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]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY per share, while the current share price is 15.61 CNY [5]. Core Views - The company maintains a high dividend level, planning to distribute 10 CNY per 10 shares, totaling 23.83 billion CNY, which reflects a dividend payout ratio of 81% [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1][10]. - The company expects to achieve total revenue of 55 billion CNY in 2025, with a profit of 5 billion CNY [8]. Production and Financial Performance - In 2024, the company exceeded its copper production target, achieving 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2][11]. - The average copper price in 2024 was 74,932 CNY per ton, reflecting a year-on-year increase of 9.7% [2]. - The company reported a significant increase in Q1 2025 revenue, reaching 16.54 billion CNY, a 51% year-on-year increase [1]. Future Production Plans - The company plans to increase its lead and zinc production in 2025, with expected production of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4][11]. - The company is focusing on the expansion of the Yulong Copper Mine, with ongoing projects to increase processing capacity to 30 million tons per year [8]. Financial Projections - The company forecasts revenues of 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9][10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY respectively, with a price-to-earnings (PE) ratio of 10.3, 9.6, and 9.0 [9][10].

2025 年 05 月 08 日 业绩稳健增长，2025 年稳中求进 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-07 | | --- | --- | | 当前股价（元） | 125.87 | | 总市值（亿元） | 1853 | | 总股本（百万股） | 1472 | | 流通股本（百万股） | 1469 | | 52 周价格范围（元） | 100.02-192.74 | | 日均成交额（百万元） | 1650.75 | 市场表现 -50 -40 -30 -20 -10 0 10 20 (%) 泸州老窖 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《泸州老窖（000568）：浓香鼻 祖壮志凌云，三大品系交替发力》 2024-12-15 2、《泸州老窖（000568）：业绩表 现稳健，费投同比优化》2024-10- 31 3、《泸州老窖（0005 ...

公司报告 | 年报点评报告 巨星科技（002444） 证券研究报告 分产品看，全年手工具/电动工具/工业工具实现营收 100.7/14.4/32.3 亿元， 同 比 +40%/+37%/+22% ，毛利率分别为 32.1%/23.8%/35.6% ，同比 +0.12/+3.83/+0.02pct。OBM/ODM 分别实现营收 70.9/76.5 亿元，同比 +36%/+35%；毛利率分别为 35.7%/28.7%，同比+4.6/-3.6pct。按地区看美洲 /欧洲占比分别为 63.4%/24.6%，毛利率分别为 31%/35%。 24 年全年行业回归增长，公司下游客户去库存结束后公司订单逐步和终端 销售情况匹配。手工具方面自有品牌跨境电商业务保持 45%以上的增速， 将 workpro 品牌打造为线上工具类知名品牌；东南亚产能的投放提升了 公司的产能天花板，帮助公司更好满足客户的订单需求。电动工具方面， 同时在全球多个国家投产电动工具产业，也为公司打好了后续大规模发展 电动工具的基础。 多措并举应对关税挑战。公司自 2018 年开始实施国际化战略，大力推进 海外制造基地建造，培育全球供应链，全球已建立 23 ...

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 and a net profit of 0.89 billion, showing a year-on-year decline of 2.8% and 7.3% respectively, but a quarter-on-quarter increase of 37.9% [1]. - The report anticipates continued improvement in profits for Q2 2025, driven by price increases in pulp and paper products and a decrease in raw material costs [1]. - The company is expanding its production capacity and actively developing its operations in Laos, aiming for a sustainable forestry area of 120,000 hectares by 2030 [3]. Financial Performance - For Q1 2025, the gross margin was 15.78%, down 2.2 percentage points year-on-year but up 0.9 percentage points quarter-on-quarter [1]. - The company expects net profits for 2025 to reach 3.62 billion, with corresponding P/E ratios of 11X, 9X, and 8X for the years 2025, 2026, and 2027 respectively [4]. - Revenue projections for 2025 are estimated at 43.44 billion, reflecting a growth rate of 6.67% [4]. Market Conditions - The average market price for double glue paper in Q1 2025 was approximately 5,200 yuan/ton, a year-on-year decrease of 10% but a quarter-on-quarter increase of 3% [1]. - The average market price for corrugated paper was about 3,600 yuan/ton, showing a year-on-year decline of 2% and a quarter-on-quarter increase of 3% [2]. Capacity Expansion - The company is steadily expanding its production capacity, with several projects expected to commence trial production in Q4 2025 [3]. - The Laos forestry development is progressing well, with a historical high in afforestation area achieved in 2024 [3].

上 市 公 司 商贸零售 ——收入增长亮眼，利润受费用推广加大短期承压 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） | 20.67 | | 一年内最高/最低（元） | 33.18/16.49 | | 市净率 | 3.3 | | 息率（分红/股价） | 2.66 | | 流通 A 股市值（百万元） | 3,975 | | 上证指数/深证成指 | 3,342.67/10,104.13 | | 注："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） | 6.32 | | 资产负债率% | 45.25 | | 总股本/流通 A 股（百万） | 400/192 | | 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 05-07 -40% -20% 0% ...

安杰思（688581.SH） 业绩稳健增长，海外本土化布局持续深化 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%。 安杰思发布 2025 年度一季报。2025Q1 公司实现营业收入 1.29 亿元，同比增长 15.27%；归母净利润 0.56 亿元，同比增长 6.57%；扣非后归母净利润 0.49 亿元， 同比增长 0.81%。 证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 观点：2024 年收入端稳健增长，EMR/ESD 类引领增长。利润端增速快于收入 端，主要系收入扩大后规模效应显现，驱动盈利能力提升。海外市场增长亮眼， 本土化布局持续推进。欧洲荷兰分公司启动运营，美国子公司进入运营筹备阶段， 泰国生产基地一 ...

[Table_Info1] 长源东谷(603950) 汽车 [Table_Date] 发布时间：2025-05-08 [Table_Title] 证券研究报告 / 公司点评报告 请务必阅读正文后的声明及说明 传统业务稳健深耕，新能源业务蓬勃发展 事件： [Table_Summary] 公司发布 2024 年年报和 2025 年一季度报告。2024 年公司实现营业收 入 19.20 亿元，同比+30.38%，实现归属于母公司净利润 2.30 亿元，同 比+5.37%。2025 年 Q1 公司实现营业收入 5.01 亿，同比+20.52％，实 现归母净利润 0.78 亿，同比+65.80％。 点评： 双轨驱动核心零部件业务，智能升级与新能源拓展创营收新高。2024 年，公司在传统商用车领域拓展工程机械、船用等新客户，同时新能源 混动缸体缸盖销量大幅增长至 54.5 万套，并通过智能工厂升级、成本 优化等措施实现营收历史新高，推进传统能源与新能源业务并行发展。 新能源爆发驱动增长，双轨战略稳步拓展市场。2024 年公司营收同比 增长 30.38%，达 19.2 亿元，创历史新高。增长主因是新能源混动业务 的爆发，比 ...