Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company reported a revenue of 13 billion yuan in Q1 2025, a year-on-year decrease of 6.2% and a quarter-on-quarter decrease of 12.2%. The net profit attributable to shareholders was 1.29 billion yuan, down 11.6% year-on-year but up 41.9% quarter-on-quarter. The net profit after deducting non-recurring items was 1.27 billion yuan, down 11.5% year-on-year but up 50.2% quarter-on-quarter [2][7] Summary by Sections Company Overview - The company is a leader in phosphate resources, fertilizers, and new materials, with phosphate reserves of nearly 800 million tons and an annual production capacity of 14.5 million tons of raw ore. It also has a coal mining capacity of 4 million tons per year and various production capacities for synthetic ammonia, phosphate fertilizers, urea, and compound fertilizers [11] Q1 2025 Performance - In Q1 2025, the company experienced a decrease in revenue and profit due to price declines in key products. The sales volume for phosphate fertilizers increased by 8.2%, compound fertilizers by 23.2%, and urea by 21.8%. However, prices for phosphate fertilizers, compound fertilizers, and urea decreased by 8.4%, 7.0%, and 21.1% respectively [12][13] Future Outlook - For Q2 2025, product prices are expected to show differentiation, with potential recovery in fertilizer prices as the market transitions from domestic demand to export markets. The company is also focused on internal optimization to reduce expense ratios and improve financial performance [12][13] Financial Projections - The company is projected to achieve net profits of 5.46 billion yuan, 5.54 billion yuan, and 5.65 billion yuan for the years 2025, 2026, and 2027 respectively, indicating a stable growth outlook [12][13]

Investment Rating - The investment rating for Jiangnan Chemical is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 2.01 billion yuan for Q1 2025, representing a year-on-year increase of 1.6% but a quarter-on-quarter decrease of 27.6%. The net profit attributable to shareholders was 150 million yuan, up 1.0% year-on-year and up 3.3% quarter-on-quarter. The non-recurring net profit was 130 million yuan, reflecting a year-on-year increase of 6.5% and a quarter-on-quarter increase of 10.4% [2][6]. - The demand for civil explosives is steadily growing, supported by a decrease in the price of ammonium nitrate, leading to improved profit margins for production enterprises. In the first quarter of 2025, the cumulative output of industrial explosives reached 900,000 tons, a year-on-year increase of 1.5% [13]. - The company is positioned as a leading player in the civil explosives industry, with a production capacity of 765,500 tons, the highest in the country. The company is expected to benefit from the steady growth in industry demand [13]. - The company is expanding its international market presence, with overseas revenue reaching 1.02 billion yuan in 2024, a year-on-year increase of 27.9%, and the overseas revenue proportion rising from 9.0% to 10.8% [13]. - The company forecasts net profits attributable to shareholders of 1.06 billion, 1.66 billion, and 1.90 billion yuan for 2025, 2026, and 2027, respectively [13]. Financial Summary - For Q1 2025, the company achieved a gross profit margin of 27.4%, an increase of 1.0 percentage points year-on-year, and a net profit margin of 9.9%, up 0.2 percentage points year-on-year [13]. - The company’s total revenue for 2024 is projected at 9.481 billion yuan, with a gross profit of 2.852 billion yuan, indicating a gross margin of 30% [18]. - The earnings per share (EPS) for 2025 is estimated at 0.40 yuan, with a price-to-earnings (P/E) ratio of 13.69 [18].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The report highlights that the significant improvement in thermal power performance has led to a year-on-year increase in net profit attributable to shareholders of 8.19%, reaching 4.973 billion yuan in Q1 2025 [2][6]. - The report indicates that while the wind power segment faced challenges due to market pricing and reduced utilization hours, the solar power segment showed robust growth with a profit increase of 52.59% year-on-year [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 60.335 billion yuan, a decrease of 7.70% year-on-year, while net profit attributable to shareholders was 4.973 billion yuan, an increase of 8.19% [6]. - The total profit from coal-fired power generation reached 39.82 billion yuan, up 40.96% year-on-year, with a profit per kilowatt-hour of 0.048 yuan, an increase of 0.017 yuan [12][13]. Segment Performance - Wind power profits totaled 2.252 billion yuan, down 6.7% year-on-year, while solar power profits reached 564 million yuan, up 52.59% year-on-year [12][13]. - The company added 903,700 kilowatts of wind power and 1,531,700 kilowatts of solar power in Q1 2025, bringing total renewable energy capacity to 40.38 million kilowatts, a year-on-year increase of 33.64% [12][13]. Market Conditions - The average on-grid electricity price for the company's domestic power plants was 488.19 yuan per megawatt-hour, a decrease of 9.78 yuan year-on-year, influenced by structural changes in the energy mix [12][13]. - The report notes that the decline in coal prices has positively impacted the cost structure, with the average price of Qinhuangdao Q5500 coal falling to 721.22 yuan per ton, down 180.52 yuan year-on-year [12][13]. Future Outlook - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.74 yuan, 0.81 yuan, and 0.89 yuan respectively, with corresponding price-to-earnings (PE) ratios of 9.86, 9.01, and 8.12 [12][13].

公司研究丨点评报告丨中国核电（601985.SH） [Table_Title] 短期业绩略有承压，核电主业经营向好 报告要点 丨证券研究报告丨 [Table_Summary] 在新能源电量高速增长带动下，2024 年公司营业收入稳健增长。2024 年公司归母净利润同比 减少 17.38%，其中税费以及减值等非经营性因素是公司业绩承压的核心原因，若剔除非经营 性因素影响，还原减值后的利润总额同比减少 0.62%，经营性因素对公司业绩也有一定影响。 2025 年一季度，电量高速增长带动一季度营收同比增长 12.7%。但受新能源增收不增利、增资 引战导致归母比例下降等影响，公司一季度实现归母净利润 31.37 亿元，同比增加 2.55%。其 中，一季度核电归母净利润同比增长 11.52%，新能源归母净利润同比下降 51.32%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research ...

公司报告 | 年报点评报告 志邦家居（603801） 证券研究报告 零售深度变革 公司发布 2024 年报及 2025 年一季报 25Q1 公司收入 8.18 亿元，同比-0.30%，归母净利润 0.42 亿元，同比-10.90%， 扣非归母净利润 0.36 亿元，同比-8.29%； 24 年公司收入 52.58 亿元，同比-14.04%，归母净利润 3.85 亿元，同比 -35.23%，扣非归母净利润 3.40 亿元，同比-38.06%。 24 年公司毛利率 36.27%，同减 0.80pct；归母净利率 7.33%，同减 2.40pct。 2024 年，在房地产调整周期与消费需求分化的双重压力下，公司营业收入 下滑，同时公司自 2024 年 5 月开始在内部启动逆战行动，正式迈开内部变 革步伐，并于 2024 年四季度开展国内零售事业部的深度变革工作，针对公 司治理、经营管理、组织建设等方面存在的不足进行全面转型、持续推进。 25Q1 公司收入下滑幅度收窄，呈现边际改善趋势。 分产品，24 年衣柜毛利率逆势提升，25Q1 衣柜、木门增长靓丽 分产品，24 年整体橱柜收入 23.94 亿元，同比-15.62 ...

公司研究丨点评报告丨鲁阳节能（002088.SZ） [Table_Title] 期待新业务改善和工艺技术再优化 丨证券研究报告丨 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 公司披露 2024 年报：营业总收入 35.3 亿元，同比增长 0.38%，归母净利润 4.8 亿元，同比下 降 2.42%。同时，公司披露 2025Q1 报：营业收入为 5.42 亿元，同比下降 22.61%；归母净利 润为 6004 万元，同比下降 27.19%。 分析师及联系人 [Table_Author] 1 鲁阳节能（002088.SZ） cjzqdt11111 [Table_Title2] 期待新业务改善和工艺技术再优化 [Table_Summary2] 事件描述 公司披露 2024 年报：营业总收入 35.3 亿元，同比增长 0.38%，归母净利润 4.8 亿元，同比下 降 2.42%。 同时，公司披露 ...

丨证券研究报告丨 联合研究丨公司点评丨志特新材（300986.SZ） [Table_Title] 收入双位数增长，毛利与费用改善明显 报告要点 [Table_Summary] 公司 2025 年一季度实现营业收入 5.56 亿元，同比增长 23.65%；归属净利润 0.25 亿元，同比 转正；扣非后归属净利润 0.21 亿元，同比转正。 %% %% research.95579.com 1 分析师及联系人 [Table_Author] 范超 张弛 张智杰 袁志芃 龚子逸 SAC：S0490513080001 SAC：S0490520080022 SAC：S0490522060005 SFC：BQK473 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% 志特新材（300986.SZ） cjzqdt11111 [Table_Title2] 收入双位数增长，毛利与费用改善明显 [Table_Summary2] 事件描述 公司 2025 年一季度实现营业收入 5.56 亿元，同比增长 23.65%；归属净利润 0.25 亿元，同比 转正；扣非后归属净利润 0.21 亿元，同比转正。 事件评论 风险提示 ...

分析师及联系人 [Table_Author] 丨证券研究报告丨 联合研究丨公司点评丨麦加芯彩（603062.SH） [Table_Title] 风电上行盈利改善，船舶涂料迎来突破 报告要点 [Table_Summary] 麦加芯彩发布一季报：2025 年一季度实现收入约 4.2 亿元，同比增长 41%，环比下降 43%； 归属净利润约 0.50 亿元，同比增长 77%，环比下降 29%；扣非净利润约 0.46 亿元，同比增长 105%，环比下降 27%。 research.95579.com 范超 邬博华 张佩 董超 SAC：S0490513080001 SAC：S0490514040001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 SFC：BQK482 1 请阅读最后评级说明和重要声明 %% %% %% %% 麦加芯彩（603062.SH） cjzqdt11111 [Table_Title2] 风电上行盈利改善，船舶涂料迎来突破 [Table_Summary2] 事件描述 麦加芯彩发布一季报：2025 年一季度实现收入约 4.2 亿元，同比增长 41% ...

2025 年 05 月 06 日 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 120 (%) 利民股份 沪深300 相关研究 —利民股份（002734.SZ）公司事件点评报告 利民股份发布 2024 年年度业绩报告：2024 年，公司实现总 营业收入 42.37 亿元，同比增长 0.32%；实现归母净利润 0.81 亿元，同比增长 31.11%。2025 年一季度，公司实现总 营业收入 12.11 亿元，同比增长 22.28%，环比增长 35.57%； 实现归母净利润 1.08 亿元，同比增长 1373.23%，环比增长 258.81%。 投资要点 技术与战略并驾，多维布局静候春耕旺季 买入(首次) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 13.62 | | 总市值 ...

2025 年 05 月 06 日 利润同比增长，搬迁项目竣工实现盐包装一体化 布局 买入(首次) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 9.67 | | 总市值（亿元） | 76 | | 总股本（百万股） | 782 | | 流通股本（百万股） | 777 | | 52 周价格范围（元） | 8.88-11.93 | | 日均成交额（百万元） | 96.83 | 市场表现 -20 -10 0 10 20 30 (%) 苏盐井神 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 产品销售价格下跌致公司营业收入下降 公司 2024 年营业收入下降的原因为主要产品销售价格同比下 跌。公司分产品产销情况来看，1）盐类产品：2024 年产量 为 755.54 万吨，同比+0.98%；销量 774.22 万吨，同比- 0.06%。2）碱类产品：2024 年产量为 74.48 万吨， ...