证券研究报告·公司点评报告·白酒Ⅱ 老白干酒（600559） 秉节持重，厚积薄发 2025 年 05 月 25 日 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） | 5,257 | 5,358 | 5,463 | 5,825 | 6,467 | | 同比（%） | 12.98 | 1.91 | 1.97 | 6.63 | 11.01 | | 归母净利润（百万元） | 665.94 | 787.10 | 880.40 | 996.63 | 1,175.65 | | 同比（%） | (5.89) | 18.19 | 11.85 | 13.20 | 17.96 | | EPS-最新摊薄（元/股） | 0.73 | 0.86 | 0.96 | 1.09 | 1.29 | | P/E（现价&最新摊薄） | 23.49 | 19.87 | 17.77 | 15.70 | 13.31 | [Table_Tag] [Table_S ...

公司报告 | 季报点评 恒瑞医药（600276） 证券研究报告 业绩符合预期，国际化加速发展 事件 公司发布 2024 年年度报告及 2025 年一季报：2024 年，收入为 279.8 亿元， 同比增长 22.6%；归母净利润 63.4 亿元，同比增长 47.3%。2025 年第一季 度，收入为 72.1 亿元，同比增长 20.14%；归母净利润 18.7 亿元，同比增 长 36.9% 经营稳健，销售费用率略微下降，研发费用率提升 2024 年销售费用为 83.36 亿元，销售费用率为 29.79%，同比下降 3.4pct； 研发费用为 65.83 亿元，研发费用率为 23.52%，同比上升 1.8pct；管理费 用为 25.56 亿元，管理费用率为 9.13%，同比下降 1.5pct。2024 年公司加 大研发投入，年度投入 82.28 亿元，相较 2023 年同比增长 33.8%。 2025Q1 销售费用为 19.67 亿元，销售费用率为 27.30%，同比减少 2.12 pct； 研发费用为 15.33 亿元，研发费用率为 21.28%，同比增加 0.94 pct；管理 费用为 5.86 亿元，管理费 ...

2025 年 5 月 24 日 公司研究 具备工匠精神的水刺无纺布头部企业 ——诺邦股份（603238.SH）投资价值分析报告 要点 公司介绍：诺邦股份成立于 2002 年，专业从事差异化、个性化水刺非织造材料 及其制品研发、生产和销售业务。公司生产的水刺非织造材料主要应用于美容护 理类、工业用材类、民用清洁类及医用材料类等四大产品领域。2015~2024 年 公司收入、归母净利润 CAGR 分别为 17.7%、2.8%。2024 年公司实现收入 22.4 亿元，同比增长 16.8%，归母净利润 9523 万元，同比增长 15.2%，2025Q1 收 入和归母净利润分别同比增长 39.1%/48.6%。2024 年公司水刺非织造材料和水 刺非织造材料制品收入占比分别为 31.7%/67.5%，分别同比-1.2%/+27.8%。 行业情况：水刺无纺布产品由于透气、柔软、质轻、抗菌等特性，大量应用于湿 巾、家用擦拭材料等需求量较大的"一次性消费品"市场以及美容护肤品市场。 2023 年其产量为 151.0 万吨，2018~2023 年年复合增速为 18.6%，同时在无纺 布市场中渗透率呈逐步提升趋势，2023 年 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [1][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a strong historical presence in the television market [15]. - The company has maintained a leading position in the domestic market for over a decade and has successfully expanded its international footprint [15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on entry-level products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, focusing on core markets like Asia-Pacific and North America [3][19]. - The company has established a strong presence in North America through partnerships with major retailers [3]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4]. - The company is expected to benefit from a controlled cost structure due to deep ties with panel manufacturers [4]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report anticipates a long-term upward trend in panel prices, albeit with reduced volatility [4]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is enhancing product offerings, with significant revenue contributions expected from these segments [5]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion respectively, with a reasonable market capitalization of 39.2 billion by 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively [5].

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [2][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a historical presence in the industry for nearly 50 years [15]. - The company has maintained a strong domestic market position, with both sales and market share leading in China [1][15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on lower-priced products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, enhancing its market share in core regions [3][19]. - The company has established a strong presence in North America and Europe, with ongoing channel optimization expected to improve profitability [3][19]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4][19]. - The company is expected to benefit from a long-term upward trend in panel prices, with better cost control due to deep partnerships with panel manufacturers [4][19]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report notes that the supply-demand relationship in the panel market has been a dominant factor, with expectations of a gradual recovery in demand [4][19]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is driving product upgrades, with significant revenue contributions expected from these segments [5][19]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion yuan respectively, with a reasonable market capitalization of 39.2 billion yuan in 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively, driven largely by MiniLED products [5][19].

公司报告 | 季报点评 恒瑞医药（600276） 证券研究报告 业绩符合预期，国际化加速发展 事件 公司发布 2024 年年度报告及 2025 年一季报：2024 年，收入为 279.8 亿元， 同比增长 22.6%；归母净利润 63.4 亿元，同比增长 47.3%。2025 年第一季 度，收入为 72.1 亿元，同比增长 20.14%；归母净利润 18.7 亿元，同比增 长 36.9% 经营稳健，销售费用率略微下降，研发费用率提升 2024 年销售费用为 83.36 亿元，销售费用率为 29.79%，同比下降 3.4pct； 研发费用为 65.83 亿元，研发费用率为 23.52%，同比上升 1.8pct；管理费 用为 25.56 亿元，管理费用率为 9.13%，同比下降 1.5pct。2024 年公司加 大研发投入，年度投入 82.28 亿元，相较 2023 年同比增长 33.8%。 2025Q1 销售费用为 19.67 亿元，销售费用率为 27.30%，同比减少 2.12 pct； 研发费用为 15.33 亿元，研发费用率为 21.28%，同比增加 0.94 pct；管理 费用为 5.86 亿元，管理费 ...

联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 再推股权激励计划，奠定持续增长信心 报告要点 [Table_Summary] 公司发布 2025 年限制性股票激励计划(草案)，拟向激励对象授予的限制性股票数量为 1417.55 万股，约占公司股本总额的 1.6450%。其中首次授予 1309.55 万股，首次拟授予的激励对象共 计 421 人，授予价格为 20.60 元/股。 分析师及联系人 [Table_Author] 陈亮 高伊楠 蔡方羿 SAC：S0490517070017 SAC：S0490517060001 SAC：S0490516060001 SFC：BUW408 SFC：BUW101 SFC：BUV463 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 爱玛科技（603529.SH） cjzqdt11111 [Table_Title2] 再推股权激励计划，奠定持续增长信心 2025-05-25 联合研究丨公司点评 [Table_Summary2] 事件描述 公司发布 2025 年限制性股票激励计划( ...

Investment Rating - The investment rating for the company is "Accumulate" [6][8]. Core Views - The company reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%, and a net profit attributable to shareholders of 403 million yuan, up 15.67% year-on-year [1]. - The first quarter of 2025 saw a revenue of 918 million yuan, a year-on-year increase of 24.71%, with a net profit of 100 million yuan, growing 1.99% year-on-year [1]. - The company is expected to see significant revenue growth driven by its core products, particularly the ALK inhibitor Ensartinib, which has been included in the medical insurance directory and received clinical guideline recommendations [3][5]. Financial Performance - The company is projected to achieve revenues of 3.702 billion, 4.516 billion, and 5.162 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 661 million, 930 million, and 1.030 billion yuan in the same years [6][12]. - The EBITDA for 2024 is estimated at 1.324 billion yuan, with a net profit margin of 14.17% [12][13]. Cost Management - In 2024, the company increased its sales expenses to 1.094 billion yuan, a 28.10% increase from 2023, while R&D expenses decreased to 502 million yuan, down 8.7 percentage points [2][4]. - The management expenses for 2024 were reported at 269 million yuan, reflecting a decrease of 1.4 percentage points year-on-year [2]. Product Development - The company is actively expanding its product portfolio in the lung cancer field, with four candidates in development targeting EGFR mutations [4]. - The strategic cooperation for the commercialization of plant-derived recombinant human serum albumin injection has been accepted for priority review by NMPA [4]. Market Position - The company’s core product, Ensartinib, is expected to see robust growth due to its long treatment duration and favorable competitive landscape, especially in the post-operative adjuvant indication [3][5]. - The company is also advancing its international commercialization efforts, with Ensartinib approved for ALK-positive NSCLC in the U.S. and undergoing EMA listing procedures [5].

丨证券研究报告丨 联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 再推股权激励计划，奠定持续增长信心 报告要点 [Table_Summary] 公司发布 2025 年限制性股票激励计划(草案)，拟向激励对象授予的限制性股票数量为 1417.55 万股，约占公司股本总额的 1.6450%。其中首次授予 1309.55 万股，首次拟授予的激励对象共 计 421 人，授予价格为 20.60 元/股。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% 1 [Table_Author] 陈亮 高伊楠 蔡方羿 SAC：S0490517070017 SAC：S0490517060001 SAC：S0490516060001 SFC：BUW408 SFC：BUW101 SFC：BUV463 爱玛科技（603529.SH） cjzqdt11111 [Table_Title2] 再推股权激励计划，奠定持续增长信心 [Table_Summary2] 事件描述 公司发布 2025 年限制性股票激励计划(草案)：公司拟向激励对象授予的限制性股票数量为 1417.55 万股，约占公司股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][8]. Core Insights - The company reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%. The net profit attributable to the parent company was 403 million yuan, up 15.67% year-on-year, while the non-recurring net profit reached 410 million yuan, marking a significant increase of 55.92% [1]. - In Q1 2025, the company achieved a revenue of 918 million yuan, reflecting a year-on-year growth of 24.71%, with a net profit of 100 million yuan, a slight increase of 1.99% [1]. - The company is focusing on enhancing management efficiency by streamlining R&D expenses while increasing sales promotion efforts, with sales expenses for 2024 amounting to 1.094 billion yuan, a 28.10% increase from 2023 [2]. Financial Performance - The company expects revenues of 3.702 billion yuan, 4.516 billion yuan, and 5.162 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 661 million yuan in 2025, 930 million yuan in 2026, and 1.030 billion yuan in 2027 [6][12]. - The EBITDA for 2024 is estimated at 1.324 billion yuan, with a net profit margin of 14.17% for 2024 [12][13]. Product Development and Market Position - The company's core product, the ALK inhibitor Ensartinib, is experiencing steady growth due to its long treatment duration and has been included in the medical insurance directory for first-line treatment of ALK-positive NSCLC [3]. - The company is actively expanding its product portfolio in the lung cancer field, with four candidates in development, including MCLA-129 and CFT8919, aimed at enhancing its competitive edge [4]. - Several products are nearing commercialization, including Ensartinib, which has received approval for first-line treatment in the U.S. and is progressing well in clinical trials [5].