丨证券研究报告丨 [Table_Summary] 2025 年第一季度公司实现营业收入 62.32 亿元，同比增长 25.82%，实现归母净利润 6.05 亿 元，同比增长 25.12%，实现扣非归母净利润 5.93 亿元，同比增长 31.57%。 分析师及联系人 [Table_Author] 陈亮 蔡方羿 高伊楠 SAC：S0490517070017 SAC：S0490516060001 SAC：S0490517060001 SFC：BUW408 SFC：BUV463 SFC：BUW101 联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 产品结构优化，盈利能力稳步提升 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 爱玛科技（603529.SH） cjzqdt11111 [Table_Title2] 产品结构优化，盈利能力稳步提升 [Table_Summary2] 事件描述 公司披露一季报：2025 年第一季度公司实现营业收入 62.32 亿元，同比增长 25.82%，实现归 母净利润 6.05 亿元，同比增长 25. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q1 results that exceeded expectations, with Q1 2025 revenue of 360 million yuan, a year-on-year increase of 30.4%, and a net profit of 100 million yuan, up 148.3% year-on-year. The strong performance is attributed to robust orders in the mattress, cooler, and water sports product segments [3][7]. - The new business segments are showing steady growth, although short-term pressure on mattress orders due to tariffs is noted. Production and delivery for water sports and cooler products in Southeast Asia remain normal, while domestic mattress shipments to the U.S. are temporarily halted [7]. - Looking ahead, while domestic mattress orders are expected to remain under pressure in the short term, a gradual recovery is anticipated as tariffs are implemented and production capacity shifts to Southeast Asia. The company is projected to achieve net profits of 270 million, 340 million, and 410 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 13x, 11x, and 9x [7]. Financial Summary - For 2024, the company achieved total revenue of 1.0 billion yuan, a year-on-year increase of 21.7%, and a net profit of 190 million yuan, up 41.7%. The fourth quarter alone saw revenue of 210 million yuan, a 39.4% increase year-on-year, and a net profit turnaround from a loss of 30 million yuan to a profit of 20 million yuan [3][12]. - The financial projections indicate a steady increase in revenue and net profit over the next few years, with total revenue expected to reach 1.4 billion yuan in 2025 and 2.1 billion yuan by 2027 [12].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's fundamentals are expected to stabilize in 2025, with a rebound in performance and valuation anticipated starting in 2026. Short-term growth is supported by a significant increase in new customers, while existing customers remain stable, allowing for a favorable growth rate in 2025. In the medium term, the stabilization of existing customers combined with the continued growth of new customers is expected to drive a new growth cycle. Active capacity expansion is anticipated to enhance performance elasticity, and improvements in industry dynamics and profit margins are likely to lead to valuation uplift. The projected net profits for 2025-2027 are 40.3 billion, 46.7 billion, and 54.8 billion yuan, representing year-on-year growth of 5%, 16%, and 17%, respectively. The current price corresponds to a PE ratio of 16, 14, and 12 times for the respective years, with a projected dividend yield of 4.3% for 2025 based on a 70% payout ratio [2][4][6]. Financial Performance - In Q1 2025, the company achieved revenue of 5.35 billion yuan, a year-on-year increase of 12%, while net profit attributable to the parent company was 760 million yuan, reflecting a decrease of 3% year-on-year. The gross profit margin for Q1 2025 was 22.9%, down 5.5 percentage points year-on-year, primarily due to the ramp-up of a new factory. The company maintained strong cost control, with a decrease in expense ratios despite the pressure on profit margins [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to gradually realize its multi-channel growth potential, with strong performance in new business areas such as JD Outlet, which has high profitability and significant expansion space. The company is also benefiting from e-commerce, overseas expansion, and the integration of the Sboz brand, which is anticipated to contribute to substantial revenue growth. The company has a solid dividend capability, with a projected payout ratio of around 90% in recent years. The forecasted net profit for 2025-2027 is 2.53 billion, 3.02 billion, and 3.73 billion respectively, representing year-on-year growth of 17%, 19%, and 23%. The corresponding price-to-earnings ratios are projected to be 15, 13, and 10, with a dividend yield of approximately 5.9% in 2025 under the 90% payout assumption [2][4][10]. Financial Performance Summary - For 2024, the company's revenue and net profit are projected to be 20.96 billion and 2.16 billion respectively, reflecting a year-on-year decrease of 3% and 27%. In Q4 2024, revenue and net profit are expected to be 5.70 billion and 0.25 billion, showing a decline of 4% and 50% year-on-year. In Q1 2025, revenue and net profit are anticipated to be 6.19 billion and 0.94 billion, with year-on-year growth of 0.2% and 5.5%. The overall performance for both 2024 and Q1 2025 exceeded expectations. The dividend for 2024 is projected at 1.97 billion, maintaining a high payout ratio of 91% [4][10]. Business Segment Analysis - The main brand's offline retail performance is expected to gradually improve, with the new JD Outlet business showing strong sales efficiency and profitability. The e-commerce segment, particularly the Sboz brand, is expected to continue its upward trend, contributing positively to overall revenue. The group purchasing business is also showing robust growth, with Q4 2024 revenue increasing by 27% year-on-year [2][10]. Cost and Profitability Analysis - In Q4 2024, the overall gross margin improved by 0.6 percentage points year-on-year, while the net profit margin decreased by 4 percentage points to 4.4%. For Q1 2025, the net profit margin is expected to recover to 15.1%, reflecting a year-on-year increase of 0.8 percentage points. The increase in operating expenses in Q4 2024 was primarily due to the rise in sales and promotional costs associated with the expansion of direct stores [10]. Future Outlook - The company is positioned as a high-quality alpha stock within the current market environment, with multiple growth avenues expected to yield strong incremental revenue. The anticipated strong performance in the coming years, coupled with a high dividend payout ratio, makes it an attractive investment opportunity [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - In the short term, the company is expected to see strong performance due to low consumption base, continuous product momentum, and favorable store expansion trends. Q2 performance is anticipated to be promising, driven by gross margin improvements [2][8]. - In the medium term, the company is positioned to leverage its leading brand and strong product capabilities, expecting a favorable investment cycle supported by high earnings elasticity and new consumption valuation [2][8]. Financial Performance Summary - For 2024, the company achieved revenue of 8.978 billion, net profit of 0.741 billion, and non-recurring net profit of 0.590 billion, representing year-on-year growth of 9.7%, 19.8%, and 43.4% respectively. Q4 alone saw revenue of 2.91 billion, net profit of 0.14 billion, and non-recurring net profit of 0.12 billion, with significant year-on-year increases of 34% and a turnaround from losses [4][5]. - In Q1 2025, the company reported revenue of 2.61 billion, net profit of 0.25 billion, and non-recurring net profit of 0.23 billion, reflecting year-on-year growth of 36.5%, 36.3%, and 62.5% respectively [4][5]. Revenue Breakdown - The company's revenue from consumer products is expected to grow by 17% year-on-year to 4.99 billion in 2024, driven by strong performance in key product categories such as wet and dry cotton towels (31% growth) and sanitary napkins (18% growth) [5]. - Medical segment revenue for 2024 is projected to increase by 1.1% to 3.91 billion, with a notable contribution from the acquisition of GRI. Excluding the acquisition, medical revenue is expected to decline by 6% due to high base effects from infection protection products [5]. Margin Analysis - The gross margin for consumer products in 2024 is expected to decrease by 1 percentage point to 56%, primarily due to fluctuations in cotton prices. However, Q1 is anticipated to see a recovery in gross margin driven by strong performance in sanitary napkins and improved discount strategies [6]. - The medical segment's gross margin is projected to decline by 4 percentage points to 36.5% in 2024, largely due to high base effects from infection protection products [6]. Profitability Outlook - The operating profit margin for consumer products is expected to increase by 0.7 percentage points to 12.1% in 2024, driven by internal cost reduction efforts. The medical segment's operating profit margin is projected to decrease by 1.1 percentage points to 7.7% due to goodwill impairment losses [7]. Future Projections - The company is expected to achieve net profits of 1.04 billion, 1.27 billion, and 1.47 billion for the years 2025 to 2027, with corresponding price-to-earnings ratios of 29, 24, and 20 times [2][8].

丨证券研究报告丨 公司研究丨点评报告丨海天味业（603288.SH） [Table_Title] 海天味业 2025 年一季报点评：营收稳健增长， 盈利能力持续改善 报告要点 [Table_Summary] 海天味业发布 2025 年一季报，公司实现：营业收入 83.15 亿元（同比+8.08%）；归属于上市 公司股东的净利润 22.02 亿元（同比+14.77%）；归属于上市公司股东的扣除非经常性损益的净 利润 21.47 亿元（同比+15.42%）。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海天味业（603288.SH） cjzqdt11111 [Table_Title 海天味业 2025 2] 年一季报点评：营收稳健增长， 盈利能力持续改善 [Table_Summary2] 事件描述 海天味业发布 2025 年一季报，公司实现：营业收入 83.15 亿元（同比+8.08%）；归属于上市 公司股 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][6]. Core Insights - The company is transitioning to high-margin markets, leading to significant profit recovery. In Q1 2025, the company achieved a revenue of 503 million yuan, with a year-on-year growth of 4.8% and a quarter-on-quarter decline of 9.98%. The net profit attributable to shareholders was 36 million yuan, reflecting a year-on-year increase of 13.62% and a quarter-on-quarter increase of 218.29% [2][4]. - The gross profit margin for Q1 2025 was 16.74%, up by 1.09 percentage points year-on-year and 5.52 percentage points quarter-on-quarter, attributed to a shift towards high-margin orders and a decrease in shipping and raw material costs [4][6]. - The company is expected to benefit from the exit of competitors, particularly in the hot melt adhesive market, which is dominated by major foreign enterprises. The planned closure of nearly one-third of factories by a competitor will accelerate the company's global expansion [5][6]. Financial Performance and Projections - The company forecasts net profits of 150 million yuan, 185 million yuan, and 219 million yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings (PE) ratios of 17, 14, and 12 times [6][11]. - Revenue projections for the years 2023 to 2027 are as follows: 1,628 million yuan in 2023, 2,006 million yuan in 2024, 2,369 million yuan in 2025, 2,774 million yuan in 2026, and 3,246 million yuan in 2027, with year-on-year growth rates of 20.5%, 23.3%, 18.1%, 17.1%, and 17.0%, respectively [9][11].

太阳能 福莱特（601865.SH） 买入-A(维持) 2025 年 Q1 业绩环比扭亏为盈，行业龙头地位稳固 2025 年 5 月 15 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 15 日 | 收盘价（元）： | | | | 15.27 | | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | | | | 30.31/14.60 | | 流 通 A 股 / | 总 | 股 | 本 | 19.00/23.43 | | （亿）： | | | | | | 流通 A 股市值（亿）： | | | | 290.14 | | 总市值（亿）： | | | | 357.76 | 基础数据：2025 年 3 月 31 日 | 基本每股收益(元)： | 0.05 | | --- | --- | | 摊薄每股收益(元)： | 0.05 | | 每股净资产(元)： | 9.31 | | 净资产收益率(%)： | 0.48 | 资料来源：最闻 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4]. Core Views - The company is experiencing a challenging year in 2024, but there is an improvement in Q1 2025 performance. The ongoing platform layout and new product development are expected to enhance competitive advantages [4]. - The integration of operations is progressing, and new businesses are anticipated to gradually contribute to performance growth [4][6]. Financial Summary - The company's revenue for 2024 is projected at RMB 13,448 million, a decrease of 12.3% year-on-year, while the net profit is expected to be RMB 1,191 million, down 37.7% year-on-year [9]. - For Q1 2025, the company reported revenue of RMB 3,215 million, a year-on-year increase of 5.96%, and a net profit of RMB 488 million, up 9.64% year-on-year [11]. - The projected earnings per share (EPS) for 2025 is RMB 1.14, with a corresponding price-to-earnings (P/E) ratio of 15.5 [6][8]. Business Segments - The company has a significant competitive advantage in the coating diaphragm segment, with a sales volume of 7,003 million square meters in 2024, representing a year-on-year growth of 32.85% [9]. - The negative electrode business faced challenges in 2024, with sales declining by 14.81% to 132,300 tons. However, new silicon-carbon anodes have begun small-scale shipments [9]. - New business lines, including an 8GWh slurry and electrode coating production line, have commenced operations and are expected to achieve scale production in 2025 [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][14]. Core Insights - The company has significantly improved its delivery capabilities, achieving record revenue of 627 million yuan in 2024, a year-on-year increase of 35%, despite a slight decrease in net profit [4][5]. - In Q1 2025, the company reported revenue of 182 million yuan, a remarkable 70% year-on-year growth, although net profit decreased by 56% [4][5]. - The gross margin has declined due to adjustments in procurement pricing policies from major aircraft manufacturers, with a gross margin of 28.30% in 2024, down 4.51 percentage points year-on-year, and 20.62% in Q1 2025 [6]. - The company has a robust capacity reserve and is expanding into multiple markets, having increased its workforce from approximately 600 to 900 employees since the second half of 2024 [6]. Financial Performance and Forecast - The company is projected to achieve net profits of 126 million yuan, 159 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35, 28, and 22 [7][10]. - Revenue is expected to grow from 861 million yuan in 2025 to 1.318 billion yuan in 2027, with growth rates of 37.33% and 23.85% for the following years [10][11]. - The company’s EBITDA is forecasted to increase from 198.16 million yuan in 2025 to 287.36 million yuan in 2027 [10].