通信/通信服务 普天科技（002544.SZ） 业绩短期扰动，卫星+低空前景光明 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 20.21 | | 一年最高最低(元) | 26.25/15.60 | | 总市值(亿元) | 137.54 | | 流通市值(亿元) | 137.25 | | 总股本(亿股) | 6.81 | | 流通股本(亿股) | 6.79 | | 近 3 个月换手率(%) | 89.84 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 普天科技 沪深300 相关研究报告 《卫星互联网和低空通信前景光明— 公司信息更新报告》-2024.8.29 《业绩短期波动，前瞻布局卫星和低 空蓝海 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 中国电科通信板块上市平台，维持"买入"评级 考虑到公司新兴业务战略 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][15] Core Views - The company is a leading player in the domestic AI sector, and due to increased R&D investments, the profit forecasts for 2025-2027 have been adjusted downwards. The expected net profits for 2025, 2026, and 2027 are 709 million, 920 million, and 1,184 million respectively, with corresponding EPS of 0.31, 0.40, and 0.51. The current stock price corresponds to P/E ratios of 147.3, 113.6, and 88.3 for the respective years [4][5] - In Q1 2025, the company reported a revenue of 4.658 billion, representing a year-on-year growth of 27.74%. However, the net profit attributable to the parent company was -193 million, showing a year-on-year increase of 35.68% [5][6] Financial Performance Summary - In 2024, the company achieved an operating revenue of 23.343 billion, a year-on-year increase of 18.79%. The net profit attributable to the parent company was 560 million, a decrease of 14.78%. The net cash flow from operating activities increased by 613.4% year-on-year [5][6] - The company has significantly increased its R&D investment in AI, amounting to 740 million, which has led to a rise in R&D expenses by 410 million [6] - The company’s revenue projections for 2025, 2026, and 2027 are 28.868 billion, 36.334 billion, and 45.388 billion respectively, with year-on-year growth rates of 23.7%, 25.9%, and 24.9% [8][11] Key Developments - The company has upgraded its Starfire X1 model, which now competes with leading models from OpenAI and DeepMind in reasoning, text generation, and language understanding tasks. The commercialization of the Starfire model has accelerated, with significant revenue growth in various sectors [7]

证券研究报告·公司点评报告·软件开发 同花顺（300033） 2025 年一季报点评：整体业绩稳健，成本控 制较强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,564 | 4,187 | 5,112 | 6,080 | 7,504 | | 同比（%） | 0.14% | 17.47% | 22.11% | 18.93% | 23.42% | | 归母净利润（百万元） | 1,402 | 1,823 | 2,391 | 3,070 | 3,866 | | 同比（%） | -17.07% | 30.00% | 31.13% | 28.41% | 25.92% | | EPS-最新摊薄（元/股） | 2.61 | 3.39 | 4.45 | 5.71 | 7.19 | | P/E（现价&最新摊薄） | 99.95 | 76.88 | 58.63 | 45.66 | 36.26 | [Table_Summary] ...

无锡银行披露 2025 年一季报，25Q1 营业收入、PPOP、归母利润同比增速分 别为3.53%、5.48%、3.13%，增速分别较24A变动-0.62pct、-0.89pct、+0.78pct， 营收增速下行，归母净利润增速回升。累计业绩驱动上，规模、成本收入比下 降形成正贡献，息差收窄、中收负增长、其他非息、拨备计提和有效税率上升 形成负贡献。 核心观点： 亮点：（1）贷款增速回升，存款增长边际修复。资产端，25Q1 末公司总生息 资产同比增长 7.30%，增速较 24 年末有所回落，但贷款同比增长 10.68%，增 速环比提升 1.19pct。新增信贷结构依旧偏弱，个人贷款规模缩量，对公贷款稳 健增长，票据贴现同比多增。另外，25Q1 投资类资产增长偏弱，尤其 AC 规模 缩表 21 亿元，预计 25Q1 债市波动下，公司交易户浮亏压力较大，加大了 AC 类资产的浮盈兑现力度。负债端，25Q1 存款单季度增长 108 亿元，环比同比均 多增，存款增长明显修复，主要是个人存款定期存款增长较好。（2）测算净息 差稳定。根据我们测算，公司 25Q1 净息差 1.42%，环比 24Q4 持平，25Q1 净 利 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported a decline in revenue and net profit for 2024, with total revenue of 1.297 billion yuan, down 16% year-on-year, and a net profit of 168 million yuan, down 22% year-on-year. However, the first quarter of 2025 shows signs of recovery with a revenue increase of 19% year-on-year to 351 million yuan and a net profit increase of 23% year-on-year to 50 million yuan [1][4] - The company is focusing on the automation sector and expects its heat pump business to recover. The revenue from the new energy vehicle thermal management business grew significantly by 47.23% year-on-year [4] - The company is investing in robotics and industrial automation, aiming for technological innovation and market expansion, which may create new growth points [4] - There are signs of recovery in the European heat pump export market, which is expected to positively impact the company's business and profits [4] Financial Summary - The company’s total revenue is projected to increase from 1.297 billion yuan in 2024 to 1.737 billion yuan in 2025, representing a growth of 33.9% [3] - The net profit attributable to the parent company is expected to rise from 168 million yuan in 2024 to 260 million yuan in 2025, reflecting a growth of 54.6% [3] - The gross margin is expected to stabilize around 25% for the coming years [3] - The company’s P/E ratio is projected to decrease from 40.53 in 2024 to 26.22 in 2025, indicating a more attractive valuation [3] - The estimated net profits for 2025, 2026, and 2027 are 260 million yuan, 350 million yuan, and 409 million yuan respectively, with year-on-year growth rates of 54%, 34.8%, and 16.8% [4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth. Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year increase of 29.26%, with a net profit of 106 million yuan, up 94.58% year-on-year. In Q1 2025, revenue reached 574 million yuan, a 54.16% increase, and net profit was 27 million yuan, up 113.88% year-on-year [1][2]. - The self-owned brand business showed remarkable performance, with revenue of 500 million yuan in 2024, a 90.28% increase, accounting for 28.37% of total revenue. The brand "Zhanjia" achieved a revenue of 484 million yuan, with a 90.09% increase, and significant growth in various sales channels [2][3]. - The brand management business also demonstrated strong growth, with revenue of 501 million yuan in 2024, a 212.24% increase. Notable brands like "Kangwang" and "Aiwei Nuo" saw substantial sales growth across multiple platforms [3][4]. - The overall gross margin for the company improved to 44.57% in 2024, an increase of 4.33 percentage points year-on-year, with specific margins for different business segments showing varied performance [4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.766 billion yuan, with a net profit of 106 million yuan, and in Q1 2025, revenue was 574 million yuan with a net profit of 27 million yuan [1]. - The proposed dividend for 2024 is 0.5 yuan per share, with a total cash dividend of 79 million yuan, resulting in a dividend payout ratio of 75.09% [1]. Brand Performance - The self-owned brand "Zhanjia" launched a strategic product and achieved significant sales growth, ranking first in Tmall's new brand sales during the Double Eleven shopping festival [2]. - The brand "Feicui" also showed rapid sales growth since its launch, ranking highly on various e-commerce platforms [2]. Business Segments - The brand management segment reported a revenue increase of 212.24% in 2024, with notable contributions from brands like "Kangwang" and "Aiwei Nuo" [3]. - Strategic partnerships with international brands were established to enhance the company's presence in the health and personal care sectors [4].

业绩简评 2025 年 4 月 24 日，永泰运发布 2024 年年度报告。2024 年公司实 现营业收入 39 亿元，同比增长 77%；实现归母净利润 0.9 亿元， 同比下降 41%。其中 Q4 公司实现营业收入 9.2 亿元，同比增长 49%；实现归母净利润-0.03 亿元，同比下降 133%。 经营分析 货代业务量价齐升，供应链贸易收入大幅增长。2024 年公司营收 同比增长 77%，主要系：（1）操作箱量增长：2024 年公司各业务板 块合计服务箱量为 30.96 万 TEU，同比增长 25%，其中跨境化工 物流供应链操作箱量 16.45 万 TEU，同比增长 13%；（2）海运价格 回升：受红海事件持续影响，集运运价同比大涨，2024 年 CCFI 均 值为 1551 点，同比增长 65%，公司跨境化工物流供应链单箱收入 同比增长 22%；（3）供应链贸易服务业务增长：公司积极发展供应 链贸易服务，2024 年该板块收入为 13.5 亿元，同比增长 271%。 毛利率同比下降，信用及公允价值损失影响净利。2024 年公司实 现毛利率 10.5%，同比下降 4.8pct，主要原因系低毛利率的供应 链 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 847 million RMB in 2024, a year-on-year decline of 18.97%, and a net loss attributable to shareholders of 236 million RMB, primarily due to decreased revenue and increased credit impairment and asset impairment losses [2]. - In Q1 2025, the company generated revenue of 105 million RMB, down 42.40% year-on-year, attributed to longer delivery cycles and complex project requirements, resulting in delayed acceptance [2]. - The company has made significant progress in securing orders from state-owned enterprises, with a 20.8% increase in contract amounts from central state-owned enterprises and a 44.3% increase in contracts for its specialized products [3]. - The company has upgraded its overseas strategy, achieving localized breakthroughs in Hong Kong and the Middle East, with a 45.8% increase in overseas revenue [3]. - The company launched a new AI product line, CoMi, and a one-stop AI service platform, integrating over 50 mainstream models, which supports private deployment and industry adaptation [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 847 million RMB, down 18.97% year-on-year, with a net loss of 236 million RMB due to revenue decline and increased impairment losses [2]. - Q1 2025 revenue was 105 million RMB, a 42.40% decline year-on-year, with a net loss of 67 million RMB [2]. Operational Analysis - Orders from enterprise clients increased by 8.7%, with contracts over one million RMB growing by 27.2%. Notably, contracts from central state-owned enterprises grew by 20.8% [3]. - The company has made strides in the overseas market, with a 45.8% increase in overseas revenue and a 25.5% increase in contract amounts [3]. Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 895 million RMB, 1,006 million RMB, and 1,156 million RMB, with expected growth rates of 5.78%, 12.32%, and 14.89% respectively [5]. - The net profit forecast for the same period is -93 million RMB, -17 million RMB, and 38 million RMB, with corresponding price-to-sales ratios of 3.49, 3.11, and 2.71 [5].

事件 4 月 24 日公司发布 2025 年一季报，实现收入 14.61 亿元，环比- 17.43%，同比-11.58%；归母净利润 0.13 亿元，环比-75.05%，同 比扭亏。 资本结构持续优化，期间费用同比下降。1Q25 末公司资产负债率 25.70%，环比/同比分别-0.53、-2.72pct，资本结构持续优化。1Q25 公司期间费用同比-30.92%至 1.05 亿元，期间费率同比-2.01pct 至 7.19%;其中销售费用同比-5.13%至 0.37 亿元，管理费用同比- 2.94%至 0.66 亿元，研发费用同比-13.89%至 0.31 亿元，财务费 用显著下降至-0.29 亿元。 稀土价格看涨，公司有望受益。出口管制，海外矿供应显著收缩， 国内有冶炼配额但缺矿的局面或将出现，叠加国内原矿配额温和 增长，我们认为稀土供需有望持续修复；下游人形机器人和低空经 济有望持续打开稀土领域新增需求，磁材标的有望与稀土资源标 的共振；稀土作为我国定价、全球领先的优势产业，在逆全球化的 大背景下，板块整体关注度有望显著提高。考虑磁性材料生产周 期，在稀土价格上涨过程中具备天然的"库存收益"；且考虑公司 ...

业绩简评 4 月 24 日，公司发布 24 年报&25 一季报，24 年实现营业收入 146.0 亿元，同比+27.4%,归母净利润 22.6 亿元，同比+18.7%，扣非归 母净利润 22.0 亿元，同比+31.9%；25Q1 实现营业收入 36.3 亿元， 同比+20.0%；归母净利润 4.9 亿元，同比+34.3%，扣非归母净利 润 4.6 亿元，同比+22.6%，Q1 业绩略超预期。在手订单方面，24 年 132.0 亿元，同比+25.8%；25 年一季度 157.2 亿元，同比+26.1%。 公司发布 2025-2027 年股东分红回报规划，计划每年现金分红比 例拟不低于 45%，在有条件的情况下可以进行中期利润分配。 经营分析 海外配用电深化本地化经营、推进配电、新能源桩逆储业务出海。 海外已形成 5 生产基地+11 销售中心的业务布局，辐射 70 多个国 家/地区，海外生产基地产能在海外业务中的占比达 50%，24 年海 外实现营收 27.1 亿元，同比+38.4%，海外在手订单 57.5 亿元， 同比+27.0%。1）用电：高端市场持续深耕，24 年德国市场累计取 得电表订单约 5000 万元 ...