证券研究报告 | 公司点评 gszqdatemark 2025 05 08 年 月 日 青鸟消防（002960.SZ） 新国标将进一步提升产品性能和质量，为具备技术储备的龙头企业创造竞 争优势。此次新国标在技术上较之前的标准有了显著进步，并且更加突出 了智能化与整合，以及环保与安全标准。与国际标准相比，根据消防百事 通引用的应急管理部沈阳消防研究所丁宏军研究员介绍，GB4715 和 GB4717 提升了可变数值要求、污染报警要求、网络通讯要求，这部分已 经超越了国际标准，为未来物联网建设以及智慧消防建设奠定了基础。我 们认为，新国标的发布造成的短期清库存压力已在过去一年内得到较充分 的消化，自新国标开始实施后，青鸟消防等行业龙头有望通过行业集中度 提升、存量改造需求释放及技术壁垒强化，进一步提升市场份额。 工业消防业务高速增长，国产替代与新兴需求驱动显著。从场景角度看， 2024 年《青青鸟消防品品的的工业与行业项累计发发约 5.1 亿，同比增长 46%，占总体业务的 18.3%，已实现连续 4 年发约金额占比创新高。从产 品角度来看，2024 年公司工业消防典感产品实现 2.48 亿收入，其中工业 报警产品 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The company achieved a significant reduction in losses, with a total revenue of CNY 129.47 million in 2024, representing a year-on-year increase of 13.32%. The net loss attributable to shareholders was CNY 201.38 million, a reduction of CNY 127.58 million compared to the previous year [1][3] - The company is focusing on expanding the indications for its product Aikening, with new clinical trials approved for maintenance therapy and immune reconstitution failure, addressing a significant unmet clinical need in the HIV treatment space [2] - The company is actively exploring the small nucleic acid field for new drug development, with a candidate drug FB7013 for IgA nephropathy entering the IND-enabling stage and nine patent applications submitted to establish a technological moat [2] - The company is making breakthroughs in high-end generic drugs, with FB4001 expected to be approved in the US by 2025 and FB3002's application accepted for review, enhancing the company's revenue matrix [3] - Revenue forecasts for 2025-2027 are projected at CNY 161 million, CNY 190 million, and CNY 223 million, with year-on-year growth rates of 24.0%, 18.4%, and 17.2% respectively [3] Financial Summary - In 2024, the company reported total revenue of CNY 129.47 million, with a year-on-year growth rate of 13.32%. The net loss attributable to shareholders was CNY 201.38 million, a decrease of 38.8% from the previous year [5] - The projected revenues for 2025, 2026, and 2027 are CNY 161 million, CNY 190 million, and CNY 223 million, with corresponding growth rates of 24.0%, 18.4%, and 17.2% [5][11] - The latest diluted EPS for 2024 is expected to be CNY -0.54, with a projected improvement to CNY -0.49 in 2025 [5][11]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company's revenue for Q1 2025 was 26.577 billion yuan, a year-on-year decrease of 14.14%, while the net profit attributable to the parent company was 1.93 billion yuan, a year-on-year increase of 3.66%. The net profit excluding non-recurring items was 1.896 billion yuan, reflecting a year-on-year growth of 17.01% [1][3]. - The decline in electricity generation and a slight decrease in electricity prices contributed to the revenue drop. The total electricity generation was 51.384 billion kWh, down approximately 8.51% year-on-year, and the average on-grid electricity price was about 505.71 yuan/MWh, a decrease of about 0.71% [2][3]. - The decrease in coal prices significantly improved the company's profitability, with the average closing price of coal at Qinhuangdao Port being 760 yuan/ton, down 164 yuan/ton year-on-year. The gross profit margin for Q1 was 10.7%, an increase of 2.3 percentage points year-on-year [3]. Summary by Sections Financial Performance - The company achieved a net profit of 1.93 billion yuan in Q1 2025, up 3.66% year-on-year, and a net profit excluding non-recurring items of 1.896 billion yuan, up 17.01% year-on-year [1][3]. - The revenue for Q1 2025 was 26.577 billion yuan, down 14.14% year-on-year, primarily due to a decrease in electricity generation and slight declines in electricity prices [1][2]. Asset Injection - The company plans to inject high-quality thermal power assets from China Huadian, with the target assets having an operational installed capacity of approximately 16 GW. The total transaction price for the restructuring is 7.167 billion yuan [4]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 6.4 billion yuan, 7 billion yuan, and 7.4 billion yuan respectively. The corresponding price-to-earnings ratios are projected to be 9.1, 8.4, and 8.0 times [4].

安杰思发布 2024 年度报告。2024 年公司实现营业收入 6.37 亿元，同比增长 25.14%；归母净利润 2.93 亿元，同比增长 35.06%；扣非后归母净利润 2.73 亿 元，同比增长 28.62%。分季度看，2024Q4 实现营业收入 2.09 亿元，同比增长 28.56%；归母净利润 0.96 亿元，同比增长 29.54%；扣非后归母净利润 0.81 亿 元，同比增长 13.15%。 证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 安杰思（688581.SH） 业绩稳健增长，海外本土化布局持续深化 海外市场增长靓丽，全球本土化布局持续深化。公司积极开拓全球市场，2024 年 实现海外收入 3.33 亿元（同比+36.19%），其中亚太市场增长 96.12%，南美洲市 场增长 106.56%，大洋洲市场增长 50.78%，北美洲市场增长 38.79%，自有品牌 销量占比近 30%。公司持续巩固欧洲市场，发力北美市场，同时大力拓展南美及 亚太市场。2024 年公司在北美和欧洲的销售布局取得突破性进展，子公司安杰思 荷兰启动实地运营，美国子公司运营已进入 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Views - The company reported Q1 2025 results that exceeded expectations, with a revenue of 9.9 billion, a year-on-year decrease of 2.8%, and a net profit attributable to the parent company of 0.89 billion, down 7.3% year-on-year but up 37.9% quarter-on-quarter. The gross margin was 15.78%, a decrease of 2.2 percentage points year-on-year but an increase of 0.9 percentage points quarter-on-quarter [1]. - The company is expected to see continued profit improvement in Q2 2025, driven by price increases in pulp and paper products and a decrease in raw material costs [1]. - The company has a robust capacity expansion plan, with several projects in progress, including the trial production of specialty paper in Shandong and the second phase of living paper in Nanning expected to start trial production in Q4 2025 [3]. Financial Performance - For Q1 2025, the company achieved a net profit margin of 8.97%, a decrease of 0.4 percentage points year-on-year but an increase of 2.4 percentage points quarter-on-quarter [1]. - The company’s revenue is projected to grow from 39.54 billion in 2023 to 52.99 billion in 2027, with a compound annual growth rate of approximately 9.80% [4]. - The net profit attributable to the parent company is expected to increase from 3.09 billion in 2023 to 4.78 billion in 2027, reflecting a growth rate of 14.14% [4]. Market Conditions - The average market price for double glue paper in Q1 2025 was approximately 5200 yuan/ton, down 10% year-on-year but up 3% quarter-on-quarter. The average market price for copper plate paper was about 5800 yuan/ton, down 2% year-on-year but up 4% quarter-on-quarter [1]. - The boxboard paper market showed stability in profitability, with an average market price of 3600 yuan/ton in Q1 2025, down 2% year-on-year but up 3% quarter-on-quarter [2]. Capacity Expansion and Strategic Initiatives - The company is actively expanding its production capacity, with multiple projects set to begin trial production in Q4 2025, including high-end packaging paper and specialty paper [3]. - The company is also making progress in forestry development in Laos, aiming to achieve a target of 120,000 hectares of forest land by 2030 [3].

核心技术站稳高位，新兴领域产业化加速带来新机遇。以 AI 眼镜为代表的新的 AI 端侧产品， 预计将迎来快速增长，MEMS 声学传感器作为 AI 语音交互技术中声音信号的第一输入口，或 将迎来技术指标的大幅升级和新一轮市场机会。公司已开始布局研发高信噪比、低功耗的数 字麦克风，产品性能对标世界领先水平，目前该产品研发进展顺利，后续将会加强与头部厂 商的送样测试。此外，基于 AI 训练的人形机器人产业逐渐成熟，相关机器人产品开始逐渐进 入小规模量产阶段的产业背景，公司正在研发 MEMS 三维力、六维力/力矩传感器、手套型 压力及温度传感器以及机器人用 IMU 等产品，有望在未来把握市场机遇。 实施股份回购，维护投资者利益。截至 2024 年 12 月 31 日，公司通过上海证券交易所交易 系统以集中竞价交易方式累计回购公司股份 425,399 股，占公司总股本 55,987,446 股的比例 为 0.7598%，回购成交的最高价为 51.03 元/股，最低价为 29.92 元/股，支付的资金总额为人 民币 15,996,039.36 元（不含交易佣金等交易费用）。 投资建议：由于公司新产品业绩表现良好，叠加 A ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 29.619 billion yuan in 2024, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04%, aligning with expectations [7] - The company plans to distribute a dividend of 0.45 yuan per share, with a payout ratio of 56.27%, resulting in a dividend yield of 5.08% based on the closing price on May 7 [7] - The report highlights a continued reduction in coal-fired power costs, leading to improved profitability, with a gross margin increase of 4.89 percentage points to 15.57% in 2024 [7] - The company’s renewable energy capacity reached 6.732 million kilowatts, accounting for 36.3% of its total installed capacity, with significant growth in wind and solar power generation [7] - The oil and gas segment showed stable gross profit growth, with revenue from oil and gas pipeline transportation increasing by 19.87% year-on-year [7] - The issuance of low-interest perpetual bonds has significantly reduced financing costs, with financial expenses decreasing by 7.4% year-on-year in 2024 and 22.3% year-on-year in Q1 2025 [7] - The profit forecast for 2025 and 2026 has been adjusted to 4.106 billion yuan and 4.313 billion yuan respectively, with a new forecast for 2027 at 4.520 billion yuan, maintaining a favorable price-to-earnings ratio [7] Financial Summary - The company’s total revenue is projected to be 29.776 billion yuan in 2025, with a slight year-on-year growth of 0.5% [6] - The gross margin is expected to improve to 21.0% in 2025, reflecting ongoing cost management efforts [6] - The return on equity (ROE) is forecasted to be 10.2% in 2025, indicating stable profitability [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The overall performance of the company is stable as expected, with a financial cost reduction exceeding market expectations [5] - The company reported a net profit attributable to shareholders of 32.496 billion yuan for 2024, representing a year-on-year growth of 19.28% [8] - The company achieved a total power generation of approximately 295.904 billion kWh in 2024, a year-on-year increase of 7.11% [8] - Financial expenses decreased by 1.425 billion yuan in 2024, surpassing market expectations, while investment income grew steadily [8] - The company announced a record high dividend amount, maintaining a payout ratio of 71% [8] - The report emphasizes the long-term investment value of hydropower, highlighting its stability and low correlation with market volatility [8] Financial Performance and Forecast - Revenue for 2023 is projected at 78.112 billion yuan, with a year-on-year growth rate of 50.04% [7] - The net profit attributable to shareholders for 2025 is estimated at 34.169 billion yuan, with a growth rate of 5.15% [7] - The company’s earnings per share (EPS) for 2025 is expected to be 1.40 yuan [7] - The return on equity (ROE) for 2025 is projected at 15.29% [7] - The price-to-earnings (P/E) ratio for 2025 is estimated at 21.02 [7]

证券研究报告 建筑材料 | 装修建材 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 东方雨虹(002271.SZ) 投资评级： 增持（维持） ——业绩仍在承压，静待底部出现 投资要点： 风险提示：新开工增速大幅下滑、基建增速低于预期、沥青价格大幅上行 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 32,823 | 28,056 | 26,714 | 27,955 | 30,841 | | 同比增长率（%） | 5.15% | -14.52% | -4.78% | 4.64 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Viewpoints - The company reported a significant decline in revenue and net profit for 2024, with revenue at 5.219 billion yuan, down 32.99%, and net profit at 970 million yuan, down 63.83% [3][10] - The company is deeply engaged in the electronic components industry, primarily focusing on military products while expanding into high-end civilian sectors, indicating a comprehensive product system and complete industrial chain [2][10] - The competitive landscape in the industry has intensified, leading to a decrease in profit margins due to factors such as increased competition, adjustments in procurement rhythms, and accelerated technological updates [3][10] Financial Performance Summary - In Q1 2025, the company achieved revenue of 908 million yuan, a year-on-year decrease of 10.45%, and a net profit of 59 million yuan, down 42.60% [3][10] - The gross margin for 2024 was 49.70%, down 9.65 percentage points, while the net margin was 18.60%, down 15.85 percentage points [3][10] - The company’s total assets were reported at 18.062 billion yuan, with a debt ratio of 18.02% [6][10] Strategic Developments - The company is actively exploring new growth areas in strategic emerging sectors such as commercial aerospace, low-altitude economy, civil aviation, and new energy vehicles [2][10] - There has been a notable increase in contract liabilities, indicating a potential recovery in demand, with contract liabilities rising by 37.99% compared to the end of 2024 [10] - The company continues to strengthen its technological capabilities and focus on cutting-edge technology research, despite a decrease in R&D expenses [11][12]