北交所信息更新 国内浸没式液冷技术领军者，积极布局海外&冷板液冷市场 ——北交所信息更新 2025 年 05 月 25 日 投资评级：增持（维持） | 日期 | 2025/5/23 | | --- | --- | | 当前股价(元) | 50.60 | | 一年最高最低(元) | 86.49/25.00 | | 总市值(亿元) | 101.20 | | 流通市值(亿元) | 98.47 | | 总股本(亿股) | 2.00 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 91.69 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 实现营收 1166.97 万元（-1.37%），归母净利润-3137.25 万元（-329.66%） 曙光数创 2025Q1 实现营收 1166.97 万元（-1.37%），归母净利-3137.25 万元 （-329.66%）。2024 年实现营收 5.06 亿元（-22.15%）；归母净利润 6142.44 万元 （-41.21%），毛利率为 30.10%（-1.27pc ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical inventory destocking cycle, but a significant improvement in profitability is expected in the first quarter of 2025 due to price increases in several main products [2][5]. - The company has successfully registered several active ingredients in the Brazilian market, which is anticipated to enhance overseas sales in the coming years [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 81 million yuan, up 31.11% year-on-year [2][6]. - The first quarter of 2025 saw a significant turnaround, with net profit reaching 108 million yuan, a year-on-year increase of 1373.23% and a quarter-on-quarter increase of 258.51% [2][30]. Product Pricing and Market Trends - Key products such as甲维盐 and 阿维菌素 have seen price increases from 500,000 and 350,000 yuan per ton to 715,000 and 515,000 yuan per ton respectively since mid-March 2024 [3]. - The price of 代森锰锌 rose from 23,500 yuan per ton to 25,000 yuan per ton since March 2025, indicating a positive trend in product pricing [3][33]. New Business Developments - The company has accelerated its new business layout, acquiring a 51% stake in 德彦智创, which focuses on AI-driven pesticide creation and synthetic biology, opening new growth opportunities [4][38]. - Strategic partnerships with companies like BASF aim to advance the development and commercialization of new pesticides in China [4][38]. Profit Forecast - The company is expected to achieve net profits of 402 million, 478 million, and 522 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.13, and 1.24 yuan [5][50]. - The projected operating revenues for 2025, 2026, and 2027 are 4.958 billion, 5.255 billion, and 5.513 billion yuan respectively, reflecting a growth trajectory [6][50].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9] Core Views - The company has demonstrated consistent performance with significant revenue and profit growth driven by both internal and external factors [5][6] - The tourism market is recovering, and the company is focusing on its core business strategy of becoming a "leisure tourism destination" [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 147 million yuan, a decrease of 3% [5] - For Q1 2025, total revenue reached 212 million yuan, up 55% year-on-year, with a net profit of 31 million yuan, an increase of 159% [5] Investment Highlights - The company has enhanced its scale through asset acquisitions, leading to substantial increases in revenue and profit [6] - The gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins improving significantly in Q1 2025 due to new acquisitions and government subsidies [6] Market Strategy - The company is expanding its tourism projects, with visitor numbers increasing by 18% in 2024, and revenue from tourism services rising by 768% [7] - The company has successfully launched new tourism products and services, including luxury cruise offerings, and is exploring innovative business models [8] Earnings Forecast - The company aims to maintain steady growth, with projected EPS of 0.33, 0.39, and 0.46 yuan for 2025, 2026, and 2027, respectively [9] - The expected revenue growth rates for 2025 to 2027 are 57.2%, 13.7%, and 13.3% [11]

丨证券研究报告丨 公司研究丨点评报告丨中集集团（000039.SZ） [Table_Title] 中集集团：回购股份彰显信心，看好公司长期发 展 报告要点 [Table_Summary] 中集集团发布公告，为了积极响应国家政策导向，提振股东信心，董事会同意根据上述 H 股回 购一般性授权，按照《香港联合交易所有限公司证券上市规则》、《公司章程》及其他适用法律 法规的规定，实施 H 股股份回购。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赵智勇 臧雄 曹小敏 屈奇 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SAC：S0490524070003 SFC：BRP550 SFC：BVO790 中集集团（000039.SZ） cjzqdt11111 [Table_Title 中集集团：回购股份彰显信心，看好公司长期发 2] 展 [Table_Summary2] 事件描述 中集集团发布公告，为了积极响应国家政策导向，提振股东信心，董事会同意根据上述 H ...

丨证券研究报告丨 联合研究丨公司点评丨三花智控（002050.SZ） [Table_Title] 三花智控： Q1 业绩亮眼，家电+汽车双轮驱动 报告要点 [Table_Summary] 公司发布 2025 年一季报，25Q1 实现营业收入 76.70 亿元，同比增长 19.10%，实现归母净利 润 9.03 亿元，同比增长 39.47%，实现扣非净利润 8.53 亿元，同比增长 27.17%。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 邬博华 赵智勇 曹海花 陈亮 司鸿历 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490522030001 SAC：S0490517070017 SAC：S0490520080002 SFC：BQK482 SFC：BRP550 SFC：BUW408 SFC：BUD284 请阅读最后评级说明和重要声明 %% %% 三花智控（002050.SZ） cjzqdt11111 [Table_Title 三花智控：2] Q1 业绩亮眼，家电+汽车双轮驱动 [Table_Summary2] ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9] Core Insights - The company has shown consistent performance with significant revenue and profit growth driven by both internal and external factors, including asset acquisitions and government subsidies [5][6][8] - The tourism market in China is recovering, and the company is focusing on its "leisure tourism destination" strategy, resulting in increased visitor numbers and revenue from its projects [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit of 147 million yuan, a decrease of 3%. The first quarter of 2025 saw total revenue of 212 million yuan, up 55%, and a net profit of 31 million yuan, up 159% [5][9] - The company's gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins of 18.44% and 18.12% [6][9] - The company expects steady growth in earnings per share (EPS) from 0.33 yuan in 2025 to 0.46 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 31 to 22 times [9][11] Revenue and Profit Forecast - The company anticipates a significant increase in revenue, projecting 1.36 billion yuan in 2025, a growth rate of 57.2%, and a net profit of 347 million yuan, reflecting a growth rate of 136.6% [11][12] - The report highlights a focus on expanding the tourism destination investment and operation business, aiming to create a unique cultural tourism model [8][9]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has launched a restricted stock incentive plan for 2025, aiming to grant approximately 14.18 million shares to 421 individuals, which is about 1.65% of the total share capital, at a price of 20.6 yuan per share. This plan is expected to motivate the core team and stimulate growth [1] - The incentive plan sets performance targets for revenue and net profit growth from 2024 as a base, requiring growth rates of at least 15%/32.25%/52.09% for the years 2025-2027, indicating a strong emphasis on sustained growth [2] - The company is focusing on product upgrades and has partnered with ByteDance and Midea to enhance its smart strategy, aiming for a transformation towards full-chain intelligence and user operation [3] - The company anticipates steady sales growth in Q2 2025, with supply chain issues previously encountered now resolved, and aims to leverage its strengths to increase market share [3] Financial Summary - The projected total revenue for the company is expected to grow from 21.036 billion yuan in 2023 to 34.158 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [6] - The net profit attributable to the parent company is forecasted to increase from 1.881 billion yuan in 2023 to 3.348 billion yuan in 2027, reflecting a CAGR of about 12.7% [6] - The company's gross margin is expected to improve from 16.5% in 2023 to 18.6% in 2027, indicating enhanced profitability [6] - The projected earnings per share (EPS) are expected to rise from 2.18 yuan in 2023 to 3.89 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.67 to 9.93 over the same period [4][6]

Investment Rating - The report upgrades the investment rating to OUTPERFORM [1][2]. Core Views - Jiugui Liquor is the only brand of Fuyu aromatic Baijiu and the leading brand in Hunan, with a complete product matrix including ultra-high-end, sub-high-end, and popular products [3][9]. - The company is currently in a performance adjustment period, with significant revenue and profit declines in 2023 and 2024, but shows signs of recovery in Q4 2024 [4][11]. - The company is focusing on optimizing its product matrix in response to intensified competition in the sub-high-end Baijiu market [10][12]. Financial Summary - The company's revenue is projected to be Rmb 1.27 billion in 2025, with a net profit of Rmb 69 million, leading to an EPS of Rmb 0.21 [5][13]. - The gross profit margin is expected to improve from 78.3% in 2025 to 88.3% by 2027, indicating a recovery in profitability [8]. - The company’s market capitalization is Rmb 14 billion (approximately US$1.94 billion) with a target price set at Rmb 49.00 [2][5].

丨证券研究报告丨 公司研究丨点评报告丨万达电影（002739.SZ） [Table_Title] 25Q1 业绩显著增长，聚焦 IP 打造多元化生态 体系 报告要点 [Table_Summary] 万达电影披露 2024 年和 25Q1 业绩，公司 2024 年实现营收 123.62 亿元（同比-15.44%），实 现归母净利润-9.40 亿元（同比-203.05%），扣非归母净利润-10.99 亿元（同比-252.88%）；公 司 2025 年 Q1 实现营收 47.09 亿元（同比+23.23%），归母净利润 8.3 亿元（同比+154.72%）， 实现扣非归母净利润 8.16 亿元（同比+165.72%）。25Q1 公司业绩受到电影大盘推动表现亮 眼，我们看好公司后续作品储备以及 IP 多元化体系为公司注入新的增长动力。 分析师及联系人 [Table_Author] 高超 孙伯阳 SAC：S0490516080001 SAC：S0490525030001 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 万达电影（002739.SZ） ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [10][20]. Core Insights - The company experienced a slight decline in revenue but significantly improved its AI capabilities. In Q1 2025, total revenue was 1.228 billion yuan, a year-on-year decrease of 5.53%, while net profit attributable to shareholders was 30 million yuan, a year-on-year increase of 390.89%. For 2024, total revenue was 6.203 billion yuan, down 4.93%, with a net profit of 250 million yuan, up 116.19% [2][3]. Financial Performance Summary - **Revenue and Profitability**: The company reported a total revenue of 6.240 billion yuan for 2024, with a year-on-year decline of 4.9%. The net profit attributable to shareholders was 251 million yuan, reflecting a growth of 116.2% [5]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 0.27 yuan, 0.39 yuan, and 0.53 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 54, 38, and 28 [5][10]. - **Target Price**: The target price is set at 16.2 yuan, compared to the current price of 13.88 yuan [6]. Business Development Summary - **Digital Cost Business**: In 2024, revenue from this segment was 4.986 billion yuan, a decrease of 3.55%. The business is evolving from single-tool applications to comprehensive cost management solutions, increasing coverage from 53.78% to 79.25% [10]. - **Digital Construction Business**: This segment generated 787 million yuan in revenue for 2024, down 8.71%. The company made advancements in smart construction technologies [10]. - **Digital Design Business**: Revenue increased by 3.28% to 90 million yuan in 2024, with a growing number of application projects [10]. AI and International Expansion - The company has enhanced its AI capabilities, launching new AI-driven products and platforms. In 2024, overseas revenue reached 203 million yuan, a year-on-year increase of 5.07% [10]. Employee Incentives - A new stock option incentive plan was introduced, covering 485 employees with a target net profit of 563 million yuan for 2025, aiming for a 30% growth in 2026 [10]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 6.443 billion yuan, 6.710 billion yuan, and 6.980 billion yuan respectively, with net profits projected at 448 million yuan, 646 million yuan, and 871 million yuan [10].