公司报告 | 年报点评报告 地素时尚（603587） 证券研究报告 优化组织管理，加速资源整合 公司发布 24 年年报及 25 年一季报 25Q1：营收 4.8 亿，同比-11%，归母净利润 0.8 亿，同比-25%，扣非归母 净利润 0.6 亿，同比-15%。 24Q4：营收 6.1 亿，同比-25%，归母净利润 0.2 亿，同比-69%，扣非归母 净利润 0.1 亿，同比-89%。 24A：营收 22 亿，同比-16%，归母净利润 3.0 亿，同比-39%，扣非归母净 利润 2.5 亿，同比-46%。 公司拟向全体股东每 10 股派发现金股利 5.00 元（含税），现金分红和回购 金额总计 2.7 亿，占 2024 年归母净利润 89%。 门店优化，品牌调整 25Q1：DA 品牌营收 2.4 亿，同比-9%，毛利率 77%；DM 品牌营收 0.3 亿， 同比-29%，毛利率 82%；DZ 品牌营收 2.0 亿，同比-10%，毛利率 74%；RA 品牌营收 0.1 亿，同比-22%，毛利率 81%。 24A：DA 品牌营收 12 亿，同比-18%，毛利率 76%，同比+1pct；直营店净 减 2 家至 11 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][60]. Core Viewpoints - The company is expected to achieve a revenue of 2.165 billion yuan in 2024, representing a year-on-year increase of 62%, with an EBITDA growth of 34% [1][4]. - The demand for AI-driven data centers (AIDC) is projected to grow significantly, with the market size expected to increase from 15.13 billion USD in 2024 to 94.03 billion USD by 2032, benefiting the company as a leading third-party data center service provider in China [2][33]. - The company has established deep partnerships with major internet companies, securing contracts exceeding 1 billion yuan for data center construction and IDC services [3][46]. Financial Performance - In 2024, the company is projected to generate a revenue of 2.165 billion yuan, with a net profit of 124 million yuan, a decrease of 12% year-on-year [1][5]. - For Q1 2025, the company reported a revenue of 536 million yuan, a year-on-year increase of 40.7%, and a net profit of 52 million yuan, a year-on-year increase of 2% [1][13]. - The company’s EBITDA for 2024 is expected to be 820 million yuan, reflecting a 34.16% increase compared to the previous year [1][4]. Business Model and Market Position - The company operates both wholesale and retail data center services, targeting large clients and small businesses respectively, with a focus on high-quality service and network stability [52][42]. - As of the end of 2024, the company has 14 self-built data centers with a total cabinet capacity exceeding 43,000 units, primarily located in major cities such as Beijing, Guangzhou, and Shenzhen [3][47]. - The company plans to raise 1.75 billion yuan to build a new generation of cloud computing and AI industrial parks, further expanding its data center capabilities [3][54]. Future Outlook - Revenue forecasts for 2025-2027 are 2.676 billion yuan, 3.342 billion yuan, and 3.830 billion yuan, respectively, with expected net profits of 197 million yuan, 310 million yuan, and 413 million yuan [4][55]. - The company is positioned to benefit from the rapid growth of the AI and data center market, with significant capital investments from major tech firms [31][33]. - The projected EV/EBITDA multiples for 2025 are 26.3, 21, and 18.5, indicating a favorable valuation compared to peers [4][60].

Investment Rating - The investment rating for the company is "Cautious Recommendation (Maintain)" [1] Core Views - The company reported a high gross profit margin in coal production, with a dividend payout ratio of 60% meeting expectations [3][4] - The company has implemented refined management to maintain high gross profit margins despite a decrease in revenue due to a relaxed supply-demand situation in the coal industry [4][9] Summary by Sections Company Basic Data - The company's stock price over the past 52 weeks ranged from 9.42 to 16.46, with a total market capitalization of 188.53 billion and a total share capital of 1.98 billion shares [3] Financial Performance - In 2024, the company aimed for a raw coal production target of 33 million tons, achieving 32.98 million tons, a year-on-year decrease of 15.40%. Sales volume was 26.73 million tons, down 23.31%, with revenue of 17.266 billion, a decrease of 27.45% [4] - For Q1 2025, raw coal production was 9.0864 million tons, up 20.92% year-on-year, while sales volume was 4.4155 million tons, down 19.15%. Revenue was 2.624 billion, a decrease of 27.45% [4] - The company reported a net profit attributable to shareholders of 2.255 billion for Q1 2025, down 56.29% year-on-year [5] Cost Management - The company has successfully reduced coal production costs, with the cost per ton of coal at 249.79 yuan, down 0.55% year-on-year, and a gross profit margin of 52.29%, a decrease of 6.57 percentage points [4] - In Q1 2025, the cost per ton of coal was 131.85 yuan, a significant decrease of 41.17% year-on-year, contributing to a gross profit margin of 54.34%, an increase of 0.9 percentage points [4] Shareholder Returns - The company has a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits. The proposed cash dividend for 2024 is approximately 1.368 billion yuan [8] Future Outlook - The company expects coal prices to continue to fluctuate downward, with projected net profits for 2024-2026 at 1.891 billion, 2.114 billion, and 2.336 billion respectively, corresponding to EPS of 0.95, 1.06, and 1.18 yuan per share [9]

2025 年 05 月 07 日 易德龙(603380.SH) 工控通讯高速增长，全球布局加速推进 事件: 公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收入 21.61 亿元，同比增长12.74%；实现归母净利润1.84亿元，同比上升38.16%； 实现扣非归母净利润 1.81 亿元，同比上升 75.56%；2025 年一季度实 现营业收入 5.49 亿元，同比增长 21.68%；实现归母净利润 0.42 亿 元，同比增长 34.19%；实现扣非归母净利润 0.40 亿元，同比增长 36.24%。 工业控制及通讯类业务快速成长，成本管控效果显现： 2024 年公司实现营收 21.61 亿元（yoy+12.74%），得益于全球经济 局部复苏带动电动工具等高单价产品市场需求回暖，公司工业控制类 产品客户需求及客户采购份额实现快速增长，营收达到 10.25 亿元 （yoy+32.07%），占比达到 47.45%（yoy+6.95pcts）。通讯类产品是 公司成长最快的板块，2024 年营收达 3.69 亿元（yoy+39.65%），营 收占比达 17.06%（yoy+3.29pcts），主 ...

乐鑫科技（688018.SH） 业绩持续高增，不断扩展 AIoT SoC 领域 2025 年 05 月 07 日 投资评级：买入（维持） 日期 2025/5/6 当前股价(元) 220.75 一年最高最低(元) 290.00/70.30 总市值(亿元) 247.68 流通市值(亿元) 247.68 总股本(亿股) 1.12 流通股本(亿股) 1.12 近 3 个月换手率(%) 224.4 股价走势图 -100% 0% 100% 200% 300% 2024-05 2024-09 2025-01 乐鑫科技 沪深300 数据来源：聚源 《2024H1 业绩同比高增，看好产品矩 阵持续拓展—公司信息更新报告》 -2024.7.30 业绩持续高增，收入创单季度历史新高，维持"买入"评级 2025Q1 业绩同比持续高速增长，实现营收 5.58 亿元，同比增长 44%，创单季度 历史新高；归母净利润 0.94 亿元，同比增长 74%，为同期历史新高；毛利率为 43.4%，目前成本端都已处于价格低位；研发费用 1.26 亿元，同比增长 21.5%， 但由于规模效应，研发费用占营收比重相对下降了 4.20 个百分点。"国补" ...

[Table_Industry] 资本货物/工业 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 25.63 本报告导读： 股票研究 /[Table_Date] 2025.05.07 出货量高增，高端化和国际化进展喜人 国轩高科(002074) | 国轩高科(002074) | | --- | 2024 年及 2025Q1 国轩高科业绩符合预期，出货量高增，同时，随着产品结构往高 端化发展，以及国际化不断深入，我们认为，未来，公司或将受益于产能利用率提 高以及产品结构升级带来的盈利能力改善。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 31,605 | 35,392 | 41,999 | 48,933 | 57,802 | | (+/-)% | 37.1% | 12.0% | 18.7% | 16.5% | 18.1% | | 净利润（归母） | 939 | 1,207 | ...

2025 年 5 月 7 日 公司研究 净利润大幅增长，新兴业务及海外市场持续突破 ——中联重科（000157.SZ、1157.HK）2025 年一季报点评 要点 净利润大幅增长，盈利能力持续提升 中联重科 2025Q1 实现营业收入 121.2 亿元，同比增长 2.9%；归母净利润 14.1 亿元，同比增长 54.0%；经营性现金流净额 7.4 亿元，同比增长 141.0%； 毛利率为 28.7%，同比上升 0.2 个百分点；净利率为 11.6%，同比上升 3.9 个百 分点。 新兴业务稳健发展，传统优势业务超预期复苏 2025Q1 公司传统优势板块优于预期增长。其中混凝土机械、工程起重机械 内销超预期转正，建筑起重机械外销超额完成目标，行业复苏趋势已由挖机传导 至非挖产品。公司工程起重机械大吨位履带吊供不应求，履带吊市场份额行业第 一。建筑起重机械市占率稳居行业第一，国内龙头企业集中度进一步提升。混凝 土机械保持行业数一数二，其中搅拌站市占率国内第一，泵车市占率行业第二， 长臂架泵车市占率稳居第一，搅拌车市占率第二，电动搅拌车销量同比增长约 170%，电动化渗透率快速提升。 2025Q1 公司新兴板块动能 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Insights - The company's performance is under pressure due to increased expense ratios, although the order backlog remains substantial [1]. - The company reported a total revenue of 1.297 billion yuan in 2024, with a year-on-year growth of 1.5%, while the net profit attributable to the parent company was 93 million yuan, down 46.9% year-on-year [5][7]. - The overseas business showed steady growth, contributing 83% to total revenue, while domestic business faced significant declines [5]. - New signed orders reached 2.053 billion yuan in 2024, nearly doubling from the previous year, indicating strong growth potential [5]. - The company is focusing on its core geotechnical engineering business while actively expanding into the commercial aerospace sector [5]. Financial Summary - Total revenue projections for 2025 are estimated at 1.911 billion yuan, with a year-on-year growth rate of 47.4% [2]. - The net profit for 2025 is projected to be 265 million yuan, reflecting a significant increase of 186% year-on-year [2]. - The gross profit margin is expected to improve to 35.3% in 2025, up from 29.6% in 2024 [2]. - The company’s return on equity (ROE) is projected to rise to 12.8% in 2025 [2].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 81.12 CNY over the next six months [2][6]. Core Views - The company has shown continuous growth in new orders, with a 24% year-on-year increase in new orders for 2024. The revenue for 2024 reached 605 million CNY, a 33.88% increase year-on-year, while the net profit was 130 million CNY, up 27.37% year-on-year [2][6]. - The company is actively expanding into new fields such as renewable energy, automotive, medical, and semiconductors, while maintaining a strong presence in aerospace and military sectors [2][4]. - The gross margin for 2024 was 42.87%, a decrease of 3.16 percentage points year-on-year, attributed to changes in accounting standards and an increase in low-margin production lines [2][5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 131 million CNY, a 29.40% increase year-on-year, and a net profit of 21 million CNY, up 40.09% year-on-year [1][2]. - The company expects revenues of 793 million CNY, 1.016 billion CNY, and 1.25 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31.07%, 28.12%, and 23.03% [6][8]. - The net profit projections for the same years are 172 million CNY, 223 million CNY, and 276 million CNY, with growth rates of 32.31%, 29.65%, and 23.77% respectively [6][8]. Order and Market Dynamics - The company has a strong order structure, with approximately 60% of new orders coming from five-axis vertical machining centers and 53% of domestic orders from the aerospace sector [4][6]. - The company has established partnerships with major players in the aerospace industry, including nearly 50 user units under four major groups [4].

2025 年 5 月 6 日 公司研究 24 年盈利有所承压，积极拓展海风及海外市场 ——三一重能（688349.SH）2024 年年报及 2025 年一季报点评 风机行业地位保持稳定，市场份额持续提升。国内风电需求保持旺盛。24 年公 司风机制造业务收入同比增长约 13.75%至 135.79 亿元，毛利率同比下降 0.19pct 至 10.99%。根据 CWEA 数据，2024 年公司新增装机容量 9.15GW，排 名居国内第五，市场占有率同比提升 1.18pct，行业地位保持稳定。 新增订单创新高，成功突破海风市场。2024 年公司国内新增订单超 20GW，创 历史新高；截至 2024 年底，公司国内在手订单超 24GW，有望支撑后续业绩增 长。此外，公司海上风机订单实现突破，在 2025 年 3 月和 4 月分别中标广东能 源集团揭阳石碑山 200MW 风电项目海上风电机组、河北建投祥云岛 250MW 海 上风电项目机组，未来有望在国内海风市场进一步提高市场份额。 持续推进风场开发建设，"滚动开发"策略提升经济效益。24 年公司对外转让 风电项目容量合计 700.4MW，截至 24 年底，公司在建风场 ...