公司报告 | 公司点评 继峰股份（603997） 证券研究报告 2025 年乘用车座椅业务盈利能力有望大幅提升。2024 年度乘用车座椅业 务首次实现年度盈亏平衡。2025 年度预计将有 8 个项目进入量产阶段， 乘用车座椅业务营业收入有望大幅攀升。目前仍有多个工厂尚未量产或产 能利用率较低，随着规模效应的产生，乘用车座椅业务盈利能力有望随之 提升。 格拉默整合持续推进，25Q1 已成功扭亏 2024 年公司多措并举优化格拉默经营效率：1）对格拉默人工成本进行优 化，：一是实施裁员计划；二是将工作岗位从高成本地区（如德国）的工作 岗位逐步向低成本国家转移。2）将持有的 TMD LLC 的 100%股权转让予 APC LLC。3）联合采购、产业布局整合、改革考核激励制度等。 格拉默整合已初见成效，2025 年有望随着降本增效措施持续推进，业绩继 续好转。2025Q1 格拉默实现净利润 0.097 亿欧元，实现扭亏。公司将持续 推进格拉默降本工作，进一步加强对格拉默海外业务管控。从中高层管理 人员的任命和考核，到采购成本管控，运营成本管控，产能布局优化等方 面，更全、更细、更深入地去落实和管控。我们认为格拉默业绩 ...

公司报告 | 年报点评报告 24 年全年毛利率/净利率分别为 44.95%/24.17%，同比-1.59/-2.53pct。全年 销售/管理/研发/财务费用率分别为 7.3%/5.27%/6.78%/-1.32%。其中全年完 成股权激励目标，确认股份支付费用达 2339 万元。 24Q4：实现营收 5.25 亿元，同比+39.82%，环比+17.05%；实现归母净利 润 1.04 亿元 ，同 比+21.54% ，环 比-4.97% 。毛 利率/ 净利 率 分别为 41.34%/21.24%，同比-1.82/-1.44pct，环比-6.23/-4.05pct。 25Q1：实现营收 4.78 亿元，同比+29.79%，环比-8.98%；实现归母净利润 1.08 亿元，同比+25.2%，环比+3.78%。毛利率/净利率分别为 42.84%/23.56%， 同比-2.79pct/-0.82pct，环比+1.5pct/+2.32pct。 全年数码喷印设备/墨水/自动化缝纫设备/数字印刷设备营收分别达 9.1/5.2/1.5/1.4 亿元，同比+47.84%/26.15%/37.67%/114.66%；毛利率分别为 43 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][8]. Core Insights - The company's Q1 2025 revenue was 2.325 billion yuan, a year-on-year decrease of 20.48%. However, the net loss attributable to shareholders narrowed to 152 million yuan, a 29.82% improvement year-on-year. The adjusted net loss was 146 million yuan, reflecting a 20.5% reduction compared to the previous year [2][8]. - The company optimized its shipment structure, increasing the sales proportion of high-margin products, which led to an overall improvement in gross margin despite the revenue decline. Cost control measures also contributed to a decrease in management expense ratio by 0.23 percentage points and a reduction in financial expense ratio by 2.22 percentage points due to foreign exchange gains [2][8]. - The company is focusing on the development and sales of power battery systems and energy storage products, enhancing its international market penetration through strategic partnerships, particularly with Farasis Energy [2][8]. - A significant change in control occurred on April 15, with the completion of a share transfer agreement, marking an important adjustment in the company's ownership structure and governance [2][8]. - The company faces competitive challenges in the power battery market, leading to adjustments in profit forecasts for 2025-2027, with expected net profits of -274 million yuan, 7 million yuan, and 40 million yuan respectively [2][8]. Financial Summary - For 2025, the total revenue is projected at 10.746 billion yuan, with a year-on-year decline of 8%. The net profit is expected to be -274 million yuan, showing a 17.5% improvement from the previous year [4][9]. - The company’s total assets are estimated to reach 29.850 billion yuan by 2025, with a debt-to-asset ratio of 67.7% [9]. - The earnings per share (EPS) is projected to be -0.22 yuan for 2025, with a significant increase in profitability expected in subsequent years [4][9].

宜昌人福延续稳健，治理优化可期 ——人福医药 2024&25Q1 业绩点评 投资要点 ❑ 我们看好公司在麻醉镇痛领域的领先地位及持续性，核心子公司宜昌人福业绩 稳健增长，新品获批上市，研发管线持续丰富为中长期增长奠定基础；招商局 集团的入主有望为公司发展注入新动力，优化治理并带来产业协同效应。 ❑ 财务表现：2025Q1 利润端显著改善 2024 年公司实现营业收入 254.35 亿元，同比增长 3.71%；实现归母净利润 13.30 亿元，同比下降 37.70%；实现扣非归母净利润 11.39 亿元，同比下降 37.50%。 利润下滑主要原因包括：1）公司营销体系建设、工程项目及物业资产转固、汇 率变动等导致销售、管理、财务三项费用合计同比增加 4.41 亿元；2）计提信用 减值损失 2.83 亿元；3）计提资产减值损失 3.94 亿元，其中对北京巴瑞医疗的商 誉减值计提 2.02 亿元。 2025Q1 公司实现营业收入 61.37 亿元，同比下降 3.61%；实现归母净利润 5.4 亿 元，同比增长 11.09%；实现扣非归母净利润 5.31 亿元，同比增长 14.35%，利润 端改善显著。 证券研究报告 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a revenue of 7.799 billion yuan in 2024, representing a year-on-year increase of 23.56%, while the net profit attributable to the parent company was 1.629 billion yuan, a decrease of 12.77% year-on-year [1][2]. - The company is actively expanding its overseas market presence, having sold products to over 100 countries and regions globally, and has established local teams through equity cooperation and subsidiary formation [4]. - The company has received the lowest tax rate in the industry from the EU's anti-dumping investigation, with a rate of 20.6%, compared to 41.7%-66.7% for other Chinese brands [4]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 1.898 billion yuan, a year-on-year increase of 30.72% and a quarter-on-quarter increase of 13.98%. The net profit attributable to the parent company was 429 million yuan, up 41.83% year-on-year and 154.59% quarter-on-quarter [3]. - The gross margin for 2024 was 35.04%, and the net margin was 20.89%, reflecting a decrease of 3.45 and 8.69 percentage points year-on-year, respectively [2]. - The company forecasts net profits of 2.134 billion yuan, 2.531 billion yuan, and 2.875 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31%, 19%, and 14% [4]. Revenue Breakdown - For the year, the company generated revenue from various products: 3.444 billion yuan from scissor lifts, 2.956 billion yuan from boom lifts, and 772 million yuan from mast lifts, with year-on-year growth rates of 14.41%, 20.84%, and 53.14%, respectively [3]. - Revenue from domestic and international markets was 1.649 billion yuan and 5.523 billion yuan, respectively, with year-on-year changes of -22.23% and +43.83% [3]. Cost and Expense Analysis - The company's expense ratios for sales, management, R&D, and financial costs were 3.26%, 2.88%, 3.28%, and -1.18%, respectively, with year-on-year changes of -0.42%, +0.64%, -0.21%, and +2.7 percentage points [2].

丨证券研究报告丨 公司研究丨点评报告丨东华测试（300354.SZ） [Table_Title] 东华测试：年报业绩实现较快提升，多条业务线 发力增长 报告要点 [Table_Summary] 公司发布年报及一季报，2024 年业绩实现较快提升，主要受益公司多个产品销量、收入维持增 长。25Q1 公司营收和业绩维持平稳增长，显示经营稳健性。公司产品毛利率持续改善，各细 分业务毛利率均有不同程度优化。净利率优化主要受益于毛利率增长，同时期间费用率表现一 定改善。公司继续推动力学产品国产替代，打造高端科研仪器设备平台化产品体系。公司高端 科研仪器设备在国内卡位优势明显，拓品类拓应用有望打开公司成长空间。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赵智勇 倪蕤 刘晓舟 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524030001 SFC：BRP550 东华测试（300354.SZ） cjzqdt11111 [Table_Title 东华测试：年报业绩实现较快提升，多 ...

丨证券研究报告丨 公司研究丨点评报告丨维峰电子（301328.SZ） [Table_Title] 一季度业绩高增长，新兴市场打开成长空间 报告要点 [Table_Summary] 4 月 26 日，公司发布 2024 年年报及 2025 年一季报，公司 2024 年实现营业收入 5.34 亿元， 同比增长 9.8%，实现归母净利润 0.85 亿元，同比下滑 34.4%，扣非归母净利润为 0.84 亿元， 同比下滑 19.6%。2025 年一季度公司实现营业收入 1.45 亿元，同比增长 44.6%，实现归母净 利润为 0.25 亿元，同比增长 40%。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Rank]投资评级 买入丨维持 维峰电子（301328.SZ） cjzqdt11111 [Table_Title2] 一季度业绩高增长，新兴市场打开成长空间 [Table_Summary2] 事件 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by the growth in AI server demand. In 2024, the company achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year. For Q1 2025, revenue reached 160.415 billion yuan, a 35.16% increase year-on-year, with a net profit of 5.231 billion yuan, up 24.99% year-on-year [5][12] Financial Performance - In 2024, the company's revenue from cloud computing was 319.377 billion yuan, growing 64.37% year-on-year, while the gross margin was 4.99%, a decrease of 0.09 percentage points. Revenue from communication and mobile network equipment was 287.899 billion yuan, up 3.2% year-on-year, with a gross margin of 9.56%, down 0.24 percentage points. Industrial internet revenue fell by 42.92% to 0.094 billion yuan, with a gross margin of 45.79%, down 4.02 percentage points [12] - The company expects net profits attributable to shareholders to reach 27.246 billion yuan, 35.181 billion yuan, and 38.859 billion yuan for 2025, 2026, and 2027, respectively [12] Business Strategy - The company is benefiting from the AI wave and has established a "2+2" new strategy, focusing on high-end intelligent manufacturing and industrial internet while actively developing new businesses in big data (including metaverse computing power and energy storage) and robotics. The company has deep collaborations with leading global clients in various sectors, including Cisco, Huawei, Nvidia, and AWS [12]

丨证券研究报告丨 公司研究丨点评报告丨鼎捷数智（300378.SZ） [Table_Title] 2024 年&2025 年一季报点评：经营整体稳健， 期待 AI 放量 报告要点 [Table_Summary] 公司发布 2024 年年报及 2025 年一季报。2024 年：营收 23.31 亿元，同比增长 4.62%；归母 净利润 1.56 亿元，同比增长 3.59%；扣非后归母净利润 1.38 亿元，同比增长 13.18%。单 Q4： 实现营收 7.58 亿元，同比下滑 6.85%；归母净利润 1.06 亿元，同比增长 4.28%；扣非后归母 净利润 0.92 亿元，同比下滑 0.92%。25Q1：实现营收 4.23 亿元，同比增长 4.33%；归母净利 润-0.08 亿元，同比增长 14.04%；扣非后归母净利润-0.095 亿元，同比增长 31.92%。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎捷数智（300378.SZ） c ...

丨证券研究报告丨 公司研究丨点评报告丨牧原股份（002714.SZ） [Table_Title] 牧原股份 2025 年一季报点评：出栏高增，成本 优化，重视估值底部配置机会 报告要点 [Table_Summary] 牧原股份已由高成长发展阶段步入高质量发展阶段，内部管理不断精进，养殖成本有望持续领 先行业，屠宰业务盈利改善，未来有望出海扩张，践行国际化战略，构建新成长曲线。牧原股 份具备长期配置价值，目前估值处于历史底部，截至 2025 年 5 月 6 日，公司 PB 为 2.88，位 于历史分位数的 1.59%。我们预计 2025、2026 与 2027 年年度生猪平均价格呈现窄幅波动， 公司养殖成本持续改善，实现归母净利润 201、203 与 341 亿元。 分析师及联系人 [Table_Author] 陈佳 顾熀乾 高一岑 SAC：S0490513080003 SAC：S0490519060003 SAC：S0490523030003 SFC：BQT624 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 牧原股份（002714.SZ） cjzqdt111 ...