证券研究报告 | 公司点评报告 2025 年 04 月 24 日 太阳纸业（002078.SZ） 业绩稳健增长，林浆纸一体化优势凸显 消费品/轻工纺服 ❑ 风险提示：原材料价格波动，产能投放不及预期，需求恢复不及预期。 强烈推荐（维持） 目标估值：NA 当前股价：14.02 元 基础数据 | 总股本（百万股） | 2795 | | --- | --- | | 已上市流通股（百万股） | 2765 | | 总市值（十亿元） | 39.2 | | 流通市值（十亿元） | 38.8 | | 每股净资产（MRQ） | 10.2 | | ROE（TTM） | 10.8 | | 资产负债率 | 45.4% | | 主要股东 | 山东太阳控股集团有限公司 | | 主要股东持股比例 | 44.74% | 股价表现 % 1m 6m 12m 绝对表现 -3 2 -12 相对表现 -0 7 -20 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Apr/24 Aug/24 Dec/24 Apr/25 (%) 太阳纸业 沪深300 相关报告 1、《太阳纸业（002078）—需求回暖 业绩稳步增长，一体化战 ...

证券研究报告 | 公司点评报告 2025 年 04 月 24 日 新易盛（300502.SZ） 25Q1 业绩增长再提速，高速产品需求强劲 TMT 及中小盘/通信 事件：25 年 4 月 22 日晚间，公司发布《2024 年年度报告》及《2025 年一季 度报告》，24 年公司实现营收 86.47 亿元（yoy+179.15%）、归母净利润 28.38 亿元（yoy+312.26%）、扣非归母净利润 28.30 亿元（yoy+317.59%）；25Q1 公司实现营收 40.52 亿元（yoy+264.13%）、归母净利润 15.73 亿元 （yoy+384.54%）、扣非归母净利润 15.69 亿元（yoy+383.10%）。 ❑24 年业绩高速增长，25Q1 再创单季度新高。24 年公司实现营收 86.47 亿元 （yoy+179.15%）、归母净利润 28.38 亿元（yoy+312.26%）、扣非归母净 利润 28.30 亿元（yoy+317.59%），主要得益于算力投资持续增长，公司高 速率光模块产品需求快速提升所致。 25Q1 行业景气度持续延伸，800G 产品出货同环比持续提升。24Q4 公司实 ...

公 司 报 告 医药 2025年04月24日 凯莱英(002821.SZ) Q1实现双位数增长，化学大分子成为重要驱动因素 强烈推荐( 维持) 股价:67.06元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.asymchem.com.cn | | 大股东/持股 | ASYMCHEM | | | LABORATORIES,INCORPORATED/ | | | 31.93% | | 实际控制人 | Hao Hong | | 总股本(百万股) | 361 | | 流通A股(百万股) | 321 | | 流通B/H股(百万股) | 28 | | 总市值(亿元) | 235 | | 流通A股市值(亿元) | 216 | | 每股净资产(元) | 47.64 | | 资产负债率(%) | 11.6 | 行情走势图 相关研究报告 【平安证券】凯莱英（002821.SZ）*年报点评*剔除 大订单实现稳健增长，盈利能力回到较高水平*强烈 推荐20250331 证券分析师 与24Q1财报披露数据比对，25Q1小分子收入与上年同期基本持平，毛 利率45.17%（-2.17pct）。考虑 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance exceeded expectations, driven by new game contributions and a significant increase in revenue from item consumption [2][3] - The new game "Wanjian Changsheng" has shown outstanding performance, with over 2 million registered users and a peak ranking of 14th on the App Store game sales chart [3] - The company is set to launch two new products in 2025, which are expected to contribute to revenue growth [3] Financial Performance - In Q1 2025, the company achieved revenue of 1.136 billion yuan, a year-on-year increase of 22.47%, and a net profit attributable to shareholders of 283 million yuan, up 11.82% year-on-year [2] - The company's non-GAAP net profit was 275 million yuan, reflecting a year-on-year growth of 38.71% [2] - The expense ratios for sales, management, and R&D in Q1 2025 were 31.70%, 9.74%, and 15.89%, respectively, showing slight changes compared to the previous year [2] Product Development - The company continues to implement a long-term operational strategy for its games, with classic products maintaining stable operations [3] - The overseas gaming business generated revenue of 117 million yuan in Q1, a decrease of 15.95% year-on-year, primarily due to reduced income from previously launched games [3] - Upcoming titles include "Zhangjian Chuan Shuo" (code M88) and "Jiumu Zhi Ye," with planned launches in 2025 [3] Profit Forecast - The company is expected to achieve net profits of 1.1 billion, 1.255 billion, and 1.425 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan [4] - The projected P/E ratios for 2025, 2026, and 2027 are 14x, 12x, and 11x, respectively [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company's performance in Q3 has negatively impacted the overall annual results, but the upcoming production at the Nantong factory is expected to enhance production and sales significantly [7] - The company is facing a decline in revenue due to weak downstream demand, with a projected revenue of 6.927 billion yuan for 2024, a decrease of 8.6% year-on-year [7] - The Nantong project, with a total investment of 2.126 billion yuan and an expected production capacity of 2.1 million tons, is anticipated to commence operations in the first half of 2025, potentially reducing logistics costs significantly [7] Financial Data and Valuation - The company’s total revenue is projected to decline from 7.579 billion yuan in 2023 to 6.927 billion yuan in 2024, before rebounding to 11.056 billion yuan in 2025, reflecting a growth rate of 60% [3][19] - Operating profit is expected to decrease from 394 million yuan in 2023 to 265 million yuan in 2024, but is forecasted to rise to 539 million yuan in 2025, indicating a growth of 103% [3][19] - The net profit attributable to the parent company is projected to decline from 334 million yuan in 2023 to 229 million yuan in 2024, with a recovery to 459 million yuan in 2025, representing a growth of 100% [3][19] - The company’s price-to-earnings (PE) ratio is expected to improve from 12.1 in 2023 to 8.8 in 2025, indicating a more attractive valuation [3][19] - The return on equity (ROE) is projected to increase from 9.2% in 2024 to 16.7% in 2025, reflecting improved profitability [19] Key Financial Metrics - The company’s gross margin is expected to decline to 6.48% in 2024, down from 8.1% in 2023, before recovering to 8.3% in 2025 [19] - The asset-liability ratio is projected to increase from 67.1% in 2024 to 55.8% in 2025, indicating a potential improvement in financial stability [19] - The company’s cash flow from operating activities is expected to turn negative in 2024, with a net cash flow of -2.364 billion yuan, before recovering to positive cash flow in subsequent years [19]

证券研究报告 | 公司点评报告 2025 年 04 月 23 日 仙乐健康（300791.SZ） 24 年迎难交出答卷，25 年改善可期 消费品/食品饮料 公司 24 年迎难交出答卷，同时积极调整客户结构应对渠道分流变化。叠加提振 内需大背景下预计中国区收入逐季改善，美洲虽面临关税扰动，但公司积极和 客户协商成本转移的同时，动态评估产能转移的可行性；其他地区深化战略客 户合作及扩大区域市场覆盖。公司锚定全球营养健康食品行业 CDMO 龙头，前 瞻性布局海外市场及全球供应链，多元成长潜力显现。 ❑ 风险提示：需求疲软、阶段性产能过剩、政策变动、成本上涨等 强烈推荐（维持） 目标股价：NA 当前股价：25.48 元 基础数据 | 总股本（百万股） | 237 | | --- | --- | | 已上市流通股（百万股） | 198 | | 总市值（十亿元） | 6.0 | | 流通市值（十亿元） | 5.0 | | 每股净资产（MRQ） | 10.9 | | ROE（TTM） | 12.8 | | 资产负债率 | 51.7% | | 主要股东 | 广东光辉投资有限公司 | | 主要股东持股比例 | 42.6% | ...

明阳电气（301291.SZ）2024 年年报及 2025 年一季报点评 经营稳健，多点开花 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 23 日，公司发布 2024 年年报和 2025 年一季报，24 年实现营业收入 64.44 亿元，同比增长 29.62%；归母净利 6.63 亿元、同比增长 33.8%，扣非归母净利 6.54 亿元，同比增长 33.57%。 单季度来看，24Q4 公司营收为 23.54 亿元，同比增长 41.78%；归母净利 2.27 亿元，同比增长 27.12%，扣非归母净利 2.23 亿元，同比增长 24.80%。25Q1 持续稳健增长，营收达 13.06 亿元，同比增长 26.21%，归母净利 1.12 亿元，同 比增长 25.01%，扣非归母净利 1.10 亿元，同比增长 23.07%。 此外，公司 2024 年计提减值准备约 1.54 亿元，其中信用减值约 8362 万元、资 产减值约 7077 万元，并已计入 2024 年度损益。25Q1 计提信用减值约 1050 万 元、资产减值约 1485 万元。 盈利水平方面，公司 2024 年毛利率 22.29% ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][11]. Core Views - The company's basic warehouse business shows steady growth, while the large lithium extraction project from salt lakes has been a drag on performance [1]. - In 2024, the company achieved a revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a year-on-year decrease of 8.58%, but a net profit of 193 million yuan, which is a 14.18% increase year-on-year [1]. Financial Performance - The basic business revenue, excluding the salt lake lithium extraction system, reached 2.45 billion yuan in 2024, growing 24.7% year-on-year, accounting for 96.1% of total revenue [5]. - The revenue from the adsorption materials segment was 1.99 billion yuan, representing 80.9% of the basic business revenue [5]. - The company has diversified its lithium-related projects, achieving a production capacity of 100,000 tons of lithium carbonate/hydroxide [5]. - The life sciences segment generated 568 million yuan in revenue in 2024, a 28% increase year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [5]. - The water treatment and ultra-purification segment achieved a revenue of 688 million yuan in 2024, growing 34% year-on-year [5][6]. International Expansion - The company reported a significant increase in overseas sales, reaching 655 million yuan in 2024, a 45.1% year-on-year growth, indicating successful international market penetration [11]. - The establishment of a wholly-owned subsidiary in the United States has further strengthened the company's overseas presence and improved response efficiency to key clients [11]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.060 billion yuan, 3.697 billion yuan, and 4.517 billion yuan, with year-on-year growth rates of 20%, 21%, and 22% respectively [11]. - The net profit attributable to shareholders is projected to be 925 million yuan, 1.107 billion yuan, and 1.344 billion yuan for the same period, with year-on-year growth rates of 18%, 20%, and 21% respectively [11]. Valuation Metrics - The company’s current price-to-earnings (PE) ratio is 31.6, projected to decrease to 16.8 by 2027, indicating potential for valuation improvement [14]. - The price-to-book (PB) ratio is currently at 6.6, expected to decline to 3.6 by 2027, suggesting a more attractive valuation over time [14].

证券研究报告 | 2025年04月24日 山高环能（000803.SZ） 优于大市 经营拐点显现，25Q1 归母净利同比增长 222% 油脂销售结构改善，2024年收入有所下滑。2024年公司实现营业收入14.49 亿元，同比下降 31%。其中工业级混合油业务收入 8.21 亿，同比下降 42.5%；环保无害化处理业务收入 3.13 亿，同比增长 7.1%；供暖业务收 入 3.06 亿，同比增长 4%；节能环保装备业务收入 0.58 亿，同比下滑 -93.2%。收入下滑主要系公司控制风险主动压缩外购油脂贸易销售业 务，提升自产油脂占比所致。2025 年一季度公司实现营业收入 4.34 亿 元，同比去年稳健增长 4.21%。 非经营事项对 2024 年归母净利影响较大，2025Q1 业绩大幅增长。2024 年公 司实现归母净利 1304 万元，同比增长 47.3%，经营状况有所改善。报告 期内有多项非经营事项扰动业绩：1）消化历史遗留联优诉讼事项，计 提营业外支出 3924 万元； 2）消化其他历史遗留低效资产计提减值 3506.28 万元；3）天津碧海项目《股权收购补充协议》中业绩对赌解除 收益 4625 万 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company is expanding into new downstream fields of AI robotics while maintaining a rapid growth trend. In 2024, it achieved revenue of 6.088 billion yuan, a year-on-year increase of 13.81%, and a net profit of 194 million yuan, up 32.04% year-on-year [1][11]. - The company has a strong focus on customer value creation, product leadership, and lean management, which are key to its strategic development [11][13][18]. - The company is deeply engaged in special materials, with applications in new energy and robotics, and has developed innovative solutions that meet diverse customer needs [32][33][39]. Financial Data and Valuation - The company’s total revenue for 2024 is projected to be 6.879 billion yuan, with a net profit of 244 million yuan, and an EPS of 0.51 yuan [2][3]. - The company’s PE ratio is expected to decrease from 37.6 in 2023 to 22.7 in 2025, indicating improving valuation metrics [2][3]. Company Development and Strategy - The company emphasizes a customer-first approach, ensuring value creation through innovative materials and reliable delivery [11][13]. - It has implemented a lean management system to enhance operational efficiency and cost advantages across its value chain [18][19]. - The company is actively pursuing global expansion, establishing a factory in Thailand to serve the Southeast Asian market and planning further expansion into Europe and North America [21][20]. Product Innovation and R&D - The company has developed a three-tier R&D system that integrates AI technology to enhance material innovation and product quality [48][49]. - It has achieved significant advancements in special materials, particularly long-chain nylon, which has seen a revenue increase of 105.39% year-on-year [37][38]. - The company is committed to sustainable development, focusing on the circular economy and the lifecycle management of materials [41][47]. Market Position and Competitive Advantage - The company is recognized as one of the largest modified materials enterprises in China, with a broad customer base and extensive product offerings [32]. - It has established strong partnerships with key industries, including automotive and home appliances, to provide tailored material solutions [34][39]. - The company’s focus on innovation and customer collaboration has positioned it favorably in the competitive landscape of special materials [28][30].