证券研究报告 | 公司点评报告 2025 年 05 月 06 日 百普赛斯（301080.SZ） 业绩环比持续改善，国内业务复苏明显 消费品/生物医药 目标估值：NA 当前股价：47.18 元 基础数据 | 总股本（百万股） | 120 | | --- | --- | | 已上市流通股（百万股） | 91 | | 总市值（十亿元） | 5.7 | | 流通市值（十亿元） | 4.3 | | 每股净资产（MRQ） | 21.8 | | ROE（TTM） | 5.1 | | 资产负债率 | 7.6% | | 主要股东 | 陈宜顶 | | 主要股东持股比例 | 23.53% | 股价表现 公司发布 2024 年报和 2025 一季报：2024 年实现收入 6.45 亿元、归母净利润 1.24 亿元、扣非归母净利润 1.19 亿元，同比分别增长 18.65%、-19.38%、 -15.16%。其中 2024Q4 实现收入 1.82 亿元、归母净利润 4034.24 万元、扣非 归母净利润 3557.61 万元，同比分别增长 38.50%、58.60%、122.31%。2025Q1 实现收入 1.86 亿元、归母净利润 ...

上 市 公 司 公用事业 2025 年 05 月 06 日 国投电力 (600886) ——水电高发 Q1 业绩稳健 火电量价短期承压 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 06 日 | | --- | --- | | 收盘价（元） | 14.91 | | 一年内最高/最低（元） | 19.21/13.72 | | 市净率 | 1.8 | | 息率（分红/股价） | 3.32 | | 流通 A 股市值（百万元） | 111,142 | | 上证指数/深证成指 | 3,316.11/10,082.34 | | 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） | 8.17 | | 资产负债率% | 61.26 | | 总股本/流通 A 股（百万） | 8,004/7,454 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-06 06-06 07-06 08-06 09-06 10-06 11-06 12-06 01-06 ...

AI-COP 再升级，智能体加速需求释放 致远互联(688369) ——2024 年年报与 2025 年 1 季报点评 股票研究 /[Table_Date] 2025.04.27 2025-05-06 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级： 优于大市 [Table_Target] 目标价格： 35.27 [Table_CurPrice] 当前价格： 27.30 [Table_Market] 交易数据 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -21% 20% 44% 相对指数 -18% 18% 36% 2024-04 2024-08 2024-12 2025-04 证 券 研 究 请务必阅读正文之后的免责条款部分 股 票 本报告导读： 公司 AI-COP 持续升级，新推出智能体产品线 CoMi，有望加速客户应用 AI Agent 需 求释放，在智能化、信创化发展机遇下，公司业绩有望逐步改善。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 20 ...

Investment Rating - The investment rating for Mindray Medical (300760) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth in international markets and product advancements [1][2]. Core Insights - The report highlights that Mindray Medical achieved a revenue of 36.726 billion yuan in 2024, representing a year-over-year growth of 5.14%. The net profit attributable to the parent company was 11.668 billion yuan, with a slight increase of 0.74% [1]. - The domestic market faced challenges due to weak hospital procurement demand, while international markets benefited from localization efforts and high-end breakthroughs, leading to a 21.28% increase in international revenue [2]. - The IVD (In Vitro Diagnostics) segment remains a key growth driver, with a revenue increase of 10.82% in 2024, and significant international growth exceeding 30% [2][3]. Summary by Sections Financial Performance - In 2024, Mindray Medical's total revenue was 36.726 billion yuan, with a net profit of 11.668 billion yuan. The first quarter of 2025 saw a revenue of 8.237 billion yuan, down 12.12% year-over-year, and a net profit of 2.629 billion yuan, down 16.81% [1][2]. - The projected revenues for 2025-2027 are 40.422 billion yuan, 45.799 billion yuan, and 52.473 billion yuan, with corresponding growth rates of 10.1%, 13.3%, and 14.6% [5]. Business Segments - The IVD business generated 13.765 billion yuan in 2024, marking a 10.82% increase and solidifying its position as the largest business segment. International IVD revenue grew over 30% [2][3]. - The medical imaging segment achieved a revenue of 7.498 billion yuan in 2024, with international growth exceeding 15% [2]. - The life information and support segment faced a decline of 11.11% in revenue, but international markets showed double-digit growth due to high-end customer breakthroughs [2]. Market Dynamics - The report indicates that the domestic market is under pressure, but the international market is thriving due to localization and high-end product breakthroughs, with Asia-Pacific and European regions showing growth rates of 40% and 30%, respectively [2]. - The integration of AI technology across all business lines is expected to enhance competitiveness and market share, with significant advancements in IVD, medical imaging, and life information segments [2][3].

证券研究报告|电子 [Table_Title] 2024Q4 营收规模超百亿，先进封装盈利能 力有望提升 投资要点: ⚫ 2024Q4 单季度营收超百亿，再创单季度营收新高：2024 年第四季度， 营收方面，公司实现单季度营业收入 109.84 亿元，同比+18.99%，环比 +15.73%；毛利率方面，2024Q4 单季度毛利率为 13.34%，同比+0.17pct， 环比+1.11pct；营收再创单季度历史新高，毛利率有所提升，主要系下 游需求持续复苏，产能利用率提升。期间费用方面，2024Q4 销售费用 率 / 管 理 费 用 率 / 研 发 费 用 率 / 财 务 费 用 率 分 别 为 0.60%/3.58%/4.43%/0.32%，同比分别+0.05pct/+1.25pct/+0.55pct/- 0.93pct，期间费用整体同比+0.92pct；净利率方面，2024Q4 单季度净 利率为 4.93%，同比-0.45pct，环比+0.15pct，毛利率上升但净利率下 降，主要系费用率增长所致。归母净利润方面，2024Q4 公司实现归母 净利润 5.33 亿元，同比+7.28%，环比+16.63%。现 ...

采浆量稳健增长，控费水平提升 3 月 29 日，公司发布 2024 年年报。2024 年，公司实现总营业收入 60.32 亿元（+16.44%）；实现归母净利润 15.49 亿元（+39.58%）。 4 月 26 日，公司发布 2025 年一季报。2025Q1，公司实现总营业收入 13.18 亿元（+7.84%）,实现归母净利润 2.44 亿元（-22.90%），主要是 因为产品价格下降减少的利润大于销量增长增加的利润。 投资要点: 浆站和采浆量：公司下属成都蓉生以 1.85 亿美元总金额完成中原瑞德 100%股权的收购，公司新增一家血液制品生产企业，新增 5 个在营单采 血浆站，年采浆量增加百余吨。截至 2024 年，公司下属单采血浆站分 布于全国 16 个省/自治区，单采血浆站总数达 107 家，其中在营单采血 浆站数量达 85 家，实现血浆采集 2,781 吨（+15.15%），保持国内行业 占比约 20%。浆站数量和血浆采集规模均持续保持国内领先。 血制品收入：截至 2024 年，公司共计拥有人血白蛋白、人免疫球蛋白、 人凝血因子等三大类、15 个品种、90 个血液制品生产文号，公司下辖 成都蓉生、兰 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance is under short-term pressure, with a significant decline in revenue and net profit, but the effectiveness of its AI strategy is gradually becoming evident [2][4] - In 2024, the company achieved revenue of 847 million, a year-on-year decrease of 18.97%, and a net profit attributable to the parent company of -236 million, with a worsening loss margin [2][3] - The company is increasing its R&D investment, with R&D expenses accounting for 25.15% of revenue, up by 2.48 percentage points from the previous year, despite a decline in gross margin from 68.44% to 64.22% [2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 847 million, down 19.0% year-on-year, and a net profit of -236 million, reflecting a 371.0% increase in losses compared to the previous year [3] - The gross margin decreased to 64.2% in 2024 from 68.4% in 2023, while the return on equity (ROE) fell to -22.5% [3] Business Development - The company has seen an 8.7% increase in enterprise orders, with contracts over one million growing by 27.2% [2] - The company launched new product versions based on its V8 and V5 platforms, enhancing efficiency and expanding capabilities in various sectors [2][4] International Expansion - The company achieved a 45.8% increase in overseas revenue in 2024, with significant contracts established in regions like Hong Kong and the Middle East [2][4] Future Projections - EPS is projected to be -0.91 in 2025, -0.26 in 2026, and 0.14 in 2027, with a corresponding P/E ratio of 218.43 in 2027 [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9] Core Insights - The company demonstrated strong performance in 2024, with revenue reaching 1.182 billion yuan, a year-on-year increase of 22.37%, and net profit attributable to shareholders of 157 million yuan, up 35.44% [5][8] - The growth was driven by significant increases in membership store channels and online e-commerce, with online revenue growing by 204.33% year-on-year [6] - The company is expected to continue its growth trajectory, with projected revenues of 1.501 billion yuan in 2025, representing a 26.97% increase [8] Financial Performance Summary - In Q4 2024, the company achieved revenue of 296 million yuan, a 42.92% increase year-on-year, and net profit of 36 million yuan, up 257.97% [5] - For Q1 2025, revenue was 383 million yuan, a 39.23% increase year-on-year, with net profit of 50 million yuan, up 16.25% [5] - The company’s gross margin for 2024 was 28.97%, with a net profit margin of 13.31% [7] Revenue Breakdown - In 2024, revenue from various product categories included 785 million yuan from chicken feet, 93 million yuan from skin products, and 48 million yuan from chicken wings, with notable growth in chicken wings at 23.76% [6] - Online and offline channels generated revenues of 680 million yuan and 1.104 billion yuan respectively, with online sales growing significantly [6] Profitability Forecast - The company is projected to achieve net profits of 197 million yuan in 2025, 231 million yuan in 2026, and 261 million yuan in 2027, with corresponding growth rates of 25.49%, 17.16%, and 13.01% [8][11]

证券研究报告：食品饮料|公司点评报告 发布时间：2025-05-06 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） | 12.91 | | --- | --- | | 总股本/流通股本（亿股）4.51 / 3.04 | | | 总市值/流通市值（亿元）58 / 39 | | | 52 周内最高/最低价 | 15.13 / 10.19 | | 资产负债率(%) | 34.0% | | 市盈率 | 19.71 | | 第一大股东 | 周劲松 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 劲仔食品(003000) 大单品壁垒稳固，静待新渠道潜力释放 ⚫ 事件 公司 2025 年 Q1 实现营业收入/归母净利润/扣非净利润 5.95/0.68/0.53 亿元，同比 10.27%/-8.21%/-8.61%。 ⚫ 投资要点 ⚫ 风险提示： 食品安全风险；市场竞争加剧风险；原材料价格波动风 ...

2025 年 05 月 06 日 公司点评 增持/下调 今世缘(603369) 目标价: 53.64 昨收盘:47.40 今世缘：2024 年稳健收官，2025 年顺利实现开门红 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/5/6 24/7/16 24/9/25 24/12/5 25/2/14 25/4/26 ◼ 股票数据 | 总股本/流通(亿股) | 12.47/12.47 | | --- | --- | | 总市值/流通(亿元) | 590.98/590.98 | | 12 个月内最高/最低价 | 59.38/35.35 | | (元) | | 相关研究报告 <<今世缘：三季度业绩符合预期，产 品结构势能延续>>--2024-11-01 <<今世缘：业绩符合预期，后百亿时 代稳中有进>>--2024-08-19 <<今世缘：一季度开门红顺利收官， 开启后百亿征程>>--2024-05-05 多产品稳健增长，省内持续深耕省外快速渗透。分产品，2024 年公 司特 A+/特 A/A/B/C&D 分别实现营收 74.91/33.47/4.19/1.42/0.74 亿 元，同比 ...