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七一二:行业调整拖累业绩,静待需求回暖-20250508
HTSC· 2025-05-08 02:25
证券研究报告 七一二 (603712 CH) 行业调整拖累业绩,静待需求回暖 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 07 日│中国内地 | 通信设备制造 | 公司 2024 年实现营收 21.54 亿元(yoy-34.09%),归母净利-2.49 亿元 (yoy-156.58%),扣非净利-2.88 亿元(yoy-173.74%),主要系下游客户 需求放缓,同时期间费用率、信用减值损失等同比增长。1Q25 实现营收 2.16 亿元(yoy-55.88%),归母净利-5401.97 万元(yoy-440.23%),低于我们 此前预期(0.13 亿元),主要系期间费用率仍呈现扩大趋势。展望 25-27 年, 我们认为随着"十四五"进入尾声,军工行业有望逐步恢复常态,推动公司 业绩复苏。维持"买入"评级。 军民无线通信领域持续深耕,积极拓展新领域新客户 2024 年,公司终端、系统产品分别实现营收 12.22/8.01 亿元,分别同比 -36.86/-33.47%,主要受军工行业调整影响。公司持续深耕主业,巩固军民 用无线通信领 ...
精智达:2024年报业绩点评:半导体业务爆发,新型显示业务再突破-20250508
Dongxing Securities· 2025-05-08 02:23
精智达(688627.SH):半导体业务 爆发,新型显示业务再突破 | 2025 | 年 5 | 月 | 8 | 日 | | --- | --- | --- | --- | --- | | 推荐/维持 | | | | | | 精智达 | 公司报告 | | | | ——2024 年报业绩点评 事件: 半导体存储器件测试设备领域,公司持续加强产品市场优势并丰富产品类。报 告期内,公司 DRAM 老化测试修复设备、MEMS 探针卡等产品出货量持续提 升,保持国产设备供应商中的领先地位。公司具备晶圆裸片测试功能、旨在提 升客户研发设计和品质验证效率的存储器通用测试验证机获得批量订单并且 实现验收,自主研发测试机平台已经获得客户认可。与此同时公司持续推动满 足针对先进封装测试要求的升级版 CP 测试机、高速 FT 测试机等核心测试 设备研发及客户验证工作。根据 TechInsights 的数据显示,2024 年全球存储 器测试设备销售额达到 15 亿美元,同比增长 36.4%,预计 2025 年将进一步 攀升至 19 亿美元,年复合增长率达 26.7%。存储测试机目前主要被爱德万、 泰瑞达等国外厂商占据主要市场份额,国 ...
海兴电力:25Q1单季归母净利润短期承压,海外配用电仍具备优势-20250508
GOLDEN SUN SECURITIES· 2025-05-08 02:23
Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 4.717 billion yuan in 2024, a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 1.002 billion yuan, a year-on-year increase of 2.0% [1] - The company's overseas smart distribution and power supply revenue reached nearly 3 billion yuan, with steady growth in the Latin America, Asia, and Africa regions [2] - The gross profit margin improved year-on-year in 2024, while operating expenses increased during the first quarter of 2025 [3] Financial Summary - Revenue and Profit Forecasts: - 2025 estimated net profit is 1.124 billion yuan, a year-on-year increase of 12.2% [4] - Revenue is projected to grow to 5.947 billion yuan in 2025, reflecting a growth rate of 26.1% [5] - Key Financial Metrics: - The latest diluted EPS for 2024 is 2.06 yuan per share, with a projected increase to 2.31 yuan in 2025 [5] - The net asset return rate for 2024 is 14.1%, with a slight decrease expected in the following years [5] - Cash Flow: - The operating cash flow for 2024 was 886 million yuan, a decrease of 19.56% compared to the previous year [10]
维力医疗:业绩稳健增长,去库存结束+本土化布局驱动外销快速增长-20250508
GOLDEN SUN SECURITIES· 2025-05-08 02:23
证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 维力医疗(603309.SH) 业绩稳健增长,去库存结束+本土化布局驱动外销快速增长 维力医疗发布 2024 年度报告。2024 年公司实现营业收入 15.09 亿元,同比增长 8.76%;归母净利润 2.19 亿元,同比增长 13.98%;扣非后归母净利润 2.10 亿元,同 比增长 16.94%。分季度看,2024Q4 实现营业收入 4.49 亿元,同比增长 9.32%;归母 净利润 0.53 亿元,同比增长 8.44%;扣非后归母净利润 0.50 亿元,同比增长 5.18%。 维力医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 3.48 亿元,同比增长 12.60%;归母净利润 0.59 亿元,同比增长 17.25%;扣非后归母净利润 0.57 亿元, 同比增长 20.49%。 观点:2024 年国内市场因政策扰动短期承压,海外市场去库存影响消除后呈恢复性增 长态势,利润端增速快于收入端主要系降本增效驱动期间费用率改善。海外本土化布 局加速,海外生产基地建设提升全球服务能力。公司各板块亮点纷呈,护 ...
海兴电力(603556):25Q1单季归母净利润短期承压,海外配用电仍具备优势
GOLDEN SUN SECURITIES· 2025-05-08 01:58
证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 海兴电力(603556.SH) 25Q1 单季归母净利润短期承压,海外配用电仍具备优势 事件:公司发布 2024 年报及 2025 年一季报。2024 年:公司 2024 年 实现营收 47.17 亿元,同增 12.30%;归母净利润 10.02 亿元,同增 1.99%。 其中,24Q4 单季营收 13.07 亿元,同减 1.52%;归母净利润 2.11 亿元, 同减 32.87%。公司 2024 年汇兑损失 1.29 亿元,若还原汇兑影响(未考 虑税率影响),2024 年归母净利润 11.31 亿元,同比+19.14%。25Q1 单 季:营收 7.84 亿元,同减 12.99%;归母净利 1.41 亿元,同减 34.07%。 海外智能配用电收入规模近 30 亿元,亚非拉地区收入稳健增长。2024 年, 公司 1)智能配用电收入 45.35 亿元,同比+13.35%。其中,海外业务实 现收入 29.40 亿元,同比+9.77%。分地区看,2024 年拉美地区收入 8.87 亿,同比+11.01%;亚洲地区收入 9.33 ...
卡莱特(301391):年报业绩符合预期,阶段性承压静待花开
GOLDEN SUN SECURITIES· 2025-05-08 01:58
事件:公司发布 2024 年年报。2024 年,公司实现营业收入 64,288.16 万 元,同比下降 36.97%,归属于上市公司股东的净利润 1,934.71 万元,同 比下降 90.45%。公司业绩符合预期。 证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 卡莱特(301391.SZ) 年报业绩符合预期,阶段性承压静待花开 全球景气度阶段性波动,带来业绩端阶段性承压。随着 LED 显示屏市场规 模的持续增长,对超高清视频需求愈加强烈,行业内竞争加剧,公司通过 加大对研、产、销的投入,增强视频处理算法能力,满足市场对显控系统 更精密的需求,为全球客户打造更多前沿、卓越的视觉解决方案。2024 年, 公司实现营业收入 64,288.16 万元,同比下降 36.97%,出现阶段性压力。 各项分业务增速体现了公司面临的激烈市场竞争。2024 年,公司的主要 营业收入情况如下:1、视频处理设备的收入为 28,061.93 万元,占营业 收入的 43.65%,视频处理设备的收入占比同比下降 5.20%;2、LED 显示 控制系统-接收卡收入为 23,843.23 万元,占 ...
维力医疗(603309):业绩稳健增长,去库存结束+本土化布局驱动外销快速增长
GOLDEN SUN SECURITIES· 2025-05-08 01:58
Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 1.509 billion yuan, representing an 8.76% year-on-year increase, and a net profit of 219 million yuan, up 13.98% year-on-year. The growth in net profit outpaced revenue growth due to improved cost management and efficiency [1][2] - The domestic market is under short-term pressure due to policy disruptions, while the overseas market is recovering as inventory issues are resolved, leading to a significant increase in export revenue [2][3] - The company is accelerating its overseas localization strategy, with plans for new production bases to enhance global service capabilities and meet international market demands [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.509 billion yuan, a growth of 8.76% year-on-year, and a net profit of 219 million yuan, reflecting a 13.98% increase. The first quarter of 2025 saw revenue of 348 million yuan, up 12.60%, and a net profit of 59 million yuan, up 17.25% [1][4] - The gross margin for 2024 was 44.53%, with a slight decrease of 1.36 percentage points year-on-year. The sales expense ratio was 10.48%, down 0.93 percentage points, and the management expense ratio was 8.61%, down 1.02 percentage points [2] Market Dynamics - The domestic market faced challenges with a 5.39% decline in internal sales revenue, totaling 683 million yuan, while overseas sales revenue reached 797 million yuan, marking a 23.74% increase [2] - The company is expanding its overseas customer base, with significant growth in regions such as North America, Europe, and Southeast Asia, and plans to establish new production bases in Mexico and Southeast Asia [3] Future Projections - Revenue projections for 2025-2027 are estimated at 1.751 billion yuan, 2.052 billion yuan, and 2.414 billion yuan, respectively, with year-on-year growth rates of 16.0%, 17.2%, and 17.7%. Net profit is expected to reach 264 million yuan, 318 million yuan, and 383 million yuan, with growth rates of 20.1%, 20.7%, and 20.6% [3][4]
盘江股份(600395):Q1煤炭量价齐跌致业绩承压,电力业务量价齐升
KAIYUAN SECURITIES· 2025-05-08 01:40
煤炭/煤炭开采 盘江股份(600395.SH) Q1 煤炭量价齐跌致业绩承压,电力业务量价齐升 2025 年 05 月 08 日 投资评级:买入(维持) 张绪成(分析师) zhangxucheng@kysec.cn 证书编号:S0790520020003 Q1 煤炭量价齐跌致业绩承压,电力业务量价齐升,维持"买入"评级 公司发布 2024 年报及 2025 一季报,2024 年实现营收 89 亿元,同比-5.4%,归 母净利润 1 亿元,同比-85.8%,扣非归母净利润-0.3 亿元,同比-104.6%;其中 2024Q4 实现营收 24.5 亿元,环比+2%,归母净利润 0.7 亿元,环比+3402%, 扣非归母净利润 0.2 亿元,环比+1003.1%。2025Q1 实现营收 24.8 亿元,同比 +27.3%,归母净利润-1 亿元,同比-590.4%,扣非归母净利润-1.2 亿元,同比 -4826.2%。考虑到煤炭销量下滑,我们下调 2025-2026 年盈利预测并新增 2027 年盈利预测,预计 2025-2027 年公司实现归母净利润 0.59/1.12/1.63 亿元 (2025-2026 年前值 ...
上海建工:Q4业绩增长显著提速,新兴业务持续发力-20250508
GOLDEN SUN SECURITIES· 2025-05-08 01:35
Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced significant growth in Q4, with a 39% year-on-year increase in net profit attributable to shareholders, driven by non-operating income [1][2] - The company is focusing on developing six emerging business sectors to create a second growth curve, with new contracts in these sectors reaching nearly 100 billion yuan in 2024 [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 300.2 billion yuan, a decrease of 1.4% year-on-year, while net profit attributable to shareholders was 2.168 billion yuan, an increase of 39% [1][4] - The comprehensive gross margin for 2024 was 8.74%, down 0.13 percentage points, primarily due to a decline in the gross margin of the construction business [2] - The company reported a significant increase in asset disposal income, which contributed to a net profit margin increase to 0.7%, up 0.21 percentage points year-on-year [2] Business Segment Performance - The construction segment generated revenue of 266.7 billion yuan, a year-on-year increase of 0.65%, with various sub-segments showing mixed performance [1] - Emerging business sectors, including urban renewal and new infrastructure, showed strong growth, with contract values increasing by 9%, 18%, and 68% respectively [3] Future Projections - The company is projected to achieve net profits of 1.83 billion yuan in 2025, a decrease of 16% year-on-year, followed by growth in subsequent years [3][4] - The expected earnings per share (EPS) for 2025 is 0.21 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 11, and 10 for the years 2025, 2026, and 2027 respectively [3][4]
今世缘:公司事件点评报告:业绩符合预期,整体稳健增长-20250508
Huaxin Securities· 2025-05-08 01:23
2025 年 05 月 08 日 业绩符合预期,整体稳健增长 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) | 47.49 | | 总市值(亿元) | 592 | | 总股本(百万股) | 1247 | | 流通股本(百万股) | 1247 | | 52 周价格范围(元) | 35.59-57.6 | | 日均成交额(百万元) | 338.96 | 市场表现 -50 -40 -30 -20 -10 0 10 20 (%) 今世缘 沪深300 资料来源:Wind,华鑫证券研究 3、《今世缘(603369):主动降速 控节奏,稳步增长向前看》2024- 10-31 —今世缘(603369.SH)公司事件点评报告 2025 年 4 月 29 日,今世缘发布 2024 年年报及 2025 年一季 报。 投资要点 ▌ ...