证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 电商毛利率提升，关注智能家纺进展 [Table_Title2] 水星家纺(603365) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603365 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 19.9/10.73 | | 目标价格： | | 总市值(亿) | 42.55 | | 最新收盘价： | 16.2 | 自由流通市值(亿) | 41.81 | | | | 自由流通股数(百万) | 258.06 | [Table_Summary] 事件概述 2024 年公司收入/归母净利/扣非归母净利/经营性现金流分别为 41.93/3.67/3.33/5.16 亿元、同比增长- 0.42%/-3.28%/1.77%/4.58%，未达到股权激励目标（24 年净利润增长 4%-6%）。非经主要为政府补助 0.22 亿 元（同比下降 60.31%）；剔除资产及信用减值损失、公允价值变动、资产处置收益后归母净利 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 半导体+无人驾驶驱动成长，盈利能力显著修复 [Table_Title2] 茂莱光学(688502) [Table_Summary] 事件概述 茂莱光学发布 2025 年一季报，25Q1 实现营收 1.42 亿元，同比 +28.23%；归母净利润 0.17 亿元，同比+288.73%；扣非归母净 利润 0.13 亿元，同比+455.51%。 业绩略超市场预期 分下游应用看，25Q1 半导体、生命科学、无人驾驶、生物识 别、AR/VR 检测、航空航天收入占比分别为 63.51%、17.90%、 4.28%、3.30%、2.86%、0.53%。其中，1）生物识别领域收入同 比略有下滑，主要是由于客户对原有设计所匹配的产品需求量 下降，而针对其新项目的产品需求尚在开发阶段。 毛利率小幅提升，费用管控成果显著 毛利率：25Q1 公司毛利率为 50.49%，同比+1.01pct。主要是由 于下游产品结构比例变化，部分毛利率相对较高的产品销售占 比提升。 2）全球化布局：茂莱光学总部位于南京，主要从事光学器件 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [17]. Core Views - The company reported a significant increase in net profit attributable to shareholders, achieving a 68.12% year-on-year growth in 1Q2025, despite a slight decline in revenue [2][3]. - The company's gross margin and net margin improved by 3.39 percentage points and 3.44 percentage points year-on-year, respectively, reflecting enhanced profitability [3]. - The decline in coal prices and improvements in operational efficiency contributed positively to the company's profitability, even as overall electricity generation from thermal power decreased by 4.7% year-on-year [4]. - The company experienced substantial growth in hydropower, wind, and solar energy generation, with respective increases of 15.39%, 34.18%, and 32.02% year-on-year, supporting overall performance [4]. - The report projects net profits for 2025-2027 to be 45.82 billion, 46.05 billion, and 46.07 billion yuan, with corresponding price-to-earnings ratios of 12.6, 12.5, and 12.5 times [4]. Financial Summary - In 1Q2025, the company achieved operating revenue of 30.206 billion yuan, a decrease of 1.74% year-on-year, while net profit reached 2.238 billion yuan [2][3]. - The average on-grid electricity price was 460.91 yuan per megawatt-hour, down 3.24% year-on-year [3]. - The company’s total assets are projected to grow from 322.602 billion yuan in 2024 to 357.112 billion yuan by 2027, with a steady increase in net profit margins [11].

公司报告 | 年报点评报告 宝新能源（000690） 证券研究报告 火电机组盈利稳健，25Q1 业绩高增 事件 公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 79.04 亿元， 同比降低 23.08%，实现归母净利润 7.06 亿元，同比降低 20.60%；2025Q1 实现营业收入 19.80 亿元，同比降低 6.91%，实现归母净利润 2.99 亿元， 同比增长 46.40%。 整体电价有所下滑，煤价下滑带动燃料成本降低 2024 年公司收入端承压，电量方面，火电机组全年利用小时数 5405 小时， 同比降低 550 小时，完成发电量 187.56 亿千瓦时，同比降低 9.23%；电价 方面，平均上网电价（含税）0.50 元/KWh，同比降低 0.07 元/KWh。但成 本端的改善对公司全年业绩形成一定支撑，2024 年火电燃料成本 55.56 亿 元，同比降低 24.53%。 25Q1 业绩高增速，燃料成本有望进一步降低 2025 年广东省年度长协交易均价 0.392 元/KWh，同比 2024 年降低约 15.84%，而公司 25Q1 营业收入仅下滑 6.91%，因此我们预 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][17]. Core Insights - The company is experiencing rapid growth in overseas revenue, with a projected 61.96% year-on-year increase in overseas sales to approximately 224.37 million yuan in 2024, primarily driven by the sales growth of albumin paclitaxel in the EU [2]. - The company is actively pursuing an "internationalization" strategy, enhancing its overseas marketing structure and focusing on key disease areas, which has established it as a model for the domestic pharmaceutical industry's expansion abroad [2]. - The company has a strong pipeline of innovative drugs, particularly in oncology, immunology, and degenerative diseases, with several projects showing promising preclinical results and progressing towards clinical trials [3]. Financial Summary - The company is projected to achieve a revenue of 1.407 billion yuan in 2024, representing a year-on-year growth of 11.7%, and is expected to turn a profit with a net profit of 31 million yuan [1]. - The company's revenue is expected to grow significantly over the next few years, reaching 2.701 billion yuan by 2027, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2027 [1]. - The return on equity (ROE) is expected to improve from -12.0% in 2023 to 14.1% by 2027, indicating a recovery in profitability [1]. Market Position - The company has established a strong presence in over 40 emerging market countries, covering regions such as Central and South America, Southeast Asia, and the Middle East and North Africa [2]. - The company maintains leading market shares in several domestic products, including "Sai Ruojin" in the short-acting interferon market and "Lai Ting" in the infliximab market [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a stable revenue growth of 2% year-on-year in Q1 2025, but the net profit attributable to the parent company decreased by 27% year-on-year [1]. - The company is expected to see healthy growth in orders for cotton socks in 2025, despite a slight decline in Q1 2025 due to customer order shipment schedules [2]. - The company is expanding its overseas integrated production capacity, which is anticipated to enhance its competitive strength in the medium to long term [3]. Financial Performance - In Q1 2025, the company's revenue was 560 million yuan, with a net profit of 60 million yuan, reflecting a decrease in net profit margin by 4.3 percentage points to 10.7% [1]. - The gross profit margin decreased by 2.5 percentage points to 26.8% in Q1 2025 [1]. - The company expects net profits for 2025, 2026, and 2027 to be 340 million, 388 million, and 441 million yuan respectively, with a corresponding P/E ratio of 9 times for 2025 [4][5]. Business Outlook - The company is focusing on matching production capacity with orders, particularly in the cotton socks and seamless apparel segments, with expectations of improved profitability in the seamless apparel business [2]. - The company is actively expanding its production capacity in Vietnam, with projects expected to be completed in 2024, which will further enhance its production capabilities [3]. - The company has a solid cash flow management strategy, with a net operating cash flow of 200 million yuan in Q1 2025, approximately 3.3 times the net profit for the same period [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown stable performance with a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [1] - The decline in electricity demand and prices has been partially offset by falling costs and new installed capacity, with the average coal price in Q1 2025 dropping to 733 yuan per ton, down 174 yuan year-on-year [2] - The company is expanding its installed capacity with new projects, including a 1.32 million kW unit in Xinjiang and a 1 million kW coal-fired unit that began operation in March 2025, which are expected to contribute to revenue growth [3] Financial Summary - Projected revenues for 2025-2027 are 29.06 billion yuan, 29.63 billion yuan, and 29.58 billion yuan, with year-on-year growth rates of -3.4%, 1.9%, and -0.2% respectively [3] - The net profit attributable to shareholders is expected to be 2.12 billion yuan, 2.35 billion yuan, and 2.41 billion yuan for the same period, with corresponding EPS of 0.94, 1.04, and 1.06 yuan per share [3] - The company’s P/E ratios for 2025-2027 are projected to be 7.9, 7.2, and 7.0 times [3] Market Context - The company is positioned as a leading power provider in Anhui Province, with ongoing expansion in both traditional and renewable energy sectors [3] - The average electricity price in Anhui for 2025 is projected to decline by approximately 5.35% to 412.97 yuan per MWh compared to 2024 [2]

Investment Rating - The report maintains a "Recommendation" rating for Anjoy Food, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [10]. Core Views - Anjoy Food's revenue for 2024 reached 15.127 billion yuan, a year-on-year increase of 7.7%, while the net profit attributable to shareholders was 1.485 billion yuan, a slight increase of 0.46% [4]. - The company is experiencing pressure on profitability due to demand disturbances, with a forecasted decline in net profit for Q1 2025 [4][8]. - The company has a diverse product matrix, with significant contributions from frozen prepared foods and a notable decline in revenue from casual snacks due to structural adjustments in its subsidiary [7][8]. Financial Performance Summary - Revenue and Profitability: - 2024 revenue: 15.127 billion yuan, up 7.7% YoY - 2024 net profit: 1.485 billion yuan, up 0.5% YoY - 2025 projected net profit: 1.580 billion yuan, up 6.4% YoY [6][8]. - Margins: - Gross margin for 2024 was 23.3%, a slight increase of 0.09 percentage points YoY - Net margin for 2024 was 10.01%, a decrease of 0.68 percentage points YoY [7]. - Revenue by Product: - Frozen prepared foods: 7.839 billion yuan, up 11.41% YoY - Frozen dishes: 4.349 billion yuan, up 10.76% YoY - Frozen noodles and rice products: 2.465 billion yuan, down 3.14% YoY - Casual snacks: 0.9497 million yuan, down 80.44% YoY [7]. - Revenue by Channel: - Distributor channel: 12.382 billion yuan, up 8.91% YoY - New retail channel: 0.582 billion yuan, up 32.97% YoY - E-commerce channel: 0.313 billion yuan, down 2.29% YoY [7]. Regional Performance Summary - Revenue by Region: - East China: 6.480 billion yuan, up 6.36% YoY - North China: 2.217 billion yuan, up 5.36% YoY - Central China: 1.928 billion yuan, up 7.44% YoY - Northeast: 1.296 billion yuan, up 7.01% YoY - South China: 1.265 billion yuan, up 9.12% YoY - Overseas: 0.168 billion yuan, up 30.76% YoY [8]. Financial Projections - The company is projected to achieve net profits of 1.580 billion yuan in 2025, 1.732 billion yuan in 2026, and 1.892 billion yuan in 2027, with corresponding EPS of 5.39, 5.91, and 6.45 yuan [6][8]. - The P/E ratio is expected to decrease from 14.6 in 2024 to 11.4 in 2027, indicating a potential increase in valuation attractiveness [6][8].

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [12] Core Views - The company demonstrates robust profit growth with a steady increase in both loans and deposits. In Q1 2025, the company achieved an operating income of 18.5 billion yuan, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.42 billion yuan, up 5.8% year-on-year [4][7] - The company's total asset scale grew by 17.6% year-on-year, with loans increasing by 20.4% and deposits by 19.9% [4][7] - The net interest margin (NIM) for Q1 2025 was 1.80%, showing a slight decline compared to the end of 2024, attributed to the pressure of asset repricing [7][8] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% and a coverage ratio of 371% [8] Summary by Sections Financial Performance - In Q1 2025, the company reported operating income of 18.5 billion yuan, a 5.6% increase year-on-year, and net profit of 7.42 billion yuan, up 5.8% year-on-year [4][9] - The company expects steady growth in operating income and net profit over the next few years, with projected EPS of 4.38 yuan in 2025, 4.83 yuan in 2026, and 5.34 yuan in 2027 [7][10] Asset Quality - The NPL ratio remained stable at 0.76%, with a slight decrease in the loan generation rate to 1.09% [8][10] - The company maintains a high provision coverage ratio, ensuring strong risk mitigation capabilities [8] Growth Projections - The company anticipates continued growth in loans and deposits, with loan growth rates projected at 17.8% for 2024 and 16.0% for 2025 [11] - The total asset growth rate is expected to be around 15.3% for 2024, gradually stabilizing in subsequent years [11]

Investment Rating - The investment rating for the company is Neutral with a target price of RMB 43.30, indicating a potential upside of 5.5% from the current price of RMB 41.05 [1][4][11]. Core Insights - The company's performance has been below expectations, with a significant increase in contract liabilities suggesting a potential recovery in future performance. The European market's slow recovery has impacted the company's results, but strong competitiveness in products remains evident [2][7]. - The revenue for 2024 is projected to be RMB 6.738 billion, a decrease of 8% year-on-year, with a net loss expected at RMB 62 million, which aligns with preliminary earnings reports but is below prior expectations [3][7]. - The company has adjusted its earnings forecasts for 2025 and 2026 downwards by 72% and 42% respectively, reflecting the challenges faced in the current market environment [7]. Financial Overview - Revenue projections for the company are as follows: RMB 7.353 billion in 2023, RMB 6.738 billion in 2024, RMB 8.022 billion in 2025, RMB 8.945 billion in 2026, and RMB 10.508 billion in 2027, with a notable growth rate of 56.1% in 2023 followed by a decline in 2024 [3][13]. - The net profit is expected to recover from a loss of RMB 62 million in 2024 to RMB 170 million in 2025, with a projected increase to RMB 457 million in 2026 and RMB 787 million in 2027 [3][13]. - The company’s earnings per share (EPS) are forecasted to be RMB 3.52 in 2023, a loss of RMB 0.25 in 2024, and then recovering to RMB 0.70 in 2025, RMB 1.88 in 2026, and RMB 3.25 in 2027 [3][15]. Market Performance - The company’s stock has a 52-week high of RMB 77.39 and a low of RMB 37.56, with a current market capitalization of approximately RMB 6.52 billion [6][11]. - The average daily trading volume is reported at 5.51 million shares, indicating a relatively active trading environment [6].