Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In Q1 2025, the company achieved operating revenue of 2.57 billion yuan, a year-on-year decrease of 7.8%. However, the net profit attributable to shareholders reached 550 million yuan, reflecting a year-on-year increase of 40.7%. The net profit after deducting non-recurring items was 440 million yuan, up 55.5% year-on-year. The recovery in domestic trade demand and the strong performance in external leasing contributed positively to the company's results [2][5][10]. - The domestic trade sector is in a recovery phase, with supply tightening and freight rates increasing. The PDCI index averaged 1232 points in Q1 2025, up 9.4% year-on-year. The external leasing market remains robust, driven by structural issues in the feeder fleet and increased demand from major shipping companies [10]. - The company is benefiting from rising freight rates in domestic trade and increased rental income from external leasing, leading to improved performance. The gross profit margin increased by 9.4 percentage points to 25.9% due to the rising rental income and cost management [10]. - The company emphasizes shareholder returns, with a projected dividend payout ratio of 60% for 2025-2027, resulting in dividend yields of 5.2%, 5.5%, and 5.7% respectively. The actual dividend payout ratio for 2024 reached 90.39%, corresponding to a yield of 8.1% [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 2.57 billion yuan, down 7.8% year-on-year. Operating costs were 1.90 billion yuan, down 18.1% year-on-year, leading to a net profit of 550 million yuan, up 40.7% year-on-year. The net profit after non-recurring items was 440 million yuan, up 55.5% year-on-year [2][5][10]. Market Dynamics - The domestic trade market is recovering, with a year-on-year increase of 2.3% in container throughput at major ports in January-February 2025. The supply expansion phase has ended, and the growth rate of domestic shipping supply is expected to remain low in the coming years [10]. - The external leasing market is experiencing high demand, with significant increases in rental rates for feeder vessels. The rental rates for 2750TEU and 4250TEU feeder vessels increased by 114.1% and 143.3% year-on-year, respectively [10]. Future Outlook - The company projects net profits of 1.97 billion yuan, 2.06 billion yuan, and 2.15 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.5, 11.0, and 10.5 times [10].

丨证券研究报告丨 公司研究丨点评报告丨招商轮船（601872.SH） [Table_Title] 悲观预期充分释放，油散景气修复上行 报告要点 [Table_Summary] 2025Q1 营业收入 56.0 亿元，同比-10.5%；归母净利润 8.7 亿，同比-37.1%。分业务板块看， 集运受益于红海事件后，东南亚等航线运价同比上涨以及运力增加带来货量增长，业绩较好； 油轮板块，受去年同期高基数拖累，以及去年年底相对低位的运价影响经营，业绩承压；散运 板块，铁矿石和铝土矿发运受阻运价下滑，VLOC 船队以 COA 合同为主保障韧性，但巴拿马 船受限于南美粮食发运低迷以及租入船业务有所亏损，业绩承压。一季度油运、散运运价前低 后高，悲观预期释放充分，行业景气修复上行，有望迎来油、散共振行情，维持"买入"评级。 分析师及联系人 [Table_Author] 韩轶超 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 招商轮船（601872.SH） cjzqdt11111 [Table_Title2] 悲观预 ...

丨证券研究报告丨 公司研究丨点评报告丨青岛港（601298.SH） [Table_Title] 集装箱板块高增长，静待内需油散修复 报告要点 青岛港（601298.SH） cjzqdt11111 [Table_Title2] 集装箱板块高增长，静待内需油散修复 [Table_Summary] 2025 年第一季度公司实现营业收入 48.1 亿元，同比+8.5%；实现归母净利润 14.0 亿，同比 +6.5%。经营层面，集装箱吞吐量受益于对美抢出口，保持高增长；散杂货，特别是油品吞吐 量受制于地炼开工率低迷而承压。业绩方面，公司毛利增长主要受益于集装箱吞吐量高增长。 投资收益下降或是液体散货板块业务量下滑所致。展望未来，地炼开工率有企稳回升迹象，铁 水产量和高炉开工率上行，油品和干散货吞吐量或修复上行，多元业务凸显公司经营韧性。 分析师及联系人 [Table_Author] 韩轶超 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 2025 年第一季度公司实现营业 ...

丨证券研究报告丨 公司研究丨点评报告丨百龙创园（605016.SH） [Table_Title] 业绩保持持续增长，食品添加剂系列前景广 阔 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年实现收入 11.5 亿，同比变动+32.6%，归母净利 润 2.5 亿，同比变动+27.3%，扣非净利润 2.3 亿，同比变动+31.7%。2025Q1 实现收入 3.1 亿， 同比变动+24.3%，环比变动-5.4%，归母净利润 0.8 亿，同比变动+52.1%，环比变动+29.2%， 扣非净利润 0.8 亿，同比变动+60.0%，环比变动+40.3%。2024 年度公司现金分红（包括中期 已分配的现金红利）总额 0.6 亿，占 2024 年度归属于上市公司股东净利润的比例为 25.0%。 同时，公司拟向全体股东每 10 股以资本公积转增 3 股。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_S ...

丨证券研究报告丨 公司研究丨点评报告丨粤电力 A（000539.SZ） [Table_Title] 主业量价偏弱压制营收表现，成本降幅难以对冲 业绩承压 报告要点 [Table_Summary] 2025 年一季度公司累计完成发电量 252.92 亿千瓦时，同比减少 10.32%。2025 年以来广东电 力市场竞争加剧，年度双边协商交易成交均价大幅下降，量价均显著下降导致公司营收持续承 压，一季度实现营业收入 105.73 亿元，同比下降 17.33%。虽然在煤价持续回落带动下，公司 营业成本同比下降 11.14%，但成本的回落幅度难以弥补营业收入下降带来的不利影响，公司 一季度归母净利润亏损 3.83 亿元，同比减少 403.21%。 分析师及联系人 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 张韦华 司旗 宋尚骞 刘亚辉 [Table_Author] 粤电力 A（000539.SZ） ...

丨证券研究报告丨 公司研究丨点评报告丨阿科力（603722.SH） [Table_Title] COC 量产在即，打开公司成长空间 报告要点 SFC：BUT964 SFC：BVN517 %% %% %% %% research.95579.com 1 阿科力（603722.SH） cjzqdt11111 [Table_Summary] 公司 2024 年实现营业收入 4.66 亿元，同比下降 13.14%；归母净利润-0.20 亿元，同比转亏； 扣非归母净利润-0.22 亿元，同比下降 215.47%。其中 2024 年第四季度营业收入 1.02 亿元， 同比下降 17.45%，环比下降 16.88%；归母净利润-0.13 亿元，同比转亏，环比增亏；扣非归 母净利润-0.13 亿元，同比转亏，环比增亏。公司 2025 年第一季度营业收入 1.06 亿元，同比 上升 2.70%，环比上升 4.11%；归母净利润-0.05 亿元，同比转亏，环比减亏；扣非归母净利润 -0.06 亿元，同比转亏，环比减亏。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0 ...

Investment Rating - The investment rating for the company is upgraded from "Hold" to "Buy" [1][7] Core Views - The company has shown stabilization in its pre-mixed beverage revenue and is expected to see growth from its whiskey products in the upcoming quarters [3][5] - The financial performance for FY24 and Q1 FY25 indicates a decline in total revenue and net profit, but the market expectations were met [2][6] - The company is focusing on enhancing its whiskey business, with significant developments in its supply chain and product offerings planned for 2025 [5][6] Summary by Sections Financial Performance - For FY24, the company achieved total revenue of 3.05 billion yuan, a year-on-year decrease of 6.6%, and a net profit of 720 million yuan, down 11.2% [2] - In Q4 FY24, total revenue was 660 million yuan, a decline of 18.0%, while net profit was 140 million yuan, slightly up by 0.5% [2] - For Q1 FY25, total revenue was 740 million yuan, down 8.1%, and net profit was 180 million yuan, up 7.0% [2] Revenue Breakdown - Pre-mixed cocktails and food flavoring generated revenues of 2.68 billion yuan and 340 million yuan respectively in FY24, with year-on-year changes of -7.2% and +6.4% [3] - Offline, digital retail, and ready-to-drink channels reported revenues of 2.71 billion yuan, 270 million yuan, and 40 million yuan respectively, with year-on-year changes of -1.5%, -30.8%, and -43.6% [3] Profitability and Costs - The gross margin for FY24 and Q1 FY25 was 69.7%, reflecting an increase of 3.0 and 1.3 percentage points year-on-year, attributed to cost optimization and a higher proportion of high-margin offline channels [4] - The net profit margin for FY24 and Q1 FY25 was 23.5% and 24.6%, showing a year-on-year change of -1.2 and +3.7 percentage points [4] Strategic Focus - The whiskey business is a key strategic focus, with the company planning to launch new products and enhance its brand positioning in 2025 [5][6] - The company aims to strengthen its product matrix for pre-mixed beverages while gradually rolling out whiskey products, anticipating that the consumer base from pre-mixed beverages will support whiskey sales [5][6] Earnings Forecast - The revenue forecast for FY25 and FY26 has been adjusted down to 3.46 billion yuan and 3.91 billion yuan respectively, with net profit estimates revised to 830 million yuan and 970 million yuan [6][7] - The earnings per share (EPS) for FY25 and FY26 are projected to be 0.79 yuan and 0.93 yuan, respectively [7]

股票研究 /[Table_Date] 2025.05.03 2025-05-07 业绩持续复苏，Q1 发货量大幅增长 海泰新光 2024A & 2025Q1 业绩点评 本报告导读： 24 年前三季度下游客户去库影响发货节奏，24Q3 以来发货逐步恢复，25Q1 发货 量同比增长 40%以上，维持增持评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 471 | 443 | 556 | 681 | 826 | | (+/-)% | -1.3% | -5.9% | 25.5% | 22.6% | 21.2% | | 净利润（归母） | 146 | 135 | 179 | 223 | 275 | | (+/-)% | -20.2% | -7.1% | 31.9% | 24.8% | 23.5% | | 每股净收益（元） | 1.21 | 1.12 | 1.48 | 1.85 | 2.28 | | 净资产收益率(%) ...

奕瑞科技 2024A & 2025Q1 业绩点评 本报告导读： 公司是 X 线影像设备核心部件国产龙头企业，市场份额持续提升，新核心部件及综 合解决方案业务快速增长，维持优于大市评级。 投资要点： 探测器份额稳固，新核心部件快速拓展 [Table_Trend] 公 司 年 报 点 评 证 券 研 究 报 告 股票研究 /[Table_Date] 2025.04.29 2025-05-07 请务必阅读正文之后的免责条款部分 股 票 研 究 [table_Authors] 余文心(分析师) 赵峻峰(分析师) 江珅(研究助理) 021-38676666 021-38676666 021-38676666 登记编号 S0880525040111 S0880519080017 S0880125042234 [Table_Summary] 维持优于大市评级。24 年公司实现收入 18.31 亿元(-1.74%)，归母净 利润 4.65 亿元(-23.43%)，扣非净利润 4.39 亿元(-25.84%)。25Q1 实 现收入 4.82 亿元(-1.92%)，归母净利润 1.43 亿元(+2.74%)，扣非净利 润 1.4 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][13]. Core Views - The company has emerged from the impact of centralized procurement, achieving strong growth on a low base in its traditional orthopedic segment, and successfully expanding into new business areas [1][5]. - The forecasted EPS for 2025-2026 is RMB 1.24 and RMB 1.64, with a new forecast for 2027 at RMB 1.99. A target PE of 36X for 2025 is set, leading to a target price of RMB 44.64 [5][13]. Financial Summary - In 2024, the company is expected to achieve revenue of RMB 2.14 billion, a year-on-year increase of 39.3%, and a net profit attributable to shareholders of RMB 357 million, reflecting a 505% increase [5][14]. - For Q1 2025, revenue is projected at RMB 550 million, up 28.8%, with a net profit of RMB 103 million, an increase of 67% [5][14]. - The company’s revenue growth is attributed to the clearing of inventory adjustments from previous centralized procurement impacts, leading to a strong performance in 2024 [5][14]. Business Segments - The core orthopedic product lines, including trauma and spine products, have shown continued sales growth post-centralized procurement, with trauma sales revenue in 2024 expected to reach RMB 821 million, a 43.4% increase [5][15]. - Non-orthopedic consumables are also experiencing good growth, with the company aiming to become a medical equipment platform, investing heavily in R&D [5][16].