公司报告 | 季报点评 浙数文化（600633） 证券研究报告 浙数文化一季报点评：营收稳健增长，利润显著增长 事件 浙数文化于 2025 年 4 月 22 日公布一季度财报，公司实现总营业收入 7.06 亿元，同比增长 4.16%；利润总额达到 1.68 亿元，同比增长 18.92%；实现 归母净利润 1.44 亿元，同比增长 44.86%。 点评 公司一季度盈利能力显著提升。2025 年第一季度，浙数文化实现营业收入 7.06 亿元，同比增长 4.16%；归属于上市公司股东的净利润 1.44 亿元，同 比增长 44.86%。主要驱动因素包括：1、子公司盈利能力提升：子公司业 绩改善，贡献了更高的利润。2、交易性金融资产公允价值变动：公司及子 公司持有的交易性金融资产公允价值增加 5250.20 万元，显著提升了当期 利润。3 非经常性损益：非经常性损益 4082.55 万元，主要来自政府补助 和金融资产公允价值变动，进一步增厚了净利润。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is focusing on enhancing its core competitiveness through product innovation, operational efficiency, and brand upgrading, demonstrating resilience and potential for high-quality development despite adverse external conditions [1][2] - The company has achieved stable performance in its mattress segment, with revenue of 2.679 billion and a gross margin of 61.4% in 2024, indicating a solid product lineup [2] - The company is expanding its overseas presence and optimizing its channel strategy, including the acquisition of a Singaporean home brand to enhance its market competitiveness in Southeast Asia [4] Financial Performance Summary - In Q1 2025, the company reported revenue of 1.121 billion, a year-on-year decrease of 6.7%, and a net profit of 118 million, down 16.4% [1] - For the full year 2024, the company achieved revenue of 5.603 billion, a slight increase of 0.4%, with a net profit of 767 million, down 4.4% [1] - The gross margin for 2024 was 50.1%, a decrease of 0.2 percentage points, while the net margin was 13.7%, down 0.7 percentage points [1] Product and Brand Strategy - The company is enhancing its product matrix through the iteration of traditional and smart products, targeting young consumers and revitalizing existing customer demand [2] - The introduction of AI mattresses at the CES exhibition in the US has garnered international recognition, showcasing the company's commitment to smart sleep solutions [3] Channel and Operational Strategy - The company reported a revenue of 4.153 billion from distribution channels, a slight decrease of 0.3%, while e-commerce revenue increased by 6.0% to 1.093 billion [4] - The company is optimizing its traditional store network and enhancing its online marketing strategies to improve sales conversion rates [4] Profit Forecast Adjustment - The profit forecast has been adjusted to reflect ongoing operational pressures, with expected net profits for 2025, 2026, and 2027 at 800 million, 870 million, and 930 million respectively [5]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 业绩符合预期，国际化战略稳步推进 [Table_Title2] 威胜信息(688100) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688100 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 52.9/31.3 | | 目标价格： | | 总市值(亿) | 178.73 | | 最新收盘价： | 36.35 | 自由流通市值(亿) | 178.73 | | | | 自由流通股数(百万) | 491.69 | [Table_Summary] 事件： 公司发布 2025 年一季报，2025Q1 实现总营业收入 5.55 亿元，同比增长 23.96%；实现归母净利润 1.39 亿元， 同比增长 25.33%。 1、国际化战略稳步加速，在手订单情况持续增长 根据公司公众号，2025Q1 公司境内收入 4.55 亿元，同比增长 22.57%；实现境外收入 0.97 亿元，同比增长 30.58%。报告期内 ...

2025 年 04 月 28 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 史亚州 S0350124060026 shiyz@ghzq.com.cn [Table_Title] 港航物流+新能源双轮驱动，2024 年业绩实现稳 健增长 ——珠海港（000507）2024 年年报点评 最近一年走势 | 相对沪深 | 表现 300 | | | | 2025/04/28 | | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | | 珠海港 | | 4.5% | 11.4% | 12.8% | | | 沪深 300 | | -3.4% | -0.9% | 5.5% | | | 市场数据 | 2025/04/28 | | --- | --- | | 当前价格（元） | 5.57 | | 52 周价格区间（元） | 4.28-5.98 | | 总市值（百万） | 5,122.92 | | 流通市值（百万） | 5,025.99 | | 总股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 45.65 billion yuan (up 10% year-on-year) and net profit attributable to shareholders reaching 6.07 billion yuan (up 27% year-on-year) [7] - The increase in performance is primarily attributed to the production launch of a 100,000-ton ethanolamine project and an 800,000-ton polyol project [7] - The company has initiated a share buyback program, purchasing 350,000 shares at a maximum price of 18.90 yuan per share, totaling 6.59 million yuan [7] - The decline in ethane prices due to lower natural gas prices in the U.S. has improved profitability, with an average ethane price of 143 USD/ton in 2024 (down 35 USD/ton year-on-year) [7] - New projects are progressing steadily, including the first phase of the Lianyungang α-olefin high-end new materials industrial park, with a total investment of 26.6 billion yuan, expected to be completed by the end of 2025 [7] - The company has adjusted its net profit forecasts for 2025 and 2026 to 7 billion yuan and 9.1 billion yuan, respectively, with a new forecast for 2027 at 10.7 billion yuan [7] Financial Summary - Total revenue projections for the company are as follows: 53.77 billion yuan in 2025, 63.11 billion yuan in 2026, and 71.31 billion yuan in 2027, with year-on-year growth rates of 17.78%, 17.38%, and 12.99% respectively [1] - Net profit attributable to shareholders is projected to be 7.04 billion yuan in 2025, 9.08 billion yuan in 2026, and 10.75 billion yuan in 2027, with growth rates of 15.93%, 29.00%, and 18.38% respectively [1] - The latest diluted EPS is expected to be 2.09 yuan in 2025, 2.70 yuan in 2026, and 3.19 yuan in 2027 [1] - The P/E ratios based on the closing price on April 25, 2025, are projected to be 9, 7, and 6 times for 2025, 2026, and 2027 respectively [7]

公司报告 | 年报点评报告 华测检测（300012） 证券研究报告 业绩持续稳定增长，传统优势板块盈利能力提升 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,604.62 | 6,084.02 | 6,605.30 | 7,258.43 | 7,982.01 | | 增长率(%) | 9.24 | 8.55 | 8.57 | 9.89 | 9.97 | | EBITDA(百万元) | 1,782.24 | 1,991.55 | 1,593.52 | 1,751.46 | 1,925.57 | | 归属母公司净利润(百万元) | 910.20 | 921.07 | 1,013.03 | 1,153.56 | 1,293.87 | | 增长率(%) | 0.83 | 1.19 | 9.98 | 13.87 | 12.16 | | EPS(元/股) | 0.54 | 0.55 | 0.60 | 0.69 | 0.77 | | 市盈率(P/E) | 20.7 ...

家用电器 上 市 公 司 2025 年 04 月 28 日 格力电器 (000651) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 46.55 | | 一年内最高/最低（元） | 52.73/36.74 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 5.11 | | 流通 A 股市值（百万元） | 256,721 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"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） | 25.56 | | 资产负债率% | 62.67 | | 总股本/流通 A 股（百万） | 5,601/5,515 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01 ...

2025 年 04 月 28 日 维峰电子 (301328) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） 刘菁菁 A0230522080003 liujj@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 联系人 刘菁菁 (8621)23297818× liujj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 37.05 | | 一年内最高/最低（元） | 51.10/29.19 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 1.35 | | 流通 A 股市值（百万元） | 1,265 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"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） | 17.59 | | 资产负债率% | ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company is positioned for long-term healthy development despite short-term adjustments, and it remains a high-quality dividend benchmark [1] - The retail environment has negatively impacted short-term performance, but there is potential for recovery as consumer demand improves [5] - The company has a strong cash position, allowing for sustained high dividend payouts [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 30.11 billion yuan, with a slight decline of 0.6% year-on-year, while net profit is expected to be 5.42 billion yuan, down 5.2% year-on-year [7] - For Q1 2025, revenue is expected to be 5.36 billion yuan, reflecting a significant decline of 17.8% year-on-year, and net profit is projected at 560 million yuan, down 54.1% year-on-year [6][8] - The company anticipates a gradual recovery in revenue and profit, with estimates of 5.0 billion yuan for 2025, 5.4 billion yuan for 2026, and 5.8 billion yuan for 2027 [7] Dividend and Shareholder Returns - The company plans to distribute a dividend of 0.62 yuan per share for 2024, with a total cash dividend amounting to 520 million yuan, resulting in a high dividend payout ratio of approximately 96% [7] - The dividend yield based on the closing price on April 25 is reported at 7.4% [7] Market Position and Competitive Landscape - The company has shown resilience in offline sales, while online sales have contracted, indicating a shift in consumer purchasing behavior [7] - The total number of stores at the end of 2024 was 1,472, with a net closure of 22 stores, suggesting potential for future expansion in favorable market conditions [7] Valuation Metrics - The company is valued at a price-to-earnings (PE) ratio of 12 for 2024, with projections of 13 for 2025 and 12 for 2026 and 2027 [6][14] - The target market capitalization for 2025 is set at 7.8 billion yuan, indicating a potential upside of 16% from the market value as of April 28 [7]

2025 年 04 月 28 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 多业务共振向上，2025 年有望开启丰收之年 ——骄成超声（688392）2024 年报及 2025 一季 | 相对沪深 | 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 骄成超声 | | -4.4% | 27.5% | 5.3% | | 沪深 300 | | -3.7% | -1.2% | 7.3% | | 市场数据 | 2025/04/25 | | --- | --- | | 当前价格（元） | 49.65 | | 52 周价格区间（元） | 27.78-61.50 | | 总市值（百万） | 5,699.82 | | 流通市值（百万） | 3,466.50 | | 总股本（万股） | 11,480.00 | | 流通股本（万股） | 6,981.88 | | 日均成交额（百万） | ...