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 证券研究报告：机械设备|公司点评报告 | 最新收盘价（元） | 8.47 | | --- | --- | | 总股本/流通股本（亿股）117.60 | / 80.64 | | 总市值/流通市值（亿元）996 | / 683 | | 52 周内最高/最低价 | 9.54 / 6.00 | | 资产负债率(%) | 62.4% | | 市盈率 | 16.61 | | 第一大股东 | 徐州工程机械集团有限 | | 公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 徐工机械(000425) 盈利能力持续提升，新兴产业快速发展 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年公司实现 营收 916.60 亿元，同减 1.28%；实现归母净利润 59.76 亿元，同增 12.20%；实现扣非归母净利润 57.62 亿元，同增 28. ...

潮宏基 002345.SZ 公司研究 | 年报点评 | 一季度表现优异，品牌势能持续向上 | | --- | 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整盈利预测并引入 2027 年的盈利预测，预计公司 2025-2027 年每 股收益分别为 0.53、0.61 和 0.71 元（原 25-26 年为 0.49 和 0.56 元），参考可比公 司，给予 2025 年 19 倍 PE 估值，对应目标价 10.07 元，维持"增持"评级。 风险提示：行业竞争加剧、金价波动对销售的影响、女包业务持续低于预期带来的业 绩拖累和商誉减值等 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 5,900 | 6,518 | 7,665 | 8,703 | 9,711 | | 同比增长 (%) | 33.6% | 10.5% | 17.6% | 13.5% | 11.6% | | 营业利润(百万元) | 403 | 235 | 59 ...

公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 456 | 550 | 759 | 1,126 | 1,376 | | 同比增长 (%) | 26.9% | 20.5% | 38.0% | 48.4% | 22.2% | | 营业利润(百万元) | 83 | 97 | 162 | 256 | 329 | | 同比增长 (%) | 27.2% | 15.8% | 67.3% | 58.5% | 28.6% | | 归属母公司净利润(百万元) | 84 | 94 | 151 | 238 | 305 | | 同比增长 (%) | 25.6% | 11.1% | 61.5% | 57.7% | 27.9% | | 每股收益（元） | 0.70 | 0.78 | 1.26 | 1.98 | 2.54 | | 毛利率(%) | 67.6% | 65.9% | 61.8% | 58.3% | 57.7% | | 净利率(%) | 18.5% | 17.0% | 1 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of more than 10% return relative to the CSI 300 index over the next six months [2][13]. Core Views - The company reported a revenue of 1.44 billion yuan for 2024, a decrease of 2.78% year-on-year, and a net profit attributable to shareholders of -163.46 million yuan, marking a shift to negative profitability [1][10]. - The company's gross margin was 93.22%, down 1.55 percentage points year-on-year, while the net margin was -10.93%, indicating a significant decline [1][10]. - The company is facing short-term pressure on performance due to intensified market competition, rising traffic costs, and goodwill impairment [1][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan [1][10]. - The annual revenue breakdown shows that the video creative business generated 961 million yuan, a slight increase of 0.06% year-on-year, while other segments like practical tools and document creativity saw declines [7][9]. - The company’s operating expenses increased significantly, with sales expenses rising to 849 million yuan (up 17.42% year-on-year) and R&D expenses reaching 442 million yuan (up 9.90% year-on-year) [7][10]. Future Outlook - The company is committed to deepening its AI strategy, with expectations for AI-native application revenue to reach approximately 67 million yuan in 2024, doubling year-on-year [9]. - Forecasts for net profit attributable to shareholders are projected to be 56.04 million yuan in 2025, 95.95 million yuan in 2026, and 153.46 million yuan in 2027, indicating a recovery trajectory [10].

2025年05月17日 证券研究报告|公司研究|公司点评 ◆ 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 市场建立的优势,进一步向中大型 PLC 及其他工控产品延伸,巩固在传统行业领先地位的同时,加速向新能源、 半导体、机器人、医疗等高端智能制造行业拓展。此外,公司以"控制"带动 "驱动"作为销售策略取得成效,驱动系统在营收中的占比从 2016 年的 22% 提升至 2024 年的 47%, 2024 年驱动类产品收入达 8.06 亿元, 同比增长 10.57%，毛利率为 24.46%。 ◆ 多维度布局人形机器人,未来成长可期 公司积极布局人形机器人领域，目前正在开发空心杯电机、无框力矩电机及配 套系统等零部件，公司将规划空心杯和无框力矩电机生产设备和产线；同时, 公司储备了驱动器、高性能光学编码器 ...

联合研究丨公司深度丨中材科技（002080.SZ） [Table_Title] AI 特种玻纤布的全球稀缺龙头 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中材科技为央企新材料平台，全资子公司泰山玻纤已成为特种玻纤的全球稀缺龙头。特种玻纤 布应科技时代而生，AI 硬件和终端设备对芯片材料提出更高要求，其中 Low-Dk 用于主板基材、 Low CTE 用于芯片封装基板，因 AI 需求爆发且供给壁垒高，均出现供不应求局面。未来在数 据通信日趋高速大容量下，特种玻纤布将迎产品升级，故量价齐升是未来几年发展趋势。 分析师及联系人 [Table_Author] 范超 邬博华 杨洋 SAC：S0490513080001 SAC：S0490514040001 SAC：S0490517070012 SFC：BQK473 SFC：BQK482 SFC：BUW100 张佩 董超 SAC：S0490518080002 SAC：S0490523030002 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research.9557 ...

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 [2][13]. Core Views - The company reported a revenue of 1.44 billion yuan in 2024, a decrease of 2.78% year-on-year, and a net profit attributable to shareholders of -163.46 million yuan, marking a shift to negative profitability [1][10]. - The company's gross margin was 93.22%, down by 1.55 percentage points year-on-year, while the net margin was -10.93%, reflecting a significant decline [1][10]. - The company is facing short-term pressure on performance due to intensified market competition, rising traffic costs, and goodwill impairment [1][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan [1]. - The annual revenue breakdown shows that video creative business generated 961 million yuan, a slight increase of 0.06% year-on-year, while other segments like practical tools and document creativity saw declines [7][9]. - The company’s sales expenses increased to 849 million yuan, up 17.42% year-on-year, and R&D expenses rose to 442 million yuan, up 9.90% year-on-year [7][10]. Future Outlook - The company is committed to deepening its AI strategy, with expectations for AI-native application revenue to reach approximately 67 million yuan in 2024, doubling year-on-year [9]. - Forecasts for net profit attributable to shareholders are projected to be 56.04 million yuan in 2025, 95.95 million yuan in 2026, and 153.46 million yuan in 2027, with corresponding EPS of 0.29, 0.50, and 0.79 yuan [10].

证券研究报告·公司深度研究·半导体 龙迅股份（688486） 专注高速混合信号芯片，25 年把握 AR/VR+ 智驾双重机遇 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 323.15 | 466.00 | 693.87 | 991.44 | 1,377.85 | | 同比（%） | 34.12 | 44.21 | 48.90 | 42.89 | 38.97 | | 归母净利润（百万元） | 102.70 | 144.41 | 209.33 | 301.31 | 441.43 | | 同比（%） | 48.39 | 40.62 | 44.95 | 43.94 | 46.50 | | EPS-最新摊薄（元/股） | 0.77 | 1.09 | 1.58 | 2.27 | 3.33 | | P/E（现价&最新摊薄） | 86.33 | 61.39 | 42.35 | 29.42 | 20.08 | [Table_T ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-05-19 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） | 13.27 | | --- | --- | | 总股本/流通股本（亿股）48.47 | / 48.47 | | 总市值/流通市值（亿元）643 | / 643 | | 52 周内最高/最低价 | 18.17 / 11.96 | | 资产负债率(%) | 41.5% | | 市盈率 | 18.96 | | 第一大股东 | 中国黄金集团有限公司 | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 中金黄金(600489) 24 年年报以及 25 年一季报点评：业绩有序释放， 高分红彰显投资价值 l 25 年 Q1 归母净利润 10.38 亿元，同比+33% 公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营收 655.56 亿元，同 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [3][7]. Core Insights - The company's overseas business is experiencing rapid growth, with revenue expected to reach 2.831 billion yuan in 2024, a year-on-year increase of 26.31%, accounting for 23.88% of total revenue [1][3]. - The company has made significant advancements in solid-state battery production lines, launching a comprehensive solution in 2024 that covers key manufacturing processes [2][3]. - Financial indicators show improvement, with a projected revenue of 15.073 billion yuan and a net profit of 1.256 billion yuan for 2025, indicating a recovery from previous losses [3][5]. Summary by Sections Company Overview - The company, founded in 2002, specializes in high-end non-standard intelligent equipment, focusing on lithium battery equipment and intelligent logistics systems [20][26]. - It has established itself as a leading provider of high-end lithium battery equipment and solutions, serving major clients like Tesla and BYD [26][30]. Financial Analysis - In 2024, the company expects a revenue of 11.855 billion yuan, a decline of 28.71% from the previous year, primarily due to a downturn in the lithium battery sector [30]. - The gross margin for the lithium business remains stable at 38.9%, reflecting strong profitability despite market fluctuations [31][32]. - The company reported a net profit of 286 million yuan in 2024, down 83.88% year-on-year, but is expected to recover with a projected profit of 1.256 billion yuan in 2025 [3][32]. Market Analysis - The global liquid lithium battery industry is experiencing a shift, with domestic markets stabilizing while overseas markets grow rapidly [59][66]. - China's penetration rate for new energy vehicles has increased significantly, providing a strong growth driver for the industry [68][89]. - The competitive landscape is evolving, with a decrease in market concentration and an increase in new entrants, benefiting companies with flexible and customized equipment solutions [80][82]. Solid-State Battery Development - The company is at the forefront of solid-state battery technology, with plans to launch a complete production line solution in 2024 [2][26]. - This technology is expected to enhance production efficiency and meet the growing demand for advanced battery solutions [2][3]. Order and Cash Flow Management - The company has seen a decline in sales from its top five customers, indicating a diversification in its client base [49]. - Contract liabilities have shown marginal improvement, reflecting a recovery in domestic and international order acquisition capabilities [49][56].