证券研究报告：电子 | 公司点评报告 发布时间：2025-05-08 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 分析师:周晴 SAC 登记编号:S1340524040004 Email:zhouqing@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 恒玄科技(688608) Q1 业绩创历史新高，智能手表/手环 SoC 增长强势 ⚫ 事件 公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营 业收入 32.63 亿元，同比增长 49.94%；实现归母净利润 4.60 亿元， 同比增长 272.47%。25Q1，公司实现营业收入 9.95 亿元，同比增长 52.25%，环比增长 25.88%；实现归母净利润 1.91 亿元，同比增长 590.22%，环比增长 11.18%。 ⚫ 投资要点 单季度营收创历史新高，盈利能力大幅提升。25Q1，公司实现 营业收入 9.95 亿元，同比增长 52.25%，创单季度营收历史新高，主 要受益于智能可穿戴市场持续增长，国家补贴对消费需求的明显促 进 ...

天齐锂业（ [Table_StockNameRptType] 002466） 公司点评 一季度盈利改善，资源端持续扩张 [Table_Rank] 投资评级：买入（维持） 主要观点： ⚫[Table_Summary] 业绩 公司发布 2024 年及 2025 年一季度财报。公司 24 年营收 131 亿元，同 比-68%，归母净利润-79 亿元，同比-208%；其中 24Q4 营收 30 亿元， 同环比-58％/-18％，归母净利润-22 亿元，同环比-175%/-345％。25Q1 实现营收 25.84 亿元，同比-0.02%；归母净利润 1.04 亿元，同比 +102.68%；归母扣非净利润 0.44 亿元，同比+101.13%。盈利改善的 主要原因包括：1）公司控股子公司 Windfield Holdings Pty Ltd 锂矿定 价周期缩短，减少了锂精矿定价机制与锂化工产品销售定价机制的时间 错配，降低了生产成本；2）SQM 税务争议裁决对其净利润的影响已在 2024 年度确认，预计 2025 年第一季度业绩将同比增长，公司确认的投 资收益较上年同期增长。 ⚫ 资源端产能持续扩张，锂化工品规划产能超 ...

[Table_StockNameRptType] 中化国际（600500） 公司点评 减值拖累 2024 全年业绩，25Q1 经营减亏 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-05-08 | | | [Table_BaseData] 收盘价（元） | 3.69 | | 近 12 个月最高/最低（元） | 4.82/3.38 | | 总股本（百万股） | 3,589 | | 流通股本（百万股） | 3,587 | | 流通股比例（%） | 99.95 | | 总市值（亿元） | 132 | | 流通市值（亿元） | 132 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 5/7 7/7 9/7 11/7 1/7 3/7 5/7 中化国际 沪深300 [Table_Author] 分析师：王强峰 事件二：公司同日发布 2025 年一季报，实现营收 108.03 亿元，同比 -7.01%，环比-19.59%；归母净利-3.96 亿元，同比-38.64%，环比 +82.92%；扣非净利润-4 ...

公司基本情况 | 最新收盘价（元） | 55.45 | | --- | --- | | 总股本/流通股本（亿股）9.78 | / 9.78 | | 总市值/流通市值（亿元）542 | / 542 | | 52 周内最高/最低价 | 62.18 / 48.22 | | 资产负债率(%) | 60.3% | | 市盈率 | 23.80 | | 第一大股东 | 上海春秋国际旅行社 | | | (集团)有限公司 | 研究所 证券研究报告：交通运输 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 春秋航空(601021) 低成本航空韧性凸显，扣税盾业绩保持坚挺 l 春秋航空披露 2024 年年报及 2025 年一季报 春秋航空披露 2024 年年报及 2025 年一季报。2024 年公司营业 收入 200.0 亿元，同比增长 11.5%，实现归母净利润 22.7 亿元，同比 增长 0.7%，其中第四季度营业收入 40.2 亿元，同比增长 4.9%，归母 ...

公司报告 | 年报点评报告 伊力特（600197） 证券研究报告 结构持续升级，阶段性降速后静待花开 【业绩】24 年公司营业收入/归母净利润/扣非归母净利润分别为 22.03/ 2.86/2.78 亿元（yoy:-1.27%/-15.91%/-16.48%）。 2025Q1 公司营业收入/归母净利润/扣非归母净利润分别为 7.96/ 1.44/1.44 亿元（yoy:-4.32%/-9.29%/-9.76%）。 分红率：54.40%（23 年：53.24%） 25 年营收目标：23 亿元 24 年结构升级延续，费用投放加大。① 产品端：24 年高档/中档/低档产 品收入 15.29/5.06/1.34 亿元（yoy:+4.27%/-8.17%/-20.53%），公司中、低档 产品占比减少，结构升级趋势延续。② 盈利端：公司毛利率/净利率 +4.06/-2.44 个百分点至 52.28%/13.05%，毛利率提升或主因结构升级，24 年公司销售费用率/管理费用率/财务费用率同比变动+2.51/+0.25/+1.06 个 百分点至 11.92%/4.66%/1.23%，我们认为销售费用率上涨或因为 24Q1-3 ...

证券研究报告 | 2025年05月08日 新大陆（000997.SZ） 优于大市 移动支付出海打开增长空间，Agent 产品提高生态变现能力 新大陆：全球领先的数字支付供应商。公司成立于 1994 年，主营数字支付 领域的软硬件产品，硬件端包括数字支付终端、智能感知识别终端等，软件 端包括收单服务、商户 SaaS 服务等。公司积极布局海外市场，目前为全球 POS 机头部供货商，24 年电子支付、信息识读产品为主要收入来源。当前公 司积极探索 AI 应用，面向下游商户场景孵化智能体平台。 推荐逻辑一：移动支付核心供应商，出海打开增长空间。1）数字支付普及， POS 机市场迅速提高：随着智能手机普及、互联网的发展，移动支付迅速在 全球范围内普及。中国移动支付解决方案的成熟度相对较高，支付出海将成 为支付机构新的业绩增长点。2）公司：为全球头部 POS 机供货商，积极开 拓海外市场，持续布局全球各地区本地化建设。24 年公司泛智能终端产品海 外合计销量首次突破 400 万台，海外业务收入占终端销售收入占比近 84%。 推荐逻辑二：AI Agent 赋能 SaaS 服务，生态成为智能体推广核心竞争力。 1）全球 AI ...

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 核心观点：本报告主要强调家悦烘焙逻辑，结合公司基本面改善的确定性较高，若家 悦烘焙出现较好的品牌势能，则家家悦有望成为较好赔率的投资标的。 请务必阅读正文之后的重要声明部分 新烘焙，新家悦 ——家家悦首次覆盖报告 股价与行业-市场走势对比 首次覆盖，给予"增持"评级。因公司在现制烘焙领域的尝试仍处于早期，本报告在 盈利预测时暂不考虑家悦烘焙远期成为独立品牌以及独立门店扩张带来的收入和利 润 增 量 。 预 计 公 司 25/26/27 年 收 入 分 别 为 185.66/192.58/200.66 亿 元 ， yoy+2%/+4%/+4% 。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% within the next six months [7][13]. Core Insights - The company reported a revenue of 12.4 billion yuan for 2024, representing a year-on-year growth of 12.0%, and a net profit of 1.02 billion yuan, which is a 25.4% increase year-on-year [4][11]. - The high voltage segment continues to grow, benefiting from the favorable conditions in the power grid sector, with significant investments planned for 2025 [6][7]. - The company has successfully launched new products in the high voltage segment, including several international firsts, which are expected to drive future growth [6][7]. Financial Performance - In Q1 2025, the company achieved a revenue of 2.51 billion yuan, a year-on-year increase of 22.8%, and a net profit of 360 million yuan, up 55.9% year-on-year [4][5]. - The revenue from the high voltage segment reached 7.7 billion yuan in 2024, growing by 25.1% year-on-year, while the international business faced a decline of 71.8% due to external factors [5][11]. - The company's gross margin improved to 28.7% in Q1 2025, reflecting a 3.5 percentage point increase year-on-year, while the net margin rose to 15.4%, up 2.7 percentage points year-on-year [5][11]. Revenue Forecast - The revenue projections for 2025, 2026, and 2027 are 13.84 billion yuan, 15.45 billion yuan, and 17.25 billion yuan, respectively, with corresponding net profits of 1.36 billion yuan, 1.61 billion yuan, and 1.87 billion yuan [7][11].

Investment Rating - The report maintains a "Buy" rating for Qingdao Bank (stock code: 002948) [1] Core Views - Qingdao Bank shows steady improvement in revenue growth and a rebound in net interest margin, with a revenue increase of 8.22% year-on-year in 2024 and a net profit growth of 20.16% [4] - The bank's strategy focuses on structural adjustments, enhancing customer base, optimizing collaboration, and improving capabilities, which supports its stable expansion and solid asset quality [4] Summary by Sections Revenue and Profitability - In 2024, Qingdao Bank's revenue grew by 8.22% year-on-year, while net profit increased by 20.16%. The weighted average ROE was 11.51%, up by 0.8 percentage points [4] - For Q4 2024, revenue and net profit grew by 8.5% and 44.53% year-on-year, respectively, driven by high growth in net interest income and other non-interest income [4] - In Q1 2025, revenue rose by 9.69% year-on-year, with net profit increasing by 16.42% [4] Net Interest Income and Margin - In 2024, net interest income increased by 6.38% year-on-year, with a notable growth of 11.97% in Q1 2025. The net interest margin for 2024 was 1.73%, down by 10 basis points year-on-year, but showed a rebound in Q1 2025 due to effective cost optimization [4] Loan and Deposit Growth - Total loans grew by 13.53% year-on-year in 2024, with corporate loans contributing significantly at 18.71% growth. Retail loan growth showed signs of recovery, with a 1.56% increase in Q1 2025 compared to the beginning of the year [4] - Total deposits increased by 12.13% year-on-year in 2024, with personal deposits growing by 16.64% [4] Non-Interest Income and Investment Gains - Non-interest income rose by 13.58% year-on-year in 2024, although intermediary income faced pressure, declining by 6.39% [4] - Investment income saw significant growth, with increases of 33.28% in 2024 and 188.64% in Q1 2025 [4] Asset Quality - The bank's non-performing loan ratio was 1.14% at the end of 2024, down by 4 basis points year-on-year, while the coverage ratio improved to 251.49% [4] - Retail loan risks increased slightly, with the non-performing loan ratio rising to 2.02% [4] Financial Projections - The report forecasts revenue growth rates of 8.22% for 2024 and 8.19% for 2025, with net profit growth rates of 20.16% and 15.10% respectively [42]

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (stock code: 600926) [1] Core Views - Hangzhou Bank continues to show strong profit growth, with a 2024 revenue increase of 9.61% year-on-year and a net profit growth of 18.07% year-on-year. The bank's return on equity (ROE) stands at 16%, reflecting a 0.43 percentage point increase year-on-year [3] - The bank's asset quality remains excellent, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 530.07% as of March 2025, indicating strong risk mitigation capabilities [3] - The bank's strategy focuses on expanding its presence in the Yangtze River Delta region, with a clear plan to strengthen corporate finance and enhance retail and small micro-business services [3] Summary by Sections Financial Performance - In 2024, the bank's revenue reached approximately 38.38 billion yuan, with a projected growth rate of 9.61% for 2025 [38] - The net interest income for 2024 was approximately 24.46 billion yuan, with a year-on-year growth of 4.37% [39] - The bank's net profit attributable to shareholders for 2024 is estimated at 16.98 billion yuan, reflecting a growth rate of 18.07% [38] Asset Quality - As of the end of 2024, the bank's NPL ratio was 0.76%, with a stable level of attention loans at 0.55% [3] - The bank's retail loan risk has slightly increased, with an NPL ratio of 0.77% for retail loans [3] Growth Strategy - The bank is actively expanding in the Yangtze River Delta, leveraging its geographical advantages to enhance its market position [3] - The bank's strategic plan includes strengthening corporate finance and expanding retail and small micro-business services as key growth drivers [3] Valuation Metrics - The projected book value per share (BVPS) for 2025 is 19.54 yuan, with corresponding price-to-book (P/B) ratios of 0.76X for 2025, 0.65X for 2026, and 0.55X for 2027 [3][38]