公司报告 | 年报点评报告 骄成超声（688392） 证券研究报告 配件+线束基本盘向上，半导体封测突破 财务数据 24 年：主营收入 5.85 亿元，同比+11.3%；归母净利 0.86 亿元，同比+29%； 扣非归母净利 0.4 亿元，同比+11.9%；毛利率 56.89%，同比-0.09pct；净利 率 14.52%，同比+2.24pct。受益于配件/线束连接器/半导体设备放量。 24 年 Q4：主营收入 1.76 亿元，环比+7%；归母净利 0.65 亿元，环比+330%； 扣非归母净利 0.53 亿元，环比+589%；毛利率 69.7%，环比+16pct；净利 率 36.8%，环比+27.7pct。Q4 受益于配件交付量显著放量。 25 年 Q1：收入 1.48 亿元，同比+22%，环比-16%；归母净利润 0.24 亿元， 同比大增（24 年 Q1 仅 0.01 亿），扣非净利润 0.2 亿元，同比扭亏；毛利率 64.9%，同比+9.3pct，环比-4.7pct；净利率 15.8%，同比+15pct，环比-21pct。 公司净利润超预期。 2024 年业务拆分 1）配件业务实现收入 1.84 亿元 ...

证券研究报告：机械设备|公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -16% -7% 2% 11% 20% 29% 38% 47% 56% 65% 豪迈科技 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 61.34 | | --- | --- | | 总股本/流通股本（亿股）8.00 | / 7.94 | | 总市值/流通市值（亿元）491 | / 487 | | 52 周内最高/最低价 | 63.42 / 34.51 | | 资产负债率(%) | 15.3% | | 市盈率 | 24.24 | | 第一大股东 | 张恭运 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 豪迈科技(002595) 业绩快速增长，机床、硫化机成长空间较大 l 事件描述 公司发布 2024 年年度报 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company's performance was impacted by the national centralized procurement, but it began to stabilize in Q1 2025. In 2024, the company achieved revenue of 806 million (down 33.3%) and a net profit of 125 million (down 55.0%). The overseas revenue reached 353 million (up 78.31%), accounting for 43.8% of total revenue, becoming a significant growth driver [1][6] - The company has established a strong brand presence in the joint prosthesis market and is expected to see new growth from sports medicine and other new product lines. The risks from centralized procurement are gradually being alleviated [3][5] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 230 million (up 3.6%) and a net profit of 58 million (up 5.20%). The revenue for 2024 was 806 million (down 33.3%), with a net profit of 125 million (down 55.0%). The fourth quarter of 2024 saw revenue of 298 million (down 28.5%) and a net profit of 64 million (down 34.3%) [1][6] - The gross profit margin for 2024 was 66.6% (down 5.9 percentage points), while the net profit margin decreased to 15.5% (down 7.5 percentage points). In Q1 2025, the gross profit margin rebounded to 66.7%, and the net profit margin increased to 25.2% [2][12] Research and Development - The company maintained high R&D investment, with 133 million in 2024 (down 15.5%). New products include hip joint prostheses and 3D-printed titanium alloy anchors, which have received regulatory approval, marking a breakthrough in domestic production [2][15] - The company is the first in China to manufacture porous tantalum metal implants using chemical vapor deposition technology, enhancing its competitive edge in the orthopedic market [2][15] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 222 million, 273 million, and 331 million respectively, reflecting a year-on-year growth of 77.5%, 23.1%, and 21.2% [3][21] - The current stock price corresponds to a price-to-earnings ratio (PE) of 30, 24, and 20 for 2025, 2026, and 2027 respectively [3][21]

积极推动品牌建设，持续加大研发投入 三角轮胎(601163) 公司跟踪报告 | [table_Authors] 刘威(分析师) | | --- | 021-38676666 登记编号S0880525040100 本报告导读： 2024 年主要原材料价格上涨导致成本上升。2025 年，公司将重点做好市场开发和品 牌推广，持续推进技术研发与创新。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 10,422 | 10,156 | 10,336 | 10,559 | 11,228 | | (+/-)% | 13.0% | -2.6% | 1.8% | 2.2% | 6.3% | | 净利润（归母） | 1,396 | 1,103 | 1,108 | 1,181 | 1,325 | | (+/-)% | 89.3% | -21.0% | 0.5% | 6.6% | 12.2% | | 每股净收益（元） | 1.75 | 1 ...

证券研究报 告 雪峰科技（603227）深度研究报告 强推（首次） 拥稀缺资产，顺新疆大势，携强者同行 目标价：12.8 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,101 | 6,619 | 7,302 | | 8,019 | | 同比增速(%) | -13.1% | 8.5% | 10.3% | | 9.8% | | 归母净利润(百万) | 668 | 689 | 888 | | 1,080 | | 同比增速(%) | -21.7% | 3.1% | 28.8% | | 21.6% | | 每股盈利(元) | 0.62 | 0.64 | 0.83 | | 1.01 | | 市盈率(倍) | 15 | 14 | 11 | | 9 | | 市净率(倍) | 2.0 | 1.8 | 1.6 | | 1.4 | | 资料来源：公司公告， | 华创证券预测 | 注：股价为 2025 | 年 月 5 30 | 日收盘 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth, with 2024 revenue reaching 8.813 billion yuan, a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% [4][10]. - The company operates three main business segments, all contributing to its growth: molds, large component machinery products, and CNC machine tools, with respective revenue growth rates of 22.73%, 20.31%, and 29.30% [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico, and has introduced energy-efficient electric heating vulcanizing machines, which have begun to see initial market applications [6]. Company Overview - The latest closing price of the company's stock is 61.34 yuan, with a total market capitalization of 49.1 billion yuan [3]. - The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 24.24 [3]. Financial Performance - In Q1 2025, the company reported revenue of 2.279 billion yuan, a 29.06% increase year-on-year, and a net profit of 520 million yuan, up 29.96% [4]. - The company forecasts revenues of 10.386 billion yuan, 11.767 billion yuan, and 13.076 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.356 billion yuan, 2.700 billion yuan, and 3.038 billion yuan [10][12]. Future Projections - The company is expected to maintain a steady growth trajectory, with projected revenue growth rates of 17.85%, 13.29%, and 11.13% for the years 2025 to 2027 [10]. - The introduction of new products in the machine tool segment and the establishment of a machine tool laboratory are anticipated to support ongoing innovation and market expansion [7].

公司报告 | 年报点评报告 骄成超声（688392） 证券研究报告 配件+线束基本盘向上，半导体封测突破 2024 年业务拆分 1）配件业务实现收入 1.84 亿元，同比增长 70.45%，毛利率 75.93%，同比 +13.61pct；主要系市场上存量的公司设备增多+新能源客户稼动率回升。 针对焊头、底模、裁刀等进行工艺改进和成本管控，毛利率进一步提升。 2）线束连接器超声波设备业务实现收入 0.81 亿元，同比+352.37%，毛利 率 59.71%，同比+11.41pct，公司快速抢占新能源汽车高低压线束、充电桩 等市场，与安费诺、中航光电、沪光等国内外知名客户良好合作。 3）半导体超声波设备实现收入 0.47 亿元，同比+195.66%，毛利率 56.65%， 同比-2.08pct。24 年在功率半导体封测实现突破，与英飞凌等良好合作。 其他：新能源电池超声波收入 1.51 亿元，同比-53.48%，毛利率 48.43%， 同比-8.34pct，下游锂电扩产放缓；非金属超声波设备收入 0.12 亿元，同 比+11.61%，毛利率 44.66%，同比-11.87pct。服务及其他收入 1.08 亿元， ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-06-03 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 绿田机械 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.26 | | --- | --- | | 总股本/流通股本（亿股）1.72 | / 1.72 | | 总市值/流通市值（亿元）33 | / 33 | | 52 周内最高/最低价 | 20.85 / 11.76 | | 资产负债率(%) | 38.0% | | 市盈率 | 17.83 | | 第一大股东 | 罗昌国 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 绿田机械(605259) 通机、高压清洗机双轮驱动，营收正迅速放量 l ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,200 | 17,000 | 20,100 | | 同比（%） | 19.35 | (28.71) | 11.34 | 28.79 | 18.24 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,056.93 | 1,702.00 | 2,227.97 | | 同比（%） | (23.45) | (83.88) | 269.42 | 61.03 | 30.90 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.67 | 1.09 | 1.42 | | P/E（现价&最新摊薄） | 17.15 | 106.36 | 28.79 | 17.88 | 13.66 | [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 03 日 证券分析师 周 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-06-03 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -17% -9% -1% 7% 15% 23% 31% 39% 47% 55% 63% 纽威股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 31.47 | | --- | --- | | 总股本/流通股本（亿股）7.69 | / 7.55 | | 总市值/流通市值（亿元）242 | / 238 | | 周内最高/最低价 52 | 31.51 / 16.20 | | 资产负债率(%) | 49.3% | | 市盈率 | 20.70 | | 第一大股东 | 程章文 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 纽威股份(603699) 业绩快速增长，中高端产品持续突破 l 事件 ...