Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [17]. Core Views - The company has demonstrated sustained high growth in performance, with 2024 revenue reaching 4.91 billion yuan, a year-on-year increase of 18.64%, and a net profit of 0.497 billion yuan, up 514.49% [1][2]. - The company is benefiting from a strong recovery in domestic automotive demand and is accelerating its layout in the new energy vehicle sector, leading to significant improvements in profitability [2][3]. - The company is expanding its product and customer boundaries, with strong growth momentum in its main business areas, including automotive interior and exterior parts, precision components, and new energy power systems [3][4]. Financial Performance - In 2024, the company achieved revenues of 4.91 billion yuan, with a net profit of 0.497 billion yuan, and in Q1 2025, revenues were 1.29 billion yuan, reflecting a 20.97% year-on-year growth [1][2]. - The revenue breakdown for 2024 includes 2.63 billion yuan from interior and exterior parts, 1.31 billion yuan from wheel hub bearings, and 0.675 billion yuan from new energy motors, with respective growth rates of 10.7%, 8.7%, and 148.6% [2][4]. - The company expects revenues of 5.83 billion yuan, 6.73 billion yuan, and 7.75 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 0.547 billion yuan, 0.670 billion yuan, and 0.801 billion yuan [12][13]. Product and Market Expansion - The company is actively expanding its product offerings and customer base, with significant developments in automotive components and new energy systems, including partnerships with major automotive manufacturers [3][4]. - The company has established a strong position in the screw industry chain, with plans to enter new fields such as humanoid robots and low-altitude economy products [4][11]. - The company has made strategic acquisitions to enhance its manufacturing capabilities, improving precision in production processes [4].

首次覆盖：延续承压，期待改善 三全食品(002216) ——三全食品 2024 年年报及 2025 年一季报点评 本报告导读： 行业需求相对承压，同时竞争依然较大，导致公司业绩承压，公司在主要销售渠道 均有所侧重，期待后续经营改善。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,056 | 6,632 | 6,812 | 7,132 | 7,435 | | (+/-)% | -5.1% | -6.0% | 2.7% | 4.7% | 4.3% | | 净利润（归母） | 749 | 542 | 562 | 599 | 641 | | (+/-)% | -6.5% | -27.6% | 3.7% | 6.6% | 6.9% | | 每股净收益（元） | 0.85 | 0.62 | 0.64 | 0.68 | 0.73 | | 净资产收益率(%) | 17.3% | 12.3% | 12.0% | 12.0% | ...

2025 年 04 月 28 日 公司研究 评级：买入(维持) 《振华股份（603067）及铬盐行业点评之六：金属 铬供需趋紧向铬盐产业链传导，公司全链条布局有 望迎价值重估（买入）*化学原料*李永磊，董伯骏， 陈云》——2025-04-25 《振华股份（603067）2024 年三季报点评：技改 导致 Q3 业绩环比下降，长期业绩趋势向上（买入） *化学原料*李永磊，董伯骏，陈云》——2024-10-31 《振华股份（603067）搬迁项目点评：重庆基地技 事件: 2025 年 4 月 27 日，振华股份发布 2024 年年度报告：2024 年实现营业 收入 40.67 亿元，同比+9.9%；实现归母净利润 4.73 亿元，同比+27.5%； 实现扣非归母净利润 4.82 亿元，同比+26.2%；销售毛利率 25.19%，同 比+0.62 个 pct；销售净利率 11.60%，同比+1.53 个 pct；经营活动现金 流净额为 3.33 亿元。 同日，公司发布 2025 年一季报：2025 年 Q1 单季度，公司实现营业收 入 10.2 亿元，同比+7.6%，环比-5.0%；实现归母净利润 1.17 亿元， ...

2025 年 04 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 陈晨 S0350522110007 | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 S0350124100016 | | | | zhangy33@ghzq.com.cn | chenc09@ghzq.com.cn [Table_Title] 煤炭产销增长显著，公司长期发展前景广阔 ——广汇能源（600256）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广汇能源 | -11.3% | -5.5% | -13.8% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | | | 2025/04/25 | | 当前价格（元） | | | 5.72 | | 52 周价格区间（元） | | | 5.39-8.47 | | 总市值（百万） | ...

农林牧渔/种植业 登海种业（002041.SZ） 粮价低迷致种子滞销积压，期待价格回暖支撑业绩 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 10.05 | | 一年最高最低(元) | 13.56/7.55 | | 总市值(亿元) | 88.44 | | 流通市值(亿元) | 88.44 | | 总股本(亿股) | 8.80 | | 流通股本(亿股) | 8.80 | | 近 3 个月换手率(%) | 167.94 | 股价走势图 数据来源：聚源 -28% -14% 0% 14% 28% 42% 2024-04 2024-08 2024-12 登海种业 沪深300 相关研究报告 《玉米种价下挫致业绩承压，期待种 价回暖改善盈利—公司信息更新报 告》-2024.11.1 《行情低迷致业绩承压，期待降本增 效改善盈利空间—公司信息更新报 告》-2024.8.30 陈雪丽（分析师） 朱本伦（联系人） chenxueli@kysec.cn 证书编号：S0790520030001 zhubenlun@kysec.cn ...

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year revenue decline of 6.6% in Q1 2025, with a net profit drop of 45.6% due to product replacement cycles and significant investments in new models and direct sales systems [3][4] - Despite the short-term challenges, the long-term outlook remains positive due to the strong new product cycle and ongoing expansion in overseas markets, particularly with the Tank and Wey brands [3][4] Financial Performance Summary - Q1 2025 revenue was 400.19 billion yuan, down 6.6% year-on-year, while net profit was 17.51 billion yuan, down 45.6% [3] - Sales volume in Q1 decreased by 6.7% year-on-year, with notable declines in Haval, Tank, and Ora brands, while Wey brand sales increased by 38.7% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 139.72 billion yuan (-4.71%), 169.78 billion yuan (-2.70%), and 189.95 billion yuan (-8.08%) respectively [3] Product and Market Development - The company is set to launch several new models, including the second-generation Haval Big Dog and the new Tank 500, which are expected to drive sales growth [4] - Great Wall Motors is actively expanding its overseas presence, with new factories in Thailand and Brazil, and plans to adapt its product offerings for diverse markets [4] - The company is enhancing its smart driving technology, with the Wey brand's Blue Mountain NOA system being rolled out nationally [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 14.0, 11.6, and 10.3 respectively [3][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 17.9%, 13.0%, and 8.9% respectively [6][9]

兴业银锡（000426.SZ）2024 年年报及 2025 年一季报点评 量价齐升，盈利能力改善 2025 年 04 月 28 日 ➢ 事件：公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营收 42.70 亿元，同比增长 15.23%，归母净利润 15.30 亿元，同比增长 57.82%，扣 非归母净利 15.39 亿元，同比增长 50.23%。单季度看，2024Q4 公司实现营收 9.74 亿元，同比减少 23.99%，环比减少 11.31%，归母净利 2.3 亿元，同比减 少 46.05%，环比减少 44.76%，扣非归母净利 2.34 亿元，同比减少 49.02%， 环比减少 42.85%；2025Q1 实现营收 11.49 亿元，同比增长 50.37%，环比增 长 18.00%，归母净利 3.74 亿元，同比增长 63.22%，环比增长 62.75%，扣非 归母净利 3.74 亿元，同比增长 64.08%，环比增长 59.86%。 ➢ 点评：量价齐升，盈利能力改善。量：2024 年公司矿产锡产量 8902 吨， 同比增长 14.58%，矿产银 229 吨，同比增长 14.68% ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to see performance improvement in Q4 2024, driven by its dual focus on chemical cleaning and coating development products [1] - The revenue for 2024 is projected to be 1.754 billion yuan, with a year-on-year growth of 2.13% [1] - The net profit attributable to the parent company for 2024 is forecasted to be 202.81 million yuan, reflecting a year-on-year decline of 19.08% [1] - The company is focusing on enhancing its leading position in the chemical cleaning and coating development equipment market, with significant orders from major domestic clients [1] Financial Performance Summary - The total revenue for 2023 was 1.717 billion yuan, with a year-on-year increase of 23.98% [1] - The projected revenue for 2025 is 1.980 billion yuan, representing a year-on-year growth of 12.89% [1] - The projected net profit for 2025 is 232.61 million yuan, indicating a recovery with a year-on-year growth of 14.69% [1] - The earnings per share (EPS) for 2024 is expected to be 1.01 yuan, with a projected increase to 1.16 yuan in 2025 [1] Market Position and Strategy - The company has secured significant orders for its advanced offline coating and development machines, indicating strong customer recognition and market acceptance [1] - The company is actively working on the introduction and validation of ArF immersion coating and development machines [1] - The company is planning a change in control, which may lead to synergies with Northern Huachuang, enhancing its integrated circuit equipment solutions [1]

丨证券研究报告丨 联合研究丨公司点评丨沃尔核材（002130.SZ） [Table_Title] AI 驱动创新领航，高速通信线成业绩新引擎 报告要点 [Table_Summary] 公司在传统热缩材料及电力领域优势稳固，液冷充电枪为代表的新能源产品加速放量，打开公 司增长空间。子公司乐庭智联为高速数通铜缆全球龙头供应商，"技术领先+规模化智造"双轮 驱动，不断巩固竞争优势。乐庭智联有望充分受益于 AI 数通需求而迎来规模的快速爆发。 分析师及联系人 [Table_Author] 于海宁 杨洋 刘泽龙 SAC：S0490517110002 SAC：S0490517070012 SAC：S0490525040002 SFC：BUX641 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% [Table_Title2] AI 驱动创新领航，高速通信线成业绩新引擎 [Table_Summary2] 事件描述 沃尔核材发布 2024 年年报和 2025 年一季报。2024 年，公司实现营业收入 69.27 亿元，同比 增长 21.03%；实现归母净利润 8.48 亿元，同比增长 21.00%。2025 年 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 26 CNY [5]. Core Views - The company is a leading player in the film and television industry, with strong content and distribution capabilities. It is expected to continue its efforts in content innovation, particularly in variety shows and high-quality dramas [2]. - Cultural export is anticipated to be a significant growth driver for the company, with 2025 marking the first year of the "Mango Going Global Three-Year Action Plan" (2025-2027) [2]. - The company is expected to leverage new technologies, particularly AI, to reshape the content industry, which may lead to new growth opportunities [2]. Financial Summary - In 2024, the company achieved revenue of 14.08 billion CNY and a net profit of 1.364 billion CNY, representing a year-on-year decrease of 3.75% and 61.63%, respectively. The non-recurring net profit was 1.645 billion CNY, showing a slight decline of 2.99% [1]. - For Q1 2025, the company reported revenue of 2.9 billion CNY and a net profit of 379 million CNY, with year-on-year decreases of 12.76% and 19.8%, respectively [1]. - The revenue contributions from Mango TV, content production and operation, and content e-commerce have changed slightly, with Mango TV's effective membership growing to 73.31 million and revenue increasing to 5.148 billion CNY [1]. - The projected revenues for 2025, 2026, and 2027 are 14.285 billion CNY, 16.411 billion CNY, and 18.563 billion CNY, respectively, with corresponding net profits of 1.952 billion CNY, 2.443 billion CNY, and 2.816 billion CNY [2][4].