2025 年 05 月 07 日 投资评级：买入（维持） | 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 8.05 | | 一年最高最低(元) | 10.04/5.15 | | 总市值(亿元) | 386.62 | | 流通市值(亿元) | 386.62 | | 总股本(亿股) | 48.03 | | 流通股本(亿股) | 48.03 | | 近 3 个月换手率(%) | 45.73 | 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 海澜之家 沪深300 相关研究报告 纺织服饰/服装家纺 公 司 研 究 《Q3 弱零售下负经营杠杆显著，并表 及备货推高库存—公司信息更新报 告》-2024.10.31 《Q2 线下承压线上高增，斯搏兹并 表，延续高分红—公司信息更新报告》 -2024.8.22 2025Q1 主业稳健，期待京东奥莱、FCC 双线发力 ——公司信息更新报告 lvming@kysec.cn 吕明（分析师） 周嘉乐（分析师） 张霜凝（分析师） zhoujiale@kyse ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 11.206 billion yuan for 2024, representing a year-on-year growth of 50%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.19 billion yuan, a significant increase of 177% year-on-year, although it saw a slight decline of 2% quarter-on-quarter. The net profit for this quarter was 721 million yuan, marking a 224% year-on-year increase but a 28% decrease from the previous quarter [2][4]. - For Q1 2025, the company reported a revenue of 2.566 billion yuan, a 36% increase year-on-year, but a 20% decrease quarter-on-quarter. The net profit for this quarter was 706 million yuan, up 63% year-on-year, with a 2% decline quarter-on-quarter [2][4]. Financial Performance - The inverter business generated a revenue of 5.56 billion yuan in 2024, growing by 25% year-on-year, with significant increases in sales volumes across various inverter types [10]. - The energy storage battery pack revenue reached 2.45 billion yuan, a remarkable growth of 177% year-on-year, with a gross margin of 41.3%, up 7.4 percentage points [10]. - The company expects to achieve a profit of 4 billion yuan in 2025, corresponding to a price-to-earnings ratio of only 14 times [6][10]. Market Outlook - The company is expected to benefit from increasing demand in emerging markets such as Southeast Asia, Africa, and the Middle East, with a stable market share and profitability anticipated for the year [10]. - The report highlights the company's strong alpha in emerging markets, with significant advantages in products, channels, and costs [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue in Q1 2025 decreased by 3.1% year-on-year, while net profit attributable to shareholders fell by 2.1%. However, net interest income increased by 1.9%, and non-interest income grew by 10.6%, with wealth management fee income being a key highlight, growing by 10.5% [2][6]. - The cost of liabilities is declining, with the deposit interest rate decreasing to 1.29% in Q1, reinforcing the company's core advantage of low funding costs [2][6]. - The non-performing loan (NPL) ratio decreased by 1 basis point to 0.94% at the end of Q1, and the provision coverage ratio fell by 2 percentage points to 410% [2][6]. - The new NPL generation rate for Q1 was 1.00%, down by 5 basis points compared to the full year of 2024, primarily due to a significant decline in corporate NPL generation [2][6]. - The core Tier 1 capital adequacy ratio remains the highest in the industry, indicating solid internal growth advantages and significant investment value [2][6]. Summary by Sections Performance - The company's Q1 net interest income growth turned positive, supported by a low base from the previous year and a smaller-than-expected decline in interest margins. Non-interest income decreased by 10.6%, with a 2.5% drop in middle-income sources [12]. - The profit aspect showed a reduction in credit impairment provisions year-on-year, although the cost-to-income ratio and tax rate increased slightly [12]. Scale - Corporate lending drove growth, with loans increasing by 3.4% compared to the beginning of the period, mainly due to a 6.5% increase in corporate loans and a 9.8% rise in bills. Retail loan growth was slower at 0.4% due to a contraction in credit card loans [12]. - Deposits grew by 2.5%, with the proportion of demand deposits remaining stable at 50.5% of the average daily balance in Q1, up 0.1 percentage points from the full year of 2024 [12]. Interest Margin - The net interest margin stood at 1.91%, with a quarterly decline of 3 basis points, which is better than the expected decline of 7 basis points for the full year of 2024. The absolute level of interest margin remains advantageous compared to other large banks [12]. - The loan yield was 3.53%, down 17 basis points, reflecting the impact of repricing and lower rates on new loans [12]. Non-Interest Income - Non-interest income saw a decline of 10.6%, with middle-income sources down by 2.5%. However, wealth management fee income turned positive, growing by 10.5% in Q1, with significant increases in sales of mutual funds and trusts [12]. Asset Quality - The NPL ratio and new NPL generation rate showed improvement, with the new generation rate at 1.00%, down from the previous year. The corporate NPL generation decreased significantly, while retail NPL generation is still on the rise [12]. - The NPL ratio for real estate corporate loans was 4.79%, showing a slight increase but remaining stable overall [12]. Investment Recommendation - The company has a strong capital position with no dilution pressure from refinancing. The core Tier 1 capital adequacy ratio remains stable at 14.9%, the highest in the industry. The expected dividend payout ratio for 2024 is 35% [12]. - The decline in Q1 performance was mainly due to investment income, while core business revenues from interest and wealth management showed positive growth. The company is expected to maintain positive profit and dividend growth for the year [12].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company achieved a 5.1% year-on-year increase in operating income and a 6.7% increase in net profit attributable to shareholders in Q1 2025. The non-performing loan ratio remained stable at 0.97%, with a provision coverage ratio of 326%, indicating improved risk mitigation capabilities [2][6]. - The company is recognized as a "dark horse" in the small and micro banking sector, with consistently strong performance and asset quality. It has invested in high-quality rural commercial banks in Zhejiang, enhancing its return on equity (ROE) independent of economic cycles. The current valuation stands at 0.51 times the 2025 price-to-book ratio [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company reversed the trend of declining net interest income, achieving a positive growth of 2.7%. This is expected to continue throughout the year. The decline in funding costs, particularly for deposits, is a key factor in this improvement [2][6]. - The total loan amount increased by 4.4% compared to the beginning of the year, with public loans growing by 7.6% and retail loans by 0.6%. The company anticipates maintaining double-digit growth in credit this year despite some weakness in retail loan demand [2][6]. Asset Quality - The company's asset quality is significantly better than its peers in the small and micro banking sector, with a non-performing loan net generation rate of 0.59%. The provision coverage ratio has been on a continuous upward trend since the company's listing [2][6]. Strategic Investments - The company is steadily advancing its strategic investments in small banks, having increased its stake in Cangnan Rural Commercial Bank to 7.58%. This is expected to contribute positively to investment income and capital gains, further enhancing ROE [2][6].

| 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 8.05 | | 一年最高最低(元) | 10.04/5.15 | | 总市值(亿元) | 386.62 | | 流通市值(亿元) | 386.62 | | 总股本(亿股) | 48.03 | | 流通股本(亿股) | 48.03 | | 近 3 个月换手率(%) | 45.73 | 股价走势图 纺织服饰/服装家纺 公 司 研 究 2025 年 05 月 07 日 投资评级：买入（维持） 2025Q1 主业稳健，期待京东奥莱、FCC 双线发力 ——公司信息更新报告 lvming@kysec.cn 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 海澜之家 沪深300 相关研究报告 《Q3 弱零售下负经营杠杆显著，并表 及备货推高库存—公司信息更新报 告》-2024.10.31 《Q2 线下承压线上高增，斯搏兹并 表，延续高分红—公司信息更新报告》 -2024.8.22 吕明（分析师） 周嘉乐（分析师） 张霜凝（分析师） zhoujiale@kyse ...

佳都科技（600728.SH） 证券研究报告 | 季报点评 gszqdatemark 2025 05 07 年 月 日 维持" 增持"评级。考虑到公司围绕轨交和交通两大场景技术底座不断夯 实，相关 AI 技术有望持续赋能公司现有业务场景。考虑到公司在 AI 领域 仍在做持续投入，同时 AI 交通行业应用的盈利能力仍处在试验和爬坡阶 段，相关业绩体现需要一定过程，我们对往期报告的盈利预测进行调整， 预计 2025-2027 年，公司归母净利润分别为 1.68/2.29/3.43 亿元，对应 2025 年 5 月 6 日收盘价，PE 分别为 69.9/51.3/34.3 倍，维持" 增持"评 级。 风险提示：经济下行超预期、财政支出不及预期、国际竞争加剧。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6,228 | 7,949 | 8,909 | 9,789 | 10,321 | | 增长率 yoy（%） | 16.7 | 27.6 | 12.1 | 9.9 ...

公司报告 | 季报点评 航发控制（000738） 证券研究报告 税收及价格调整影响业绩；受益大飞机/通航/无人机等发展 事件：公司 4 月 28 日发布了 2025 年一季报，25Q1 实现营收 13.5 亿元，YoY-4.7%； 归母净利润 1.5 亿元，YoY-43.6%。公司收入下降主要受税收政策调整及部分产品 价格调整影响；净利润下降主要是收入下降，以及折旧及科研项目影响成本摊销增 加等因素导致。利润率方面，公司 25Q1 毛利率为 25.1%，同比减少 7.80pct；净利 率为 11.0%，同比减少 7.49pct。综合点评如下： ⚫ 重视研发投入；经营活动净现金流同比改善明显 费用方面，公司 2025 年一季度期间费用率同比增加 0.48pct 至 11.1%。其中：1） 销售费用率同比减少 0.34pct 至 0.3%；2）管理费用率同比增加 0.53pct 至 8.1%；3） 研发费用率同比增加 0.27pct 至 3.3%；4）财务费用率为-0.5%，较 24Q1 基本持平。 截至 2025Q1 末，公司：1）应收账款及票据 53.9 亿元，较年初减少 2.3%；2）存 货 14.7 亿元 ...

公司报告 | 年报点评报告 牧高笛（603908） 证券研究报告 自主品牌冷山基因再升级 公司发布 24 年年报及 25 年一季报 25Q1：营收 3.3 亿，同比-6%，归母净利润 0.3 亿，同比-3%，扣非归母净 利润 0.3 亿，同比-14%。 24Q4：营收 2.2 亿，同比-26%，归母净利润-866 万，同比-169%，扣非归 母净利润-1110 万，同比-220%。 24A：营收 13 亿，同比-10%，归母净利润 0.84 亿，同比-22%，扣非归母净 利润 0.60 亿，同比-43%。 同时，公司拟向全体股东每 10 股派发现金红利 6.5 元（含税），派发 0.6 亿，派息率 72%。 自主品牌业务调整，代工业务具备韧性 25Q1：OEM/ODM 业务实现营业收入 22,030.15 万元，同比增长 2.46%；自 主品牌业务实现营业收入 11,350.18 万元，同比下降 19.42%。 大牧线上营收 4448 万元，同比+2%，毛利率 33%，同比-5pct；大牧线下 5083 万元，同比-35%，毛利率 22%，同比-1pct； 小牧直营店营收 234 万元，同比-45%，毛利率 ...

丨证券研究报告丨 联合研究丨公司点评丨时代电气（688187.SH） [Table_Title] 时代电气 25Q1 点评：扣非净利润同比+30%， 轨交装备+新兴装备双轮驱动 报告要点 [Table_Summary] 2025 年一季度时代电气轨交装备和新兴装备业务继续稳健发展。预计 2025 年轨交业务继续稳 中向上，半导体板块轨交电网 IGBT 景气向上；同时新能源发电、海工等板块经营向好，持续 看好公司轨交装备+新兴装备双轮驱动。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 赵智勇 杨洋 倪蕤 钟智铧 屈奇 SAC：S0490517110001 SAC：S0490517070012 SAC：S0490520030003 SAC：S0490522060001 SAC：S0490524070003 SFC：BRP550 SFC：BUW100 时代电气（688187.SH） cjzqdt11111 [Table_Title 时代电气 25Q1 2] 点评：扣非净利润同比+30%， 轨交装备+新兴装备双轮驱动 [ ...

丨证券研究报告丨 公司研究丨点评报告丨林洋能源（601222.SH） [Table_Title] 储能盈利维持较高水平，智能板块稳健增长 报告要点 [Table_Summary] 林洋能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 67.42 亿元，同比下降 2%；归母净利 7.53 亿元，同比下降 27%；其中，2024Q4 实现收入 15.76 亿元，同比下降 26%；归母净利-1.57 亿元。2025Q1 实现收入 11.24 亿元，同比下降 28%；归母净利 1.24 亿 元，同比下降 43%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SFC：BQK482 [Table_Title 储能盈利维持较高水平，智能板块稳健增长 2] 公司研究丨点评报告 [Table_Summary2] 事件描述 林洋能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 67.42 亿元，同 ...