北交所信息更新 北 交 所 研 究 捷众科技（873690.BJ） 2025 年 06 月 04 日 投资评级：增持（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 24.62 | | 一年最高最低(元) | 31.15/10.10 | | 总市值(亿元) | 16.32 | | 流通市值(亿元) | 7.54 | | 总股本(亿股) | 0.66 | | 流通股本(亿股) | 0.31 | | 近 3 个月换手率(%) | 376.46 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 年营收 2.86 亿元，同比+24%；归母净利润 6251 万元，同比+57% 公司发布 2024 年报与 2025 年一季报，2024 年，公司实现营收 2.86 亿元，同比 增长 23.63%，归母净利润 6251.14 万元，同比增长 56.86%；2025Q1，公司实现 营收7291.21亿元，同比增长44.24%，归母净利润1352.03万元，同比下滑15.49%， 扣非归母净利润 1296. ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1066394 | 1137642 | 1215854 | | 同比（%） | 3.8% | 12.6% | 3.6% | 6.7% | 6.9% | | 归母净利润（百万元） | 85665 | 126607 | 135166 | 154369 | 176971 | | 同比（%） | -22.8% | 47.8% | 6.8% | 14.2% | 14.6% | | 每股 EV（元/股） | 76.34 | 78.12 | 82.73 | 87.51 | 92.30 | | PEV | 0.71 | 0.69 | 0.65 | 0.62 | 0.58 | [Table_Summary] 投资要点 证券研究报告·公司点评报告·保险Ⅱ 中国平安（601318） 中国平安发行 H 股可转债，集团资本实力进 一步充实 买入（维持） 2025 年 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is a global leader in polyurethane and is transitioning into a new materials platform enterprise, having expanded its business from MDI production to various chemical sectors [8] - In 2024, the company achieved a revenue of 182.07 billion yuan, a year-on-year increase of 3.8%, while the net profit attributable to shareholders decreased by 22.5% to 13.03 billion yuan due to impairment losses and increased costs [4][14] - The company is expected to improve its asset quality and profitability in the future as it completes its impairment provisions [4] Summary by Sections Main Business Performance - The company reported a revenue of 182.07 billion yuan in 2024, with a year-on-year growth of 3.8%, while the net profit attributable to shareholders was 13.03 billion yuan, down 22.5% [4][14] - In Q1 2025, the company generated a revenue of 43.07 billion yuan, a decrease of 6.7% year-on-year but an increase of 25.0% quarter-on-quarter [4] - The company’s main business segments, including polyurethane, petrochemicals, fine chemicals, and new materials, showed varying growth rates, with sales volumes increasing by 15.3%, 15.9%, and 27.7% respectively in 2024 [4][14] Future Growth Prospects - The company is advancing several projects, including a 70,000-ton/year polyurethane expansion expected to be operational by Q2 2026 and a new TDI facility of 33,000 tons/year expected to start production in May 2025 [4][14] - The company is also forming a joint venture to invest in a 1.6 million tons/year specialty polyolefins project, which is anticipated to enhance its international presence [4][14] Financial Forecast - The company is projected to achieve net profits of 13.88 billion yuan, 17.15 billion yuan, and 19.98 billion yuan for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 6.5%, 23.6%, and 16.5% [4][14] - The earnings per share (EPS) are expected to be 4.42 yuan, 5.46 yuan, and 6.36 yuan for the same years [4][14]

北交所信息更新 鸿智科技（870726.BJ） 健康养生厨房小家电快速增长，公司大力拓展电商业务 2025 年 06 月 04 日 投资评级：增持（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 18.50 | | 一年最高最低(元) | 37.18/9.38 | | 总市值(亿元) | 16.35 | | 流通市值(亿元) | 14.83 | | 总股本(亿股) | 0.88 | | 流通股本(亿股) | 0.80 | | 近 3 个月换手率(%) | 211.83 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 年营收 4.80 亿元，同比+15%；归母净利润 3542 万元，同比-3% 公司发布 2024 年报与 2025 年一季报，2024 年公司实现营业收入 4.80 亿元，同 比增长 14.77%，归母净利润 3542.35 万元，同比下滑 3.12%；2025Q1 公司实现 营业收入 1.02 亿元，同比增长 3.66%；归母净利润 732.92 万元，同比增长 3.40 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while net profit estimates have been revised upwards [2] - The target price is set at 19.74 CNY, based on a PE valuation of 21X for 2025 [2] Financial Performance Summary - For 2023, the company achieved a revenue of 24,531 million CNY, with a year-on-year growth of 15.5% [4] - The projected revenues for 2024, 2025, 2026, and 2027 are 26,497 million CNY, 29,649 million CNY, 33,012 million CNY, and 36,383 million CNY respectively, with growth rates of 8.0%, 11.9%, 11.3%, and 10.2% [4] - The company's net profit attributable to the parent company for 2023 was 1,166 million CNY, with a projected increase to 1,073 million CNY in 2025 [4] - The gross margin is expected to stabilize around 35% in the coming years, with a slight decrease in 2024 [4] Business Expansion and Strategy - The company continues to expand its retail business, with a significant increase in the number of stores, including 907 new self-built stores and 420 acquired stores in 2024 [9] - The retail business generated 219.2 billion CNY in 2024, accounting for 82.7% of total revenue, with a gross margin of 36.6% [9] - The company is actively developing its new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while sales expense ratios have been increased, predicting net profits of 1.073 billion, 1.247 billion, and 1.395 billion yuan respectively for those years [2] Financial Performance Summary - **Revenue**: - 2023A: 24.531 billion yuan, 2024A: 26.497 billion yuan (YoY +8.0%), 2025E: 29.649 billion yuan (YoY +11.9%) [4] - **Net Profit**: - 2023A: 1.166 billion yuan, 2024A: 915 million yuan (YoY -21.6%), 2025E: 1.073 billion yuan (YoY +17.3%) [4] - **Earnings Per Share**: - 2023A: 1.02 yuan, 2024A: 0.80 yuan, 2025E: 0.94 yuan [4] - **Gross Margin**: - 2023A: 35.9%, 2024A: 34.3%, 2025E: 35.0% [4] - **Net Margin**: - 2023A: 4.8%, 2024A: 3.5%, 2025E: 3.6% [4] - **Return on Equity**: - 2023A: 17.9%, 2024A: 13.3%, 2025E: 14.3% [4] Business Expansion and Strategy - The company opened 907 new self-built stores and acquired 420 stores in 2024, with a total of 16,553 stores by the end of the year [9] - Retail business revenue reached 219.2 billion yuan in 2024, driven by the expansion of direct-operated stores and new openings [9] - The company is actively developing new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]

长城汽车（601633.SH）系列点评二十三 5 月：魏牌销量亮眼 出口稳步向上 2025 年 06 月 04 日 ➢ 事件: 公司 2025 年 6 月 1 日发布 2025 年 5 月产销快报：批发销量 10.2 万 辆，同比+11.8%，环比+2.2%；1-5 月累计批发 45.9 万辆，同比-0.5%。其中， 1）哈弗 5.8 万辆，同比+22.6%，环比+1.7%；1-5 月累计批发 25.9 万辆，同 比+2.8%。2）魏牌 0.6 万辆，同比+115.3%，环比+28.1%；1-5 月累计批发 2.4 万辆，同比+43.5%。3）皮卡 1.6 万辆，同比+2.7%，环比-11.4%；1-5 月累计 批发 8.3 万辆，同比+8.3%。4）欧拉 0.2 万辆，同比-67.3%，环比+9.1%；1- 5 月累计批发 1.1 万辆，同比-58.7%。5）坦克 2.1 万辆，同比+2.8%，环比 +8.8%；1-5 月累计批发 8.2 万辆，同比-8.8%。 ➢ 坦克贡献稳定利润 魏牌涨势亮眼。坦克 5 月批发销售 2.1 万辆，同比+2.8%， 环比+8.8%。坦克 300 批发销售 1.2 万辆，同 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1066394 | 1137642 | 1215854 | | 同比（%） | 3.8% | 12.6% | 3.6% | 6.7% | 6.9% | | 归母净利润（百万元） | 85665 | 126607 | 135166 | 154369 | 176971 | | 同比（%） | -22.8% | 47.8% | 6.8% | 14.2% | 14.6% | | 每股 EV（元/股） | 76.34 | 78.12 | 82.73 | 87.51 | 92.30 | | PEV | 0.71 | 0.69 | 0.65 | 0.62 | 0.58 | [Table_Summary] 投资要点 ◼ 【事件】6 月 4 日中国平安公告称，拟发行 117.65 亿港元 H 股可转债， 用于补充集团资本需求，支持医疗和养老战略发展。 2025 ...

zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所信息更新 北 交 所 研 究 捷众科技（873690.BJ） 2025 年 06 月 04 日 投资评级：增持（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 24.62 | | 一年最高最低(元) | 31.15/10.10 | | 总市值(亿元) | 16.32 | | 流通市值(亿元) | 7.54 | | 总股本(亿股) | 0.66 | | 流通股本(亿股) | 0.31 | | 近 3 个月换手率(%) | 376.46 | 北交所研究团队 诸海滨（分析师） 2024 年营收 2.86 亿元，同比+24%；归母净利润 6251 万元，同比+57% 公司发布 2024 年报与 2025 年一季报，2024 年，公司实现营收 2.86 亿元，同比 增长 23.63%，归母净利润 6251.14 万元，同比增长 56.86%；2025Q1，公司实现 营收7291.21亿元，同比增长44.24%，归母净利润1352.03万元，同比下滑15.49%， 扣非归母净利润 1296. ...

北交所信息更新 鸿智科技（870726.BJ） 健康养生厨房小家电快速增长，公司大力拓展电商业务 2025 年 06 月 04 日 投资评级：增持（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 18.50 | | 一年最高最低(元) | 37.18/9.38 | | 总市值(亿元) | 16.35 | | 流通市值(亿元) | 14.83 | | 总股本(亿股) | 0.88 | | 流通股本(亿股) | 0.80 | | 近 3 个月换手率(%) | 211.83 | 公司发布 2024 年报与 2025 年一季报，2024 年公司实现营业收入 4.80 亿元，同 比增长 14.77%，归母净利润 3542.35 万元，同比下滑 3.12%；2025Q1 公司实现 营业收入 1.02 亿元，同比增长 3.66%；归母净利润 732.92 万元，同比增长 3.40%。 我们维持 2025-2026 年并新增 2027 年盈利预测，预计 2025-2027 年归母净利润 为 0.41/0.49/0.54 亿元，对应 EPS 为 0.46/0.55/0.61 元/ ...