证券研究报告·公司点评报告·商用车 一汽解放（000800） 2025 年一季报点评：Q1 业绩承压，静待需求 回暖 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） | 64,325 | 58,581 | 67,368 | 74,105 | 81,516 | | 同比（%） | 67.81 | (8.93) | 15.00 | 10.00 | 10.00 | | 归母净利润（百万元） | 806.10 | 622.43 | 722.01 | 1,022.17 | 1,307.58 | | 同比（%） | 119.38 | (22.78) | 16.00 | 41.57 | 27.92 | | EPS-最新摊薄（元/股） | 0.16 | 0.13 | 0.15 | 0.21 | 0.27 | | P/E（现价&最新摊薄） | 43.97 | 56.94 | 49.09 | 34.67 | 27.10 | [Table ...

证券研究报告·公司点评报告·电池 亿纬锂能（300014） 2025 年一季报点评：Q1 业绩符合预期，动储 全年出货高增长 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） | 48,784 | 48,615 | 66,004 | 82,905 | 97,644 | | 同比（%） | 34.38 | (0.35) | 35.77 | 25.61 | 17.78 | | 归母净利润（百万元） | 4,050 | 4,076 | 5,345 | 7,307 | 9,298 | | 同比（%） | 15.42 | 0.63 | 31.16 | 36.69 | 27.25 | | EPS-最新摊薄（元/股） | 1.98 | 1.99 | 2.61 | 3.57 | 4.54 | | P/E（现价&最新摊薄） | 20.75 | 20.62 | 15.72 | 11.50 | 9.04 | [Table_Tag] [Tab ...

2024 年年报及 2025 年一季报点评：AI 生态 布局持续落地，商业化进程加速 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） | 4,915 | 5,662 | 7,166 | 7,997 | 8,898 | | 同比（%） | 3.78 | 15.20 | 26.56 | 11.59 | 11.27 | | 归母净利润（百万元） | 1,258.36 | (1,594.80) | (891.73) | (772.94) | (625.84) | | 同比（%） | 9.15 | (226.74) | - | - | - | | EPS-最新摊薄（元/股） | 1.02 | (1.30) | (0.72) | (0.63) | (0.51) | | P/S（现价&最新摊薄） | 7.99 | 6.94 | 5.48 | 4.91 | 4.41 | [Table_Tag] [投资要点 Table_Summary ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,523 | 6,372 | 7,530 | 8,988 | 10,558 | | 同比（%） | 44.09 | 15.39 | 18.16 | 19.37 | 17.47 | | 归母净利润（百万元） | 502.40 | 400.18 | 514.81 | 658.55 | 851.99 | | 同比（%） | 70.47 | (20.34) | 28.64 | 27.92 | 29.37 | | EPS-最新摊薄（元/股） | 1.19 | 0.95 | 1.22 | 1.56 | 2.02 | | P/E（现价&最新摊薄） | 20.31 | 25.50 | 19.82 | 15.49 | 11.98 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·汽车零部件 威迈斯（688612） 2024 年年报&2025 年一季 ...

证券研究报告·公司点评报告·摩托车及其他 华洋赛车（834058） 2024 年报&2025 年一季报点评：俄罗斯与欧 洲重点市场持续放量，期待双品牌策略提升 细分增量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 478.80 | 526.99 | 672.45 | 824.30 | 989.34 | | 同比（%） | 12.95 | 10.06 | 27.60 | 22.58 | 20.02 | | 归母净利润（百万元） | 51.31 | 56.14 | 69.34 | 90.63 | 113.57 | | 同比（%） | (22.41) | 9.43 | 23.51 | 30.71 | 25.31 | | EPS-最新摊薄（元/股） | 0.91 | 1.00 | 1.24 | 1.62 | 2.02 | | P/E（现价&最新摊薄） | 36.31 | 33.19 | 26.87 | 20.56 | ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 1.373 billion yuan in 2024, representing a year-on-year increase of 12.85%, and a net profit attributable to the parent company of 67 million yuan, reflecting a significant year-on-year growth of 476.64% [1] - The company's collaboration with major clients continues to deepen, transitioning from supplying intermediates and raw materials to a full-chain cooperation model that includes raw materials, CDMO, and formulation [2][3] - The self-operated formulation business is expected to grow steadily due to successful bids in national and provincial centralized procurement [4] Financial Performance - The company forecasts revenues of 1.6497 billion yuan, 1.9175 billion yuan, and 2.1738 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 166.31 million yuan, 221.35 million yuan, and 274.47 million yuan for the same years [5] - The EBITDA for 2024 is estimated at 366.41 million yuan, with a growth rate of 24.86% [5] - The earnings per share (EPS) is projected to be 0.76 yuan in 2025, increasing to 1.26 yuan by 2027 [5] Market Position and Strategy - The company is strengthening its partnership with MSD in the CDMO sector, with ongoing development and production of multiple products [3] - The formulation capacity is expected to increase significantly in 2024, with a projected revenue growth of 51.9% for the company's TianKang division [2] - The company has successfully secured multiple bids in centralized procurement, which is anticipated to accelerate the growth of its self-operated formulation business [4]

2025 年 05 月 01 日 公司点评 买入/维持 科大讯飞(002230) 目标价: 昨收盘:46.93 收入快速增长，持续迭代 AI 模型 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/5/6 24/7/16 24/9/25 24/12/5 25/2/14 25/4/26 投资建议：公司来自于 AI 的收入实现快速增长。预计 2025-2027 年公司的 EPS 分别为 0.39/0.61/0.83 元，维持买入评级。 ◼ 股票数据 | 总股本/流通(亿股) | 23.12/21.89 | | --- | --- | | 总市值/流通(亿元) | 1,084.88/1,02 | | | 7.37 | | 12 个月内最高/最低价 | 59.37/32.66 | | (元) | | 相关研究报告 <<收入快速增长，AI 落地加速>>-- 2024-08-23 <<坚定 AI 战略，期待应用表现>>-- 2023-10-24 <>--2023-08-18 证券分析师：曹佩 整体收入保持高速增长。2024 年，公司收入 233.43 亿元，同比 增长 18.79%：智慧教育业务 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is experiencing continuous improvement in operational quality and is gradually building a global gear ecosystem platform [1] - Revenue for 2024 is projected to be 8.78 billion yuan, an increase of 8.8% year-on-year, with a main business revenue of 8.15 billion yuan, up 18.2% year-on-year [1] - The net profit attributable to the parent company for 2024 is expected to reach 1.02 billion yuan, reflecting a year-on-year growth of 25.4% [1] - The company is benefiting from the growth in the new energy vehicle gear and intelligent actuator sectors, with significant revenue increases in these areas [2] Revenue and Profitability - In 2024, the company's revenue from passenger car gears, commercial vehicle gears, engineering machinery gears, reducers, and intelligent actuators is projected to be 5.32 billion, 720 million, 580 million, 660 million, and 640 million yuan respectively, with year-on-year growth rates of +26.1%, -18%, -10.4%, +18%, and +69.5% [2] - The gross profit margin for 2024 is expected to be 25%, an increase of 2.8 percentage points year-on-year, while the net profit margin is projected to be 12%, up 1.7 percentage points year-on-year [2] - The company achieved a gross profit margin of 31% in Q4 2024, marking a historical high in nearly a decade [2] Cost Management - The overall expense ratio for 2024 is expected to be 10.6%, a slight increase of 0.3 percentage points year-on-year, with stable management and sales expense ratios [2] - The company continues to invest in R&D, with the R&D expense ratio increasing to 5.2% in 2024 [2] Growth Opportunities - The company is expanding its product offerings and enhancing its market presence through technological iterations and global expansion, including the establishment of a factory in Hungary [3] - The acquisition of San Duo Le has led to revenue and gross margin improvements, particularly in the sweeping machine sector [3] - The company is exploring new growth points in smart automotive applications and intelligent wearable devices [3] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 10.23 billion, 11.78 billion, and 13.57 billion yuan respectively, with corresponding net profits of 1.32 billion, 1.62 billion, and 1.93 billion yuan [4] - The company maintains a PE ratio of 21.7, 17.6, and 14.8 for the years 2025, 2026, and 2027 respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company reported total revenue of 3.827 billion yuan, representing a year-on-year increase of 6.69%. The net profit attributable to shareholders was 165 million yuan, up 61.1% year-on-year, while the net profit excluding non-recurring items was 153 million yuan, an increase of 49.11% year-on-year [2][4]. Summary by Sections Revenue and Profitability - The company's Q1 2025 sales volume reached 995,000 tons, with the flagship product, Yanjing U8, maintaining a growth rate of over 30%. The average price per ton increased year-on-year, contributing to the revenue growth [9]. - The company experienced a significant improvement in cost structure, with the cost per ton decreasing year-on-year. The gross margin increased by 5.6 percentage points to 42.8%, while the net profit margin rose by 1.46 percentage points to 4.32% [9]. Future Outlook - The company is expected to continue its high-quality development, implementing nine major reforms to enhance its governance system. The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.51 yuan, 0.58 yuan, and 0.65 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25X, 22X, and 20X [9].

丨证券研究报告丨 公司研究丨点评报告丨德尔玛（301332.SZ） [Table_Title] 外销持续深化、内销国补助力，经营性利润增长 亮眼 报告要点 [Table_Summary] 2024 年公司实现营业收入 35.31 亿元，同比增长 11.98%，实现归母净利润 1.42 亿元，同比增 长 30.95%，实现扣非归母净利润 1.30 亿元，同比增长 29.94%；其中，2024Q4 公司实现营业 收入 11.32 亿元，同比增长 28.24%，实现归母净利润 3841.47 万元，同比增长 333.24%，实 现扣非归母净利润 3456.93 万元，同比增长 272.43%。此外，2025Q1 公司实现营业收入 7.78 亿元，同比增长 8.61%，实现归母净利润 2362.32 万元，同比增长 1.15%，实现扣非归母净利 润 2085.97 万元，同比下滑 1.98%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 德尔玛（30133 ...