公司报告 | 季报点评 大元泵业（603757） 证券研究报告 家用板块重回增长，盈利能力短期承压 事件：24 年公司实现营业收入 19.1 亿元，同比+1.57%；归母净利润 2.6 亿 元，同比-10.55%；扣非归母净利润 2.1 亿元，同比-24.99%。其中 24Q4 营 业收入 6.1 亿元，同比+32.57%；归母净利润 0.6 亿元，同比+70.02%；扣非 归母净利润 0.6 亿元，同比+65.44%。25Q1 公司实现营业收入 3.8 亿元，同 比+37.21%；归母净利润 0.4 亿元，同比-3.95%；扣非归母净利润 0.4 亿元， 同比-8.01%。同时拟向全体股东每 10 股派发现金红利 2 元（含税），派发 现金红利 3295 万元（含税），全年现金分红总额 1.15 亿元（含税），占 24 年归母净利润比例 45%。同时发布 25-27 年股东分红回报规划，在满足现 金分红条件时，每年以现金方式分配利润不低于当年可分配利润的 20%。 点评： 家用板块拐点已至，新业务和新场景快速增长。2024 年公司传统业务波动， 新业务和新场景取得较快增长——全年农泵业务发展前低后高实现收入 ...

深圳机场（000089.SZ）2024 年年报及 2025 年一季报点评 年报业绩落于预告上沿，非航业务步入新阶段 2025 年 04 月 28 日 ➢ 2025 年 4 月 24 日公司发布 2024 年年报：2024 年公司营业收入 47.4 亿元，同比 +14%，归母净利润 4.4 亿元，同比+12%，落于业绩预告上沿（公司预告 2024 年归母 净利润 4.0-4.4 亿元），扣非归母净利润 3.5 亿元（上年同期扣非归母净亏 1.6 亿元）； 4Q24 公司营业收入 12.7 亿元，同比+13%，归母净利润 1.2 亿元，同比-50%，扣非归 母净利润 1.1 亿元（4Q23 扣非归母净亏 0.2 亿元）。公司发布 2025 年一季报：1Q25 公司营业收入 12.5 亿元，同比+11%，归母净利润 1.63 亿元，同比+72%，接近业绩预 告盈利中位（公司预告 1Q25 归母净利润 1.3-1.8 亿元），扣非归母净利润 1.36 亿元， 同比+93%。 ➢ 经营生产数据持续提升，强化国际航线资源投入。受益民航业复苏，公司经营数据持 续提升：2024 年深圳机场飞机起降 42.8 万架次，同比+8 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][20]. Core Views - The company is experiencing rapid revenue growth, particularly in the glass-based MiniLED backlight segment, which is expected to contribute to profitability [1][3]. - The financial outlook shows a projected increase in revenue from 18.14 billion CNY in 2023 to 40 billion CNY by 2027, with a compound annual growth rate (CAGR) of 14.3% [1]. - The company is focusing on enhancing its core capabilities and market share in traditional display business, with a notable increase in revenue from its glass processing segment [2]. - The company has successfully entered mass production of glass-based MiniLED backlight products, which are being adopted in various applications, including gaming monitors and TVs [3][8]. Financial Summary - Revenue for 2024 is projected at 22.21 billion CNY, a year-on-year increase of 22.5%, while the net profit is expected to be -1.22 billion CNY, a significant decline from the previous year [1]. - The gross margin for 2024 is estimated at 17.15%, down 3.06 percentage points from the previous year, primarily due to a higher proportion of lower-margin products [2]. - The company anticipates a recovery in profitability as new projects are launched and industry demand improves, with net profits projected to reach 0.35 billion CNY in 2025 and 1.60 billion CNY by 2027 [12]. Business Developments - The company’s subsidiary has achieved a production capacity of 1 million square meters for glass-based MiniLED substrates, which is now in commercial application [3]. - The company is also expanding its glass-based TGV multilayer circuit boards and optical devices, with new production capacity expected to enhance revenue streams [9][11]. - The company is actively engaging in employee stock ownership plans and share buybacks to boost market confidence and align management interests with long-term growth [10].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is actively expanding its domestic offline and cross-border e-commerce customer base, resulting in high-speed growth in performance. In 2024, the company achieved revenue of 752.24 million yuan, a year-on-year increase of 34.71%, and a net profit attributable to the parent company of 106.50 million yuan, up 52.91% year-on-year [2][4] - The company’s revenue growth is primarily driven by continuous new product development and active market expansion, particularly in the domestic offline and cross-border e-commerce sectors, with domestic market revenue increasing by 46.43% year-on-year [2][4] - The company has seen significant growth in its automotive electronics segment, with revenue from automotive electronics products increasing by 107.15% year-on-year [3][4] Summary by Sections Financial Performance - In 2024, total revenue is projected to be 752.24 million yuan, with a year-on-year growth of 34.71%. The net profit attributable to the parent company is expected to reach 106.50 million yuan, reflecting a 52.91% increase year-on-year [2] - For Q1 2025, the company reported revenue of 175 million yuan, a year-on-year increase of 22.51%, and a net profit of 19 million yuan, up 49.72% year-on-year [2] Product Segmentation - The revenue from the transmission and steering systems accounted for over half of the total revenue, with transmission systems generating 216 million yuan (up 21.85%) and steering systems 163 million yuan (up 87.10%) [3] - The electronic and electrical systems segment saw a revenue increase of 37.96% to 111 million yuan, while the automotive electronics segment experienced a remarkable growth of 107.15% to 72 million yuan [3] Strategic Initiatives - The company is focusing on high-end automotive electronics product self-production transformation and expects growth in cross-border e-commerce orders. It has established a robust supply chain with nearly 400 suppliers, managing over 30,000 SKUs and launching 2,000 to 3,000 new SKUs annually [4] - The company is enhancing its channel development by promoting a collaborative approach across online, offline, domestic, and international markets, leading to a steady increase in order volumes [4] Profit Forecast and Valuation - The company’s profit forecasts for 2025 and 2026 have been adjusted to 117 million yuan and 147 million yuan, respectively, with a new forecast for 2027 set at 183 million yuan. The corresponding latest P/E ratios are 17.92, 14.26, and 11.48 [4]

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） | 3,251 | 3,932 | 4,890 | 6,002 | 7,544 | | 同比（%） | 43.50 | 20.95 | 24.36 | 22.74 | 25.69 | | 归母净利润（百万元） | 179.23 | 640.93 | 792.30 | 960.06 | 1,138.00 | | 同比（%） | 75.66 | 257.59 | 23.62 | 21.17 | 18.53 | | EPS-最新摊薄（元/股） | 0.40 | 1.42 | 1.75 | 2.12 | 2.52 | | P/E（现价&最新摊薄） | 98.20 | 27.46 | 22.21 | 18.33 | 15.47 | [关键词： Table_Tag#新产品、新技术、新客户 ] 证券研究报告·公司点评报告·计算机设备 道通科技（688208） 2025 年一季报点评： ...

证券研究报告 | 公司点评报告 2025 年 04 月 28 日 齐鲁银行（601665.SH） 业绩高增，成长银行 总量研究/银行 齐鲁银行披露 2024 年度报告及 2025 年一季报，2024 全年营收、PPOP、归母 利润同比增速分别为 4.55%、3.05%、17.77%；2025Q1 营收、PPOP、归母 净利润同比分别增长 4.72%、4.36%、16.47%，归母净利润保持 16%以上的高 增长，业绩成长性较强。从累计业绩驱动看，24A 规模扩张、中收、其他非息、 拨备计提形成主要正贡献，净息差、成本收入比上升、有效税率上升形成拖累。 25Q1 净息差业绩拖累下降，其他非息业绩贡献转负，拨备计提依旧形成正贡献。 核心观点： 亮点：（1）资负扩表继续提速。资产端，24 年/25Q1 生息资产同比增速分别 为 13.65%/15.71%，其中，24 年/25Q1 贷款同比增速分别为 12.31%/12.60%， 贷款增速相对稳定，个人贷款增长偏弱，考虑到 24 年个人贷款不良率上升较多， 预计公司个人贷款结构有所调整，对公贷款 25Q1 末依旧保持 18%的高增长。 另外，公司投资类资产 25Q1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [8][22]. Core Views - The company is expected to benefit from a recovery in the storage industry and an increase in enterprise-level storage demand, with revenue projected to grow significantly in the coming years [2][4]. - The embedded storage segment is anticipated to generate substantial revenue growth, with a forecasted increase of 90.5% year-on-year in 2024 [2]. - The company has successfully launched its self-developed UFS 4.1 controller chip, which is expected to enhance its position in the high-end smart terminal market [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 4.256 billion yuan, a 1.5% increase quarter-on-quarter but a 4.4% decrease year-on-year [9][10]. - The gross margin for Q1 2025 was 10.35%, reflecting a decline compared to previous periods, primarily due to slow recovery in the consumer electronics market and inventory digestion issues [2][9]. - The company’s net profit attributable to shareholders was -151.81 million yuan for Q1 2025, indicating a significant year-on-year decline [12]. Revenue Projections - Revenue is projected to reach 10.125 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.6% through 2027, reaching approximately 30.125 billion yuan by 2027 [1][15]. - The company expects to achieve a net profit of 4.99 billion yuan in 2024, a 160.2% increase year-on-year [11]. Market Position and Growth Potential - The company is positioned as a leading independent storage manufacturer in China, with significant growth potential driven by global trends such as AIGC and the "Digital China" initiative [4]. - The enterprise storage segment saw a remarkable revenue increase of over 200% year-on-year in Q1 2025, indicating strong demand in various sectors including internet and finance [3][4].

Investment Rating - The report maintains a "Buy" rating for Beijing Junzheng, expecting a price increase of 5% to 15% relative to the industry index over the next six months [7]. Core Views - The company has turned a profit in Q1 2025, with a significant recovery in its non-net profit attributable to shareholders, driven by a rebound in the automotive and industrial sectors [2][3]. - The company is actively expanding into advanced DRAM processes and 3D DRAM products aimed at AI applications, indicating strong growth potential [4]. - The overall revenue for 2024 is projected to decline by 7.03% year-on-year, with a net profit decrease of 31.84%, primarily due to weak market demand in the automotive and industrial sectors [10]. Financial Summary - **Revenue and Profitability**: - 2023 revenue is projected at 4,531 million CNY, with a decline to 4,213 million CNY in 2024, followed by a recovery to 5,109 million CNY in 2025 [14]. - The net profit attributable to shareholders is expected to decrease from 537 million CNY in 2023 to 366 million CNY in 2024, before rising to 502 million CNY in 2025 [14]. - The gross margin for Q1 2025 improved to 36.40%, up 1.93 percentage points from the previous quarter [2][8]. - **Earnings Per Share (EPS)**: - The latest diluted EPS is projected to be 1.12 CNY in 2023, decreasing to 0.76 CNY in 2024, and then recovering to 1.04 CNY in 2025 [14]. - **Valuation Ratios**: - The Price-to-Earnings (P/E) ratio is expected to decrease from 59.1 in 2023 to 42.4 by 2027, indicating a potential improvement in valuation as earnings recover [14]. - **Return on Equity (ROE)**: - ROE is projected to decline from 4.4% in 2023 to 3.0% in 2024, with a gradual recovery to 5.4% by 2027 [14]. Product Segmentation - **Memory Chips**: - Revenue from memory chips is expected to be 25.89 billion CNY in 2024, accounting for 61.47% of total revenue, despite a year-on-year decline of 11.06% [3]. - Q1 2025 revenue for memory chips was 6.63 billion CNY, reflecting a 9.90% quarter-on-quarter increase [3]. - **Computing Chips**: - Revenue from computing chips is projected at 10.90 billion CNY in 2024, with a slight year-on-year decline of 1.65% [3]. - Q1 2025 revenue for computing chips was 2.70 billion CNY, showing a decrease of 2.65% quarter-on-quarter [3]. - **Analog and Connectivity Chips**: - Revenue from analog and connectivity chips is expected to grow by 15.31% year-on-year to 4.72 billion CNY in 2024 [3].

数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 翔宇医疗 沪深300 相关研究报告 医药生物/医疗器械 翔宇医疗（688626.SH） 2024 年业绩承压，康复赛道长逻辑依旧坚挺 ——公司信息更新报告 | 投资评级：买入（维持） | | --- | | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 34.40 | | 一年最高最低(元) | 45.00/21.58 | | 总市值(亿元) | 55.04 | | 流通市值(亿元) | 55.04 | | 总股本(亿股) | 1.60 | | 流通股本(亿股) | 1.60 | | 近 3 个月换手率(%) | 73.51 | 股价走势图 | 余汝意（分析师） | 司乐致（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | silezhi@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790523110003 ...

2025 年一季报点评：业绩短期承压，五期产 能建设打开成长空间 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） | 2,321 | 2,462 | 2,719 | 3,157 | 3,668 | | 同比（%） | 25.76 | 6.08 | 10.43 | 16.12 | 16.17 | | 归母净利润（百万元） | 317.65 | 325.16 | 359.92 | 419.76 | 492.33 | | 同比（%） | 21.13 | 2.36 | 10.69 | 16.63 | 17.29 | | EPS-最新摊薄（元/股） | 0.97 | 1.00 | 1.10 | 1.28 | 1.51 | | P/E（现价&最新摊薄） | 20.49 | 20.01 | 18.08 | 15.50 | 13.22 | [Table_Tag] [投资要点 Table_Summary] 证券研究报告·公司点评报告· ...