中金黄金（ [Table_StockNameRptType] 600489） 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 主要观点： 公司点评 黄金价涨贡献利润，Q1 归母净利同增 33% | | | 报告日期： 2025-05-01 | [Table_BaseData] 收盘价（元） | 13.63 | | --- | --- | | 近 12 个月最高/最低（元） | 18.65/11.86 | | 总股本（百万股） | 4,847 | | 流通股本（百万股） | 4,847 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 661 | | 流通市值（亿元） | 661 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% -5% 13% 31% 48% 4/24 7/24 10/24 1/25 4/25 中金黄金 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 ⚫[Table_Summary] 公司发布 2024 年年报和 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its potential to benefit from AI-driven demand for computing power and accelerated overseas expansion [4]. Core Insights - In 2024, the company achieved a revenue of 79.024 billion yuan, a year-on-year increase of 2.22%, while the net profit attributable to shareholders decreased by 25.23% to 1.572 billion yuan [1]. - The first quarter of 2025 saw a significant revenue growth of 22.25% year-on-year, reaching 20.79 billion yuan, although net profit declined by 15.75% to 349 million yuan [1]. - The company is experiencing strong short-term performance support due to a substantial increase in contract liabilities and inventory, driven by robust demand from downstream clients and proactive inventory management in response to supply chain uncertainties [3]. Summary by Sections Financial Performance - In 2024, the company's revenue was 79.024 billion yuan, with a growth rate of 2.22%. The net profit attributable to shareholders was 1.572 billion yuan, reflecting a decline of 25.23% [6]. - For the first quarter of 2025, revenue reached 20.79 billion yuan, marking a 22.25% increase year-on-year, while net profit was 349 million yuan, down 15.75% [1][6]. Business Segments - The domestic government enterprise business generated 44.239 billion yuan in 2024, up 10.96%, while international business revenue grew by 32.44% to 2.916 billion yuan [2]. - In Q1 2025, the domestic government enterprise business saw a 37.49% increase, contributing 12.255 billion yuan, and international business revenue surged by 71.83% to 1.051 billion yuan [2]. Cost and Profitability - The gross margin for 2024 was 2.23%, down 2.21 percentage points, while Q1 2025 gross margin was 15.7%, a decline of 4.3 percentage points [4]. - Financial expenses increased significantly by 410.87% to 386 million yuan, primarily due to rising interest expenses and exchange losses [4]. Future Outlook - The company forecasts net profits of 2.103 billion yuan, 2.718 billion yuan, and 3.166 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 33, 26, and 22 [6][4]. - The company plans to advance its H-share listing to enhance capital strength and support global expansion [4].

证券研究报告·公司点评报告·游戏Ⅱ 昆仑万维（300418） 2024 年年报及 2025 年一季报点评：AI 生态 布局持续落地，商业化进程加速 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,915 | 5,662 | 7,166 | 7,997 | 8,898 | | 同比（%） | 3.78 | 15.20 | 26.56 | 11.59 | 11.27 | | 归母净利润（百万元） | 1,258.36 | (1,594.80) | (891.73) | (772.94) | (625.84) | | 同比（%） | 9.15 | (226.74) | - | - | - | | EPS-最新摊薄（元/股） | 1.02 | (1.30) | (0.72) | (0.63) | (0.51) | | P/S（现价&最新摊薄） | 7.99 | 6.94 | 5.48 | 4.91 | 4.41 | ...

证券研究报告·公司点评报告·商用车 一汽解放（000800） 2025 年一季报点评：Q1 业绩承压，静待需求 回暖 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 64,325 | 58,581 | 67,368 | 74,105 | 81,516 | | 同比（%） | 67.81 | (8.93) | 15.00 | 10.00 | 10.00 | | 归母净利润（百万元） | 806.10 | 622.43 | 722.01 | 1,022.17 | 1,307.58 | | 同比（%） | 119.38 | (22.78) | 16.00 | 41.57 | 27.92 | | EPS-最新摊薄（元/股） | 0.16 | 0.13 | 0.15 | 0.21 | 0.27 | | P/E（现价&最新摊薄） | 43.97 | 56.94 | 49.09 | 34.67 | 27.10 | [Table ...

汽车 2025 年 5 月 1 日 上汽集团(600104.SH) 瘦身转型显成效，对内整合与对外合作并举 推荐（维持） 股价：16.24 元 主要数据 | 行业 | | 汽车 | | --- | --- | --- | | 公司网址 | www.saicmotor.com | | | 大股东/持股 | 上海汽车工业(集团)有限公司/63.27% | | | 实际控制人 | 上海市国有资产监督管理委员会 | | | 总股本(百万股) | | 11,575 | | 流通 A 股(百万股) | | 11,575 | | 流通 B/H 股(百万股) | | | | 总市值（亿元） | | 1,880 | | 流通 A 股市值(亿元) | | 1,880 | | 每股净资产(元) | | 25.23 | | 资产负债率(%) | | 61.8 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S10 ...

公司研究 证 券 研 究 报 告 恒立液压（601100）2024 年报及 2025 年一季报点评 强推（维持） 业绩符合预期，看好下游复苏以及新业务放量 事项： 公司发布 2024 年年度和 2025 年一季度报告，2024 年实现营业总收入 93.9 亿 元，同比增长 4.51%，归母净利润 25.1 亿元，同比增长 0.40%，扣非归母净利 润 22.8 亿元，同比下降 6.61%。2025 年一季度实现营业总收入 24.2 亿元，同 比增长 2.56%，归母净利润 6.2 亿元，同比增长 2.61%，扣非归母净利润 6.8 亿 元，同比增长 16.42%。 评论： 基础件 2025 年 05 月 01 日 目标价：96.4 元 当前价：73.71 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：陈宏洋 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 公司基本数据 | 总股本(万股) | 134,082.10 | | --- | --- | ...

星网锐捷（002396.SZ）2025 年一季报点评 公司 25Q1 净利润实现高增，主因去年 24Q1 净利润基数较低，且本季度子公司 锐捷网络实现 1.1 亿元归母净利润。公司当前持有锐捷网络 44.9%股份，其对公 司 Q1 归母净利润贡献较大，系因在 AI 算力需求持续驱动下，互联网数据中心 市场强势增长，面向互联网客户的数据中心交换机产品订单加速交付。公司改善 经营，在费用管控层面有所成效。公司 Q1 毛利率为 66.51%，同比提升 1.27%， 销 售 / 管 理 / 研 发 费 用 率 为 11.97%/5.99%/14.41% ， 同比变动 - 3.6pct/+0.02pct/-2.45pct。 Q1 净利润同比高增，加强 ICT 基建+AI 应用布局 2025 年 05 月 01 日 ➢ 事件：2025 年 4 月 28 日，星网锐捷发布 2025 年一季报。报告期内，公司 实现营业收入 34.85 亿元，同比增长 11.02%；归母净利润 0.42 亿元，同比增长 264.63%；扣非归母净利润 0.30 亿元，同比增长 8,829.05%。 ➢ Q1 业绩同比高增，主因数据中心交换机持 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 1068.54 billion yuan for Q1 2025, a year-on-year decline of 4.1%, and a net profit attributable to shareholders of 365.63 billion yuan, down 7.9% year-on-year. However, the net oil and gas production increased steadily, and the decline in oil prices was less than the market average, indicating resilience in performance [2][6] - The company continues to focus on cost reduction and efficiency improvement, with a significant cost advantage per barrel of oil. The main cost per barrel was 27.03 USD, a decrease of 2% year-on-year, showcasing the company's ability to maintain competitiveness during periods of declining oil prices [12] - Looking ahead, the company anticipates a stable growth in production and a mid-range oil price forecast above 60 USD per barrel, supported by limited production increases in the U.S. and OPEC's production cuts [12] - The company emphasizes shareholder returns, maintaining a dividend payout ratio of approximately 44.7% in 2024, with plans to continue this trend in the coming years [12] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net production of 188.8 million barrels of oil equivalent, a year-on-year increase of 4.8%. Domestic production rose by 6.2% to 130.8 million barrels, while overseas production increased by 1.9% to 58.0 million barrels [12] - The average Brent crude oil price for Q1 2025 was 74.98 USD per barrel, down 8.3% year-on-year, while the company's realized oil price was 72.65 USD per barrel, a decline of 7.7%, indicating better performance relative to market trends [12] Cost Management - The company has integrated cost control throughout its exploration, development, and production processes, achieving a significant cost advantage over peers. The reduction in operating expenses and taxes contributed to the overall cost efficiency [12] Future Outlook - The company has set production targets for 2025-2027, aiming for net production of 760-780 million barrels of oil equivalent in 2025, with expected year-on-year growth rates of 5.9%, 2.6%, and 3.8% for the following years [12] - The company plans to repurchase shares worth 20-40 billion yuan in the next 12 months, indicating confidence in its valuation and future performance [12] Valuation - The projected earnings per share (EPS) for 2025-2027 are 2.93 yuan, 2.99 yuan, and 3.12 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 8.58X, 8.40X, and 8.04X, suggesting potential for valuation recovery [12]

丨证券研究报告丨 公司研究丨点评报告丨宝信软件（600845.SH） [Table_Title] 存货提升明显，IDC 建设加速 报告要点 [Table_Summary] 公司发布 2025 年一季报，2025 年 Q1 公司实现营收 25.38 亿元，同比下降 25.16%；归母净 利润 4.45 亿元，同比下降 24.60%；扣非后归母净利润 4.22 亿元，同比下降 28.05%；经营活 动现金流净额 4.84 亿元，同比增长 3.0%。Q1 河北宝宣拟启动宝之华北基地 A4A5A6 楼项目， 总投资约 17.43 亿元人民币。IDC 建设加速提升成长预期，对应 Q1 宝信资本开支 3.95 亿元， 同比+159%。预计公司 2025-2027 年实现归母净利润 24.0 亿元、25.4 亿元、27.2 亿元，对应 增速为 5.7%、6.0%、7.1%，对应 PE 为 31.1x、29.3x、27.4x，建议持续关注。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% resear ...

证券研究报告 公司研究 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 志邦家居：推进整家战略，拓展细分渠道，探 索新兴增长 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 志邦家居(603801) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com [Table_ReportDate] 2025 年 05 月 01 日 [Table_S 事件：公司ummar发布y] 2024 年及 2025 年一季报。公司 2024 实现收入 52.58 亿 元（同比-14.0%），归母净利润 3.85 亿元（同比-35.2%），扣非归母净利润 3.40 亿元（同比-38.1%） ；25Q1 实现收入 8.18 亿元 ...