泰和新材 002254.SZ 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年05月06日） | 10.45 元 | | 目标价格 | 10.75 元 | | 52 周最高价/最低价 | 12.71/7.72 元 | | 总股本/流通 A 股（万股） | 86,295/81,844 | | A 股市值（百万元） | 9,018 | | 国家/地区 | 中国 | | 行业 | 石油化工 | | 报告发布日期 | 2025 年 05 月 07 日 | 1 周 1 月 3 月 12 月 绝对表现% 2.96 4.08 14.96 -3.06 相对表现% 2.07 5.45 15.85 -7.18 沪深 300% 0.89 -1.37 -0.89 4.12 芳纶业务稳步增长，氨纶盈利承压 2024-05-02 | 倪吉 | 021-63325888*7504 | | --- | --- | | | niji@orientsec.com.cn | | | 执业证书编号：S0860517120003 | | 顾雪莺 | guxueying@orientsec.com.c ...

▌ 研发投入高度保障，现金流显著持续健康 期间费用方面，2024 年公司研发费用达 24.90 亿元，同比增 长 26.20%，这一增长主要归因于职工薪酬以及材料费的明显 增加。公司通过加大研发投入力度，积极支持新技术和新产 品的研发活动，致力于优化现有产品结构，从而有效提升产 品的附加值和市场竞争力。现金流方面，经营活动产生的现 金流量净额为 28.45 亿元，同比增长 18.24%。 投资要点 ▌ 改性塑料龙头地位稳固，新材料多板块协同发展 金发科技是全球化工新材料行业产品种类最为齐全的企业之 一，同时是全球规模最大、产品种类最为齐全的改性塑料生 产企业。2024 年公司改性塑料销量再创新高，改性塑料产销 量 分别为 266.07/255.15 万吨，同比 分 别 增 长 23.71%/20.78%；改性塑料贡献营业收入 320.75 亿元，同比 增长 18.95%，毛利率为 22.07%。年内公司积极开拓人形机器 人、四足机器人和低空经济等新兴领域，深化与汽车、家 电、消费电子等全球头部企业合作，使得车用材料、新能 源、消费电子材料等材料销量快速增长。绿色石化板块， 2024 年业绩有所改善但未能实现盈 ...

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 industrial IoT products was 56.73%, while the enterprise network products achieved a GPM of 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 digital power distribution grid revenue was RMB 163 million (YoY +21.39%) [12]. - The overseas market revenue reached RMB 274 million, marking a significant year-on-year increase of 53.63%, while domestic market revenue was RMB 335 million, up 6.74% [12]. Equity Incentive Plan - The company announced a restricted stock incentive plan for 2025, proposing to grant 395,000 restricted shares, with performance targets set for revenue growth of not less than 15%, 32.25%, and 52.09% for 2025-2027 [13]. Catalysts for Growth - New product launches, including edge gateways and in-vehicle gateways, are expected to drive further growth [14].

Investment Rating - The report maintains an "Outperform" rating for the company [1][10]. Core Insights - In 2024, the company achieved revenue of RMB 1.83 billion (-1.74%), net profit attributable to shareholders of RMB 465 million (-23.43%), and recurring net profit attributable to shareholders of RMB 439 million (-25.84%). For Q1 2025, revenue was RMB 482 million (-1.92%), net profit attributable to shareholders was RMB 143 million (+2.74%), and recurring net profit attributable to shareholders was RMB 141 million (-9.19%) [10][11]. - The EPS forecasts for 2025-2026 have been revised to RMB 4.07 and RMB 5.02, with a new forecast for 2027 at RMB 6.22. The target price is set at RMB 143.10, corresponding to a 2025 PE of 35X [10][12]. Financial Summary - The company’s revenue for 2024 was RMB 1.83 billion, with a slight decline of 1.74% compared to the previous year. The net profit attributable to shareholders decreased by 23.43% to RMB 465 million [4][10]. - The company’s revenue for Q1 2025 was RMB 482 million, reflecting a decrease of 1.92% year-on-year, while net profit attributable to shareholders increased by 2.74% to RMB 143 million [10][11]. - The company’s financial forecasts indicate a revenue increase to RMB 2.22 billion in 2025 and RMB 2.70 billion in 2026, with net profit expected to rise to RMB 583 million and RMB 717 million respectively [4][10]. Market Position - The company continues to increase its market share in the detector market, achieving a global market share of 20.09% in 2023, despite a decline in sales revenue of digital X-ray detectors to RMB 1.49 billion in 2024 [11][12]. - The new core components business saw significant growth, with revenue increasing by 45.49% to RMB 126 million in 2024, while integrated solutions and technical services revenue surged by 226.25% to RMB 86.80 million [12][13]. Strategic Initiatives - The company is actively expanding its domestic and international markets, establishing overseas sales or customer service platforms in multiple countries including the USA, Germany, and India [13][12]. - The company has completed its business layout in high-voltage generators, radiation sources, and tubes, with several products beginning mass production in 2024 [12][13].

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][10]. Core Insights - The company achieved a revenue of RMB 10.30 billion in 2024, a decrease of 9.73% year-on-year, with a net profit attributable to shareholders of RMB 1.26 billion, down 36.08% [5][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% [5][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 [5][10]. Domestic Market Performance - The company continues to increase its domestic market share, with a revenue of RMB 7.66 billion in 2024, reflecting a decline of 19.43% [11]. - The company achieved structural breakthroughs with a differentiated strategy, increasing overall business share by over 3 percentage points year-on-year, with high-end products contributing nearly 5 percentage points [11]. International Market Expansion - The company reported overseas revenue of RMB 2.27 billion in 2024, an increase of 35.07%, accounting for 22% of total revenue [12]. - The company has established a marketing team of over 700 and more than 1,000 service engineers, covering over 200 cities in more than 85 countries [12]. Service Revenue Growth - In 2024, service revenue reached RMB 1.36 billion, up 26.80%, accounting for 13.16% of total revenue [13]. - The after-sales service gross profit margin increased by 1.71 percentage points to 63.43%, supporting overall profitability [13].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 05 07 年 月 日 立讯精密（002475.SZ） 夯实消费电子基本盘，通讯+汽车双翼齐飞 消费电子龙头，三大业务齐头并进。立讯精密成立于 2004 年，于 2010 年在深交 所上市。公司上市后依托纵向整合与横向并购，不断扩展业务布局，目前已在消费 电子、汽车、通信等领域构建起一个多元化、集成化、协同化的战略版图。消费电 子业务作为公司基本盘，持续开拓新客户及新产品，挖掘新增量空间，此外，借助 通讯、汽车业务两大落脚点，公司业务覆盖面的广度进一步铺开，实现多元化发 展。 消费电子：端侧 AI 浪潮下，深度绑定大客户，打开新增量空间。AI 正重塑消费电 子产品的用户体验，根据 Canalys，2024 年全球 AI 手机渗透率为 16%，预计 2028 年增长至 54%。苹果为 AI 生态重要参与者，2024 年 6 月在 WWDC 开发者大会 上，苹果发布 Apple Intelligence，此后 AI 功能持续迭代，有望加速换机周期。公 司从最初做电脑连接器，到手机、平板、手表等多领域的连接器产品，到切入马 达、无线充电、天线、声学 ...

业绩增长稳健，国际化拓展加速 鱼跃医疗(002223) 鱼跃医疗 2024A & 2025Q1 业绩点评 股票研究 /[Table_Date] 2025.04.30 2025-05-07 [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 45.47 [Table_CurPrice] 当前价格： 34.46 [Table_Market] 交易数据 [Table_Summary] 维持优于大市评级。公司 2024 年实现收入 75.66 亿元(-5.09%)，归母净 利润 18.06 亿元(-24.63%)，扣非净利润 13.93 亿元(-24.12%)。25Q1 实现 收入 24.36 亿元(+9.17%)，归母净利润 6.25 亿元(-5.26%)，扣非净利润 5.13 亿元(-6.91%)。下调 2025-2026 年预测 EPS 为 1.98/2.28 元（原为 2.48、2.85 元），新增 2027 年预测 EPS 为 2.64 元。考虑公司高基数影 响逐步消化，海外拓展加速，给予 2025 年 PE 23X（原为 ...

公司报告 | 年报点评报告 国投电力（600886） 证券研究报告 25 年 Q1 水电表现稳健，盈利韧性足 事件 近期，公司发布 2024 年年度报告以及 2025 年一季报。 2024 年公司实现营业收入 578.2 亿元，同比增长 1.95%；实现归母净利润 66.4 亿元，同比-0.9%； 2025 年 Q1 公司实现营业收入 131.2 亿元，同比减少 7%；实现归母净利润 20.8 亿元，同比增长 2.1%。 水电：24 年雅砻江受税费影响业绩下滑，25 年 Q1 表现稳健 2024 年全年：雅砻江水电上网电量 924.5 亿千瓦时，同比+10.4%；上网电 价 0.301 元/千瓦时，同比-2.9%。根据公司披露的数据，雅砻江水电 2024 年实现净利润 82.7 亿元，同比-4.5%；对应 Q4 净利润约 3 亿元，Q4 雅砻 江水电净利润相较于 23 年同期同比下滑约 77%。从经营层面看，2024 年 Q4 雅砻江水电发电量和上网电价分别为 210.7 亿千瓦时和 0.296 元/千瓦 时，分别同比下降 5.45%和 5.43%，此外四季度的利润下滑也与缴纳税费同 比增加有关。 2025 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report indicates that the company has passed the turning point in Q4 2024, with revenue and profit improving sequentially and year-over-year [3][8] - The company is expected to benefit from industry recovery and is seizing market opportunities, leading to an upward adjustment in revenue forecasts for 2025-2026 [3] - The company is still in a phase of R&D and sales investment, resulting in a downward adjustment of net profit forecasts for the same period [3] Financial Forecasts - Total revenue is projected to reach 645.02 million in 2024, with a year-over-year growth of 18.65%, and is expected to grow to 800.72 million in 2025, reflecting a 24.14% increase [3][9] - The net profit attributable to the parent company is forecasted to be 123.83 million in 2024, down 19.38% year-over-year, but is expected to rebound to 161.18 million in 2025, a growth of 30.16% [3][9] - The latest diluted EPS is expected to be 1.03 in 2024 and is projected to increase to 1.34 in 2025 [3][9] Revenue and Profit Trends - In 2024, the company achieved a total revenue of 6.45 billion, representing an 18.65% increase year-over-year, while the net profit was 1.24 billion, down 19.38% [8] - The company reported a significant increase in Q4 2024 revenue of 1.82 billion, up 38.50% year-over-year, and a net profit of 403.4 million, up 58.63% [8] - The first quarter of 2025 saw revenue of 1.86 billion, a 27.73% increase, with a net profit of 405.8 million, up 32.31% [8] Market Position and Strategy - The company is enhancing its global presence, with overseas revenue accounting for 66% of total revenue in 2024, and plans to establish more overseas subsidiaries [8] - The company has developed over 5000 products and is focusing on clinical and research needs, with nearly 50 GMP-grade products successfully developed [8] - The application of AI technology in product development is seen as a positive long-term growth factor for the company [8]

2025 年 5 月 7 日 公司研究 短期业绩承压，25 年积极应对 ——千味央厨（001215.SZ）2024 年年报及 25 年一季报点评 要点 事件：千味央厨发布 2024 年年报与 2025 年一季报，公司 24 年实现总营收 18.68 亿元、同比下滑 1.71%，实现归母净利润 0.84 亿元、同比下滑 37.67%，扣非 归母净利润 0.83 亿元、同比下滑 32.57%，剔除股权激励费用影响，24 年归母 净利润 1 亿元、同比下滑 31.99%。25Q1 总营收 4.7 亿元、同比增加 1.5%，归 母净利润 0.21 亿元、同比下降 37.98%。 24 年传统产品收入有所承压，直营渠道保持稳健发展。1）产品端，24 年油炸 类/烘焙类/蒸煮类/菜肴类及其他产品收入分别为 7.67/3.40/3.93/3.60 亿元，同 比-11.87%/-4.28%/+5.41%/+21.84%，油炸类和烘焙类产品收入承压，主要受 部分老品生命周期影响、同时新品仍处于上市初期贡献有限，油条、芝麻球、春 卷、蛋挞皮等传统单品收入有所下滑。蒸煮类产品收入增长主要为咸包产品收入 贡献、以及子公司味宝食品并表 ...