Investment Rating - The report maintains an "Accumulate" rating for the company [3][11]. Core Views - The company is expected to achieve an EPS of 1.29 yuan and 1.34 yuan for 2025 and 2026 respectively, with a target price set at 25.78 yuan based on a 20X PE for 2025 [3][11]. - The company aims to leverage strategic opportunities in Beijing to enhance its core competitiveness, focusing on the renovation and upgrade of the China World Trade Center area [11]. Financial Summary - For 2024, the company reported a revenue of 39.12 billion yuan, a slight decrease of 1.05% year-on-year, while the net profit attributable to shareholders was 12.62 billion yuan, an increase of 0.25% [11][13]. - The company plans to distribute a cash dividend of 1.1 yuan per share (including tax) for 2024, resulting in a payout ratio of 88% and a dividend yield of 4.88% based on the closing price on April 23, 2025 [11]. - The revenue from property leasing and management for 2024 was 33.86 billion yuan, a marginal increase of 0.04%, with a gross margin of 66.04%, slightly down by 0.37 percentage points from 2023 [11][12]. Revenue Breakdown - In 2024, the company's rental income from various segments was as follows: office buildings (15.11 billion yuan), shopping malls (12.86 billion yuan), apartments (1.87 billion yuan), hotels (5.26 billion yuan), and others (4.02 billion yuan) [11]. - The average rental rates for 2024 were 639 yuan/sqm/month for office buildings (up 1 yuan), 1309 yuan/sqm/month for shopping malls (up 30 yuan), and 367 yuan/sqm/month for apartments (down 3 yuan) [11]. Market Data - The company's total market capitalization is 22.785 billion yuan, with a total share capital of 1,007 million shares [6]. - The stock price has fluctuated between 20.79 and 27.59 yuan over the past 52 weeks [6]. Financial Forecast - The company forecasts revenues of 40.36 billion yuan for 2025, with a slight increase in net profit to 12.98 billion yuan [5][12]. - The projected net profit margin for 2025 is expected to be around 32.2% [12]. Key Financial Ratios - The return on equity (ROE) is projected to be 12.9% for 2025, with a net asset return rate of 12.8% for 2027 [5][12]. - The company maintains a net debt ratio of -30%, indicating a strong financial position [7].

Investment Rating - The investment rating for the company is "Accumulate" [2][10] Core Views - The company achieved a net profit of 87.92 million yuan after deducting non-recurring items, representing a year-on-year growth of 23.91%. The total cash dividend proposed is 20.34 million yuan for 2023 [3][10] - The company is accelerating its modern agriculture layout by launching comprehensive solutions for cost reduction and yield increase [3][10] Financial Summary - In 2024, the company is expected to achieve operating revenue of 1.235 billion yuan, a year-on-year increase of 17.79%, and a net profit attributable to shareholders of 93.59 million yuan, a year-on-year increase of 30.81% [10] - The projected net profits for 2025, 2026, and 2027 are 157 million yuan, 200 million yuan, and 259 million yuan, respectively, with corresponding EPS of 0.54 yuan, 0.69 yuan, and 0.90 yuan [10][11] - The company’s net asset return rate is expected to increase from 5.4% in 2023 to 13.6% in 2027 [11] Business Development - The company’s revenue from domestic additives reached 358.38 million yuan, a year-on-year increase of 4.93%, while overseas additives revenue grew by 12.48% to 544.09 million yuan [10] - The modern agriculture segment achieved revenue of 206.61 million yuan, a significant year-on-year increase of 169.05% [10] - The company has successfully launched several new products in the field of biological pest control and fertilizers, enhancing market conversion efficiency [10]

2025 年 4 月 25 日 公司研究 24 年工铵及肥料量利齐升，持续拓宽上游资源布局 ——川发龙蟒（002312.SZ）2024 年报点评 要点 事件：公司发布 2024 年年报。2024 年，公司实现营收 81.78 亿元，同比增长 6.10%；实现归母净利润 5.33 亿元，同比增长 28.62%；实现扣非后归母净利润 5.11 亿元，同比增长 26.82%。2024Q4，公司单季度实现营收 21.26 亿元，同 比减少 5.87%，环比增长 4.92%；实现归母净利润 1.08 亿元，同比增长 20.96%， 环比减少 17.68%。 工铵及肥料量利齐升，24 年业绩回升。2024 年，公司肥料业务实现营收 38.61 亿元，同比小幅增长 0.3%，对应业务毛利率同比提升 2.3pct；工铵业务实现营 收 20.58 亿元，同比增长 14.7%，对应业务毛利率同比提升 6.3pct；饲料级磷 酸氢钙业务实现营收 9.06 亿元，同比增长 5.2%，对应业务毛利率同比下降 2.8pct。肥料业务毛利率的增长主要得益于公司肥料产能利用率的提升，以及新 型肥料销售占比的提升，2024 年公司肥料销售量为 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is benefiting from channel optimization and industry transformation, with a focus on enhancing its distribution network [6] - The company reported a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%, while the net profit attributable to shareholders decreased by 15.11% to 585 million yuan [6] - The company is expected to continue its high dividend payout, with a projected dividend of 263 million yuan for 2024, representing 84.21% of the net profit attributable to shareholders [6] Financial Data and Profit Forecast - Total revenue is projected to reach 9.99 billion yuan in 2025, with a year-on-year growth rate of 8.7% [5] - The net profit attributable to shareholders is expected to be 775 million yuan in 2025, reflecting a significant increase of 32.4% [5] - The company’s gross margin is forecasted to be 18.7% in 2025, with a return on equity (ROE) of 24.4% [5][6] - The company plans to achieve net profits of 945 million yuan and 1.086 billion yuan in 2026 and 2027, respectively, with corresponding price-to-earnings ratios of 10 and 8 [5][6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's revenue and profit in Q1 2025 were slightly below expectations, with revenue declining by 13.8% year-on-year and net profit down by 67.9% year-on-year due to rising costs [4][5] - The company reported a revenue of 7.131 billion yuan and a net profit of 849 million yuan for 2024, reflecting a year-on-year growth of 4.8% and 5.8% respectively [4] - The forecast for net profit for 2025-2027 is adjusted to 778 million yuan, 907 million yuan, and 1.008 billion yuan, indicating a year-on-year change of -8.5%, +16.6%, and +11.2% respectively [4] Revenue and Profitability - In 2024, the company's snack revenue grew by 4.8% year-on-year, with specific categories like seeds and nuts increasing by 2.6% and 9.7% respectively [5] - The decline in Q1 2025 revenue is attributed to a high base from the previous year and early inventory buildup for the Spring Festival [5] - The gross margin for 2024 improved to 28.78%, while the gross margin for Q1 2025 decreased to 19.5% due to rising sunflower seed prices [6] Cost and Expense Management - The company experienced an increase in raw material prices, which pressured profitability in Q1 2025 [6] - The expense ratios for sales, management, R&D, and financial costs increased slightly in 2024, with sales expenses rising significantly due to a 27% increase in advertising and promotional costs [6] Growth Potential - The company is actively exploring new product categories and expanding its distribution channels, which is expected to support steady revenue growth [7] - Despite the cost pressures from raw material prices, there is an expectation that costs may ease in the second half of 2025 [7] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 7.639 billion yuan, with a year-on-year growth of 7.1% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 15.6, 13.4, and 12.0 respectively [9]

➢ 网宿科技发布 2025 年一季度报告。2025 年 4 月 24 日，网宿科技发布 2025 年一季度报告。2025 年 Q1 实现营业收入 12.35 亿元，同比增长 10.26%；归母 净利润 1.92 亿元，同比增长 38.54%；扣非归母净利润 1.50 亿元，同比增长 52.60%。25Q1 公司销售毛利率为 30.96%，同比下降 2.35pct，我们认为主要 由于受市场竞争影响，公司服务价格波动所致。 ➢ "国内+海外"市场联动，海外业务规模持续扩大。公司在 2025 年继续推进 CDN 及边缘计算、安全两大核心业务。公司继续采取平衡收入和利润的市场策 略，在国内市场围绕技术升级和精细化运营开展工作，深耕核心客户，提升了服 务质量。公司在 2025 年继续推动全线产品出海，积极拓展"一带一路"沿线市场， 为全球化业务提供支持。例如，公司升级游戏出海安全加速解决方案，支持安全 加速一体化，为出海游戏企业提供强有力的保障；加强 SD-WAN 安全组网产品 能力，为企业构建高性价比的全球智能网络。另外，公司还积极将安全能力出海， 通过领先的 WAAP 全站防护能力，针对业务数据、经营数据等提供全生 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report shows performance exceeding expectations, driven by new product launches and overseas expansion [1] - Key customers such as Chery and Geely have seen production increases of 38% and 30% respectively, contributing to revenue growth [8] - The company has successfully secured 416 new projects, with significant growth in lightweight products and electronic components [8] Financial Summary - Total revenue for 2024 is projected at 99.37 billion yuan, a year-on-year increase of 33.0% [8] - Net profit attributable to shareholders is expected to reach 12.09 billion yuan, up 35.6% year-on-year [8] - The company anticipates revenue growth of 30% in 2025, 20% in 2026, and 19% in 2027, with net profit growth of 28%, 22%, and 21% respectively [8][9] Key Financial Metrics - The latest diluted EPS is projected at 1.99 yuan for 2025, with a P/E ratio of 22.89 [1][9] - The gross margin for 2024 is expected to be 21.14%, a decrease of 1.4 percentage points year-on-year, primarily due to the ramp-up phase of the Mexican factory [8] - The company’s operating cash flow for 2024 is projected at 1.058 billion yuan [9]

证 券 研 究 报 告 ❖ 苏试试验发布 2025 年 1 季报：2025 年 Q1 公司实现收入 4.29 亿元，同比- 2.96%；实现归母净利润 0.41 亿元，同比-2.99%；实现扣非归母净利润 0.40 亿 元，同比-1.43%。 评论： ❖ 风险提示：产能扩张进度不及预期；试验服务竞争加剧；下游景气度下降。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,026 | 2,383 | 2,733 | 3,144 | | 同比增速(%) | -4.3% | 17.6% | 14.7% | 15.1% | | 归母净利润(百万) | 229 | 308 | 379 | 461 | | 同比增速(%) | -27.0% | 34.2% | 22.8% | 21.9% | | 每股盈利(元) | 0.45 | 0.61 | 0.74 | 0.91 | | 市盈率(倍) | 39 | 29 | 23 | 19 | | 市净率(倍) ...

2025年4月24日 公司研究 本报告来源于"慧博投研",请勿外传! 要点 事件:公司发布 2024年年度报告及 2025年一季度报告,2024年公司实现营业 收入 43 亿元，同比+12%,实现归母净利润-1.59 亿元，同比+1.5 亿元;其中 Q4 单季度实现营业收入 12.8 亿元，同比+55%，环比+8.8%，实现归母净利润 -0.26 亿元，同比+0.89 亿元,环比+0.07 亿元。2025 年一季度,公司实现营业 收入 9.4 亿元,同比+25%,环比-26%;实现归母净利润-0.03 亿元，同比+0.81 亿元,环比+0.23亿元。 点评: 优化产品结构,静待行业复苏,公司业绩持续改善:2024年,国内聚羧酸减水 剂聚醚单体供需仍然偏弱,聚醚单体市场价格处于近五年历史低位。国内聚醚单 体市场新增产能较多，短期内将持续呈现产能严重过剩的局面，叠加房地产等下 游市场需求低迷，聚醚单体市场价格走低,致公司 2024 年业绩仍处于亏损。公 司及时优化产品结构,环氧乙烷、聚乙二醇等产品产销量增加,同时聚醚单体、 聚乙二醇、环氧乙烷等主要产品毛利率较 2023 年有所提升,公司 2024 年业绩 同比大 ...

公司研究 24 年全年业绩符合预期,"人眼折服"四大业务打造新增长点 ——领益智造 (002600.SZ) 跟踪报告之七 本报告来源于"慧博投研",请勿外传! 2025 年 4 月 24 日 买入(维持) 当前价: 7.69 元 作者 分析师:刘凯 执业证书编号: S0930517100002 021-52523849 kailiu@ebscn.com 分析师:何昊 执业证书编号: S0930522090002 021-52523869 hehao1@ebscn.com 市场数据 | 总股本(亿股) | 70.08 | | --- | --- | | 总市值(亿元): | 538.93 | | 一年最低/最高(元): | 4.59/11.49 | | 近３月换手率: | 187.65% | 股价相对走势 114% 83% 52% 21% -10% 07/24 10/24 01/25 04/24 领益智造 沪深300 收益表现 | WTH . PAR 0/0 | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -12.41 | -11.05 | 40.24 | | ...