回顾 2024 年公司情况，2024 年公司实现收入 54.81 亿元，同比增长 2.95%；归母 净利润 7.50 亿元，同比增长 3.26%，基本完成了 24 年度经营目标。分产品看，公 司 2024 年：1）航空发动机及燃气轮机控制系统收入 48.8 亿元，同比增长 4.0%， 占公司总收入的 89.1%，是公司主要的收入来源；毛利率同比增加 1.55pct 至 29.2%； 2）国际合作收入 3.7 亿元，同比增长 5.5%；毛利率同比减少 0.52pct 至 16.9%；3） 控制系统技术衍生品收入 2.3 亿元，同比减少 17.8%；毛利率同比增加 3.12pct 至 24.0%。分地区看，公司 2024 年：1）境内收入 51.1 亿元，同比增长 2.8%，占公司 总收入的 93.3%；毛利率同比增加 1.69pct 至 28.9%；2）境外收入 3.7 亿元，同比增 长 5.5%，占公司总收入的 6.7%；毛利率同比减少 0.52pct 至 16.9%。此外，公司披 露 2025 年目标收入为 53 亿元（24 年收入为 54.8 亿元，同比略有下降），主要是 持续多年量产的部分型号或将阶段性 ...

公司报告 | 年报点评报告 牧高笛（603908） 证券研究报告 自主品牌冷山基因再升级 公司发布 24 年年报及 25 年一季报 25Q1：营收 3.3 亿，同比-6%，归母净利润 0.3 亿，同比-3%，扣非归母净 利润 0.3 亿，同比-14%。 24Q4：营收 2.2 亿，同比-26%，归母净利润-866 万，同比-169%，扣非归 母净利润-1110 万，同比-220%。 24A：营收 13 亿，同比-10%，归母净利润 0.84 亿，同比-22%，扣非归母净 利润 0.60 亿，同比-43%。 同时，公司拟向全体股东每 10 股派发现金红利 6.5 元（含税），派发 0.6 亿，派息率 72%。 自主品牌业务调整，代工业务具备韧性 25Q1：OEM/ODM 业务实现营业收入 22,030.15 万元，同比增长 2.46%；自 主品牌业务实现营业收入 11,350.18 万元，同比下降 19.42%。 大牧线上营收 4448 万元，同比+2%，毛利率 33%，同比-5pct；大牧线下 5083 万元，同比-35%，毛利率 22%，同比-1pct； 小牧直营店营收 234 万元，同比-45%，毛利率 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 06 日 [Table_Title] 25Q1 收入稳健增长，关注渠道扩张 [Table_Title2] 劲仔食品(003000) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 003000 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 15.45/10.14 | | 目标价格： | | 总市值(亿) | 57.85 | | 最新收盘价： | 12.83 | 自由流通市值(亿) | 39.02 | | | | 自由流通股数(百万) | 304.14 | [Table_Summary] 事件概述 成本端来看，公司 25Q1 毛利率为 29.91%，同比-0.11pct，基本维持稳定。费用端来看，公司 25Q1 销 售/管理/研发/财务费用率分别为 13.36%/4.05%/1.98%/-0.37%，分别同比+0.23/+0.16/+0.15/+1.12pct， 其中销售费用率同比微增，我们预计主因年内费用投放节奏影响，春节加大投放所致， ...

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 相关研究报告 《2024Q1-3 业绩高成长，生态之力推 动市场增长—公司信息更新报告》 -2024.10.24 《2024Q1-3 业绩预告高增长，看好产 品矩阵持续扩展—公司信息更新报 告》-2024.10.14 《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 0.9 ...

事件：公司发布 2025 年第一季度报告，报告期间内，公司实现营业收入 22.5 亿元，yoy +106.3%，归母净利润为 1.2 亿元，扣非归母净利润为 1034.4 万元，归母净利润与扣非归母净利润皆完成扭亏。在此前公布的 2024 年度报告中，公司实现营业收入 79.5 亿元，yoy +27.6%，归母净利 润为-1.1 亿元，扣非归母净利润为 2351.2 万元。 大模型快速迭代并在交通领域加速落地，高研发投入持续提升壁垒。1） 2024 年，公司基于 FP8 混合精度预训练等技术，实现知行大模型训练效 率较 2024 年初提升超 150%，并在国产千卡 GPU 集群上完成了大模型优 化训练方法的验证，知行交通大模型迭代到 2.0 版本。同时，公司构建了 全栈式 AI 产品体系，迭代自然语言大模型 PCITransGPT、视觉大模型 TranCore-V、多模态大模型 TranCore-M、时空决策大模型 TranCore-TS 等 大模型技术，落地运维智能体、信控优化智能体等场景化解决方案。公司 在大模型技术落地应用方面成效显著，在智能轨道交通领域，大模型技术 深度赋能智慧客服、设备智能运维等核心 ...

2025 年 05 月 07 日 投资评级：买入（维持） | 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 8.05 | | 一年最高最低(元) | 10.04/5.15 | | 总市值(亿元) | 386.62 | | 流通市值(亿元) | 386.62 | | 总股本(亿股) | 48.03 | | 流通股本(亿股) | 48.03 | | 近 3 个月换手率(%) | 45.73 | 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 海澜之家 沪深300 相关研究报告 纺织服饰/服装家纺 公 司 研 究 《Q3 弱零售下负经营杠杆显著，并表 及备货推高库存—公司信息更新报 告》-2024.10.31 《Q2 线下承压线上高增，斯搏兹并 表，延续高分红—公司信息更新报告》 -2024.8.22 2025Q1 主业稳健，期待京东奥莱、FCC 双线发力 ——公司信息更新报告 lvming@kysec.cn 吕明（分析师） 周嘉乐（分析师） 张霜凝（分析师） zhoujiale@kyse ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 11.206 billion yuan for 2024, representing a year-on-year growth of 50%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.19 billion yuan, a significant increase of 177% year-on-year, although it saw a slight decline of 2% quarter-on-quarter. The net profit for this quarter was 721 million yuan, marking a 224% year-on-year increase but a 28% decrease from the previous quarter [2][4]. - For Q1 2025, the company reported a revenue of 2.566 billion yuan, a 36% increase year-on-year, but a 20% decrease quarter-on-quarter. The net profit for this quarter was 706 million yuan, up 63% year-on-year, with a 2% decline quarter-on-quarter [2][4]. Financial Performance - The inverter business generated a revenue of 5.56 billion yuan in 2024, growing by 25% year-on-year, with significant increases in sales volumes across various inverter types [10]. - The energy storage battery pack revenue reached 2.45 billion yuan, a remarkable growth of 177% year-on-year, with a gross margin of 41.3%, up 7.4 percentage points [10]. - The company expects to achieve a profit of 4 billion yuan in 2025, corresponding to a price-to-earnings ratio of only 14 times [6][10]. Market Outlook - The company is expected to benefit from increasing demand in emerging markets such as Southeast Asia, Africa, and the Middle East, with a stable market share and profitability anticipated for the year [10]. - The report highlights the company's strong alpha in emerging markets, with significant advantages in products, channels, and costs [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue in Q1 2025 decreased by 3.1% year-on-year, while net profit attributable to shareholders fell by 2.1%. However, net interest income increased by 1.9%, and non-interest income grew by 10.6%, with wealth management fee income being a key highlight, growing by 10.5% [2][6]. - The cost of liabilities is declining, with the deposit interest rate decreasing to 1.29% in Q1, reinforcing the company's core advantage of low funding costs [2][6]. - The non-performing loan (NPL) ratio decreased by 1 basis point to 0.94% at the end of Q1, and the provision coverage ratio fell by 2 percentage points to 410% [2][6]. - The new NPL generation rate for Q1 was 1.00%, down by 5 basis points compared to the full year of 2024, primarily due to a significant decline in corporate NPL generation [2][6]. - The core Tier 1 capital adequacy ratio remains the highest in the industry, indicating solid internal growth advantages and significant investment value [2][6]. Summary by Sections Performance - The company's Q1 net interest income growth turned positive, supported by a low base from the previous year and a smaller-than-expected decline in interest margins. Non-interest income decreased by 10.6%, with a 2.5% drop in middle-income sources [12]. - The profit aspect showed a reduction in credit impairment provisions year-on-year, although the cost-to-income ratio and tax rate increased slightly [12]. Scale - Corporate lending drove growth, with loans increasing by 3.4% compared to the beginning of the period, mainly due to a 6.5% increase in corporate loans and a 9.8% rise in bills. Retail loan growth was slower at 0.4% due to a contraction in credit card loans [12]. - Deposits grew by 2.5%, with the proportion of demand deposits remaining stable at 50.5% of the average daily balance in Q1, up 0.1 percentage points from the full year of 2024 [12]. Interest Margin - The net interest margin stood at 1.91%, with a quarterly decline of 3 basis points, which is better than the expected decline of 7 basis points for the full year of 2024. The absolute level of interest margin remains advantageous compared to other large banks [12]. - The loan yield was 3.53%, down 17 basis points, reflecting the impact of repricing and lower rates on new loans [12]. Non-Interest Income - Non-interest income saw a decline of 10.6%, with middle-income sources down by 2.5%. However, wealth management fee income turned positive, growing by 10.5% in Q1, with significant increases in sales of mutual funds and trusts [12]. Asset Quality - The NPL ratio and new NPL generation rate showed improvement, with the new generation rate at 1.00%, down from the previous year. The corporate NPL generation decreased significantly, while retail NPL generation is still on the rise [12]. - The NPL ratio for real estate corporate loans was 4.79%, showing a slight increase but remaining stable overall [12]. Investment Recommendation - The company has a strong capital position with no dilution pressure from refinancing. The core Tier 1 capital adequacy ratio remains stable at 14.9%, the highest in the industry. The expected dividend payout ratio for 2024 is 35% [12]. - The decline in Q1 performance was mainly due to investment income, while core business revenues from interest and wealth management showed positive growth. The company is expected to maintain positive profit and dividend growth for the year [12].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company achieved a 5.1% year-on-year increase in operating income and a 6.7% increase in net profit attributable to shareholders in Q1 2025. The non-performing loan ratio remained stable at 0.97%, with a provision coverage ratio of 326%, indicating improved risk mitigation capabilities [2][6]. - The company is recognized as a "dark horse" in the small and micro banking sector, with consistently strong performance and asset quality. It has invested in high-quality rural commercial banks in Zhejiang, enhancing its return on equity (ROE) independent of economic cycles. The current valuation stands at 0.51 times the 2025 price-to-book ratio [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company reversed the trend of declining net interest income, achieving a positive growth of 2.7%. This is expected to continue throughout the year. The decline in funding costs, particularly for deposits, is a key factor in this improvement [2][6]. - The total loan amount increased by 4.4% compared to the beginning of the year, with public loans growing by 7.6% and retail loans by 0.6%. The company anticipates maintaining double-digit growth in credit this year despite some weakness in retail loan demand [2][6]. Asset Quality - The company's asset quality is significantly better than its peers in the small and micro banking sector, with a non-performing loan net generation rate of 0.59%. The provision coverage ratio has been on a continuous upward trend since the company's listing [2][6]. Strategic Investments - The company is steadily advancing its strategic investments in small banks, having increased its stake in Cangnan Rural Commercial Bank to 7.58%. This is expected to contribute positively to investment income and capital gains, further enhancing ROE [2][6].

| 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 8.05 | | 一年最高最低(元) | 10.04/5.15 | | 总市值(亿元) | 386.62 | | 流通市值(亿元) | 386.62 | | 总股本(亿股) | 48.03 | | 流通股本(亿股) | 48.03 | | 近 3 个月换手率(%) | 45.73 | 股价走势图 纺织服饰/服装家纺 公 司 研 究 2025 年 05 月 07 日 投资评级：买入（维持） 2025Q1 主业稳健，期待京东奥莱、FCC 双线发力 ——公司信息更新报告 lvming@kysec.cn 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 海澜之家 沪深300 相关研究报告 《Q3 弱零售下负经营杠杆显著，并表 及备货推高库存—公司信息更新报 告》-2024.10.31 《Q2 线下承压线上高增，斯搏兹并 表，延续高分红—公司信息更新报告》 -2024.8.22 吕明（分析师） 周嘉乐（分析师） 张霜凝（分析师） zhoujiale@kyse ...