to be 70 million, 82 million, and 96 million yuan for 2025-2027, with corresponding year-on-year growth rates of 22.7%, 17.5%, and 16.9% [8] - The current P/E ratios for 2025, 2026, and 2027 are projected to be 57.0, 48.5, and 41.4 times, respectively [8] Company Expansion and Market Strategy - The company has completed the acquisition of three automotive parts companies, which will contribute to future overseas business growth [6] - The company is actively expanding its sales in overseas markets, with established operations in Mexico and Thailand to capture international orders [6]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company is expected to maintain steady growth in its performance, particularly in the adsorption materials business, leading to a sustained "Buy" rating [4][6] - The company reported a revenue of RMB 2.554 billion in 2024, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of RMB 787 million, up 9.79% year-on-year [9][10] Financial Performance Summary - In 2024, the company achieved a total revenue of RMB 2,554.03 million, with a gross profit margin of 49.47% and a net profit margin of 31.11% [10] - The company’s revenue from the adsorption materials segment reached RMB 1.986 billion in 2024, reflecting a year-on-year growth of 27.61% [9] - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares to all shareholders [4] Future Earnings Projections - The projected net profits for 2025, 2026, and 2027 are RMB 987 million, RMB 1.200 billion, and RMB 1.454 billion, respectively, with corresponding earnings per share of RMB 1.94, RMB 2.36, and RMB 2.86 [6][8] - The company’s EBITDA is expected to grow from RMB 1.209 billion in 2025 to RMB 1.835 billion in 2027 [8][13] Business Segment Performance - The adsorption materials segment showed a total production of 65,700 tons in 2024, with a sales volume of 63,700 tons, both reflecting significant year-on-year increases [9] - The life sciences segment generated revenue of RMB 568 million in 2024, marking a 28% increase year-on-year, driven by strong demand for peptide carriers [9] - The water treatment and ultra-purification segment reported revenue of RMB 688 million in 2024, up 34% year-on-year, indicating a growing market presence [9] Market Position and Shareholder Information - The company has a total market capitalization of RMB 23,007.40 million, with major shareholder holding 24.38% of the shares [4][8] - The company has been expanding its overseas market presence, achieving RMB 655 million in overseas revenue in 2024, a 45.1% increase year-on-year [9]

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [5]. Core Views - The company is expected to achieve revenue of 1.934 billion yuan in 2024, with a year-on-year growth of 5.38%, and a net profit of 95 million yuan, reflecting a slight decline of 1.90% year-on-year [2][9]. - In Q1 2025, the company reported revenue of 506 million yuan, a significant increase of 94.79% year-on-year, although it experienced a quarter-on-quarter decline of 32.57% [2]. - The company is actively expanding its overseas market, with expected revenue from international markets reaching 132 million yuan in 2024, marking a substantial year-on-year increase of 5815% [5][9]. Summary by Sections Financial Performance - In 2024, the overall gross margin of the company was 22.29%, a decrease of 1.10 percentage points year-on-year, primarily influenced by non-automotive products and technical services [3]. - The sales, management, R&D, and financial expense ratios for 2024 were 1.54%, 5.10%, 10.35%, and 0.17%, respectively, showing a year-on-year decrease in sales, management, and R&D expenses [3]. Product Sales - The company sold 900,000 sets of new energy vehicle products in 2024, achieving a revenue of 1.82 billion yuan, which accounted for 94.27% of total revenue [4]. - Key products include on-board chargers (OBC), DC/DC converters, and integrated power products, with stable partnerships established with major automotive manufacturers [4]. International Market Expansion - The company has made significant strides in the international market, becoming the first independent supplier for a major European luxury automotive brand project in 2024, alongside securing multiple projects with Renault and Stellantis [5][9]. - The international market revenue is projected to represent 6.82% of total revenue in 2024, indicating a strong start in international market development [9]. Future Projections - Revenue forecasts for 2025-2027 are approximately 2.667 billion yuan, 3.437 billion yuan, and 4.105 billion yuan, respectively, with net profits expected to be around 142 million yuan, 198 million yuan, and 233 million yuan [9][10]. - The projected P/E ratios for 2025-2027 are 36.38, 26.19, and 22.23, respectively, indicating a favorable outlook for the company's financial performance [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][7]. Core Views - The company is expected to achieve steady growth in its performance for 2024, driven by the continuous expansion of its electronic materials business [2][10]. - The company reported a revenue of RMB 6.862 billion for 2024, representing a year-on-year increase of 44.84%, and a net profit of RMB 872 million, up 50.41% year-on-year [10][11]. - The report highlights the company's strong performance in the fourth quarter of 2024, with revenue reaching RMB 1.863 billion, a 55.78% increase year-on-year [12]. - The first quarter of 2025 also showed positive results, with revenue of RMB 2.118 billion, a 30.88% increase compared to the same period in 2024 [13]. Financial Performance Summary - The company’s main revenue sources include electronic materials and LNG insulation materials, with significant growth in both sectors [10]. - The electronic materials segment, particularly the precursor business, achieved revenue of RMB 1.954 billion in 2024, a 71.79% increase year-on-year [10]. - The LNG insulation board business saw revenue growth of 89.18% in 2024, reaching RMB 1.635 billion, driven by increased demand from LNG transportation and storage facilities [10][11]. - The company plans to distribute a cash dividend of RMB 2.6 per 10 shares to all shareholders [10]. Valuation - The report projects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share (EPS) of RMB 2.49, RMB 3.23, and RMB 4.08 [7][16]. - The price-to-earnings (PE) ratios for the same years are estimated at 22.0, 17.0, and 13.4 times [7][16].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [1][5]. Core Views - The company achieved a revenue of 4.175 billion RMB in 2024, representing a year-on-year growth of 10.34%, and a net profit of 79.565 million RMB, up 13.11% year-on-year, indicating stable overall financial performance [3][8]. - In Q1 2025, the company reported a revenue of 1.157 billion RMB, a significant year-on-year increase of 28.18%, but the net profit fell to 3.9823 million RMB, down 73.29% year-on-year, primarily due to price reductions from main engine manufacturers and increased costs in the energy storage business [8]. - Future growth is expected to be driven by the company's focus on new energy and international business, with plans to enhance multi-modal transport and optimize logistics efficiency [8]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 4.175 billion RMB and a net profit of 79.565 million RMB, with core international business revenue growing by 87.47% and new energy business revenue increasing by 210.27% [8]. - The company forecasts net profits of 104 million RMB, 141 million RMB, and 155 million RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of 30.7%, 35.8%, and 9.8% [5][7]. Valuation - The report adjusts the profit forecast due to pressure on domestic vehicle logistics business, projecting a PE ratio of 47.8, 35.2, and 32.0 for 2025, 2026, and 2027 respectively [5][7]. - The expected EPS for 2025 is 0.17 RMB per share, with a downward adjustment of 32% from previous forecasts [5][7]. Strategic Focus - The company plans to leverage its fleet of over 2,450 self-owned vehicles and nearly 10,000 compliant carriers to ensure road transport supply, while also integrating waterway transport capabilities to enhance multi-modal logistics [8]. - The strategy includes expanding into the Mexican and Southeast Asian markets and improving the energy storage product matrix [8].

公司报告 | 年报点评报告 洽洽食品（002557） 证券研究报告 25Q1 业绩承压，静待后续改善 事件：2024 年公司收入/归母净利润分别为 71.31/8.49 亿元（同比 +4.79%/+5.82%）；24Q4 公司收入/归母净利润分别为 23.74/2.23 亿元（同 比+1.99%/-24.79%）。25Q1 公司收入/归母净利润分别为 15.71/0.77 亿元（同 比-13.76%/-67.88%）。 24 年主要产品稳健增长，坚果和其他产品贡献增量。24 年葵花子/坚果类 /其他产品营收 43.81/19.23/7.73 亿元，同比+2.60%/+9.74%/+8.04%。公司 重点打造打手瓜子第一品牌，同时推出打手系列产品——打手花生，通过 不断进行产品优化，销售额快速增长。公司高端瓜子产品"葵珍"通过高 端会员店、精品超市等新渠道的拓展，销售额持续增长。坚果品类持续聚 焦小黄袋每日坚果，推出全坚果产品；坚果礼产品通过不断丰富产品矩阵， 销售规模持续增长。 量贩等新渠道增速较快，传统渠道略有承压。24 年南方/北方/东方/电商/ 海外营收 22.66/13.43/21.21/7.79/5 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 10.03 RMB based on a 12x PE for 2025 [4]. Core Insights - The company is positioned to benefit from a downward trend in coal prices, which enhances the profit elasticity of its thermal power assets due to its regional advantages in Shanghai's electricity supply and demand dynamics [2][3]. - The company plans to add 8 to 10 million kilowatts of new energy capacity during the 14th Five-Year Plan period, with a focus on offshore wind projects, which are crucial for achieving carbon neutrality in Shanghai [3]. - The company has a stable revenue stream from its natural gas pipeline and gas power assets, supported by a favorable pricing mechanism [3]. Summary by Sections 1. Company Overview - The company is a comprehensive energy platform controlled by the Shanghai State-owned Assets Supervision and Administration Commission, with a high dividend payout ratio of nearly 50% since its listing [9][18]. 2. Power Business: Profit Elasticity and Growth in New Energy 2.1 Thermal Power: Profit Elasticity Enhanced by Coal Price Downturn - The regional supply-demand balance in Shanghai is expected to remain tight until 2026, supporting the company's thermal power profitability [2]. - The company has maintained high coal machine utilization hours, projected to remain above 4,800 hours in the next two years [2]. - The competitive landscape in Shanghai is characterized by high industry concentration, with the company and its major competitors holding over 80% of the market share [2]. 2.2 New Energy: Active Layout for Energy Transition - The company aims to accelerate the development of new energy projects, with 3.95 million kilowatts of new energy projects expected to be operational between 2025 and 2026 [3]. - Offshore wind energy is identified as a key pathway for achieving carbon neutrality in Shanghai, with significant future development potential [3]. 3. Stability: Stable Profitability from Pricing Mechanisms - The company operates the only high-pressure natural gas pipeline system in Shanghai, ensuring stable profitability from gas supply [3]. - The company has diversified its investments into nuclear power and pumped storage, contributing approximately 700 million RMB in annual investment income [3]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 29.85 billion RMB in 2025, with a net profit of 4.09 billion RMB, corresponding to an EPS of 0.84 RMB [4]. - The report emphasizes the company's strong dividend capability and willingness, with a current dividend yield of approximately 5.0%, ranking among the top in the thermal power industry [3][31].