Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][5]. Core Insights - The company reported a revenue of 5.245 billion and a net profit of 318 million for Q1 2025, showing a year-on-year decline of 4.4% and 16.2% respectively, attributed to a weak external operating environment and high base effects [1]. - The gross margin improved to 20.65%, an increase of 0.5 percentage points, while the net profit margin decreased to 6.07%, down by 0.9 percentage points [1]. - The company is focusing on enhancing its traditional business through IP empowerment and expanding its overseas operations, with expectations of returning to a growth trajectory as customer activities normalize [1][2]. Revenue Breakdown - The revenue from writing instruments was 564 million, down 0.07% year-on-year, with a gross margin of 43.78% [1]. - Revenue from student stationery was 803 million, down 5.99%, with a gross margin of 35.63%, an increase of 0.95 percentage points [1]. - Office stationery revenue was 849 million, down 5.60%, with a gross margin of 28.48%, an increase of 1.02 percentage points [1]. Traditional Core Business - The traditional business revenue, excluding specific segments, was approximately 2.05 billion, reflecting a decline of about 5% year-on-year [2]. - The company is enhancing product strength and channel layout, focusing on both online and offline growth, and increasing R&D and innovation investments [2]. Online and Overseas Growth - Online revenue for the company reached 310 million, a year-on-year increase of 25%, driven by strategic upgrades and collaborations with major platforms [2]. - The overseas market continues to grow rapidly, with a focus on meeting diverse consumer needs and strengthening product and brand capabilities [2]. KeliPu Segment - KeliPu's revenue was 2.79 billion, down 5.32% year-on-year, primarily due to high base effects and delays in product listings following client tender resumption [3]. - The segment aims to develop four key business areas, enhance self-owned product sales, and expand its customer base [3]. Retail Expansion - The revenue from retail stores, including Jiuwu, was 401 million, up 8.03% year-on-year, with Jiuwu contributing 388 million, an increase of 11.37% [4]. - The company operates 792 retail stores nationwide, with plans to enhance IP product resources and improve brand presence [4]. Financial Forecast - The company adjusted its profit forecast for 2025-2027, expecting net profits of 1.56 billion, 1.74 billion, and 1.94 billion respectively, with corresponding P/E ratios of 18X, 16X, and 15X [5].

公司报告 | 年报点评报告 四方光电（688665） 证券研究报告 连续两季度业绩高速增长，各业务板块持续推进未来可期 事件：公司发布 2024 年报及 2025 年一季报：2024 年实现营收 8.73 亿元， 同比增长 26.23%，归母净利润 1.13 亿元，同比下降 15.03%，扣非归母净 利润 1.06 亿元，同比下降 16.84%；25Q1 实现营收 2.15 亿元，同比增长 51.88%，归母净利润 3275 万元，同比增长 64.98%，扣非归母净利润 3200 万元，同比增长 89.38%。 我们的点评如下： 积极开拓市场，各业务板块持续推进 1）暖通空调业务市场回升：24 年公司以空气品质气体传感器为主的暖通 空调业务收入同比增长 11.57%，经历前几年下滑后企稳回升。公司凭借多 传感器技术平台的组合优势及一站式配套服务体系，已实现从注塑、SMT、 传感器到整机一体化生产的全链条服务能力，成功新增多家重量级环境电 器合作伙伴，并提供 ODM 解决方案。同时，通过协同、整合风扇、负离 子、等离子等资源，公司正积极开拓智能油烟机、洗碗机、冰箱及制冰机 等新应用领域。2）工业及安全业务大幅增 ...

2025 年 05 月 07 日 金诚信(603979.SH) 矿服板块稳健运营，铜矿业务加速放量 公司发布 2024 年年报和 25 年一季报 2024 年公司实现营业收入约 99.42 亿元，同比+34.37%；实现归母净 利润 15.84 亿元，同比+53.59%；实现扣非归母 15.7 亿元，同比 +52.74%。 2024Q4 实现归母净利润 4.91 亿元，同比+52.77%，环比+2.15%；实 现扣非归母 4.82 亿元，同比+48.27%，环比+0.48%。 2025Q1 公司实现营业收入 28.11 亿元，同比+42.49%，环比-5.41%； 归母净利润 4.22 亿元，同比+54.1%，环比-14.01%；实现扣非归母 4.09 亿元，同比+51.56%，环比-15.08%。 资源端：铜矿产量 25 年同比计划继续提升，关注 Lubambe 和 Lonshi 西区进展 ✔Lubambe 铜矿（80%权益）：2024 年 7-12 月铜精矿含铜（当量）产 量 0.78 万吨，销量 0.79 万吨，库存 0.04 万吨。公司 2024 年 6 月正 式接管 Lubambe 铜矿计划对现有矿 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Insights - Capacitor sales are experiencing growth against the trend, with a gradual recovery in downstream demand. Despite a decline in overall performance due to a prolonged industry downturn in 2024, key products such as pulse capacitors, tantalum capacitors, and supercapacitors have shown resilient sales growth. The company's profit primarily comes from the components segment, where specialized electronic components have high entry barriers and a stable competitive landscape. The first quarter of 2025 saw a year-on-year revenue increase of 16.96% and a net profit increase of 43.60% [4][3]. - The company is among the first to pass aerospace-grade MLCC certification, with applications in military and civilian sectors. The multilayer ceramic capacitors (MLCC) are widely used in various fields, including aerospace, medical electronics, and industrial control. The company has established strong partnerships with special enterprises and is actively exploring new markets in power grids, rail transportation, industrial control, and renewable energy [5][6]. - The development of special high-performance new materials presents significant opportunities, particularly in aerospace applications. These materials, which have high-temperature resistance and low density, are crucial for manufacturing ceramic matrix composites (CMC). The aerospace sector is rapidly adopting these materials, leading to expanded commercial opportunities for the company [6][7]. Financial Forecast - The company is projected to achieve revenues of 39.28 billion, 48.93 billion, and 62.01 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 1.01, 1.31, and 1.72 yuan for the same years. The current stock price corresponds to price-to-earnings (PE) ratios of 38, 29, and 22 times for the respective years [8][10].

投资逻辑 集采推动行业变革，发光高速机推广带来份额提升。公司作为国 内体外诊断行业领军企业，试剂产品以免疫诊断为主。2024 年安 徽省牵头二十八省体外诊断试剂集采中，公司产品采购需求量情 况良好且最终以第一次序中标，集采执行后将加速国产化进程。 在高端产品方面，公司高通量化学发光免疫分析仪 AutoLumo A6000 单个分析模块检测速度 600T/h，随着高速机型在医院内装 机逐步取得成果，将带动公司免疫试剂在高端市场份额快速提升。 "流水线+分子诊断+微生物质谱"打造多平台增长极。除传统免 疫诊断业务外，公司也在拓展多个创新业务拓展： 1）院内自动化流水线：实验室自动化流水线对多个检测模块进行 整合，能显著提升医院检验效率，公司是国内首个推出全自动流 水线的国产企业，最新款 Autolas X-1 实现了流水线线体完全国 产化，多项关键性能指标优秀，未来将带动核心试剂产品的销售。 2）分子诊断&基因测序：作为精准医疗的技术基础，分子诊断目 前是国内体外诊断增速最快的细分赛道。在基因测序领域，全资 子公司思昆生物测序仪产品 Sikun2000 性能优越，在外资 Illumina 公司被商务部禁止国内销售 ...

Investment Rating - The report assigns a "Buy" rating for the company [11] Core Insights - The company has shown steady growth in scale and improvement in asset quality, with total assets increasing by 7.7% year-on-year to 42.8 trillion yuan [6] - The first quarter of 2025 saw a decline in operating income by 5.4% year-on-year, while net profit attributable to shareholders decreased by 3.99% [5] - The non-performing loan ratio decreased to 1.33%, and the provision coverage ratio increased to 236.8% [9][10] Financial Performance - For the first quarter of 2025, the company reported operating income of 190.07 billion yuan and net profit of 83.35 billion yuan [4] - The company’s total deposits grew by 3.6% to 30.4 trillion yuan, and total loans increased by 7.9% to 27 trillion yuan [6] - The estimated net interest margin for the first quarter of 2025 was 1.41%, reflecting a decrease of 10 basis points [7] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 338.2 billion, 349.6 billion, and 359.1 billion yuan respectively, with corresponding EPS of 1.35, 1.40, and 1.44 yuan [11] - The projected P/B ratios for 2025-2027 are 0.66, 0.60, and 0.55 respectively [11] Asset Quality - The company’s core Tier 1 capital adequacy ratio is reported at 13.98%, with a total capital adequacy ratio of 19.15% [10]

Investment Rating - The report assigns a "Buy" rating to the company, upgraded from a previous "Hold" rating [5][7]. Core Insights - The company achieved a revenue of 24.71 billion yuan in 2024, representing a year-on-year growth of 41.1%. The net profit attributable to shareholders was 2.11 billion yuan, up 30.9% year-on-year [2]. - The energy storage business experienced explosive growth, with revenue reaching 3.02 billion yuan in 2024, a staggering increase of 184% year-on-year, contributing to 12.2% of total revenue [3]. - The company optimized its traditional business structure, maintaining stable revenue contributions from charging products while expanding its global reach, covering 146 countries and regions [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 43.3%, a decrease of 1.8 percentage points year-on-year, while the net profit margin improved to 8.8%, an increase of 1.3 percentage points year-on-year [2]. - The company forecasts revenue growth for 2025-2027 at 33.6%, 27.7%, and 23.6% respectively, with net profit growth projected at 28.9%, 23.8%, and 22.8% [5]. - The financial summary indicates a total revenue of 33.01 billion yuan for 2025, with a net profit of 2.73 billion yuan [6][12]. Business Development - The company’s charging product revenue remains stable, with new product iterations like GaN fast charging and wireless car charging maintaining higher average selling prices [4]. - The online sales channel accounted for 71% of total revenue in 2024, with significant contributions from platforms like Amazon [4]. - The company is leveraging its supply chain flexibility in emerging markets to mitigate trade policy risks, indicating potential for growth in regions like Southeast Asia and Australia [4].

Investment Rating - The report maintains a "Buy" rating for Qingda Environmental [1] Core Views - The company reported a revenue of 1.314 billion yuan in 2024, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 93 million yuan, up 7.26% year-on-year. In Q1 2025, the company achieved a revenue of 619 million yuan, a significant year-on-year increase of 317.43%, and a net profit of 69 million yuan, which represents a staggering increase of 990.26% year-on-year [4] - The company is actively expanding its traditional business and exploring overseas markets, with a notable increase in revenue from low-temperature flue gas waste heat recovery systems, which reached 430 million yuan in 2024, up 76.1% year-on-year [6] - The company has successfully completed the delivery of its fish-solar complementary project, contributing significantly to Q1 2025 profits, with a total investment of 547 million yuan [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 2.095 billion yuan, with a year-on-year growth rate of 59.4%. The net profit forecast for 2025 is 204 million yuan, reflecting a year-on-year increase of 118.9% [5] - The projected earnings per share for 2025 is 1.65 yuan, with a price-to-earnings ratio of 16 [5] - The company’s gross margin is expected to stabilize at 33% from 2025 to 2027, with a return on equity (ROE) projected at 18% for 2025 [5] Business Development - The company’s traditional business is showing steady growth, with significant contributions from various segments, including dry and wet slag removal equipment [6] - The company is expected to benefit from new policies aimed at accelerating the flexibility transformation of coal-fired power plants, which may lead to increased demand for its services [6] - The company has established strategic partnerships with international entities, including a contract with a South Korean company for ash treatment systems valued at 15.895 million USD [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Insights - The company reported a revenue of 24.34 billion yuan for 2024, a year-on-year decline of 9.67%, but achieved a net profit of 355 million yuan, marking a significant turnaround from losses [3][4]. - In Q1 2025, the company generated revenue of 5.97 billion yuan, a year-on-year increase of 22.40%, although it still faced a net loss of 77.05 million yuan due to challenges in the feed and breeding segments [3][4]. - The feed business showed signs of recovery in Q1 2025, with a 12.26% increase in external feed sales, despite a 24.98% decline in 2024 [4][5]. Summary by Sections Company Overview - The latest closing price is 4.84 yuan, with a total market capitalization of 6.9 billion yuan [2]. Financial Performance - The company’s feed business revenue decreased by 24.98% to 15.05 billion yuan in 2024, while the breeding business revenue increased by 48.68% to 7.66 billion yuan [4][5]. - The company expects to sell between 5 to 5.5 million pigs in 2025, with a focus on reducing breeding costs and improving operational efficiency [5]. Earnings Forecast and Valuation - Projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.11 yuan, 0.12 yuan, and 0.71 yuan respectively, reflecting a positive growth trajectory [6][7]. - The report anticipates a revenue growth rate of 11.90% in 2025, with a gradual increase in net profit expected in subsequent years [7][9].

2025 年 05 月 07 日 业绩表现承压，期待弹性恢复 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 57.84 | | 总市值（亿元） | 193 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 333 | | 52 周价格范围（元） | 40.18-82.9 | | 日均成交额（百万元） | 630.07 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《舍得酒业（600702）：业绩短 期承压，期待企稳回升》2025-03- 24 2、《舍得酒业（600702）：调整期 业绩承压，发布回购方案彰显信 心》2024-10-29 3、《舍得酒业（600702）：利润不 及预期，短期去库释放压力》2024- 08-22 2025 年 4 月 25 日，舍得酒业发 ...