电力设备 | 证券研究报告 — 调整盈利预测 2025 年 5 月 8 日 301155.SZ 买入 原评级：买入 市场价格:人民币 62.70 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 22.9 13.4 7.7 23.9 相对深圳成指 22.7 5.5 12.2 20.5 发行股数 (百万) 217.39 流通股 (百万) 121.80 总市值 (人民币 百万) 13,630.45 3 个月日均交易额 (人民币 百万) 193.73 主要股东 许世俊 31.92% 资料来源：公司公告， ，中银证券 (27%) (12%) 3% 18% 33% 48% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 海力风电 深圳成指 Wind 以 2025 年 5 月 7 日收市价为标准 相关研究报告 《海力风电》20240514 《海力风电》20230830 《海力风电》20230428 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备：风电设 ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 5 月 8 日 688249.SH 买入 原评级：买入 市场价格:人民币 21.35 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.8) 14.3 (12.5) 46.0 相对上证综指 (7.2) 6.3 (13.6) 39.8 发行股数 (百万) 2,006.14 流通股 (百万) 1,186.76 总市值 (人民币 百万) 42,830.99 3 个月日均交易额 (人民币 百万) 381.52 主要股东(%) 合肥市建设投资控股(集团)有限公司 23.35 (14%) 8% 31% 53% 76% 98% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Apr-25 May-25 晶合集成 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 7 日收市价为标准 相关研究报告 《晶合集成》20240815 《晶合集成》20240715 《晶合集成》20240506 中银国际证券股份有限公 ...

公司基本情况 | 最新收盘价（元） | 6.21 | | --- | --- | | 总股本/流通股本（亿股）8.86 | / 8.85 | | 总市值/流通市值（亿元）55 | / 55 | | 52 周内最高/最低价 | 7.96 / 3.97 | | 资产负债率(%) | 53.9% | | 市盈率 | 11.29 | | 第一大股东 | 广州工业投资控股集团 | | 有限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 润邦股份(002483) 2024 年业绩超预期，25Q1 延续高增 l 投资要点 证券研究报告：机械设备 | 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 事件：公司发布 2024 年报和 2025 年一季报。 2024 年业绩超预期，2025 年一季度业绩延续高增。2024 年，公 司实现营收 82.24 亿元，同比+14.50%；实现归母净利润 4.85 亿元， 同比+ ...

公司报告 | 季报点评 敏芯股份（688286） 证券研究报告 2024 年营收稳步增长，技术创新与全品类矩阵未来可期 事件：公司发布 2024 年报，实现营业收入 5.06 亿元，同比增加 35.71%；实现归母净利润-0.35 亿元，同比减少亏损 0.67 亿元；扣非归母净利润-0.35 亿元，同比减少亏损 0.75 亿元。2024Q4 单季度营收 1.69 亿元，同比增长 48.86%，环比增长 29.07%；归母净利润 0.13 亿元，同比实 现扭亏为盈。公司发布 2025 年一季报。2025Q1 实现营业收入 1.35 亿元，同比增加 53.05%， 实现归母净利润 284.87 万元，实现扣非归母净利润 206.88 万元。 点评：经营业绩强势增长实现全面复苏，第四季度实现扭亏为盈。2024 年，下游消费类电 子市场特别是智能手机市场需求转好。公司在新产品领域持续多年的研发投入和市场推广取 得显著成效，压力产品方面取得较大突破，助力公司营收高速增长并创历史新高。Q2/Q3/Q4 营业收入分别达到 1.17/1.31/1.69 亿元，接连创历史新高，第四季度更是实现单季度扭亏盈 利。产品结构持续优化 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |首次覆盖 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -23% 7% 37% 67% 97% 127% 157% 187% 217% 247% 277% 汉得信息 计算机 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） | 19.73 | | --- | --- | | 总股本/流通股本（亿股）9.85 | / 9.48 | | 总市值/流通市值（亿元）194 | / 187 | | 52 周内最高/最低价 | 25.22 / 5.76 | | 资产负债率(%) | 18.0% | | 市盈率 | 103.84 | | 第一大股东 | 陈迪清 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 汉得信息(300170) 构建自主 AI a ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |首次覆盖 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -23% 7% 37% 67% 97% 127% 157% 187% 217% 247% 277% 汉得信息 计算机 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） | 19.73 | | --- | --- | | 总股本/流通股本（亿股）9.85 | / 9.48 | | 总市值/流通市值（亿元）194 | / 187 | | 52 周内最高/最低价 | 25.22 / 5.76 | | 资产负债率(%) | 18.0% | | 市盈率 | 103.84 | | 第一大股东 | 陈迪清 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 自主软件产品业务全年实现收入 17.74 亿 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a revenue of RMB 69.85 billion for Q1 2025, representing a year-on-year growth of 6.90%, and a net profit attributable to shareholders of RMB 2.23 billion, an increase of 16.87% year-on-year. The performance indicates a steady growth trend, supported by the gradual recovery of domestic consumption and the company's active expansion into international markets [1][4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 11.72 billion, RMB 13.41 billion, and RMB 15.28 billion, respectively, reflecting growth rates of 15.2%, 14.4%, and 14.0% [5][7] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%. The revenue of RMB 69.85 billion and net profit of RMB 2.23 billion were primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness [4][5] - The gross profit for Q1 2025 was RMB 9.29 billion, with a gross margin of 13.3%, up by 0.1 percentage points year-on-year [4] Business Segments - The express logistics segment saw a revenue growth of 7.2% year-on-year, while the supply chain and international segments grew by 9.9% year-on-year. The growth in traditional business is attributed to the company's penetration into various logistics scenarios in manufacturing and consumer sectors [4][5] - The emerging business segments are benefiting from strengthened international network capabilities and deeper business integration [4] Valuation - The company's future performance is expected to be driven by the recovery of domestic consumption and the progress of international market expansion. The earnings per share (EPS) estimates for 2025-2027 are RMB 2.35, RMB 2.69, and RMB 3.06, corresponding to price-to-earnings (PE) ratios of 18.7, 16.3, and 14.3, respectively [5][7]

优利德（688628.SH） 优于大市 一季报点评：收入同比增长 9.6%，仪表专业化仪器高端化持 续推进 证券研究报告 | 2025年05月08日 2024 年营业收入同比增长 10.81%，归母净利润同比增长 13.64%。公司 2024 年实现营业收入 11.30 亿元，同比增长 10.81%；归母净利润 1.83 亿元，同 比增长 13.64%；扣非归母净利润 1.76 亿元，同比增长 15.82%。单季度来 看，2024 年第四季度实现营业收入 2.77 亿元，同比增长 17.00%；归母净利 润 0.32 亿元，同比增长5.55%；扣非归母净利润0.31 亿元，同比增长 14.15%。 2025 年第一季度实现营业收入3.11 亿元，同比增长 9.58%；归母净利润0.55 亿元，同比增长 0.91%；扣非归母净利润 0.54 亿元，同比减少 0.93%。2024 年公司业绩稳健增长受益于高端品类占比提升带来产品结构优化，2025 年一 季度收入增长利润承压主要系越南工厂折旧和费用端影响。 仪器高端化与仪表专业化持续推进，公司盈利能力稳步提升。2024 年公司毛 利率/净利率为 45.16%/15 ...

公司研究 [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 锂电化学品 2025 年 05 月 08 日 | | | 证 券 研 究 报 告 信德新材（301349）2024 年报及 2025 年一季报点评 推荐（维持） 一季度扭亏 ...

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 showing 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 progressing well with the high-power DC intelligent distribution system project [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 and high-performance vacuum capacitors has led to batch deliveries to high-end domestic semiconductor customers [7] New Energy Segment - The company has developed a new generation of high-voltage DC contactors and has begun mass delivery in the new energy sector [8] - The company is actively expanding into the eVTOL market, which is expected to grow significantly, and has received project notifications from well-known foreign automotive manufacturers [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] Financial Forecasts - 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, with corresponding net profits of 125 million yuan, 207 million yuan, and 302 million yuan [11][14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.32 yuan, 2.17 yuan, and 3.17 yuan respectively [11][14]