Investment Rating - The report assigns an "Outperform" rating for the company, with a reasonable valuation range of 15.41 to 18.49 CNY per share, indicating a potential upside of 47% to 77% from the current price of 10.24 CNY [5][3]. Core Insights - The company is a leading player in the domestic zinc smelting industry, with a comprehensive business model that includes mining, smelting, and sales of non-ferrous metals, particularly lead, zinc, gold, and silver [1][27]. - The company has a robust production capacity, with an annual output of over 40,000 tons of lead and zinc metals, along with 1.8 to 2 tons of gold and approximately 60 tons of silver [1][38]. - The company has recently completed a significant asset restructuring, acquiring core lead and zinc assets, which has enhanced its operational capabilities and resource base [16][47]. Summary by Sections Business Overview - The company primarily engages in the mining and smelting of lead, zinc, and precious metals, with nearly half of its gross profit derived from precious metals [1][27]. - It operates three mines and has a total mining capacity of 860,000 tons per year, with significant resources in lead, zinc, gold, and silver [2][32]. Financial Performance - The company forecasts a substantial increase in net profit, projecting 1.1 billion CNY for 2025, representing a 40% increase from 2024 [4][3]. - Revenue is expected to grow from 19.4 billion CNY in 2023 to 20.9 billion CNY in 2025, reflecting a compound annual growth rate (CAGR) of 6.1% [4][28]. Resource and Production Capacity - The company has a total resource base of approximately 870,000 tons of lead and zinc metals, with gold and silver resources of 43 tons and 1,259 tons, respectively [35][2]. - The lead and zinc mining rights include high-grade ore with significant gold and silver content, ensuring a strong production outlook [35][32]. Market Dynamics - The report highlights an improving market for zinc processing fees, with domestic zinc concentrate processing fees rising, which is expected to enhance smelting profitability [2][3]. - The company benefits from its affiliation with China Minmetals, which provides access to a wide range of metal resources and operational synergies [45][46].

证券研究报告 | 公司点评 | 软件开发 安恒信息(688023) 报告日期：2025 年 05 月 08 日 经营质量拐点突围，AI 技术双向赋能 ——安恒信息 2024 年报&2025 一季报点评 事件： 点评 ❑ 整体营收增长承压，数据安全、信创、MSS 逆势增长 分业务看，公司主要业务板块表现略有分化，平台类产品下滑幅度相对较低，展 现出较强韧性。公司 2024 年网络安全基础产品收入 4.16 亿元，同比下降 8.49%；网络安全平台收入 7.49 亿元，同比下降 3.81%；网络安全服务收入 7.51 亿元，同比下降 9.17%。 在行业周期性调整背景下，公司通过战略聚焦与技术创新实现结构性突围，数据 安全、信创与 MSS 三大业务构筑增长新引擎，逆势实现突破性增长。其中： 分行业看，公司军团战略深化落地，电力、交通军团收入分别同比增长 70%+、 40%+，垂直行业拓展成效凸显。 ❑ 降本成效显著，经营现金流转正，经营质量实质性改善 公司 2024 年降本举措获得显著成效，2024 年末人员数量较 2023 年末进一步下降 7%（2023 年末较 2022 年末下降 11%），2024 年销售费 ...

证券研究报告 | 公司点评 | 软件开发 亚信安全(688225) 报告日期：2025 年 05 月 08 日 并购驱动高增长，AI 原生筑壁垒 ——亚信安全 2024 年报&2025Q1 点评 公司 2024 年网安业务现金流改善明显，网安业务经营性现金流净额同比增加 4.25 亿元，全年实现转正，反映回款管理与成本控制成效。 市场地位方面，公司在运营商、金融等高壁垒领域保持领先，IDC 数据显示其终 端安全市场份额稳居行业第二，云主机安全位列前三，并在零信任、身份管理等 细分赛道获 Gartner 推荐，为后续增长奠定基础。 ❑ 紧跟 AI 趋势，构建"安全+数智"双引擎 公司以"数据驱动、AI 原生"为核心战略，深度布局 AI 技术与安全场景融合， 强化在 AI 产业浪潮中的卡位优势。网络安全端，信立方大模型已在威胁检测、 告警关联等环节落地，IDC 报告认可其在 AI 与安全运营结合的创新性；子公司 亚信科技则聚焦大模型交付与行业应用，联合阿里云、火山引擎等生态伙伴，推 出覆盖政企、金融的端到端 AI 解决方案，2024 年签约国家电网、南航等头部客 户，在电力预测、设备诊断等场景实现技术突破。我们看 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][3]. Core Insights - The company, Hehe Information, is a leading player in the C-end productivity software market, driven by AI and overseas expansion [3][8]. - The company has a strong user base and brand influence, with expectations for continued growth in both C-end and B-end business segments [8][16]. - Revenue and profit margins have shown consistent improvement, with a projected revenue growth rate of 24.2% for 2025 [21][5]. Summary by Sections Company Overview - Hehe Information specializes in AI text recognition and commercial big data, having developed popular apps like "CamScanner" and "CamCard" [8][16]. - The company has been operational since 2006, focusing on text recognition and image processing technologies [16]. Financial Performance - From 2018 to 2024, the company's revenue increased from 196 million RMB to 1.438 billion RMB, with a compound annual growth rate (CAGR) of 39.39% [21][24]. - The net profit turned from a loss of 79 million RMB in 2018 to a profit of 401 million RMB in 2024, with a gross margin improvement from 72.54% to 84.28% [21][24]. Business Segments - The company's main revenue sources are from intelligent text recognition and commercial big data services, with the former contributing 84.53% of total revenue in 2024 [22][30]. - The "CamScanner" app generated 982 million RMB in revenue, accounting for 68.31% of the intelligent recognition segment [22][30]. Market Position and Growth Potential - The global market for intelligent text recognition services is expected to grow from 12.56 billion USD in 2023 to 32.9 billion USD by 2030, with a CAGR of approximately 14.8% [43][46]. - The Chinese market for intelligent text recognition services is projected to grow at a CAGR of 16.5%, outpacing global growth rates [43][46]. Product Development and Innovation - The company is expanding its product offerings, including new educational software aimed at the C-end market, which may become a new growth driver [8][16]. - The company has established a strong foothold in the B-end market, serving over 130 Fortune 500 companies and implementing solutions across nearly 30 industries [8][16].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook following the merger with COFCO Packaging, indicating potential for improved operational quality and profitability [1][3]. Core Viewpoints - The company reported a revenue of 13.673 billion yuan in 2024, a slight decrease of 1.2% year-on-year, while the net profit attributable to shareholders was 791 million yuan, reflecting a 2.1% increase [1]. - In Q1 2025, the company achieved a revenue of 55.74 billion yuan, a significant increase of 57.0% year-on-year, largely due to the consolidation of COFCO's contributions [1]. - The company is focusing on innovation in metal packaging and filling services, with revenues of 121.23 million yuan and 1.66 million yuan respectively in 2024, showing growth of 0.7% and 10.0% year-on-year [2]. - The merger with COFCO Packaging is expected to enhance the company's operational synergy and scale, leading to improved profitability as the industry consolidates [3]. Summary by Sections Financial Performance - The company reported total revenue of 13.843 billion yuan in 2023, with a year-on-year decrease of 1.6%. The projected revenue for 2025 is 24.919 billion yuan, indicating a substantial growth of 82.3% [5]. - The net profit attributable to shareholders is forecasted to be 1.331 billion yuan in 2025, representing a growth of 68.3% compared to 2024 [5]. - The gross margin is expected to decline to 11.2% in 2025, down from 16.3% in 2024 [5]. Market Position and Strategy - The company is leveraging AI technology to enhance its service offerings, including the introduction of a virtual health assistant, which is part of its strategy to strengthen its brand ecosystem [2]. - The company is also expanding into new product lines, such as pre-prepared meals and high-end nutritional products, to diversify its offerings and capture new market segments [2]. Industry Outlook - The two-piece can industry is undergoing consolidation, with the company positioned as a leader. The merger with COFCO is expected to improve the company's bargaining power and profitability as the industry stabilizes [3]. - The company anticipates that the integration will lead to enhanced operational efficiency and a recovery in profitability to reasonable levels as market conditions improve [3].

江淮汽车（600418）2025 年一季报点评 强推（上调） 业绩符合预期，尊界产品周期启动点燃增长 引擎 事项： ❖ 公司发布 2025 年一季度报告，营收 98.0 亿元，同比-13.0%，环比-1.1%，归母 净利-2.2 亿元，同比-3.3 亿元，环比+21.9 亿元，业绩符合预期。 评论： [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 7 日收盘价 公司研究 乘用车Ⅲ 2025 年 05 月 08 日 | 目标价：53.06 | 元 | | --- | --- | | 当前价：36.20 | 元 | 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 公司基本数据 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) ...

股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 上海家化(600315) 证券研究报告：美容护理 | 公司点评报告 发布时间：2025-05-08 主动调整 24 年业绩承压，25Q1 企稳，静待改善 l 事件回顾 公司公布 2024 年年报及 25Q1 季报，2024 年公司实现营收 56.79 亿元，同比-13.9%，实现归母净利润-8.33 亿元，同比-266.6%，扣非 归母净利润-8.38 亿元，同比-366.4%。2025Q1 实现营收 17.04 亿元， 同比-10.6%）， ...

AI+铁路核心标的，5G-R 加速落地 ——佳讯飞鸿 2024 年报及 2025 一季报点评报告 证券研究报告 | 公司点评 | 通信设备 佳讯飞鸿(300213) 报告日期：2025 年 05 月 08 日 投资要点 ❑ 事件：公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营收 11.54 亿 元，同比+2.70%；归母净利 7415 万元，同比+10.52%。其中，24Q4 实现收入 4.17 亿元，同比-6.83%；归母净利润 3740 万元，同比+9.71%。 25Q1，公司实现收入 1.17 亿元，同比-32.09%；归母净亏损 2553 万元，主要系 一季度为铁路装备行业和公司淡季，叠加公司部分订单执行周期影响导致一季度 收入下滑，亏损有所扩大。 ❑ 交通行业：铁路投资高位增长，海外拓展重大突破 2024 年公司交通行业收入 7.01 亿元，收入占比 61%，同比+5.68%，毛利率 55.63%，同比+9.2pct。2024 年，铁路固定资产总投资同比增长 11.3%，创历史新 高。国铁集团提出，2025 年计划投产新线 2600 公里，较 2024 年计划投产增长 16 ...

25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 垣信卫星组网端和应用端同步发力。卫星组网端，G60 星链采用格思航天自主研 发的可堆叠平板卫星平台，依托长征系列火箭"一箭 18 星"进行发射，目前已 累计发射 90 颗，未来发射能力有望提升至"一箭 36 星"，并探索可重复使用火 箭技术以降低发射成本。应用端，25 年垣信卫星将启动全球服务，目前已与巴 西、马来西亚、泰国等国家运营商达成合作意向，未来将重点覆盖"一带一 ...

韵达股份（002120.SZ）事件点评 控股股东增持彰显长期发展信心，25Q1 业务量稳步增长 2025 年 05 月 08 日 ➢ 事件概述：2025 年 5 月 7 日，基于对未来持续稳定发展的信心和对公司价 值的坚定认可，公司控股股东计划增持公司股份。公司控股股东上海罗颉思计划 以集中竞价、大宗交易等方式增持公司股份，计划增持金额为人民币 1-2 亿元。 截至公告披露日，上海罗颉思及其一致行动人合计持有公司股票 16.59 亿股，占 公司总股本的 57.22%。此次增持彰显控股股东对公司长期发展的信心，进一步 巩固公司股权结构。 ➢ 24 年及 25Q1 经营状况：24 年及 25Q1 公司件量稳步增长。 2024 年全年，1）收入端：24 年公司实现营收 485.4 亿元，同比+7.9%，实现 销售毛利 46.1 亿元，同比+7.2%；毛利率 9.5%。2）利润端：2024 年公司实现 归母净利润 19.1 亿元，同比+17.8%；归母净利率 3.9%；扣非后归母净利润 16.4 亿元，同比+18.3%，扣非归母净利率 3.4%。3）业务量：2024 年全年，公司完 成业务量 237.8 亿件，同比增 ...