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].

[Table_Summary] 报告要点： 营收增长稳健，费用管控得当 2024 年公司实现营收 162.64 亿元，同比+0.35%；归母净利 6.53 亿元，同 比-10.14%；销售毛利率16.53%，同比-3.8pct；净利率5.17%，同比-1.21pct。 公 司 费 用 控 制 得 当 ， 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 1.18%/4.37%/2.84%/0.53%，分别同比下降 0.19/0.43/0.22/1.01pct。25Q1 公司实现营收35.67亿元，同比+0.75%；归母净利2.75亿元，同比+21.29%； 毛利率 18.34%，同比-1.48pct；净利率 10.54%，同比+2.30pct。 轻量化业务稳步增长，通航制造业务快速发展 [Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 万丰奥威(002085)公司点评报告 2025 年 05 月 19 日 [Table_Title] 传统业务稳健发展，低空业务未来可期 ——万丰奥威(002085)2024 年报及 2025 年一季报点评 公司深耕轻量化金属部件，构 ...

电力电子及自动化 英杰电气（300820.SZ） 增持-A(首次) 光伏周期导致业绩承压，半导体业务稳步提升 2025 年 5 月 19 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报及 2025 年第一季度报告。2024 年，公司实现营业 收入 17.8 亿元，同比+0.59%；实现归母净利润 3.23 亿元，同比-25.19%；扣 非归母净利润 3.07 亿元，同比-27.87%。25Q1 公司实现营业收入 3.25 亿元， 同比-13.30%；归母净利润 0.50 亿元，同比-36.84%。 事件点评 市场数据：2025 年 5 月 16 日 收盘价（元）： 44.67 年内最高/最低（元）： 73.50/34.14 流通A股/总股本（亿）： 1.11/2.22 流通 A 股市值（亿）： 49.59 总市值（亿）： 99.00 利润承压，主要系研发和资产减值增加等所致。2024 年，收入端小幅增 长 0.59%，毛利率 38.50%/yoy+1.27pct，销售净利率 18.84%/yoy-5.53pct。其 中，研发费用 1.37 亿元/yoy+40.18%，研发费用 ...

其他专用机械 美埃科技（688376.SH） 增持-A(首次) 下游拓展与海外布局并举，业绩有望维持增势 | 市场数据：2025 年 5 月 | 16 日 | | --- | --- | | 收盘价（元）： | 34.65 | | 年内最高/最低（元）： | 45.98/24.25 | | 流通A股/总股本（亿）： | 0.51/1.34 | | 流通 股市值（亿）： A | 17.67 | | 总市值（亿）： | 46.57 | | 基础数据：2025 | 年 | 月 | 日 | 3 | 31 | 基本每股收益(元)： | 0.33 | | --- | --- | --- | --- | --- | --- | --- | --- | | 摊薄每股收益(元)： | 0.33 | | | | | | | | 每股净资产(元)： | 14.62 | | | | | | | | 净资产收益率(%)： | 2.23 | | | | | | | 资料来源：最闻 分析师： 姚健 执业登记编码：S0760525040001 邮箱：yaojian@sxzq.com 徐风 执业登记编码：S0760519110003 邮箱：x ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company continues to experience high growth in innovative display products, with a 50.4% year-on-year increase in revenue for these products in Q1 2025. The overall revenue for Q1 2025 reached 3.142 billion yuan, representing a 10.8% year-on-year growth [2][5]. - The gross margin improved both year-on-year and quarter-on-quarter, reaching 13.36% in Q1 2025, with a year-on-year increase of 0.75 percentage points and a quarter-on-quarter increase of 1.76 percentage points [1][2]. - The company’s smart TV shipments increased by 31.0% year-on-year in Q1 2025, with sales revenue growing by 5.9% [1][2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 215 million yuan, which is a 15.8% increase year-on-year but a 22.0% decrease quarter-on-quarter [1][2]. - The revenue from smart interactive display products and smart TVs also showed significant growth, with respective year-on-year increases of 10.0% and 5.9% [1][2]. Revenue Forecast - The company expects its net profit to grow by 24.1%, 24.5%, and 12.7% for the years 2025, 2026, and 2027, reaching 1.035 billion yuan, 1.289 billion yuan, and 1.452 billion yuan respectively [2][4]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 14.9, 12.0, and 10.6 respectively [2][4]. Market Trends - The company’s innovative display products are benefiting from strong domestic market performance driven by national subsidy policies, which have positively impacted order growth in the domestic OEM market [2][5]. - The company’s brand KTC achieved a shipment volume of approximately 600,000 units in Q1 2025, with a year-on-year growth of 50% [2][5].