数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 迈瑞医疗 沪深300 相关研究报告 医药生物/医疗器械 迈瑞医疗（300760.SZ） 国内市场蓄势待发，海外业务高歌猛进 2025 年 05 月 22 日 投资评级：买入（维持） | 日期 | 2025/5/21 | | --- | --- | | 当前股价(元) | 226.67 | | 一年最高最低(元) | 351.60/206.80 | | 总市值(亿元) | 2,748.24 | | 流通市值(亿元) | 2,748.19 | | 总股本(亿股) | 12.12 | | 流通股本(亿股) | 12.12 | | 近 3 个月换手率(%) | 29.21 | 股价走势图 《高耗+设备整体解决方案落地与数 智化发展可期—公司信息更新报告》 -2024.6.18 Yoy ——公司信息更新报告 | 余汝意（分析师） | 石启正（联系人） | | --- | --- | | yuruyi@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S079052307000 ...

公司报告 | 公司点评 西大门（605155） 证券研究报告 遮阳成品驱动增长 业绩稳健，遮阳成品驱动增长 公司公告 25 年 Q1 实现营收 1.9 亿同比+13%，归母净利润 0.23 亿同比-1%， 扣非归母净利 0.21 亿同比-7%； 24 年公司实现营业收入 8.2 亿元，同比+28%，营收增长主要系公司销售订 单增加；归母净利润 1.2 亿元，同比+34%，扣非归母净利 1.2 亿元，同比 +34%。 公司业绩增速较快，毛利率、净利率进一步提升，盈利能力持续向好。目 前公司在手订单 2-3 个月，基本满产满销，产能可根据订单情况动态调整， 可有效满足客户要求。 分产品看，24 年公司遮阳面料营收 4.7 亿同比-1%，毛利率 38%同比+1.2pct； 遮阳成品营收 3.2 亿同比+120%，毛利率 49%同比+2.0pct；其他产品 0.2 亿同比+48%。 海外市场表现亮眼 分地区看，24 年中国大陆实现营收 1.8 亿同比-13%，中国大陆以外的国家 地区实现营收 6.3 亿同比+48%，中国大陆以外地区收入占比较高且增长较 快。公司通过建立全球销售网络和服务体系，成功拓展了北美、欧洲等主 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve a total revenue of 1.45 billion yuan in 2024, representing a year-on-year growth of 3.1%. However, the net profit attributable to shareholders is projected to decline by 15.8% to 250 million yuan. The non-recurring net profit is anticipated to increase by 13.6% to 240 million yuan [2][4] - In Q4 2024, the company reported a revenue of 410 million yuan, showing a year-on-year increase of 17.9% and a quarter-on-quarter increase of 3.6%. The net profit attributable to shareholders decreased by 50.2% year-on-year to 70 million yuan, while the non-recurring net profit fell by 8.9% to 60 million yuan [2][4] - For Q1 2025, the company expects a revenue of 330 million yuan, which is a 9.0% year-on-year increase but a 17.9% decrease quarter-on-quarter. The net profit attributable to shareholders is projected to grow by 8.1% year-on-year to 60 million yuan [2][4] Financial Performance - The company's carbon nanotube powder sales for the entire year of 2024 were 78 tons, a decrease of 20.79% year-on-year, while carbon nanotube conductive paste sales reached 85,000 tons, an increase of 55.97% year-on-year. The domestic market share for carbon nanotube conductive paste is 53.2%, driven by demand from key customers [9] - The gross profit margin for 2024 is expected to be 35.18%, an increase of 1.58 percentage points year-on-year. The total expense ratio for the year is projected to be 15.75%, up 0.74 percentage points year-on-year [9] - In Q1 2025, the gross profit margin is expected to be 33.19%, a decrease of 1.26 percentage points year-on-year. The total expense ratio is projected to be 15.39%, a decrease of 0.41 percentage points year-on-year [9] Future Outlook - The company is expected to maintain a steady growth trajectory in shipments, with a year-on-year growth rate of approximately 28% in Q1 2025. This growth is attributed to changes in product structure and customer ramp-up [9] - The company is positioned as a leading global supplier of carbon nanotube conductive agents and is anticipated to achieve continued rapid growth alongside the lithium battery industry. The estimated net profit attributable to shareholders for 2025 is approximately 430 million yuan, corresponding to a valuation of about 37 times [9]

Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Moutai with a target price of 2,100.00 CNY, while the current stock price is 1,586.0 CNY [2][7]. Core Views - Guizhou Moutai is positioned as a national brand capable of navigating through economic cycles, emphasizing its commitment to quality and cultural values [6]. - The company has set a sustainable growth target of 9% for 2025, focusing on three major transformations: customer base expansion, innovative product offerings, and channel optimization [6][7]. - The report highlights the company's strong historical performance in overcoming past crises and its confidence in future growth despite current industry pressures [6][7]. Financial Summary - The total revenue for 2023 is projected at 150,560 million CNY, with a year-on-year growth of 18%. This is expected to grow to 190,109 million CNY by 2025, reflecting a 9% growth rate [8][13]. - The net profit attributable to the parent company is forecasted to be 74,734 million CNY in 2023, increasing to 93,944 million CNY by 2025, with a similar growth rate of 9% [8][13]. - The earnings per share (EPS) are estimated to be 59.49 CNY for 2023, rising to 74.78 CNY in 2025, corresponding to a price-to-earnings (PE) ratio of 21.2 for 2025 [8][14]. Market Position and Strategy - Guizhou Moutai is focusing on international expansion and targeting younger demographics to enhance brand vitality and innovation [6]. - The company is implementing a multi-channel strategy to optimize distribution and reach a broader consumer base [6]. - The report emphasizes the importance of maintaining product quality and cultural integrity as key drivers for the brand's long-term success [6].

Investment Rating - The report adjusts the investment rating to "Accumulate" [4][6] Core Views - The company is expected to face short-term pressure on revenue and profit, with a projected revenue of 11.24 billion in 2024, down 13.49% year-on-year, and a net profit of 190 million, down 41.64% year-on-year [1][5] - The engineering contracting business is growing rapidly, with a revenue increase of 47.80% in 2024, driven by a dual-engine development strategy focusing on "EPC contracting + No. 1 project" and expansion into overseas markets [2][3] - The company is actively expanding its photovoltaic operations, including a significant project in Xiaoshan, which is expected to enhance its profitability and market presence in the renewable energy sector [4][5] Financial Performance Summary - In Q1 2024, the company reported a revenue of 2.437 billion, a decrease of 18.94% year-on-year, and a net profit of 47 million, down 47.44% year-on-year [1] - The overall cash flow remains strong, with a cash flow from operations (CFO) of 1.088 billion in 2024, an increase of 2.682 billion year-on-year, attributed to good collections from engineering and overseas businesses [3] - The company’s comprehensive gross margin for 2024 is projected at 10.3%, a decrease of 0.95 percentage points year-on-year, while the gross margin for Q4 2024 is expected to be 19.82%, an increase of 7.81 percentage points year-on-year [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the company's strong position in global automotive safety and electronics, with potential growth opportunities in humanoid robotics [1][7] - The company has achieved a historical high in new orders, amounting to 83.9 billion yuan in 2024, indicating robust future growth prospects [7] - The report emphasizes the company's competitive advantages in passive safety and cockpit domain control, with significant market shares in these areas [7][19] Financial Summary - The projected revenue for the company is as follows: - 2024: 55.864 billion yuan - 2025: 64.530 billion yuan (up 15.5%) - 2026: 66.450 billion yuan (up 3.0%) - 2027: 71.023 billion yuan (up 6.9%) [2] - The projected net profit attributable to shareholders is as follows: - 2024: 960 million yuan - 2025: 1.534 billion yuan (up 59.7%) - 2026: 1.833 billion yuan (up 19.5%) - 2027: 2.161 billion yuan (up 17.9%) [2] - The earnings per share (EPS) is expected to grow from 0.7 yuan in 2024 to 1.5 yuan in 2027 [2] Business Overview - The company is a leading Tier 1 supplier in automotive safety and electronics, with a focus on optimizing production capacity and enhancing profitability [7][13] - The automotive safety segment accounts for approximately 70% of the company's revenue, while the automotive electronics segment accounts for about 30% [19] - The company has a strong market position, being the second-largest in passive safety globally and fourth in cockpit domain control [19][28] Growth Drivers - The report identifies several growth drivers, including: - The increasing average selling price (ASP) in passive safety and the optimization of production capacity [7] - The transition to new technologies in automotive electronics, such as smart cockpit and intelligent driving domain control [7] - The company's strategic partnerships and technological advancements in humanoid robotics [7][63] Order and Revenue Trends - The company has seen a steady increase in new orders, with a significant portion directed towards new energy vehicle projects [46] - The revenue from automotive safety is projected to grow at a CAGR of 6.1% from 2021 to 2024, while automotive electronics is expected to grow at a CAGR of 9.3% during the same period [20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The core logic of the report highlights the recovery of automotive safety profitability, the arrival of mass production cycles for new automotive electronic technologies, and the potential growth from humanoid robots [7] - The company is positioned as a leading Tier 1 supplier in global automotive safety and electronics, with a strong order backlog ensuring future growth [7] Summary by Sections Company Overview - The company has established itself as a top Tier 1 supplier in automotive safety and electronics through global acquisitions and continuous asset integration [13] - The company has a significant market share in passive safety (second globally) and cockpit domain control systems (fourth globally) [19] Financial Analysis - The company is expected to achieve revenues of 55.864 billion in 2024, with a projected growth to 71.023 billion by 2027, reflecting a compound annual growth rate (CAGR) of 6.9% [2] - The net profit attributable to the parent company is forecasted to grow from 960 million in 2024 to 2.161 billion by 2027, with a CAGR of 31% [2] - The company has secured a record high of 839 billion in new orders in 2024, with a focus on new energy vehicle projects [46] Automotive Safety - The average selling price (ASP) for passive safety products is expected to increase, with the 2024 ASP in China projected at 200 USD and in high-income markets at 340 USD [7] - The company is optimizing production capacity, which is expected to drive an increase in gross margins [7] Automotive Electronics - The company is focusing on hardware upgrades in the automotive sector, with significant growth expected in smart cockpit and intelligent driving domain controllers [7] - The global market for smart cockpit systems is projected to grow at an annual rate of 14% to reach 357 billion by 2028 [7] Humanoid Robots - The company is collaborating with partners to develop humanoid robot components, positioning itself in the "automotive + robotics" Tier 1 space [7] - The industry for humanoid robots is still in its early stages, presenting significant opportunities for domestic substitution [7] Profit Forecast and Valuation - The company is expected to maintain a low valuation compared to peers in automotive safety and electronics, with projected P/E ratios decreasing from 28.4 in 2024 to 12.6 by 2027 [2] - The report anticipates a significant increase in net profit from 1.534 billion in 2025 to 2.161 billion in 2027, indicating strong growth potential [2]

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [3][6] Core Views - The company is focusing on cross-industry expansion and is expected to leverage the peak season for growth. The core product strategy revolves around the "1+1+1+2+N" combination development, with an emphasis on strengthening classic products and achieving higher growth in high-end and ultra-high-end series [1][2] - The acquisition of 100% equity in Jimo Huangjiu for 665 million yuan is a significant step in diversifying the beverage portfolio, allowing for seasonal sales balance between Huangjiu and beer, and enhancing supply chain and sales channel efficiency [2] - The company anticipates better performance in terms of volume and price during the peak season, driven by improved weather conditions, stable demand, and supportive domestic policies. The cost structure is expected to improve, contributing to profit elasticity [2] Financial Summary - The projected net profit for the company is expected to reach 4.81 billion yuan in 2025, with a year-on-year growth of 10.7%. The corresponding P/E ratios for 2025, 2026, and 2027 are 21x, 19x, and 18x respectively [3][5] - Revenue is projected to decline to 32.14 billion yuan in 2024, followed by a recovery to 33.73 billion yuan in 2025, reflecting a growth rate of 5% [5] - The company’s net profit margin is expected to improve from 12.6% in 2023 to 15.7% by 2027, indicating a positive trend in profitability [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on continuous R&D investment to seize opportunities in the automotive and industrial markets. The domestic substitution trend is seen as a significant opportunity for manufacturers in these sectors. The automotive business is expected to grow by 179% in 2024, with revenue contribution exceeding 3% [4][6] - The company has launched multiple new products in the automotive and industrial sectors, leveraging its advantages in consumer electronics. It aims to expand its customer base both domestically and internationally [4] - High R&D investment is driving product innovation, with R&D expenses expected to reach 437 million yuan in 2024, a 49.25% increase year-on-year, accounting for 17.01% of revenue [5] Financial Projections - Revenue projections for the company are 3.34 billion yuan in 2025, 4.37 billion yuan in 2026, and 5.68 billion yuan in 2027, with corresponding net profits of 331.99 million yuan, 452.43 million yuan, and 602.85 million yuan respectively [6][8] - The company is expected to maintain a strong growth rate, with revenue growth rates of 44.19% in 2024, 30.22% in 2025, and around 30% in the following years [8][10] - The company's earnings per share (EPS) is projected to increase from 0.72 yuan in 2024 to 1.42 yuan in 2027 [8][10]

Investment Rating - The report indicates a strong investment rating for the company, highlighting its high dividend payout ratio of 68% and record profits [37]. Core Insights - The company, Xizhuang Co., specializes in high-end heat exchange pressure vessels, successfully replacing imported products and entering the global market, including partnerships with Fortune 500 companies [1][19]. - The company has achieved significant milestones in 2024, including collaborations with major clients like Shell and BASF, and has expanded its international presence to over 20 countries [29][19]. - The revenue structure shows a strong reliance on heat exchange pressure vessels, which accounted for 79% of total revenue in 2024, with a notable increase in sales from the petrochemical sector [16][26]. Summary by Sections Company Overview - Xizhuang Co. has been engaged in metal pressure vessel manufacturing for over 30 years, focusing on high-value products like high-throughput heat exchangers, benefiting from a collaborative model with East China University of Science and Technology [5][7]. Product and Market Position - The company has a competitive edge in high-throughput heat exchangers, with a gross margin of approximately 46% in 2022, significantly higher than other standard products [13][14]. - The company has established a strong client base, including major players in the oil and gas industry, and has been recognized as a strategic supplier for Shell [19][21]. Financial Performance - In 2024, the company reported a revenue of 1.53 billion yuan, marking a 22.85% increase from the previous year, with a notable rise in net profit by 79% to 250 million yuan [31][26]. - The company has maintained a healthy cash flow, generating 1.19 billion yuan from operating activities from 2018 to 2024, with a free cash flow of 690 million yuan after capital expenditures [34][35]. Strategic Initiatives - The company is committed to an internationalization strategy, focusing on high-end markets and expanding its footprint globally, which has resulted in a higher export ratio compared to peers [23][19]. - Recent projects include significant deliveries to major international clients, enhancing the company's reputation and market reach [29][19].