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 | | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 上海家化(600315) 证券研究报告：美容护理 | 公司点评报告 发布时间：2025-05-08 主动调整 24 年业绩承压，25Q1 企稳，静待改善 l 事件回顾 公司公布 2024 年年报及 25Q1 季报，2024 年公司实现营收 56.79 亿元，同比-13.9%，实现归母净利润-8.33 亿元，同比-266.6%，扣非 归母净利润-8.38 亿元，同比-366.4%。2025Q1 实现营收 17.04 亿元， 同比-10.6%）， ...

AI+铁路核心标的，5G-R 加速落地 ——佳讯飞鸿 2024 年报及 2025 一季报点评报告 证券研究报告 | 公司点评 | 通信设备 佳讯飞鸿(300213) 报告日期：2025 年 05 月 08 日 投资要点 ❑ 事件：公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营收 11.54 亿 元，同比+2.70%；归母净利 7415 万元，同比+10.52%。其中，24Q4 实现收入 4.17 亿元，同比-6.83%；归母净利润 3740 万元，同比+9.71%。 25Q1，公司实现收入 1.17 亿元，同比-32.09%；归母净亏损 2553 万元，主要系 一季度为铁路装备行业和公司淡季，叠加公司部分订单执行周期影响导致一季度 收入下滑，亏损有所扩大。 ❑ 交通行业：铁路投资高位增长，海外拓展重大突破 2024 年公司交通行业收入 7.01 亿元，收入占比 61%，同比+5.68%，毛利率 55.63%，同比+9.2pct。2024 年，铁路固定资产总投资同比增长 11.3%，创历史新 高。国铁集团提出，2025 年计划投产新线 2600 公里，较 2024 年计划投产增长 16 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a revenue of 353 million yuan in 2024, with a year-on-year growth of 13%, while the net profit attributable to shareholders was -124 million yuan. In Q1 2025, the company reported a revenue of 126 million yuan, a significant increase of 84% year-on-year, and a net profit of 13 million yuan, marking a turnaround from losses [1][5] - The satellite business has become a significant revenue source for the company, with deep involvement in the construction of the Qianfan satellite constellation. The company has launched 90 satellites and plans to enhance its launch capacity and explore reusable rocket technology to reduce costs [2][3] - The company has established strong relationships with its top two clients in the satellite sector, which together account for 43% of its revenue. It is focusing on developing customized low-power products and has made significant progress in satellite communication technology [3] - The defense information technology sector is expected to grow, with the company’s military communication business anticipated to recover. The Chinese defense budget is projected to reach 1.67 trillion yuan in 2024, reflecting a 7.2% increase [4] - The company is actively investing in research and development, particularly in the unmanned communication field, and has made progress in 5G and terminal communication projects [4] Financial Summary - The company forecasts net profits of 105 million yuan, 246 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with a projected PE ratio of 129 for 2025 [5][10]

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 ...

——公司简评报告 [table_main] 投资要点 买入（维持） 报告原因：业绩点评 [桐昆股份（ Table_NewTitle] 601233）：盈利同比改善明 显，继续稳固龙头优势 [Table_Reportdate] 2025年05月08日 公 司 简 评 ➢ 风险提示：下游需求不及预期风险；上游能源原料价格剧烈波动；国际政策变动风险。 | [盈利预测与估值简表 Table_profits] | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | 主营收入(百万元) | 61993.35 | 82639.85 | 101306.83 | 95756.72 | 106385.64 | 110795.26 | | 同比增速(%) | 4.84% | 33.30% | 22.59% | -5.48% | 11.10% | 4.14% | | 归母净利润(百万元) | 130.21 | 797.04 | 1201.90 | 2364.28 | ...

[Table_Title] 研究报告 Research Report 8 May 2025 安道麦 Adama (000553 CH) 25Q1 净利润扭亏为盈，北美区业务呈现增长 Net Profit turned loss into profit in 25Q1, North American business achieves growth. 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation ...

公司研究 证 券 研 究 报 告 蔚蓝锂芯（002245）2025 年一季报点评 强推（维持） 一季度业绩高增，BBU 等新场景将持续发力 目标价：16.59 元 事项： ❖ 蔚蓝锂芯发布 2025 年一季度报告，公司 2025 年一季度营业收入 17.28 亿元， 同比增长 20.9%；归母净利润 1.42 亿元，同比增长 100.6%，扣非后归母净利 润 1.48 亿元，同比增长 204.5%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,756 | 8,136 | 9,167 | 10,370 | | 同比增速(%) | 29.4% | 20.4% | 12.7% | 13.1% | | 归母净利润(百万) | 488 | 682 | 852 | 1,007 | | 同比增速(%) | 246.4% | 39.9% | 24.8% | 18.2% | | 每股盈利(元) | 0.42 | 0.59 | 0.74 | ...

证券研究报告 | 2025年05月08日 中科创达（300496.SZ） 优于大市 业绩维持健康稳定，深化端侧 AI 战略布局 24 年业绩总体稳定，25Q1 实现改善。根据公司年报，2024 年公司主营收入 53.85 亿元，同比上升 2.72%；归母净利润 4.07 亿元，同比下降 12.6%；扣 非净利润 1.75 亿元，同比下降 48.49%。2025 年 Q1 公司主营收入 14.69 亿 元，同比增长 24.69%；归母净利润 0.93 亿元，同比增长 2.48%；扣非净利 润 0.88 亿元，同比增长 2.48%。 费用管控持续深化，高研发投入布局未来。24 年公司销售/管理/研发费用率 为 3.71%/8.88%/19.10%，同比+0.4%/-2.86%/+8.16%。销售、管理费用得到 有效控制，研发费用维持较高水平主要是由于公司持续加大在智能汽车操作 系统、物联网等核心技术的研发投入，但其增速较 23 年也有所放缓。25Q1 费用控制进一步优化，销售/管理/研发费用率为 3.54%/9.37%/19.20%，同比 -0.76%/-0.25%/-2.17%。 智能物联网业务回暖，智能汽车业 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to reach an inflection point in performance in 2025, with significant growth anticipated in its high-margin military and semiconductor businesses [3] - The company reported a revenue of 792 million yuan in 2024, a year-on-year increase of 14.46%, while the net profit attributable to shareholders decreased by 52.89% to 30 million yuan [2] - For Q1 2025, the company achieved a revenue of 230 million yuan, representing a year-on-year growth of 59.41%, and a net profit of 12 million yuan, up 183.46% year-on-year [2] Business Segment Summaries Military Segment - The military segment is experiencing a clear recovery in demand, with the company being an early entrant in the domestic military vacuum relay market and expanding into military DC contactors [4] - The company has completed the wireless integrated high-voltage control box project and is advancing the development of a new generation of high-power control boxes [4] - The delivery of special control box products began in June 2024, with optimistic customer demand across major business segments [4] Semiconductor Segment - The company is one of the early suppliers of semiconductor equipment electronic components in China, with products used in plasma etching and other equipment [5] - The successful development of high-voltage RF fast relays has led to small-batch production, and high-performance vacuum capacitors have gained recognition from high-end domestic semiconductor clients [7] New Energy Segment - The new energy segment is expected to benefit from both domestic and international demand, with the company developing new high-voltage DC contactors for electric vehicles and energy storage systems [8] - The company has received project notifications from a well-known foreign automotive manufacturer for supplying modular lightweight distribution devices, with a total contract value of approximately 160 million euros [8] Large Scientific Devices Segment - The company has signed a new order worth 566 million yuan for the procurement of high-power TWTs for large scientific devices, indicating a growing demand in this area [9][10] - The company has achieved import substitution for key components in large scientific devices, with its TWTs meeting international advanced standards [9] Financial Forecast and Valuation - The company is projected to achieve revenues of 1.173 billion yuan, 1.529 billion yuan, and 1.916 billion yuan for the years 2025, 2026, and 2027, respectively [11] - The net profit attributable to shareholders is expected to be 125 million yuan, 207 million yuan, and 302 million yuan for the same years [11] - The earnings per share (EPS) are forecasted to be 1.32 yuan, 2.17 yuan, and 3.17 yuan for 2025, 2026, and 2027, respectively [11]

公司研究 信德新材（301349）2024 年报及 2025 年一季报点评 推荐（维持） 评论： 一季度扭亏为盈，业绩反转在即 目标价：40.30 元 事项： 证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 810 | 1,323 | 1,714 | 2,223 | | 同比增速(%) | -14.6% | 63.3% | 29.6% | 29.7% | | 归母净利润(百万) | -33 | 63 | 103 | 149 | | 同比增速(%) | -180.0% | 292.1% | 61.9% | 44.8% | | 每股盈利(元) | -0.32 | 0.62 | 1.01 | 1.46 | | 市盈率(倍) | -108 | 56 | 35 | 24 | | 市净率(倍) | 1.3 | 1.3 | 1.2 | 1.2 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 7 日收盘价 ...