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 | 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，同比增长 7.01%，归母净利润 33.86 亿元，同比增长 13.71%。经营性现金流 78.90 亿元，同比增长 22.83%。25Q1 实现营 收 148.59 亿元，同比增长 12.88%，归母净利润 10.38 亿元，同比增 长 32.65%，经营性现金流为-19.60 亿元。 l 产量：25 年黄金产量指引基本持平 2024 年，公司矿产金产量 18.35 吨，同比-2.86%，25Q1 产量 4.5 吨 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has launched the world's first consumer-grade 3D texture UV printer, eufyMake E1, which has shown impressive crowdfunding performance, raising over $23 million (approximately 170 million RMB) during its campaign. This product is expected to be a significant innovation for the company and could create a new growth curve [2][8] - The easing of tariffs between China and the US is expected to reduce the company's losses, allowing for a more stable pricing strategy and potentially lower prices for consumers in the future [3][8] Financial Projections - Total revenue is projected to grow from 17,507 million RMB in 2023 to 51,150 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 23.60% [1] - Net profit attributable to the parent company is expected to increase from 1,615 million RMB in 2023 to 4,127 million RMB in 2027, reflecting a CAGR of about 25.29% [1] - The earnings per share (EPS) is forecasted to rise from 3.04 RMB in 2023 to 7.77 RMB in 2027, indicating strong profitability growth [1] Market Data - The company's closing price is reported at 99.27 RMB, with a market capitalization of approximately 52,753.15 million RMB [6] - The price-to-earnings (P/E) ratio is projected to decrease from 32.67 in 2023 to 12.78 by 2027, suggesting an attractive valuation as earnings grow [1][6]

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] SAC：S0490513080001 SAC：S0490514040001 SAC：S0490517070012 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.95579.com 2 范超 邬博华 杨洋 SFC：BQK473 SFC：BQK482 SFC：BUW10 ...

丨证券研究报告丨 公司研究丨点评报告丨兴业科技（002674.SZ） [Table_Title] 兴业科技 2024A&2025Q1 点评：汽车皮革&二 层皮业务增长较优，主业拖累利润表现 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报告要点 [Table_Summary] 展望：短期，伴随 2025 年海外产能释放&汽车皮革新客接替增长，业绩弹性值得期待。长期， 主业拓展外销步入运动产业链，目前已进入 Adidas、VF 等全球运动品牌供应链，长期有望打 开成长和估值空间。新业务宏兴、宝泰基于平台优势，行业高景气下处高增阶段，带动公司成 长可期。预计公司 2025~2027 年归母净利润为 1.7、1.9、2.1 亿元，同比+20%、+13%、+11%， 对应 PE 为 16、14、13X，维持"买入"评级。 2024 年：整体毛利率同比+0.02pct 至 21.4%基本维稳，期间费用率同比+0. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched the world's first consumer-grade 3D texture UV printer, which has shown impressive crowdfunding performance, raising over $23 million (approximately 170 million RMB) during its crowdfunding period. This product is expected to become a significant innovation category for the company, potentially driving new growth [2][8] - The easing of tariffs between China and the United States is expected to reduce the company's damage from previous tariff impacts, allowing for a more stable pricing environment and improved sales performance [3][8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 17,507 million RMB - 2024: 24,710 million RMB (up 41.14% YoY) - 2025: 32,702 million RMB (up 32.34% YoY) - 2026: 41,383 million RMB (up 26.55% YoY) - 2027: 51,150 million RMB (up 23.60% YoY) [1][13] - Net profit attributable to the parent company is projected as: - 2023: 1,615 million RMB - 2024: 2,114 million RMB (up 30.93% YoY) - 2025: 2,597 million RMB (up 22.82% YoY) - 2026: 3,293 million RMB (up 26.82% YoY) - 2027: 4,127 million RMB (up 25.29% YoY) [1][13] - The latest diluted EPS is forecasted to be: - 2024: 3.98 RMB - 2025: 4.89 RMB - 2026: 6.20 RMB - 2027: 7.77 RMB [1][13] Market Data - The closing price of the company's stock is 99.27 RMB, with a market capitalization of approximately 52,753.15 million RMB [6] - The company has a price-to-earnings (P/E) ratio of 32.67 based on the latest diluted EPS [1][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][14]. Core Insights - In 2024, the company achieved revenue of 10.494 billion yuan, a year-on-year decrease of 10.04%, while the net profit attributable to shareholders was 1.371 billion yuan, an increase of 8.69% year-on-year. The first quarter of 2025 saw revenue of 2.038 billion yuan, down 3.46% year-on-year, and a net profit of 12 million yuan, down 92.69% year-on-year [3][12][19]. - The company's retail brand revenue declined by 10.46% year-on-year, while the Milan brand continued to grow in lower-tier markets with an increase of 8.09% year-on-year. The integrated channel showed strong growth with a 16.22% year-on-year increase [3][12][14]. - The company sold its stake in Minsheng Securities, generating investment income that affected the apparent performance. The "old-for-new" policy in 2025 is expected to boost home consumption, leading the industry to accelerate its transformation towards the stock market [3][12][14]. Financial Performance Summary - For 2024, the company reported a revenue of 10.494 billion yuan, with a year-on-year growth rate of -10.04%. The net profit attributable to shareholders was 1.371 billion yuan, with a growth rate of 8.69% [15][30]. - The projected revenues for 2025, 2026, and 2027 are 11.232 billion yuan, 12.099 billion yuan, and 13.090 billion yuan, respectively, with year-on-year growth rates of 7.03%, 7.72%, and 8.19% [14][15]. - The earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 1.34 yuan, 1.49 yuan, and 1.63 yuan, respectively, with a three-year compound annual growth rate (CAGR) of 4.59% [14][15].

证券研究报告·A 股公司简评 计算机 核心观点 2024 年，公司营收 264.15 亿元，同比增长 9.78%；归母净利润 7.49 亿元，同比增长 112.11%；扣非归母净利润 3.53 亿元，同比 增长 105.60%。25Q1，公司营收 59.27 亿元，同比下降 5. 79%； 归母净利润 0.84 亿元，同比下降 69.64%。受益于国内信创打印 机出货持续增长，一带一路推动下海外需求旺盛，叠加公司 A 3 打 印机销量实现高速增长，预计公司 2025-2027 年营业收入分别为 156.76/193.94/237.53 亿元，同比分别变动-40.65%/23.72%/ 22.48%，归母净利润为 15.60/22.12/29.90 亿元，同比分别增长 108.28%/41.73%/35.21%，对应 PE 20/14/10 倍，维持"买入"评 级。 事件 2024 年，公司营收 264.15 亿元，同比增长 9.78%；归母净利润 7.49 亿元，同比增长 112.11%；扣非归母净利润 3.53 亿元，同比 增长 105.60%。2025 年第一季度，公司营收 59.27 亿元，同比下 降 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 33.67 CNY, based on a projected PE of 10.8x for 2025 [4][9][13]. Core Views - The company is positioned as a leading exporter of office furniture, benefiting from a recovery in U.S. home demand and a robust cross-border e-commerce strategy. The integration of multiple quality acquisitions is expected to gradually contribute to performance, with long-term growth prospects remaining strong [9][11][13]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.03 billion CNY, a year-on-year increase of 34.59%, while the net profit attributable to shareholders was 263 million CNY, a slight decrease of 0.02% [1]. - The first quarter of 2025 saw revenues of 2.65 billion CNY, up 12.74% year-on-year, but net profit dropped by 49.49% to 52 million CNY [1]. - The gross margin for 2024 was 18.64%, down 5.15 percentage points year-on-year, primarily due to increased shipping costs [4][11]. Business Segment Performance - The company's OBM (Original Brand Manufacturer) business generated 5.94 billion CNY in revenue in 2024, a significant increase of 76.97%, accounting for 53.86% of total revenue [2]. - International revenue reached 9.89 billion CNY in 2024, a growth of 48.88%, while domestic revenue fell by 27.45% to 1.11 billion CNY [3]. Strategic Initiatives - The company is actively expanding its cross-border e-commerce operations, establishing overseas warehouses for efficient logistics and building independent online platforms to enhance brand visibility [3][8]. - The company is also focusing on a "big home" strategy, upgrading product systems and expanding categories to enhance competitiveness [8][9]. Future Projections - Revenue forecasts for 2025-2027 are projected at 12.72 billion CNY, 14.51 billion CNY, and 16.80 billion CNY, with year-on-year growth rates of 15.30%, 14.07%, and 15.79% respectively [9][11]. - Net profit forecasts for the same period are 390 million CNY, 467 million CNY, and 577 million CNY, with growth rates of 48.44%, 19.53%, and 23.58% respectively [9][11].

上 市 公 司 基础化工 ——行业底部凸显盈利韧性，兼具高成长与高分红 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 05 月 16 日 | | --- | --- | | 收盘价（元） | 5.16 | | 一年内最高/最低（元） | 8.28/4.90 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 5.81 | | 流通 A 股市值（百万元） | 17,123 | | 上证指数/深证成指 | 3,367.46/10,179.60 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.98 | | 资产负债率% | 44.77 | | 总股本/流通 A 股（百万） | 3,739/3,318 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-16 06-16 07-16 08-16 09-16 10-16 11-16 12-16 01-16 02-16 03-16 04-16 05-16 -40% -30 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.08 CNY, based on a projected average P/E ratio of 16 times for comparable companies in 2025 [2][3]. Core Insights - The company is facing pressure on quarterly performance, with a notable decline in Q1 2025 net profit by 22.8% year-on-year, attributed to fluctuations in raw material prices [8]. - The sales structure is improving, with export and overseas sales revenue reaching 10.73 billion CNY in 2024, a 14.19% increase, accounting for 49.2% of total tire product revenue [8]. - The company plans to invest 8.71 billion CNY in building a third factory in Brazil, expected to generate annual revenue of 7.758 billion CNY and net profit of 1.213 billion CNY upon completion [8]. Financial Performance Summary - Revenue is projected to grow from 20.165 billion CNY in 2023 to 32.820 billion CNY by 2027, with a CAGR of 18.6% in 2023 and 26.4% in 2025 [6][10]. - The net profit attributable to the parent company is expected to increase from 1.391 billion CNY in 2023 to 2.692 billion CNY in 2027, reflecting a growth rate of 376.9% in 2023 [6][10]. - The company's gross margin is forecasted to stabilize around 20.7% to 21.2% from 2025 to 2027, despite fluctuations in raw material costs [6][10].