证券分析师 曾朵红 证券研究报告·公司点评报告·电池 欣旺达（300207） 2025 年一季报点评：Q1 业绩符合预期，电芯 自供率持续提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 47,862 | 56,021 | 65,332 | 74,072 | 84,119 | | 同比（%） | (8.24) | 17.05 | 16.62 | 13.38 | 13.56 | | 归母净利润（百万元） | 1,076 | 1,468 | 2,051 | 2,490 | 3,008 | | 同比（%） | 0.77 | 36.43 | 39.68 | 21.42 | 20.80 | | EPS-最新摊薄（元/股） | 0.58 | 0.80 | 1.11 | 1.35 | 1.63 | | P/E（现价&最新摊薄） | 32.40 | 23.75 | 17.00 | 14.00 | 11.59 | [Table ...

国泰海通（601211） 2025 年一季报点评：并表海通，各主营业务 增速可观，带动扣非净利润同比增长 61% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 36,141 | 43,397 | 67,415 | 76,533 | 83,556 | | 同比（%） | 1.89% | 20.08% | 55.35% | 13.52% | 9.18% | | 归母净利润（百万元） | 9,374 | 13,024 | 26,866 | 28,047 | 32,633 | | 同比（%） | -18.54% | 38.94% | 106.28% | 4.39% | 16.35% | | EPS-最新摊薄（元/股） | 1.05 | 1.39 | 1.52 | 1.59 | 1.85 | | P/E（现价&最新摊薄） | 13.36 | 10.12 | 9.23 | 8.84 | 7.60 | 证券研究报告·公司点评 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company shows strong performance with a projected revenue growth of 33% and a net profit growth of 32% for 2024, continuing into Q1 2025 with revenue growth of 28% and net profit growth of 22% [1][2]. - The dual-brand strategy, featuring the main brand Marubi and the PL brand Lianhuo, is driving growth, with significant contributions from key products like the Marubi Eye Cream and the Golden Needle series [1][3]. - The company is expected to achieve net profits of 445 million, 549 million, and 643 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30%, 23%, and 17% [1][8]. Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit of 342 million yuan, up 31.69% [2][9]. - The main brand Marubi generated revenue of 2.06 billion yuan in 2024, growing by 31.69%, while the PL brand Lianhuo achieved 905 million yuan, a growth of 40.72% [3][9]. - The company's gross margin improved to 73.70% in 2024, up by 3.01 percentage points, attributed to product structure optimization and cost control [7][12]. Product and Channel Analysis - The company’s product categories showed strong performance, with eye care products generating 689 million yuan in revenue, a 60.78% increase, and skincare products reaching 1.13 billion yuan, up 21.60% [3][9]. - Online sales channels contributed significantly, with revenue of 2.54 billion yuan in 2024, reflecting a growth of 35.77%, while offline channels saw a 20.79% increase to 427 million yuan [3][9]. Future Outlook - The company is expected to continue its growth trajectory with a stable cash flow and a focus on product innovation, which is anticipated to contribute to incremental growth [8][9]. - The projected earnings per share (EPS) for 2025 is 1.11 yuan, with a price-to-earnings (PE) ratio of 39.3 [9][12].

银行/城商行Ⅱ 苏州银行（002966.SZ） 对公优势彰显，资产质量优异 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 8.24 | | 一年最高最低(元) | 8.87/6.60 | | 总市值(亿元) | 368.38 | | 流通市值(亿元) | 361.65 | | 总股本(亿股) | 44.71 | | 流通股本(亿股) | 43.89 | | 近 3 个月换手率(%) | 65.3 | 《盈利能力稳健，资产较快扩张—苏 州银行 2024 年三季报点评》 -2024.10.31 《盈利平稳增长，资产质量持续优异 — 苏州银行 2024 年中报点评》 -2024.9.1 ——苏州银行 2024 年报&2025 年一季报点评 股价走势图 数据来源：聚源 -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 苏州银行 沪深300 相关研究报告 刘呈祥（分析师） 吴文鑫（分析师） liuchengxiang@kysec.cn wuwenxin@kysec.cn 证书 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 268.79 billion yuan for 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and short-term overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to continuous internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a three-pronged strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment reported revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment achieved revenue of 13.76 billion yuan in 2024, a significant year-on-year growth of 48.7%, with expectations for continued high growth in 2025 [8] Profit Forecast - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10]

中国核电（601985.SH）2024 年年报及 2025 年一季报点评 [盈利预测与财务指标 Table_Forcast] 所得税影响 24 年业绩，Q1 核电业绩符合预期 2025 年 04 月 30 日 ➢ 事件：2025 年 4 月 29 日，公司发布 2024 年报及 2025 年一季报。2024 营收 772.72 亿元，同比+3.09%；归母净利 87.77 亿元，同比-17.38%；基本每 股收益 0.463 元。24Q4 公司营收 202.9 亿元，同比+7.5%；归母净利润亏损 1.56 亿元，同比-112.0%。25Q1 公司营收 202.73 亿元，同比+12.7%；归母净 利 31.37 亿元，同比+2.55%。 ➢ 所得税费用影响 24Q4 业绩，新能源利润下滑拉低 25Q1 业绩增速。24 年 公司所得税费用同比增加 24.4 亿元，主要系计提增值税返还对应所得税费用所 致，相关税费已于期后完成缴纳。25Q1 新能源收入同比+24.64%，但因新能源 增收不增利，且新能源上年发行两期类 REITS、市场化债转股稀释归母净利润， 增资引战导致归母比例下降，最终 Q1 归母净利润同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company reported a revenue of 547 million yuan in 2024, representing a year-on-year increase of 14.50%. However, the net profit attributable to shareholders decreased by 37.68% to 80.27 million yuan [5][6] - In Q1 2025, the company achieved a revenue of 66.48 million yuan, a significant year-on-year growth of 51.43%, but reported a net loss of 13.71 million yuan [5][6] - The company is focusing on enhancing its EDA product matrix, particularly in DFT and DFM tools, which are crucial for improving chip yield and manufacturing efficiency [7][8] Summary by Sections Company Overview - The latest closing price is 48.50 yuan, with a total market capitalization of 9.7 billion yuan and a total share capital of 200 million shares [4] Financial Performance - In 2024, the company’s revenue was 547 million yuan, with software development and licensing contributing 159 million yuan, a 70.33% increase year-on-year. The gross margin improved from 60.30% in 2023 to 61.90% in 2024 [6] - The company’s R&D expenses increased by 33.49% due to a rise in the number of R&D personnel from 416 to 522 [6] Investment Highlights - The company is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and providing comprehensive solutions throughout the product lifecycle [7] - The acquisition of a 43% stake in Shanghai Yirui Chip Electronics Technology Co., Ltd. marks the company's expansion from manufacturing EDA to design EDA [9] Earnings Forecast - The company is projected to achieve revenues of 705 million yuan, 903 million yuan, and 1.201 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 112.75 million yuan, 180.74 million yuan, and 268.95 million yuan [10][12]

证券研究报告·公司点评报告·计算机设备 电科网安（002268） 2024 年年报和 2025 年一季报点评：符合市 场预期，"价值创造"重塑增长逻辑 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,073 | 2,467 | 2,843 | 3,276 | 3,776 | | 同比（%） | (10.62) | (19.71) | 15.23 | 15.24 | 15.25 | | 归母净利润（百万元） | 348.76 | 158.15 | 201.71 | 264.88 | 365.05 | | 同比（%） | 13.74 | (54.65) | 27.54 | 31.32 | 37.82 | | EPS-最新摊薄（元/股） | 0.41 | 0.19 | 0.24 | 0.31 | 0.43 | | P/E（现价&最新摊薄） | 35.98 | 79.35 | 62.22 | 47.38 | 34.3 ...

业绩简评 4 月 29 日，国泰海通发布 2025 年一季报。25Q1 公司实现营业总 收入 118 亿元，yoy+47%；实现归母净利润 122 亿元，yoy+392%； 扣非后归母净利润 33 亿元，yoy+61%。合并后资产规模实现跨越 式提升，总资产较上年末提升 62%至 1.69 万亿元，净资产较上年 末提升 88%至 0.32 万亿元，加权平均 ROE 为 6.46%，同比+4.91pct， 扣非后加权平均 ROE 为 1.69%，同比+0.43pct。 公司吸收合并海通证券已于 2025 年 3 月 14 日完成，归母净利润 大幅增长的主要原因为吸收合并产生负商誉带来营业外收入增 加；公司归母扣非净利润增长的主要原因为经纪、投资等业务实 现较大幅度增长。 在 2024 年同期低基数效应与当前市场环境改善的双重驱动下，公 司 25Q1 业绩同比增速实现显著提升： （1）经纪业务：受益于市场交投回暖，Q1 全市场日均股基成交额 达 1.75 万亿元，同比增幅 71%。公司股基交易量同比增加，经纪 业务净收入 yoy+77%至 27 亿元。 （2）投行业务：净收入 yoy+10%至 7 亿元。25Q1 ...

业绩短期承压，看好中长期成长 ——泰恩康 24 年报&25 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 24 年报，我们下调营业收入预测，预测公司 2025-2027 年每股收益分别为 0.33/0.61/1.01 元（原 2025-2026 年预测为 0.39/0.62 元），根据可比公司，给予公 司 2025 年 69 倍市盈率，对应目标价为 22.77 元，维持"增持"评级。 风险提示 研发进展不及预期风险；新产品放量低预期风险；市场竞争加剧风险；毛利率提升不及 预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 761 | 721 | 894 | 1,152 | 1,520 | | 同比增长 (%) | -2.9% | -5.2% | 24.0% | 28.8% | 31.9% | | 营业利润(百万元) | 191 | 109 | 179 | 325 | 530 | | 同比增长 (%) | -8.7% | -43.1% ...