通威股份（ [Table_StockNameRptType] 600438） 公司点评 2024 年业绩符合预期，保持成本领先地位 -36% -14% 8% 30% 52% 5/24 8/24 11/24 2/25 通威股份 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：王璐 执业证书号：S0010525040001 邮箱：wanglu1@hazq.com [Table_CompanyReport] 相关报告 1.通威股份：硅料领先地位稳固，暗 夜将望破晓 2024-12-31 主要观点： [Table_Rank] 投资评级：增持（下调） 报告日期： 2025-05-19 | [Table_BaseData] 收盘价（元） | 17.06 | | --- | --- | | 近 12 个月最高/最低（元） | 32.05/15.79 | | 总股本（百万股） | 4,502 | | 流通股本（百万股） | 4,502 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 768 | ...

股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 5 月 19 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | 150 | | 目标价(元) | | 公司基本资讯 | 产业别 | | | 电子 | | --- | --- | --- | --- | | A 股价(2025/5/16) | | | 122.29 | | 上证指数(2025/5/16) | | | 3367.46 | | 股价 12 个月高/低 | | 147.56/64.13 | | | 总发行股数(百万) | | 664.06 | | | A 股数(百万) | | 663.72 | | | A 市值(亿元) | | 811.66 | | | 主要股东 | | 朱一明(06.89%) | | | 每股净值(元) | | 25.29 | | | 股价/账面净值 | | 4.83 | | | | 一个月 三个月 | 一年 | | | 股价涨跌(%) | 11.2 -4.8 | 46.6 | ...

2025 年 05 月 19 日 福莱新材 (605488) ——业绩符合预期，折旧转固拖累业绩，进入柔性传感大 市场 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 05 月 16 日 | | --- | --- | | 收盘价（元） | 47.95 | | 一年内最高/最低（元） | 62.83/10.64 | | 市净率 | 6.3 | | 息率（分红/股价） | 0.63 | | 流通 A 股市值（百万元） | 9,509 | | 上证指数/深证成指 | 3,367.46/10,179.60 | 注："息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.59 | | 资产负债率% | 54.75 | | 总股本/流通 A 股（百万） | 202/198 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-16 06-16 07-16 08-16 09-16 10-16 11-16 12-16 01-16 02-16 03-16 04-16 0 ...

上 市 公 司 基础化工 2025 年 05 月 19 日 鲁西化工 (000830) ——业绩符合预期，煤炭成本压力缓解，在建项目陆续落 地，看好公司长期发展 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 05 月 16 日 | | | --- | --- | | 收盘价（元） | 10.86 | | 一年内最高/最低（元） | 13.76/9.59 | | 市净率 | 1.1 | | 息率（分红/股价） | 1.20 | | 流通 A 股市值（百万元） | 20,679 | | 上证指数/深证成指 3,367.46/10,179.60 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.00 | | 资产负债率% | 46.73 | | 总股本/流通 A 股（百万） | 1,910/1,904 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-16 06-16 07-16 08-16 09-16 10-16 11-16 ...

Investment Rating - The report upgrades the investment rating of Tianwei Foods (603317) to "Strong Buy" [2][8] Core Views - The low point has passed, and the value of the company is becoming evident, with expectations for gradual recovery in operations throughout the year [2][8] - The company is expected to achieve double-digit growth in the medium to long term, driven by both internal improvements and external acquisitions [8][9] Financial Summary - **Revenue Forecast**: - 2024A: 3,476 million - 2025E: 3,666 million - 2026E: 4,033 million - 2027E: 4,426 million - Year-on-year growth rates: 10.4% (2024A), 5.5% (2025E), 10.0% (2026E), 9.8% (2027E) [3][9] - **Net Profit Forecast**: - 2024A: 625 million - 2025E: 629 million - 2026E: 704 million - 2027E: 801 million - Year-on-year growth rates: 36.8% (2024A), 0.7% (2025E), 11.9% (2026E), 13.8% (2027E) [3][9] - **Earnings Per Share (EPS)**: - 2024A: 0.59 - 2025E: 0.59 - 2026E: 0.66 - 2027E: 0.75 [3][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 18 (2024A), 18 (2025E), 16 (2026E), 14 (2027E) - Price-to-Book (P/B) ratio: 2.5 (2024A), 2.5 (2025E), 2.4 (2026E), 2.3 (2027E) [3][9] Market Position and Strategy - The company is focusing on product innovation and market expansion, particularly in hot pot base materials and Chinese-style seasonings, to capture a broader consumer base [8][9] - The company aims to enhance its market share through new product iterations and targeting younger demographics [8][9] - The report highlights the importance of maintaining a high dividend payout ratio, which has exceeded 90% in recent years, providing a stable cash flow and attractive yield for investors [8][9]

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 ...

| 市场数据：2025 年 月 5 | 日 16 | | | --- | --- | --- | | 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 | | | | | | | 其他专用机械 美埃科技（688376.SH） 增持-A(首次) 2025 年 5 月 19 日 公司研究/公司快报 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 ...

证券研究报告 | 公司动态点评 2025 年 05 月 19 日 资料来源：公司财报，长城证券产业金融研究院 事件：公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营收 4.32 亿元，同比增长 20.04%；实现归母净利润 0.33 亿元，同比增长 2.51%；实 现扣非净利润 0.24 亿元，同比下降 10.21%。2025 年 Q1 公司实现营收 1.26 亿元，同比增长 54.13%，环比增长 5.23%；实现归母净利润 0.08 亿元，同 比增长 0.71%，环比下降 21.60%；实现扣非净利润 0.07 亿元，同比增长 84.39%，环比下降 10.58%。 营收快速增长，研发投入加大：2024 年公司综合营收实现 20.04%的增长， 主要得益于先进封装领域的良好表现，其中电镀液及配套试剂同比增长 9.67%，光刻胶及配套试剂同比增长 37.68%。然而，净利润增长幅度小于营 收增长幅度，主要原因是公司持续加大研发投入，研发费用同比增长 40.42%， 占营业收入的比例达到 10.62%。整体来看，公司在保持营收增长的同时， 通过加大研发投入为未来的技术突破和市场拓展奠定 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][22]. Core Views - The agricultural chemical industry is currently at a low point, and the company's performance is under short-term pressure. However, the company is expected to gradually strengthen its advantages in the industrial chain [1][10]. - The company is focusing on continuous investment in project construction, which is anticipated to enhance its market competitiveness [14][11]. - The potential acquisition of Shandong Huimeng is expected to further expand the company's industrial chain, enhancing overall competitiveness [12][14]. Financial Summary - For 2024, the company's revenue is projected to be 73.11 billion yuan, a decrease of 6.87% year-on-year, with a net profit of 2.15 billion yuan, down 64.34% year-on-year [1][2]. - The company's revenue for 2025 is estimated to recover slightly to 74.67 billion yuan, with a net profit of 4.04 billion yuan, reflecting an 87.4% year-on-year increase [13][14]. - The company's cash flow from operating activities for 2024 is expected to be 313 million yuan, a decline of 66.70% year-on-year [4][15]. Sales and Market Performance - In 2024, the company's sales volume for agricultural raw materials is expected to be 59,300 tons, an increase of 7.72% year-on-year, while the sales volume for agricultural formulations is projected to be 70,000 tons, up 16.14% year-on-year [3][2]. - Despite the increase in sales volume, the company's revenue and profit are under pressure due to declining prices for both raw materials and formulations [3][2]. Cost and Expense Analysis - The company's selling expenses are expected to rise by 16.79% year-on-year, with a selling expense ratio of 1.88% [3]. - Management expenses are projected to decrease by 19.45% year-on-year, while financial expenses are expected to increase significantly by 105.28% [3][4]. Future Outlook - The company is expected to see revenue growth of 11.1% in 2026 and 10.4% in 2027, with net profit growth of 26.4% and 26.8% respectively [14][13]. - The report suggests that the agricultural chemical industry is likely to recover as market inventory is digested and outdated production capacity is eliminated, benefiting leading companies with abundant registration resources [10][12].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 27 CNY and a current price of 21.13 CNY [2][6]. Core Insights - The company has shown steady growth in Q1 2025, with revenue reaching 615 million CNY, a year-over-year increase of 8.18%. The net profit attributable to the parent company was 49 million CNY, up 21.33% year-over-year [6]. - The company's traditional security business is recovering, with revenue from security lens business in 2024 reaching 1.627 billion CNY, a year-over-year increase of 13.23% [6]. - The automotive optical business is expanding rapidly, with revenue from automotive components reaching 334 million CNY and 228 million CNY, representing year-over-year growth of 51.8% and 164.89%, respectively [6]. - The company is actively developing molded glass products for AI glasses and other consumer electronics, which opens up new growth opportunities [6]. - The forecast for net profit attributable to the parent company has been revised upwards for 2025-2027 to 281 million CNY, 367 million CNY, and 458 million CNY, respectively [6]. Financial Summary - Total revenue for 2024 is projected at 2.743 billion CNY, with a year-over-year growth rate of 27.9%. The net profit attributable to the parent company is expected to be 184 million CNY, reflecting a significant year-over-year increase of 494.9% [2][7]. - Earnings per share (EPS) is forecasted to be 0.49 CNY in 2024, increasing to 1.22 CNY by 2027 [2][7]. - The company’s total assets are estimated to reach 5.310 billion CNY in 2024, with a debt-to-equity ratio of 81.6% [7].