丨证券研究报告丨 公司研究丨点评报告丨中信博（688408.SH） [Table_Title] Q1 末在手订单环比高增，充分受益于非欧美需 求爆发 报告要点 [Table_Summary] 中信博发布 2025 年一季报，2025Q1 实现收入 15.59 亿元，同比下降 14%；归母净利 1.1 亿 元，同比下降 28%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 1 中信博（688408.SH） cjzqdt11111 [Table_Title Q1 末在手订单环比高增，充分受益于非欧美需 2] 求爆发 [Table_Summary2] 事件描述 中信博发布 2025 年一季报，2025Q1 实现收入 15.59 亿元，同比下降 14%；归母净利 1.1 亿 元，同比下降 28%。 事件评论 我们预计公司 25 年归母净利 9 亿元，对应估值仅为 11 倍，维持"买入"评级。 丨证券研究报告丨 %% %% %% % ...

丨证券研究报告丨 公司研究丨点评报告丨青岛啤酒（600600.SH） [Table_Title] 青岛啤酒 2025 年一季报点评：销量拐点显现， 经营逐季改善可期 报告要点 [Table_Summary] 公司 2025Q1 营业总收入 104.46 亿元（同比+2.91%）；归母净利润 17.1 亿元（同比+7.08%）， 扣非净利润 16.03 亿元（同比+5.95%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 青岛啤酒（600600.SH） cjzqdt11111 [Table_Title 青岛啤酒 2025 2] 年一季报点评：销量拐点显现， 经营逐季改善可期 [Table_Summary2] 事件描述 公司 2025Q1 营业总收入 104.46 亿元（同比+2.91%）；归母净利润 17.1 亿元（同比+7.08%）， 扣非净利润 16.03 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2] Core Views - The company's performance in 2024 met expectations, with significant growth driven by the automotive business and product structure optimization. Revenue reached 1.52 billion, a year-on-year increase of 26.4%, and net profit attributable to shareholders was 230 million, up 25.1% year-on-year [6] - The company is well-positioned in the robotics sector, showcasing unique growth potential. The launch of innovative products, such as the dexterous hand with integrated drive units, highlights its competitive edge in the market [6] - The automotive electronics business is expected to continue its rapid growth, supported by the increasing adoption of various product categories in vehicles, which will enhance the average selling price per vehicle [6] Financial Performance Summary - In 2024, the company reported a revenue of 1.52 billion, with a gross margin of 31.4%, reflecting a 2.4 percentage point increase year-on-year. The net profit margin was 14.8%, slightly down by 0.2 percentage points [6] - For Q1 2025, the company achieved a revenue of 370 million, a year-on-year increase of 17.7%, while net profit was 55 million, down 1.2% year-on-year [6] - The company forecasts revenues of 1.98 billion, 2.65 billion, and 3.58 billion for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [11] Business Highlights - The company has made significant progress in the smart automotive sector, collaborating with major clients such as Bosch and BYD, and successfully applying its products in domestic automotive enterprises [6] - In the consumer and medical technology sectors, the company is actively involved in automation and smart solutions, focusing on areas like AR&VR and insulin pumps [6] - The robotics segment is highlighted by the introduction of a dexterous hand product, which features advanced capabilities and is expected to benefit from the rapid development of humanoid robots [6] Financial Ratios and Projections - The report projects a compound annual growth rate (CAGR) for total revenue of 30% from 2025 to 2027, with net profit expected to grow at a CAGR of 29% during the same period [15] - Key financial ratios indicate a gross margin of 31.8% and a net profit margin of 13.8% for 2025, with a return on equity (ROE) projected to reach 8.2% [15]

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 14.8 CNY per share [6][4]. Core Views - The company reported a Q1 2025 revenue of 5.037 billion CNY, a year-on-year decrease of 4.73%, but achieved a net profit attributable to shareholders of 104 million CNY, a significant increase of 447.56% year-on-year, primarily due to improved performance from Grammer [1][4]. - The company is expected to see accelerated growth in its passenger car seat business, driven by popular models such as L8, Lynk & Co 900, and Volkswagen Tayron, with projected seat revenues of 4.5 billion CNY in 2025 and 8.5 billion CNY in 2026 [2][4]. - The overseas integration efforts have shown positive results, with a significant improvement in North American operations and a streamlined European business following layoffs, indicating a return to normal operations for Grammer [3][4]. Financial Summary - The company forecasts net profits of 640 million CNY, 930 million CNY, and 1.18 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25, 17, and 13 [4][10]. - The projected revenue growth rates for the years 2025 to 2027 are 10.5%, 11.6%, and 10.3% respectively, indicating a robust growth trajectory [11]. - The company has a total market capitalization of approximately 15.67 billion CNY, with a current share price of 12.38 CNY [6][4].

证券研究报告 | 公司点评报告 2025 年 05 月 05 日 安克创新（300866.SZ） 24 年及 25Q1 延续高增，短期关税扰动不改公司长期价值 TMT 及中小盘/电子 公司公告 24 年报及 25 年一季报。结合公司近况，我们点评如下： ❑ 风险提示：地缘政治及贸易摩擦加剧、产品需求不及预期、原材料价格波动、 市场竞争加剧、海运费用波动。 增持（维持） 当前股价：88.84 元 基础数据 | 总股本（百万股） | 531 | | --- | --- | | 已上市流通股（百万股） | 296 | | 总市值（十亿元） | 47.2 | | 流通市值（十亿元） | 26.3 | | 每股净资产（MRQ） | 17.6 | | ROE（TTM） | 24.6 | | 资产负债率 | 44.7% | | 主要股东 | 阳萌 | | 主要股东持股比例 | 43.78% | 股价表现 % 1m 6m 12m 绝对表现 -14 10 38 相对表现 -11 13 34 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 80 100 May/24 Aug/24 Dec/24 Apr/25 ...

公 司 报 告 计算机 2025年05月05日 华大九天(301269.SZ) 一季度利润表现良好，国内EDA领先地位持续稳固 推荐 ( 维持) 股价:119.19元 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年报和2025年一季报。2024年，公司实现营业收入12.22亿 元，同比增长20.98%；实现归母净利润1.09亿元，同比减少45.46%。2025年 一季度，公司实现营业收入2.34亿元，同比增长9.77%；实现归母净利润0.10 亿元，同比增长26.72%。公司发布利润分配预案：以542,941,768为基数，向 全体股东每10股派发现金红利1.50元（含税），送红股0股（含税），以资本 公积金向全体股东每10股转增0股。 平安观点： 券 研究助理 | 王佳一 | 一般证券从业资格编号 | | --- ...

公 司 报 告 股价:14.75元 行情走势图 计算机 2025年05月05日 广联达(002410.SZ) 一季度利润表现亮眼，AI赋能公司数字成本产品升级 强烈推荐( 维持) 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2025年一季报，公司2025年一季度实现营业收入12.19亿元，同比下 降5.24%，实现归母净利润2983.70万元，同比增长390.89%，实现扣非归母 净利润1900.99万元，同比扭亏为盈，EPS为0.018元/股。 平安观点： 券 研究助理 研 究 报 告 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

公司研究 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,888 | 3,613 | 4,298 | 5,010 | | 同比增速(%) | 20.1% | 25.1% | 19.0% | 16.6% | | 归母净利润(百万) | 75 | 260 | 345 | 434 | | 同比增速(%) | -40.6% | 248.7% | 32.3% | 26.0% | | 每股盈利(元) | 0.14 | 0.49 | 0.65 | 0.82 | | 市盈率(倍) | 67 | 19 | 15 | 12 | | 市净率(倍) | 1.6 | 1.5 | 1.4 | 1.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 30 日收盘价 航空军工 2025 年 05 月 05 日 | 目标价：12.3 | 元 | | --- | --- | | 当前价：9.39 | 元 | 证 券 研 究 报 告 威海广泰（002111）2024 年报及 2025 年一季报点评 强推（ ...