Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 62.18 billion, 73.06 billion, and 82.14 billion respectively, corresponding to PE ratios of 8, 7, and 6 times [10]. Core Views - The company reported a total revenue of 144.11 billion in Q1 2025, a year-on-year increase of 26.89%, but a quarter-on-quarter decrease of 5.59%. The net profit attributable to the parent company was 9.74 billion, down 12.26% year-on-year but up 64.66% quarter-on-quarter. The gross profit margin was 9.96%, a decrease of 4.38 percentage points year-on-year but an increase of 0.36 percentage points quarter-on-quarter [7]. - Alumina prices have continued to decline, with the average price in Q1 2025 at 3863.5 yuan/ton, up 15.44% year-on-year but down 27.35% quarter-on-quarter. The price trend suggests that the company's profits are likely to continue recovering [8]. - In Q1 2025, the average capacity utilization rate for electrolytic aluminum in Yunnan reached 99%, compared to about 81% in the same period last year. This improvement, along with favorable electricity supply conditions, has boosted the company's sales. The domestic aluminum spot price averaged 20455 yuan/ton, up 7.22% year-on-year, and is expected to recover due to strong domestic demand and favorable policies [9]. Financial Summary - For the fiscal years 2024A to 2027E, the company is projected to have revenues of 544.50 billion, 55.15 billion, 56.08 billion, and 56.73 billion respectively, with year-on-year growth rates of 27.6%, 1.3%, 1.7%, and 1.2% [12]. - The net profit attributable to the parent company is expected to grow from 4412 million in 2024A to 8214 million in 2027E, with corresponding year-on-year growth rates of 11.5%, 40.9%, 17.5%, and 12.4% [12]. - The gross margin is projected to improve from 13.2% in 2024A to 21.2% in 2027E, indicating a positive trend in profitability [12].

➢ 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 ...

4 月 24 日公司发布 24 年年报及 25 年一季报，24 全年实现营收 248.8 亿元，同比+6.1%；实现归母净利 83.0 亿元，同比+8.6%。 1Q25 实现营收 53.8 亿元，同比+21.8%；实现归母净利 15.1 亿元， 同比+41.6%。24年度计划现金分红0.20元/股、同比+0.02元/股， 分红比例约 43.4%。 受来水偏丰+梯级蓄能增加+新机组投产+用电需求景气，2024、 1Q25 公司发电量同比分别+4.6%、+31.2%。1）水电：受澜沧江流 域来水同比偏丰影响，2024 年发电量 1079.3 亿千瓦时，同比 +2.53%。2025 年初，澜沧江流域水电梯级优化调度释放蓄能，叠 加托巴、硬梁包水电站新机投产增加装机容量 1.7GW，1Q25 水电发 电量 197.3 亿千瓦时，同比+30.5%。2）新能源：24 年公司分别新 增新能源装机容量 1.8GW，驱动风/光分别完成发电量 4.2/36.7 亿 千瓦时，同比+6.9%/+160.4%。风资源不佳拖累公司风电电量。 1Q25 公司风/光分别完成发电量 1.5/14.1 亿千瓦时，同比- 10.4%/+50.6% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year. In Q1 2025, revenue was 4.506 billion yuan, an increase of 8.02%, with a net profit of 436 million yuan, up 15.18% [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42%. In 2024, overseas revenue totaled 6.846 billion yuan, a year-on-year increase of 4.75%, representing 41.53% of total revenue [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] - The company is expected to leverage its new energy lithium battery forklifts to further penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5][6] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The projected EPS for 2025-2027 is 1.71 yuan, 1.95 yuan, and 2.26 yuan respectively, with a current P/E ratio of 11, 10, and 9 times for the respective years [7][10] - The gross margin is expected to improve from 23.6% in 2024 to 26.9% in 2027, indicating enhanced profitability [10][14]

食品饮料/休闲食品 2025 年 04 月 25 日 投资评级：增持（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 23.99 | | 一年最高最低(元) | 38.45/23.36 | | 总市值(亿元) | 121.35 | | 流通市值(亿元) | 121.10 | | 总股本(亿股) | 5.06 | | 流通股本(亿股) | 5.05 | | 近 3 个月换手率(%) | 100.16 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 洽洽食品 沪深300 相关研究报告 《2024Q3 收入平稳微增，盈利能力同 比改善 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《Q2 增长短期承压，2024H2 业绩表 现有望逐季改善—公司信息更新报 告》-2024.8.30 《2024Q1 成本红利开始释放，收入利 润 超 预 期 — 公 司 信 息 更 新 报 告 》 -2024.4.30 洽洽食品（002557.SZ） 2025Q1 收入略有下滑，成本上涨致盈利承压 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-04-25 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） | 6.72 | | --- | --- | | 总股本/流通股本（亿股）66.38 | / 66.34 | | 总市值/流通市值（亿元）446 | / 446 | | 52 周内最高/最低价 | 8.13 / 6.51 | | 资产负债率(%) | 5.0% | | 市盈率 | 20.36 | | 第一大股东 | 海盈康(青岛)医疗科技 | | 有限公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 上海莱士(002252) 血制品业务稳健发展，盈利能力维持高水平 公司代理业务实现收入37.5亿元（+2.8%），其中进口白蛋白36.3 亿元（+3.5%），检测设备及试剂 1.2 亿元（-14.17%）。公司代理基立 福白蛋白，报告期内公司经营性现金流为负 ...

[Table_StockAndRank] 永艺股份(603600) 投资评级 上次评级 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 永艺股份：聚焦专注，份额持续提升，全球布 局优势凸显 [Table_ReportDate] 2025 年 04 月 25 日 报告内容摘要: [Table_S 事件：公司发布 ummary] 2024 年报&2025 一季报。24 年收入 47.49 亿元（同比 +34.2%），归母净利润 2.96 亿元（同比-0.6%），扣非归母净利润 2.93 亿元（同 比+40.1%），单 Q4 收入 13.59 亿元（同比+30.9%），归母净利润 0.71 亿元（同 比-17.67%），扣非归母净利润 0.69 亿元（同比+391.2%）。2025Q1 收入为 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][12]. Core Insights - The company has shown significant improvement in its financial performance, with a notable increase in revenue and a return to profitability in 2024. The revenue for 2024 reached 104.86 billion yuan, a year-on-year growth of 16.64%, and the net profit attributable to shareholders was 9.23 billion yuan, marking a turnaround from losses [5][6]. - The company benefits from a dual business model in pig and chicken farming, which provides a buffer against industry downturns. The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.12 yuan, 1.66 yuan, and 2.35 yuan respectively, reflecting strong growth potential [8][10]. Company Overview - The latest closing price of the company's stock is 16.87 yuan, with a total market capitalization of 112.3 billion yuan and a circulating market value of 88.3 billion yuan. The company has a total share capital of 6.654 billion shares, with a debt-to-asset ratio of 53.1% and a price-to-earnings ratio of 12.12 [4][5]. - The largest shareholder is Wen Pengcheng, indicating a concentrated ownership structure [4]. Financial Performance - In 2024, the pig farming segment generated revenue of 64.86 billion yuan, a year-on-year increase of 33.71%. The company achieved a stable increase in pig output, with 30.18 million pigs sold in 2024, up 14.93% from the previous year [6]. - The chicken farming segment reported revenue of 35.72 billion yuan in 2024, a slight decline of 2.58%. Despite lower prices, the segment remained profitable due to reduced costs [7]. - The company's financial health has improved, with a decrease in the debt-to-asset ratio from 53.14% in 2024 to 51.45% in Q1 2025 [7]. Earnings Forecast - The report projects a decline in revenue for 2025 to 102.41 billion yuan, followed by a recovery in subsequent years, with expected revenues of 110.49 billion yuan in 2026 and 133.81 billion yuan in 2027. The net profit is expected to decrease to 7.44 billion yuan in 2025 but rebound to 11.07 billion yuan in 2026 and 15.63 billion yuan in 2027 [10][11].

证券研究报告 | 2025年04月25日 风险提示：海外需求不及预期；原材料价格与海运费上涨；海内外竞争加剧。 投资建议：下调盈利预测，维持"优于大市"评级。 跨境电商维持景气、新品放量，代工订单充足；海外仓需求旺盛。考虑到关 税扰动、新业务投入期与海外仓库容利用率正在爬坡，下调盈利预测，预计 2025-2027 年归母净利润 3.6/4.5/5.4 亿元（前值 4.9/5.7/-亿），同比 +7%/24%/19%，当前股价对应 PE=14/11/9 倍。维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,902 | 5,670 | 6,860 | 7,962 | 9,025 | | (+/-%) | 21.6% | 45.3% | 21.0% | 16.1% | 13.3% | | 归母净利润(百万元) | 634 | 336 | 360 | 448 | 535 | | (+/-%) | 189.7% | -47.0% | 7 ...

[Table_Reportdate] 2025年04月25日 公 司 简 评 [Table_invest] 增持（维持） 报告原因：业绩点评 ——公司简评报告 [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/24 | | --- | --- | | 收盘价 | 7.24 | | 总股本(万股) | 35,640,626 | | 流通A股/B股(万股) | 26,961,221/0 | | 资产负债率(%) | 91.83% | | 市净率(倍) | 0.65 | | 净资产收益率(加权) | 9.88 | | 12个月内最高/最低价 | 7.29/5.34 | [Table_QuotePic] -21% -11% 0% 10% 21% 31% 42% 52% 24-04 24-07 24-10 25-01 工商银行 沪深300 [相关研究 Table_Report] 《工商银行（601398）：付息率明显 改善，资产质量稳定 ——公司简评 报告》 2024.11.01 ...