Investment Rating - The report maintains a "Recommendation" rating for Jiangsu Bank, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][21]. Core Views - Jiangsu Bank reported a strong Q1 2025 performance with operating income of CNY 22.3 billion, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of CNY 9.78 billion, up 8.16% year-on-year. The non-performing loan (NPL) ratio improved to 0.86%, a decrease of 3 basis points from the beginning of the year, while the provision coverage ratio stood at 343.51%, down 6.59 percentage points from the start of the year [1][5]. Financial Performance Summary - **Operating Income and Profit**: - 2025 Q1 operating income reached CNY 22.3 billion, a 6.21% increase year-on-year - Net profit attributable to shareholders was CNY 9.78 billion, reflecting an 8.16% year-on-year growth [1][5]. - **Key Financial Metrics**: - Total revenue projections for 2024-2027 are CNY 80.82 billion, CNY 86.83 billion, CNY 95.22 billion, and CNY 102.60 billion respectively, with year-on-year growth rates of 8.80%, 7.44%, 9.67%, and 7.75% [1][6]. - Net profit attributable to shareholders is projected to grow from CNY 31.84 billion in 2024 to CNY 39.80 billion in 2027, with growth rates of 10.80%, 7.40%, 7.96%, and 7.80% [1][6]. - **Asset Quality**: - The NPL ratio is projected to remain stable at 0.89% from 2024 to 2027, while the provision coverage ratio is expected to decline from 351% in 2024 to 170% in 2027 [8][10]. - **Market Position**: - Jiangsu Bank's total assets reached CNY 4.46 trillion by the end of Q1 2025, a 12.84% increase from the beginning of the year, with total loans of CNY 2.26 trillion and deposits of CNY 2.42 trillion, reflecting growth rates of 7.96% and 14.18% respectively [5][6]. Investment Recommendation - The report suggests that Jiangsu Bank's governance is stable, with clear strategic planning and robust operational metrics. The bank's asset quality remains strong, and the current dividend yield is attractive. The target price for 2025 is set at CNY 11.66, based on a projected price-to-book (PB) ratio of 0.85x [2][5].

公司研究 证 券 研 究 报 告 瑞丰银行（601528）2025 年一季报点评 推荐（维持） 单季息差企稳回升，资产质量保持稳定 目标价：6.86 元 事项： 4 月 28 日晚，瑞丰银行披露 1Q25 季报，实现营业收入 11.09 亿元，同比增长 5.12%；营业利润 3.96 亿元，同比增长 4.04%；归属于上市公司股东的净利润 4.24 亿元，同比增长 6.69%。不良率环比持平于 0.97%，拨备覆盖率环比增加 5.2pct 至 326%。 评论： 农商行 2025 年 04 月 29 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 196,216.14 | | --- | --- | | 已上市流通股(万股) | 170,544.22 | | ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 17.10 CNY for the next six months [4][6]. Core Views - The company has shown strong growth in overseas sales, with a year-on-year increase of 15.8% in Q1, driven by robust demand for small household appliances and increased inventory needs due to uncertainties in U.S. tariff policies [2]. - Domestic sales have shown marginal improvement, with a year-on-year decline of 4.9% in Q1, compared to a decline of 11.2% in Q4 2024, supported by government subsidies for replacing old appliances [2]. - The company's profitability has improved, with a net profit margin of 6.4% in Q1, up by 1.5 percentage points year-on-year, attributed to better investment returns and a favorable exchange rate [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion CNY, a year-on-year increase of 14.8%, and a net profit of 1.05 billion CNY, up by 7.7% [1]. - For Q1 2025, the company reported a revenue of 3.83 billion CNY, a year-on-year increase of 10.4%, and a net profit of 0.25 billion CNY, up by 43.0% [1][3]. - The company's gross profit margin improved by 0.5 percentage points year-on-year, indicating better cost management and product mix [3]. Future Outlook - The company is expected to benefit from ongoing government subsidies for small household appliances, which will likely enhance domestic sales [4]. - The establishment of a manufacturing base in Indonesia is anticipated to mitigate trade policy risks and support stable growth in overseas sales [2]. - The projected earnings per share (EPS) for 2025 to 2027 are estimated to be 1.43 CNY, 1.62 CNY, and 1.88 CNY respectively, indicating a positive growth trajectory [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The refrigerant industry is experiencing a high level of prosperity, with the company's performance expected to continue its strong growth [6] - The profitability of fluoropolymer materials is gradually recovering, driven by increased production and improved market conditions [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 4.61 billion yuan, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 250 million yuan, up 36.8% year-on-year [4][7] - The company's Q4 2024 results showed operating revenue of 1.23 billion yuan, a year-on-year increase of 7.6%, and a net profit of 105 million yuan, up 385% year-on-year [5] - For Q1 2025, the company reported operating revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, and a net profit of 97 million yuan, up 161.7% year-on-year [10] Product Segment Performance - In the fluorocarbon chemical segment, the company generated revenue of 2.447 billion yuan in 2024, with an average gross margin of 20.37%, up 12.62 percentage points year-on-year [7][9] - The fluoropolymer materials segment achieved revenue of 1.581 billion yuan in 2024, reflecting a year-on-year increase of 17.38% [7][9] - The chemical raw materials segment saw a revenue decline to 436 million yuan in 2024, with a significant drop in average selling price [9] Future Projections - The company is projected to achieve operating revenues of 5.012 billion yuan, 5.433 billion yuan, and 5.853 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 491 million yuan, 589 million yuan, and 680 million yuan [11][13] - The expected price-to-earnings ratios for the next three years are 20, 17, and 15 times [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.723 billion yuan in 2024, representing a year-on-year growth of 14.45%, and a net profit attributable to shareholders of 192 million yuan, up 10.83% year-on-year [3] - In Q1 2025, the company reported a revenue of 317 million yuan, a year-on-year increase of 16.02%, and a net profit attributable to shareholders of 42 million yuan, growing 18.45% year-on-year [3] - The company is experiencing significant growth in overseas markets, with foreign revenue reaching 228 million yuan in 2024, up 33.38% year-on-year, accounting for 13.21% of total revenue [5][6] Summary by Sections Financial Performance - In 2024, the company's gross margin was 29.62%, an increase of 2.37 percentage points year-on-year, while the net margin was 11.16%, a slight decrease of 0.32 percentage points [6] - For Q1 2025, the gross margin was 29.86%, down 0.58 percentage points year-on-year, and the net margin was 13.84%, an increase of 0.89 percentage points [6] Product and Market Insights - The revenue from replacement consumables accounted for over 30% of total revenue, indicating a strong growth in the replacement market [5] - The company’s wind turbine filter unit generated revenue of 1.517 billion yuan in 2024, a year-on-year increase of 16.83%, while other products saw a slight decline in revenue [5] Inventory and Contract Liabilities - As of Q1 2025, the company's inventory was 834 million yuan, a year-on-year increase of 42.58%, and contract liabilities were 309 million yuan, up 101.32%, indicating a strong order backlog [6] Future Projections - The company is projected to achieve revenues of 2.695 billion yuan, 3.441 billion yuan, and 4.140 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 313 million yuan, 412 million yuan, and 515 million yuan [7][8]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][7]. Core Views - The company has shown significant revenue and net profit growth in Q1 2025, with revenue increasing by 25.4% and net profit by 62.1% year-on-year. The domestic brand momentum is on the rise, particularly with the "Wang Pi Xiao Jin Dun" high-fresh meat cat food, which is expected to gain market share in the mid-to-high-end cat food segment [1][6][7]. - The overseas factories have sufficient orders, and the second phase of production in Canada and the United States is expected to support North American demand, further enhancing the global supply chain layout [1][7]. - The company is expected to maintain good profitability due to low-cost structures and high capacity utilization in overseas factories, despite a slight increase in expenses due to higher marketing investments [1][6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 4.465 billion, a year-on-year increase of 19.1%, and a net profit of 394 million, up 68.9% year-on-year. The fourth quarter of 2024 saw a revenue of 1.276 billion, a 23.3% increase year-on-year, and a net profit of 112 million, up 98.2% year-on-year [6][9]. - The company's gross margin improved by 1.9 percentage points year-on-year in 2024, driven by a higher proportion of high-margin staple food products and structural optimization [6][9]. - For Q1 2025, the company reported a gross margin of 31.9%, an increase of 4.0 percentage points year-on-year, with a net profit margin of 8.3%, up 1.9 percentage points year-on-year [6][9]. Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been raised to 1.59 and 1.88 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 34x for 2025 [1][7][8]. - The company is expected to maintain a high single-digit profit margin throughout the year, benefiting from the acceleration of domestic brand market share [1][7]. Market Position and Shareholder Information - The company has a total market capitalization of 15.8 billion yuan, with a return on equity (ROE) of 16.8% and a debt-to-asset ratio of 40% [2][6]. - The major shareholder is Yantai Zhongxing Biotechnology Co., Ltd., holding a 24.8% stake in the company [2].

证券研究报告 赛轮轮胎 (601058 CH) 24 年净利增长，全球竞争力持续提升 | | | 公司发布 24 年年报与 25 年一季报，全年实现营收 318 亿元，yoy+22%， 归母净利 41 亿元（扣非后 40 亿元），yoy+31%（扣非后 yoy+27%）；Q4 营收 82 亿元，同环比+17%/-4%，归母净利 8 亿元，同环比-23%/-25%。 25Q1 公司实现营收 84 亿元，同环比+15%/+3%；实现归母净利润 10 亿元， 同环比+0.5%/+27%，公司 25Q1 净利略低于我们前瞻预期（11 亿元），主 要是受原材料成本高位影响。2024 年公司股利支付率 31%， 25 年计划实 施中期分红；公司实控人及一致行动人计划增持公司股份 5-10 亿元。考虑 美国加征关税，短期公司业绩或受一定影响，下调盈利预测；但长期伴随公 司增量产能投放，以及全球同等加税下，公司有望凭借性价比优势提升在美 份额，公司全球竞争力有望持续增强。维持"买入"评级。 24 年产销再创新高，业绩稳健增长 2024 年伴随公司新增产能放量、海外市场需求恢复、以及国内市场持续开 拓，全年轮胎产销再创新高。2 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 103.86 RMB [7][8] Core Views - The company demonstrated strong earnings resilience in 2024, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 15.13 billion, 1.48 billion, and 1.36 billion RMB respectively, reflecting year-on-year growth of 7.7%, 0.5%, and a slight decline of 0.5% [1][4] - The company is focusing on internal improvements during the off-season to prepare for the peak season, as competition in the frozen food industry has eased compared to the second half of 2024 [1][4] Summary by Sections Financial Performance - In 2024, the company's revenue from frozen noodles, prepared foods, and dishes was 2.46 billion, 7.84 billion, and 4.35 billion RMB, showing a year-on-year change of -3.1%, +11.4%, and +10.8% respectively [2] - The gross profit margin for 2024 was 23.3%, with a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 0.7 percentage points to 9.8% [3] Strategic Developments - The company is advancing its strategic products, such as the "lock-fresh" packaging, which generated over 1.5 billion RMB in revenue in 2024, marking an increase of over 18% year-on-year [2] - The company plans to enhance its relationships with major supermarkets like Yonghui and Walmart in 2025, aiming for customized offerings [2] Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are projected to be 5.47 RMB and 6.05 RMB, respectively, with an introduction of a 2027 EPS forecast of 6.88 RMB [4][6] - The company’s estimated revenue for 2025 is 16.16 billion RMB, reflecting a growth rate of 6.83% [6]

证券研究报告 四维图新 (002405 CH) 业绩同比减亏，受益于智驾平权趋势 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 计算机应用 | 公司发布年报与一季报，24 年实现营收 35.18 亿元（yoy+12.68%）；归母 净利-10.95 亿元，亏损同比收窄 16.68%；扣非净利-11.18 亿元，亏损同比 收窄 21.69%。净利润低于前次预期（-6.58 亿元），主要系公司投资亏损影 响。25Q1 实现营收 7.56 亿元（yoy+6.87%、qoq-23.62%），归母净利-1.52 亿元，亏损同比收窄 10.18%，环比收窄 74.91%。看好公司智驾市场份额 不断提升，预计公司亏损将持续收窄，给予"买入"。 智云业务持续增长，智舱智驾短期承压 分业务看，24 年智云业务收入 22.54 亿元，同增 28.96%，主因公司深耕数 据合规领域，紧抓车路云一体化发展契机，中标多个北京试点项目，运营项 目持续增长；智芯业务收入 5.66 亿元，同增 10.92%，SoC 芯片出货量达 到 86 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company experienced significant growth in Q1 2025, with revenue reaching 52 billion RMB, a year-on-year increase of 32%, and a net profit of 2.1 billion RMB, reflecting a 287% increase [1] - The company is positioned as a leading global IoT module manufacturer, expected to benefit from a recovery in industry demand and long-term opportunities from edge/endpoint AI development [1][5] - The revenue from the module and antenna business in 2024 was 184 billion RMB, up 34% year-on-year, with both domestic and international markets showing strong performance [2] Summary by Sections Financial Performance - In 2024, the company's revenue was 186 billion RMB, a 34% increase year-on-year, and the net profit was 5.9 billion RMB, up 548% [1] - The comprehensive gross margin for 2024 was 17.6%, a slight decline of 1.3 percentage points, primarily due to increased orders from overseas strategic clients [3] - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing year-on-year [3] Market Outlook - The IoT module market is expected to stabilize and improve as downstream demand recovers, with high-speed products like 5G cellular modules poised for growth in the AI era [4] - Long-term, the transition of AI computing capabilities to the edge is anticipated to enhance the value of IoT modules, shifting their role from "transmission" to "transmission + computation" [4] Valuation and Forecast - The earnings forecast for 2025-2027 has been revised upward, with projected net profits of 8.01 billion RMB, 9.59 billion RMB, and 11.28 billion RMB respectively [5] - The target price for the company is set at 91.79 RMB, based on a 30x PE ratio for 2025, reflecting the company's leading position in the IoT module market [5]