2025 年 05 月 08 日 洛阳钼业(603993.SH) 拟收购金矿+推动组织升级，剑指世界 一流矿 企 公司发布 2024 年年报和 2025 年一季报 公司 2024 年实现营收 2130 亿元，同比+14%；归母净利 135 亿元， 同比+64%；扣非归母净利 131.19 亿元，同比+110%。 公司 2025Q1 实现营收 460 亿，同比-0.3%、环比-21%；归母净利 39.5 亿元，同比+90%、环比-25%；扣非归母净利 39.3 亿元，同 比+88%、环比-14%。 ✔后续看点： 1）降本增效：2025 公司计划 TFM 依托中区 10K、 15K 选冶工艺优化，东区 17K 工艺调整等技改项目，进一步降本 提产，并加大勘探力度增储，加速推进 Heshima 水电站等电力开 发项目。2）增量可观：2024 年公司提出未来五年的发展目标，其 中目标年产铜金属 80-100 万吨、钴金属 9-10 万吨，远期增量 空间可观。 钨钼铌磷生产经营稳定 ✔钨钼：1）量：2024 年钨产量 8288 吨，同比+4%，钼产量 1.54 万吨，同比-1.5%。钨销量 8132 吨，同比+3%；钼 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 8.978 billion yuan for 2024, representing a year-on-year increase of 9.69%, and a net profit attributable to shareholders of 695 million yuan, up 19.81% year-on-year [2] - The first quarter of 2025 saw a revenue of 2.605 billion yuan, a significant increase of 36.47% year-on-year, with the medical segment growing by 46.3% and the consumer goods segment by 28.8% [2] - The company is expected to maintain a positive development trend, driven by strong sales growth from its key products and effective brand activities [2][3] Revenue Summary - In 2024, the medical business generated revenues of 7.81 billion yuan, 8.26 billion yuan, and 4.03 billion yuan from high-end dressings, operating room consumables, and health personal care, respectively, with year-on-year growth rates of 31.21%, 48.83%, and 34.98% [3] - The consumer goods segment achieved revenues of 15.57 billion yuan, 7.00 billion yuan, 9.65 billion yuan, and 9.63 billion yuan from various products, with year-on-year growth rates of 31.19%, 18.03%, 15.39%, and 13.21% respectively [3] Channel Performance - In 2024, the consumer goods segment's revenue from online, offline stores, and supermarkets was 3.07 billion yuan, 1.487 billion yuan, and 320 million yuan, with year-on-year growth rates of 18.87%, 9.24%, and 33.4% respectively [4] - The company has nearly 61 million members, reflecting a 15.8% increase from the previous year, indicating strong brand penetration [4] Profitability Analysis - The company's gross margin and net margin for 2024 were 47.32% and 8.25%, respectively, with a slight decrease in gross margin due to cotton price fluctuations [5] - For the first quarter of 2025, the gross margin and net margin improved to 48.46% and 10.05%, respectively, driven by contributions from newly acquired companies [5] Investment Recommendations - The company is expected to continue its core strategy of "product leadership and operational excellence," focusing on both medical and consumer segments [7] - Revenue projections for 2025-2027 are adjusted to 112.50 billion yuan, 129.65 billion yuan, and 149.97 billion yuan, with corresponding EPS estimates of 1.72 yuan, 2.09 yuan, and 2.53 yuan [7]

公司报告 | 年报点评报告 广电计量（002967） 证券研究报告 24 年全年业绩高增，25Q1 订单双位数增长 事件：公司公布 2024 年年报，实现营收 32.07 亿元，同比增长 11.01%； 归母净利润 3.52 亿元，同比增长 76.59%。 点评： 2024 年 全 年 ： 毛利率 / 净 利 率 分 别 为 47.21%/11.21% ，同比 +4.93pct/+4.07pct 。 全 年 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 14.16%/6.88%/10.8%/0.7%，同比-0.07/-0.46/+0.67/+0.11pct。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,888.91 | 3,206.84 | 3,757.04 | 4,370.45 | 4,996.94 | | 增长率(%) | 10.94 | 11.01 | 17.16 | 16.33 | 14.33 | | EBITDA(百 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing a revenue decline of 4.4% in 2024, with total revenue expected to reach 470 million, showing a narrowing decline compared to 2023 [1] - The net profit attributable to the parent company is projected to be -26 million, a significant drop of 162.8% year-on-year [4] - The company is shifting its business focus from "engineering consulting" to "comprehensive technical services," aiming to optimize its customer structure and reduce reliance on real estate clients [3] Financial Performance Summary - **Revenue**: In 2024, the company expects total revenue of 470 million, down 4.4% from 2023, with a quarterly breakdown showing a recovery in Q3 and Q4 [1] - **Net Profit**: The net profit attributable to the parent company is forecasted to be -26 million in 2024, with a significant year-on-year decline [4] - **Gross Margin**: The overall gross margin for 2024 is expected to be 36.6%, a decrease of 3.2 percentage points, primarily due to competitive pressures in the real estate evaluation market [2] - **Cash Flow**: The company anticipates a net cash inflow from operating activities of 414 thousand in 2024, a decrease from the previous year [2] Business Strategy and Customer Structure - The company has reduced its reliance on real estate clients, with their revenue share dropping from 90% to 46% by the end of 2024 [3] - New business areas such as industry and insurance have seen revenue growth of over 100% and 30% respectively [3] - The company is exploring new application scenarios based on a "service + platform + data" model, collaborating with emerging clients in various sectors [3] Future Projections - The company projects net profits of 42 million, 63 million, and 77 million for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3] - Earnings per share (EPS) are expected to be 0.28, 0.42, and 0.51 yuan for the years 2025, 2026, and 2027 [4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 博纳影业（001330.SZ） 主投影片表现不及预期，剧集业务实现显著增长 风险提示：电影票房不及预期，行业监管加剧，经营业绩季节性波动。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,608 | 1,461 | 1,885 | 2,369 | 3,168 | | 增长率 yoy（%） | -20.1 | -9.1 | 29.0 | 25.7 | 33.7 | | 归母净利润（百万元） | -553 | -867 | -780 | 151 | 295 | | 增长率 yoy（%） | -631.9 | -56.9 | 10.0 | 119.3 | 95.4 | | EPS 最新摊薄（元/股） | -0.40 | -0.63 | -0.57 | 0.11 | 0.21 | | 净资产收益率（%） | -8.9 | -16.6 | -17.6 | 3.3 | 6.1 ...

2025Q1 公司控股新能源发电项目总发电量 9.37 亿千瓦时，同比下降 15.66%，上网电量 8.97 亿千瓦时，同比下降 15.85%。风电方面，一季度江 苏地区风况不佳，累计发电量 8.77 亿千瓦时，同比下降 17.19%，其中：陆 上风电累计发电量 6.32 亿千瓦时，同比下降 12.83%；海上风电累计发电量 2.45 亿千瓦时，同比下降 26.65%。 计提减值导致 24 年业绩承压 公司报告 | 季报点评 江苏新能（603693） 证券研究报告 电量下滑致业绩承压，静待海风及光伏项目落地 事件：公司发布 2024 年报和 2025 年一季报，2024 年实现营业收入 20.99 亿元，同比增长7.88%，实现归母净利润4.17 亿元，同比降低11.75%；2025Q1 实现营业收入 5.74 亿元，同比降低 13.85%，实现归母净利润 1.64 亿元， 同比降低 34.65%。 24 年发电水平良好，25Q1 风况不佳 2024 年公司控股新能源发电项目总发电量 35.38 亿千瓦时，同比增长 10.11%，上网电量 33.60 亿千瓦时，同比增长 8.48%。风电方面，公司全年 累计发 ...

[Table_Reportdate] 2025年05月08日 [Table_invest] 买入（维持） 报告原因：业绩点评 [安井食品 Table_NewTitle]（603345）：经营稳健，方向明 确 ——公司简评报告 投资要点 ➢ 风险提示：行业竞争加剧、新品拓展不及预期、原材料波动风险、食品安全风险。 | 盈利预测与估值 盈利预测与估值 | | | | | | --- | --- | --- | --- | --- | | 单位：亿元 单位：亿元 | 2024 2024 | 2025E 2025E | 2026E 2026E | 2027E 2027E | | 营业总收入 营业总收入 | 1,741.44 151.27 | 1,902.46 159.14 | 2,057.88 170.91 | 2,209.85 182.17 | | 同比增速 同比增速 | 15.66% 7.70% | 9.25% 5.20% | 8.17% 7.40% | 7.39% 6.59% | | 归母净利润 归母净利润 | 862.28 14.85 | 942.91 15.94 | 1,025.63 17.59 | 1,1 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has optimized its product structure, leading to an increase in gross margin and a focus on enhancing terminal expenses [5] - In Q1 2025, the company reported revenue of 481 million yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 94 million yuan, up 2% year-on-year [4] - The company is focusing on high-end brand recognition through targeted marketing strategies and product innovation to attract younger consumers [5] Summary by Sections Financial Performance - Q1 2025 gross margin increased by 7 percentage points to 60.71%, driven by accelerated revenue growth in mid-to-high-end yellow wine [5] - The sales and management expense ratios changed year-on-year to 22.10% and 5.06%, respectively, reflecting increased promotional spending [5] - Revenue from mid-to-high-end yellow wine reached 336 million yuan, a 12% increase, while ordinary yellow wine revenue was 105 million yuan, up 1% [5] Market Strategy - The company is strengthening its base market while continuing to optimize its product structure [5] - In Q1 2025, revenue from Zhejiang province was 286 million yuan, a 17% increase, indicating successful market penetration and network expansion [5] Earnings Forecast - The company is expected to see steady growth in earnings per share (EPS), with projections of 0.50, 0.60, and 0.71 yuan for 2025, 2026, and 2027, respectively [6] - The current stock price corresponds to price-to-earnings (PE) ratios of 29, 24, and 21 for the years 2025, 2026, and 2027 [6] Revenue Projections - The company forecasts main business revenue of 1,884 million yuan for 2025, with a growth rate of 15.5% [9] - Net profit attributable to shareholders is projected to reach 238 million yuan in 2025, reflecting a growth rate of 21.4% [9]

Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% within the next six months [7][13]. Core Insights - The company reported a revenue of 12.0 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.02 billion yuan, up 25.4% year-on-year [4]. - In Q1 2025, the company achieved a revenue of 2.51 billion yuan, representing a year-on-year growth of 22.8%, with a net profit of 360 million yuan, up 55.9% year-on-year, driven by increased income from key projects and regular products [4]. - The high voltage and distribution network segments showed revenue growth, while international business faced short-term pressure due to geopolitical factors [5]. Financial Performance - The company's revenue for 2024 was 12.40 billion yuan, with a projected growth rate of approximately 11.6% for the following years, reaching 17.25 billion yuan by 2027 [11]. - The gross profit margin for Q1 2025 was 28.7%, an increase of 3.5 percentage points year-on-year, while the net profit margin was 15.4%, up 2.7 percentage points year-on-year [5]. - The company is expected to maintain a healthy financial position with an asset-liability ratio of 49.6% and a projected PE ratio decreasing from 22.14 in 2024 to 12.10 by 2027 [3][11]. Segment Analysis - Revenue from the high voltage segment reached 7.70 billion yuan in 2024, up 25.1% year-on-year, while the distribution network segment generated 3.24 billion yuan, up 11.4% year-on-year [5]. - The international business segment, however, saw a significant decline in revenue, down 71.8% year-on-year, primarily due to delays in project execution and increased costs [5]. - The company is actively expanding its high voltage product offerings, including new products for high-altitude applications and large-capacity equipment [6].

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 星环科技-U(688031.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 25 年 Q1 业绩逐渐恢复，大模型相关订单落地 [Table_ReportDate] 2025 年 5 月 8 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S 事件：星环科技 ummary]发布 2024 年年度报告和 2025 年一季报，公司 2024 年实 现营收 3.71 亿元，同比下降 24.31%；实现归母净利润-3.43 亿元，亏损幅 度同比扩大；实现扣非净利润-3.80 亿元；2025Q1，公司实现营收 0.64 亿 元，同比增长 2.59 ...