公 司 报 告 计算机 2025年05月05日 华大九天(301269.SZ) 一季度利润表现良好，国内EDA领先地位持续稳固 推荐 ( 维持) 股价:119.19元 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年报和2025年一季报。2024年，公司实现营业收入12.22亿 元，同比增长20.98%；实现归母净利润1.09亿元，同比减少45.46%。2025年 一季度，公司实现营业收入2.34亿元，同比增长9.77%；实现归母净利润0.10 亿元，同比增长26.72%。公司发布利润分配预案：以542,941,768为基数，向 全体股东每10股派发现金红利1.50元（含税），送红股0股（含税），以资本 公积金向全体股东每10股转增0股。 平安观点： 券 研究助理 | 王佳一 | 一般证券从业资格编号 | | --- ...

公 司 报 告 股价:14.75元 行情走势图 计算机 2025年05月05日 广联达(002410.SZ) 一季度利润表现亮眼，AI赋能公司数字成本产品升级 强烈推荐( 维持) 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2025年一季报，公司2025年一季度实现营业收入12.19亿元，同比下 降5.24%，实现归母净利润2983.70万元，同比增长390.89%，实现扣非归母 净利润1900.99万元，同比扭亏为盈，EPS为0.018元/股。 平安观点： 券 研究助理 研 究 报 告 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

公司研究 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,888 | 3,613 | 4,298 | 5,010 | | 同比增速(%) | 20.1% | 25.1% | 19.0% | 16.6% | | 归母净利润(百万) | 75 | 260 | 345 | 434 | | 同比增速(%) | -40.6% | 248.7% | 32.3% | 26.0% | | 每股盈利(元) | 0.14 | 0.49 | 0.65 | 0.82 | | 市盈率(倍) | 67 | 19 | 15 | 12 | | 市净率(倍) | 1.6 | 1.5 | 1.4 | 1.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 30 日收盘价 航空军工 2025 年 05 月 05 日 | 目标价：12.3 | 元 | | --- | --- | | 当前价：9.39 | 元 | 证 券 研 究 报 告 威海广泰（002111）2024 年报及 2025 年一季报点评 强推（ ...

Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Views - The industry cycle has reached its bottom, and the company's diversified layout is expected to yield results in the future [4]. - In Q1 2025, the company reported a revenue of 3.138 billion yuan, a year-on-year decrease of 30% but a quarter-on-quarter increase of 1% [2][4]. - The net profit attributable to the parent company was 573 million yuan, down 46% year-on-year but showing a turnaround from the previous quarter [2][4]. Financial Performance Summary - Q1 2025 gross margin was 27.6%, a year-on-year decline of 16.0 percentage points but a quarter-on-quarter increase of 4.6 percentage points, indicating signs of stabilization [12]. - The company expects a net profit of 2.5 billion yuan for 2025, corresponding to a PE ratio of 14 times [6]. - The company is actively capturing the domestic substitution market in the semiconductor equipment sector, with leading market shares in various equipment categories [12]. Business Outlook - The semiconductor equipment market is anticipated to maintain double-digit growth, with the company developing advanced equipment for chip manufacturing and packaging [12]. - The sapphire material segment is expected to benefit from the high demand for LED lighting replacements, while the silicon carbide substrate is transitioning to 8-inch production [12]. - The company has achieved technological and scale leadership in quartz crucible products, enhancing its collaborative supply capabilities in semiconductor consumables [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.581 billion yuan for 2024, representing a year-on-year growth of 13.72%. The net profit attributable to shareholders was 303 million yuan, a significant increase of 626.56%. The net profit excluding non-recurring items reached 345 million yuan, up 269.37% [2][4]. - In Q4 2024, the company achieved a revenue of 1.697 billion yuan, with a year-on-year growth of 22.52%. The net profit attributable to shareholders was 119 million yuan, growing by 21.93%, while the net profit excluding non-recurring items was 140 million yuan, up 15.43% [2][4]. - For Q1 2025, the company reported a revenue of 1.598 billion yuan, marking a year-on-year increase of 49.92%. The net profit attributable to shareholders was 134 million yuan, a growth of 465.80%, and the net profit excluding non-recurring items was 126 million yuan, up 285.41% [2][4]. Financial Performance - The company's negative electrode sales reached 223,700 tons in 2024, reflecting a year-on-year increase of 58.5%. The capacity utilization rate for lithium battery materials was 95.66%, with an overall gross margin of 18.73%, which is an increase of 6.5 percentage points year-on-year [10]. - In Q4 2024, the company is expected to maintain stable sales, with a continuous increase in gross profit per ton. The operating profit margin is anticipated to improve due to product structure upgrades and lower petroleum coke prices [10]. - For Q1 2025, sales are expected to remain high, although gross profit per ton may face pressure due to rising petroleum coke prices. The overall decline in profit margins is expected to be in line with industry trends [10]. Future Outlook - The company is expected to benefit from the market share and profitability improvements associated with its fast-charging negative electrodes. The anticipated net profit for 2025 is projected to be 670 million yuan, corresponding to a PE ratio of approximately 15.5 times [10].

Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Insights - In 2024, the company achieved operating revenue of 2.525 billion yuan, a year-on-year increase of 5.14%, while the net profit attributable to the parent company was 94 million yuan, a year-on-year decrease of 63.05% [2][6]. - For Q1 2025, the company reported operating revenue of 692 million yuan, a slight year-on-year increase of 0.17%, with a net profit attributable to the parent company of 48 million yuan, down 25.96% year-on-year [6]. - The company's three-pronged growth strategy is taking shape, with its restaurant, hotel, and food businesses complementing each other, focusing on social dining and accommodation experiences that align with consumer demand for value [2][12]. - The company plans to expand its store network and innovate its food product offerings, which are expected to drive long-term growth [2][12]. Financial Performance Summary - The company’s food business saw significant growth, with sales revenue reaching 311 million yuan in 2024, a year-on-year increase of 86% [12]. - The company opened 8 new stores in 2024, including 4 in the restaurant sector and 4 hotels, while also renovating 10 existing restaurants to enhance competitiveness [12]. - The gross profit margin decreased by 7.46 percentage points, leading to a net profit margin decline of 8.7 percentage points to 3.96% in 2024 [12]. - The forecast for net profit attributable to the parent company for 2025-2027 is 230 million, 345 million, and 446 million yuan, respectively, with corresponding PE ratios of 24X, 16X, and 12X [2][12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company achieved operating revenue of 2.942 billion yuan, a year-on-year decrease of 8.25%, and a net profit attributable to the parent company of 27 million yuan, down 57.29% year-on-year. The company plans to continue a high opening rate, expecting to add 1,300 new hotels and sign 2,000 new contracts in 2025. The restructuring in the China region in 2024 is anticipated to enhance management efficiency. The long-term outlook is positive due to the "12+3+1" brand development strategy and the strengthening of three platforms: global hotel internet, global procurement platform, and global shared services platform [2][6][12]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 2.942 billion yuan, a decrease of 8.25% year-on-year, and a net profit of 27 million yuan, down 57.29% year-on-year [2][6]. - The gross profit margin decreased by 3.53 percentage points to 31.85%, while the net profit margin fell by 6.18 percentage points to 1.76% [12]. Store Growth and Structure Optimization - The company opened 226 new hotels in Q1 2025, with 2 full-service and 224 limited-service hotels, while closing 129 hotels. The net increase in hotels was 97, bringing the total to 13,513 [12]. - The proportion of mid-range hotels and franchise stores increased, with mid-range hotels and franchise stores accounting for 60.8% and 94.32%, respectively [12]. RevPAR and Market Dynamics - The RevPAR for full-service and limited-service hotels in mainland China decreased by 8.3% and 5.31% year-on-year, respectively. The average daily rate (ADR) for full-service and limited-service hotels fell by 9.61% and 6.84% year-on-year [12]. - The overseas limited-service hotel RevPAR decreased by 3.09% year-on-year, primarily due to occupancy rate pressure [12]. Future Outlook - The company plans to maintain a high opening rate, with expectations of 1,300 new hotels and 2,000 new contracts in 2025. The restructuring in 2024 is expected to improve management efficiency [12]. - The long-term strategy focuses on the "12+3+1" brand development and enhancing the three platforms to reduce performance pressure [12]. Profit Forecast - The forecasted net profit attributable to the parent company for 2025-2027 is 1.193 billion, 1.367 billion, and 1.555 billion yuan, corresponding to PE ratios of 22, 19, and 17 times, respectively [12].

证券研究报告·公司点评报告·化学制药 科伦药业（002422） 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） | 21,454 | 21,812 | 25,300 | 27,822 | 30,605 | | 同比（%） | 12.69 | 1.67 | 15.99 | 9.97 | 10.00 | | 归母净利润（百万元） | 2,456 | 2,936 | 3,534 | 4,241 | 4,675 | | 同比（%） | 44.03 | 19.53 | 20.37 | 20.01 | 10.23 | | EPS-最新摊薄（元/股） | 1.54 | 1.84 | 2.21 | 2.65 | 2.93 | | P/E（现价&最新摊薄） | 23.56 | 19.71 | 16.37 | 13.64 | 12.38 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 05 ...

[Table_StockAndRank] 金域医学(603882) 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 创新项目持续发力，精细化管理提振 盈利能力 常规医学诊断服务增长 15%，盈利能力 有望恢复 业绩符合预期，医检业务实现高质量 发展 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] 加速数智化转型，盈利能力回升可期 [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 71.90 亿元（y ...

2025 年 05 月 05 日 经营节奏边际调整，价盘企稳回升 —中炬高新（600872.SH）公司事件点评报告 买入(维持) 事件 2025 年 4 月 29 日，中炬高新发布 2025 年一季报。2025Q1 营 收 11.02 亿元（同减 26%），归母净利润 1.81 亿元（同减 24%），扣非归母净利润 1.80 亿元（同减 24%）。 投资要点 ▌成本下降优化毛利，广宣费投提升 2025Q1 毛利率同增 2pct 至 38.73%，主要系原材料价格下降 所 致 。销售 / 管 理 费 用 率 分 别 同 增 1pct/2pct 至 8.62%/8.07%，主要系公司战略性调控大单品费用投入，同时 收入下滑致使费用率摊薄效果减弱。2025Q1 净利率同减 1pct 至 16.46%。 ▌库存去化顺利，价盘企稳回升 2025Q1 酱油/鸡精鸡粉/食用油营收分别为 6.48/1.30/0.51 亿元，分别同减 32%/29%/50%，主要系春节错期下，公司调 整供货节奏，同时以稳价盘为中心推进去库调整。二季度以 来公司降幅收窄，库存恢复至良性水平，公司逐步向终端释 放促销资源，主品价盘企稳回升，此外， ...