传媒/游戏Ⅱ 数据来源：聚源 -40% 0% 40% 80% 120% 2024-05 2024-09 2025-01 顺网科技 沪深300 相关研究报告 《端游及电竞复苏带动业绩回暖，算 力云/AI 驱动成长—公司信息更新报 告》-2025.4.18 《Q3 延续高增长，关注电竞及 AI 算 力云业务进展—公司信息更新报告》 -2024.10.30 《"电竞、CJ、算力云、AI"四位一体， 开启成长新篇—公司首次覆盖报告》 -2024.9.20 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 顺网科技（300113.SZ） 2025Q1 延续高增长，算力云、AI 业务商业化或加速 2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 18.70 | | 一年最高最低(元) | 24.88/9.44 | | 总市值(亿元) | 127.83 | | 流通市值(亿元) | 96.89 | | 总股本(亿股) | 6.84 | | 流通股本(亿股) ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 华宏科技（002645.SZ） Q1 利润大幅改善，期待稀土产能落地释放高业绩弹性 Q1 利润扭亏为盈，同比大幅改善。公司 2024 实现收入 55.8 亿元（yoy- 19.0%），归母净利润-3.6 亿元（yoy-123.9%），利润大幅下降，主要系 2024 年度公司对商誉计提减值准备 3.34 亿元。剔除计提商誉减值准备影 响，公司 2024 年度经营业绩较 2023 年已实现大幅减亏。2025Q1，公司 实现营收 14.4 亿元（yoy+18.8%），归母净利润 0.3 亿元（yoy+212.3%）， 受国家政策、市场供需以及国际贸易等因素影响，国内主要稀土产品市场 价格企稳回升，公司稀土资源综合利用业务经营发展势头良好。同时，公 司其他业务板块经营情况稳定，收益较上年同期改善明显。 公司毛利率同比改善，经营管理稳健。2024 年公司实现毛利率 6.6% （yoy+2.8pct），净利率-6.3%（-3.5pct），毛利率同比改善。销售费用率 实现 0.9%（（yoy+0.3pct），管理费用率 3.6%（（ ...

2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 52.22 | | 一年最高最低(元) | 54.80/23.31 | | 总市值(亿元) | 304.09 | | 流通市值(亿元) | 91.65 | | 总股本(亿股) | 5.82 | | 流通股本(亿股) | 1.76 | | 近 3 个月换手率(%) | 204.85 | 股价走势图 美容护理/个护用品 2025Q1 净利润高增，消费品业务延续强劲品牌势能 数据来源：聚源 -30% 0% 30% 60% 90% 2024-05 2024-09 2025-01 稳健医疗 沪深300 相关研究报告 《Q3 收入提速重启增长道路，股权激 励彰显信心—公司信息更新报告》 -2024.10.31 《收购 GRI 协同赋能，打造全球耗材 一站式解决方案—公司信息更新报 告》-2024.9.26 《消费高质量增长&医疗恢复增长，看 好新元年向上—公司信息更新报告》 -2024.8.30 | | | ——公司信息更新报告 | | --- | --- | --- | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to benefit significantly from the AI wave, with multiple engines driving growth [1][3] - The cloud computing business is experiencing high growth, with AI server revenue increasing dramatically [3] - The company has established strong R&D and manufacturing advantages in the AI server sector, leading to increased customer loyalty [3] Financial Performance Summary - In 2024, the company achieved a total revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1] - The gross profit margin and net profit margin for 2024 were 7.28% and 3.82%, respectively, showing a decrease of 0.78 percentage points and 0.59 percentage points year-on-year [1] - For Q1 2025, the company reported revenue of 1604.15 billion yuan, a year-on-year increase of 35.16%, and a net profit of 5.231 billion yuan, up 24.99% year-on-year [1] Business Segment Performance - The cloud computing segment's revenue reached 319.377 billion yuan in 2024, growing by 64.37% year-on-year, and accounted for over 50% of total revenue for the first time [3] - AI server revenue saw a year-on-year increase of over 150%, making up more than 40% of the cloud computing segment's revenue [3] - The telecommunications and mobile network equipment business achieved stable growth, with a 10% increase in shipments of 5G terminal precision components in 2024 [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 802.738 billion yuan, 935.562 billion yuan, and 1,035.357 billion yuan, respectively, with year-on-year growth rates of 32%, 17%, and 11% [3] - Net profit projections for the same years are 28.638 billion yuan, 34.491 billion yuan, and 36.494 billion yuan, with year-on-year growth rates of 23%, 20%, and 6% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is expected to benefit from the ramp-up in semiconductor and display equipment [1] - Revenue for 2024 is projected to be 9.83 billion yuan, with a year-on-year growth of 21.53%, while net profit is expected to be 925.91 million yuan, reflecting a slight increase of 1.31% [1] - The company is increasing its R&D investment, particularly in the semiconductor and display sectors, with R&D spending expected to reach 950 million yuan in 2024, a year-on-year increase of 24.6% [7] Financial Summary - Total revenue for 2023 is reported at 8.09 billion yuan, with a significant year-on-year increase of 94.99% [1] - The projected net profit for 2025 is 764.86 million yuan, a decrease of 17.39% compared to 2024 [1] - The company's gross margin for 2024 is expected to be 28.1%, down 2.4 percentage points year-on-year [7] - The company’s total assets are projected to be 23.84 billion yuan in 2024, with total liabilities of 16.31 billion yuan [8] Market Position and Strategy - The company is focusing on advanced packaging in the semiconductor sector and has successfully launched several core devices, achieving a leading market share in laser grooving equipment [7] - In the display sector, the company has expanded its product offerings to include solutions for Mini/Micro LED technologies [7] - The company aims to enhance its production capacity and reduce operational costs through technological upgrades, targeting a component power output of 780W by the end of 2025 [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the ramp-up of PCB equipment and composite copper foil equipment [1] - The revenue for 2024 is projected to be 7.50 billion yuan, a year-on-year decrease of 17.5%, primarily due to the drag from new energy electroplating equipment [7] - The company has successfully developed and is ramping up production of advanced PCB electroplating and new energy electroplating equipment, which is expected to enhance its technical capabilities and market position [7] Financial Summary - Total revenue for 2023 was 9.09 billion yuan, with a projected decline to 7.50 billion yuan in 2024, followed by a recovery to 9.64 billion yuan in 2025 [1][8] - The net profit attributable to the parent company is expected to drop from 1.51 billion yuan in 2023 to 692.7 million yuan in 2024, before rebounding to 1.47 billion yuan in 2025 [1][8] - The earnings per share (EPS) is forecasted to decrease from 0.51 yuan in 2023 to 0.23 yuan in 2024, with a recovery to 0.49 yuan in 2025 [1][8] Operational Insights - The company's gross margin for 2024 is expected to be 33.5%, down 8.2 percentage points year-on-year, while the net profit margin is projected at 9.24%, down 7.4 percentage points year-on-year [7] - As of the end of Q4 2024, the company's contract liabilities increased by 69.7% year-on-year to 368 million yuan, and inventory rose by 54.1% year-on-year to 634 million yuan [7] - The company is the only one globally to achieve large-scale production of new energy lithium electroplating film equipment, indicating a strong competitive edge in this niche market [7]

2025 年 05 月 05 日 证券分析师 曾朵红 证券研究报告·公司点评报告·光伏设备 禾迈股份（688032） 2024 年报及 2025 一季报点评：2025Q1 微逆 出货环增，全年有望恢复稳健增长，储能放 量高增 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） | 2,026 | 1,993 | 3,062 | 4,448 | 6,094 | | 同比（%） | 31.86 | (1.63) | 53.62 | 45.30 | 36.99 | | 归母净利润（百万元） | 511.85 | 344.22 | 505.79 | 710.30 | 936.45 | | 同比（%） | (3.89) | (32.75) | 46.94 | 40.43 | 31.84 | | EPS-最新摊薄（元/股） | 4.13 | 2.77 | 4.08 | 5.72 | 7.55 | | P/E（现价&最新摊薄） | 2 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a total revenue of 5.1 billion yuan in Q1 2025, representing a year-on-year growth of 100%, with net profit attributable to shareholders reaching 500 million yuan, up 236% year-on-year [4] - The growth in the electric two-wheeler and lawn mower robot segments is particularly notable, with electric two-wheeler revenue at 2.9 billion yuan (YoY +141%) and lawn mower robots at 830 million yuan (YoY +229%) [5] - The company is experiencing significant improvements in profitability, with a gross margin of 29.7% in Q1 2025, an increase of 0.4 percentage points year-on-year, and a net profit margin of 8.9%, up 3.6 percentage points year-on-year [6] Summary by Sections Revenue Performance - The company achieved a total revenue of 51 billion yuan in Q1 2025, with significant contributions from various product categories [4] - Electric two-wheelers generated 2.9 billion yuan in revenue, with sales of 1 million units [5] - The lawn mower robot segment saw revenue of 830 million yuan, indicating strong market penetration [5] Profitability and Efficiency - The company's gross margin improved to 29.7%, while net profit margin reached 8.9% [6] - The report highlights a decrease in sales, management, and R&D expense ratios, contributing to enhanced profitability [6] Financial Forecasts and Valuation - The company’s net profit forecasts for 2025 and 2026 have been raised to 1.8 billion yuan and 2.4 billion yuan, respectively, with a new forecast for 2027 at 3.3 billion yuan [6] - The current price corresponds to a price-to-earnings ratio of 25, 18, and 14 for the years 2025, 2026, and 2027, respectively [6]

食品饮料/白酒Ⅱ 泸州老窖（000568.SZ） 主动调控，着眼长远 2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 123.74 | | 一年最高最低(元) | 197.71/98.92 | | 总市值(亿元) | 1,821.39 | | 流通市值(亿元) | 1,818.17 | | 总股本(亿股) | 14.72 | | 流通股本(亿股) | 14.69 | | 近 3 个月换手率(%) | 44.97 | 股价走势图 数据来源：聚源 -64% -48% -32% -16% 0% 16% 32% 2024-05 2024-09 2025-01 泸州老窖 沪深300 相关研究报告 《收入增速行业前列，盈利能力持续 提升—公司信息更新报告》-2024.5.5 | 张宇光（分析师） | 逄晓娟（分析师） | 张恒玮（分析师） | | --- | --- | --- | | zhangyuguang@kysec.cn | pangxiaojuan@kysec.cn | zhanghengwei@kysec.cn ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In 2024, the company is expected to achieve a revenue of 29.717 billion yuan, representing a year-on-year growth of 12.13%, while the net profit attributable to shareholders is projected to decline by 14.81% to 6.111 billion yuan [6][8]. - The first quarter of 2025 shows a revenue of 7.628 billion yuan, a decrease of 3.47% year-on-year, but the net profit attributable to shareholders has increased by 1.16% to 2.447 billion yuan [6][8]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is projected at 29.717 billion yuan, with a gross profit of 15.639 billion yuan, reflecting a gross margin of 52.63%, down by 2.49 percentage points year-on-year [6][10]. - The company’s financial expenses for 2024 are expected to reach 4.310 billion yuan, an increase of 8.85% year-on-year, impacting profitability [10]. Operational Performance - In 2024, the company added 7.917 million kilowatts of new installed capacity, with total generation reaching 71.952 billion kilowatt-hours, a year-on-year increase of 30.40% [10]. - The average on-grid electricity price for 2024 is expected to be 0.4195 yuan per kilowatt-hour, a decrease of 14.10% year-on-year, affecting revenue [10]. Future Outlook - The company forecasts earnings per share (EPS) of 0.25 yuan, 0.26 yuan, and 0.28 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 17.31, 16.67, and 15.11 [10].