证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 08 日 ► 行业承压+主动调整致业绩下滑，Q1 主动控制发货节奏慢于回款。 2024 年，公司主力产品蓝色经典系列所处的中端及次高端价位段承压较大，为追求可持续发展，公司调整 了经营策略，由攻转守，围绕长期主义，将 2024 年定为调整之年，由此我们认为，行业承压+公司主动调整， 共同造成了 24 年收入业绩的下滑。 2025Q1，公司通过销售商品、提供劳务收到的现金同比-24.03%，期末合同负债同比+20.78%，据此我们推 测实际回款好于报表端收入确认，回款下滑幅度小于发货，公司为进一步降低渠道库存、平衡量价关系，主动 控制了发货节奏。 ► 次高端产品受影响大，成本摊多导致盈利能力下降。 [Table_Title] 坚定调整以待来日，股息率超 6%居行业前列 [Table_Title2] 洋河股份(002304) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 002304 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 109. ...

2025 年 05 月 08 日 悦安新材(688786.SH) MIM 技术替代和电感需求增长，新产能 渐迎释放 公司发布 2024 年报和 2025 年一季报 2024 年公司实现营收 4.18 亿元，同比+13%；归母净利 0.70 亿 元，同比-12%，扣非归母净利 0.67 亿元，同比-9%。2025Q1 实现 营收 0.96 亿元，同比+9%，环比-10%；归母净利 0.17 亿元，同比 +0.3%，环比+20%；扣非归母净利润 0.16 亿元，同比+7%，环比 +7%。 公司全年整体毛利率 35.40%，同比-5.06pct，主要因募投项目转 固，但项目仍处于产能爬坡阶段，折旧等营业成本增加。 电感需求增长提振软磁粉需求，技术替代提升 MIM 需求 ✔雾化合金粉：产销量和毛利率均同增。24 年全年雾化合金粉系 列产品营收 0.46 亿，同比+13%。24 年全年产品销售 867 吨，同 比+27%；产量 913 吨，同比 33%。毛利率 19.08%，同比+2.21pct。 ✔羰基铁粉：产销量维持增长，毛利率或受募投项目爬产影响。 24 年全年羰基铁粉系列产品营收 1.22 亿，同比+6%，24 ...

2025 年 05 月 08 日 宝钢包装(601968.SH) 金属包装龙头地位稳固， 海外布局成效逐步彰显 事件：宝钢包装发布 2024 年年度报告和 2025 年一季报。24 年 公司实现营业收入 83.18 亿元，同比增长 7.19%；归母净利润 1.72 亿元，同比下降 21.13%；扣非后归母净利润 1.67 亿元，同比下 降 22.62%。24Q4 公司实现营业收入 21.58 亿元，同比增长 11.00%； 归母净利润 0.15 亿元，同比下降 6.04%；扣非后归母净利润 0.17 亿元，同比增长 35.85%。 25Q1 公司实现营业收入 20.02 亿元，同比增长 1.02%；归母净利 润 0.57 亿元，同比增长 2.67%；扣非后归母净利润 0.57 亿元， 同比增长 9.17%。 金属饮料罐稳健增长，彩印铁业务承压，产品结构持续优化 24 年公司持续优化产品结构和海外业务布局，提升核心竞争力，着 力提高经营质效。分产品看，24 年公司金属饮料罐/包装彩印铁分别 实现收入 78.58/4.47 亿元，同比分别增长 8.22%/-7.36%，占比分别 为 94.46%/5.38%。1） ...

证券研究报告·公司点评报告·半导体 盛科通信-U（688702） 执业证书：S0600123070070 libw@dwzq.com.cn 2024 年报&2025 年一季报点评：加大研发迎 接国产浪潮，期待高端产品进展 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） | 1,037 | 1,082 | 1,353 | 1,787 | 2,291 | | 同比（%） | 35.17 | 4.28 | 25.04 | 32.10 | 28.23 | | 归母净利润（百万元） | (19.53) | (68.27) | (27.54) | 7.47 | 102.34 | | 同比（%） | 33.62 | (249.52) | 59.66 | 127.12 | 1,270.62 | | EPS-最新摊薄（元/股） | (0.05) | (0.17) | (0.07) | 0.02 | 0.25 | | P/S（现价&最新 ...

2025 年 05 月 08 日 营收稳健增长，坚定大单品战略 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价（元） | 29.96 | | 总市值（亿元） | 44 | | 总股本（百万股） | 146 | | 流通股本（百万股） | 124 | | 52 周价格范围（元） | 22-47.98 | | 日均成交额（百万元） | 58.66 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 仲景食品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《仲景食品（300908）：主力单 品稳健增长，电商渠道持续发力》 2025-03-28 2、《仲景食品（300908）：营收稳 健增长，电商渠道持续发力》2024- 10-18 3、《仲景食品（300908）：葱油延 续增长， ...

Investment Rating - The report assigns a "Buy" rating for the company [9] Core Insights - The company's revenue growth has improved, with a year-on-year increase of 2.6% in Q1 2025, which is an acceleration of 1.4 percentage points compared to 2024 [4] - The net profit attributable to shareholders decreased by 2.9% year-on-year in Q1 2025, primarily due to an increase in the effective tax rate to 20%, up by 3.5 percentage points [4] - Total assets grew by 6.9% year-on-year to 36 trillion yuan, with deposits increasing by 6.2% to 25.6 trillion yuan and loans rising by 8.3% to 22.6 trillion yuan [5] - The net interest margin decreased by 11 basis points to 1.29% in Q1 2025, influenced by a larger decline in asset yield compared to the improvement in liability costs [6] - Non-interest income saw a significant increase of 18.9% year-on-year, with other non-interest income rising by 37.3% [7] - Asset quality remained stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [8] - The forecast for net profit attributable to shareholders for 2025-2027 is 2404 billion, 2453 billion, and 2477 billion yuan respectively, with corresponding EPS of 0.82, 0.83, and 0.84 yuan [9] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1649.3 billion yuan, with a year-on-year growth of 2.6% [3] - The net profit for Q1 2025 was 543.6 billion yuan, reflecting a decrease of 2.9% compared to the previous year [3] Revenue and Profitability - The effective tax rate increased to 20% in Q1 2025, impacting profit growth negatively [4] - The company’s total assets reached 36 trillion yuan, with a year-on-year growth of 6.9% [5] Loan and Deposit Growth - Deposits grew to 25.6 trillion yuan, marking a 6.2% increase, while loans reached 22.6 trillion yuan, up by 8.3% [5] Interest Margin and Non-Interest Income - The net interest margin decreased to 1.29%, with asset yield declining more than liability costs improved [6] - Non-interest income increased by 18.9%, with significant growth in other non-interest income [7] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 198% [8] Profit Forecast - Projected net profits for 2025-2027 are 2404 billion, 2453 billion, and 2477 billion yuan, with EPS estimates of 0.82, 0.83, and 0.84 yuan [9]

有色金属 | 证券研究报告 — 调整盈利预测 2025 年 5 月 9 日 603876.SH 增持 原评级：增持 市场价格:人民币 8.68 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 0.3 12.3 (1.8) (25.5) 相对上证综指 (2.4) 5.7 (3.3) (32.6) (32%) (23%) (15%) (6%) 3% 12% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 鼎胜新材 上证综指 | 发行股数 (百万) | 930.96 | | --- | --- | | 流通股 (百万) | 929.27 | | 总市值 (人民币 百万) | 8,080.71 | | 3 个月日均交易额 (人民币 百万) | 186.27 | | 主要股东 | | | 杭州鼎胜实业集团有限公司 | 27.15% | | 资料来源：公司公告， Wind ， | 中银证券 | Wind 以 2025 年 5 月 8 日收市价为标准 支撑评级的要点 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.3 CNY [1][6]. Core Insights - The company has sufficient orders on hand and is experiencing steady growth in performance. In 2024, the company achieved a revenue of 74.10 billion CNY, representing a year-on-year increase of 59.08%, and a net profit attributable to shareholders of 6.92 billion CNY, up 140.80% year-on-year [6][7]. - For Q1 2025, the company reported a revenue of 20.77 billion CNY, a year-on-year increase of 18.11%, and a net profit of 1.69 billion CNY, up 4.29% year-on-year [6][7]. - The company is focusing on deepening its "cloud-edge-end" integrated smart storage and intelligent IoT system, driven by AI demand, enhancing supply chain efficiency and cost control [6][7]. Financial Performance Summary - **Revenue Forecast**: - 2024: 7,410 million CNY - 2025: 10,430 million CNY - 2026: 13,369 million CNY - 2027: 16,434 million CNY - Year-on-year growth rates: 59.1% (2024), 40.8% (2025), 28.2% (2026), 22.9% (2027) [2][7]. - **Net Profit Forecast**: - 2024: 692 million CNY - 2025: 1,074 million CNY - 2026: 1,450 million CNY - 2027: 1,891 million CNY - Year-on-year growth rates: 140.8% (2024), 55.3% (2025), 35.0% (2026), 30.4% (2027) [2][7]. - **Earnings Per Share (EPS)**: - 2024: 2.82 CNY - 2025: 4.38 CNY - 2026: 5.91 CNY - 2027: 7.71 CNY [2][7]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 38 (2024), 24 (2025), 18 (2026), 14 (2027) - Price-to-Book (P/B) ratio: 8.1 (2024), 6.2 (2025), 4.7 (2026), 3.6 (2027) [2][7]. Business Segments Performance - The IoT intelligent terminal business generated revenue of 22.59 billion CNY, up 60.82% year-on-year, benefiting from overseas expansion in smart security and smart home sectors [6][7]. - The data storage equipment business achieved revenue of 44.57 billion CNY, a year-on-year increase of 54.98%, driven by continuous investment in data centers and cloud storage [6][7]. Investment Recommendation - Based on the latest financial reports and anticipated price declines in storage in the second half of 2024, the revenue projections for 2025-2027 have been adjusted to 104.30 billion CNY, 133.69 billion CNY, and 164.34 billion CNY respectively, with net profits of 10.74 billion CNY, 14.50 billion CNY, and 18.91 billion CNY [6][7].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company is expected to achieve revenue of 360.11 billion yuan and net profit of 122.43 billion yuan in 2024, representing a year-on-year growth of 12.79% and 17.29% respectively [1] - For 2025, the company is projected to generate revenue of 165.23 billion yuan and net profit of 66.48 billion yuan, with year-on-year growth of 7.72% and 6.15% respectively [1] - The company has seen a significant increase in high-priced liquor sales, with liquor revenue reaching 358.75 billion yuan in 2024, up 13% year-on-year [1] - The gross profit margin improved by 0.93 percentage points to 76.30% in 2024, with sales volume and price per ton increasing by 7.20% and 5.43% respectively [1] Financial Performance Summary - The company’s revenue is forecasted to grow at rates of 8%, 9%, and 9% from 2025 to 2027, reaching 390 billion yuan, 425 billion yuan, and 463 billion yuan respectively [2] - The net profit is expected to grow by 6%, 9%, and 10% during the same period, reaching 130 billion yuan, 141 billion yuan, and 155 billion yuan respectively [2] - The company’s EBITDA is projected to increase from 16,891.10 million yuan in 2024 to 21,046.21 million yuan by 2027 [3] - The earnings per share (EPS) is expected to rise from 10.04 yuan in 2024 to 12.71 yuan in 2027 [3] Market and Sales Insights - The company’s sales in the domestic market for 2025 are expected to be 60.83 billion yuan, while sales outside the province are projected at 103.96 billion yuan, with year-on-year growth of 8.7% and 7.18% respectively [1] - The number of distributors increased by 743 to a total of 4,461, although the average scale per distributor decreased by 7.88% [1] - The gross profit margin for Q1 2025 is forecasted to be 78.80%, with a net profit margin of 40.23% [1]

公司报告 | 首次覆盖报告 汽车管路龙头，进军 AIDC 液冷可期 公司基本情况：公司成立于 2002 年，自设立以来一直专注于车用胶管系 列产品，主营业务包括传统燃油汽车、新能源汽车、摩托车用橡塑软管及 总成，产品涵盖燃油系统胶管、冷却系统胶管、制动系统胶管、动力转向 胶管等，目前已和国内 50 多家主机厂、50 多家摩托车厂商、200 多家二 次配套厂商建立稳定供配关系，并已开始批量供货储能冷却系统管路产品。 公司业绩方面：受益于新能源汽车行业需求增长，公司 2022-2024 年分别 实现收入 9.07/11.09/13.63 亿元，yoy+16.81%/+22.31%/+22.88%；分别实现 净利润 1.22/1.62/2.03 亿元，yoy+16.60%/+32.32%/+25.15%。 主业方面：下游汽车需求带动管路行业增长，公司产品及客户覆盖齐全 行业方面，2024 年国内新能源汽车销量为 1285.8 万辆，同比增长 35.42%。 我们预计未来汽车行业持续向节能、环保、轻量化、总成化、智能化、网 联化方向发展，行业整体发展趋势良好。 目前公司对橡胶和尼龙两种类型的产品均可设计、开发和生产， ...