Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [6][11]. Core Insights - The company reported a Q1 2025 revenue of 7.21 billion RMB, representing a year-over-year increase of 20.1%, and a net profit of 1.87 billion RMB, up 36.9% year-over-year [6]. - The significant profit growth in Q1 is attributed to a $75 million upfront payment from IDEAYA for a licensing agreement, with an estimated core revenue growth of approximately 11% after excluding this payment [8]. - The company has a robust pipeline with 26 innovative molecules entering clinical stages in 2024, covering various therapeutic areas, and is expected to showcase 15 innovative drugs at the upcoming ASCO conference [8]. - Future net profits are projected to be 6.98 billion RMB, 8.75 billion RMB, and 10.4 billion RMB for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 10.2%, 25.3%, and 18.9% [10]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology sector, with a market capitalization of 328.9 billion RMB and a share price of 51.56 RMB as of May 7, 2025 [1]. Financial Performance - The company achieved a gross margin of 85.2% in Q1 2025, an increase of 0.9 percentage points year-over-year, while the expense ratio decreased by 1.3 percentage points to 55.6% [8]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.09 RMB, 1.37 RMB, and 1.63 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 47X, 38X, and 32X [10]. Shareholder Information - The major shareholder is Jiangsu Hengrui Medicine Group Co., Ltd., holding 24.11% of the shares, while institutional investors account for 9.1% of the circulating A-shares [2][1].

证券研究报告：电子 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 28.30 | | --- | --- | | 总股本/流通股本（亿股）4.08 | / 2.79 | | 总市值/流通市值（亿元）116 | / 79 | | 52 周内最高/最低价 | 37.28 / 16.49 | | 资产负债率(%) | 70.4% | | 市盈率 | 176.88 | | 第一大股东 | 浙江甬顺芯电子有限公 | | 司 | | 研究所 4 月 23 日，公司披露 2024 年年度报告及 2025 年第一季度报 告。 2024 年，公司实现营收 36.09 亿元，同比+50.96%；实现归母 净利润 6,632.75 万元，同比增长 15,971.54 万元；扣非归母净利 润为-2,531.26 万元，同比增长 13,659.71 万元。 2025Q1，公司实现营收 9.45 亿元，同比+30.12%；实现归母净 利润 2,460.23 万元，同比增长 6,005.27 万元。 l 投资要点 规模效应逐渐体现，盈利能力显著改善。 ...

公司报告 | 年报点评报告 苏试试验（300416） 证券研究报告 2024Q4 业绩回暖，需求端逐步修复 事件：公司发布年报，实现营收 20.26 亿元,同比减少 4.31%；实现归母净 利润 2.29 亿元,同比减少 27%。2025 年一季度营业收入 4.29 亿元；归母净 利润 4091.18 万元。 点评： 2024 年全年毛利率/净利率分别为 44.54%/13.4%，同比-1.06/-4.02pct。全 年销售/管理/研发/财务费用率分别为 7.46%/11.88%/8.12%/1.48% ，同比 +1.06/+0.94/+0.25/+0.32pct。 24Q4：公司实现营收 6.2 亿元，同比+4.9%，环比+26.6%；实现归母净利润 0.83 亿元，同比 -11.6% ，环比+90% 。 实现 毛 利 率 / 净利 率 分 别 为 45.76%/16.06%，同比-1.18/-2.73pct，环比+3.68/+5.71pct。24Q4 公司收入 及归母净利润环比出现较大提升，营收创公司上市以来单季度新高。 25Q1：实现营收 4.29 亿元，同比-2.96%，环比-30.69%；实现归母净 ...

2025 年 05 月 08 日 凯盛科技 (600552) ——Q1 扭亏为盈，产线建设稳步推进 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 05 月 07 日 | | --- | --- | | 收盘价（元） | 11.70 | | 一年内最高/最低（元） | 16.70/8.58 | | 市净率 | 2.6 | | 股息率%（分红/股价） | 0.43 | | 流通 A 股市值（百万元） | 11,052 | | 上证指数/深证成指 | 3,342.67/10,104.13 | | 注："股息率"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） | 4.44 | | 资产负债率% | 60.36 | | 总股本/流通 A 股（百万） | 945/945 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-07 06-07 07-07 08-07 09-07 10-07 11-07 12-07 01-07 02-07 03-07 04-07 05 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company experienced a significant decline in revenue and net profit in Q1 2025, with revenue dropping by 55.41% year-on-year to 1.7 billion and net profit decreasing by 79.22% to 30 million [2][5] - The decline in performance is attributed to delays in the delivery of aerospace products and extended customer settlement times, which affected revenue recognition [2][10] - Despite the challenges, the company achieved a sales gross margin of 26.61% in Q1 2025, marking the second-highest quarterly margin since its asset injection in 2016 [2][10] - The company is expected to benefit from a gradual recovery in product delivery and customer settlement rhythms, leading to improved future performance [2][10] Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 1.7 billion, a decrease of 55.41% year-on-year and 66.31% quarter-on-quarter [5] - The net profit attributable to the parent company was 30 million, down 79.22% year-on-year, but showed a turnaround from a loss in Q4 2024 [5][10] - The company’s non-recurring net profit was 15 million, reflecting an 88.03% year-on-year decline [5] Operational Insights - The company’s aerospace product delivery schedules were impacted, with some subsidiaries experiencing significant revenue declines, such as Aerospace Feihong, which saw an 86.29% drop due to project delays [10] - The company has focused on lean management and core business, which contributed to maintaining a relatively high gross margin despite revenue challenges [10] Future Outlook - The company anticipates a gradual easing of the delays affecting product delivery and customer settlements starting from June 2025 and into the second half of the year [10] - Projections for net profit from 2025 to 2027 are 651 million, 803 million, and 1.113 billion respectively, with expected growth rates of 19%, 23%, and 39% [10]

丨证券研究报告丨 公司研究丨点评报告丨通用股份（601500.SH） [Table_Title] Q1 业绩有所承压，海外产能保障新动能 报告要点 [Table_Summary] 1、公司发布 2024 年年报，全年实现收入 69.6 亿元（同比+37.4%），归属净利润 3.7 亿元（同 比+72.8%），归属扣非净利润 3.6 亿元（同比+83.6%）。2、公司发布 2025 年一季报，实现收 入 21.2 亿元（同比+47.0%），归属净利润 1.0 亿元（同比-32.8%），归属扣非净利润 0.9 亿元 （同比-36.5%）。公司是一家以斜交胎起家，不断横向拓展品类，逐步发展至全品类产品的轮胎 企业。公司研发能力领先，产品具备硬实力，海外泰国与柬埔寨双基地逐渐发力，成长动能充 足。 分析师及联系人 [Table_Author] 马太 叶家宏 SAC：S0490516100002 SAC：S0490522060003 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通用股份（601500.SH） cjzqdt11111 [Table_ ...

[Table_Summary] 1、公司发布 2024 年年报，全年实现收入 220.6 亿元（同比+9.4%），归属净利润 17.5 亿元（同 比+26.0%），归属扣非净利润 14.0 亿元（同比+8.4%）。公司拟向全体股东每 10 股派发现金红 利 0.14 元（含税）。2、公司发布 2025 年一季报，实现收入 57.0 亿元（同比+12.9%，环比- 6.7%），归属净利润 3.4 亿元（同比-22.8%，环比+739.8%），归属扣非净利润 2.8 亿元（同比 -34.6%，环比+3678.1%）。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨玲珑轮胎（601966.SH） [Table_Title] Q1 业绩有所承压，海外新基地落子巴西 报告要点 马太 叶家宏 SAC：S0490516100002 SAC：S0490522060003 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 玲珑轮胎（601966.SH） cjzqdt11111 [Table_Title2] Q1 业绩有所承 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 8.52 billion yuan for 2024, an increase of 8.5% year-on-year, and a net profit of 2.19 billion yuan, up 59.7% year-on-year [2][6] - For Q1 2025, the company achieved a revenue of 2.06 billion yuan, a decrease of 2.8% year-on-year, and a net profit of 360 million yuan, down 28.3% year-on-year [2][6] - The company plans to distribute a cash dividend of 2.9 yuan per 10 shares to all shareholders [2][6] Summary by Sections Financial Performance - In 2024, the company produced 32.23 million tires, a growth of 10.2% year-on-year, with a sales volume of 31.41 million tires, increasing by 7.3% year-on-year [9] - The overall gross margin for the company was 32.8%, up 7.6 percentage points year-on-year, and the net margin was 25.7%, up 8.2 percentage points year-on-year [9] - The company’s overseas market demand and tax refunds from the U.S. significantly contributed to the growth in revenue and profit [9] Production and Sales - In Q1 2025, tire production decreased to 7.93 million units, down 1.9% year-on-year, with a notable decline in full-steel tire production by 30.6% [9] - The decline in sales was attributed to intensified competition in the domestic market and economic pressures overseas [9] International Expansion - The company’s Morocco project commenced production on September 30, 2024, with an expected annual capacity of 12 million high-performance passenger car tires [9] - The expansion into Africa is part of the company's global strategy to enhance brand strength and optimize supply chain security [9] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 1.94 billion yuan, 2.38 billion yuan, and 2.82 billion yuan, respectively [9]

丨证券研究报告丨 公司研究丨点评报告丨彤程新材（603650.SH） [Table_Title] 业绩稳步增长，电子材料有望持续放量 报告要点 [Table_Summary] 公司发布 2025 一季报，实现收入 8.6 亿元（同比+9.4%，环比+1.3%），实现归属净利润 1.6 亿 元（同比+10.9%，环比+104.8%），实现归属扣非净利润 1.6 亿元（同比+88.8%，环比+149.6%）。 2025Q1 公司毛利率为 25.2%，同比+0.4pct，环比+2.1pct；净利率为 19.2%，同比+0.3pct， 环比+9.5pct。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 风险提示 [Table_Summary2] 事件描述 彤程新材（603650.SH） cjzqdt11111 公司发布 2025 一季报，实现收入 8.6 亿元（同比+9.4%，环比+1.3%），实现归属净利润 1.6 亿元（同比+10.9%，环比+104.8 ...

丨证券研究报告丨 公司研究丨点评报告丨巨星科技（002444.SZ） [Table_Title] 巨星科技2024 年年报点评：收入利润快速增长， 持续推进全球产能布局 报告要点 [Table_Summary] 巨星科技 2024 年实现营业收入 147.95 亿元，同比+35.37%。实现归母净利润 23.04 亿元，同 比+36.18%。其中 2024Q4 实现营业收入 37.12 亿元，同比+60%，实现归母净利润 3.68 亿元， 同比+98.55%。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 阮丹宁 SAC：S0490517110001 SAC：S0490520030003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 巨星科技 2024 年实现营业收入 147.95 亿元，同比+35.37%。实现归母净利润 23.04 亿元，同 比+36.18%。其中 2024Q4 实现营业收入 37.12 亿元，同比+60%，实现归母净利润 3.68 亿 元，同比+98.55%。 事件评论 风险提示 请阅读最后评级说明和重 ...