上 市 公 司 家用电器 2025 年 04 月 25 日 佛山照明 (000541) —— 2024 年报及 2025 一季报点评：多领域投资并购， 持续优化产业布局 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 6.24 | | 一年内最高/最低（元） | 9.43/4.32 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 1.92 | | 流通 A 股市值（百万元） | 7,387 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"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） | 4.34 | | 资产负债率% | 39.35 | | 总股本/流通 A 股（百万） | 1,536/1,184 | | 流通 B 股/H 股（百万） | 304/- | 一年内股价与大盘对比走势： 04-25 05-25 06-25 07-25 08-25 09-25 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown impressive performance with a new growth curve driven by its overseas business [1] - In 2024, the company reported total revenue of 1146.01 billion, a year-on-year decrease of 1.31%, while net profit attributable to shareholders increased by 64.3% to 45.04 billion. For Q1 2025, revenue grew by 10.6% to 256.29 billion, and net profit rose by 48.99% to 12.82 billion [5] Summary by Sections Performance Overview - The company's feed sales reached 26.52 million tons in 2024, a year-on-year increase of approximately 9%, with market share further improving. Breakdown includes poultry feed sales of 12.65 million tons (up 12%), pig feed sales of 5.64 million tons (down 3%), and aquaculture feed sales of 5.85 million tons (up 11%). Domestic feed sales were 22.06 million tons (up 5%), while overseas sales were 2.36 million tons (up 40%) [5] Business Segments - The company maintains an advantage in its breeding and animal health segments. The breeding business generated 1.4 billion in revenue, with significant advancements in shrimp breeding and tilapia varieties. The animal health segment achieved approximately 800 million in revenue, focusing on product innovation and integration with feed products [5] Financial Projections - Revenue forecasts for 2025-2027 are adjusted to 1321.57 billion, 1485.4 billion, and 1688.58 billion respectively, with net profits projected at 49.68 billion, 60 billion, and 75.35 billion. Corresponding P/E ratios are 18, 15, and 12 [5][7]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 39.96 CNY per share [5][11]. Core Insights - The company faced performance pressure in 2024 but has shown signs of recovery in Q1 2025. The overseas and innovation businesses have become significant growth pillars, and the future development is promising, especially with the emphasis on AI [2][11]. - In 2024, the company achieved a revenue of 92.5 billion CNY, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 11.98 billion CNY, a decrease of 15.1%. However, in Q1 2025, revenue reached 18.53 billion CNY, up 4.01%, and net profit was 2.04 billion CNY, up 6.41% [11]. - The combined revenue from overseas and innovation businesses exceeded 50% of total revenue for the first time in 2024, indicating a shift in the company's growth strategy [11]. Financial Summary - The company’s projected financials show a steady increase in revenue from 89.34 billion CNY in 2023 to 117.62 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [4][12]. - Net profit is expected to recover from 11.98 billion CNY in 2024 to 17.39 billion CNY by 2027, reflecting a significant growth trajectory [4][12]. - The earnings per share (EPS) is projected to increase from 1.30 CNY in 2024 to 1.88 CNY in 2027, with a price-to-earnings (P/E) ratio of 28 times for 2025 [11][12]. Business Performance - The company's main business segments, including PBG, EBG, and SMBG, experienced revenue declines in 2024, but the overseas and innovation segments showed strong growth, with overseas revenue at 25.99 billion CNY, up 8.39%, and innovation revenue at 22.48 billion CNY, up 21.19% [11]. - The AI initiatives are expected to enhance the company's capabilities, with advancements in multi-modal algorithms and applications in various sectors such as traffic congestion diagnosis and supply chain optimization [11].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Insights - The company achieved a revenue of 2.17 billion yuan in Q1 2025, representing a year-on-year increase of 35.4% and a quarter-on-quarter decrease of 38.9% [5][6] - The net profit attributable to the parent company was 313 million yuan, up 25.7% year-on-year but down 55.4% quarter-on-quarter [5][6] - The company’s R&D expenses surged by 116.8% year-on-year, indicating a strong commitment to innovation despite pressure on profit margins [6] - The gross margin for Q1 2025 was 41.5%, a decrease of 3.4 percentage points year-on-year, primarily due to changes in accounting standards affecting warranty costs [6] - The company’s inventory and contract liabilities increased by 5.8% and 18.6% respectively compared to the end of 2024, reflecting future growth potential [6] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 11.7 billion yuan, 15.1 billion yuan, and 19.3 billion yuan, with year-on-year growth rates of 29%, 29%, and 28% respectively [6][8] - Net profit forecasts for the same period are 2.4 billion yuan, 3.3 billion yuan, and 4.3 billion yuan, with growth rates of 50%, 35%, and 32% respectively [6][8] - The corresponding price-to-earnings ratios (PE) for these years are projected to be 48 times, 36 times, and 27 times [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [11][18]. Core Views - The company's stable growth in magnetic materials provides a solid performance foundation, while the doubling of radiation protection materials showcases its competitive cost advantage in lead-free products and first-mover advantage in a blue ocean market. The acquisition of Jin Nan Magnetic Materials is expected to broaden the product range [4][11]. Financial Summary - For the fiscal year 2024, the company achieved revenue of 886 million yuan, a year-on-year increase of 14.9%, and a net profit attributable to the parent company of 145 million yuan, up 5.2% year-on-year. The fourth quarter of 2024 saw revenue of 234 million yuan, a year-on-year increase of 12.7% [5][11]. - The first quarter of 2025 reported revenue of 207 million yuan, a year-on-year increase of 8.6%, but a quarter-on-quarter decrease of 11.7% [11]. - The earnings per share (EPS) for 2025 is revised to 1.61 yuan, down from the previous estimate of 1.77 yuan, with a target price adjusted to 51.52 yuan based on a 32x PE valuation for 2025 [11]. Product Performance - The magnetic adhesive materials segment achieved production and sales of 25.41 million square meters and 24.47 million square meters, respectively, representing year-on-year increases of 12.2% and 8.6%. The electronic ceramic components segment produced and sold 1.66 billion and 1.62 billion units, respectively, with a gross margin of 32.7%, which improved by 3.5 percentage points year-on-year despite adverse raw material price conditions [11]. - The high-energy radiation protection materials segment saw production and sales of 348,000 and 344,000 square meters, respectively, reflecting year-on-year increases of 159% and 152%, with a gross margin of 55.9% [11]. Acquisition Impact - The planned acquisition of 100% equity in Jin Nan Magnetic Materials is expected to significantly enhance the company's product offerings. Jin Nan is the largest and fastest-growing manufacturer of rubber magnets globally, with annual sales exceeding 15,000 tons, capturing over 65% of the global market share [11].

上 市 公 司 机械设备 2025 年 04 月 25 日 英诺激光 (301021) ——全年业绩扭亏为盈，多业务布局打造成长空间 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 24 日 | | --- | --- | | 收盘价（元） | 27.71 | | 一年内最高/最低（元） | 41.10/13.53 | | 市净率 | 4.3 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 4,215 | | 上证指数/深证成指 | 3,297.29/9,878.32 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 6.50 | | 资产负债率% | 16.62 | | 总股本/流通 A 股（百万） | 152/152 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 01-24 0 ...

基础化工/橡胶 丰茂股份（301459.SZ） 橡胶件隐形冠军，传动系统综合供应商 2025 年 04 月 25 日 投资评级：买入（首次） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 47.86 | | 一年最高最低(元) | 73.98/31.16 | | 总市值(亿元) | 38.29 | | 流通市值(亿元) | 9.57 | | 总股本(亿股) | 0.80 | | 流通股本(亿股) | 0.20 | | 近 3 个月换手率(%) | 796.6 | 股价走势图 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 丰茂股份 沪深300 数据来源：聚源 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 国家级专精特新重点"小巨人"企业，精密橡胶件隐形冠军 丰茂股份是精密橡胶零部件国家级专精特新重点"小巨人"企业，乘用车多楔带 荣获 2022 年国家制造业单项冠军产品称号 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on significant product sales growth and steady progress in new material projects [11][22][29]. Core Insights - The company achieved a revenue of 886 million yuan in 2024, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 145 million yuan, up 5.2% year-on-year [6][18]. - The revenue from radiation protection materials doubled, significantly contributing to overall revenue growth, while the gross profit margin improved to 37.38% [7][19]. - The company is expanding its product offerings, including transparent radiation protection materials, which have broken overseas monopolies, and is developing new projects to create a second growth curve [10][11]. Financial Performance - In Q1 2025, the company reported a revenue of 207 million yuan, an increase of 8.6% year-on-year, but a decline in net profit by 16.0% year-on-year due to rising raw material costs and other operational challenges [8][20]. - The gross profit margin for Q1 2025 was 35.17%, reflecting a decrease compared to the previous year [8][19]. - The company anticipates revenues of 1.11 billion yuan, 1.48 billion yuan, and 2.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 189 million yuan, 260 million yuan, and 368 million yuan [12][22]. Segment Performance - The adsorption functional materials segment generated 600 million yuan in revenue, growing 7.0% year-on-year, while the electronic ceramic components segment saw a 19.0% increase to 153 million yuan [7][14]. - The high-energy radiation protection materials segment achieved a remarkable 112.3% growth in revenue, reaching 72 million yuan, with a gross margin of 55.9% [7][14]. - The other functional materials segment experienced a decline in revenue by 29.6%, totaling 56 million yuan, primarily due to the reclassification of high-energy radiation protection materials [7][14]. Future Outlook - The company plans to accelerate the industrialization of new projects, including MIM precision parts and high-performance magnetic powders, to capture growth in high-demand sectors such as renewable energy and smart wearables [10][11]. - The acquisition of Guangzhou Jinnan Magnetic Materials Co., Ltd. is expected to enhance the company's capabilities in the magnetic materials sector, further strengthening its product portfolio [11][22].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 90.63 CNY for the next six months [4]. Core Views - The company reported stable revenue growth in Q1 2025, with a revenue of 39.2 billion CNY, representing a year-over-year increase of 3.1% [1][2]. - The company is expected to continue leveraging its traditional strengths while rapidly growing its emerging businesses, particularly in the fields of smart electrical appliances and new energy [1][2]. - The net profit margin improved by 0.4 percentage points year-over-year in Q1, attributed to better cost control and an increase in other income [2]. Financial Performance Summary - In 2024, the company achieved a revenue of 168.3 billion CNY, up 7.2% year-over-year, and a net profit of 42.7 billion CNY, up 10.4% year-over-year [1][3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.49 CNY, 3.70 CNY, and 3.90 CNY respectively [2][3]. - The company’s revenue is expected to grow from 179.7 billion CNY in 2025 to 206.9 billion CNY in 2027, with net profit increasing from 45.1 billion CNY to 50.4 billion CNY in the same period [3][9]. Operational Insights - The company is focusing on product innovation in its electrical connection business, including the iteration of rail sockets and embedded sockets, and is accelerating its product exports [1]. - In the smart electrical lighting sector, the company aims to enhance its high-end product offerings through full-house Wi-Fi sockets and LED lighting focused on health [1]. - The new energy business is set to expedite the launch of its Tianji series products and strengthen its market position in personal charging piles [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.72 CNY, compared to the current price of 8.44 CNY [1]. Core Views - The company's performance remains stable with a positive growth trajectory, and the dividend payout ratio has increased to 34% [1]. - The company reported operating revenues of 26.64 billion CNY for 2024 and 6.56 billion CNY for Q1 2025, with year-on-year growth rates of 0.86% and -7.4% respectively [1]. - The net profit attributable to the parent company for 2024 and Q1 2025 was 12.29 billion CNY and 3.56 billion CNY, reflecting year-on-year growth of 1.2% and 0.34% respectively [1]. - The non-performing loan ratio has remained stable at 0.97% for four consecutive quarters, while the provision coverage ratio has shown a downward trend, decreasing by 13.1 percentage points to 339% in Q1 2025 [1]. Financial Performance Summary - The company achieved a total operating income of 26.64 billion CNY in 2024, with a projected decline of 3.1% in 2025, followed by growth rates of 4.9% and 5.8% in 2026 and 2027 respectively [6]. - The net profit attributable to the parent company is expected to grow at rates of 1.0%, 1.1%, and 4.0% for 2025, 2026, and 2027 respectively [6]. - The company’s total assets are projected to increase from 1,487.81 billion CNY in 2024 to 1,888.13 billion CNY by 2027 [8]. Asset Quality and Risk Management - The non-performing loan ratio is expected to remain stable at 0.97% for 2025, with a slight decrease to 0.96% in 2026 and 0.95% in 2027 [10]. - The provision coverage ratio is projected to decline from 352.34% in 2024 to 298.51% by 2027, indicating a solid risk management framework despite the downward trend [10]. Dividend Policy - The company has increased its dividend payout ratio, with a mid-year dividend rate of 33.07% for 2024, up by 3 percentage points from 2023, and an expected full-year dividend rate of 33.91% [1]. - The dividend policy is becoming more quantifiable and stable, with a focus on maintaining a steady increase in dividend payouts [1].