2025 年 5 月 1 日 公司研究 计提减值影响公司业绩，坚定推动全球化战略 ——TCL 中环（002129.SZ）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报&2025 年一季报，2024 年实现营业收入 284.19 亿 元，同比-51.95%，实现归母净利润-98.18 亿元，同比-387.42%；2025Q1 实现 营业收入 61.01 亿元，同比-38.58%，实现归母净利润-19.06 亿元，环比亏损幅 度有所收窄（2024Q4 实现归母净利润-37.57 亿元）。 2024 年硅片销量行业第一，计提 52 亿元资产减值影响公司业绩。 （1）2024 年公司硅片出货量同比增长 10.5%至 125.8GW，硅片整体市占率 18.9%位于行业第一，光伏硅片板块营业收入同比-61.98%至 166.49 亿元，毛 利率同比减少 42.32 个 pct 至-20.53%。（2）2024 年公司光伏组件出货 8.3GW （同比有所减少），组件板块营业收入同比-37.57%至 58.11 亿元，毛利率同比 减少 8.92 个 pct 至-0.85%。（3）审慎起见 2 ...

丨证券研究报告丨 公司研究丨点评报告丨中国石化（600028.SH） [Table_Title] 炼油化工承压业绩下滑，高分红重视股东回报 research.95579.com 1 报告要点 [Table_Summary] 中国石化发布 2025 年一季报，2025 年第一季度，公司实现总营业收入 7,353.56 亿元，同比 减少 6.91%；实现利润总额达到 182.52 亿元，同比减少 32.6%；实现归母净利润 132.64 亿 元，同比减少 27.58%。上游增储稳油增气，降本增效取得新进展；炼化业务以效益为导向，低 成本应对市场变化；成品油销售业务发挥一体化优势，打造"油气氢电服"综合能源服务商； 重视股东回报，2024 年现金分红率达到 69%。 分析师及联系人 [Table_Author] 魏凯 王岭峰 SAC：S0490520080009 SAC：S0490521080001 SFC：BUT964 请阅读最后评级说明和重要声明 %% %% %% %% 中国石化（600028.SH） cjzqdt11111 [Table_Title2] 炼油化工承压业绩下滑，高分红重视股东回报 [Table_ ...

丨证券研究报告丨 公司研究丨点评报告丨航天工程（603698.SH） [Table_Title] 一季度业绩同比大幅增长，新签订单稳步推 进 报告要点 [Table_Summary] 公司发布 2025 年一季度报告，2025 年第一季度营业收入 8.47 亿元，同比上升 256.78%；归 母净利润 0.34 亿元，同比上升 163.97%；扣非归母净利润 0.33 亿元，同比上升 172.17%。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 航天工程（603698.SH） cjzqdt11111 [Table_Title2] 一季度业绩同比大幅增长，新签订单稳步推进 [Table_Summary2] 事件描述 公司发布 2025 年一季度报告，2025 年第一季度营业收入 8.47 亿元，同比上升 256.78%；归 母净利润 0.34 亿元，同比上升 163.97%；扣非归母净利润 0.33 亿元，同比上升 172.17%。 事件评论 请阅读最后评级说明和重要声明 %% ...

证券研究报告·公司点评报告·电池 珠海冠宇（688772） 2025 年一季报点评：淡季+出口退税影响盈 利，Q2 起逐步恢复 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） | 11,446 | 11,541 | 14,474 | 17,729 | 21,088 | | 同比（%） | 4.29 | 0.83 | 25.41 | 22.49 | 18.94 | | 归母净利润（百万元） | 344.19 | 430.36 | 862.31 | 1,332.60 | 1,614.23 | | 同比（%） | 278.45 | 25.03 | 100.37 | 54.54 | 21.13 | | EPS-最新摊薄（元/股） | 0.31 | 0.38 | 0.76 | 1.18 | 1.43 | | P/E（现价&最新摊薄） | 41.47 | 33.17 | 16.55 | 10.71 | 8.84 | [Table ...

丨证券研究报告丨 公司研究丨点评报告丨生益科技（600183.SH） [Table_Title] 生益科技 2025 年一季报点评：AI 赋能成长，业 绩步入高增 报告要点 [Table_Summary] 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 26.86%；实现归母净利润 5.64 亿元，同比增长 43.76%。从盈利能力来看，2025 年一季度， 公司分别实现毛利率和净利率 24.60%和 11.31%，分别同比+3.30pct 和+2.18pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 生益科技（600183.SH） cjzqdt11111 [Table_Title 生益科技 2025 2] 年一季报点评：AI 赋能成长，业 绩步入高增 [Table_Summary2] 事件描述 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 ...

丨证券研究报告丨 公司研究丨点评报告丨沪电股份（002463.SZ） [Table_Title] 沪电股份 2025 年一季报点评：AI 业务持续兑 现，业绩稳步上行 报告要点 [Table_Summary] 沪电股份发布 2025 年一季报：2025 年一季度，公司实现营业收入 40.38 亿元，同比增长 56.25%；实现归母净利润 7.62 亿元，同比增长 48.11%。从盈利能力来看，公司一季度分别实 现毛利率和净利率 32.75%和 18.82%，分别同比-1.11pct 和-0.84pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% 丨证券研究报告丨 2025-05-01 %% %% research.95579.com 1 沪电股份（002463.SZ） cjzqdt11111 [Table_Title 沪电股份 2025 2] 年一季报点评：AI 业务持续兑 现，业绩稳步上行 [Table_Summary2] 事件描述 沪电股份发布 2025 年一季报：2025 年一季度，公司实现营 ...

丨证券研究报告丨 公司研究丨点评报告丨浙江交科（002061.SZ） [Table_Title] 2024 年现金流改善明显，2025Q1 业绩双位数 增长 报告要点 [Table_Summary] 公司 2024 年营业收入 477.72 亿元，同增 3.75%；归属净利润 13.10 亿元，同减 2.78%。2025 年一季度实现营业收入 81.71 亿元，同增 5.74%；归属净利润 2.21 亿元，同增 18.82%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 浙江交科（002061.SZ） cjzqdt11111 [Table_Title 2024 年现金流改善明显， 2] 2025Q1 业绩双位数 增长 [Table_Summary2] 事件描述 公司 2024 年营业收入 477.72 亿元，同增 3.75%；归属净利润 13.10 亿元，同减 2.78%。2025 年一 ...

Investment Rating - The report assigns a "Buy" rating for the company [4] Core Views - The company's semiconductor business shows steady growth, while overall revenue and performance are under pressure due to fluctuations in demand across aerospace, photovoltaic, and optical communication sectors [2] - The company is expected to recover its profitability in Q1 2025, with a projected revenue increase in the coming years [2][3] Financial Summary - In 2024, the company achieved revenue of 1.742 billion, a year-on-year decrease of 16.68%, and a net profit of 314 million, down 41.56% year-on-year. In Q1 2025, revenue was 406 million, a slight decrease of 0.97%, with a net profit of 105 million, an increase of 35.72% year-on-year [1][2] - The projected revenues for 2025, 2026, and 2027 are 2.215 billion, 2.764 billion, and 3.399 billion respectively, with net profits of 566 million, 705 million, and 877 million [3][4] - The gross margin for 2024 is 42.17%, down 7.31 percentage points, while the net margin is 18.73%, down 8.75 percentage points. For Q1 2025, the gross margin is expected to rise to 49.96%, an increase of 10.32 percentage points, and the net margin to 23.63%, up 4.45 percentage points [2] Business Development - The company is optimizing its industrial layout with ongoing project constructions, including an expansion project for synthetic quartz glass materials, which is expected to add an annual capacity of 160 tons [3] - The company is increasing its R&D investment, with 250 million allocated for 2024, a year-on-year increase of 11.98%, and has successfully developed 18 high-performance composite material projects [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a steady growth in Q1 2025, achieving operating revenue of 4.783 billion yuan, a year-on-year increase of 20.75%, and a net profit attributable to shareholders of 491 million yuan, up 29.47% year-on-year. The gross margin and net margin for Q1 2025 were 24.74% and 10.29%, reflecting a year-on-year change of -0.45 percentage points and +0.71 percentage points respectively [2][5]. - The growth in performance is attributed to the increasing demand in high-speed network communication, computing power, and server-related sectors, as well as the ongoing trends in electric and intelligent vehicles. The company is expected to benefit from structural opportunities in the downstream market, particularly in the PCB business, driven by AI and intelligent driving [11]. - The company is focusing on strategic customer development and product introduction in the PCB sector, particularly in data centers and automotive electronics, while also enhancing its capabilities in the packaging substrate business [11]. Financial Performance and Forecast - For the fiscal year 2025, the company is projected to achieve a net profit attributable to shareholders of 2.531 billion yuan, with expected profits of 3.034 billion yuan and 3.549 billion yuan in 2026 and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 21.89, 18.27, and 15.61 [11][18].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has positioned itself well in the AI sector, which is expected to drive significant growth in the consumer electronics market. The global AI smartphone shipment is projected to increase from 16% of total smartphone shipments in 2024 to 54% by 2028, with a CAGR of 63% [11]. - The company reported a revenue of 8.087 billion yuan in Q1 2025, representing a year-on-year growth of 20.94%. However, the net profit attributable to the parent company was 488 million yuan, a decrease of 1.83% year-on-year. The gross margin and net margin were 17.83% and 6.01%, respectively, down by 2.54 percentage points and 1.43 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 80.87 billion yuan, a year-on-year increase of 20.94%. The net profit attributable to the parent company was 4.88 billion yuan, a decrease of 1.83% year-on-year. The gross margin was 17.83%, and the net margin was 6.01%, both showing declines compared to the previous year [2][4]. Market Positioning - The company is strategically positioned to capitalize on the AI trend, focusing on the consumer electronics sector. The introduction of AI functionalities is expected to enhance product offerings and drive market growth [11]. - The company is actively involved in R&D to enhance its product capabilities, particularly in high-end HDI and SLP products, which are crucial for the AI industry [11]. Future Outlook - The company anticipates a stable growth trajectory, with projected net profits of 4.51 billion yuan, 5.07 billion yuan, and 5.91 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 15.27, 13.58, and 11.65 [11].