日联科技（688531.SH）：从"卡脖 子突围"到"全球智检"，国产替 代与结构性增长双引擎 2025 年 5 月 15 日 推荐/首次 日联科技 公司报告 公司是国内领先的工业 X 射线智能检测装备供应商、工业 X 射线领域的龙头 企业。公司主要产品包括工业 X 射线智能检测装备、影像软件和微焦点 X 射 线源，实现 X 射线检测全产业链技术布局。公司在核心部件 X 射线源领域实 现了重大突破，成功研制出国内首款封闭式热阴极微焦点 X 射线源并实现产 业化应用，打破了外国垄断，填补了国内空白，解决了"卡脖子"问题。公司 X 射线智能检测装备广泛应用于半导体封装、锂电生产、汽车零部件制造等高 精度检测场景，公司客户覆盖比亚迪、立讯精密等龙头企业，产品已出口到 70 余个国家及地区。 国内工业 X 射线检测设备有望迎来快速增长期，逐步实现国产替代。根据沙利 文咨询的统计和预测，除医疗健康外，2021 年我国 X 射线检测设备的市场规 模约为 119 亿元，受到下游集成电路及电子制造、新能源电池等行业需求的快 速增长影响，X 射线检测设备预计在 2021-2026 年将维持高速增长的趋势， 2026 年，我国 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][8]. Core Views - The company is undergoing a significant transformation driven by "intelligent computing power + data elements," focusing on AI capabilities to enhance its market competitiveness and operational efficiency [3][5][6]. - The financial outlook shows a narrowing of losses, with projected net profits increasing significantly from 2025 to 2027, indicating a potential turning point in profitability [5][6][7]. Summary by Sections 1. AI and Big Data-Driven Core Business Layout - The company is building a high-performance computing service ecosystem, aligning with national strategies and forming joint ventures to enhance its computing power capabilities [13]. - The "HuiKe Cloud" platform is central to the company's data assetization process, integrating extensive offline commercial data to provide intelligent decision-making solutions [14][16]. - A change in actual control is anticipated, with a strategic shift towards integrating 3D printing, AI, and computing power [17][20]. 2. Large Models Driving Industrial Transformation - The emergence of open-source ecosystems is facilitating rapid innovation in vertical applications, with the company leveraging these advancements to enhance its AI capabilities [4][35]. - The introduction of the "Doubao Video World" model represents a breakthrough in visual cognition, enabling new applications in various fields without reliance on textual data [38][42]. 3. Financial Overview: Narrowing Losses and Strengthening Long-Term Value - The company has experienced revenue fluctuations and short-term profitability pressures, primarily due to high R&D expenditures and fixed costs [59]. - The transition to data services has led to a significant improvement in gross margins, indicating the effectiveness of the strategic shift towards becoming a data service provider [61]. 4. Profit Forecast and Investment Recommendations - The company is expected to see substantial growth in net profits from 2025 to 2027, with earnings per share projected to rise significantly [6][7]. - The report emphasizes the potential for the company's AI and data services to drive future growth, supported by favorable market conditions and policy incentives [6][54].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][6]. Core Views - The company has faced challenges in its zeolite and pharmaceutical segments due to weak downstream demand, but there is optimism regarding the growth potential from its various new material developments [4][9]. - The financial performance for 2024 shows a total revenue of RMB 3.693 billion, a decrease of 14.22% year-on-year, and a net profit attributable to shareholders of RMB 246 million, down 67.72% year-on-year [4][10]. - The report highlights the company's ongoing research and development efforts and the successful progress in new materials, which are expected to drive long-term growth [9][12]. Financial Summary - For 2024, the company reported total revenue of RMB 36.93 billion, with a significant decline in net profit to RMB 2.46 billion, reflecting a 67.72% decrease compared to the previous year [4][10]. - The first quarter of 2025 saw a revenue drop of 8.17% to RMB 861.23 million, with a net profit decrease of 18.76% to RMB 79.87 million [12]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.39, RMB 0.48, and RMB 0.56 respectively, with corresponding price-to-earnings (PE) ratios of 28.4, 23.1, and 19.6 [6][8]. Business Segment Performance - The functional materials segment generated RMB 30.19 billion in revenue for 2024, down 10.30% year-on-year, with a gross margin of 39.96% [9]. - The company has maintained its leading position in high-end liquid crystal monomer materials and has seen good development in OLED materials, while also making progress in semiconductor manufacturing materials [9][12]. - The life sciences and pharmaceutical business experienced a revenue decline of 28.65% to RMB 6.29 billion in 2024, although the gross margin improved to 38.16% [9]. Future Outlook - The company is expected to expand its production capacity in functional materials, with the first phase of the Penglai project set to gradually come online in the first half of 2025 [9]. - The report emphasizes the potential for growth in various new materials, including applications in the petrochemical sector and advancements in OLED and semiconductor materials [9][12].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 57.68, indicating a potential upside from the current price of RMB 49.90 [1][8]. Core Insights - The company is solidifying its rehabilitation core business while expanding into the emerging medical aesthetics energy source market. The report highlights the company's strategic upgrades in technology platforms and product lines, which are expected to drive future growth [1][8]. - Despite a weak consumption recovery, the forecasted EPS for 2025-2026 is RMB 1.28 and RMB 1.51, with an additional forecast of RMB 1.81 for 2027. The company is positioned in emerging sectors like medical aesthetics and rehabilitation robotics, suggesting potential for a second growth phase [1][8]. Financial Summary - Revenue for 2024 is projected at RMB 400 million, a decrease of 13.45% from the previous year. The net profit attributable to shareholders is expected to be RMB 102 million, down 25.16% [4][8]. - By product line for 2024: electrical stimulation revenue is RMB 37 million (-41.75%), magnetic stimulation is RMB 172 million (-13.92%), electrophysiology is RMB 65 million (+0.25%), consumables and accessories are RMB 79 million (+4.14%), and laser radiofrequency is RMB 30 million (-20.87%) [4][8]. - The company is focusing on core product upgrades and expansion in rehabilitation, with significant developments in electrical stimulation and magnetic stimulation products expected to be certified in 2024 [4][8]. Emerging Market Strategy - The company is increasing investments in emerging fields, particularly in the medical aesthetics energy source market. It has developed products such as shaping magnets, picosecond lasers, and radiofrequency devices, targeting gynecology, dermatology, and medical aesthetics [4][8]. - Sales breakthroughs are anticipated in maternal and child channels and light medical aesthetics markets for 2024, with the Nd:YAG frequency-doubled picosecond laser already certified [4][8].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company is expected to recover its performance in 2025 driven by new products and overseas expansion [1][2] - Despite a decline in revenue and profit in Q1 2025 due to high base effects, there is optimism for growth throughout the year as demand recovers and channels expand [1][2] Revenue and Profit Analysis - In 2024, the company's revenue was 7.566 billion yuan, a year-on-year decrease of 5.09%, while the net profit attributable to the parent company was 1.806 billion yuan, down 24.63% [1] - Q4 2024 showed a revenue of 1.538 billion yuan, a year-on-year increase of 17.51%, and a net profit of 274 million yuan, up 33.60% [1] - For Q1 2025, revenue reached 2.436 billion yuan, a year-on-year increase of 9.17%, while net profit was 625 million yuan, down 5.26% [1] Product and Channel Growth - The blood glucose and AED new products are expected to drive high growth in revenue [3] - The blood glucose management segment saw a 40% year-on-year revenue increase in 2024, with CGM products experiencing over 100% growth [3] - The overseas revenue for 2024 was 949 million yuan, a year-on-year increase of 30%, indicating significant growth potential in international markets [4] Profitability Outlook - The gross margin for 2024 was 50.14%, a slight decrease of 1.35 percentage points year-on-year, but is expected to maintain a relatively high level in 2025 [5] - The net margin for 2024 was 23.85%, down 5.96 percentage points year-on-year, but is projected to remain high due to cost reduction and efficiency improvements [5] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 8.688 billion, 10.056 billion, and 11.543 billion yuan, representing year-on-year growth rates of 14.83%, 15.75%, and 14.78% respectively [6] - Net profit forecasts for the same period are 2.094 billion, 2.423 billion, and 2.798 billion yuan, with corresponding year-on-year growth rates of 15.95%, 15.75%, and 15.46% [6]

量增价减业绩承压，疆煤外运龙头仍可期 ——广汇能源事件点评报告 事件 近日，公司召开 2024 年与 2025 年第一季度业绩和现金分红说明会。2024 年，公 司实现营业收入 364.41 亿元，同比-40.72%；归母净利润 29.61 亿元，同比- 42.60%；扣非后归母净利润 29.52 亿元，同比-46.41%。经营活动产生的现金流 量净额 56.75 亿元，同比-16.64%。公司拟向全体股东每 10 股派发现金红利 6.22 元（含税），另加当期回购股份折算红利 0.07822 元/股，实际分配现金红利 0.70022 元/股（含税），合计派发现金红利 44.76 亿元，占当年归母净利润的 151.16%。 2025 年一季度，公司实现营业收入 89.02 亿元，同比-11.34%；归母净 利润 6.94 亿元，同比-14.07%。 证券研究报告 | 公司点评 | 炼化及贸易 投资要点 ❑ 煤炭业务：产销量创历史新高，盈利能力受价格下行影响 。 2024 年 产销量方面。 公司煤炭业务实现跨越式增长，原煤产量达 3983.29 万吨，同比增 长 78.52%；煤炭总销量达 4723.40 万吨 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in Q1 2025 met expectations, with a significant year-on-year increase in net profit of 180.99% [1][2] - The shipbuilding industry is experiencing an upward cycle due to factors such as the ship replacement cycle, environmental policies, and tight production capacity [4][5] - The company has a strong order backlog, with a total of 2,169.62 billion yuan in hand for civil ship orders as of 2024 [2] Financial Performance - In 2024, the company achieved an operating revenue of 78,584 million yuan, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3,614 million yuan, up 22.21% [1] - For Q1 2025, the company reported an operating revenue of 15,858 million yuan, a 3.85% increase year-on-year, and a net profit of 1,127 million yuan, reflecting a 180.99% increase [2] - The gross profit margin for 2024 was approximately 10.20%, with a net profit margin of 4.91% [3] Business Segmentation - The shipbuilding and marine engineering segment generated revenue of 75,374 million yuan in 2024, up 7.03% year-on-year [1] - The electromechanical equipment segment reported revenue of 1,956 million yuan, a 1.45% increase [1] - The company delivered 93 civil ships in 2024, achieving 721.34 million deadweight tons, exceeding the annual plan by 112.74% [2] Order and Delivery Insights - The company secured new orders worth 1,039 million yuan for civil ships in 2024, along with 20.73 million yuan for repair services [1] - As of Q1 2025, the company’s gross profit margin improved to 12.84%, a year-on-year increase of 5.62 percentage points [3] - The total hand-held civil ship orders amounted to 2,169.62 billion yuan, indicating strong future revenue potential [2] Industry Trends - The shipbuilding industry is witnessing a slowdown in new orders, with a 56% year-on-year decline in new orders from January to April 2025 [4][17] - Despite the slowdown, ship prices are expected to continue rising due to tight supply and inflationary pressures [4][5] - The integration of shipbuilding assets within the group is progressing smoothly, which is expected to enhance operational efficiency and competitive positioning [5]

公司报告 | 季报点评 海螺水泥（600585） 证券研究报告 风险提示：公司水泥销量不及预期、水泥需求不及预期、旺季涨价不及预 期、煤炭成本上涨等。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 140,999.43 | 91,029.62 | 100,622.79 | 107,345.86 | 111,455.35 | | 增长率(%) | 6.80 | (35.44) | 10.54 | 6.68 | 3.83 | | EBITDA(百万元) | 21,347.43 | 18,371.74 | 21,477.10 | 24,068.18 | 25,657.93 | | 归属母公司净利润(百万元) | 10,430.14 | 7,696.12 | 10,115.91 | 11,561.51 | 12,487.81 | | 增长率(%) | (33.40) | (26.21) | 31.44 | 14.29 | 8.01 | | EPS(元/股) | ...

-31% 1% 33% 64% 96% 5/24 8/24 11/24 2/25 5/25 兰石重装 沪深300 [Table_Author] 分析师：张帆 兰石重装（ [Table_StockNameRptType] 603169） 公司点评 提质增效多元发展，业务稳健发展 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-15 | | | [Table_BaseData] 收盘价（元） | | 7.91 | | 近 12 个月最高/最低（元） | | 10.32/4.11 | | 总股本（百万股） | | 1,306 | | 流通股本（百万股） | | 1,306 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 103 | | 流通市值（亿元） | | 103 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010522070003 邮箱： zhangfan@hazq.com [Table_CompanyReport] 相关报告 1.兰石重装 Q3 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6] Core Views - The company has achieved significant growth in Q1 2025, with revenue reaching 5.74 billion yuan, a year-on-year increase of 109.02% [1] - The company is actively expanding into multiple industries, including energy storage, semiconductor manufacturing, and data centers, which is expected to enhance its market presence and performance [4][3] Financial Performance - In 2024, the company reported total revenue of 2.16 billion yuan, a year-on-year increase of 17.07%, with a net profit attributable to shareholders of 153.43 million yuan, down 15.87% year-on-year [1][5] - The gross margin for 2024 was 22.06%, a decrease of 5.44 percentage points year-on-year, primarily due to intensified competition in the power electronics temperature control product sector [1] - For Q1 2025, the company achieved a net profit of 62 million yuan, reflecting a substantial year-on-year increase of 1104.89% [1] Revenue Breakdown - In 2024, the revenue from power electronics temperature control products was 1.45 billion yuan, up 21.42% year-on-year, while the revenue from CNC equipment temperature control products was 647 million yuan, an increase of 6.68% year-on-year [2] - The energy storage sector generated approximately 1.18 billion yuan in revenue in 2024, marking a year-on-year growth of about 30% [3] Future Projections - The revenue projections for 2025 to 2027 have been adjusted to 2.94 billion yuan, 3.74 billion yuan, and 4.71 billion yuan respectively, with net profits expected to reach 291.11 million yuan, 428.34 million yuan, and 524.12 million yuan [4][5] - The company is expected to maintain a strong growth trajectory, particularly in the energy storage, semiconductor equipment, and data center temperature control markets [4]