2025 年 04 月 28 日 证券研究报告·公司点评报告·光伏设备 福斯特（603806） 2025 一季报点评：胶膜盈利修复，感光干膜 已至爆发前夕 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） | 22,589 | 19,147 | 21,557 | 24,599 | 28,063 | | 同比（%） | 19.66 | (15.23) | 12.58 | 14.11 | 14.08 | | 归母净利润（百万元） | 1,850 | 1,308 | 1,630 | 2,228 | 2,951 | | 同比（%） | 17.20 | (29.33) | 24.66 | 36.71 | 32.40 | | EPS-最新摊薄（元/股） | 0.71 | 0.50 | 0.62 | 0.85 | 1.13 | | P/E（现价&最新摊薄） | 17.67 | 25.00 | 20.05 | 14.67 | 11.0 ...

证券研究报告·公司点评报告·玻璃玻纤 旗滨集团（601636） 2024 年年报、2025 年一季报点评：Q1 毛利 率改善，静待供需平衡进一步修复 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） | 15,683 | 15,649 | 16,278 | 18,563 | 21,507 | | 同比（%） | 17.80 | (0.21) | 4.02 | 14.04 | 15.86 | | 归母净利润（百万元） | 1,750.88 | 382.59 | 603.91 | 757.84 | 1,129.91 | | 同比（%） | 32.98 | (78.15) | 57.85 | 25.49 | 49.10 | | EPS-最新摊薄（元/股） | 0.65 | 0.14 | 0.23 | 0.28 | 0.42 | | P/E（现价&最新摊薄） | 8.52 | 39.00 | 24.71 | 19.69 | 1 ...

事件简评 2025 年 4 月 27 日，公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营业收入 29.41 亿元，同比增长 36.98%；实现归母净 利润 1.36 亿元，同比增长 110.64%。2025 年一季度公司实现营业 收入 9.97 亿元，同比增长 73.57%；实现归母净利润 0.46 亿元， 同比增长 616.02%。 经营分析 业绩大幅增长，净利率提升：2024 年，公司坚持模组+解决方案双 轮驱动策略，同时在高算力 AI 模组、生成式 AI 技术、端侧 AI 应 用等方向加大投入，智能汽车、AI+IoT 行业应用、4G/5G FWA 等 各下游领域均衡发展，共同推动公司营业业绩取得突破，实现大幅 增长。2024 年公司实现净利率 4.57%，同比增长 1.65pct。 智能网联车产品大批量出货，IoT 行业受 AI 产业推动：公司智能 网联车、IoT 和 FWA 领域均呈现增长态势。得益于公司的持续研 发投入和稳定的供应链交付保障能力，公司面向车载核心客户的 5G 智能座舱模组和车规级通信模组，均实现持续稳定大批量出 货，智能网联车领域营收保持高速增长态势，智能网 ...

古井贡酒（ [Table_StockNameRptType] 000596） 公司点评 | 产品结构升级持续 | | --- | ——古井贡酒 24 年报&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-04-28 | | [Table_BaseData] 收盘价（元） | 167.11 | | --- | --- | | 近 12 个月最高/最低（元）280.00/139.02 | | | 总股本（百万股） | 529 | | 流通股本（百万股） | 409 | | 流通股比例（%） | 77.30 | | 总市值（亿元） | 883 | | 流通市值（亿元） | 683 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 主要观点： ⚫ 收入：产品结构升级持续 ⚫ 利润：盈利能力提升持续兑现 敬请参阅末页重要声明及评级说明 证券研究报告 -56% -35% -15% 6% 27% 4/24 7/24 10/24 1/25 古井贡酒 沪深300 ...

证券研究报告：电力设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.64 | | --- | --- | | 总股本/流通股本（亿股）6.95 | / 5.87 | | 总市值/流通市值（亿元）74 | / 62 | | 52 周内最高/最低价 | 14.12 / 8.80 | | 资产负债率(%) | 63.1% | | 市盈率 | 24.74 | | 第一大股东 | 哈尔滨电气集团有限公 | | 司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 佳电股份(000922) 电机业务略有承压，核电业务同比高增 l 投资要点 事件：公司披露 2024 年年报和 2025 年一季报。 2024 年，公司实现营收 48.99 亿元，同比-7.92%；实现归母净利 润 2.56 亿元，同比-35.78%；实现扣非归母净利润 2.27 亿元，同比- 28.68 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant revenue decline in 2024, with total revenue of 5.57 billion yuan, down 28.5% year-on-year, and a net loss of 1.29 billion yuan [1] - In Q1 2025, the company showed strong recovery with a revenue of 2.02 billion yuan, up 52.22% year-on-year, and a net profit of 302 million yuan, up 1115.29% year-on-year [1] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares for 2024 [1] Financial Performance Summary - The gaming business generated revenue of 5.18 billion yuan in 2024, a decrease of 22.32% year-on-year, with a net loss of 725 million yuan [2] - The company is focusing on optimizing its project portfolio, with several new games receiving positive market feedback, including "Persona: Nightshade" and "Zhu Xian World" [2][3] - The company is actively pursuing global multi-platform releases for new projects, including "Zhu Xian 2" and "Yin" [3] - The film and television segment is adopting a "quality over quantity" strategy, successfully launching several short dramas [4] Profit Forecast - The company is expected to achieve net profits of 741 million yuan, 1.06 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 157.6%, 43.0%, and 14.4% [4] - The projected P/E ratios for 2025, 2026, and 2027 are 32, 23, and 20 times respectively [4] Financial Metrics Overview - The company reported a revenue of 7.79 billion yuan in 2023, with a projected recovery to 7.8 billion yuan in 2025 [5] - The net profit for 2023 was 491 million yuan, with a forecasted return to profitability in 2025 [5] - The company's cash flow from operating activities is expected to improve significantly, reaching 1.34 billion yuan by 2025 [10]

汽车/摩托车及其他 爱玛科技（603529.SH） 2025Q1 公司实现量价齐升，行业周期向上龙头业绩 2025 年 04 月 28 日 弹性可期 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 42.52 | | 一年最高最低(元) | 47.44/24.72 | | 总市值(亿元) | 366.40 | | 流通市值(亿元) | 358.34 | | 总股本(亿股) | 8.62 | | 流通股本(亿股) | 8.43 | | 近 3 个月换手率(%) | 36.02 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 爱玛科技 沪深300 相关研究报告 《2024 年龙头经营韧性彰显，2025 看 好公司超额受益行业贝塔改善—公司 信息更新报告》-2025.4.16 《2024 平稳收官，2025 看好公司乘行 业东风重进量价齐升通道—公司信息 更新报告》-2025.4.3 《2024Q3 业绩阶段性承压，2025 看好 公司乘行业东风重 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 13.65 billion yuan in 2024, representing a year-on-year growth of 17.61%, and a net profit attributable to shareholders of 898 million yuan, up 25.39% year-on-year [1] - The mining service business generated revenue of 10.81 billion yuan in 2024, with a gross margin of 17.72%, and saw significant growth in both domestic and international markets [1][2] - The defense equipment segment reported a revenue of 350 million yuan, reflecting a substantial year-on-year increase of 47.74% [3] - The company is focused on enhancing its market position through strategic acquisitions and international expansion, particularly in the mining and explosives sectors [4] Summary by Sections Mining Service Business - Revenue reached 10.81 billion yuan in 2024, with a year-on-year growth of 21.01% and a gross margin increase of 0.9 percentage points [1] - The company is expanding its international presence, particularly in South America and South Africa, and is establishing production facilities in Zambia and Peru [1] Explosives Business - Revenue for the explosives segment was 2.31 billion yuan in 2024, with a slight year-on-year growth of 1.18% and a gross margin of 36.5% [2] - The company is actively pursuing acquisitions to enhance its production capacity and market share, particularly in the Xinjiang region [2] Defense Equipment Segment - The defense equipment segment achieved a revenue of 350 million yuan in 2024, driven by a recovery in military demand and increased delivery volumes [3] - The company is enhancing its product offerings through autonomous production lines and strategic partnerships in the defense sector [3] Strategic Development - The company aims to become a leading global player in mining services, explosives production, and defense equipment [4] - It plans to integrate its mining and explosives services, focusing on key markets along the Belt and Road Initiative [4] - The company is also increasing its stake in the Guangdong Provincial Military Industry Group, which is expected to enhance its capabilities in the defense sector [4] Financial Projections - The company forecasts net profits of 1.10 billion yuan, 1.33 billion yuan, and 1.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 22X, 18X, and 15X [4]

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 五粮液(000858) 增长韧性强劲，25 年营收目标预计 5%左右 l 投资要点 公司 2024 年实现营业总收入/营业收入/归母净利润/扣非净利 润 891.75/891.75/318.53/317.42 亿 元 ， 同 比 7.09%/7.09%/5.44%/5.40%。2024 年，公司毛利率/归母净利率为 77.05%/35.72%，分别同比 1.26/-0.56pct；税金/销售/管理/研发/财 务费用率分别为 14.62%/11.99%/3.99%/0.45%/-3.18%，分别同比- 0.43/2.63/0/0.07/-0.21pct。全年实现销售收现 1018.69 亿元，同 比-3.3%；经现净额 339.4 亿元，同比-18.69%；年末合同负债 116.9 亿元，同比增加 48.25 亿元，环比增加 46.18 亿元（去年同口径环比 增加 29.16 亿元）。2024 年总计现金分红 223 亿元，分红率 70%。24 年公司净利率微降，主因销售费用率提升，24 年公司销售费用中形象 宣传费、促销费 ...

证券研究报告：农林牧渔 | 公司点评报告 股票投资评级 增持|维持 ⚫ 事件： 事件：1）公司发布 2024 年年报，全年实现营业收入 10.43 亿元， 同比下降 16.77%，归母净利润 0.93 亿元，同比下降 46.82%。猪苗竞 争加大及管理费用增加，公司 24 年业绩下降。2）同时公司发布 2025 年一季报，实现营业收入 2.79 亿元，同比增长 18.32%，归母净利为 0.53 亿元，同比增长 93.75%。禽苗和化药增长助力公司业绩企稳。 ⚫ 猪苗承压，禽苗及化药增长 个股表现 -35% -28% -21% -14% -7% 0% 7% 14% 21% 28% 35% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 普莱柯 农林牧渔 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 13.70 | | --- | --- | | 总股本/流通股本（亿股）3.46 / 3.46 | | | 总市值/流通市值（亿元）47 / 47 | | | 52 周内最高/最低价 | 24.10 / 10.95 | | 资产负债率(%) ...