Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company is projected to achieve a revenue of 3.036 billion yuan in 2024, representing a year-over-year growth of 14.53%, with a net profit of 429 million yuan, up 6.49% year-over-year [1][4]. - The company's gross margin is expected to decline to 39.20% in 2024, down 1.81 percentage points year-over-year, while the net margin is projected to decrease to 13.98%, down 1.15 percentage points year-over-year [1][4]. - The company is focusing on expanding its product offerings and market coverage, particularly in energy storage and charging stations, while actively participating in AIDC construction [3][4]. Revenue Breakdown - The revenue from new energy power conversion equipment is expected to be 857 million yuan, down 5.80% year-over-year, with a gross margin of 29.64%, a decrease of 3.49 percentage points [2]. - Revenue from electric vehicle charging equipment is projected to reach 1.216 billion yuan, up 43.04% year-over-year, with a gross margin of 38.15%, down 1.46 percentage points [2]. - Industrial power supply revenue is expected to be 603 million yuan, up 13.11% year-over-year, with a gross margin of 54.23%, an increase of 0.58 percentage points [2]. Future Outlook - The company aims to develop products and technologies suitable for grid-side energy storage and is focusing on expanding its overseas market presence [3]. - In the charging station segment, the company plans to enhance product coverage in commercial vehicle scenarios and increase penetration in the fast-charging field [3]. - The industrial power supply segment is expected to benefit from the accelerated development of AIDC, with the company positioning itself as a comprehensive power solution provider for data centers [3][4]. Financial Projections - The company’s revenue forecast for 2025 is adjusted to 3.98576 billion yuan, with a net profit of 564.56 million yuan, reflecting a growth rate of 31.61% [4][11]. - The projected earnings per share (EPS) for 2025 is 1.80 yuan, with a price-to-earnings (P/E) ratio of 16.45 [4][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In Q1 2025, the company's operating revenue was 23.77 billion yuan, a year-on-year decrease of 2.2%, while the net profit attributable to shareholders was 640 million yuan, down 19.8% year-on-year. The main business operations remained stable, with a decline in investment income impacting overall performance [2][6] - The company experienced a 36.1% year-on-year decline in net investment income to 310 million yuan, primarily due to pressure on the performance of its subsidiary, Sinotrans DHL [2][6] - The report highlights the impact of U.S. tariff policies and the cancellation of small package exemptions, which are expected to affect air and sea freight demand on European and American routes. Close attention is needed on the subsequent tariff policies affecting the company's agency business and its subsidiary [2][6] Summary by Sections Financial Performance - In Q1 2025, the company's gross profit increased by 10.3% year-on-year to 1.38 billion yuan, with a gross margin improvement of 0.7 percentage points to 5.8%. The operating expenses ratio decreased by 0.2 percentage points to 4.1% [2][11] - The company's logistics volume showed mixed results, with contract logistics down 2.0% year-on-year, while project logistics and chemical logistics increased by 21.6% and 13.9%, respectively [11] Market Outlook - The company is actively expanding into emerging markets in Southeast Asia to mitigate the impact of tariff shocks. Strategic overseas network development is underway, with the completion of the second phase of the warehouse in Thailand [2][11] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated at 3.56 billion, 3.73 billion, and 4.05 billion yuan, respectively, with corresponding P/E ratios of 10.2, 9.8, and 9.0 times [2][11]

公司研究丨点评报告丨厦门国贸（600755.SH） [Table_Title] 业绩显著承压，股东回报积极 报告要点 [Table_Summary] 2024 年，公司实现营收 3544.4 亿元，同比下降 24.3%，归母净利润 6.3 亿元，同比下降 67.3%。 2024 年第四季度，公司实现营收 681.1 亿元，同比增长 0.9%，归母净利润-0.9 亿元，同比下 降 275.4%。尽管 1Q25 经营环境依然复杂，但公司持续推进"三链融合"新模式，优化业务结 构，主要经营品种稳中有进。公司经营底部逐步明朗，期待拐点来临，建议积极把握底部布局 机会。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 厦门国贸（600755.SH） cjzqdt11111 [Table_Title2] 业绩显著承压，股东回报积极 [Table_Summ ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown significant improvement in its performance in Q1 2025, with a notable increase in net profit compared to the previous year despite a decline in revenue [6] - The semiconductor segment has seen substantial growth, with sales revenue increasing by 94.65% year-on-year, indicating strong demand and successful product development [7] - The company is actively expanding its product lines and enhancing its R&D efforts, particularly in the semiconductor field, which is expected to drive future growth [8] Financial Performance Summary - In 2024, the company achieved operating revenue of 2.565 billion yuan, a year-on-year increase of 5.59%, while the net profit attributable to the parent company was -98 million yuan, a decline of 165.02% [5] - The gross margin for 2024 was 39.97%, down 8.98 percentage points year-on-year, and the net profit margin was -8.69%, a decrease of 12.37 percentage points [5] - For Q1 2025, the company reported operating revenue of 689 million yuan, a year-on-year decrease of 64.92%, but the net profit attributable to the parent company increased by 336.06% to 38 million yuan [6] Revenue and Profit Forecast - The forecast for operating revenue from 2025 to 2027 is 3.039 billion yuan, 3.554 billion yuan, and 4.369 billion yuan, respectively, with corresponding net profits of 194 million yuan, 308 million yuan, and 521 million yuan [11] - The projected diluted EPS for the same period is 0.69 yuan, 1.10 yuan, and 1.86 yuan, respectively [11] Market Position and Strategy - The company is focusing on expanding its presence in the semiconductor testing equipment market, with a strategic partnership and investment in related companies to enhance its competitive edge [8] - The company is also diversifying its product offerings in the display and new energy sectors, although these segments are currently facing challenges [9][10]

证券研究报告 | 2025年05月18日 立讯精密（002475.SZ） 优于大市 收购闻泰产品集成业务，汽车和 ODM 业务高增长 内生外延支撑公司 2024 业绩稳健增长。公司公布 2024 年业绩，实现营收 2687.95 亿(YoY +15.91%)，归母净利润 133.66 亿(YoY +22.03%)，毛利率 10.41%(YoY -1.17pct)，净利率 5.42(YoY +0.14pct)。毛利率下滑主要因个 别智能可穿戴产品产能利用率不足、全球布局导致国内产能短期过剩及海外 扩展前期空档等，目前已基本正常。1Q25 营收 617.88 亿(YoY +17.90%)，归 母净利润 36.79 亿(YoY +21.88%，QoQ +25.76%)，毛利率 11.18%(YoY +0.43pct，QoQ +3.31pct)，净利率 5.47%(YoY +0.56pct，QoQ +0.24pct)。 收购闻泰科技部分产品集成业务，ODM 业务快速增长。闻泰科技拟将公司旗 下产品集成业务相关 9 家标的公司和资产转让给立讯精密。1 月 26 日立讯通 讯完成收购闻泰通讯持有的嘉兴永瑞、上海闻泰电子和 ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [1] Core Views - The company aims to enhance its e-commerce capabilities and optimize its product structure to drive sales growth, particularly in the vitamin water segment, which is expected to follow industry trends towards healthier beverage options [4][17] - The company reported a slight increase in total revenue for 2024, with a total revenue of 1.415 billion yuan, reflecting a year-on-year growth of 0.22% [4][13] - The gross profit margin for 2024 is projected at 39.08%, an increase of 3.24 percentage points year-on-year, while the net profit margin is expected to be 15.82%, a decrease of 0.97 percentage points [4][13] Company Overview - The latest closing price of the company's stock is 13.03 yuan, with a total market capitalization of 5.1 billion yuan [3] - The company has a total share capital of 394 million shares, with a price-to-earnings ratio of 22.47 [3] Financial Performance - For Q1 2025, the company achieved total revenue of 320 million yuan, a decrease of 4.3% year-on-year, while the net profit increased by 16.17% to 66 million yuan [5][14] - The projected revenues for 2025 to 2027 are 1.519 billion yuan, 1.644 billion yuan, and 1.764 billion yuan, respectively, with expected growth rates of 7.31%, 8.25%, and 7.32% [8][10] Strategic Initiatives - The company is focusing on building a second growth curve through the introduction of vitamin water, leveraging its clean ingredient profile and higher vitamin C content compared to competitors [7][17] - A dealer empowerment plan is being implemented to support distributors with differentiated strategies based on regional and channel characteristics [6][15] Market Trends - The soft drink industry is witnessing trends towards lighter flavors, health benefits, and sugar-free options, which the company aims to capitalize on with its new product lines [17]

公司 5 月 16 日发布限制性股票激励计划草案，要点如下： 1、激励对象：公司中层管理人员、技术骨干人员以及准核心人员，授予激励对象共计 292 人。 2、 授予价格：25.3 元/股；行权价格：50.6 元/份。 3、 授予股数：290 万股，约占公司股本总额的 0.94%，计划购买价格为 37.95 元/股。其中 首次授予 267.4 万股，预留 22.6 万股。 公司业绩考核目标： 基准净利润为 2024 年净利润，即 2.09 亿元。基准营业收入 2024 年营业收入，即 15.84 亿元。 公司报告 | 年报点评报告 雷赛智能（002979） 证券研究报告 未来三年业绩 CAGR 有望达 25%，股权激励彰显信心 事件： 目标值（公司层面归属比例 100%）：25-27 年净利润分别为 2.72、3.35、3.98 亿元，yoy+30%、 +23.08%、+18.75%；25-27 年营业收入分别为 19.01、23.76、28.52 亿元，yoy+20%、+25%、 +20% 触发值（公司层面归属比例 70%）：25-27 年净利润分别为 2.3、2.93、3.56 亿元，yoy+10%、 +2 ...

禾信仪器（688622.SH）首次覆盖报告 龙头的下一站，量子计算 2025 年 05 月 19 日 ➢ 质谱仪国产化龙头，塑造环境监测领域品牌优势，财务指标稳健增长。禾信 仪器集质谱仪研发、生产、销售及技术服务为一体，深耕环境监测、医疗健康、 食品安全等质谱仪应用领域；公司的主要客户结构相对稳定，主要为各地环保局、 环境监测站/中心/中心站、工业园区管委会以及科研院所等；公司 2024 年实现 营收 2.03 亿元，公司营收在 2017-2024 年复合增速达到 12%。受经济大环境 影响，近年公司短期利润承压，未来有望通过创新业务应用带来增长拐点。 ➢ 量子计算突破 AI 算力瓶颈，国内外量子计算发展如火如荼。与传统计算相 比，量子计算能够带来更强的并行计算能力和更低的能耗，在 AI 领域具有较大 潜力。海外量子计算产业发展较快，英伟达长期引领量子计算产业化落地，美股 量子计算公司纷纷加速科技研发和商业布局。我国量子计算与海外差距不断缩 小，中电信、中科大、国盾量子、本源量子等均取得突破。 ➢ 稀释制冷机助力超导量子计算机平稳运行，量羲技术领跑行业。稀释制冷机 是一种极低温获取设备，使用两种氦同位素的混合 ...

股 票 研 究 | | | —通威股份 2024 年报及 2025 年一季报点评及近况更新 | [table_Authors] 徐强(分析师) | 徐柏乔(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号S0880517040002 | S0880525040113 | 本报告导读： 一季度亏损环比收窄，电池片和多晶硅业务进一步提质增效。公司的在行业领先地 位稳固，随着行业触底企稳回升，业绩有望迎来改善。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 139,104 | 91,994 | 97,675 | 117,346 | 141,247 | | (+/-)% | -2.3% | -33.9% | 6.2% | 20.1% | 20.4% | | 净利润（归母） | 13,574 | -7,039 | -2,745 | 2,242 | 5,7 ...

公司研究 证 券 研 究 报 告 资料来源：公司公告，华创证券预测 金域医学（603882）2024 年报&2025 年一季报点评 推荐（维持） 短期业绩承压，运营效率持续提升 目标价：41 元 事项： 公司发布 24 年报及 25 年一季报，24 年，公司实现营收 71.90 亿元（-15.81%）， 归母净利润-3.81 亿元（23 年同期为 6.43 亿元），扣非归母净利润-2.38 亿元（23 年同期为 3.65 亿元）。25Q1，公司实现营收 14.67 亿元（-20.35%），归母净利 润-0.28 亿元（24 年同期为-0.19 亿元），扣非归母净利润-0.39 亿元（24 年同期 为-0.29 亿元）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,190 | 7,211 | 7,891 | 8,719 | | 同比增速(%) | -15.8% | 0.3% | 9.4% | 10.5% | | 归母净利润 ...