丨证券研究报告丨 公司研究丨点评报告丨海信家电（000921.SZ） [Table_Title] 季度营收延续增长，业绩实现大幅提升 报告要点 [Table_Summary] 2025 年第一季度公司实现营业收入 248.38 亿元，同比增长 5.76%，实现归母净利润 11.27 亿 元，同比增长 14.89%，实现扣非归母净利润 10.08 亿元，同比增长 20.27%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海信家电（000921.SZ） cjzqdt11111 [Table_Title2] 季度营收延续增长，业绩实现大幅提升 [Table_Summary2] 事件描述 公司发布 2025 年一季报：2025 年第一季度公司实现营业收入 248.38 亿元，同比增长 5.76%， 实现归母净利润 11.27 亿元，同比增长 14.89%，实现扣非归母净利润 10.08 亿元，同比增长 20.27%。 事件评论 风险提示 1、宏观经济波动 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The PCB industry is showing signs of recovery, with the company's VCP business improving and new products expected to contribute to growth. The composite conductive fluid industrialization is gradually advancing, and the company, as a leading player, is likely to benefit significantly [2][11]. Financial Performance Summary - In 2024, the company achieved revenue of 750 million yuan, a year-on-year decrease of 17.51%. The net profit attributable to the parent company was 69 million yuan, down 54.25%. In Q4 2024, revenue was 170 million yuan, a decline of 4.54%, with a net profit of 1 million yuan, down 62.99%. In Q1 2025, revenue was 211 million yuan, an increase of 7.08%, while net profit was 17 million yuan, down 45.11% [6][11]. Business Development Summary - The company is deepening its strategic partnerships with downstream customers and maintaining a leading market share in the domestic vertical continuous plating equipment market. In 2024, the order amount for PCB equipment reached a historical high, and the company is expanding its global market presence by establishing a production base in Thailand [11]. - The industrialization of composite conductive fluids is progressing, with composite aluminum foil already in application and market orders being converted. The company is the only global entity to achieve large-scale production of composite copper foil equipment, with significant first-mover advantages [11]. - The company is a pioneer in the photovoltaic copper plating field, actively exploring copper substitution for silver technology and has completed the shipment of third-generation photovoltaic copper plating equipment [11]. Profit Forecast - The company is expected to achieve net profits of 167 million yuan and 260 million yuan in 2025 and 2026, respectively, corresponding to PE ratios of 58 and 37 times [11].

丨证券研究报告丨 联合研究丨公司点评丨中际联合（605305.SH） [Table_Title] 中际联合 24A&25Q1 点评：业绩持续高增，盈 利能力进一步提升 报告要点 [Table_Summary] 公司是风电高空作业设备龙头，主要产品在风力发电行业细分市场占有率第一，国内风电项目 持续释放，带动产业链出货增长，公司有望显著受益。同时，随着公司费用可控及非风电业务 的布局，公司盈利能力有望继续提升。 分析师及联系人 [Table_Author] 赵智勇 邬博华 倪蕤 司鸿历 屈奇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com SAC：S0490517110001 SAC：S0490514040001 SAC：S0490520030003 SAC：S0490520080002 SAC：S0490524070003 SFC：BRP550 SFC：BQK482 SFC：BUD284 1 中际联合（605305.SH） cjzqdt11111 [Table_Title 中际联合 24A&25Q1 2] 点评：业绩持续高增，盈 利能力进一步提升 [Table_Su ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 1.559 billion yuan in Q1 2025, a year-on-year decrease of 14%, and a net profit attributable to shareholders of 110 million yuan, down 28% year-on-year [2][4]. - The company has a strong order backlog of 7.4 billion yuan at the end of Q1, which represents a quarter-on-quarter increase of 2.75 billion yuan, indicating good signing progress and a promising outlook for Q2 and Q3 [11]. - The company is expected to achieve a net profit of 900 million yuan in 2025, corresponding to a valuation of only 11 times [6]. Summary by Sections Financial Performance - Q1 revenue was 1.559 billion yuan, down 14% year-on-year; net profit was 110 million yuan, down 28% year-on-year [2][4]. - The gross margin for Q1 was 18.90%, with a period expense ratio of 12.31%, which increased by 2.74 percentage points year-on-year and 5.56 percentage points quarter-on-quarter [11]. - The company recorded asset impairment losses of 26 million yuan and a credit impairment reversal of 35 million yuan [11]. Order Backlog and Market Position - The order backlog at the end of Q1 was 7.4 billion yuan, with significant contributions from tracking brackets (5.2 billion yuan) and fixed brackets (1.9 billion yuan) [11]. - The company benefits from a strong position in the Middle East and Indian markets, capitalizing on the surge in demand for ground power stations [11]. Future Outlook - The company is expected to see high growth in performance supported by a robust order backlog and effective localization strategies [11]. - The penetration rate of tracking brackets is anticipated to continue improving, alongside cost reduction and efficiency enhancement measures [11]. - The investment in a zero-carbon headquarters project aims to enhance the company's capabilities in "tracking+" and "green electricity+" system solutions [11].

丨证券研究报告丨 公司研究丨点评报告丨青岛啤酒（600600.SH） [Table_Title] 青岛啤酒 2025 年一季报点评：销量拐点显现， 经营逐季改善可期 报告要点 [Table_Summary] 公司 2025Q1 营业总收入 104.46 亿元（同比+2.91%）；归母净利润 17.1 亿元（同比+7.08%）， 扣非净利润 16.03 亿元（同比+5.95%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 青岛啤酒（600600.SH） cjzqdt11111 [Table_Title 青岛啤酒 2025 2] 年一季报点评：销量拐点显现， 经营逐季改善可期 [Table_Summary2] 事件描述 公司 2025Q1 营业总收入 104.46 亿元（同比+2.91%）；归母净利润 17.1 亿元（同比+7.08%）， 扣非净利润 16.03 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2] Core Views - The company's performance in 2024 met expectations, with significant growth driven by the automotive business and product structure optimization. Revenue reached 1.52 billion, a year-on-year increase of 26.4%, and net profit attributable to shareholders was 230 million, up 25.1% year-on-year [6] - The company is well-positioned in the robotics sector, showcasing unique growth potential. The launch of innovative products, such as the dexterous hand with integrated drive units, highlights its competitive edge in the market [6] - The automotive electronics business is expected to continue its rapid growth, supported by the increasing adoption of various product categories in vehicles, which will enhance the average selling price per vehicle [6] Financial Performance Summary - In 2024, the company reported a revenue of 1.52 billion, with a gross margin of 31.4%, reflecting a 2.4 percentage point increase year-on-year. The net profit margin was 14.8%, slightly down by 0.2 percentage points [6] - For Q1 2025, the company achieved a revenue of 370 million, a year-on-year increase of 17.7%, while net profit was 55 million, down 1.2% year-on-year [6] - The company forecasts revenues of 1.98 billion, 2.65 billion, and 3.58 billion for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [11] Business Highlights - The company has made significant progress in the smart automotive sector, collaborating with major clients such as Bosch and BYD, and successfully applying its products in domestic automotive enterprises [6] - In the consumer and medical technology sectors, the company is actively involved in automation and smart solutions, focusing on areas like AR&VR and insulin pumps [6] - The robotics segment is highlighted by the introduction of a dexterous hand product, which features advanced capabilities and is expected to benefit from the rapid development of humanoid robots [6] Financial Ratios and Projections - The report projects a compound annual growth rate (CAGR) for total revenue of 30% from 2025 to 2027, with net profit expected to grow at a CAGR of 29% during the same period [15] - Key financial ratios indicate a gross margin of 31.8% and a net profit margin of 13.8% for 2025, with a return on equity (ROE) projected to reach 8.2% [15]

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 14.8 CNY per share [6][4]. Core Views - The company reported a Q1 2025 revenue of 5.037 billion CNY, a year-on-year decrease of 4.73%, but achieved a net profit attributable to shareholders of 104 million CNY, a significant increase of 447.56% year-on-year, primarily due to improved performance from Grammer [1][4]. - The company is expected to see accelerated growth in its passenger car seat business, driven by popular models such as L8, Lynk & Co 900, and Volkswagen Tayron, with projected seat revenues of 4.5 billion CNY in 2025 and 8.5 billion CNY in 2026 [2][4]. - The overseas integration efforts have shown positive results, with a significant improvement in North American operations and a streamlined European business following layoffs, indicating a return to normal operations for Grammer [3][4]. Financial Summary - The company forecasts net profits of 640 million CNY, 930 million CNY, and 1.18 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25, 17, and 13 [4][10]. - The projected revenue growth rates for the years 2025 to 2027 are 10.5%, 11.6%, and 10.3% respectively, indicating a robust growth trajectory [11]. - The company has a total market capitalization of approximately 15.67 billion CNY, with a current share price of 12.38 CNY [6][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company continues to show high growth trends in 2024 and Q1 2025, driven by three main business lines: charging and energy storage, smart innovation, and smart audio-visual products [7][8] - The company is expected to maintain its long-term value despite short-term tariff disruptions, focusing on product innovation, brand building, and a flexible global supply chain [7][8] Financial Performance - In 2024, the company reported revenue of 24.71 billion, a year-on-year increase of 41.1%, and a net profit of 2.11 billion, up 30.9% year-on-year [7][8] - For Q1 2025, revenue reached 5.99 billion, reflecting a year-on-year growth of 36.9% [7] - The company’s revenue is projected to grow to 31.43 billion in 2025, with a net profit of 2.51 billion, corresponding to a PE ratio of 18.8 [8][14] Business Segments - The revenue breakdown for 2024 shows: - Charging and energy storage: 12.67 billion, up 47.2% year-on-year - Smart innovation: 6.34 billion, up 39.5% year-on-year - Smart audio-visual: 5.69 billion, up 32.8% year-on-year [7] - Online sales accounted for 17.6 billion, a 43.0% increase year-on-year, while offline sales reached 7.11 billion, up 36.7% year-on-year [7] Market Outlook - The company is expected to expand its market presence in Europe, Southeast Asia, Australia, Latin America, and China, mitigating the impact of tariffs through proactive inventory management [7][8] - The forecast for 2025-2027 indicates continued revenue growth, with estimates of 31.43 billion, 40.30 billion, and 50.61 billion respectively [8][14]