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 ...

公司研究 证 券 研 究 报 告 旗滨集团（601636）2024 年报及 2025 年一季报点评 推荐（维持） 光伏玻璃业务快速发展，一季度盈利改善 目标价：6.1 元 事项： 2024 年公司实现总营业收入 156.49 亿元，同比减少 0.21%，归母净利润 3.83 亿元，同比减少 78.15%。2025 年一季度公司实现总营业收入 34.84 亿元，同 比减少 9.68%，归母净利润 4.70 亿元，同比增长 6.38%。 评论： 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 公司基本数据 | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,649 | 16,562 | 17,913 | 19,784 | | 同比增速(%) | -0.2% | 5.8% | 8.2% | 10.4% | | 归母净利润(百万) | ...

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% in the next six months [2][8][18]. Core Views - The company is experiencing a bottoming out of its performance, with its cloud computing business deepening penetration. In 2024, the company achieved a revenue of 520 million yuan, a year-on-year decrease of 4.81%, and a net profit attributable to shareholders of -64 million yuan, with losses widening. However, in the first quarter of 2025, revenue increased by 49.69% year-on-year to 87 million yuan, and net losses narrowed to -16 million yuan, a reduction of 24.07% year-on-year [2][4][8]. Financial Performance Summary - **2024 Financials**: Total revenue was 520 million yuan, with a year-on-year growth rate of -4.8%. The net profit attributable to shareholders was -64 million yuan, with a year-on-year growth rate of -499.7%. The earnings per share (EPS) was -0.57 yuan [4][5]. - **2025 Projections**: Expected total revenue is 564 million yuan, with a year-on-year growth rate of 8.4%. The net profit is projected to be -48 million yuan, with a year-on-year growth rate of 25.4%. The EPS is expected to be -0.42 yuan [4][5]. - **2026 and 2027 Projections**: Revenue is expected to grow to 623 million yuan and 702 million yuan, respectively, with corresponding growth rates of 10.6% and 12.7%. Net profits are projected to narrow to -36 million yuan and -29 million yuan, with growth rates of 23.9% and 20.8% [4][5]. Business Development Summary - The company is focusing on cloud computing, with its cloud business generating approximately 415 million yuan in 2024, accounting for 79.74% of its main revenue. This segment is seen as the core growth engine, with ongoing development in container cloud and edge cloud technologies [8]. - The company is also accelerating the deployment of its intelligent computing platform, BingoAIInfra, which enhances overall computing efficiency and is expected to drive growth in AI and intelligent computing businesses [8].

投资中国 IP 玩具行业领先品牌 52TOYS，强化 IP 衍生 业务布局 万达电影发布公告，公司全资子公司北京影时光拟与关联方儒意星辰共同投资 北京乐自天成文化发展股份有限公司。本次股权转让和增资完成后，万达电影 和中国儒意分别持有乐自天成 4%、3%的股权，双方合计持有 7%股权。 强烈推荐（维持） TMT 及中小盘/传媒 目标估值：NA 当前股价：10.68 元 基础数据 | 总股本（百万股） | 2112 | | --- | --- | | 已上市流通股（百万股） | 2085 | | 总市值（十亿元） | 22.6 | | 流通市值（十亿元） | 22.3 | | 每股净资产（MRQ） | 3.6 | | ROE（TTM） | -5.7 | | 资产负债率 | 67.7% | | 主要股东 | 北京万达投资有限公司 | | 主要股东持股比例 | 20.64% | 股价表现 证券研究报告 | 公司点评报告 2025 年 05 月 19 日 万达电影（002739.SZ） 相关报告 1、《万达电影（002739）—24 年业 绩承压，投资出品影片《唐探 1900》 和《熊出没》已定档春节档》 2025- ...

Investment Rating - The investment rating for the company is "Buy" based on a relative price increase expectation of over 15% within six months [13]. Core Insights - The company reported a significant year-on-year increase in performance for Q1 2025, with total revenue reaching 9.472 billion yuan, a growth of 35.72%, and a net profit attributable to shareholders of 568 million yuan, up 70.84% [2][3]. - The sales capacity for the first quarter was 2.59 GW, marking an 80.16% increase compared to the previous year, with large megawatt units (6 MW and above) accounting for 70.47% of total sales [3][8]. - The company’s gross profit margin for Q1 was 21.8%, reflecting a year-on-year decline of 4.3 percentage points but a quarter-on-quarter increase of 12.5 percentage points [3]. - Operating cash flow showed a significant improvement, with a net outflow of 1.636 billion yuan, a reduction of 72.97% from the previous year [3]. Order Backlog and Forecast - As of March 31, 2025, the company had a total order backlog of 51.1 GW, a year-on-year increase of 51.81%, with external orders at 48.6 GW, including 6.9 GW from overseas [8]. - The company expects revenues of 72.68 billion yuan, 75.36 billion yuan, and 83.93 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.06 billion yuan, 3.49 billion yuan, and 4.24 billion yuan [8][9].

公司报告 | 季报点评 爱柯迪（600933） 证券研究报告 24 年业绩高速增长，25Q1 归母净利润显著提升 24 年公司实现营收 67.46 亿元，同比+13.24%；归母净利润 9.40 亿元，同 比+2.86%；扣非归母净利润 8.79 亿元，同比+0.40%。25 年 Q1 公司实现营 收 16.66 亿元，同比+1.41%；归母净利润 2.57 亿元，同比+10.94%；扣非归 母净利润 2.36 亿元，同比+6.64%。从盈利能力看，公司 24 年销售毛利率 27.65%，同比-1.44pct;销售净利率 14.41%，同比-1.13pct。公司 25Q1 销售 毛利率 28.73%，同比-0.94pct，净利率 15.63%，同比+0.77pct。 24 年 公 司 销 售 费 用 / 管 理 费 用 / 财 务 费 用 / 研 发 费 用 分 别 为 0.53/3.65/0.29/3.48 亿元，同比增长 11.90%/13.50%/不适用/24.15%。其中 研发费用大幅增长，主要因为公司加大研发投入，研发材料、折旧增加。 创新势能加速释放，全球化布局上新台阶。公司第 50 万台五合一电 ...

食品饮料 liuran@ccnew.com 021-50586281 冷冻调理类与线上销售实现高增 登记编码：S0730516010001 证券研究报告-年报点评 谨慎增持(维持) 市场数据(2025-05-16) | 收盘价(元) | 26.93 | | --- | --- | | 一年内最高/最低(元) | 39.73/21.42 | | 沪深 300 指数 | 3,889.09 | | 市净率(倍) | 1.45 | | 流通市值(亿元) | 26.07 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 18.57 | | 每股经营现金流(元) | -0.07 | | 毛利率(%) | 24.42 | | 净资产收益率_摊薄(%) | 1.16 | | 资产负债率(%) | 19.75 | | 总股本/流通股(万股) | 9,716.04/9,679.15 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -45% -36% -28% -19% -10% -2% 7% 15% 2024.05 2024.09 2025.01 2025.0 ...

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 attributed to a decline in raw material prices [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, but the net profit attributable to the parent company 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 products, leveraging clean and healthy ingredient profiles to differentiate from competitors [17] - A dealer empowerment plan is being implemented to support distributors with tailored 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 is aligning with through its product development strategies [17] - The company plans to launch a new brand, "Li Guifei," focusing on traditional Chinese health concepts, further diversifying its product offerings [7][17]