公司报告 | 年报点评报告 盛剑科技（603324） 证券研究报告 "行业延伸+产品延伸"战略持续推进 事件：公司发布年报及一季报：①2024A 营业收入 14.51 亿元，同比-20.54%； 归母净利润 1.20 亿元，同比-27.53%；②2025Q1 营业收入 3.21 亿元，同比 +21.20%；归母净利润 0.21 亿元，同比+8.43%。 点评： 新能源行业投资调整+集成电路项目订单暂未确收，2024 年收入同比-21% 2024 年公司实现营业收入 14.51 亿元，同比-20.54%；实现归母净利润 1.20 亿元，同比-27.53%，主要系下游新能源行业投资有所调整，集成电路部分 项目处于执行过程中、未满足收入确认条件。分行业收入来看，2024 年半 导体显示、集成电路、新能源、其他行业收入为 3.42、10.02、0.93、0.12 亿元，分别同比+26.38%、-19.95%、-68.15%、+64.25%，集成电路、半导 体显示领域主营业务收入占比进一步提升至 92.75%。 基本数据 秉持"行业延伸+产品延伸"的发展战略，助力产业绿色转型 盈利预测与投资评级 基于新能源行业景气度， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 127.839 billion yuan in Q1 2025, representing a year-on-year growth of 20.49%. The net profit attributable to shareholders was 12.422 billion yuan, up 38.02% year-on-year, while the net profit excluding non-recurring items reached 12.750 billion yuan, also reflecting a 38.03% increase year-on-year [2][5]. Summary by Sections Revenue Growth - The company experienced rapid revenue growth driven by both C-end and B-end business segments. The C-end smart home revenue grew by 17.4% year-on-year, with overseas e-commerce sales increasing by over 50%. The domestic high-end brands "COLMO + Toshiba" saw sales growth exceeding 55% [11]. - The B-end business, focusing on commercial and industrial solutions, reported a revenue increase of 25.3%, with the new energy and industrial technology segment achieving a revenue of 11.1 billion yuan, up 45% year-on-year [11]. Profitability and Cost Management - The company optimized its expense ratio significantly, with a gross margin decrease of 1.13 percentage points year-on-year. The operating profit for Q1 2025 was 11.635 billion yuan, reflecting an 11.43% year-on-year growth [11]. - The net profit growth rate was notably higher than the operating profit due to favorable changes in foreign exchange gains and a significant decrease in financial expense ratio by 2.75 percentage points to -2.22% [11]. Future Outlook - The company has established a dual focus on both ToC and ToB business models, aiming for sustainable growth through diversified product offerings and services. The projected net profits for 2025, 2026, and 2027 are 42.588 billion yuan, 46.806 billion yuan, and 52.134 billion yuan, respectively, with corresponding price-to-earnings ratios of 13.35, 12.15, and 10.91 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a revenue of 16.821 billion yuan in 2024, representing a year-on-year growth of 14.84%. The net profit attributable to shareholders was 1.053 billion yuan, with a year-on-year increase of 7.75%. The net profit excluding non-recurring items was 1.084 billion yuan, up 8.82% year-on-year [4][6] - In Q4 2024, the company reported a revenue of 4.131 billion yuan, a year-on-year growth of 6.15%, and a net profit of 268 million yuan, which is an increase of 11.07% year-on-year. The net profit excluding non-recurring items for the same quarter was 287 million yuan, showing a significant growth of 47.51% [4][6] - For Q1 2025, the company achieved a revenue of 3.834 billion yuan, a year-on-year increase of 10.36%, with a net profit of 247 million yuan, reflecting a growth of 43.02% year-on-year [4][6] Revenue Growth - The company's revenue growth is driven by strong overseas demand, with a 21.68% increase in international business. Domestic business, however, saw a decline of 4.42% due to a cautious consumer environment [9] - In Q1 2025, overseas business continued to grow at approximately 15.77%, while domestic business declined by about 4.94% [9] Profitability and Cost Management - The company's gross margin decreased by 1.82 percentage points in 2024, with specific declines in kitchen appliances and home appliances. However, the overall expense ratio improved significantly, leading to a 4.75% year-on-year increase in operating profit [9] - In Q1 2025, the gross margin improved by 0.50 percentage points, contributing to a 16.59% year-on-year increase in operating profit [9] Future Outlook - The company aims to establish a diversified small home appliance technology service system, providing comprehensive solutions to meet consumer demands. The projected net profits for 2025, 2026, and 2027 are 1.196 billion yuan, 1.332 billion yuan, and 1.460 billion yuan, respectively, with corresponding PE ratios of 9.4, 8.4, and 7.7 times [9]

青鸟消防（002960.SZ） 短期业绩承压，工业与海外业务增长亮眼 2025 年 05 月 07 日 投资评级：买入（维持） 伐谋-中小盘信息更新 | 日期 | 2025/5/7 | | --- | --- | | 当前股价(元) | 11.29 | | 一年最高最低(元) | 15.38/8.76 | | 总市值(亿元) | 83.13 | | 流通市值(亿元) | 69.83 | | 总股本(亿股) | 7.36 | | 流通股本(亿股) | 6.19 | | 近 3 个月换手率(%) | 154.07 | 中小盘研究团队 ——中小盘信息更新 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 2025Q1 业绩短期承压，维持买入评级 公司发布 2025 年一季报，实现营收 8.83 亿元， ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is positioned as a leading crankshaft manufacturer, with new growth avenues opened through its ventures into the new energy and robotics sectors [8]. - The demand for crankshafts is expected to rise due to the increasing popularity of hybrid vehicles, which still require crankshafts despite the rise of pure electric vehicles [8]. - The company has made significant investments in new energy gear technology and robotics, which are anticipated to contribute to future revenue growth [8]. Summary by Sections 1. Company Overview - Founded in 1995, the company has established itself as a leader in crankshaft manufacturing, with a product range that includes clutches, precision forgings, gears, and bolts [8][13]. - The company has entered the new energy sector with electric drive gears and is developing robotic reducer products, indicating a strategic shift towards diversification [8][13]. 2. Crankshaft Business Growth - The company has shifted its focus from commercial vehicles to passenger vehicles, capturing significant market share with clients like BYD and Li Auto [8][13]. - The crankshaft production line is expected to reach a capacity of 1 million hybrid crankshafts by May 2025, enhancing the company's performance in this segment [8][13]. 3. New Energy Gear Expansion - The company has invested 408 million yuan in developing new energy electric drive precision gear business, with production expected to start in July 2024 [8][13]. - The company has secured multiple projects with major clients such as BYD and Geely, indicating strong demand for its new energy gear products [8][13]. 4. Robotics Sector Entry - The company has entered the robotics market by acquiring a 35% stake in Changban Robot Technology, leveraging its existing client base and technical expertise [8][13]. - The synergy between its traditional automotive components and new robotics products is expected to provide a competitive advantage [8][13]. 5. Financial Projections - The company is projected to achieve revenues of 24.34 billion yuan in 2025, with a net profit of 3.01 billion yuan, reflecting significant growth potential [8][13]. - The earnings per share (EPS) are expected to increase from 0.47 yuan in 2025 to 0.71 yuan by 2027, indicating a positive outlook for investors [8][13].

证券研究报告·公司深度研究·汽车零部件 福达股份（603166） 曲轴龙头，新能源+机器人打开全新增长曲线 2025 年 05 月 07 日 买入（首次） 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 证券分析师 郭雨蒙 执业证书：S0600525030002 guoym@dwzq.com.cn 股价走势 -27% -3% 21% 45% 69% 93% 117% 141% 165% 189% 2024/5/7 2024/9/5 2025/1/4 2025/5/5 福达股份 沪深300 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,352 | 1,648 | 2,434 | 3,019 | 3,394 | | 同比（%） | 19.18 | 21.83 | 47.75 | 24.04 | 12.41 | | 归母净利润（百万元） | ...

煤炭/煤炭开采 电投能源（002128.SZ） 氧化铝价增致业绩同比承压，集团资产注入成长可期 2025 年 05 月 07 日 投资评级：买入（维持） | 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 17.85 | | 一年最高最低(元) | 23.86/15.08 | | 总市值(亿元) | 400.12 | | 流通市值(亿元) | 400.12 | | 总股本(亿股) | 22.42 | | 流通股本(亿股) | 22.42 | | 近 3 个月换手率(%) | 30.37 | 司 信 息 更 新 报 告 股价走势图 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 电投能源 沪深300 数据来源：聚源 相关研究报告 《煤电铝量增致业绩提升，关注煤铝 成长和绿电转型—公司 2024年报点评 报告》-2025.4.25 《Q3 业绩环比大增，关注分红提升和 绿 电 转 型 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《煤铝电改善业绩向好，关注分红提 升和绿电转型—公司 2024年中报点评 报告》 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 恒林股份(603661) 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 全年公司实现收入 110.29 亿 元（同比+34.6%），归母净利润 2.63 亿元（同比-0.02%），扣非归母净利润 2.81 亿元（同比+19.5%）；单 Q4 收入 32.18 亿元（同比+33.0%），归母净利润-0.03 亿元（23Q4 亏损 1.03 亿元），扣非归母净利润 0.16 亿元（23Q4 亏损 1.03 亿 元）。25Q1 收入 26.54 亿元（同比+12.7%），归母净利润 0.52 亿元（同比 -49.5%），扣非归母净利润 0.53 亿元（同比-48.9%）。Q4 利润承压主要系年末 资产&信用减值集中计提（合计损失约 2.1 亿），其中厨博士商誉减值为 0.79 亿 元（厨博士商誉已计提完毕）。我们预计 Q1 跨境电商扩张驱动收入稳健增长， 盈利能力环比已稳定修复。 跨境高增，基本盘稳定。24 年办公家居/软体家居/板式家居 ...

昊华能源（601101.SH） Q1 煤炭量价齐跌致业绩回落，关注成长性与高分红 2025 年 05 月 08 日 投资评级：买入（维持） 煤炭/煤炭开采 日期 2025/5/7 当前股价(元) 7.20 一年最高最低(元) 10.98/6.60 总市值(亿元) 103.68 流通市值(亿元) 103.68 总股本(亿股) 14.40 流通股本(亿股) 14.40 近 3 个月换手率(%) 44.66 股价走势图 数据来源：聚源 -30% -20% -10% 0% 10% 20% 2024-05 2024-09 2025-01 昊华能源 沪深300 相关研究报告 《Q3 产销下滑业绩承压，关注成长性 与 高 分 红 — 公 司 信 息 更 新 报 告 》 -2024.10.29 《煤炭量增致业绩提升，关注煤矿成 长性与提分红—公司 2024年中报点评 报告》-2024.8.27 《深度系列二：煤炭新产能贡献增量， 高分红可期 — 公 司 深 度 报 告 》 -2024.6.19 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 Q1 煤炭量价齐跌致业绩回落， ...

——公司 2025 年一季报点评报告 投资评级：买入（维持） 日期 2025/5/7 当前股价(元) 12.22 一年最高最低(元) 20.18/11.76 总市值(亿元) 329.12 流通市值(亿元) 329.12 总股本(亿股) 26.93 流通股本(亿股) 26.93 近 3 个月换手率(%) 38.73 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 2025-05 淮北矿业 沪深300 煤炭/煤炭开采 淮北矿业（600985.SH） Q1 降本对冲煤价下滑影响，关注成长性及破净修复 2025 年 05 月 08 日 相关研究报告 《煤炭量价齐跌致业绩承压，关注成 长性及破净修复—公司 2024年报点评 报告》-2025.3.28 《Q3 煤炭量价齐跌拖累业绩，关注煤 矿+煤化工成长—公司信息更新报告》 -2024.10.30 《煤炭量价回落，关注煤矿和煤化工 项目成长—公司 2024 年中报点评报 告》-2024.8.30 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S079052 ...