鼎阳科技（688112.SH）2024 年年报&2025 年一季报点评 高端突破稳盈利，研发销售双轮赋能升级 2025 年 04 月 25 日 ➢ 鼎阳科技发布 2024 年年报和 2025 年一季报。2025 年 4 月 23 日，公司 发布 2024 年年报和 2025 年一季报。2024 年实现收入 4.97 亿元，同比增长 2.93%；归母净利润 1.12 亿元，同比下降 27.79%；扣非净利润 1.10 亿元，同 比下降 28.87%，主要系公司持续增加研发投入、提高市场推广力度导致费用增 长，汇率波动导致汇兑损失增加，2024 年内确认的政府补助减少所致。1Q25 实 现收入 1.32 亿元，同比增长 26.93%；归母净利润 0.41 亿元，同比增长 33.96%； 扣非净利润 0.4 亿元，同比增长 34.00%。1Q25 公司整体毛利率为 61.80%，持 续保持较高水平，净利率为 30.87%，同比提升 1.62pct。由于公司高端产品毛 利率较高，高端产品营业收入的高速增长进一步加强了公司整体的盈利能力。 ➢ 高端化发展战略持续推进，公司产品结构持续优化。2024 年，公司四大主 力产 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [9][25]. Core Views - The company reported a revenue of 370 million yuan in Q1 2025, reflecting a year-on-year increase of 4.45%, while the net profit attributable to shareholders decreased by 6.13% to 37 million yuan [2][9]. - The report highlights a continued improvement in same-store sales and stable operational progress, with expectations for gradual improvement in the company's fundamentals throughout the year [9][10]. Financial Performance Summary - **Revenue Forecasts**: The total revenue is projected to grow from 1,671 million yuan in 2024 to 1,844 million yuan in 2025, representing a growth rate of 10.3% [4][10]. - **Net Profit Forecasts**: The net profit attributable to shareholders is expected to decline from 277 million yuan in 2024 to 255 million yuan in 2025, with a year-on-year decrease of 7.9% [4][10]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.06 yuan in 2025, adjusted from previous estimates due to share buyback impacts [9][10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to be 18 for 2025, decreasing to 15 by 2027, while the price-to-book (P/B) ratio is expected to remain around 2 [4][10]. Operational Insights - The company experienced a net increase of 501 stores, bringing the total to 5,644, despite closing three existing stores [9][10]. - The report notes a double-digit growth in the group meal business, with a 11.7% year-on-year increase in revenue for Q1 2025 [9][10]. - The company’s gross margin for Q1 2025 was recorded at 25.5%, a slight decrease of 0.4 percentage points year-on-year, attributed to depreciation from new factory operations [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance exceeded market expectations, with revenue of 73 million yuan, a year-on-year increase of 34.8%, and a return to profitability with a net profit of 22 million yuan [1][3] - The demand in specialized fields is expected to drive rapid revenue growth in 2025, supported by the completion of multiple chip products in 2024 and increased investment in satellite internet markets [8] - The decline in expense ratios has improved profitability, with a gross margin of 87.4% and a net margin increase of 41.47 percentage points year-on-year in Q1 2025 [8] - The company has completed the development of multiple product models in 2024, positioning itself well for growth in 2025 [8] - The company is focused on high-end specialty chips, with three key product lines expected to benefit from accelerating demand in downstream sectors such as satellites and radar [8] - The report forecasts net profits for 2025-2027 at 122 million, 180 million, and 271 million yuan respectively, with corresponding P/E ratios of 76, 51, and 34 [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 449 million yuan, with a year-on-year growth rate of 48% [3] - The gross margin is expected to stabilize around 76.2% for 2025, while the net profit margin is anticipated to improve significantly [3] - The company’s R&D expenses are expected to decrease as major costs related to chip production are anticipated to lower [8]

智明达（688636.SH）2024 年年报及 2025 年一季报点评 1Q25 在手订单同比大幅增长；AI 技术落地贡献业绩 2025 年 04 月 25 日 ➢ 事件：4 月24日，公司发布2024 年报，全年实现营收4.4 亿元，YOY -33.9%； 归母净利润 0.2 亿元，YOY -79.8%。同时发布 2025 年一季报，1Q25 实现营收 0.8 亿元，YOY +64.7%；归母净利润 0.1 亿元，同比扭亏。业绩表现好于预期。 自 2024 年底以来，随客户需求大幅增加，公司订单大幅增长，1Q25 新增订单 同比大幅增长，同比创历史新高，我们点评如下： ➢ 1Q25 订单大幅增长；弹载类增速最快。1）单季度：4Q24，公司实现营收 2.3 亿元，YOY -13.1%；归母净利润 0.3 亿元，YOY -17.3%。2）利润率：2024 年，公司毛利率同比提升 1.3ppt 至 44.8%；净利率同比下滑 10.1ppt 至 4.4%。 毛利率提升但净利率下滑主要系投资收益、营业外收支等科目影响所致。3）订 单：截至 4Q24 末，公司在手订单（含口头）4.3 亿元，同比增加 7%；截至 1Q ...

➢ 期间费用率总体稳定；回款节奏影响经营现金流。2024 年公司期间费用同 比减少 7.7%至 4.9 亿元，期间费用率同比增加 2.9ppt 至 17.7%，具体看，1） 销售费用率同比增加 0.1ppt 至 2.1%；2）管理费用率同比增加 2.7ppt 至 8.9%； 3）财务费用率为-0.5%，去年同期为-0.6%；4）研发费用率同比增加 0.03ppt 至 7.2%。截至 1Q25 末，公司：1）应收账款及票据 45.8 亿元，较年初减少 1.6%； 2）存货 5.3 亿元，较年初减少 1.9%。2024 年，公司经营活动净现金流为-5.5 亿元，2023 年为 2.0 亿元，主要系回款影响。 ➢ 投资建议：公司是行业导航控制和弹药信息化核心标的，布局导航与控制、 军事通信、智能集成连接产业，把握智能化、无人化发展趋势。同时公司持续加 大降本增效力度，推动提升经营韧性。我们预计，公司 2025~2027 年归母净利 润分别是 2.61 亿元、3.84 亿元、5.05 亿元，当前股价对应 2025~2027 年 PE 分别是 64x/43x/33x。我们考虑到公司在行业的龙头地位，维持"推荐"评级。 ...

证券研究报告·公司点评报告·电网设备 国网英大（600517） 2024 年年报点评："金融+制造"双主业并行 发展，全年业绩符合预期 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,895 | 11,288 | 11,731 | 12,046 | 12,332 | | 同比（%） | 0.32% | 3.60% | 3.92% | 2.68% | 2.38% | | 归母净利润（百万元） | 1,364 | 1,574 | 1,707 | 1,805 | 1,905 | | 同比（%） | 27.63% | 15.39% | 8.45% | 5.73% | 5.56% | | EPS-最新摊薄（元/股） | 0.24 | 0.28 | 0.30 | 0.32 | 0.33 | | P/E（现价&最新摊薄） | 20.37 | 17.65 | 16.28 | 15.40 | 14.59 | [Table_T ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The supply and demand for metallic chromium are tightening, leading to price increases, which is expected to benefit the chromium salt industry [4][5] - The company is well-positioned to benefit from the structural changes in the chromium salt industry due to its comprehensive coverage of the chromium salt supply chain [7][10] Summary by Sections Market Performance - As of April 24, 2025, the company's stock has outperformed the CSI 300 index with a 1-month increase of 13.8%, a 3-month increase of 66.3%, and a 12-month increase of 100.5% [3] Industry Dynamics - The global production capacity of metallic chromium is currently between 75,000 to 80,000 tons, with demand driven by sectors such as AI data centers and aerospace [4] - The average price of metallic chromium in China as of April 24, 2025, is 73,060 CNY/ton, reflecting an increase of 12,090 CNY/ton since the beginning of 2025 [5] Company Overview - The company has two major chromium salt production bases in Huangshi and Chongqing, with a production capacity of approximately 250,000 tons in 2023, expected to increase to over 350,000 tons after the completion of the Chongqing base's technical transformation [7] - The company is extending its product line to include metallic chromium, with a designed production capacity of 12,000 tons/year for chromium alloy additives by July 2024 [7] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 4.05 billion CNY, 4.985 billion CNY, and 5.667 billion CNY respectively, with corresponding net profits of 491 million CNY, 725 million CNY, and 822 million CNY [10] - The company is expected to maintain a favorable P/E ratio of 22, 15, and 13 for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [10]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][16]. Core Insights - The company achieved significant revenue and profit growth in 2024, with total revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% [5][10]. - The company's strategic focus on self-owned brands and global supply chain expansion has led to strong performance in both domestic and international markets, with notable growth in pet food and related products [6][8]. Company Overview - The latest closing price of the company's stock is 48.58 yuan, with a total market capitalization of 14.3 billion yuan [4]. - The company has a debt-to-asset ratio of 41.2% and a price-to-earnings ratio of 36.26 [4]. Financial Performance - In Q4 2024, the company reported revenue of 1.276 billion yuan, a 23.31% increase year-on-year, and a net profit of 112 million yuan, up 98.2% [5][6]. - For Q1 2025, the company achieved revenue of 1.101 billion yuan, a 25.41% increase year-on-year, and a net profit of 91 million yuan, up 62.13% [5][10]. Revenue Breakdown - Revenue from domestic operations reached 1.414 billion yuan, a 30.26% increase, while international revenue was 3.051 billion yuan, up 14.62% [6]. - The company’s product categories showed diverse growth, with pet snacks, pet food, and other pet products generating revenues of 3.132 billion yuan, 1.107 billion yuan, and 226 million yuan respectively [6]. Profitability Metrics - The company's gross margin for 2024 was 28.16%, an increase of 1.88 percentage points year-on-year, while the net profit margin was 8.82%, up 2.6 percentage points [7]. - In Q1 2025, the gross margin improved to 31.87%, reflecting a 4.03 percentage point increase year-on-year [7]. Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 5.347 billion yuan and 6.332 billion yuan respectively, representing year-on-year growth rates of 19.75% and 18.44% [10][12]. - The projected net profit for 2025 is 470 million yuan, with a growth rate of 19.46% [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue contributions from its largest customer, with inventory levels continuing to rise [7] - The company is positioned as a leader in the domestic AI chip market, with expectations of capturing significant market share due to expanding product offerings and ecosystem development [7] - The financial performance for 2024 and Q1 2025 indicates a strong upward trend in revenue and net profit, with substantial growth rates projected for the coming years [7] Financial Summary - Total revenue for 2023 is projected at 709.39 million, with a year-on-year decrease of 2.70%. For 2024, revenue is expected to increase to 1,174.46 million, reflecting a growth of 65.56% [1] - The net profit attributable to the parent company is forecasted to improve from a loss of 848.44 million in 2023 to a loss of 452.34 million in 2024, with a significant turnaround expected in 2025 with a profit of 1,313.01 million [1] - The earnings per share (EPS) is expected to transition from a loss of 2.03 in 2023 to a profit of 3.15 in 2025, indicating a strong recovery trajectory [1] - The company’s gross margin is projected to remain robust, with a slight decrease from 56.71% in 2024 to 54.99% in 2027 [8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpit, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, an increase of 1.61 percentage points year-on-year [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY, 40.081 billion CNY, and 47.846 billion CNY for the years 2025, 2026, and 2027, respectively [5][10]. - Net profit attributable to shareholders is expected to be 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY for the same years [5][10]. - Earnings per share (EPS) are forecasted to be 4.92 CNY, 5.70 CNY, and 6.83 CNY for 2025, 2026, and 2027, respectively [5][10].