业绩简评 盈利预测、估值和评级 我们维持此前预期，预计公司 25~27 年营业收入分别为 51.4/56.4/62.2 亿元，同比+4.4%/+9.7%/+10.3%；归母净利 润分别为 5.5/6.5/7.4 亿元，同比+55.4%/+19.0%/+12.6%， 对应 15X/12X/11X PE，维持"买入"评级。 风险提示 国内民商用消防行业出清不及预期；住宅更新节奏不及预期； 工业消防大客户突破不及预期；大股东股权质押的风险。 0 200 400 600 800 1,000 1,200 8.00 10.00 12.00 14.00 16.00 18.00 240429 240729 241029 250129 人民币(元) 成交金额(百万元) 成交金额 青鸟消防 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2 023 | 2 024 | 2 025E | 2 026E | 2 027E | | 营业收入(百万元) | 4 ,972 | 4 ,923 | 5 ,142 | 5 ,640 | 6 ...

上 市 公 司 家用电器 2025 年 04 月 28 日 莱克电气 (603355) ——2025 年一季报点评：收入稳健增长，海外产能加速 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） | 22.20 | | 一年内最高/最低（元） | 31.00/18.99 | | 市净率 | 2.6 | | 息率（分红/股价） | 6.76 | | 流通 A 股市值（百万元） | 12,679 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："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） | 8.84 | | 资产负债率% | 62.52 | | 总股本/流通 A 股（百万） | 574/571 | | 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 0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company has a solid foundation in its home appliance and power tool businesses, while emerging sectors such as automotive electronics and smart technology are rapidly expanding due to technological advancements and customer breakthroughs. The company's "technology + capacity + customer" integrated layout is clear, and its performance is expected to continue to release, with strong medium to long-term growth momentum [2][10]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating revenue of 9.659 billion yuan, a year-on-year increase of 28.66%. The net profit attributable to the parent company was 364 million yuan, up 9.91% year-on-year. In Q1 2025, the company reported operating revenue of 2.585 billion yuan, a year-on-year growth of 30.44%, and a net profit of 169 million yuan, which is a significant increase of 75.41% year-on-year [5][10]. Business Segments - The home appliance business maintains a strong competitive position, supported by a high coverage of global major customers and a comprehensive technical R&D system. The demand for smart controllers, a core component of home appliances, is increasing, leading to a rapid growth in market share [10]. - The power tool business is deepening its penetration across multiple fields, with a focus on providing comprehensive solutions that enhance industry chain collaboration. The company has become a key supplier for major clients and is expanding its customer base [10]. - The automotive electronics segment is undergoing a strategic transformation, with significant growth in smart cockpit and energy management areas. The company is building a comprehensive ecosystem through its smart product matrix [10]. Future Outlook - The company is expected to see continued performance growth, with projected net profits for 2025-2027 at 700 million yuan, 913 million yuan, and 1.173 billion yuan, representing year-on-year growth rates of 92%, 30%, and 28%, respectively. The corresponding price-to-earnings ratios are projected to be 25, 19, and 15 times [10].

[Table_Summary] 公司公布 2025 一季报：2025 年第一季度，公司实现营业收入 8.17 亿元，同比下滑 12.76%； 实现归属于母公司净利润 0.73 亿元，同比增长 50.97%；实现扣非归母净利润 0.18 亿元，同 比下滑 62.33%。部分汽车客户减少预算，个别大项目投放进度较晚拖累收入，投资收益助推 利润增长，同时大幅改善现金流水平。公司布局体彩新业务，积极投资新赛道，打造全新增长 曲线，同时升级多模态 AI 产品，提升智慧营销能力。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 丨证券研究报告丨 公司研究丨点评报告丨三人行（605168.SH） [Table_Title] 部分汽车客户减少预算拖累业绩，培育多元增长 极 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 三人行（605168.SH） cjzqdt11111 [Table_Title 部分汽车客户减少 2] 预算拖累业绩，培育多元增 长极 [Table_Summary2] 事件描述 公司公布 ...

证券研究报告·公司点评报告·其他塑料制品制造 太湖远大（920118） 2024 年报&2025 一季报点评：市场需求放缓 与竞争加剧致业绩下滑，积极开拓境外市场 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,524 | 1,594 | 1,725 | 1,909 | 2,139 | | 同比（%） | 9.43 | 4.64 | 8.23 | 10.64 | 12.05 | | 归母净利润（百万元） | 77.46 | 70.51 | 73.71 | 83.63 | 96.75 | | 同比（%） | 26.79 | (8.97) | 4.53 | 13.46 | 15.69 | | EPS-最新摊薄（元/股） | 1.52 | 1.39 | 1.45 | 1.64 | 1.90 | | P/E（现价&最新摊薄） | 16.50 | 18.12 | 17.34 | 15.28 | 13.21 | [Tab ...

2025 年 04 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 刘洁铭 S0350521110006 | | | liujm@ghzq.com.cn | | 证券分析师： | 秦一方 S0350523120001 | | | qinyf@ghzq.com.cn | | 联系人 ： | 黄诗汶 S0350124040004 | | | huangsw01@ghzq.com.cn | [Table_Title] 2025Q1 国内业务企稳，盈利能力持续强化 ——仙乐健康（300791）2024 年报和 2025 年一 季报点评 最近一年走势 | 相对沪深 300 | 表现 | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 仙乐健康 | -4.7% | 1.8% | -9.5% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | 2025/04/25 | | --- | --- | | 当前价格（元） | 25.41 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant year-on-year growth in Q1 2025, with revenue reaching 4.668 billion yuan, up 39.98% year-on-year and 46.04% quarter-on-quarter. The net profit attributable to shareholders was 515 million yuan, an increase of 49.61% year-on-year and 154.46% quarter-on-quarter [6][10] - The strong performance is attributed to robust sales of compound fertilizers, with a notable increase in both sales and profit [7][10] - The company is expected to continue benefiting from its integrated supply chain and increasing phosphate production capacity, enhancing its competitive advantage [10] Financial Performance Summary - In Q1 2025, the company reported: - Revenue: 4.668 billion yuan, up 39.98% year-on-year - Net profit: 515 million yuan, up 49.61% year-on-year - Gross profit: 848 million yuan, up 41.38% year-on-year - Return on Equity (ROE): 4.75%, an increase of 1.23 percentage points year-on-year [6][7] - The sales gross margin was 18.17%, up 0.19 percentage points year-on-year, while the net profit margin was 11.17%, up 0.90 percentage points year-on-year [6][7] Market Performance - The company's stock performance relative to the CSI 300 index showed: - 1-month performance: +3.4% - 3-month performance: +6.5% - 12-month performance: +17.5% [5] Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 18.5 billion yuan - 2026: 19.5 billion yuan - 2027: 20.3 billion yuan - Net profit projections for the same period are: - 2025: 1.6 billion yuan - 2026: 1.8 billion yuan - 2027: 2.0 billion yuan - Corresponding Price-to-Earnings (PE) ratios are expected to be 11, 9, and 8 times respectively [10][12]

2025 年 04 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] 吞吐量稳健增长，看好成长逐步兑现 ——北部湾港（000582）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 北部湾港 | 4.1% | 3.6% | 13.8% | | 沪深 300 | -3.4% | -0.9% | 5.5% | | 市场数据 | | | 2025/04/28 | | 当前价格（元） | | | 8.84 | | 当前价格（元） | 8.84 | | --- | --- | | 52 周价格区间（元） | 6.77-11.50 | | 总市值（百万） | 20,563.04 | | 流通市值（百万） | 15,999.19 | | 总股本（万股） | ...

Investment Rating - The report maintains a strong buy recommendation for Jiangsu Bank (600919.SH) [4] Core Views - Jiangsu Bank's net interest income saw a significant increase of 22% year-on-year in Q1 2025, reaching 16.6 billion yuan, driven by rapid asset growth and optimized liability costs [2][3] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 343.51% as of Q1 2025 [2][3] - The bank's non-interest income experienced a decline of 32.72% year-on-year, primarily due to a significant drop in fair value changes, although investment income increased by 30.1% [3] Summary by Sections Performance - In Q1 2025, Jiangsu Bank reported a revenue growth of 6.21%, PPOP growth of 7.88%, and a net profit growth of 8.16% compared to the previous year [1][11] - The bank's total assets reached 4.46 trillion yuan, with total deposits of 2.46 trillion yuan [11] Non-Interest Income - The bank's net fee and commission income grew by 21.77% year-on-year in Q1 2025, benefiting from a recovery in the capital market and macroeconomic conditions [2][3][29] Interest Margin and Asset Quality - The bank's interest-earning assets grew by 27.82% year-on-year, with loans increasing by 18.83% [2] - The net interest margin showed a slight decline but was supported by effective cost management on liabilities [2][3] Capital and Shareholder Information - Jiangsu Bank's return on equity (ROE) was reported at 16.50% for Q1 2025, with a target price of 10.13 yuan per share [4][27] - The bank's major shareholder is Jiangsu International Trust Co., holding a 6.98% stake [4]

[Table_Title] 配套设备扩展成效显著， 2025 年 04 月 28 日 公司研究 评级：买入(维持) 投资要点: Q4 经营性现金流同比大增 | 市场数据 | 2025/04/28 | | --- | --- | | 当前价格（元） | 16.75 | | 52 周价格区间（元） | 15.28-24.58 | | 总市值（百万） | 9,655.65 | | 流通市值（百万） | 9,581.79 | | 总股本（万股） | 57,645.70 | | 流通股本（万股） | 57,204.74 | | 日均成交额（百万） | 30.42 | | 近一月换手（%） | 0.65 | 相关报告 | 《景津装备（603279）2024 年中报点评：Q2 毛 | | --- | | 利率下降影响业绩，经营性净现金流同比大增（买 | | 入）*环保设备Ⅱ*钟琪》——2024-08-27 | | 《景津装备（603279）2023 年&2024Q1 业绩点评： | | 配件及配套设备利润增速亮眼，现金流修复明显 | | （买入）*环保设备Ⅱ*钟琪》——2024-04-26 | | 《景津装备（603279 ...