正帆科技（688596） 公司点评 正帆科技：OPEX 带动公司业绩高增,新能源等市场持续开拓 投资评级:增持(维持) 报告日期:2025-05-04 | 收盘价（元） | 37.19 | | --- | --- | | 近 12 个月最高/最低（元） 43.50/23.72 | | | 总股本（百万股） | 292 | | 流通股本(百万股) | 292 | | 流通股比例 (%) | 100 | | 总市值(亿元) | 108.6 | | 流通市值 (亿元) | 108.6 | 20% 10% -10% -20% 分析师:陈耀波 执业证书号: S0010523060001 邮箱:chenyaobo@hazq.com 分析师:李元晨 执业证书号: S0010524070001 邮箱:liyc@hazq.com 相关报告 1. 正帆科技:竞争力持续增强,新签 订单快速增长 20240509 主要观点: ● 事件点评: 正帆科技发布 2024年度及 2025 第一季度报告 公司 2024 年实现营业收入约 54.7 亿元,同比增长约 42.6%;实现归母 净利润约 5.3 亿元，同比增长约 31.5%；实现毛利 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_Title] 玉马科技：前瞻布局海外仓，产能&区域同步 扩张，订单稳步扩张 [Table_ReportDate] 2025 年 5 月 4 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 全年公司实现收入 7.69 亿元 （+16.1%），归母净利润 1.86 亿元（+12.5%），扣非归母净利润 1.81 亿元 （+12.9%）；单 Q4 公司收入 2.19 亿元（+17.8%），归母净利润 0.58 亿元 （+26.8%），扣非归母净利润 0.56 亿元（+27.0%）。25Q1 收入 1.51 亿元 （-4.9%），归母净利润 0.30 亿元（-17.6%），扣非归母净利润 0.29 亿元 （-20.3%）。我们预计海外客户提前备货&内销承压（部分客户加工出口美国） 导致 25Q1 收入略疲软，利润承压主要系新增股份支付费用。 产品结构优化，产能稳步扩张。2024 年阳光/全遮光/可调光面料收入分别为 2.66/2.22/1.67 亿元（同比分别+31 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 旺能环境(002034) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 化工行业： [Table_OtherReport] 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] 计提减值 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on growth and profitability recovery, suggesting a favorable investment stance [1]. Core Viewpoints - The company achieved a revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.7%, while the net profit attributable to the parent company was 334 million yuan, down 19.2% [1][6]. - The furniture and home products segment showed strong growth, with revenues of 4.198 billion yuan and a year-on-year increase of 36.8% [2]. - The company is expanding its global supply chain and enhancing brand recognition through the integration of its main brand and sub-brands, which is expected to reduce operational costs and maximize resource utilization [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 81.24 billion yuan, with a net profit of 3.34 billion yuan, and a gross margin of 34.7% [1][3]. - The first quarter of 2025 saw a revenue of 20.91 billion yuan, reflecting a 13.6% increase year-on-year, with a net profit of 1.11 billion yuan, up 10.3% [1][3]. Product and Market Expansion - The company’s product categories, including furniture, home, pet, and outdoor sports, achieved revenues of 4.198 billion yuan, 2.953 billion yuan, 676 million yuan, and 205 million yuan respectively in 2024, with significant year-on-year growth [2]. - The company is focusing on expanding its presence in Europe and North America, with Europe being the largest market, accounting for 61% of revenue [2]. Operational Efficiency - The company maintained a stable inventory turnover period of approximately 75 days in 2024, and generated a net cash flow from operating activities of 2.29 billion yuan [3]. - The gross margin for the first quarter of 2025 was reported at 35.4%, indicating a slight decrease from the previous year [3]. Future Projections - The company forecasts net profits of 4.1 billion yuan, 5.3 billion yuan, and 6.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 17.6X, 13.5X, and 10.8X [4].

证券研究报告·公司点评报告·电力 南网储能（600995） 2025 年一季报点评：调峰水电受益于来水偏 丰，业绩略超市场预期 买入（维持） -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 南网储能 沪深300 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,630 | 6,174 | 6,673 | 7,731 | 8,691 | | 同比（%） | (31.85) | 9.67 | 8.08 | 15.86 | 12.42 | | 归母净利润（百万元） | 1,014 | 1,126 | 1,235 | 1,394 | 1,517 | | 同比（%） | (39.05) | 11.14 | 9.61 | 12.90 | 8.82 | | EPS-最新摊薄（元/股） | 0.32 | 0.35 | ...

公司点评 产销量大幅增长，持续优化生产 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-05 | | | [Table_BaseData] 收盘价（元） | | 23.29 | | 近 12 个月最高/最低（元） | 27.85/15.97 | | --- | --- | | 总股本（百万股） | 3,615 | | 流通股本（百万股） | 3,615 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 842 | | 流通市值（亿元） | 842 | [公司价格与沪深 Table_Chart] 300 走势比较 北方稀土（ [Table_StockNameRptType] 600111） -26% -7% 12% 30% 49% 4/24 7/24 10/24 1/25 4/25 北方稀土 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj ...

[Table_StockNameRptType] 恒立液压（601100） 公司点评 业绩稳健发展，线性驱动项目未来可期 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-05 | | 570 收盘价（元） | 74.42 | | 近 12 个月最高/最低（元） | 99.47/41.55 | | 总股本（百万股） | 1340.82 | | 流通股本（百万股） | 1340.82 | | 流通股比例（%） | 100% | | 总市值（亿元） | 997.84 | | 流通市值（亿元） | 997.84 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 恒立液压 沪深300 ⚫ 国际化初显成效，线性驱动项目加速发展 [Table_Summary] ⚫ 公司发布 2024 年年报和 2025 年一季报 2024 年公司实现营业收入 93.90 亿元（+4.51%）；归属于上市公司股东的 净利润 25.0 ...

公司点评 生益科技：业绩高速成长，充分受益于算力时代 [Table_Rank] 投资评级：买入（维持） 报告日期：2025-05-05 | [Table_BaseData] 收盘价（元） | 24.29 | | --- | --- | | 近 12 个月最高/最低（元） | 35.38/16.47 | | 总股本（百万股） | 2429 | | 流通股本（百万股） | 2371 | | 流通股比例（%） | 97.61 | | 总市值（亿元） | 590.1 | | 流通市值（亿元） | 576.0 | [Table_StockNameRptType] 生益科技（600183） [Table_Chart] 公司价格与沪深 300 走势比较 -30% -10% 10% 30% 50% 70% 90% 4/24 7/24 10/24 1/25 4/25 生益科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 1. 生 ...

证券研究报告·公司点评报告·电力 华电国际（600027） 2025 一季报点评：收入略低于预期，关注核 电、光伏发电量对火电的挤占影响 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） | 117,176 | 112,994 | 111,247 | 113,262 | 136,224 | | 同比（%） | 9.45 | (3.57) | (1.55) | 1.81 | 20.27 | | 归母净利润（百万元） | 4,522 | 5,703 | 6,452 | 6,813 | 7,740 | | 同比（%） | 3,789.00 | 26.11 | 13.14 | 5.60 | 13.60 | | EPS-最新摊薄（元/股） | 0.44 | 0.56 | 0.63 | 0.67 | 0.76 | | P/E（现价&最新摊薄） | 12.91 | 10.24 | 9.05 | 8.57 | 7.55 | [Tabl ...

Investment Rating - The investment rating for Chengdu Bank is "Accumulate-A" with a 6-month target price of 18.87 CNY, compared to the current stock price of 16.98 CNY [4]. Core Views - Chengdu Bank has demonstrated robust growth in both revenue and profit, with a revenue growth rate of 5.89% for 2024 and a net profit growth rate of 10.17% for the same year. For Q1 2025, the revenue increased by 3.17% year-on-year, and net profit grew by 5.64% [1][9]. - The bank's performance is primarily driven by the expansion of interest-earning assets, although net interest margin compression has been a significant drag on growth [1][8]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.66% and a provision coverage ratio of 456% as of Q1 2025 [9][21]. Summary by Sections Financial Performance - Chengdu Bank's total assets grew by 14.56% year-on-year to reach a total of 285 billion CNY by the end of 2024, with a significant increase in loans by 18.76% [1][2]. - For Q1 2025, total assets increased by 13.25% year-on-year, with loans contributing significantly to this growth [1][2]. Loan Growth - Corporate loans showed steady growth, with balances increasing by 20.31% year-on-year by the end of 2024 and 17.69% by the end of Q1 2025 [2]. - Retail loans also performed well, with a year-on-year growth of 12.46% by the end of 2024 and 13.37% by the end of Q1 2025 [3]. Deposit Growth - Total deposits increased by 13.20% year-on-year by the end of 2024 and 15.40% by the end of Q1 2025, with retail deposits showing a significant rise [3][7]. Non-Interest Income - Non-interest income grew by 24.11% year-on-year in Q4 2024, primarily driven by investment income, while fee income saw a decline [9][21]. Asset Quality - The bank maintained a low non-performing loan ratio of 0.66% and a strong provision coverage ratio, indicating solid risk management [9][21]. Future Outlook - Chengdu Bank is expected to achieve a revenue growth of 8.17% and a profit growth of 9.25% in 2025, supported by its strong asset quality and robust loan growth strategy [9][10].