熵基科技(301330) 目标价: 昨收盘:27.30 以 AI 应用为核心，推动公司未来发展 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 1.96/0.77 | | --- | --- | | 总市值/流通(亿元) | 53.59/20.91 | | 12 个月内最高/最低价 | 33.64/19.46 | | (元) | | 相关研究报告 <<智慧零售引领未来发展>>--2024- 05-06 <<毛利率提升，发布智慧零售解决方 案>>--2023-11-07 <<毛利率大幅提升，智慧零售前景广 阔>>--2023-09-03 证券分析师：曹佩 2025 年 04 月 30 日 公司点评 买入/维持 深耕多模态 BioCV 人工智能技术。公司依托依自主研发的 BioCV 以及熵基云物联网平台 Minerva IoT，公司推出 ZKDIGIMAX Level 3 数字化营销解决方案。公司利用计算机视觉技术实现货架监管、商品 推荐、客流分析及无人店支 ...

上 市 公 司 基础化工 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 -40% -20% 0% 20% 40% 凯赛生物 沪深300指数 (收益率) 2025 年 04 月 30 日 凯赛生物 (688065) —— Q1 业绩符合预期，聚酰胺复材应用推广稳步推进 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 51.98 | | 一年内最高/最低（元） | 56.98/32.48 | | 市净率 | 2.1 | | 息率（分红/股价） | 0.37 | | 流通 A 股市值（百万元） | 30,324 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | 24.35 | | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a total revenue of 1.1 billion yuan in Q1 2025, a year-on-year decrease of 25.8%, with a net profit attributable to shareholders of 180 million yuan, down 24.2% year-on-year [1][2]. - The revenue decline is attributed to the timing of the Spring Festival, adjustments in supply chain management, and strategic control over major product expenditures to stabilize market pricing [2][3]. - The company is focusing on inventory reduction and expects improvements from ongoing adjustments and potential acquisitions [3][4]. Revenue Breakdown - Product revenue for Q1 2025: soy sauce (650 million yuan, -31.6%), chicken essence (130 million yuan, -28.6%), cooking oil (50 million yuan, -50.0%), and other products (200 million yuan, -6.9%) [2]. - Regional revenue: Eastern region (190 million yuan, -47.7%), Southern region (420 million yuan, -19.6%), Central and Western regions (230 million yuan, -29.1%), Northern region (180 million yuan, -18.7%) [2]. - Channel revenue: distribution (970 million yuan, -30.7%) and direct sales (60 million yuan, +33.3%) [2]. Profitability Analysis - The company achieved a gross margin of 38.7%, an increase of 1.8 percentage points year-on-year, due to lower costs of soybeans and packaging materials, as well as improved production efficiency [3]. - The net profit margin for Q1 2025 was 16.4%, up 0.3 percentage points year-on-year, with a non-recurring net profit margin also at 16.4%, up 0.4 percentage points [3]. Future Outlook - The company anticipates revenue growth driven by both internal and external factors, with ongoing reforms, expansion into traditional and e-commerce channels, and new product promotions [3][4]. - Revenue projections for 2025-2027 are 5.72 billion yuan, 6.25 billion yuan, and 6.82 billion yuan, respectively, with year-on-year growth rates of 3.6%, 9.2%, and 9.2% [4][5].

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 24 年业绩明显承压，25Q1 净利率同比改善 [Table_Title2] 飞科电器(603868) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 603868 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 52.88/32.0 | | 目标价格： | | 总市值(亿) | 154.03 | | 最新收盘价： | 35.36 | 自由流通市值(亿) | 154.03 | | | | 自由流通股数(百万) | 435.60 | [Table_Summary] 事件概述 2024 年年报：2024 年，公司实现营业收入 41.47 亿元，同比下降 18.03%；实现归母净利润 4.58 亿元，同比 下降 55.10%；实现扣非归母净利润 3.58 亿元，同比下降 59.55%。2024 年度利润分配预案为以 2024 年 12 月 31 日的总股本 4.36 亿股为基数，拟向全体股东每 10 股派发 ...

公司发布 2025 年一季报：2025Q1 公司实现营收 16.15 亿元，同比下滑 23.49%，环比下滑 5.86%；归母净利润- 5.13 亿元，同比下滑 38.20%，环比增长 53.18%，扣非后归母净利为-2.18 亿元，同比下滑 83.19%，环比增长 65.21%,公司利润环比向好，剔除公允价值变动的营业利润为-0.46亿元，已接近盈亏平衡。现金流方面，公司 经营活动产生的现金流量净额为-1.12 亿元，比去年同期缩窄 38.46%。 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 利润端环比向好，政策催化有望带动出租率 提振 [Table_Title2] 美凯龙(601828) 分析判断: ►收入端：商场结构持续调整，国补有望带动出租率回暖 | [Table_DataInfo] 评级： | 增持 | 股票代码： | 601828 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 4.45/2.02 | | 目标价格： | | 总市值(亿) | 128.90 | ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 荣盛石化(002493.SZ) 投资评级 买入 上次评级 买入 [Table_ReportDate] 2025 年 4 月 30 日 [Table_S 事件：202ummar 5 年y]4 月 24 日晚，荣盛石化发布 2024 年年度报告。2024 年公 司实现营业收入 3264.75 亿元，同比增长 0.42%；实现归母净利润 7.24 亿 元，同比下降 37.44%；实现扣非后归母净利润为 7.62 亿元，同比下降 7.06%；实现基本每股收益 0.08 元，同比下降-33.33%。其中，第四季度公 司实现营业收入 812.79 亿元，同比下降 5.56%，环比下降 3.18%；实现归 母净利润-1.52 亿元，同比下降 114.49%，环比下降 912.03%；实现扣非后 净利润 0.74 亿元，同比下降 92.21%，环比增长 367.64%。 2025 年 4 月 29 日晚，公司发布 2025 年一季度报告，2025 年一季度公司 实现营业收入 749.75 亿元，同比下降 7.54 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Viewpoints - The company achieved a revenue of 396 million yuan in 2024, representing a year-on-year growth of 44.86%. However, it reported a net loss of 202 million yuan for the same year [1][2]. - The first quarter of 2025 saw a revenue of 81 million yuan, a year-on-year increase of 11.73%, but a quarter-on-quarter decline of 37.74%, with a net loss of 61 million yuan [1][2]. - High R&D investment has pressured profitability, with R&D expenses reaching 294 million yuan in 2024, a 32.41% increase year-on-year, resulting in a R&D expense ratio of 74.10% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 42.68%, down 9.69 percentage points year-on-year. The gross margin for Q1 2025 was 40.74%, a slight decrease of 0.37 percentage points year-on-year [2]. - The forecast for revenue from 2025 to 2027 is 645 million yuan, 987 million yuan, and 1.411 billion yuan, respectively, with growth rates of 62.9%, 53.0%, and 42.9% [5][10]. Product Development - The company focuses on high-speed wired communication chips, gradually expanding its product matrix, which includes Ethernet physical layer chips and various automotive Ethernet chips [3][4]. - New products are expected to contribute to revenue growth from 2024 to 2026, with significant investments in R&D to support this expansion [3][4]. Market Strategy - The establishment of dedicated divisions for network communication and automotive applications aims to accelerate market penetration and product development [4]. - The company has successfully launched automotive Ethernet physical layer chips and is testing new automotive Ethernet switch chips with several domestic car manufacturers [4].

上声电子（688533.SH）系列点评五 营收稳健增长 静待盈利修复 2025 年 04 月 30 日 邮箱：cuiyan@mszq.com 邮箱：wanyanshangwen@mszq.com ➢ 事件：公司披露 2024 年年度报告和 2025 年第一季度报告：1）2024 年度 实现营收 27.76 亿元，同比+19.32%；归母净利润 2.35 亿元，同比+47.92%； 扣非归母净利润 1.89 亿元，同比+21.00%；3）2025Q1 营收 6.36 亿元，同比 +6.40%，环比-18.62%；归母净利润 0.27 亿元，同比-53.27%，环比-40.03%； 扣非归母净利润 0.24 亿元，同比-43.03%，环比-42.19%。 ➢ 营收稳健增长 多因素导致利润短期承压：1）收入端：得益于国内外汽车市 场的稳步增长，公司营收实现稳健增长。2024 年度实现营收 27.76 亿元，同比 +19.32% ， 其 中 车 载 扬 声 器 / 车 载 功 放 /AVAS 业 务 营 收 分 别 +10.84%/+47.97%/+40.10%，公司主要产品销量保持稳健增长。2024Q4 营 收7. ...

雅化集团（002497.SZ）2024 年年报及 2025 年一季报点评 民爆贡献稳定业绩，期待自有锂矿放量 2025 年 04 月 30 日 ➢ 事件：公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 77.2 亿元，同比-35.1%；归母净利 2.6 亿元，同比增长 539.6%；扣非归母净利 1.6 亿元，同比扭亏为盈。单季度看，24Q4 实现营收 17.9 亿元，同比-26.1%，环 比-10.0%；归母净利 1.0 亿元，同比扭亏为盈，环比+98.1%，扣非归母净利 0.5 亿元，同比扭亏为盈，环比+40.5%；25Q1 实现营收 15.4 亿元，同比-17.0%， 环比-14.2%；归母净利 0.8 亿元，同比+446.7%，环比-20.4%，扣非归母净利 0.7 亿元，同比+762.5%，环比+32.7%。 ➢ 民爆业务贡献稳定收益，锂价下跌导致锂盐业务拖累业绩。锂盐：1）量： 24 年锂盐销量为 4.8 万吨，同比增长 63.4%； 2）价：24 年国内电池级碳酸锂 均价 9.0 万元，同比-64.8%，其中 24Q4 电池级碳酸锂均价 7.6 万元，环比- 4.7% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in both revenue and net profit for 2024, with revenue reaching 7.356 billion yuan (up 27.69% year-over-year) and net profit of 1.103 billion yuan (up 584.21% year-over-year) [6] - The company aims to maintain its market share, with a record product shipment of 4.362 billion units in 2024, representing a 39.72% year-over-year increase [6] - The company’s DRAM products saw a doubling in sales volume, while NOR Flash products continued to grow in various sectors, contributing to overall revenue growth [6] - The MCU product line achieved historical highs in both revenue and shipment, with significant contributions from the consumer and industrial markets [6] - The company is positioned to benefit from the expected growth in the NOR Flash market, projected to reach $2.699 billion in 2024, with a year-over-year growth of 19.74% [6] - The company plans to enhance its MCU product offerings, particularly in the automotive sector, with a planned investment of approximately 1.2 billion yuan for R&D and industrialization [7] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 7.356 billion yuan, with a gross margin of 38.00% [6] - For Q1 2025, revenue was 1.909 billion yuan, reflecting a year-over-year increase of 17.32% [6] - The company forecasts revenues of 9.416 billion yuan, 11.655 billion yuan, and 14.178 billion yuan for 2025, 2026, and 2027 respectively [7] Market Position - The company holds the second position globally in Serial NOR Flash market share as of 2024 [6] - The company’s DRAM products include DDR3L and DDR4, with significant growth in both product lines [6] - The MCU product line is a strategic focus, with the company ranked first in China for 32-bit Arm® general-purpose MCUs [6] Future Outlook - The company expects continued growth in its niche DRAM and MCU segments, with a long-term focus on domestic market expansion [7] - The projected PE ratios for 2025, 2026, and 2027 are 56.50, 43.80, and 35.89 respectively, indicating a favorable valuation outlook [7]