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]

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 ...

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]

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 ▌ ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's performance is in line with expectations, showing steady growth. Total revenue and net profit for 2024 are projected to be CNY 115.46 billion and CNY 34.12 billion, respectively, representing year-on-year increases of 14% and 9% [5] - The company is expected to continue its growth trajectory, with earnings per share (EPS) forecasted at CNY 2.95, CNY 3.24, and CNY 3.60 for 2025, 2026, and 2027, respectively [7] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit reached CNY 50.99 billion and CNY 16.44 billion, reflecting year-on-year growth of 9% and 7% [5] - The gross margin and net margin for 2024 were 75% and 30%, with slight declines in 2025 Q1 to 74% and 32% [5] - Operating cash flow showed strong performance, with a year-on-year increase of 42% in Q1 2025 [5] Product and Channel Performance - Revenue from key product categories in 2024 showed growth, with the premium A+ category growing by 15.17% and the A category by 16.61% [6] - Direct sales and wholesale revenue for 2024 were CNY 2.73 billion and CNY 112.05 billion, respectively, with increases of 20.78% and 14.19% [6] Earnings Forecast - The company is expected to maintain a strong growth trajectory post reaching CNY 100 billion in revenue, with projected EPS for 2025-2027 being CNY 2.95, CNY 3.24, and CNY 3.60, corresponding to price-to-earnings (PE) ratios of 16, 15, and 13 times [7][10]

Investment Rating - The report maintains an "Outperform" rating for the company and raises the target price to RMB 56.67 from the previous estimate [5][11]. Core Insights - The company reported strong export performance and continuous growth in new products, particularly in the enterprise network segment, which saw revenue doubling [6][12]. - For 2024, the company achieved revenue of RMB 612 million, a year-on-year increase of 24.00%, and a net profit attributable to shareholders of RMB 130 million, up 38.25% year-on-year [11][12]. - The first quarter of 2025 showed revenue of RMB 150 million, reflecting a 40.86% year-on-year growth, primarily driven by overseas market expansion and early stocking by some U.S. clients [11][12]. Financial Summary - Revenue projections for 2025-2027 are RMB 749 million, RMB 885 million, and RMB 1,016 million, respectively, with corresponding net profits of RMB 167 million, RMB 214 million, and RMB 261 million [4][11]. - The earnings per share (EPS) are expected to be RMB 2.27, RMB 2.90, and RMB 3.53 for 2025, 2026, and 2027, respectively [4][11]. - The company’s gross profit margin (GPM) for various products shows strong performance, with industrial IoT products at 56.73% and enterprise network products at 55.65% [12]. Product and Market Performance - By product, industrial IoT revenue was RMB 314 million (YoY +28.49%), enterprise network revenue was RMB 77.08 million (YoY +94.90%), and overseas market revenue reached RMB 274 million (YoY +53.63%) [12][13]. - The company has announced a restricted stock incentive plan for 2025, indicating confidence in long-term growth, with performance targets set for revenue growth of not less than 15%, 32.25%, and 52.09% for 2025-2027 [13][14].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 156.55, representing a potential upside of 17% from the current price of RMB 132.90 [1][9]. Core Insights - The company achieved a revenue of RMB 10.30 billion in 2024, a decrease of 9.73% year-on-year, and a net profit attributable to shareholders of RMB 1.26 billion, down 36.08% [9][10]. - In Q1 2025, the company reported a revenue of RMB 2.48 billion, an increase of 5.42%, and a net profit of RMB 370 million, up 1.87% [9][10]. - The company is expected to have EPS of RMB 2.20 in 2025 and RMB 2.65 in 2026, with a new forecast for 2027 at RMB 3.18 [9][10]. Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue of RMB 11.41 billion, Net Profit of RMB 1.97 billion - 2024A: Revenue of RMB 10.30 billion, Net Profit of RMB 1.26 billion - 2025E: Revenue of RMB 12.44 billion, Net Profit of RMB 1.81 billion - 2026E: Revenue of RMB 14.97 billion, Net Profit of RMB 2.18 billion - 2027E: Revenue of RMB 17.99 billion, Net Profit of RMB 2.62 billion [2][5]. - Key Financial Ratios: - Net Asset Return Rate (ROE) is projected to be 6.3% in 2024 and 10.2% in 2027 [2][5]. - The Price-to-Earnings (P/E) ratio is expected to be 86.80 in 2024 and decrease to 41.84 by 2027 [2][5]. Market Position and Strategy - The company continues to increase its domestic market share, with a structural growth of over 3 percentage points year-on-year, particularly in high-end products [10][11]. - In 2024, the company achieved overseas revenue of RMB 2.27 billion, a growth of 35.07%, accounting for 22% of total revenue [11][12]. - The service revenue reached RMB 1.36 billion in 2024, representing a 26.80% increase and accounting for 13.16% of total revenue [12]. Conclusion - The report highlights the company's strong position in the medical imaging equipment sector, supported by ongoing domestic policy and international market expansion, justifying the "Outperform" rating and the target price increase [9][10][11].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Viewpoints - The CT ball tube is a critical component of medical CT, accounting for approximately 20% of the total BOM cost of CT machines, and has high industry barriers due to its complex manufacturing requirements [1][18]. - The domestic market for CT ball tubes is expected to exceed 20 billion yuan by 2025, driven by high replacement demand and a shorter average replacement cycle compared to developed countries [2][47]. - The report highlights the urgent need for domestic substitution of CT ball tubes, as the current domestic substitution rate is less than 10% [4][50]. Summary by Sections 1. CT Ball Tube: The "Core" of Medical CT - The CT ball tube is essential for X-ray computed tomography systems, with its performance directly impacting image quality and diagnostic capabilities [15]. - The technology has evolved significantly, focusing on improving heat dissipation efficiency and overall performance [25]. 2. Market Size: High-Value Consumables with Broad Future Potential - The CT ball tube market is characterized by rigid replacement demand, with an average replacement cycle of 18 months in China due to high usage rates [2][45]. - The estimated market size for CT ball tubes in China is projected to reach over 20 billion yuan by 2025, with significant contributions from both new installations and replacement markets [47][48]. 3. Competitive Landscape: Overseas Manufacturers Dominate - Major global manufacturers like GPSC, Dunlee, and Varex dominate the CT ball tube market, with 85% of replacement tubes still relying on original manufacturer products [3][50]. - The report emphasizes the need for accelerated domestic production to reduce reliance on imports, as the current domestic substitution rate is low [4][50]. 4. Company Overview: Yirui Technology - Yirui Technology is positioned as a leading supplier of X-ray core components and comprehensive solutions, focusing on the development of CT ball tubes [5]. - The company plans to raise approximately 1.174 billion yuan to enhance its production capacity for X-ray vacuum components and solutions, aiming to significantly increase its output [9][10]. - Financial forecasts indicate strong revenue growth, with expected revenues of 2.405 billion yuan in 2025, reflecting a year-on-year increase of 31.3% [10].

2025 年 05 月 07 日 错期下业绩边际承压，终端动销环比改善 —天味食品（603317.SH）公司事件点评报告 买入(维持) 事件 2025 年 4 月 28 日，天味食品发布 2025 年一季报，2025Q1 总 营收 6.42 亿元（同减 25%），归母净利润 0.75 亿元（同减 58%），扣非净利润 0.51 亿元（同减 65%）。 投资要点 ▌费用投放增加，盈利边际承压 2025Q1 毛利率同减 3pct 至 40.74%，主要系渠道结构变动所 致，公司通过低位锁价、供应商竞价等方式推动降本动作， 实现毛利率优化，销售/管理费用率分别同增 5pct/2pct 至 22.26%/7.06%，净利率同减 9pct 至 12.34%，利润下滑主要 系市场动销较弱、费用投放增加叠加一季度基数较低所致。 ▌库存消化完毕，动销环比改善 2025Q1 火锅调料/菜谱式调料/香肠腊肉调料营收分别为 1.73 /4.34/0.15 亿元，分别同减 41%/12%/56%，整体营收下降主 要系 2024 年底经销商错期备货导致 2025Q1 进货意愿较低， 同时市场竞争加剧，动销较为疲软，目前库存基本消化完 ...

Investment Rating - The investment rating for Huabei Mining is "Buy" (maintained) [2] Core Views - The report highlights that the company achieved a revenue of 10.6 billion yuan in Q1 2025, a year-on-year decrease of 39% but a quarter-on-quarter increase of 16.6%. The net profit attributable to shareholders was 690 million yuan, down 56.5% year-on-year and down 3.4% quarter-on-quarter. The report also notes a decrease in coal production and sales volume, with a focus on cost reduction to mitigate the impact of falling coal prices [4][5][6] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 10.6 billion yuan, a year-on-year decline of 39% and a quarter-on-quarter increase of 16.6%. The net profit attributable to shareholders was 690 million yuan, down 56.5% year-on-year and down 3.4% quarter-on-quarter. The adjusted net profit after excluding non-recurring items was 670 million yuan, a year-on-year decrease of 57% but a quarter-on-quarter increase of 19.9% [4][5] Production and Sales - The company's coal production and sales volume in Q1 2025 were 430.8 million tons and 297.2 million tons, respectively, representing a year-on-year decline of 17.7% and 26.2%, and a quarter-on-quarter decline of 11.8% and 14.8% [4][5] - The average selling price of coal in Q1 2025 was 937.8 yuan per ton, down 20.3% year-on-year and down 10.8% quarter-on-quarter. The cost per ton of coal was 519.9 yuan, down 12.3% year-on-year and down 3.4% quarter-on-quarter, resulting in a gross profit of 417.9 yuan per ton, down 28.4% year-on-year and down 18.7% quarter-on-quarter [4][5] Growth Potential - The report emphasizes the company's growth potential in coal mining and coal chemical projects, with ongoing construction of significant projects such as the 800,000 tons/year Tohutu Mine and the 300,000 tons/year Xinh Lake Coal Mine. The company is also advancing coal chemical projects with a focus on deep utilization of by-products [6] - The company is currently in a state of undervaluation, with a price-to-book ratio (PB) of 0.76 as of May 6, 2025. The report mentions an increase in the minimum dividend payout ratio from 30% to 35%, which could support valuation recovery [6]