联合研究丨公司点评丨晶盛机电（300316.SZ） [Table_Title] 行业周期底部已至，多元布局静待花开 报告要点 [Table_Summary] 晶盛机电发布 2025 年一季报，2025Q1 实现收入 31.38 亿元，同比下降 30%，环比增长 1%； 归母净利 5.73 亿元，同比下降 46%，环比扭亏。 分析师及联系人 [Table_Author] 赵智勇 邬博华 杨洋 倪蕤 曹海花 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490517070012 SAC：S0490520030003 SAC：S0490522030001 SFC：BRP550 SFC：BQK482 SFC：BUW100 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 晶盛机电（300316.SZ） cjzqdt11111 [Table_Title2] 行业周期底部已至，多元布局静待花开 [Table_Summary2] 事件描述 晶盛机电发布 2025 年一季报，2025Q1 实现收入 31.38 亿元，同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.581 billion yuan for 2024, representing a year-on-year growth of 13.72%. The net profit attributable to shareholders was 303 million yuan, a significant increase of 626.56%. The net profit excluding non-recurring items reached 345 million yuan, up 269.37% [2][4]. - In Q4 2024, the company achieved a revenue of 1.697 billion yuan, with a year-on-year growth of 22.52%. The net profit attributable to shareholders was 119 million yuan, growing by 21.93%, while the net profit excluding non-recurring items was 140 million yuan, up 15.43% [2][4]. - For Q1 2025, the company reported a revenue of 1.598 billion yuan, marking a year-on-year increase of 49.92%. The net profit attributable to shareholders was 134 million yuan, a growth of 465.80%, and the net profit excluding non-recurring items was 126 million yuan, up 285.41% [2][4]. Financial Performance - The company's negative electrode sales reached 223,700 tons in 2024, reflecting a year-on-year increase of 58.5%. The capacity utilization rate for lithium battery materials was 95.66%, with an overall gross margin of 18.73%, which is an increase of 6.5 percentage points year-on-year [10]. - In Q4 2024, the company is expected to maintain stable sales, with a continuous increase in gross profit per ton. The operating profit margin is anticipated to improve due to product structure upgrades and lower petroleum coke prices [10]. - For Q1 2025, sales are expected to remain high, although gross profit per ton may face pressure due to rising petroleum coke prices. The overall decline in profit margins is expected to be in line with industry trends [10]. Future Outlook - The company is expected to benefit from the market share and profitability improvements associated with its fast-charging negative electrodes. The anticipated net profit for 2025 is projected to be 670 million yuan, corresponding to a PE ratio of approximately 15.5 times [10].

Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Insights - In 2024, the company achieved operating revenue of 2.525 billion yuan, a year-on-year increase of 5.14%, while the net profit attributable to the parent company was 94 million yuan, a year-on-year decrease of 63.05% [2][6]. - For Q1 2025, the company reported operating revenue of 692 million yuan, a slight year-on-year increase of 0.17%, with a net profit attributable to the parent company of 48 million yuan, down 25.96% year-on-year [6]. - The company's three-pronged growth strategy is taking shape, with its restaurant, hotel, and food businesses complementing each other, focusing on social dining and accommodation experiences that align with consumer demand for value [2][12]. - The company plans to expand its store network and innovate its food product offerings, which are expected to drive long-term growth [2][12]. Financial Performance Summary - The company’s food business saw significant growth, with sales revenue reaching 311 million yuan in 2024, a year-on-year increase of 86% [12]. - The company opened 8 new stores in 2024, including 4 in the restaurant sector and 4 hotels, while also renovating 10 existing restaurants to enhance competitiveness [12]. - The gross profit margin decreased by 7.46 percentage points, leading to a net profit margin decline of 8.7 percentage points to 3.96% in 2024 [12]. - The forecast for net profit attributable to the parent company for 2025-2027 is 230 million, 345 million, and 446 million yuan, respectively, with corresponding PE ratios of 24X, 16X, and 12X [2][12].

丨证券研究报告丨 赵刚 杨会强 马健轩 [Table_Summary] 2025 年一季度，公司实现营业收入 29.42 亿元，同比下降 8.25%；实现扣非归母净利润 0.27 亿元，同比下降 57.29%。展望未来，短期内，公司延续较高开店计划，预计 2025 年新增开业 酒店 1300 家，新增签约酒店 2000 家，2024 年中国区组织架构调整有望赋能管理效率提升， 中长期看好公司"12+3+1"品牌发展战略，强化"三平台"（即：全球酒店互联网、全球采购 平台、全球共享服务平台）协同建设，深化改革促进提质增效，海外业务，以务实风格实施业 务整合，减少业绩压力。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 公司研究丨点评报告丨锦江酒店（600754.SH） [Table_Title] 2025 年一季报点评：门店稳健增长，结构持续 优化 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦江酒店（600754.SH） cjzqdt11111 [Ta ...

证券研究报告·公司点评报告·化学制药 科伦药业（002422） 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） | 21,454 | 21,812 | 25,300 | 27,822 | 30,605 | | 同比（%） | 12.69 | 1.67 | 15.99 | 9.97 | 10.00 | | 归母净利润（百万元） | 2,456 | 2,936 | 3,534 | 4,241 | 4,675 | | 同比（%） | 44.03 | 19.53 | 20.37 | 20.01 | 10.23 | | EPS-最新摊薄（元/股） | 1.54 | 1.84 | 2.21 | 2.65 | 2.93 | | P/E（现价&最新摊薄） | 23.56 | 19.71 | 16.37 | 13.64 | 12.38 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 05 ...

[Table_StockAndRank] 金域医学(603882) 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 创新项目持续发力，精细化管理提振 盈利能力 常规医学诊断服务增长 15%，盈利能力 有望恢复 业绩符合预期，医检业务实现高质量 发展 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 加速数智化转型，盈利能力回升可期 [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 71.90 亿元（y ...

2025 年 05 月 05 日 经营节奏边际调整，价盘企稳回升 —中炬高新（600872.SH）公司事件点评报告 买入(维持) 事件 2025 年 4 月 29 日，中炬高新发布 2025 年一季报。2025Q1 营 收 11.02 亿元（同减 26%），归母净利润 1.81 亿元（同减 24%），扣非归母净利润 1.80 亿元（同减 24%）。 投资要点 ▌成本下降优化毛利，广宣费投提升 2025Q1 毛利率同增 2pct 至 38.73%，主要系原材料价格下降 所 致 。销售 / 管 理 费 用 率 分 别 同 增 1pct/2pct 至 8.62%/8.07%，主要系公司战略性调控大单品费用投入，同时 收入下滑致使费用率摊薄效果减弱。2025Q1 净利率同减 1pct 至 16.46%。 ▌库存去化顺利，价盘企稳回升 2025Q1 酱油/鸡精鸡粉/食用油营收分别为 6.48/1.30/0.51 亿元，分别同减 32%/29%/50%，主要系春节错期下，公司调 整供货节奏，同时以稳价盘为中心推进去库调整。二季度以 来公司降幅收窄，库存恢复至良性水平，公司逐步向终端释 放促销资源，主品价盘企稳回升，此外， ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The data center business is thriving and entering a phase of significant growth, with a revenue increase of 75.4% year-on-year in 2024 [2][3] - The company achieved a revenue of 6.28 billion yuan in Q1 2025, representing a year-on-year growth of 27.18% [3] - The company has a strong order backlog, with new orders in the data service segment increasing by approximately 95% year-on-year [3][4] - The AI computing demand is strengthening, leading to growth across various business lines, particularly in the data center segment [4] Revenue and Profit Forecast - The company is projected to achieve a net profit of 2.78 billion yuan in 2025, with earnings per share (EPS) of 1.05 yuan [5][11] - Revenue is expected to grow from 30.16 billion yuan in 2024 to 44.27 billion yuan in 2025, reflecting a growth rate of 46.8% [11] - The net profit growth rate is forecasted to be 140.7% in 2025, with subsequent years showing continued growth [11][12]

2025 年 05 月 05 日 长城汽车(601633.SH) 新车持续发力，4 月销量拐点向上 事件：据长城汽车公告，4 月批发销量 10.0 万台，同比+6%、环比+2%。 4 月销量符合预期，新车发力、恢复同比正增长。 我们预计 4 月销量恢复同比正增长主要系坦克 300 交付加速、二代枭龙 MAX 上 市贡献增量。4 月新能源批发销量 2.9 万台、同比+28%、环比+14%；燃油批发 量 7.1 万台，同比-2%、环比-2%。根据零售数据推算，4 月公司乘用车零售约 4.7 万台、叠加出口 3.2 万、皮卡内销约 1.3 万，与批发销量基本一致，故预 计库存水平稳定。 1） 坦克：4 月销售 1.9 万台，同比-6%、环比+10%，预计主要系 2025 款坦克 300 交付加速、贡献增量，4 月坦克 300 销售 1.1 万台、同比+13%、环比+37%， 5 月内销有望过万； 2） 哈弗：4 月销售 5.7 万台、同比+21%、环比+8%，预计系二代枭龙 MAX 上市 贡献增量；4 月 16 日二代枭龙 MAX 正式上市，考虑置换补贴后价格 11.68- 15.48 万元，与老款相比空间、续航、 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 华宏科技（002645.SZ） Q1 利润大幅改善，期待稀土产能落地释放高业绩弹性 Q1 利润扭亏为盈，同比大幅改善。公司 2024 实现收入 55.8 亿元（yoy- 19.0%），归母净利润-3.6 亿元（yoy-123.9%），利润大幅下降，主要系 2024 年度公司对商誉计提减值准备 3.34 亿元。剔除计提商誉减值准备影 响，公司 2024 年度经营业绩较 2023 年已实现大幅减亏。2025Q1，公司 实现营收 14.4 亿元（yoy+18.8%），归母净利润 0.3 亿元（yoy+212.3%）， 受国家政策、市场供需以及国际贸易等因素影响，国内主要稀土产品市场 价格企稳回升，公司稀土资源综合利用业务经营发展势头良好。同时，公 司其他业务板块经营情况稳定，收益较上年同期改善明显。 公司毛利率同比改善，经营管理稳健。2024 年公司实现毛利率 6.6% （yoy+2.8pct），净利率-6.3%（-3.5pct），毛利率同比改善。销售费用率 实现 0.9%（（yoy+0.3pct），管理费用率 3.6%（（ ...