| 79.47 | 82.10 | 86.10 | 91.10 | | --- | --- | --- | --- | | -26.55 | 3.31 | 4.87 | 5.81 | | 1.69 | 1.73 | 1.82 | 1.98 | | -42.46 | 2.47 | 5.03 | 8.89 | | 15.82 | 16.47 | 16.11 | 16.05 | | 0.07 | 0.07 | 0.08 | 0.08 | | 36.32 | 35.44 | 33.74 | 30.99 | ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ 公司点评报告 ·建筑行业 E券|CGS 附录: 公司财务预测表 | 市场数据 | 2025-04-18 | | --- | --- | | 股票代码 | 600477.SH | | A 股收盘价(元) | 2.59 | | 上证指数 | 3,280.34 | | 总股本(万股) | 236,896.62 | | 实际流通 A 股(万股) | 236,896.62 | | 流通 A 股市值(亿元) | 61.36 | | 资产负债表(亿元) | 2024A | 2025E | 2026E | ...

上 市 公 司 家用电器 2025 年 04 月 22 日 极米科技 (688696) —— 2024 年年报点评：Q4 盈利大幅改善，25 年看好车 载业务放量 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 21 日 | | --- | --- | | 收盘价（元） | 121.13 | | 一年内最高/最低（元） | 136.98/50.71 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 0.25 | | 流通 A 股市值（百万元） | 8,479 | | 上证指数/深证成指 | 3,291.43/9,905.53 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 42.04 | | 资产负债率% | 44.62 | | 总股本/流通 A 股（百万） | 70/70 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 ...

| [Table_DataInfo] 评级： | 买入 | 股票代码： | 600873 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 11.95/8.72 | | 目标价格： | | 总市值(亿) | 309.81 | | 最新收盘价： | 10.86 | 自由流通市值(亿) | 309.81 | | | | 自由流通股数(百万) | 2,852.79 | [Table_Summary] 事件概述 公司发布 2025 年第一季度报告，报告期内，公司实现营业收入 62.69 亿元，同比-3.36%；实现归母净利润 10.19 亿元，同比+35.52%。 分析判断: ► 销量增长&成本下降，公司归母净利同比增长 2025Q1，公司实现营业收入 62.69 亿元，同比下降 3.36%。据公司公告，下降的主要原因在于，公司主要产品 味精、赖氨酸、苏氨酸、饲料级异亮氨酸等销量增长，但因味精、黄原胶以及饲料级异亮氨酸等产品市场销售 价格下降导致营业收入减少。2025Q1，公司实现归属于上市公司股东的净利润 10.19 亿元，同比增长 35.52%， ...

Investment Rating - The investment rating for the company is maintained at "Hold" with a target price of 9.72 RMB [7][8]. Core Views - The company reported a revenue of 7.13 billion RMB and a net profit of 0.07 billion RMB for 2024, reflecting a year-on-year decline of 6.8% and 84.3% respectively. The net profit slightly exceeded the midpoint of the earnings forecast [1]. - In Q1 2025, the company’s revenue was 1.05 billion RMB, with a net loss of 0.07 billion RMB, showing a year-on-year decline of 7.5% but a narrowing of losses by 0.02 billion RMB. The improvement in gross margin is expected to drive demand recovery due to policies like "old-for-new" [4]. Summary by Sections Financial Performance - For 2024, the company’s revenue from various segments was as follows: sanitary ceramics 3.49 billion RMB, leading hardware 2.06 billion RMB, bathroom furniture 0.79 billion RMB, bathtubs and shower rooms 0.34 billion RMB, and tiles 0.29 billion RMB, with year-on-year changes of -6.6%, -1.8%, +2.4%, -11.5%, and -33.3% respectively. The sales of smart toilets reached 1.19 million units, generating 1.52 billion RMB in revenue, a year-on-year increase of 8.9% [2]. - The overall gross margin for 2024 was 25.2%, down 3.1 percentage points year-on-year, while Q4 gross margin was 22.8%, with a year-on-year decline of 3.2 percentage points [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 23.0%, up 1.9 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 8.0%, 9.2%, 5.2%, and 0.5% respectively [3]. - The operating cash flow for 2024 was 5.1 billion RMB, down 55.9% year-on-year, but improved to 10.1 billion RMB in Q4, up 45.9% year-on-year, mainly due to reduced operating expenses [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 0.35 billion RMB, 0.42 billion RMB, and 0.49 billion RMB, reflecting upward adjustments of 9% and 10% from previous estimates [5]. - The target price is set at 9.72 RMB based on a 27x PE for 2025, indicating a potential recovery in demand driven by the "old-for-new" policy and an increase in the share of smart products [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1146.01 billion CNY in 2024, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 45.04 billion CNY, an increase of 64.30% year-on-year [2][3] - The feed business showed resilience with a market share increase, while the aquaculture segment turned profitable [3][4] - The company is focusing on a light-asset breeding model and has made significant progress in international markets, with overseas feed sales growing by approximately 40% [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1146.01 billion CNY, with a year-on-year decline of 1.31%. The feed segment generated 957.75 billion CNY, down 4.82%, while the aquaculture segment saw revenue of 188.26 billion CNY, up 21.52% [2][3] - For Q1 2025, the company reported a revenue of 256.29 billion CNY, a year-on-year increase of 10.60%, and a net profit of 12.82 billion CNY, up 48.99% year-on-year [2] Business Segments - The feed business accounted for 83.57% of total revenue, with a gross margin of 9.94%, an increase of 1.12 percentage points year-on-year. The aquaculture business contributed 16.43% to total revenue, with a gross margin of 18.28%, up 12.05 percentage points [3] - The company sold 26.52 million tons of feed in 2024, a 9% increase year-on-year, with significant growth in poultry and aquaculture feed sales [3] Growth Strategy - The company is implementing a strategy that includes partnerships with large-scale farmers and food companies to expand market share. The international strategy has led to a notable increase in overseas sales, particularly in Vietnam, Indonesia, and Egypt [3][4] - The aquaculture segment has improved significantly, with the company focusing on shrimp and other specialty aquatic products, leading to a reduction in production costs [4] Profitability Forecast - The company expects revenue growth to continue, with projected revenues of 1288.84 billion CNY in 2025 and 1453.02 billion CNY in 2026. The net profit is forecasted to reach 50.98 billion CNY in 2025 and 55.78 billion CNY in 2026 [5][6] - The earnings per share (EPS) are projected to be 3.06 CNY in 2025 and 3.35 CNY in 2026, with a price-to-earnings (PE) ratio of 17 for 2025 [6][8]

[Table_StockNameRptType] 新和成（002001） 公司点评 24 年业绩大幅增长，新材料项目稳步推进 [Table_Rank] 投资评级：买入（维持） | 报告日期： | 2025-04-22 | | | --- | --- | --- | | [Table_BaseData] 收盘价（元） | | 21.76 | | 近 12 个月最高/最低（元） | 25.00/17.49 | | | 总股本（百万股） | | 3,073 | | 流通股本（百万股） | | 3,037 | | 流通股比例（%） | | 98.82 | | 总市值（亿元） | | 669 | | 流通市值（亿元） | | 661 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% -3% 16% 35% 53% 4/24 7/24 10/24 1/25 新和成 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：1 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's radar business revenue is experiencing rapid growth, driven by military trade and low-altitude demand, indicating a promising outlook for the future [2][3] - In 2024, the company achieved operating revenue of 3.4 billion yuan, a year-on-year increase of 3.61%, and a net profit attributable to shareholders of 630 million yuan, up 5.10% year-on-year [1] - The company is actively expanding its domestic and international markets, particularly in emerging fields such as low-altitude economy, which is expected to open new growth opportunities [3] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 3.4 billion yuan, with a net profit of 630 million yuan, reflecting a year-on-year growth of 5.10% [1] - The first quarter of 2025 saw a significant decline in revenue to 363 million yuan, down 35.36% year-on-year, primarily due to fluctuations in project delivery cycles [1][2] - The company's gross profit margin for 2024 was 35.93%, an increase of 1.98 percentage points year-on-year [2] Business Segments - Revenue from radar equipment and related systems, industrial software and intelligent manufacturing, and smart rail transit was 2.673 billion yuan, 399 million yuan, and 283 million yuan respectively in 2024, with year-on-year changes of +20.04%, -11.87%, and -48.92% [2] - The decline in industrial software and smart rail transit revenues was attributed to intensified industry competition and policy adjustments, respectively [2] Market Expansion - The company has made significant progress in domestic market projects, including air traffic control radar upgrades and successful bids for meteorological radar projects [3] - Internationally, the company has responded to the "Belt and Road" initiative, achieving continuous breakthroughs in international markets [3] Profit Forecast and Valuation - The report adjusts the 2025 net profit forecast down by 24% to 760 million yuan, while introducing forecasts for 2026 and 2027 at 929 million yuan and 1.146 billion yuan respectively [3] - The corresponding EPS for 2025-2027 is projected to be 0.61 yuan, 0.75 yuan, and 0.92 yuan [3]

2025 年 04 月 22 日 利民股份 (002734) 上 市 公 司 公 司 研 究 / 公 司 点 基础化工 ——重点产品涨价兑现利润，25Q1 业绩超预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 21 日 | | --- | --- | | 收盘价（元） | 11.66 | | 一年内最高/最低（元） | 12.44/6.19 | | 市净率 | 1.8 | | 息率（分红/股价） | 3.00 | | 流通 A 股市值（百万元） | 4,235 | | 上证指数/深证成指 | 3,291.43/9,905.53 | | 注："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） | 7.28 | | 资产负债率% | 56.14 | | 总股本/流通 A 股（百万） | 405/363 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][6]. Core Insights - The company achieved a revenue of 1.174 billion yuan in FY24, representing a year-on-year growth of 65.56%, driven by the explosive demand for AI large model computing power [2][4]. - The net profit attributable to the parent company for FY24 was -452 million yuan, with losses narrowing compared to the previous year [2][4]. - In Q1 2025, the company reported a revenue of 1.111 billion yuan, a staggering year-on-year increase of 4230.22%, primarily due to market expansion and technological advancements in the internet sector [2][4]. - The net profit attributable to the parent company in Q1 2025 was 355 million yuan, marking a quarter-on-quarter growth of 30.61%, confirming a turning point towards profitability [2][4]. Financial Performance - As of the end of Q1 2025, the company's inventory reached 2.755 billion yuan, a 55% increase from the previous year, indicating strong demand and proactive stockpiling [3]. - The company's R&D investment for FY24 was 1.072 billion yuan, accounting for 91.30% of its revenue, reflecting a strong commitment to enhancing its core competitiveness [3]. - Revenue projections for 2025-2027 are estimated at 5.264 billion yuan, 7.902 billion yuan, and 10.680 billion yuan, with respective growth rates of 348.18%, 50.12%, and 35.15% [4][5]. Market Position and Strategy - The company is expected to continue gaining market share in the domestic computing power sector, benefiting from the acceleration of domestic chip replacement and strong downstream demand [3][4]. - The company has focused its chip architecture on natural language processing, video generation, and vertical large model scenarios, enhancing its competitive edge through flexibility and efficiency optimization [3].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company achieved a revenue of 2.4 billion yuan in Q1 2025, representing a year-on-year growth of 50.76%, and a net profit of 506 million yuan, up 75.33% year-on-year [3][6]. - The significant increase in contract liabilities by 258.27% compared to the end of 2024 indicates strong future growth potential [6]. - The company is positioned to benefit from the restrictions on NVIDIA's H20 chip exports to China, which may enhance the market share of its domestic AI computing products [6][7]. - The report emphasizes the company's strong R&D investment of 764 million yuan, a 16.26% increase year-on-year, which supports ongoing technological innovation and product competitiveness [6][7]. Financial Summary - The company’s projected revenues for 2025-2027 are 13.76 billion yuan, 19.42 billion yuan, and 27.01 billion yuan, respectively, with corresponding net profits of 2.96 billion yuan, 4.31 billion yuan, and 6.15 billion yuan [5][7]. - The gross margin is expected to remain stable around 64%, with net margins increasing from 21.1% in 2024 to 22.8% in 2027 [5][8]. - The company's return on equity (ROE) is projected to rise from 9.5% in 2024 to 19.1% in 2027, indicating improving profitability [5][8]. Market Position - The company is identified as a key player in the domestic AI computing market, with strong competitive advantages in its CPU and DCU product lines [6][7]. - The report highlights the growing demand for AI computing solutions, which is expected to drive the company's performance in the coming years [6][7].