2025 年 4 月 28 日 公司研究 技术服务与智能设备双轮驱动，净利润同比高增 ——南网科技（688248.SH）2025 年一季报点评 要点 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,537 | 3,014 | 4,009 | 5,012 | 6,090 | | 营业收入增长率 | 41.77% | 18.77% | 33.04% | 25.01% | 21.52% | | 净利润（百万元） | 281 | 365 | 481 | 623 | 774 | | 净利润增长率 | 36.72% | 29.79% | 31.73% | 29.60% | 24.21% | | EPS（元） | 0.50 | 0.65 | 0.85 | 1.10 | 1.37 | | ROE（归属母公司)（摊薄） | 10.05% | 12.22% | 14.17% | 15.91% | 16.97% | | P/E | 59 | 46 | 35 | ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved a revenue of 77.857 billion RMB in 2024, representing a year-on-year increase of 7.76%, with a net profit attributable to shareholders of 11.036 billion RMB, up 16.92% year-on-year, slightly exceeding previous expectations due to strong profitability in the energy storage business [1][5]. - The company is a global leader in the solar and energy storage industry, with a significant increase in domestic and international orders since 2024, providing strong support for performance in 2025 [1][5]. - The company’s energy storage revenue reached 24.96 billion RMB in 2024, a 40.3% increase year-on-year, with a gross margin of 36.7%, driven by cost reductions in manufacturing and battery cells [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 27.911 billion RMB, with a year-on-year increase of 8% and a quarter-on-quarter increase of 47%. The net profit for the same period was 3.437 billion RMB, reflecting a year-on-year increase of 55% and a quarter-on-quarter increase of 30% [2]. - For Q1 2025, the company achieved a revenue of 19.036 billion RMB, a year-on-year increase of 51%, while the net profit reached 3.826 billion RMB, up 83% year-on-year [2]. Energy Storage Segment - The company’s energy storage shipments in 2024 reached 28 GWh, a significant increase of 167% year-on-year, with an estimated sales volume of 25 GWh, leading to a unit price of approximately 0.96 RMB per Wh, down 43% year-on-year due to battery cell price reductions [3]. - In Q1 2025, energy storage shipments surged to 12 GWh, a year-on-year increase of 470%, maintaining profitability levels similar to 2024, primarily due to confirmed revenue from the Saudi energy storage project and export activities to the U.S. [3]. Photovoltaic Inverter Segment - The company’s revenue from photovoltaic inverters in 2024 was 29.13 billion RMB, a year-on-year increase of 5.3%, with a gross margin of 30.9% [4]. - The sales volume of photovoltaic inverters reached 147 GW in 2024, a 13% increase year-on-year, with a unit price of approximately 0.20 RMB per W, down 7% year-on-year [4]. Valuation and Forecast - The report projects net profits for 2025-2027 to be 12.025 billion RMB, 13.557 billion RMB, and 15.209 billion RMB respectively, with a target price of 92.80 RMB based on a 16x PE ratio for 2025 [5][9].

证券研究报告·公司点评报告·化学制药 奥锐特（605116） 2024 年年报及 2025 年一季报点评：一体化 转型成效显著，看好多肽与寡核苷酸放量 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） | 1,263 | 1,476 | 1,842 | 2,158 | 2,750 | | 同比（%） | 25.24 | 16.89 | 24.79 | 17.19 | 27.42 | | 归母净利润（百万元） | 289.42 | 354.79 | 477.42 | 597.50 | 731.69 | | 同比（%） | 37.19 | 22.59 | 34.56 | 25.15 | 22.46 | | EPS-最新摊薄（元/股） | 0.71 | 0.87 | 1.18 | 1.47 | 1.80 | | P/E（现价&最新摊薄） | 29.89 | 24.39 | 18.12 | 14.48 | 11.82 | [T ...

事件 4 月 28 日公司发布 2024 年报及 2025 年一季报，2024 年实现营收 30.27 亿元，同比-24.09%；归母净利润为-2.87 亿元，同比亏损。 4Q24 收入为 10.75 亿元，环比+34.65%、同比+21.83%；归母净利 润为-0.84 亿元，环比、同比亏损。1Q25 实现收入 7.28 亿元，环 比-32.28%、同比+141.32%；归母净利润为 0.73 亿元，环比、同 比均扭亏。 点评 价格上涨，1Q25 业绩符合预期。1Q25 氧化镨钕、氧化镝、氧化铽 价格环比分别+3.29%/-0.86%/+6.79%,公司主营产品价格整体上 行；销量方面，2024 年公司稀土氧化物生产量较上年同期提升 107.27%；基于公司现有产能释放情况，我们认为 1Q25 公司产品 销量同比有所增长。1Q25 公司毛利、毛利率分别同比+446.15%、 +5.45pct 至 0.71 亿元、9.75%。 期间费率保持平稳，研发保持高投入。1Q25 公司期间费用环比 -31.91%至 0.32 亿元;期间费率环比+0.02pct 至 4.40%、同比 -2.89pct 至 4.40% ； ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 27 日 [Table_Title] U8 延续高增势头，改革红利仍在释放 [Table_Title2] 燕京啤酒(000729) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 000729 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 13.68/8.1 | | 目标价格： | | 总市值(亿) | 364.72 | | 最新收盘价： | 12.94 | 自由流通市值(亿) | 324.74 | | | | 自由流通股数(百万) | 2,509.61 | [Table_Summary] 事件概述 24FY 公司实现营收 146.67 亿元，同比+3.20%；实现归母净利润 10.56 亿元，同比+63.74%；实现扣非 归母净利润 10.41 亿元，同比+108.03%；其中 24Q4 公司实现营收 18.21 亿元，同比+1.32%；实现归母净利 润-2.32 亿元，去年同期为-3.11 亿元；实现扣非归母净利润-2.21 亿元， ...

公司研究 证 券 研 究 报 告 宝立食品（603170）2024 年报及 2025 年一季报点评 强推（维持） 营收增长稳健，静待盈利弹性 目标价：18.2 元 事项： ❖ 公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收入 26.51 亿元，同 比增长 11.91%；归母净利润 2.33 亿元，同比-22.52%；2025 年 Q1 实现营业收 入 6.69 亿元，同比增长 7.18%；归母净利润 0.58 亿元，同比-4.19%。 评论： [ReportFinancialIndex] 主要财务指标 联系人：严文炀 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,651 | 2,943 | 3,307 | 3,728 | | 同比增速(%) | 11.9% | 11.0% | 12.4% | 12.7% | | 归母净利润(百万) | 233 | 279 | 327 | 387 | | 同比增速(%) | -22.5% | 19.7% | 17.3% | 18.1 ...

公司报告 | 年报点评报告 罗莱生活（002293） 证券研究报告 业绩回暖，加大分红 公司发布 24 年报和 25 年一季报 25Q1 收入 11 亿，同比+1%；归母净利润 1.1 亿，同比+26%；扣非归母净 利润 1.1 亿，同比+22%； 24Q4 收入 14 亿，同比-13%；归母净利润 1.7 亿，同比+10%；扣非归母净 利润 1.6 亿，同比+28%； 24 年收入 46 亿，同比-14%；归母净利润 4.3 亿，同比-24%；扣非归母净 利润 4.0 亿，同比-22%。 24 年收入减少系终端消费疲软以及美国家具拖累（营收 8 亿，同比-22%， 归母净亏 0.3 亿）。25Q1 营收转正，预计与 24 年底家纺补贴刺激需求和同 期低基数有关。 同时，公司计划每 10 股派发现金红利 4 元（含税），加上中期分红，24 年 度派息率 115%。此外，25 年中期拟每 10 股派发现金红利不低于 2 元（含 税)。 直营门店净增，库存消化较好 25Q1 毛利率 46%，同比+2.4pct，归母净利率 10%，同比+2.1pct，毛利率提 升带动利润增厚。 24 年毛利率 48%，同比+0.7 ...

丨证券研究报告丨 公司研究丨点评报告丨华能水电（600025.SH） [Table_Title] 装机扩张优化调度，经营业绩加速增长 报告要点 [Table_Summary] 2024 年在来水同比略有改善以及水电和新能源装机规模持续增长带动下，公司发电量同比增 长 4.62%，同时公司电价同比提升 0.66%，公司 2024 年营业收入同比增长 6.05%。2025 年一 季度得益于蓄能释放，发电量同比增长 31.22%，带动一季度营业收入同比增长 21.84%。此外， 公司持续降本增效，优化债务结构，2024 年和 2025 年一季度财务费用分别同比降低 2.04%、 5.00%。因此，2024 年公司实现归母净利润 82.97 亿元，同比增长 8.63%；2025 年一季度公 司实现归母净利润 15.08 亿元，同比增长 41.56%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 华能水电（60002 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - In 2024, the company achieved operating revenue of 1.931 billion, a year-on-year increase of 0.09%, and a net profit attributable to the parent company of 317 million, a year-on-year decrease of 18.95%. The company is expected to benefit from improved transportation conditions and hotel project renovations, leading to stable revenue growth [2][6]. - The opening of the Chi-Huang high-speed railway in 2024, along with improved weather conditions, is anticipated to further increase visitor traffic to the mountains. Upgrades to hotels are expected to enhance both volume and pricing [2][6]. - Projected net profits for 2025-2027 are estimated at 377 million, 415 million, and 449 million, respectively, with corresponding price-to-earnings ratios of 23, 21, and 19 [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company reported operating revenue of 519 million, a year-on-year increase of 4.93%, and a net profit of 45 million, marking a return to profitability [6]. - The total number of visitors to the scenic area reached 4.9224 million, a year-on-year increase of 7.6%, while the cable car service transported 9.8149 million visitors, up 3.25% year-on-year [12]. - The decline in profit despite increased visitor numbers was attributed to a decrease in ticket prices, adverse weather conditions, and increased depreciation from new investments [12]. Cost and Profitability - Operating costs increased by 4.98% year-on-year, outpacing revenue growth, primarily due to new investment projects still in the cultivation phase, leading to a gross margin of 51.78%, down 2.24 percentage points [12]. - The company's net profit margin decreased by 6.03 percentage points to 17.61% due to rising costs and increased expense ratios [12]. Business Segments - Revenue from the scenic area business declined by 9.22%, while hotel and cable car businesses saw increases of 2.55% and 1.02%, respectively. The decline in scenic area revenue was mainly due to lower ticket prices [12]. - The company is undertaking several renovation and investment projects, including a 150 million upgrade to the Huangshan International Hotel and a joint venture to develop a cultural performance project [12]. Future Outlook - The company is expected to benefit from multiple favorable factors, including improved transportation and hotel renovations, leading to steady revenue growth. Visitor traffic is projected to increase with the opening of the Chi-Huang high-speed railway [2][12].

丨证券研究报告丨 公司研究丨点评报告丨恒顺醋业（600305.SH） [Table_Title] 恒顺醋业 2024 年年报点评：Q4 营收大幅提速， 盈利能力持续修复 报告要点 [Table_Summary] 恒顺醋业披露 2024 年年报，实现营业总收入 21.96 亿元（同比+4.25%）；归母净利润 1.27 亿 元（同比+46.54%），扣非净利润 1.13 亿元（同比+48.30%）。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 恒顺醋业（600305.SH） cjzqdt11111 [Table_Title 恒顺醋业 2024 2] 年年报点评：Q4 营收大幅提速， 盈利能力持续修复 [Table_Summary2] 事件描述 恒顺醋业披露 2024 年年报，实现营业总收入 21.96 亿元（同比+4.25%）；归母净利润 1.27 亿 元（同比+46.54%），扣非净利润 1.13 亿元 ...