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]

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [18]. Core Views - The company is experiencing a bottoming out of its performance, with its cloud computing business deepening its penetration into the market. 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 the net loss narrowed to -16 million yuan, a reduction of 24.07% year-on-year [2][8]. - The cloud computing business has become the core growth engine, contributing approximately 415 million yuan in revenue in 2024, accounting for 79.74% of the main revenue. The company is focusing on the integration of "industry + cloud" and expanding its presence in key sectors such as government, public security, military, finance, and rail transit [8]. - The company is accelerating the deployment of its intelligent computing platform, which is expected to drive new growth in its AI business. The launch of the BingoAIInfra platform enhances the efficiency of computing resource allocation, aligning with the rapid demand for intelligent computing in downstream industries [8]. Financial Summary - In 2024, total revenue is projected to be 520 million yuan, with a year-on-year growth rate of -4.8%. The net profit attributable to shareholders is expected to be -64 million yuan, with a year-on-year growth rate of -499.7%. For 2025, the revenue is estimated to increase to 564 million yuan, with a growth rate of 8.4%, and the net profit is projected to narrow to -48 million yuan, reflecting a 25.4% year-on-year improvement [4][9]. - The company’s earnings per share (EPS) is expected to improve from -0.57 yuan in 2024 to -0.42 yuan in 2025, indicating a gradual recovery in profitability [4][9].

公司研究 | | | | | 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) | 383 | 968 | 1,160 | 1,366 | | 同比增速(%) | -78.1% | 153.1% | 19.8% | 17.8% | | 每股盈利(元) | 0.14 | 0.36 | 0.43 | 0.51 | | 市盈率(倍) | 38 | 15 | 12 | 11 | | 市净率(倍) | 1.1 | 1.0 | 1.0 | 0.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 16 日收盘价 玻璃 2025 年 05 月 19 日 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： ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 5 月 19 日 688183.SH 买入 原评级：买入 市场价格:人民币 30.03 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (18.0) 21.9 (17.7) 191.0 相对上证综指 (21.6) 18.4 (18.7) 182.6 (13%) 41% 95% 149% 203% 257% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 生益电子 上证综指 | 发行股数 (百万) | 831.82 | | --- | --- | | 流通股 (百万) | 831.82 | | 总市值 (人民币 百万) | 24,979.59 | | 3 个月日均交易额 (人民币 百万) | 473.56 | | 主要股东(%) | | | 广东生益科技股份有限公司 | 62.93 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 15 日收市价为标准 相关研究报告 《生益电 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 45.28 CNY and a target value of 55.28 CNY [3]. Core Views - Zhejiang Rongtai is positioned as a leading player in the high-temperature insulation mica materials sector, benefiting from the growth of the new energy vehicle (NEV) market. The company has established partnerships with major automotive manufacturers such as Tesla, Volkswagen, and BMW, which has significantly contributed to its revenue growth [8][13]. - The company is expanding into the humanoid robot sector through the acquisition of Diz Precision, which will enhance its product offerings in precision components for robotics [8][80]. - The global mica materials market is projected to grow significantly, with a compound annual growth rate (CAGR) of 40.5% from 2023 to 2027, driven by increasing demand in the NEV sector [8][60]. Summary by Sections 1. Company Overview - Zhejiang Rongtai has been a key player in the mica materials industry since its establishment in 2003, transitioning from traditional applications to focus on NEV safety components [13][17]. - The company has developed a strong customer base in the NEV sector, with products that meet international safety standards [16][17]. 2. Financial Performance - The company reported a revenue of 1.135 billion CNY in 2024, a year-on-year increase of 41.8%, with a net profit of 230 million CNY, up 34% [2][28]. - The gross margin and net margin for 2024 were 34.55% and 20.29%, respectively, indicating strong profitability [28][32]. 3. Market Dynamics - The mica materials market is experiencing high growth due to the increasing safety requirements for NEV batteries, with the global market expected to reach 12.37 billion CNY by 2027 [8][60]. - The competitive landscape is characterized by high barriers to entry, with established players like Zhejiang Rongtai holding significant market share [66][69]. 4. Strategic Initiatives - The acquisition of Diz Precision is aimed at diversifying the company's product line into the humanoid robotics sector, leveraging existing relationships with NEV manufacturers [8][80]. - The company is actively expanding its production capabilities both domestically and internationally, with new facilities planned in Thailand and Mexico [24][25]. 5. Future Outlook - The company is expected to achieve a net profit of 335 million CNY in 2025, with continued growth driven by its focus on NEV components and the new robotics segment [2][8]. - The strong order backlog, particularly in the NEV sector, provides a solid foundation for future revenue growth [77].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 41 yuan [2][8]. Core Views - The company's short-term performance is under pressure, with a revenue decline of 15.81% in 2024, resulting in a total revenue of 7.19 billion yuan. The net profit attributable to shareholders was -0.38 billion yuan, compared to 0.64 billion yuan in the same period last year [2][4]. - In Q1 2025, the company reported a revenue of 1.47 billion yuan, down 20.35% year-on-year, with a net profit of -0.03 billion yuan [2][4]. - Despite the short-term challenges, the company is enhancing operational efficiency, with a 2.94% increase in specimen testing volume and a 50.88% revenue share from tertiary hospitals in 2024, up 7.75 percentage points year-on-year [8][9]. Financial Summary - **2024 Financial Performance**: - Total revenue: 7.19 billion yuan, down 15.8% - Net profit: -0.38 billion yuan, a decrease of 159.3% - Earnings per share: -0.82 yuan [4][9]. - **2025-2027 Projections**: - Expected revenue growth: 0.3% in 2025, 9.4% in 2026, and 10.5% in 2027 - Projected net profit: 0.96 billion yuan in 2025, 6.80 billion yuan in 2026, and 7.88 billion yuan in 2027 [4][9]. - **Valuation Metrics**: - Price-to-earnings ratio (P/E): 148 in 2025, decreasing to 18 by 2027 - Price-to-book ratio (P/B): stable around 1.9 [4][9]. Operational Efficiency - The company has optimized logistics routes, resulting in a 7.29% reduction in logistics costs. Additionally, procurement strategies have been improved, leading to a 15.54% decrease in reagent costs [8][9]. - The integration of AIoT technology has enhanced laboratory efficiency by 21% [8][9]. Market Position - The company maintains a leading market share, with significant growth in innovative product lines, including a 69.7% increase in revenue from specialized cancer screening and a 170% increase in RNA-seq revenue [8][9].

公司研究 证 券 研 究 报 告 通威股份（600438）2024 年报及 2025 年一季报点评 推荐（维持） 降本增效持续推进，海外市场拓展顺利 目标价：20.50 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 91,994 | 109,645 | 130,009 | 142,355 | | 同比增速(%) | -33.9% | 19.2% | 18.6% | 9.5% | | 归母净利润(百万) | -7,039 | -4,314 | 3,076 | 4,655 | | 同比增速(%) | -151.9% | 38.7% | 171.3% | 51.3% | | 每股盈利(元) | -1.56 | -0.96 | 0.68 | 1.03 | | 市盈率(倍) | -11 | -18 | 25 | 17 | | 市净率(倍) | 1.6 | 1.8 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 81.10 CNY per share based on a 40x PE valuation for 2025 [4]. Core Viewpoints - The company is a leading electromechanical integration platform in China, successfully leveraging technology across industries such as industrial control, new energy vehicles, and robotics, with a projected revenue and net profit CAGR of 38% and 30% from 2007 to 2024, respectively [15][22]. - The new energy vehicle segment is expected to see significant growth, with a projected revenue CAGR exceeding 30% from 2025 to 2027, driven by an increase in market share and operational flexibility [2]. - The industrial robotics business is also on a growth trajectory, with a projected CAGR of approximately 30% from 2025 to 2027, supported by cost control and channel advantages [2]. - The general automation business maintains a strong market position, with the company holding the top market shares in key product categories such as servo systems and low-voltage frequency converters [3]. - The mature businesses in rail transit and elevators are expected to grow steadily, providing stable cash flow to support strategic initiatives [3]. Summary by Sections Investment Logic - The company has achieved a unique position by integrating technology across industrial control, new energy vehicles, and robotics, which allows it to outperform industry cycles [15]. - The new energy vehicle business is projected to generate 16 billion CNY in revenue in 2024, a 70% year-on-year increase, with expectations for further growth as new production capacities come online [2]. - The industrial robot segment is experiencing rapid growth, with a revenue of 1.1 billion CNY in 2024, reflecting a 37% increase year-on-year [2]. General Automation Business - The company has solidified its leadership in the automation sector, with market shares of 28%, 19%, and 14% in core products for 2024, ranking first among domestic competitors [3]. - The automation industry is expected to recover slightly in 2025, following a downturn, with the company poised to benefit from this recovery [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 5.46 billion CNY, 6.67 billion CNY, and 7.83 billion CNY from 2025 to 2027, representing year-on-year growth rates of 27.5%, 22.0%, and 17.6%, respectively [4]. - The valuation is based on a robust competitive position built through technology reuse, strategic positioning, and organizational transformation [4].