证券研究报告 [Table_Author] 罗岸阳 家电行业首席分析师 执业编号：S1500520070002 邮 箱：luoanyang@cindasc.com [Table_OtherReport] 星帅尔：Q3 业绩再超预期，增收降本 释放弹性 星帅尔：半年度收入翻倍增长，光伏 盈利能力显著提升 星帅尔：Q2 业绩超预期高增，持续深 化光储布局 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 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 星帅尔(002860) 投资评级 上次评级 [Table_Title] 白电主业经营稳健，年报减值计提充分 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司ummar2024 y] 年实现收入 20.77 亿元，同比下降 27.84%，归母净利润 1.44 亿元，同比下降 29.03%；其中 Q4 季度实现收入 5.62 亿元，同比下降 5.33%，归母净利润亏损 0. ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 投资建议：我们预计公司 2025-2027 年归母净利润分别为 129/136/141 亿，同比 增长 7%/5%/4%，EPS 分别为 0.75/0.79/0.82 元/股，当前股价对应 PE 分别为 6.4/6.1/5.9 倍，维持"买入"评级。 风险提示：电力投资不及预期、信用减值风险、新能源投产盈利不及预期等。 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 ...

2025 年 4 月 28 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 基础数据： 截至 2025 年 4 月 27 日 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 富层大厦 17 楼 伏美替尼维持高增长态势，戈来雷塞获批上市在即 艾力斯 688578.SH 事件： 公司发布2024年报及2025年第一季度报告：2024年公司实现营收35.58 亿元，同比增长76.29%，其中药品销售收入35.06亿元，同比增长77.27%； 归母净利润14.30亿元，同比增长121.97%；扣非归母净利润13.61亿元， 同比增长124.51%；经营活动现金净流量15.66亿元，同比增长132.12%； 研发投入4.82亿元，同比增长53.81%，研发投入占营收比例为13.53%。 2025年第一季度公司实现营收10.98亿元，同比增长47.86%；归母净利 润4.10亿元，同比增长34.13%；扣非归母净利润3.96亿元 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 祥生医疗(688358) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary] 2024 年年报和 2025 年一季报，2024 年公司实现营业收入 4.69 亿元（yoy-3.13%），归母净利润 1.41 亿元（yoy-4.08%），扣非归母 净利润 1.27 亿元（yoy -7.36%），经营活动产生的现金流量净额 1.41 亿元 （yoy +63.76%）。2025Q1 公司营业收入 1.28 亿元（yoy -9.16%），归母 净利润 4161 万元（yoy-8.62%）。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 境外营收下滑 4%，产品结构调整，毛利率保持稳定。2024 年公司保持 在小型超声 ...

业绩简评 2025 年 4 月 27 日公司披露 24 年报，24 年实现营收 12.22 亿元， 同比增长 20.98%，市场份额稳居本土 EDA 企业首位；归母净利润 1.09 亿元，同比下降 45.46%；扣非归母净利润亏损 0.57 亿元。 单 Q4 公司实现营收 4.79 亿元，同比增长 29.13%；实现归母净利 润 0.51 亿元，同比增长 73.71%。 分业务来看，24 年公司 EDA 软件销售营收为 10.92 亿元，同比增 长 20.71%；技术服务业务营收为 1.15 亿元，同比增长 40.01%； 硬件、代理软件销售及其他收入 0.15 亿元，同比下降 35.71%。公 司境外收入占比为 4.72%，收入同比下降 13.32%。 成本费用方面，24 年公司毛利率为 93.31%，较上年同期下降 0.48pct。公司剔除股份支付费用后的销售/管理/研发费用率分别 为 16.31%/12.05%/60.79% ， 分 别 同 比 下 降 0.03pct/0.57pct/6.61pct。截至 24 年末公司共有员工 1,202 人， 同比增加 17.50%，其中销售/技术人员同比增长 17 ...

业绩简评 2025 年 4 月 25 日公司披露 24 年年报及 25 年一季报，2024 年公 司实现营收 272 亿元，同比下降 3.4%；实现归母净利润 3.46 亿 元，同比下降 8.1%。2025 年一季度公司实现收入 77.0 亿元，同 比增长 51.8%，实现归母净利润 3.0 亿元，同比下降 0.7%。 经营分析 风机制造及发电业务盈利承压，电站销售转让保持增长：2024 年 公司风机及相关配件销售实现收入 208.3 亿元，同比下降 12.4%， 实现毛利率-0.46%，同比下降 3.6%，预计主要受海风推进受阻， 交付不及预期影响，2025 年公司前期中标的广东多个重要海风项 目陆续开始施工，项目确收有望逐步加速。发电收入同比增长 15.4%，但毛利率同比下降 5.86pct 至 57.1%，预计主要受部分地 区新能源市场化交易推进，上网电价有一定下降影响。电站销售转 让保持增长，2024 年公司电站产品销售实现收入约 27.9 亿元，同 比+34.2%，毛利率同比提升 12.2pct 至 43.2%，同时实现投资收益 11.6 亿元，同比提升 38%。 Q1 交付加速，规模效应体现明显： ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 风险提示：市场需求风险、原材料价格风险、汇率波动风险、行业竞争风险、项目 执行风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,325 | 3,780 | 5,339 | 7,004 | 8,482 | | 增长率 yoy（%） | -15.3 | -12.6 | 41.3 | 31.2 | 21.1 | | 归母净利润（百万元） | 425 | 474 | 898 | 1,181 | 1,514 | | 增长率 yoy（%） | -5.6 | 11.5 | 89.5 | 31.6 | 28.2 | | EPS 最新摊薄（元/股） | 0.67 | 0.74 | 1.41 | 1.85 | 2.37 | | 净资产收益率（%） | 6.1 | 6.5 | 11.1 | 12.9 | 14.4 | | P/E（倍） | 41.2 | 36.9 | 19.5 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][16] Core Views - The company is a leading provider of digital transformation and smart manufacturing integration planning services in China, expected to benefit from downstream economic recovery and overseas opportunities. The acceleration of AI commercialization is anticipated to open new growth avenues [4][6][7] - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, estimating net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][9] Financial Performance - In 2024, the company achieved operating revenue of 2.331 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to the parent company of 156 million yuan, up 3.59% year-on-year [5][9] - For Q1 2025, the company reported operating revenue of 423 million yuan, a year-on-year increase of 4.33%, with a net profit attributable to the parent company of -8.33 million yuan, reflecting a 14.04% year-on-year growth [5][9] AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year growth in AI business revenue in Taiwan in 2024. The introduction of AI technology in its PLM product has resulted in a 30% increase in average transaction value for R&D and design services [6][7] - The company has seen a 57.54% year-on-year increase in net profit in Taiwan for 2024, and a narrowing of non-GAAP net profit loss by 31.92% in Q1 2025 [6][7] Regional Performance - In Q1 2025, the company reported operating revenue of 175 million yuan in mainland China, a year-on-year increase of 6.46%, supported by the expansion of industry solutions [7] - The company has enhanced its localized service capabilities in Southeast Asia, achieving a 33% year-on-year increase in signed contracts [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is leveraging AI to reshape its core business, aiming for high-quality development in technology marketing [1] - The company reported a total revenue of 14.2577 billion yuan in Q1 2025, a year-on-year decrease of 9.66%, while net profit attributable to shareholders was 95.5 million yuan, an increase of 16% year-on-year [4][5] - The company is expected to achieve AI-driven revenue of 30 to 50 billion yuan in 2025, with a long-term goal of exceeding 100 billion yuan [5][6] Summary by Sections Market Performance - The company’s stock price is currently at 8.27 yuan, with a total market capitalization of 20.9 billion yuan [1] Business Overview - The company’s revenue structure includes significant contributions from gaming, e-commerce, and internet applications, with respective revenues of 26.14 billion, 18.17 billion, and 9.44 billion yuan in 2024 [4] - The company is focusing on expanding into high-value markets in Europe, Southeast Asia, and Latin America to mitigate external impacts from trade disputes [4] AI Strategy - The company has developed its own AI platform, BlueAI, and aims to create around 1,500 AI-driven intelligent entities by 2024 [5] - The company has partnered with global AI-driven advertising platforms and plans to restart AI investments to enhance its marketing capabilities [6][7] Financial Forecast - Revenue projections for 2025 to 2027 are 65.037 billion, 70.418 billion, and 76.250 billion yuan respectively, with net profits expected to be 459 million, 570 million, and 713 million yuan [8][10] - The company anticipates a significant increase in earnings per share (EPS) from 0.18 yuan in 2025 to 0.28 yuan in 2027 [8][10]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company is focusing on increasing content and R&D investments to drive new growth momentum, with a significant emphasis on innovative content production and technology integration [4][5]. - The company aims to enhance its international presence through the "Mango Going Global Three-Year Action Plan" and the development of an AI-driven interactive platform [6][7]. - The financial forecast indicates a gradual recovery in revenue and net profit from 2025 to 2027, with expected revenues of 154.67 billion, 168.59 billion, and 182.58 billion respectively, and net profits of 16.07 billion, 19.92 billion, and 24.62 billion [10][12]. Summary by Sections Company Overview - The company is a leading player in the media industry, continuously innovating in content production, with a strong focus on self-produced content and a comprehensive media ecosystem [4]. Financial Performance - In 2024, the company's new media interactive entertainment content production and copyright costs reached 810 million, up 17% year-on-year. The internet video business costs were 6.2855 billion, an increase of 8.46% year-on-year [5]. - The first quarter of 2025 saw a year-on-year decline in revenue and net profit of 12.76% and 19.8% respectively, primarily due to a contraction in traditional TV shopping business and increased content investment [5]. Growth Strategy - The company is leveraging AI technology through the establishment of the "Shanhai Research Institute" and the development of its own AI model to enhance content innovation and production efficiency [7]. - The company is also exploring new business models, including e-commerce through its "Xiaomang E-commerce" platform, which achieved an annual GMV of 161 million in 2024, with a compound growth rate of 125% over four years [9]. Profitability Forecast - The report projects a gradual increase in earnings per share (EPS) from 0.86 in 2025 to 1.32 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 29.9 to 19.5 [10][12].