医疗器械 | 基本状况 | | | --- | --- | | 总股本(百万股) | 416.52 | | 流通股本(百万股) | 212.93 | | 市价(元) | 79.01 | | 市值(百万元) | 32,908.94 | | 流通市值(百万元) | 16,823.80 | 地缘风险波动下业绩稳健，全球测序装机稳步攀升 华大智造（688114.SH） 证券研究报告/公司点评报告 2025 年 05 月 08 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | 营业收入（百万元） | | 2,911 | 3,013 | 3,607 | 4,500 | 5,597 | | | | 增长率 yoy% | | -31% | 3% | 20% | 25% | 24% | | 执业证书编号：S0740519040001 | | 归母净利 ...

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 家家悦（603708.SH） 证券研究报告/公司深度报告 2025 年 05 月 08 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） | | 17,763 | 18,256 | 18,566 | 19,258 | 20,066 | | 增长率 ...

证券研究报告 | 公司点评 | 化学制药 投资要点 ❑ 盈利能力： 高盈利持续，利润弹性或逐步释放 2024 年公司毛利率为 70.22%，同比下降 7.85pct，主要和毛利率较低的福立仪器 并表影响有关，核心产品色谱填料和层析介质毛利率为 81.56%，同比略降 2.39pct。我们认为公司通过前期的高研发投入已有相对充分的新品储备能够抵御 市场竞争加剧风险，且公司稀缺的核心原料微球自产能力将进一步凸显，看好核 心产品毛利率维持高水平。费用端来看，2024 年公司三费受到福立仪器并表影 响以及股份支付费用影响表观依然出现了较大增长，2025 年后随着部分影响因 素消除，以及规模效应的逐步体现，看好公司利润端弹性释放。 ❑ 经营质量分析：看好经营性现金流持续优化 2024 年公司经营活动产生的现金流量净额为 1.33 亿元，同比增长 5.99%，延续 了较好的经营质量。2025 年一季度公司经营活动产生的现金流量净额为-530.26 万元，同比变化较大，主要系支付员工年度绩效奖金和进行部分采购备货所致。 账期方面，2024 年公司应收周转天数为 117 天，同比缩短约 14 天，2025 年一季 度公司应收 ...

公司报告 | 季报点评 大唐发电（601991） 证券研究报告 Q1 多业务经营向好，归母净利高增 68% 事件：公司发布 2025 年一季报。2025 年一季度公司实现营收 302 亿元， 同比下降 1.74%；实现归母净利润 22.38 亿元，同比增长 68.12%。 点评： 公司风光装机已达 16GW，低碳清洁能源装机占比有望进一步提升 2025 年一季度，公司新投光伏 37.45 兆瓦，截至 2025 年 3 月 31 日，公司 总装机容量 79.15GW，其中火电煤机 47.17GW、火电燃机 6.63GW、水电 9.20GW、风电 10.06GW、光伏 6.08GW。2024 年公司风电项目核准容量 2,031.8 兆瓦、光伏项目核准容量 8,053.1 兆瓦。截至 2024 年末，公司风电 在建项目装机 1,759.3 兆瓦、光伏在建项目装机 1,866.88 兆瓦。公司低碳 清洁能源装机占比有望进一步提升。 水电及新能源电量显著增长，有效弥补火电电量下滑影响 电量方面，受公司部分水电机组所在区域来水较好、新能源装机容量同比 大幅增加影响，公司水电及新能源上网电量同比增幅较大，有效弥补火电 上网 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's new retail strategy is showing results, with a focus on international expansion and multi-channel distribution [4][3] - The financial performance for 2024 shows a decline in revenue and net profit, attributed to pressures in the real estate sector and increased costs from new initiatives [1][2] - The company is adjusting its profit forecasts for 2025-2027, expecting net profits of 2.3 billion, 2.5 billion, and 2.7 billion respectively [5][7] Financial Performance Summary - In Q1 2025, the company reported revenue of 5.87 billion, a year-on-year decrease of 8.4%, with a net profit of 0.35 billion, down 4.2% [1] - For the full year 2024, revenue was 34.75 billion, down 4.7%, and net profit was 1.99 billion, down 31.8% [1] - The gross profit margin for 2024 was 28.68%, a decrease of 0.90 percentage points year-on-year [1] Product Segment Performance - In 2024, overall cabinet revenue was 20.25 billion, down 9.3%, while overall wardrobe revenue increased by 1.4% to 10.59 billion [2] - In Q1 2025, overall cabinet revenue decreased by 17.2%, while overall wardrobe revenue increased by 8.3% [2] Channel and International Expansion - The company is implementing a new retail strategy to enhance dealer capabilities and expand its market presence [4] - International revenue for 2024 was 3.35 billion, an increase of 22.3% year-on-year, indicating successful international market penetration [3] Financial Projections - The company expects revenue growth rates of 5.20%, 8.48%, and 9.24% for the years 2025, 2026, and 2027 respectively [7] - The projected net profit for 2025 is 228.84 million, with a growth rate of 14.83% [7]

致欧科技（301376） 证券研究报告 公司报告 | 年报点评报告 积极应对关税影响 公司发布年报及一季报 25Q1 公司营收 21 亿同增 14%，归母净利 1.1 亿同增 10.3%，扣非后归母净 利 1.2 亿同增 25%。 24 年公司营收 81 亿同增 34%，归母净利 3.3 亿同减 19%，扣非后归母净利 3.1 亿同减 29%。 2024 年经营面临多重外部因素交织影响，全球地缘政治波动加剧，引致海 运成本上行、海运周期延长、关税加码预期等困难，对供应链稳定性提出 很大挑战，加上行业竞争加剧，给企业发展带来压力。 但公司继续沿着产品系列化、全渠道、一盘货的业务思路，深耕家具家居 品类。具体包括：1、物流优化——欧线仓网前置，美线尾程降本。2、渠 道开拓——抢占流量红利，新品成功落地。3、共创提效——数字生态共创， 标准归一降本。 2024 年家具系列营收 42 亿同增 37%，家居系列营收 30 亿同增 36%，宠物 系列营收 7 亿同增 19%，运动户外营收 2 亿同增 20%。 2024 年欧洲营收 49 亿同增 31%，北美营收 30 亿同增 39%，日本营收 0.6 亿同增 30%。 ...

证券研究报告 | 公司点评 | 化学制药 新机遇下看好利润拐点 ——纳微科技 2024 年报&2025 年一季报点评报告 投资要点 ❑ 盈利能力： 高盈利持续，利润弹性或逐步释放 2024 年公司毛利率为 70.22%，同比下降 7.85pct，主要和毛利率较低的福立仪器 并表影响有关，核心产品色谱填料和层析介质毛利率为 81.56%，同比略降 2.39pct。我们认为公司通过前期的高研发投入已有相对充分的新品储备能够抵御 市场竞争加剧风险，且公司稀缺的核心原料微球自产能力将进一步凸显，看好核 心产品毛利率维持高水平。费用端来看，2024 年公司三费受到福立仪器并表影 响以及股份支付费用影响表观依然出现了较大增长，2025 年后随着部分影响因 素消除，以及规模效应的逐步体现，看好公司利润端弹性释放。 ❑ 经营质量分析：看好经营性现金流持续优化 2024 年公司经营活动产生的现金流量净额为 1.33 亿元，同比增长 5.99%，延续 了较好的经营质量。2025 年一季度公司经营活动产生的现金流量净额为-530.26 万元，同比变化较大，主要系支付员工年度绩效奖金和进行部分采购备货所致。 账期方面，2024 年公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's performance in Q1 2025 shows resilience with a revenue increase of 25% and a profit increase of 44%, despite a challenging 2024 impacted by asset impairment [1][3] - The revenue structure indicates a shift towards traditional gold, while fashion jewelry and leather goods face pressure; however, the franchise business is experiencing significant growth [1][2] - The company is expected to maintain a strong growth trajectory, with revenue forecasts of 81 billion, 92 billion, and 103 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 14%, and 11% [3][4] Revenue and Profit Analysis - In 2024, the company reported a revenue of 6.52 billion (up 10.5% year-on-year) and a net profit of 194 million (down 42% year-on-year) due to impairment losses [1][4] - For Q4 2024, the revenue was 1.66 billion (up 18.4% year-on-year), but the net profit turned negative at -120 million, primarily due to a 210 million asset impairment loss [1] Store Expansion and Market Position - The company expanded its store count by 129 in 2024, reaching a total of 1,505 stores, with a notable increase in franchise stores [2] - The average GMV for franchise stores showed double-digit growth, indicating strong confidence among franchisees in the brand [2] Financial Forecasts - The company is projected to achieve a net profit of 4.8 billion, 5.6 billion, and 6.4 billion for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 148%, 17%, and 15% [3][4] - The expected P/E ratios for the next three years are 17.5, 15.0, and 13.1 [3][4] Profitability Metrics - The gross margin for 2024 was 23.6%, down 2.5 percentage points year-on-year, while the net profit margin improved to 3.0% [10] - In Q1 2025, the gross margin was 22.9%, down 2.0 percentage points year-on-year, but the net profit margin increased to 8.4% [10]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [9]. Core Viewpoints - The company has shown resilience in performance despite geopolitical risks, with steady growth in global sequencing installations [1]. - The core sequencing business is experiencing robust growth, with a significant increase in installed machines and market share, particularly in the domestic market [6]. - The company is positioned as a leader in the domestic sequencing market, benefiting from the ongoing trend of domestic substitution as competitors face challenges [6]. Financial Performance Summary - For 2024, the company reported revenue of 3.013 billion yuan, a year-on-year increase of 3.48%, and a net profit attributable to shareholders of -601 million yuan, a slight improvement of 1.10% year-on-year [3]. - The first quarter of 2025 saw a revenue decline of 14.26% year-on-year, with a net profit of -133 million yuan, reflecting a 33.67% increase compared to the previous year [3]. - The company’s revenue projections for 2025 to 2027 are 3.607 billion yuan, 4.500 billion yuan, and 5.597 billion yuan, respectively, with expected growth rates of 20%, 25%, and 24% [6]. Market Position and Strategy - The company achieved a historical high in new sales installations, with nearly 1,270 new machines sold in 2024, representing a 48.59% increase year-on-year [6]. - The global market share is approximately 7.1% based on revenue, and 28.2% based on new installations, indicating strong competitive positioning [6]. - The company is expanding its overseas presence with a marketing team of nearly 900 people, enhancing local support services to accelerate product adoption [6]. Cost and Efficiency Metrics - The company’s sales expense ratio for 2024 was 25.42%, a decrease of 3.16 percentage points year-on-year, while the management expense ratio increased by 1.83 percentage points to 19.98% [6]. - The gross margin for 2024 was 55.51%, down 3.96 percentage points year-on-year, primarily due to changes in product mix [6]. Future Outlook - The company is expected to continue benefiting from innovative product launches and global channel development, despite potential macroeconomic impacts on conventional business growth [6]. - The forecasted net profit for 2025 is -177 million yuan, with significant growth anticipated in subsequent years, reaching 182 million yuan by 2027 [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][23]. Core Views - The company has shown a strong performance in Q1 2025, with revenue reaching 759 million yuan, a year-on-year increase of 10.13% and a quarter-on-quarter increase of 8.69%. The net profit attributable to the parent company was 86.18 million yuan, up 112.70% year-on-year and 395.35% quarter-on-quarter [6]. - The report highlights that the company is approaching a performance inflection point, driven by robust growth in new business segments and significant improvements in profitability [3][6]. - The company is positioned as a leader in the raw material drug market, particularly in the low-price range of sartans, while non-sartan raw materials are identified as a core growth driver for the future [6]. Summary by Sections Financial Performance - For 2023, the company reported a revenue of 2,527.27 million yuan, with a year-on-year decline of 5.23%. However, projections for 2024 and beyond show a recovery with revenues expected to grow to 2,630.81 million yuan in 2024 and reaching 4,279.35 million yuan by 2027 [4][22]. - The net profit attributable to the parent company is forecasted to increase significantly from 27.36 million yuan in 2023 to 461 million yuan in 2027, reflecting a compound annual growth rate of 29.71% [4][22]. Business Segments - The report details that the non-sartan raw material segment achieved revenue of 189 million yuan in Q1 2025, marking a 57% year-on-year increase, indicating strong growth potential [6]. - The formulation business generated 80.77 million yuan in revenue, a 97% increase, with the number of approved formulations rising to 63, suggesting ongoing contributions to revenue growth [6]. Profitability Metrics - The gross margin for Q1 2025 was reported at 37.39%, an increase of 2.06 percentage points year-on-year, while the net margin reached 11.35%, up 5.47 percentage points year-on-year [6]. - The report anticipates that the company's gross margin will continue to improve, reaching 41.0% by 2027 [22]. Research and Development - R&D expenses for Q1 2025 were 53.45 million yuan, accounting for 7.04% of revenue, indicating a stable investment in innovation [6][22]. - The company plans to complete the process validation for 12 new raw material drug varieties by 2024, which is expected to drive future growth [6].