公司报告 | 公司点评 华利集团（300979） 证券研究报告 On 业绩超预期，华利客户卡位优势显现 客户 On 发布业绩公告 FY25Q1 收入 7 亿瑞士法郎同比+40%（货币中性），净利 0.6 亿瑞士法郎同 比-38%； 毛利率 60%略有增长，调后 EBIDA 利润率 17%同比+1pct。 截止 25 年 3 月末，公司库存 4 亿瑞士法郎环比-5%；考虑上调指引，我们 预计有较多备库需求。 一季度表现超预期，品牌在所有渠道、地区和产品类别中彰显强劲势头。 得益于积极推动多渠道策略，成功推出 Cloudsurfer2 和 Cloud6；服装产品 强劲吸引力和以明星 Zendaya 为主角的品牌宣传。 On 上调全年指引，预计收入 28.6 亿瑞士法郎同比+28%（原值为 27%），毛 利率 60-60.5%（原值为 60.5%，主要系全球关税等不确定性），调后 EBITDA 利润率 16.5-17.5%（原值为 17-17.5%）。 我们认为 ON 作为华利重要增量客户之一，业绩靓丽表现且库存较轻，利 好公司订单预期；同时也反映公司具备较好的客户挖掘及卡位能力，伴随 On 规模持续成长，我们预计 ...

2025年05月17日 证券研究报告|公司研究|公司点评 信捷电气（603416） 工控小巨人,人形机器人构筑新增长极 报告摘要 ◆ 深耕工业自动化近二十载,工控细分领域小巨人 公司成立于 2008年,主营业务是工业自动化控制产品的研发、生产和销售,主 要产品包括可编程控制器、驱动系统、人机界面、智能装置,涵盖工业自动化 系统的控制层、驱动层、执行层和传感层,是国内少数拥有工业自动化综合解 决方案的供应商。公司是国产小型 PLC、国产触摸屏的开拓者,长期位居国产 小型 PLC 市场份额前列。2022 至 2024 年，公司营收分别为 13.35 亿元、15.05 亿元、17.08 亿元，分别同比增长 2.75%、12.73%和 13.5%。 ◆ 小型 PLC 国内第二,工控产品线不断完善 2024 年公司 PLC 产品销售收入 6.48 亿元,同比增长 21.09%, 毛利率为 56.25%；其中，中型 PLC 实现销售 1000 余万元。公司在小型 PLC 领域具备 领先优势,2024 年在国内市占率 9.5%位居国内品牌第二,较 2023 年提升了 2pct。多年来,公司依靠自身在小型 PLC 市场建立的 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [1][10]. Core Views - The company has a solid foundation in its core education business and is clearly defining new growth trajectories. It has diversified its business model to include personalized education, vocational training, cultural reading, and medical-education integration [6]. - The company achieved a revenue of 2.786 billion yuan in 2024, representing a year-on-year growth of 25.9%. The net profit attributable to shareholders was 180 million yuan, up 16.84% year-on-year [6][8]. - The company is expanding its personalized education centers and has established over 30 full-time training bases across various provinces, enhancing its competitive edge [6][7]. Financial Performance - In 2024, the company reported a revenue of 2.786 billion yuan, with a quarterly breakdown showing revenues of 705 million, 915 million, 627 million, and 539 million yuan for Q1 to Q4 respectively [6]. - The gross profit margin for 2024 was 34.56%, a decrease of 1.94 percentage points year-on-year, primarily due to declines in the gross margin of education training services and equipment leasing [6][8]. - The company expects net profits to grow to 244 million yuan in 2025, with earnings per share (EPS) projected at 2.00 yuan, reflecting a price-to-earnings (PE) ratio of 27 times [8]. Business Segmentation - The education training service segment generated 2.697 billion yuan in revenue for 2024, with a year-on-year growth of 25.64% [8]. - The company has also ventured into vocational education by acquiring and managing several vocational schools, aiming to create a second growth curve [7][8]. - New business initiatives in cultural reading and medical-education integration are being explored, with the potential for long-term growth [7].

25Q1 开始加速，乐观看待未来成长 核心观点 事件： 公司发布 2024 年报及 2025 年 1 季报， 2024 年全年收入 5.5 亿元，同比上升 20.5%，归母净利 9359 万，增长 11.1%，扣非净利 8243 万，增长 15.7%； 25Q1 收入 增长 40.1%至 1.45 亿，归母净利 1661 万(+34.6%)，扣非净利 1500 万(+104.8%)。 盈利预测与投资建议 ⚫ 由于分布式电站相关业务及费控超预期，我们上调公司收入增长预期、下调毛利率 预期和费用率预期，预测公司 2025-2027 年归母净利为 1.51 亿、2.38 亿、3.05 亿 （原 25-26 年预测为 1.40/1.81 亿），参照可比公司，我们认为公司合理估值水平为 2025 年 42 倍市盈率，对应目标价 52.92 元，维持增持评级。 风险提示 新业务拓展不及预期；市场竞争加剧风险；费用率下降不及预期风险； 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [39]. Core Viewpoints - The company has demonstrated resilience in revenue growth, achieving over 50% growth despite overall volatility in military downstream demand in 2024 [21]. - The company is positioned as a key supplier of core components for military fiber optic inertial navigation systems, with products widely used in various military applications, suggesting a solid foundation for future growth as demand in the aerospace and defense sectors is expected to recover [18][21]. - The company is actively expanding its business through stock incentive plans and acquisitions, which are anticipated to enhance operational efficiency and long-term value [19][20]. Financial Data Summary - As of 2024, the company reported total revenue of 330.76 million yuan, with a projected increase to 430.10 million yuan in 2025, reflecting a growth rate of 30.04% [22]. - The net profit attributable to shareholders is expected to rise significantly from 17.94 million yuan in 2024 to 61.85 million yuan in 2025, marking a growth rate of 244.75% [22]. - The company's gross margin is projected to stabilize around 44.86% in 2025, down slightly from 44.62% in 2024 [22]. Business Segments Summary - **Optical Fiber Components**: Revenue from optical fiber components is expected to reach 1.24 billion yuan in 2024, a 69.07% increase, driven by increased orders from military clients [8]. - **Specialty Optical Fibers**: Revenue is projected to be 0.71 billion yuan in 2024, with a slight increase of 0.78%, although the gross margin has decreased to 80.17% [8]. - **New Materials**: Revenue is anticipated to grow by 15.60% to 0.24 billion yuan in 2024, despite a significant drop in gross margin to 21.91% [8]. - **Optical Devices and Equipment**: This segment is expected to see a substantial revenue increase of 102.47% to 0.53 billion yuan in 2024, with a gross margin of 38.47% [9]. - **Other Businesses**: Revenue from other business areas is projected to double to 0.58 billion yuan in 2024, with a gross margin improvement to 14.25% [9]. Innovation and Development - The company has made significant advancements in technology, including the digitalization and automation of the fiber winding process, which enhances production efficiency and product quality [14][16]. - Ongoing research and development efforts focus on microstructured optical fibers and integrated photonic chips, which are expected to drive future revenue growth [10][13]. Market Position and Future Outlook - The company is well-positioned in the military and aerospace sectors, with a comprehensive product portfolio that includes fiber optic gyroscopes and specialty fibers, indicating strong potential for market expansion [18][21]. - The strategic focus on emerging fields such as energy transmission, thermal management, and AI computing centers is expected to create new growth opportunities [18].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [10][16]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year [3][10]. - The gross margin improved by 1.62 percentage points to 23.25% in 2024, while the expense ratio increased significantly, impacting short-term performance [4][10]. - The company has made significant advancements in R&D, launching the world's largest lithium battery forklift and developing 42 low-temperature models suitable for extreme conditions [5][10]. - The international market strategy has seen success, with nearly 40% of revenue coming from overseas, and the company holds the top market share in 34 countries [6][10]. Financial Summary - Revenue projections for 2025-2027 are 18.498 billion, 19.675 billion, and 20.875 billion yuan, with year-on-year growth rates of 6.77%, 6.36%, and 6.10% respectively [10][12]. - The net profit attributable to shareholders is expected to reach 1.39 billion, 1.496 billion, and 1.591 billion yuan for the same years, with growth rates of 5.37%, 7.56%, and 6.37% respectively [10][12]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 10.61 in 2025 to 9.27 in 2027, indicating improving valuation metrics [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched an equity incentive and employee stock ownership plan, reflecting confidence in performance growth, particularly in the robotics business [8] - The company aims for revenue growth rates of 20%, 25%, and 20% for 2025-2027, with net profit growth rates of 30%, 23%, and 19% respectively [8] - The company is focusing on deepening its market presence in the motion control sector and has seen significant growth in its distribution model, with distributor revenue increasing by 93% year-on-year [8] - The company is positioning itself as a core supplier of components and solutions in the robotics field, with new subsidiaries established to enhance its product offerings [8] - The profit forecast for the company indicates a net profit of 2.8 billion, 3.7 billion, and 4.8 billion for 2025-2027, corresponding to a price-to-earnings ratio of 55x, 42x, and 32x respectively [8] Financial Summary - Total revenue is projected to reach 1,415 million in 2023, growing to 3,236 million by 2027, with a compound annual growth rate of approximately 24.48% [1] - The net profit attributable to the parent company is expected to increase from 138.57 million in 2023 to 480.28 million in 2027, reflecting a growth rate of 30.66% [1] - The earnings per share (EPS) is forecasted to rise from 0.45 in 2023 to 1.56 in 2027 [1] - The company’s price-to-earnings ratio is projected to decrease from 112.25 in 2023 to 32.39 in 2027, indicating improving valuation metrics [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [10][16]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year [3][10]. - The gross margin improved by 1.62 percentage points to 23.25% in 2024, while the expense ratio increased significantly, impacting short-term performance [4][10]. - The company has made significant advancements in research and development, launching key technologies and expanding its product range, including the world's largest lithium electric forklift [5][10]. - The internationalization strategy has progressed, with nearly 40% of revenue coming from overseas markets, achieving the highest market share in 34 countries and regions [6][10]. - The company is expected to see revenue growth of 6.77%, 6.36%, and 6.10% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.39 billion, 1.50 billion, and 1.59 billion yuan [10][12]. Financial Summary - The company’s total assets are projected to grow from 19.105 billion yuan in 2024 to 22.336 billion yuan by 2027, with a steady decrease in the debt-to-asset ratio from 42.4% to 36.9% over the same period [15][12]. - Earnings per share (EPS) is expected to increase from 1.48 yuan in 2024 to 1.79 yuan in 2027, reflecting a positive growth trajectory [10][12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 11.18 in 2024 to 9.27 in 2027, indicating potential undervaluation [10][12].

证券研究报告·公司点评报告·自动化设备 雷赛智能（002979） 发布股权激励&员工持股计划彰显业绩增长 信心，机器人业务风正时济 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,415 | 1,584 | 2,071 | 2,599 | 3,236 | | 同比（%） | 5.79 | 11.93 | 30.74 | 25.49 | 24.48 | | 归母净利润（百万元） | 138.57 | 200.47 | 281.52 | 367.58 | 480.28 | | 同比（%） | (37.10) | 44.67 | 40.43 | 30.57 | 30.66 | | EPS-最新摊薄（元/股） | 0.45 | 0.65 | 0.92 | 1.19 | 1.56 | | P/E（现价&最新摊薄） | 112.25 | 77.59 | 55.25 | 42.32 | 32.39 | [Table_Tag ...

丨证券研究报告丨 公司研究丨点评报告丨通威股份（600438.SH） [Table_Title] 硅料龙头地位稳固，组件渠道拓展顺利 报告要点 [Table_Summary] 通威股份发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 919.94 亿元，同比下降 34%；归母净利-70.39 亿元；其中，2024Q4 实现收入 237.22 亿元，同比下降 14%；归母净 利-30.66 亿元。2025Q1 实现收入 159.33 亿元；归母净利-25.93 亿元。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SFC：BQK482 通威股份（600438.SH） cjzqdt11111 [Table_Title2] 硅料龙头地位稳固，组件渠道拓展顺利 [Table_Summary2] 事件描述 通威股份发布 20 ...