Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance in 2024 faced temporary pressure due to domestic industry restructuring and equipment update cycles, while overseas markets experienced rapid growth. The first quarter of 2025 showed positive year-on-year growth in both revenue and profit, indicating a gradual release of equipment update demand. The company achieved breakthroughs in high-end markets and penetration in emerging regions, enhancing its global presence as a leading domestic medical imaging company [2][3] Financial Performance Summary - In 2024, the company reported revenue of 10.3 billion yuan, a year-on-year decline of 9.73%, and a net profit attributable to shareholders of 1.262 billion yuan, down 36.09%. The first quarter of 2025 saw revenue of 2.478 billion yuan, an increase of 5.42%, and a net profit of 370 million yuan, up 1.87% [1][5] - The service business showed strong performance in 2024, with revenue of 1.356 billion yuan, a year-on-year increase of 26.80%, and a gross margin of 63.43%. In contrast, the equipment business faced challenges, with revenue of 8.445 billion yuan, a decline of 14.93% [2][3] - The company's overseas revenue reached 2.22 billion yuan in 2024, a year-on-year increase of 33.81%, while domestic revenue was 7.664 billion yuan, down 19.43% [3] Product and Market Development - The company has launched over 140 innovative products by the end of 2024, with significant certifications including 46 CE MDR and 49 FDA approvals. Notable products include advanced MRI and CT systems, enhancing the company's product portfolio [4] - The company has expanded its overseas business to over 85 countries and regions, achieving significant market penetration in North America and Europe, and making strides in emerging markets such as India, Turkey, Mexico, and Brazil [3][4] Future Projections - Revenue projections for 2025 to 2027 are estimated at 12.354 billion yuan, 15.130 billion yuan, and 18.326 billion yuan, respectively, with year-on-year growth rates of 19.9%, 22.5%, and 21.1%. Net profit projections for the same period are 1.803 billion yuan, 2.245 billion yuan, and 2.746 billion yuan, with growth rates of 42.8%, 24.6%, and 22.3% [4][5]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 新产业（300832.SZ） Q1 海外市场延续高增，高端机型持续突破 新产业发布 2024 年度报告。2024 年公司实现营业收入 45.35 亿元，同比增长 15.41%；归母净利润 18.28 亿元，同比增长 10.57%；扣非后归母净利润 17.20 亿元，同比增长 11.19%。分季度看，2024Q4 实现营业收入 11.21 亿元，同比增 长 9.75%；归母净利润 4.45 亿元，同比下滑 4.73%；扣非后归母净利润 3.90 亿 元，同比下滑 12.58%。 新产业发布 2025 年度一季报。2025Q1 公司实现营业收入 11.25 亿元，同比增长 10.12%；归母净利润 4.38 亿元，同比增长 2.65%；扣非后归母净利润 4.17 亿元， 同比增长 4.39%。 观点：2024 年海外市场表现靓丽，国内市场在集采压力下依旧实现稳健增长。 2025Q1 海外市场延续高增态势，利润端增速不及收入端，主要系集采压力下毛 利率波动影响。海内外高端机型装机进展顺利，三级医院覆盖率持续提升，海外 本土化 ...

公司报告 | 年报点评报告 代糖龙头高速成长，盈利水平显著改善 【业绩总结】2024 年公司营业收入/归母净利润/扣非归母净利润分别为 11.52/2.46/2.31 亿元（同比+32.64%/+27.26%/+31.72%）；2025Q1 公司营业 收入/归母净利润/扣非归母净利润分别为 3.13/0.81/0.82 亿元（同比 +24.27%/+52.06%/+59.98%）。 百龙创园（605016） 证券研究报告 产能释放带来高速增长，健康甜味剂 Q1 收入翻倍。2024 年膳食纤维/健康 甜味剂/益生元/其他淀粉糖收入分别为 6.24/1.56/3.22/0.04 亿元（同比 +40.42%/+13.85%/+25.43%/-72.48% ） ， 毛 利 率 分 别 同 比 +2.64/-5.36/-0.89/+8.18pct。25Q1 膳食纤维/健康甜味剂/益生元收入分别为 1.70/0.50/0.86 亿元（同比+25.40%/105.31%/17.27%），收入比重分别为 55.27%/16.21%/27.92%（同比-2.48/+5.86/-3.27pct）。 海外市场需求旺盛，Q1 国外占 ...

2025 年 05 月 05 日 证券研究报告·公司点评报告·医疗服务 通策医疗（600763） 2024 年报及 2025 一季报点评：业绩符合预 期，Q1 业绩增速环比改善 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） | 2,847 | 2,874 | 3,152 | 3,499 | 3,904 | | 同比（%） | 4.70 | 0.96 | 9.68 | 11.00 | 11.59 | | 归母净利润（百万元） | 500.44 | 501.43 | 561.89 | 633.14 | 716.43 | | 同比（%） | (8.72) | 0.20 | 12.06 | 12.68 | 13.16 | | EPS-最新摊薄（元/股） | 1.12 | 1.12 | 1.26 | 1.42 | 1.60 | | P/E（现价&最新摊薄） | 35.87 | 35.80 | 31.95 | 28.35 | ...

上 市 公 司 美容护理 2025 年 05 月 05 日 贝泰妮 (300957) ——战略调整持续，护肤彩妆双轮助力复苏 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 41.41 | | 一年内最高/最低（元） | 74.00/37.46 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 1.45 | | 流通 A 股市值（百万元） | 17,541 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 14.35 | | 资产负债率% | 18.39 | | 总股本/流通 A 股（百万） | 424/424 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 ...

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 growth engines contributing to its expansion [1][3] - In 2024, the company achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit of 23.216 billion yuan, up 10.34% year-on-year [1] - The first quarter of 2025 saw a revenue of 160.415 billion yuan, representing a year-on-year growth of 35.16%, with a net profit of 5.231 billion yuan, up 24.99% year-on-year [1] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 7.28% and a net margin of 3.82%, with slight declines of 0.78 percentage points and 0.59 percentage points year-on-year respectively [1] - The company's cloud computing business revenue reached 319.377 billion yuan in 2024, growing by 64.37% year-on-year, marking its first time exceeding 50% of total revenue [3] - AI server revenue saw a year-on-year increase of over 150%, accounting for more than 40% of cloud computing revenue [3] Business Segments - The telecommunications and mobile network equipment segment achieved stable growth, with revenue of 287.898 billion yuan in 2024 [3] - The company is positioned to benefit from the ongoing evolution of AI terminals and the high-end trend in related products [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 forecasts for the same years are 28.638 billion yuan, 34.491 billion yuan, and 36.494 billion yuan, with growth rates of 23%, 20%, and 6% respectively [3]

上 市 公 司 美容护理 2025 年 05 月 05 日 福瑞达 (600223) ——25Q1 符合预期，颐莲享受性价比消费崛起红利 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 7.41 | | 一年内最高/最低（元） | 9.39/5.74 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 2.02 | | 流通 A 股市值（百万元） | 7,533 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础 ...

丨证券研究报告丨 联合研究丨公司点评丨新天然气（603393.SH） [Table_Title] 产量稳步释放，资源充足未来成长可期 分析师及联系人 [Table_Author] 魏凯 张韦华 王岭峰 司旗 SAC：S0490520080009 SAC：S0490517080003 SAC：S0490521080001 SAC：S0490520120001 SFC：BUT964 SFC：BQT627 报告要点 请阅读最后评级说明和重要声明 %% %% [Table_Summary] 公司发布 2025 年一季报。2025 年一季度，公司实现营业收入 10.64 亿元，同比减少 5.95%； 利润总额达到 5.38 亿元，同比增加 32.71%；实现归母净利润 3.77 亿元，同比增加 13.72%。 产量稳步提升，主业发展持续稳健；清洁能源专项资金期限延长，煤层气奖补力度加大；通过 "强链、延链和补链"战略，有望构筑和夯实"天然气全产业链化"。 research.95579.com 1 新天然气（603393.SH） cjzqdt11111 [Table_Title2] 产量稳步释放，资源充足未来成长可期 [ ...

证券研究报告 基础化工 | 化学制品 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 05 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 市场表现： | | | | 基本数据 | | | | | 2025 | 年 | 04 | 月 | 30 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 11.20 | | | | 一 年 内 | 最 | 高 | / | 最 | 低 | | | 13.93/7.98 | ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 05 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 市场表现： | | | | 基本数据 | | 2025 | 04 | | | 月 | | 日 | 30 | | | 年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 9.13 | | | | | | | | | 一 年 内 / 最 | 高 | | | | | | 12.00/8.05 | | | 最 | 低 | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | 8,727.97 | | | | | | | | | | ...