证 券 研 究 报 告 海尔生物（688139）2025 年一季报点评 推荐（维持） 非存储新产业维持高增长，海外业务重回稳 健增长 事项： ❖ 公司发布 25 年一季报，营收 6.89 亿元（+0.30%），归母净利润 1.10 亿元（- 19.88%），扣非归母净利润 0.99 亿元（-25.38%）。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,284 | 2,630 | 3,061 | 3,464 | | 同比增速(%) | 0.1% | 15.2% | 16.4% | 13.2% | | 归母净利润(百万) | 367 | 442 | 544 | 644 | | 同比增速(%) | -9.7% | 20.6% | 23.1% | 18.3% | | 每股盈利(元) | 1.15 | 1.39 | 1.71 | 2.02 | | 市盈率(倍) | 28 | 23 | 19 | 16 | | 市净率(倍) | 2. ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 46.86 CNY [4]. Core Insights - The company has shown a steady increase in revenue and profit, with a notable growth in high-end product sales, which accounted for 29% of revenue in Q1 2025, up from 24% in 2024 [2][3]. - High-end products have seen significant growth in both volume and price, with Q1 2025 revenue from high-end products increasing by 86.60% year-on-year, and sales of products priced above 50,000 CNY growing by 89.93% [2][3]. - The company maintains a high level of R&D investment, with R&D expenses reaching 1.08 billion CNY in 2024, representing a 26% increase year-on-year, and a R&D expense ratio of 21.81% [3]. Financial Performance - In 2024, the company achieved a revenue of 497.4 million CNY, a year-on-year increase of 2.93%, while the net profit decreased by 27.79% to 112.1 million CNY [1][8]. - For Q1 2025, the company reported a revenue of 132 million CNY, a 26.93% increase year-on-year, and a net profit of 41 million CNY, up 33.96% [1]. - The company forecasts revenue growth to 603.7 million CNY in 2025, with a projected net profit of 149 million CNY [9]. Product Development - The company has launched 10 new products in 2024, including high-end digital oscilloscopes and signal generators, which are expected to drive further revenue growth [3]. - The continuous introduction of high-end products is a key factor supporting the company's stable performance [3]. Market Position - The company is recognized as a leading manufacturer of general electronic testing and measurement instruments in China, with a strong focus on high-end product development [3][4].

事件：公司于 4 月 24 日发布 2024 年年报及 25Q1 季报。2024 年全年实现营 业收入 607.97 亿元，同比增长 15.55%；归母净利润-2.91 亿元。25Q1 公司实 现收入 142.58 亿元，同比下降 9.66%，归母净利润 0.96 亿元，同比增长 16.01%。 ❑ 风险提示：宏观经济变化及行业监管对广告投放影响，广告主投放意愿不确 定性，新业务拓展进度不达预期，商誉减值风险，AI 业务发展不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 52616 | 60797 | 65052 | 68198 | 73654 | | 同比增长 | 43% | 16% | 7% | 5% | 8% | | 营业利润(百万元) | 3 | (286) | 430 | 499 | 597 | | 同比增长 | 扭亏 | 亏损 | 扭亏 | 16% | 20% | | 归母净利润(百万元) | 117 | (291) | ...

2025 年 05 月 06 日 业绩符合预期，激光+超导静待放量 买入(维持) 事件 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn | 基本数据 | 2025-04-30 | | --- | --- | | 当前股价（元） | 54.04 | | 总市值（亿元） | 245 | | 总股本（百万股） | 454 | | 流通股本（百万股） | 454 | | 52 周价格范围（元） | 22.05-66.45 | | 日均成交额（百万元） | 620.81 | 市场表现 -50 0 50 100 150 (%) 联创光电 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《联创光电（600363）：前三季 度经营稳健，激光+超导助力成长》 2024-11-22 2、《联创光电（600363）：上半年 业绩稳健，聚焦新兴业务成长》 2024-08-30 3、《联创光电（600363）：业绩符 合 预 期 ， 激 光 + 超 导 成 长 可 期 》 2024-04-25 —联创光电（600363.SH）公司事件点评报告 公司于 2025 年 4 月 29 日公布 20 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [9]. Core Views - The company achieved a total revenue of 2.395 billion yuan in 2024, representing a year-on-year growth of 6.27%, while the net profit attributable to shareholders decreased by 45.21% to 139 million yuan [1]. - The introduction of AI technology is expected to invigorate the ERP sector, creating new digital demands for enterprises [1]. - The company's proprietary GPT platform supports the Model Context Protocol (MCP), which enhances the efficiency of AI scene construction across various business systems [1]. - The company has seen significant growth in its AI vertical market, with a 35% increase in customer orders in the PCB and semiconductor sectors in 2024 [1]. - The total number of customers surpassed 1,120, with a 22.87% year-on-year increase, and new customer orders accounted for 32% of total orders [1]. Financial Summary - The total revenue is projected to grow from 2.395 billion yuan in 2024 to 3.71 billion yuan by 2027, with a compound annual growth rate (CAGR) of 16.7% [2]. - The net profit attributable to shareholders is expected to recover from 139 million yuan in 2024 to 287 million yuan by 2027, reflecting a growth rate of 18.3% [2]. - The gross margin is forecasted to stabilize around 30.7% from 2025 to 2027 [2]. - The earnings per share (EPS) are projected to increase from 0.34 yuan in 2024 to 0.70 yuan in 2027 [2]. Order and Customer Performance - The company reported a 16.65% increase in orders in 2024, with significant growth in orders from state-owned enterprises exceeding 300% [1]. - The sales of self-developed industrial software licenses reached over 230 million yuan, marking an 11.3% increase [1].

上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 顾家家居：25Q1 内外销共振向上，坚持变革、 坚韧成长 [Table_ReportDate] 2025 年 05 月 06 日 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顾家家居(603816) 投资评级 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 19,212 | 18,480 | 20,253 | 22,130 | 2 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 星帅尔(002860) 投资评级 上次评级 [Table_Author] 罗岸阳 家电行业首席分析师 执业编号：S1500520070002 邮 箱：luoanyang@cindasc.com 相关研究 [Table_OtherReport] 白电主业经营稳健，年报减值计提充 分 星帅尔：Q3 业绩再超预期，增收降本 释放弹性 星帅尔：半年度收入翻倍增长，光伏 [ 资料来源： Table_Rwind eport ，信达证券研发中心预测 Closing] ; 股价为 2025 年 4 月 30 日收盘价 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 盈利能力显著提升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] Q1 业绩超预期，期待新业务成长 [Table_ReportDate] 2025 年 05 月 06 日 [Table_S 事 ...

Investment Rating - The investment rating for the company is "Buy" [15] Core Views - The company is expected to achieve total operating revenue of 36.01 billion yuan in 2024, representing a year-on-year growth of 12.79%, with a net profit attributable to shareholders of 12.24 billion yuan, reflecting a growth of 17.29% [3] - The company is focusing on enhancing channel management capabilities and accelerating market response through organizational restructuring, which is expected to improve performance in 2024 and beyond [9] - The company anticipates a steady growth trajectory with revenue projections of 39.68 billion yuan in 2025, 43.78 billion yuan in 2026, and 50.48 billion yuan in 2027, with corresponding net profits of 13.51 billion yuan, 14.94 billion yuan, and 17.45 billion yuan respectively [11][12] Company Overview - The latest closing price of the company's stock is 204.10 yuan, with a total market capitalization of 249 billion yuan [2] - The company has a total share capital of 1.22 billion shares, with a debt-to-asset ratio of 34.2% and a price-to-earnings ratio of 20.34 [2] Financial Performance - In Q4 2024, the company reported total operating revenue of 4.65 billion yuan, a decrease of 10.24% year-on-year, with a net profit of 893 million yuan, down 11.32% [4] - The gross profit margin for Q4 2024 was 77.36%, while the net profit margin was 19.19% [4] - The company achieved a sales cash collection of 6.45 billion yuan in Q4 2024, reflecting a year-on-year increase of 9.79% [4] Product and Regional Performance - In 2024, the company expects revenue from mid-to-high-end liquor to reach 26.53 billion yuan, growing by 14.35%, while other liquor categories are projected to generate 9.34 billion yuan, up 9.40% [5] - Online e-commerce sales are anticipated to reach 2.11 billion yuan in 2024, marking a year-on-year growth of 26.22% [5] - Revenue from domestic sales is expected to be 13.50 billion yuan, while revenue from outside the province is projected at 22.37 billion yuan, with growth rates of 11.72% and 13.81% respectively [5]

2025 年 5 月 6 日 公司研究 控费提质驱动净利扭亏，"安全为基，智算为擎，信创为锚"助公司发展 ——天融信（002212.SZ）2024 年年报点评 要点 事件：公司发布 2024 年年度报告，2024 年公司实现营收 28.20 亿元，同比减 少 9.73%；实现归母净利润 0.83 亿元，同比扭亏。Q424 公司实现营收 12.38 亿元，同比下降 16.15%；实现归母净利润 2.52 亿元，同比扭亏。 云计算构筑第二增长曲线。分产品看，2024 年，公司云计算业务实现收入 2.56 亿元，同比增长 10.09%；网络安全业务实现收入 25.50 亿元，同比减少 11.49%。 分客户所在行业看，2024 年，公司政府及事业单位客户实现收入 12.76 亿元， 同比减少 10.58%；国有企业客户实现收入 8.65 亿元，同比减少 3.34%。 毛利率连续三年增长，控费提质效果明显。公司 2024 年毛利率同比增长 0.85 个百分点，由 2022 年的 59.72%提升至 2024 年的 61.04%。公司持续积极应对 行业和市场发展态势，深化实施增效提质战略。2024 年营销、研发、管理三 ...

2025 年 5 月 6 日 ——佩蒂股份（300673.SZ）2024 年年报及 2025 年一季报点评 要点 事件：佩蒂股份发布 2024 年年报和 2025 年一季报，2024 全年实现营业收入 16.59 亿元，同比+17.56%；归母净利润 1.82 万元，23 年同期净亏损 0.11 亿元； 扣非归母净利润 1.81 亿元，23 年同期净亏损 0.07 亿元。其中 24Q4 单季度实 现营业收入 3.36 亿元，同比-32.06%；归母净利润 0.27 亿元，同比+51.71%； 扣非归母净利润 0.29 亿元，同比+22.63%。25Q1 实现营业收入 3.29 亿元，同 比-14.40%；归母净利润 0.22 亿元，同比-46.71%；扣非归母净利润 0.21 亿元， 同比-47.54%。 国内自主品牌增势良好，代理业务持续收缩。分地区看，2024 年国外和国内分 别实现收入 13.71/2.88 亿元，同比+29.12%/-17.56%。其中国内市场收入同比 下滑主要系代理品牌业务缩减，自主品牌业务 2024 年及 25Q1 保持较好的增速 表现。国外市场 25Q1 业绩受关税问题短期承压， ...