Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has successfully expanded its direct customer base and is focusing on the progress of capacity release [1] - Revenue for 2024 is projected at 1.087 billion yuan, representing a 14% year-on-year increase, with a net profit of 111 million yuan, up 24% [1] - The company is expected to continue its positive operational trend due to the optimization of raw material costs and the implementation of capacity projects [10] Summary by Sections Financial Performance - In 2024, total revenue reached 1.087 billion yuan, with a net profit of 111 million yuan and a non-recurring net profit of 94 million yuan [1] - For Q1 2025, revenue was 240 million yuan, a decrease of 6% year-on-year, with a net profit of 7 million yuan, down 80% [1] Cost Management - The gross margin for 2024 and Q1 2025 decreased by 0.04 percentage points and 9 percentage points to 35.03% and 28.63%, respectively [2] - The company is implementing strategies such as structural price locking and direct engagement with core suppliers to mitigate cost pressures [2] Product Development - Revenue from cream products in 2024 was 1.008 billion yuan, a 16% increase, with a gross margin of 35.48% [3] - The company is focusing on upgrading its product structure and optimizing cost-performance ratios for its products [3] Sales Channels - Revenue from distribution channels in 2024 was 877 million yuan, a 6% increase, while direct sales revenue grew by 65% to 210 million yuan [4] - The company is actively developing large customers and enhancing its customer coverage [9] Market Outlook - The overseas revenue for 2024 was 216 million yuan, reflecting a 17% increase, with expectations for continued double-digit growth in 2025 [9] - The company anticipates that the second phase of its investment projects will significantly alleviate capacity bottlenecks [3]

2025 年 5 月 7 日 公司研究 Q1 业绩表现亮眼，医疗和消费品板块协同发力 ——稳健医疗（300888.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：52.22 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.82 | | 总市值(亿元)： | 304.09 | | 一年最低/最高(元)： | 22.99/54.80 | | 近 3 月换手率： | 61.74% | 股价相对走势 -30% -12% 6% 24% 42% 04/24 07/24 10/24 01/25 稳健医疗 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company's performance in 2024 is under pressure, with a year-on-year revenue decline of 15.4% to 614.07 billion yuan and a significant drop in net profit by 88.2% to 1.67 billion yuan. The first quarter of 2025 shows a sequential improvement in profit, with net profit turning positive at 3.02 billion yuan, driven by a 13.3% increase in vehicle sales [1][3]. - The company is facing challenges in its joint ventures, particularly with SAIC-GM, which reported a 56.5% decline in sales in 2024, resulting in a net loss of 26.69 billion yuan. In contrast, SAIC-GM Wuling showed strong performance with a 12.3% increase in net profit [2][3]. - The company is adapting to market conditions by increasing its export sales and enhancing its self-owned brand presence, with self-owned brand sales accounting for approximately 60% of total sales in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 614.07 billion yuan, with a gross margin of 9.4%, down 0.8 percentage points year-on-year. The first quarter of 2025 saw revenue of 137.68 billion yuan, with a gross margin of 8.1% [1][5]. - The net profit for 2024 was 1.67 billion yuan, a decrease of 88.2% from the previous year, while the first quarter of 2025 showed a net profit of 3.02 billion yuan, an increase of 11.4% year-on-year [1][5]. Joint Ventures and Partnerships - The investment income from joint ventures and associates in 2024 was -1.33 billion yuan, a significant drop from 10.72 billion yuan in 2023. The first quarter of 2025 showed a recovery with investment income of 1.54 billion yuan [2][3]. - SAIC Volkswagen's sales in 2024 decreased by 5.5% to 1.148 million vehicles, while SAIC GM's sales plummeted by 56.5% to 435,000 vehicles, leading to substantial losses [2][3]. Export and Self-Owned Brands - The company's export retail sales in 2024 increased by 2.6% to 1.082 million vehicles, with efforts to mitigate the impact of EU anti-subsidy investigations [3]. - The self-owned brand sales are projected to grow, supported by the integration of the Roewe and Feifan brands and the launch of new models in collaboration with Huawei [3].

——伊利股份（600887.SH）2024 年年报及 2025 年一季报点评 要点 事件：伊利股份发布 2024 年年报和 2025 年一季报，2024 全年实现营业收入 1157.80 亿元，同比-8.24%；归母净利润 84.53 亿元，同比-18.94%；扣非归母 净利润 60.11 亿元，同比-40.04%。其中，24Q4 单季度实现营业收入 267.40 亿 元，同比-7.07%；归母净亏损 24.16 亿元，23 年同期盈利 10.48 亿元；扣非归 母净亏损 24.98 亿元，23 年同期盈利 15.73 亿元。25Q1 实现营业收入 330.18 亿元，同比+1.35%；归母净利润 48.74 亿元，同比-17.71%；扣非归母净利润 46.29 亿元，同比+24.19%。 2025 年 5 月 7 日 公司研究 轻装上阵，调整向好 低温品类逆势增长，奶粉业务增势良好。1）液体乳 24 年实现收入 750.03 亿元， 同比-12.32%，主要系终端需求偏弱及常温奶主动去化库存带来的销量下降。低 温品类 24 年收入同比实现逆势增长。液体乳 25Q1 实现收入 196.40 亿元，同比 -3. ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 47.95 RMB per share based on a 21x PE valuation for 2025 [4] Core Insights - The company is a leading player in the domestic in vitro diagnostic industry, primarily focusing on immunodiagnostic products, and is expected to benefit from the ongoing procurement policies and the introduction of high-speed analyzers [2][32] - The company has successfully won bids in the collective procurement process across 28 provinces, which is anticipated to accelerate the domestic market share growth [52][56] - The international market expansion is underway, with overseas sales projected to reach 286 million RMB in 2024, reflecting a year-on-year growth of 36.6% [3] Summary by Sections Investment Logic - The collective procurement is driving industry transformation, and the promotion of high-speed analyzers is expected to enhance market share [2] - The company is diversifying its business model by integrating automation in laboratories, molecular diagnostics, and microbial mass spectrometry [2] International Market Expansion - The global in vitro diagnostic market exceeds 100 billion USD, and the company is gradually entering various regions including the Middle East, Asia, and Europe [3] Profit Forecast and Investment Recommendations - The projected net profits for 2025-2027 are 1.305 billion, 1.566 billion, and 1.884 billion RMB, with growth rates of 9%, 20%, and 20% respectively [4] - The company is expected to maintain a stable growth trend despite short-term impacts from price adjustments due to collective procurement [14] Company Overview - The company has established a strong presence in the immunodiagnostic sector, with a focus on technological innovation and high-quality manufacturing [14][28] - The revenue from reagent products is projected to be 3.797 billion RMB in 2024, accounting for 84.9% of total revenue [15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [5][7]. Core Insights - The company achieved a total revenue of 11.546 billion yuan in 2024, representing a year-on-year increase of 14.31%, with a net profit attributable to shareholders of 3.412 billion yuan, up 8.8% year-on-year [1]. - The company plans to distribute a cash dividend of 1.2 yuan per share, totaling 1.496 billion yuan, with a corresponding payout ratio of approximately 43.85% [1]. - The first quarter of 2025 showed a total revenue of 5.099 billion yuan, a year-on-year increase of 9.17%, and a net profit of 1.644 billion yuan, up 7.27% year-on-year [1]. Revenue Breakdown - In 2024, revenue from different product categories was as follows: Special A+ products at 7.49 billion yuan (+15.2%), Special A products at 3.35 billion yuan (+16.6%), A products at 420 million yuan (+2.0%), and B products at 140 million yuan (-11.1%) [2]. - The company experienced a 19.5% increase in white liquor sales volume, while the average price decreased by 4.3% [2]. - Revenue from various regions in 2024 showed growth, with notable increases in provinces such as Jiangsu and Anhui [2]. Q1 2025 Performance - In Q1 2025, revenue from Special A+ products was 3.17 billion yuan (+6.6%), while Special A products saw a 17.4% increase to 1.65 billion yuan [3]. - The company’s market share in its home province continues to rise, with provincial revenue reaching 4.64 billion yuan (+8.5%) and non-provincial revenue at 440 million yuan (+19.0%) [3]. Profitability Metrics - The gross margin for 2024 was 74.7%, a decrease of 3.6 percentage points year-on-year, attributed to increased discounts and a shift in product mix [4]. - The net profit margin for 2024 was 29.6%, down 1.5 percentage points year-on-year [4]. - The company’s operating expenses as a percentage of revenue showed a decline, with sales expense ratio at 18.5% and management expense ratio at 4.4% for 2024 [4]. Financial Forecasts - The company targets a revenue growth of 5%-12% for 2025, with net profit growth slightly lower than revenue growth [5]. - The revised net profit forecasts for 2025 and 2026 are 3.66 billion yuan and 4.00 billion yuan, respectively, reflecting a downward adjustment of 12% and 14% from previous estimates [5]. - The estimated earnings per share (EPS) for 2025 is projected at 2.93 yuan, with a price-to-earnings (P/E) ratio of 16 times [5][6].

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 Wuxi Jinghai is "Outperform" (maintained) [1] Core Views - The company reported a sales recovery in both domestic and international markets, with an increase in the proportion of high-value-added products [6] - The first quarter of 2025 showed a revenue of 104 million yuan, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 21.0% [6] - The net profit attributable to the parent company for Q1 2025 was 19.13 million yuan, reflecting a year-on-year growth of 30.4% and a quarter-on-quarter growth of 308.2% [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 368 million yuan, with a year-on-year growth rate of 8.7% [5] - The net profit attributable to the parent company for 2025 is estimated at 58 million yuan, with a year-on-year growth rate of 34.3% [5] - Earnings per share for 2025 is projected to be 0.74 yuan [5] - The gross profit margin for Q1 2025 was 32.2%, an increase of 1.4 percentage points year-on-year [6] - The return on equity (ROE) for 2025 is expected to be 8.2% [5] Revenue and Profitability Insights - The growth in revenue is primarily driven by high-priced raw materials and culture medium products, with domestic sales recovering as inventory depletion ends [6] - The company has seen a decrease in raw material prices, contributing to an increase in the gross profit margin [6] - The product mix has shifted towards higher-margin raw materials and culture medium products, which have gross margins of 36.0% and 42.2%, respectively [6] Future Outlook - The existing fields are expected to recover in 2025, with new production lines anticipated to contribute significantly in 2026 [6] - The company is focusing on expanding into overseas markets and special medical foods following the completion of its fundraising projects [6] - The estimated net profits for 2025-2027 are adjusted to 58 million, 80 million, and 100 million yuan, respectively [6]

2025 年 5 月 7 日 公司研究 净利润大幅增长，新兴业务及海外市场持续突破 ——中联重科（000157.SZ、1157.HK）2025 年一季报点评 要点 净利润大幅增长，盈利能力持续提升 中联重科 2025Q1 实现营业收入 121.2 亿元，同比增长 2.9%；归母净利润 14.1 亿元，同比增长 54.0%；经营性现金流净额 7.4 亿元，同比增长 141.0%； 毛利率为 28.7%，同比上升 0.2 个百分点；净利率为 11.6%，同比上升 3.9 个百 分点。 新兴业务稳健发展，传统优势业务超预期复苏 2025Q1 公司新兴板块动能加速释放。土方机械、矿山机械、农业机械各自 行业地位不断提升，产品型谱迅速拓展，市场布局持续完善，为公司描绘出第二 增长曲线。公司土方机械国内中大挖市场企稳增长，市占率保持行业前列；海外 推出 11 款新品，大挖同比增长约 60%。高空机械保持热销全球，尤其是高米段 臂车产品在全球已具备领先优势。农业机械加速突破，拖拉机型谱拓展至 300 马力段，200 马力段中高端产品市占率进入国内行业前三；小麦机行业第二；烘 干机保持行业第一；水稻机销量大幅增长；海外出口连 ...

2025 年 5 月 7 日 公司研究 25Q1 业绩稳健，拟收购亿力科技加快产业优化 ——国网信通（600131.SH）2024 年年报暨 2025 年一季度报点评 要点 事件：公司发布 2024 年及 2025 年一季报公告。2024 年，公司实现营收 73.15 亿元，同比-4.67%；归母净利润 6.82 亿元，同比-17.60%。25Q1 公司实现营收 11.12 亿元，同比+9.14%；归母净利润 0.26 亿元，同比+117.20%。 24 年各板块表现迥异，强势板块有所突破。2024 年，公司营收占比较高的数字 化基础设施板块实现营收 33.65 亿元，同比+1.56%，主要系信息化集采业务营 收增长，毛利率水平有所下降（16.55%，同比-3.22pct）；公司毛利占比较高 的企业数字化应用板块收入 8.77 亿元，同比-20.20%，主要系财务、后勤领域 数字化应用业务收入规模下降，毛利率水平同比仍有所提升（28.79%，同比 +5.82pct）；电力数字化应用板块收入 22.54 亿元，同比+7.45%，主要系拓展 电网营销、电网安监、电网配电业务，毛利率有所提升（21.66%，同比+1 ...