证券研究报告：美容护理 | 公司点评报告 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） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 发布时间：2025-05-08 个护稳健，美妆海外承压。24 年分品来看：1）个护业务实现收 入 23.8 亿元，同比-3.42%，毛利率 63.59%，同比+2.6pct，六神升级 驱蚊蛋系列产品，整体表现稳健；2）美妆业务实现营收 10.5 亿元， 同比-29.81%，毛利率 69.67%，同比-2.7pct，主动去库及调整带动美 妆业务下降，玉泽将升级面霜与防晒产品，同时将推出械字号重组胶 原蛋白系列产品以及主打 17 型环肽的修护产品，丰富产品线；3）创 新业务实现营收 8.3 亿元，同比-19.38%，毛利率 40. ...

韵达股份（002120.SZ）事件点评 控股股东增持彰显长期发展信心，25Q1 业务量稳步增长 2025 年 05 月 08 日 ➢ 事件概述：2025 年 5 月 7 日，基于对未来持续稳定发展的信心和对公司价 值的坚定认可，公司控股股东计划增持公司股份。公司控股股东上海罗颉思计划 以集中竞价、大宗交易等方式增持公司股份，计划增持金额为人民币 1-2 亿元。 截至公告披露日，上海罗颉思及其一致行动人合计持有公司股票 16.59 亿股，占 公司总股本的 57.22%。此次增持彰显控股股东对公司长期发展的信心，进一步 巩固公司股权结构。 ➢ 24 年及 25Q1 经营状况：24 年及 25Q1 公司件量稳步增长。 2024 年全年，1）收入端：24 年公司实现营收 485.4 亿元，同比+7.9%，实现 销售毛利 46.1 亿元，同比+7.2%；毛利率 9.5%。2）利润端：2024 年公司实现 归母净利润 19.1 亿元，同比+17.8%；归母净利率 3.9%；扣非后归母净利润 16.4 亿元，同比+18.3%，扣非归母净利率 3.4%。3）业务量：2024 年全年，公司完 成业务量 237.8 亿件，同比增 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [7]. Core Views - The company benefits from the increasing penetration of digital printing, with a growth strategy driven by an integrated "equipment + consumables" model. This positions the company well for future growth as it expands its production capacity and market reach [7][4]. - The company has seen significant revenue growth, with a reported revenue of 1.79 billion yuan in 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% [1][9]. - The company is focusing on both domestic and international markets, with domestic sales revenue reaching 850 million yuan (up 46.37% year-on-year) and international sales at 924 million yuan (up 37.60% year-on-year) in 2024 [4][1]. Financial Performance - In Q1 2025, the company reported revenue of 478 million yuan, a 29.79% increase year-on-year, and a net profit of 108 million yuan, up 25.20% [2]. - The company's digital printing equipment revenue reached 905 million yuan in 2024, growing by 47.84%, while ink revenue was 518 million yuan, up 26.15% [4]. - The company’s net profit margin for 2024 was 24.17%, with a gross margin of 44.95% [5]. Future Projections - The company is projected to achieve net profits of 550 million yuan, 700 million yuan, and 870 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 32.2%, 28.5%, and 23.5% [7][9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 3.1 yuan, 3.9 yuan, and 4.9 yuan, respectively [7]. Market Strategy - The company aims to consolidate its presence in traditional markets in South Asia, Southeast Asia, and Europe while focusing on expanding into new markets in South America and North America [4]. - The company is enhancing its "equipment first, consumables follow" business model, which is expected to strengthen its position in the digital printing industry [7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable start in Q1 2025 with revenue of 4.355 billion yuan, a year-on-year increase of 1.46%, and a net profit attributable to shareholders of 473 million yuan, up 4.59% year-on-year [2][4] - The company's core competitiveness lies in its 6+6 brand matrix, emphasizing product innovation in the beer business, which is expected to enhance brand asset accumulation [4] - The company is actively responding to macro challenges by optimizing its distributor system and investment strategies, maintaining a dividend payout ratio of over 80% [4] Financial Summary - Total revenue for 2023 is projected at 14.815 billion yuan, with a growth rate of 5.5%, while the net profit attributable to shareholders is expected to be 1.337 billion yuan, reflecting a growth rate of 5.8% [3] - The gross profit margin is forecasted to be 49.1% in 2023, with a return on equity (ROE) of 62.5% [3] - Earnings per share (EPS) for 2025 is estimated at 2.61 yuan, with corresponding price-to-earnings (P/E) ratios of 22.07, 21.12, and 19.93 for the years 2025, 2026, and 2027 respectively [3][4]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][7]. Core Views - The company has solidified its leading position in the solar energy storage sector, with steady growth in revenue and profitability from its energy storage systems [1][2]. - In 2024, the company achieved a revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% year-on-year [1]. - The company reported a significant increase in quarterly performance, with Q1 2025 revenue reaching 19.036 billion yuan, a 50.92% year-on-year increase, and net profit of 3.826 billion yuan, up 82.52% year-on-year [1]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue: 77.857 billion yuan, up 7.76% year-on-year [1]. - 2024 net profit: 11.036 billion yuan, up 16.92% year-on-year [1]. - Q1 2025 revenue: 19.036 billion yuan, up 50.92% year-on-year [1]. - Q1 2025 net profit: 3.826 billion yuan, up 82.52% year-on-year [1]. - **Product Performance**: - Revenue from solar inverters: 29.127 billion yuan, up 5.33% [11]. - Revenue from energy storage systems: 24.959 billion yuan, up 40.21% [11]. - Energy storage shipments: 28 GWh, up 167% year-on-year [11]. - **Geographical Revenue Distribution**: - Revenue from mainland China: 41.563 billion yuan, up 6.90% year-on-year [11]. - Revenue from overseas (including Hong Kong, Macau, and Taiwan): 36.294 billion yuan, up 8.76% year-on-year [11]. - **Profitability Ratios**: - 2024 net profit margin: 14.47%, up 1.17 percentage points year-on-year [11]. - 2024 gross margin: 29.94%, down 0.41 percentage points year-on-year [11]. - **Future Projections**: - Expected net profit for 2025: 12.442 billion yuan, a year-on-year increase of 12.7% [4]. - Expected net profit for 2026: 14.029 billion yuan, a year-on-year increase of 12.7% [4]. - Expected net profit for 2027: 15.358 billion yuan, a year-on-year increase of 9.5% [4].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook following the merger with COFCO Packaging, indicating potential for improved operational quality and profitability [1][3]. Core Views - The company reported a revenue of 13.673 billion yuan in 2024, a slight decrease of 1.2% year-on-year, while the net profit attributable to shareholders was 791 million yuan, reflecting a 2.1% increase [1]. - In Q1 2025, the company achieved a revenue of 55.74 billion yuan, a significant increase of 57.0% year-on-year, largely due to the consolidation of COFCO's contributions [1]. - The company is focusing on innovation in metal packaging and filling services, with revenues of 121.23 million yuan and 1.66 million yuan respectively in 2024, showing growth of 0.7% and 10.0% year-on-year [2]. - The merger with COFCO Packaging is expected to enhance the company's operational synergy and scale, leading to improved pricing power and profitability in the two-piece can industry [3]. Summary by Sections Financial Performance - The company’s total revenue for 2023 was 13.843 billion yuan, with a year-on-year decline of 1.6%. The projected revenues for 2025, 2026, and 2027 are 24.919 billion yuan, 26.116 billion yuan, and 27.419 billion yuan respectively, indicating a substantial growth forecast [5]. - The net profit attributable to shareholders for 2025 is estimated at 1.331 billion yuan, reflecting a growth of 68.3% compared to 2024 [5]. - The gross margin for 2025 is projected to be 11.2%, with a gradual recovery expected in subsequent years [5]. Market Position and Strategy - The company is leveraging AI technology to enhance its service offerings, including the introduction of a virtual health assistant, which is part of its strategy to build its own brand ecosystem [2]. - The company is also expanding into new product lines and services, such as pre-prepared meals and high-end nutritional products, to diversify its revenue streams [2]. - The two-piece can industry is undergoing consolidation, and the company is positioned to benefit from this trend, enhancing its market leadership and pricing power [3]. Profitability Outlook - The company’s gross margin in Q1 2025 was reported at 13.6%, a decrease of 4.7 percentage points year-on-year, indicating short-term profitability pressures [3]. - The net profit margin for Q1 2025 was 3.4%, down 4.1 percentage points year-on-year, primarily due to price adjustments in the two-piece can segment [3]. - The company’s operating cash flow was negative at -35 million yuan in Q1 2025, impacted by merger-related expenses [3].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][16]. Core Views - The company reported significant year-on-year growth in Q1 2025, with revenue reaching 424 million yuan, a 40.5% increase, and net profit attributable to shareholders at 50 million yuan, up 77.4% [1][2]. - The wind power coating business experienced rapid growth, contributing to the overall revenue increase alongside stable demand in the container business [1][2]. - The company aims to strengthen its position in the container and wind power coating sectors while expanding into new applications such as marine, photovoltaic, offshore engineering, energy storage, and data centers [3]. Financial Performance - In Q1 2025, the company's total coating production was 22,800 tons, a 22.9% increase year-on-year, with sales volumes for container coatings, wind power coatings, and other industrial coatings at 19,006 tons, 3,617 tons, and 46 tons respectively [2]. - The average selling prices for container coatings, wind power coatings, and other industrial coatings were 16,200 yuan/ton, 31,600 yuan/ton, and 20,700 yuan/ton, showing year-on-year changes of +9.8%, -11.9%, and +7.8% respectively [2]. - The gross profit for Q1 2025 was 104 million yuan, reflecting a 63.9% increase, with a comprehensive gross margin of 23.8%, up 3.4 percentage points year-on-year [2]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 260.5 million yuan, 318.4 million yuan, and 391.7 million yuan respectively, indicating a positive growth trajectory [3][4]. - The anticipated delivery period for wind power projects in 2025 is expected to further boost the company's product sales [2]. Market Position - The company is positioning itself as a leading platform enterprise in the domestic industrial coating sector, with ongoing efforts to enhance its competitive edge [3].

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |维持 研究所 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 国电南瑞 电力设备 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 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） | 22.15 | | --- | --- | | 总股本/流通股本（亿股）80.32 | / 79.96 | | 总市值/流通市值（亿元）1,779 | / 1,771 | | 周内最高/最低价 52 | 27.90 / 21.86 | | 资产负债率(%) | 43.1% | | 市盈率 | 23.32 | | 第一大股东 | 南瑞集团有限公司 | 国电南瑞(600406) 业绩符合预期，持续受益电网和抽蓄设备景气度提 升 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 5.667 billion yuan in 2024, representing a year-on-year growth of 6.46%, while the net profit attributable to shareholders decreased by 16.99% to 279.98 million yuan [1][4]. - In Q1 2025, the company reported a revenue of 1.206 billion yuan, a decline of 3.64% year-on-year, with a net profit of 106 million yuan, down 47.63% [1]. - The company is focusing on enhancing its "environmental protection + new energy" business model, with stable development in traditional operations and an accelerated construction of new energy ecosystems [3]. Summary by Sections Environmental Business Development - The company's domestic and international waste incineration power generation projects are operating efficiently, significantly enhancing waste processing capacity, which supports overall performance [2]. - By the end of 2024, the company operated 20 waste incineration power generation projects with a total daily processing capacity of 21,550 tons, achieving a waste input volume of approximately 8.49 million tons, a 20% increase year-on-year [2]. - The company has improved the thermal energy utilization efficiency of its waste incineration projects, expanding its steam supply business, which has become an important revenue supplement [2]. New Energy Business Development - The company is actively building a new energy ecosystem focusing on wind, solar, hydrogen, and methanol production in northeastern China, responding to national development initiatives [3]. - In 2024, the company signed several new energy cooperation projects, including a 400,000 kW off-grid wind power project and a 100,000-ton methanol project, which are expected to open a second growth curve for the company [3]. Financial Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 295.29 million yuan, 330.35 million yuan, and 341.80 million yuan, reflecting year-on-year growth rates of 5.47%, 11.87%, and 3.47% respectively [3]. - The corresponding price-to-earnings (PE) ratios for these years are projected to be 37.52, 33.54, and 32.41 [3].

证券研究报告：医药生物 | 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 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com | 最新收盘价（元） | 5.26 | | --- | --- | | 总股本/流通股本（亿股）50.42 | / 50.42 | | 总市值/流通市值（亿元）265 | / 265 | | 52 周内最高/最低价 | 8.51 / 4.39 | | 资产负债率(%) | 67.2% | | 市盈率 | 10.52 | | 第一大股东 | 上海弘康实业投资有限 | | 公司 | | 九州通(600998) 业务稳中有进，首创医药行业"股权+资产双上 市"平台 研究所 l 利润剔除特定因素实现较快增长，现金流改善明显 公司发布2024年年报：2024年营业收入 1518.1 亿元（+1.11%）， 归母净利润 25.07 亿元（+15.33%） ...