2025 年 5 月 5 日 公司研究 涡轮增压器业务表现突出，战略布局机器人零部件业务 ——西菱动力（300733.SZ）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年度报告及 2025 年一季报。公司 2024 全年实现营业 收入 17.53 亿元，同比增长 15.38%；实现归母净利润 0.51 亿元。2025 年一季 度营业收入 3.88 亿元，同比增长 0.29%；实现归母净利润 0.21 亿元，同比增长 107.58%。公司拟向全体股东每 10 股派发现金红利 0.50 元（含税）。 涡轮增压器业务已成为汽车零部件板块的核心增长动力。2024 年公司汽车零部 件板块整体收入为 15.80 亿元，同比增长 11.46%；毛利率为 14.22%，较上一 年度提升 4.83 个百分点。具体产品来看，涡轮增压器总成保持较快增长，2024 年度实现收入 9.86 亿元，同比增长 25.12%；凸轮轴总成、连杆总成、曲轴减 震器等传统产品收入为 5.94 亿元，略微下降。涡轮增压器产品已成为公司汽车 零部件板块增长的核心动力，业务进入理想、吉利、奇瑞等知名客户市场， 2022 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Insights - The company achieved a revenue of 1.349 billion yuan in 2024, representing a year-over-year growth of 16.93%, and a net profit attributable to the parent company of 113 million yuan, up 11.54% year-over-year [2]. - In Q1 2025, the company reported a revenue of 330 million yuan, a slight increase of 2.35% year-over-year, but the net profit attributable to the parent company decreased by 32.97% to 29 million yuan, falling short of previous expectations [2][4]. - The pharmaceutical segment saw significant growth, with revenues reaching 382 million yuan in 2024, a 34.2% increase year-over-year, driven by substantial growth in both commercial sales channels and e-commerce platforms [3]. - The medical device segment also showed steady growth, with revenues of 923 million yuan in 2024, a 10.98% increase year-over-year, supported by a growing pay-per-use model [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.349 billion yuan, with a net profit of 113 million yuan. The Q1 2025 results showed revenue of 330 million yuan and a net profit of 29 million yuan [2][4]. - The pharmaceutical segment's revenue was 382 million yuan in 2024, with a gross margin improvement of 9.46 percentage points to 47.7% [3]. - The medical device segment generated 923 million yuan in revenue, with a notable 25.23% increase in pay-per-use and leasing income [3]. Profitability Forecast - The net profit forecasts for 2025 and 2026 have been revised down to 179 million yuan and 253 million yuan, respectively, reflecting a decrease of 44.2% and 44.6% from previous estimates [4]. - The company is projected to achieve a net profit of 328 million yuan by 2027, with corresponding price-to-earnings ratios of 45, 32, and 24 for 2025, 2026, and 2027, respectively [4]. Market Position - The company is recognized as a leader in non-invasive screening for MASH, with its products distributed across major countries in Europe, Asia, and North America [4].

证券研究报告 | 公司点评报告 2025 年 05 月 05 日 云铝股份（000807.SZ） Q1 利润环比大增 预计 Q2 利润继续提升 周期/金属及材料 公司发布 2024 年报和 2025 年一季报，2024 年实现营业收入 544.50 亿元，增 27.61%；归母净利润 44.12 亿元，增 11.52%；扣非归母净利润 42.58 亿元， 同比+8.34%。2024Q4，归母净利润 5.92 亿元，同比-59.21%，环比-54.52%。 2025 年一季报归母净利润 9.74 亿元，同比-16.26%，环比+64.66%。 风险提示：铝价下跌风险、原材料价格波动风险、气候导致的限电风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 42669 | 54450 | 56985 | 57839 | 57939 | | 同比增长 | -12% | 28% | 5% | 1% | 0% | | 营业利润(百万元) | 5542 ...

2025 年 05 月 05 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 短期业绩承压，静待公司国内外市场拓展兑现 ——浩洋股份（300833）公司动态研究 最近一年走势 投资要点: 浩洋股份于 2025 年 4 月 24 日发布 2024 年年报和 2025 年一季报： 1）2024：公司实现营收 12.1 亿元，同比-7.1%；归母净利润 3.0 亿 元，同比-17.6%；经营活动现金流 2.7 亿元，同比-31%；销售毛利 率 50.4%，同比+0.4pct，销售净利率 25.2%，同比-3.1pct。从产品 端来看，收入下降的原因系舞台娱乐灯光设备营收同比下降 10.6%， 同比下降 1.3 亿元。从销售结构来看，收入下降的原因主要系全球化 受阻、地缘政治冲突加剧、产业链重构等使经济面临的不确定性加 大，从而导致 2024 年外销/内销分别同比下降 0.76/0.17 亿元。 2）2024Q4：公司实现营收 2.7 亿元，同比-9.6%；归母净利润 0.4 亿元，同比-22. ...

2025 年 05 月 05 日 公司研究 评级：买入(维持) [Table_Title] 扎实推进降本增效，聚酯龙头迈向高质量发展 ——新凤鸣（603225）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 新凤鸣 | -10.1% | -7.2% | -23.2% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 10.78 | | 周价格区间（元） 52 | | | 9.53-16.29 | | 总市值（百万） | | | 16,436.96 | | 流通市值（百万） | | | 16,296.90 | | 总股本（万股） | | | 152,476.44 | | 流通股本（万股） | | | 151,177.14 | | 日均成交额（百万） | | | 117.04 | | 近一月换手（%） | | | 0.81 | | 研究所： | | | | --- ...

证券研究报告·公司点评报告·汽车零部件 潍柴动力（000338） 2025 年一季报点评：Q1 业绩亮眼，发动机 龙头强者恒强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 213,958 | 215,691 | 228,632 | 250,533 | 263,153 | | 同比（%） | 22.15 | 0.81 | 6.00 | 9.58 | 5.04 | | 归母净利润（百万元） | 9,014 | 11,403 | 12,863 | 15,310 | 16,172 | | 同比（%） | 83.77 | 26.51 | 12.80 | 19.03 | 5.63 | | EPS-最新摊薄（元/股） | 1.03 | 1.31 | 1.48 | 1.76 | 1.86 | | P/E（现价&最新摊薄） | 14.70 | 11.62 | 10.30 | 8.65 | 8.19 | [Table_Tag] ...

2025 年 5 月 5 日 公司研究 终端门店持续优化，产品矩阵更加完善 ——周大生（002867.SZ）2024 年年报及 2025 年一季报点评 要点 公司 1Q2025 营收同比下降 47.28%，归母净利润同比下降 26.12% 公司公布 2025 年一季报：1Q2025 实现营业收入 26.73 亿元，同比下降 47.28%， 实现归母净利润 2.52 亿元，同比下降 26.12%，实现扣非归母净利润 2.42 亿元， 同比下降 27.97%。 2024 年，公司实现营业收入 138.91 亿元，同比下降 14.73%，实现归母净利润 10.10 亿元，同比下降 23.25%，实现扣非归母净利润 9.88 亿元，同比下降 22.11%。 终端门店持续优化，产品矩阵更加完善 渠道方面，公司持续优化门店矩阵，提升门店质量。截至 1Q2025 末，周大生品 牌终端门店数量 4831 家，其中加盟门店 4435 家，自营门店 396 家，较年初净 减少 177 家。按门店类型划分，周大生品牌加盟专卖店为 1725 家，加盟专柜为 2710 家，自营专柜为 187 家，自营专卖店为 209 家。产品方面，公 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 263.83 CNY [4][10]. Core Views - The company reported a revenue of 36.726 billion CNY in 2024, representing a year-on-year growth of 5.14%, while the net profit attributable to shareholders was 11.668 billion CNY, a growth of 0.74% [1]. - The first quarter of 2025 showed a revenue of 8.237 billion CNY, a year-on-year decline of 12.12% but a quarter-on-quarter increase of 13.76% [1]. - The recovery in bidding activities since the end of 2024 is expected to gradually improve the company's performance [2]. - The company is positioned as a leader in industry digitalization, leveraging AI to enhance business expansion and innovate its business model [4][9]. Financial Performance Summary - In 2024, the company's revenue from life information and support business was 13.557 billion CNY, down 11.11% year-on-year, while the minimally invasive surgery segment grew over 30% [3]. - The in-vitro diagnostics business generated 13.765 billion CNY in 2024, marking a year-on-year increase of 10.82% [3]. - The medical imaging business achieved a revenue of 7.498 billion CNY in 2024, with international sales growing over 15% [3]. - The company expects revenue growth rates of 10.5%, 15.5%, and 14.6% for 2025 to 2027, respectively, with net profit growth rates of 9.7%, 15.3%, and 15.0% [10].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company achieved a record high revenue of 46.858 billion yuan in Q1 2025, representing a year-on-year growth of 165.31% and a quarter-on-quarter growth of 48% [1]. - The net profit attributable to shareholders reached 463 million yuan, with a year-on-year increase of 52.78%, while the non-recurring net profit was 427 million yuan, up 80.76% year-on-year [1]. - The company's inventory reached 45.9 billion yuan, a 13% increase quarter-on-quarter, and contract liabilities grew to 16.2 billion yuan, up 43% quarter-on-quarter, indicating strong demand for computing power [1]. - The company continues to demonstrate good cost control, with sales, management, and R&D expenses changing by -3%, +19%, and +4% respectively, despite significant revenue growth [2]. - The gross margin for Q1 2025 was 34.5%, down 4.63 percentage points year-on-year, impacted by uncertainties in the Sino-US trade environment and fluctuations in raw material prices [2]. - The company maintains a leading position in the liquid cooling server market, with a market share of 35.5% in sales and 34.2% in shipment volume for its flagship product [2]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.916 billion yuan, 3.806 billion yuan, and 4.706 billion yuan respectively, with corresponding PE ratios of 26, 20, and 16 times [3]. - The company is expected to maintain high growth in AI computing investments, indicating potential for valuation improvement [3].

公司自产元器件业务实现收入 2.71 亿元，占总营收的 35.56%，同比增长 11.78%。我们认为，当前作为十四五规划最后一年有望释放之前延迟的订 单叠加"十五五"规划初期新装备带来新一轮备货周期，25 年公司订单或 将恢复带来业绩复苏。同时伴随我军信息化进程进一步加深，进一步补齐 电子对抗、军工数据链等具体技术领域短板，或对该板块有着重要牵引作 用。天极科技、福建毫米等子公司多品类布局薄膜电路和电阻器产品，其 中福建毫米通过 IATF16949 汽车体系认证，公司有望继 MLCC 产品之后打 开自产元器件业务新的业绩增长点。 新材料板块实现收入 0.72 亿元，占主营业务收入的 9.45%，同比增长 176.69%。新材料板块增长显著，公司核心产品聚碳硅烷、纤维材料等均在 下游应用上取得了阶段性进展，形成持续稳定供应。我们认为，新一代航 空装备或已亮相登场，陶瓷材料为新一代装备的基础支撑，具有重大战略 意义，市场空间广阔，公司作为其上游核心供应商卡位优势明显，或将充 分受益陶瓷材料在新一代装备中加速渗透，新材料业务有望持续保持高速 增长。 公司报告 | 季报点评 火炬电子（603678） 证券研究报告 ...