Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a revenue of RMB 69.85 billion for Q1 2025, representing a year-on-year growth of 6.90%, and a net profit attributable to shareholders of RMB 2.23 billion, an increase of 16.87% year-on-year. The performance indicates a steady growth trend, supported by the gradual recovery of domestic consumption and the company's active expansion into international markets [1][4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 11.72 billion, RMB 13.41 billion, and RMB 15.28 billion, respectively, reflecting growth rates of 15.2%, 14.4%, and 14.0% [5][7] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%. The revenue of RMB 69.85 billion and net profit of RMB 2.23 billion were primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness [4][5] - The gross profit for Q1 2025 was RMB 9.29 billion, with a gross margin of 13.3%, up by 0.1 percentage points year-on-year [4] Business Segments - The express logistics segment saw a revenue growth of 7.2% year-on-year, while the supply chain and international segments grew by 9.9% year-on-year. The growth in traditional business is attributed to the company's penetration into various logistics scenarios in manufacturing and consumer sectors [4][5] - The emerging business segments are benefiting from strengthened international network capabilities and deeper business integration [4] Valuation - The company's future performance is expected to be driven by the recovery of domestic consumption and the progress of international market expansion. The earnings per share (EPS) estimates for 2025-2027 are RMB 2.35, RMB 2.69, and RMB 3.06, corresponding to price-to-earnings (PE) ratios of 18.7, 16.3, and 14.3, respectively [5][7]

优利德（688628.SH） 优于大市 一季报点评：收入同比增长 9.6%，仪表专业化仪器高端化持 续推进 证券研究报告 | 2025年05月08日 2024 年营业收入同比增长 10.81%，归母净利润同比增长 13.64%。公司 2024 年实现营业收入 11.30 亿元，同比增长 10.81%；归母净利润 1.83 亿元，同 比增长 13.64%；扣非归母净利润 1.76 亿元，同比增长 15.82%。单季度来 看，2024 年第四季度实现营业收入 2.77 亿元，同比增长 17.00%；归母净利 润 0.32 亿元，同比增长5.55%；扣非归母净利润0.31 亿元，同比增长 14.15%。 2025 年第一季度实现营业收入3.11 亿元，同比增长 9.58%；归母净利润0.55 亿元，同比增长 0.91%；扣非归母净利润 0.54 亿元，同比减少 0.93%。2024 年公司业绩稳健增长受益于高端品类占比提升带来产品结构优化，2025 年一 季度收入增长利润承压主要系越南工厂折旧和费用端影响。 仪器高端化与仪表专业化持续推进，公司盈利能力稳步提升。2024 年公司毛 利率/净利率为 45.16%/15 ...

公司研究 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 810 | 1,323 | 1,714 | 2,223 | | 同比增速(%) | -14.6% | 63.3% | 29.6% | 29.7% | | 归母净利润(百万) | -33 | 63 | 103 | 149 | | 同比增速(%) | -180.0% | 292.1% | 61.9% | 44.8% | | 每股盈利(元) | -0.32 | 0.62 | 1.01 | 1.46 | | 市盈率(倍) | -108 | 56 | 35 | 24 | | 市净率(倍) | 1.3 | 1.3 | 1.2 | 1.2 | 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 锂电化学品 2025 年 05 月 08 日 | | | 证 券 研 究 报 告 信德新材（301349）2024 年报及 2025 年一季报点评 推荐（维持） 一季度扭亏 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to reach an inflection point in performance in 2025, with significant growth anticipated in its high-margin military and semiconductor businesses [3] - The company reported a revenue of 792 million yuan in 2024, a year-on-year increase of 14.46%, while the net profit attributable to shareholders decreased by 52.89% to 30 million yuan [2] - For Q1 2025, the company achieved a revenue of 230 million yuan, representing a year-on-year growth of 59.41%, and a net profit of 12 million yuan, up 183.46% year-on-year [2] Business Segment Summaries Military Segment - The military segment is showing a clear recovery in demand, with the company being an early entrant in the domestic military vacuum relay market and expanding into military DC contactors [4] - The company has completed the wireless integrated high-voltage control box project and is progressing well with the high-power DC intelligent distribution system project [4] - The delivery of special control box products began in June 2024, with optimistic customer demand across major business segments [4] Semiconductor Segment - The company is one of the early suppliers of semiconductor equipment electronic components in China, with products used in plasma etching and other equipment [5] - The successful development of high-voltage RF fast relays and high-performance vacuum capacitors has led to batch deliveries to high-end domestic semiconductor customers [7] New Energy Segment - The company has developed a new generation of high-voltage DC contactors and has begun mass delivery in the new energy sector [8] - The company is actively expanding into the eVTOL market, which is expected to grow significantly, and has received project notifications from well-known foreign automotive manufacturers [8] Large Scientific Devices Segment - The company has signed a new order worth 566 million yuan for the procurement of high-power TWTs for large scientific devices, indicating a growing demand in this area [9][10] Financial Forecasts - The company is projected to achieve revenues of 1.173 billion yuan, 1.529 billion yuan, and 1.916 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 125 million yuan, 207 million yuan, and 302 million yuan [11][14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.32 yuan, 2.17 yuan, and 3.17 yuan respectively [11][14]

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 0.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） | 21.26 | | --- | --- | | 总股本/流通股本（亿股）10.19 | / 10.08 | | 总市值/流通市值（亿元）217 | / 214 | | 52 周内最高/最低价 | 35.05 / 21.26 | | 资产负债率(%) | 51.0% | | 市盈率 | 19.30 | | 第一大股东 | 中国电气装备集团有限 | | 公司 | | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 许继电气(000400) 收入结构优化，受益特高压景气度 l 投资要点 事件：2025 年 4 月 10 日，公司发布 2024 年年报和 2025 年一季 报。 2024 年公司营收 170.9 亿元，同比+0.2%；归母净利润 11.2 亿 元，同比+11.1%；其中 2024Q4 公司营收 75.0 亿元，同环比分别 +20.4%/+172.8%，归母净利 ...

Investment Rating - The report assigns a "Neutral" rating for the company, indicating that the expected performance is within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to achieve a revenue of 77.77 billion yuan in 2024, with a growth rate of 6.22%, and is expected to reach 113.39 billion yuan by 2027, with a growth rate of 11.31% [2][8]. - The net profit attributable to the parent company is forecasted to grow from 5.98 billion yuan in 2024 to 12.70 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.76% [2][8]. - The gross margin is expected to improve from 26.43% in 2024 to 29.18% in 2027, indicating enhanced operational efficiency [2][8]. Financial Summary Income Statement - Revenue is projected to grow from 77.77 billion yuan in 2024 to 113.39 billion yuan in 2027, with corresponding growth rates of 6.22%, 14.38%, 14.52%, and 11.31% for the respective years [2][8]. - The net profit is expected to increase from 6.09 billion yuan in 2024 to 12.94 billion yuan in 2027, with profit growth rates of 31.98%, 39.72%, 25.97%, and 20.76% [2][8]. - The EBITDA is forecasted to rise from 10.08 billion yuan in 2024 to 18.80 billion yuan in 2027 [8]. Balance Sheet - Total assets are projected to grow from 152.15 billion yuan in 2024 to 184.22 billion yuan in 2027, while total liabilities are expected to increase from 79.14 billion yuan to 92.39 billion yuan over the same period [7]. - The company's equity attributable to shareholders is expected to rise from 71.95 billion yuan in 2024 to 90.18 billion yuan in 2027 [7]. Cash Flow Statement - Operating cash flow is projected to be 14.81 billion yuan in 2024, increasing to 17.12 billion yuan by 2027 [7]. - The net increase in cash is expected to be 3.43 billion yuan in 2024, with a gradual decrease to 4.33 billion yuan in 2027 [7]. Key Financial Ratios - The company’s P/E ratio is expected to decrease from 27.91 in 2024 to 13.13 in 2027, indicating a potentially more attractive valuation over time [8]. - The return on equity (ROE) is projected to improve from 8.30% in 2024 to 14.08% in 2027, reflecting better profitability [8].

[Table_Title] 研究报告 Research Report 8 May 2025 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 25Q1 净利润实现扭亏为盈。第一季度销售额为 10 亿美元，以美元计算同比减少约 5%，以人民币计算同比减 少 4%，以固定汇率计算同比减少 3%，主要反映了销量持平，价格下降 4%以及汇率波动不利的影响。大部分 区域渠道存货水平进一步改善，公司销量总体保持稳定，主要受土耳其业务减少（ ...

❖ 蔚蓝锂芯发布 2025 年一季度报告，公司 2025 年一季度营业收入 17.28 亿元， 同比增长 20.9%；归母净利润 1.42 亿元，同比增长 100.6%，扣非后归母净利 润 1.48 亿元，同比增长 204.5%。 评论： 公司研究 证 券 研 究 报 告 蔚蓝锂芯（002245）2025 年一季报点评 强推（维持） 一季度业绩高增，BBU 等新场景将持续发力 目标价：16.59 元 事项： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,756 | 8,136 | 9,167 | 10,370 | | 同比增速(%) | 29.4% | 20.4% | 12.7% | 13.1% | | 归母净利润(百万) | 488 | 682 | 852 | 1,007 | | 同比增速(%) | 246.4% | 39.9% | 24.8% | 18.2% | | 每股盈利(元) | 0.42 | 0.59 | 0.74 | ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated stable revenue growth in 2024, with a slight increase in operating income by 0.09% year-on-year, reaching 10.021 billion yuan. The net profit attributable to the parent company increased by 5.75% year-on-year to 692 million yuan, indicating resilience in operations despite a challenging market environment [1][2] - The company is actively expanding its international business, achieving a 12.43% year-on-year increase in international revenue, which reached 271 million yuan. This growth is supported by successful market entries in regions such as Indonesia and Saudi Arabia [3][4] Summary by Sections Financial Performance - In 2024, the company achieved operating income of 10.021 billion yuan, with a year-on-year growth rate of 0.1%. The net profit attributable to the parent company was 692 million yuan, reflecting a growth rate of 5.8% [4] - For Q1 2025, the company reported operating income of 2.308 billion yuan, a decline of 8.74% year-on-year, and a net profit of 160 million yuan, down 23.97% year-on-year [1][2] Segment Performance - The company’s four major segments showed varied performance in 2024. The pharmaceutical equipment segment led growth with a revenue increase of 12.90% to 2.171 billion yuan, while the infection control segment is expanding its international trade [3][4] - The domestic business revenue was 9.593 billion yuan, a slight decrease of 0.72% year-on-year, while international business revenue reached 271 million yuan, indicating a strong international growth trajectory [3] Profitability and Cost Management - The company improved its cost management, leading to a profit growth rate that outpaced revenue growth. The gross margin for 2024 was 26.06%, slightly down by 1.31 percentage points year-on-year [2][3] - In Q1 2025, the gross margin decreased to 23.79%, reflecting short-term pressure on revenue growth and cost structure [2] Future Outlook - The company is projected to achieve revenues of 10.771 billion yuan, 11.561 billion yuan, and 12.419 billion yuan for 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 7.5%, 7.3%, and 7.4% [3][4] - The net profit attributable to the parent company is forecasted to be 793 million yuan, 903 million yuan, and 1.030 billion yuan for the same years, with growth rates of 14.7%, 13.9%, and 14.0% [3][4]

上 市 公 司 请务必仔细阅读正文之后的各项信息披露与声明 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 05 月 07 日 | | --- | --- | | 收盘价（元） | 41.34 | | 一年内最高/最低（元） | 55.70/11.75 | | 市净率 | 6.6 | | 股息率%（分红/股价） | 1.09 | | 流通 A 股市值（百万元） | 5,374 | | 上证指数/深证成指 | 3,342.67/10,104.13 | 2025 年 05 月 08 日 苏轴股份 (430418) ——滚针轴承国产替代加速，布局机器人打造新增长曲线 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 715 | 171 | 801 | 898 | 1,008 | | 同比增长率（%） | 12.4 | 2.3 | 11.9 | 12.1 | 12.3 | | 归母净利润（百万元） | 151 | 35 ...