证券研究报告：食品饮料|公司点评报告 个股表现 -30% -26% -22% -18% -14% -10% -6% -2% 2% 6% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 安井食品 食品饮料 资料来源：聚源，中邮证券研究所 发布时间：2025-05-06 股票投资评级 买入|维持 公司基本情况 | 最新收盘价（元） | 76.30 | | --- | --- | | 总股本/流通股本（亿股）2.93 / 2.93 | | | 总市值/流通市值（亿元）224 / 224 | | | 52 周内最高/最低价 | 102.97 / 68.93 | | 资产负债率(%) | 23.6% | | 市盈率 | 15.02 | | 第一大股东 | 福建国力民生科技发展 | | 有限公司 | | 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 安井食品(603345) 稳守龙 ...

| 最新收盘价（元） | 1,547.00 | | --- | --- | | 总股本/流通股本（亿股）12.56 | / 12.56 | | 总市值/流通市值（亿元）19,433 | / 19,433 | | 52 周内最高/最低价 | 1,770.00 / 1,261.00 | | 资产负债率(%) | 19.0% | | 市盈率 22.54 | | | 第一大股东 | 中国贵州茅台酒厂(集 | | 团)有限责任公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 贵州茅台(600519) 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 公司基本情况 收入利润略超预期，全年有望实现稳健增长 l 投资要点 公司 2025 年一季度实现营业总收入/营业收入/归母净利润/扣 非 净 利 润 514.43/506.01/268.47/268.5 亿 元 ， 同 比 10. ...

2025 年 05 月 06 日 在手订单充足，受益于大规模设备更新 —博隆技术（603325.SH）公司事件点评报告 买入(维持) 事件 博隆技术于 2025 年 4 月 26 日发布 2024 年年度报告，2024 年营业收入实现 11.57 亿元，同比下降 5.43%；归母净利润 实现 2.97 亿元，同比增长 3.32%。于 2025 年 4 月 26 日发布 2025 年第一季度报告，2025 年第一季度营业收入实现 3.28 亿元，同比增长 131.09%，归母净利润实现 1.04 亿元，同比 增长 270.28%。 投资要点 ▌石化产业转型升级提速，公司受益设备更新换代 石化及新材料产业持续向智能化、环保化转型升级，国家政 策大力支持高端装备国产替代和产业链自主可控。2024 年至 2025 年，裕龙岛炼化一体化、宝丰烯烃、岳阳石化等多个大 型项目密集投产或招标，带动聚烯烃物料输送与处理装备需 求增长。与此同时，随着国家"大规模设备更新"政策的推 进，大量上世纪八九十年代投产的石化装置进入更新周期。 博隆技术深耕聚烯烃气力输送系统与智能化粉粒体物料处理 领域，凭借高效、低损耗、环保的技术优势，有 ...

Investment Rating - The investment rating for the company is "Buy" [15] Core Views - The company is expected to achieve total operating revenue of 36.01 billion yuan in 2024, representing a year-on-year growth of 12.79%. The net profit attributable to shareholders is projected to be 12.24 billion yuan, with a growth rate of 17.29% [3][9] - The company is focusing on enhancing channel management capabilities and accelerating market response through organizational restructuring, which is expected to improve performance in 2024 and beyond [9] Financial Performance Summary - For 2024, the company anticipates a gross margin of 76.2% and a net profit margin of 34%, with respective year-on-year increases of 0.9 and 1.31 percentage points [3] - The company achieved a total revenue of 4.65 billion yuan in Q4 2024, which is a decrease of 10.24% year-on-year, with a net profit of 893 million yuan, down 11.32% [4] - The company expects to see revenue growth in both high-end and other liquor categories, with projected revenues of 26.53 billion yuan and 9.34 billion yuan respectively for 2024 [5] Earnings Forecast - The company forecasts revenues of 39.68 billion yuan, 43.78 billion yuan, and 50.48 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.17%, 10.34%, and 15.32% [11] - The projected net profit for the same years is 13.51 billion yuan, 14.94 billion yuan, and 17.45 billion yuan, with growth rates of 10.32%, 10.63%, and 16.76% [11][12]

Investment Rating - The investment rating for the company is "Buy" and maintained [1] Core Views - The company reported a total revenue of 115.78 billion yuan in 2024, a decrease of 8.24% year-on-year, with a net profit attributable to shareholders of 8.45 billion yuan, down 18.94% year-on-year [4][9] - The company expects to achieve a total revenue of 119 billion yuan in 2025, with a projected net profit of 12.6 billion yuan, indicating a significant recovery [9] Company Overview - The latest closing price of the company's stock is 29.76 yuan, with a total market capitalization of 189.4 billion yuan [3] - The company has a total share capital of 6.366 billion shares, with a debt-to-asset ratio of 62.9% and a price-to-earnings ratio of 22.38 [3] Financial Performance - In Q1 2025, the company achieved total revenue of 33.018 billion yuan, a year-on-year increase of 1.35%, with a net profit of 4.874 billion yuan, down 17.71% year-on-year [7] - The gross profit margin for Q1 2025 was 37.82%, an increase of 1.8 percentage points year-on-year, driven by a decrease in raw milk prices and growth in high-margin products [7] Revenue Breakdown - In 2024, revenue from liquid milk, milk powder and dairy products, cold drinks, and other products was 75.003 billion yuan, 29.675 billion yuan, 8.721 billion yuan, and 0.722 billion yuan respectively, with liquid milk experiencing a decline of 12.32% [6] - The company reported a decrease in the number of distributors to 17,273, down 2,224 year-on-year [6] Dividend Policy - The company maintained a high dividend payout ratio of 91.4% in 2024, an increase of 18.15 percentage points year-on-year, with a total dividend amount of 7.726 billion yuan [8] Earnings Forecast - The company forecasts revenue growth of 5.41% in 2025, with net profit expected to grow by 33.02% [9] - The projected earnings per share (EPS) for 2025 is 1.77 yuan, with a price-to-earnings ratio (P/E) of 17 times [9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [9]. Core Views - The company achieved a total revenue of 2.395 billion yuan in 2024, representing a year-on-year growth of 6.27%, while the net profit attributable to shareholders decreased by 45.21% to 139 million yuan [1]. - The introduction of the MCP (Model Context Protocol) is expected to enhance the efficiency of AI scene construction in enterprise digitalization, facilitating seamless integration of various business systems without the need for customized development [1]. - The company has seen significant growth in its AI vertical market, with a 35% increase in customer orders in the PCB and semiconductor sectors, driven by the integration of AI technology and high-end market positioning [1]. - The company reported a 16.65% increase in total orders in 2024, with the total number of customers exceeding 1,120, marking a 22.87% year-on-year growth [1]. Financial Summary - The total revenue for 2023 was 2.254 billion yuan, with projections of 2.750 billion yuan for 2025 and 3.710 billion yuan for 2027, reflecting a compound annual growth rate (CAGR) of 16.7% from 2024 to 2027 [2]. - The net profit attributable to shareholders is expected to recover to 204 million yuan in 2025, with further growth to 287 million yuan by 2027 [2]. - The gross margin is projected to stabilize around 30.4% to 30.7% from 2025 to 2027, while the return on equity (ROE) is expected to improve from 5.2% in 2024 to 8.6% in 2027 [2]. Earnings Forecast - The company is anticipated to have earnings per share (EPS) of 0.50 yuan in 2025, increasing to 0.70 yuan by 2027, with corresponding price-to-earnings (P/E) ratios of 64.69 and 46.03 respectively [3].

2025 年 05 月 06 日 业绩符合预期，激光+超导静待放量 买入(维持) 事件 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn | 基本数据 | 2025-04-30 | | --- | --- | | 当前股价（元） | 54.04 | | 总市值（亿元） | 245 | | 总股本（百万股） | 454 | | 流通股本（百万股） | 454 | | 52 周价格范围（元） | 22.05-66.45 | | 日均成交额（百万元） | 620.81 | 市场表现 -50 0 50 100 150 (%) 联创光电 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《联创光电（600363）：前三季 度经营稳健，激光+超导助力成长》 2024-11-22 2、《联创光电（600363）：上半年 业绩稳健，聚焦新兴业务成长》 2024-08-30 3、《联创光电（600363）：业绩符 合 预 期 ， 激 光 + 超 导 成 长 可 期 》 2024-04-25 —联创光电（600363.SH）公司事件点评报告 公司于 2025 年 4 月 29 日公布 20 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of RMB 22.28 and a sector rating of outperforming the market [1]. Core Views - The company is a leading player in the domestic phosphate fertilizer industry, possessing significant upstream resources in phosphate rock and coal, which provides a clear integrated advantage. Continuous reforms have optimized operating expenses, and long-term profitability is expected to remain at a high level, with dividends anticipated to be sustained at elevated levels. This is the first coverage of the company, leading to the "Buy" rating [3][5]. Summary by Sections Financial Performance - The company is projected to achieve net profits of RMB 5.55 billion, RMB 5.76 billion, and RMB 5.83 billion for the years 2025 to 2027, with corresponding EPS of RMB 3.02, RMB 3.14, and RMB 3.18, leading to PE ratios of 7.4x, 7.1x, and 7.0x respectively [5]. - For 2024, the company expects a revenue decline of 10.89% to RMB 61.54 billion, while net profit is projected to increase by 17.93% to RMB 5.33 billion. The dividend payout ratio is expected to be 47.86% in 2024 [7][8]. Business Overview - The company has a phosphate rock production capacity of 14.5 million tons per year and coal mining capacity of 4 million tons per year, with a total fertilizer production capacity of 10 million tons per year. The company holds a leading market share in phosphate rock reserves and production [8][30]. - The company’s revenue is primarily derived from its fertilizer and logistics businesses, with fertilizer contributing significantly to gross profit. In 2024, fertilizer and logistics revenues are expected to be RMB 26.99 billion and RMB 25.58 billion, respectively [32][36]. Market Position and Industry Outlook - The company is positioned as a domestic leader in phosphate fertilizers, with a market share of approximately 19.16% in P2O5 production. The phosphate fertilizer market is expected to maintain stable growth, supported by robust demand from the agricultural sector and increasing consumption in new energy applications [8][12][54]. - The report highlights that the domestic phosphate rock market is experiencing a slight decrease in effective production capacity, while demand is expected to grow due to the development of new energy sectors [54][55]. Dividend Policy - The company has a strong commitment to shareholder returns, with a planned cash dividend payout ratio of no less than 45% of the distributable net profit for the years 2024 to 2026. The cash dividends for 2022, 2023, and 2024 were RMB 1.83 billion, RMB 1.82 billion, and RMB 2.55 billion, respectively [49].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported Q1 2025 revenue of 10.821 billion yuan, with a year-on-year increase of 124.02%. The net profit attributable to shareholders reached 215 million yuan, reflecting a staggering growth of 3344.13% [5] - The gross margin for Q1 2025 was 11.02%, an increase of 1.24 percentage points year-on-year, while the net profit margin was 1.99%, up by 1.86 percentage points [5] - The company has launched a new stock incentive plan for 2025, aiming for significant net profit growth targets over the next four years [7] - The revenue forecast for 2025-2027 is adjusted to 52.567 billion yuan, 63.522 billion yuan, and 72.402 billion yuan, respectively, with corresponding net profit estimates of 744 million yuan, 985 million yuan, and 1.185 billion yuan [8] Financial Performance Summary - Q1 2025 revenue from the snack wholesale business was 10.688 billion yuan, with a net profit of 412 million yuan, achieving a record net profit margin of 3.85% [6] - The company’s total assets are projected to grow from 72.53 billion yuan in 2024 to 230.06 billion yuan by 2027, indicating strong growth potential [12] - The earnings per share (EPS) for 2025 is forecasted at 4.13 yuan, with a price-to-earnings (P/E) ratio of 39.88 [11][12]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company has shown consistent growth, with a year-on-year revenue increase of 12.70% in 2024 and a net profit growth of 5.10% [6][7] - The household photovoltaic segment continues to grow, enhancing the brand's international influence [3][6] - The company is expanding its global market presence, achieving significant revenue growth in overseas markets [6][7] Financial Summary - Revenue projections for 2025 are set at RMB 67.23 billion, with a growth rate of 4.2% [5][12] - The adjusted earnings per share (EPS) for 2025 is forecasted at RMB 2.15, reflecting a decrease of 10.8% from previous estimates [5][12] - The company’s EBITDA is projected to reach RMB 11.15 billion in 2025, with a corresponding EV/EBITDA ratio of 7.5 [5][12] - The net profit for 2025 is expected to be RMB 4.63 billion, representing a growth rate of 19.4% [5][12] Market Performance - The company's stock price is currently at RMB 22.27, with a market capitalization of RMB 47.86 billion [1][3] - The stock has shown a relative performance of 2.2% over the past 12 months compared to the Shanghai Composite Index [2][3] Business Segments - The low-voltage electrical segment has shown stable growth, with a revenue increase of 3.89% in 2024 [6][7] - The household photovoltaic business achieved a revenue of RMB 30.84 billion in 2024, growing by 12.96% [6][7] - The company has established a strong foothold in the North American market, leading in commercial photovoltaic inverter shipments [6][7]