[Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 05 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 证券分析师 冉胜男 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（ ...

公司公布 24 年年报及 25 年一季报，24 年实现营业收入 64.91 亿元，同比 减少 17%，归母净利润-2.79 亿元，同比减亏 0.79 亿元，扣非后归母净利 润-4.27 亿元，同比减亏 1.39 亿元。经营现金流净额 7.03 亿元，首次实现 转正，公司运营质量持续改善。亏损主要原因是运营商基站资本开支明显 下滑，市场有效需求不足，公司收入规模同比下降，同时保持较高强度的 研发投入水平，导致 2024 年处于亏损状态。25 年一季度实现营业收 8.15 亿元，同比减少 16%，归母净利润-1.56 亿元，与去年同期的-1.59 亿元基 本持平。 系统设备收入下降，但毛利率提升 24 年系统设备收入 13.92 亿元，同比减少 40%，毛利率提升 3.2 个百分点 至 39.34%。中标中国移动 5G 无线主设备六期集采项目、中国电信 5G 六期 工程，中国联通六期工程实现超框架落地，积极推进 5G-A 试点，5G-A 通 感试验网一期落地广东、湖北、浙江、辽宁 4 省。在海外市场，5G 系统设 备在一带一路国家和核心区域取得规模突破。 行业专网大幅增长，深耕能源、交通、教育、卫星等市场 公司报 ...

2025 年 05 月 05 日 华润微 (688396) ——持续发力汽车电子领域，1Q25 归母净利润同比增长 超 150% 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,119 | 2,355 | 11,446 | 12,824 | 14,108 | | 同比增长率（%） | 2.2 | 11.3 | 13.1 | 12.0 | 10.0 | | 归母净利润（百万元） | 762 | 83 | 914 | 1,078 | 1,211 | | 同比增长率（%） | -48.5 | 150.7 | 19.9 | 17.9 | 12.4 | | 每股收益（元/股） | 0.58 | 0.06 | 0.69 | 0.81 | 0.91 | | 毛利率（%） | 27.2 | 25.3 | 27.6 | 27.8 | 27.9 | | ROE（%） | 3.4 | 0.4 | ...

韩轶超 赵超 SAC：S0490512020001 SAC：S0490520020001 SFC：BQK468 丨证券研究报告丨 公司研究丨点评报告丨京沪高铁（601816.SH） [Table_Title] 京沪增长放缓，京福扭亏在即 报告要点 [Table_Summary] 2025Q1，京福安徽利润亏损 0.41 亿元；京沪本级利润总额为 39.61 亿元，同比 2024Q1 微降 0.6%，成本的涨幅大于收入的增幅。京沪高铁的增长放缓，京福安徽扭亏为盈在即。伴随着产 能利用率提升，高铁的竞争格局稳定，价格上限已经调整，预计京沪高铁仍处于盈利爬坡期。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 京沪高铁（601816.SH） cjzqdt11111 [Table_Title2] 京沪增长放缓，京福扭亏在即 [Table_Summary2] 事件描述 京沪高铁发布 2024 年年报及 2025 年一季报，2024 年公司实现营业收入 421.57 亿元，同比 增加 3.6%；实现归属净利润 127.68 亿元 ...

公司研究丨点评报告丨厦门国贸（600755.SH） [Table_Title] 经营底部逐步夯实，25Q1 业绩同比略增 报告要点 [Table_Summary] 2025Q1，公司实现营业收入 705.3 亿元，同比下降 27.2%，归母净利润 4.2 亿元，同比增长 2.8%。2025Q1，受经营策略调整、市场需求减弱以及部分经营商品品类价格下跌等综合影响， 公司营业收入同比下降 27.2%。公司经营风格稳健，负债规模收缩，驱动财务费用同比下降 15.5%，最终公司归母净利润同比微增 2.8%。公司持续夯实经营，优化业务结构，期现毛利率 底部修复，期待需求催化。 丨证券研究报告丨 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 厦门国贸（600755.SH） cjzqdt11111 [Table_Title2] 经营底部逐步夯实，25Q1 业绩同比略增 [ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a Q1 2025 revenue of 1.48 billion yuan, representing a year-on-year increase of 9.4% and a quarter-on-quarter increase of 4.2%. The net profit attributable to shareholders was 110 million yuan, a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.0%. The net profit after deducting non-recurring gains and losses was 100 million yuan, reflecting a year-on-year increase of 4.1% and a quarter-on-quarter decrease of 6.3% [2][6]. - The company is a leader in anti-aging additives in China, possessing core technologies in antioxidants and light stabilizers. It is expanding its main production capacity through both organic growth and acquisitions, establishing six major production bases domestically. Additionally, the company is entering the lubricant additives, life sciences, and electronic materials sectors to create second and third growth curves, ensuring long-term growth [2][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.48 billion yuan, with a year-on-year growth of 9.4% driven by increased sales of U-pack, antioxidants, and lubricant additives. The gross margin was 21.5%, showing a slight year-on-year increase of 0.1 percentage points. The operating expense ratio was 12.2%, remaining stable year-on-year [2][12]. Production Capacity and Market Dynamics - The utilization rate of anti-aging additives is expected to improve, and the profitability of lubricant additives is gradually recovering. The company anticipates an upward trend in revenue and profit due to improved downstream demand and industry supply conditions starting from Q2 2024 [12]. - The new U.S. tariff changes are likely to accelerate the domestic substitution process for lubricant additives, as the cost of imported raw materials from the U.S. has increased significantly [12]. Strategic Expansion - The company is expanding rapidly through both internal growth and acquisitions, establishing itself as a platform-based leader in fine chemicals. It has six production bases for anti-aging agents across various regions in China, ensuring stable growth in its main business. The lubricant additives segment is expected to see continued growth with a designed capacity of 133,000 tons by the end of 2024 [12]. - The life sciences division is focusing on bioblocks and synthetic biology, while the company is also making strides in high-end electronic-grade polyimide materials through acquisitions and partnerships [12]. Profit Forecast - The company forecasts net profits attributable to shareholders of 540 million yuan, 630 million yuan, and 740 million yuan for the years 2025, 2026, and 2027, respectively [12].

丨证券研究报告丨 公司研究丨点评报告丨桐昆股份（601233.SH） [Table_Title] 产销规模提升，静待景气复苏 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现营业收入 1013.1 亿元（同比+22.6%），实现归属净利润 12.0 亿元（同比+50.8%），实现归属扣非净利润 9.3 亿元（同比+105.4%）。其中 Q4 单季度实现收 入 252.6 亿元（同比+20.9%，环比-9.3%），实现归属净利润 2.0 亿元（同环比均扭亏转盈）， 实现归属扣非净利润 1.1 亿元（同环比均扭亏转盈）。公司拟每股派发现金红利 0.1 元（含税）， 合计派发现金红利 2.38 亿元（含税）。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 桐昆股份（601233.SH） cjzqdt11111 [Table_Title2] 产销规模提升，静待景气复苏 [Table_Summary2] 事件描述 公司发布 202 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The silicon industry chain is experiencing a downturn, with the company’s performance under pressure, awaiting recovery [5][8]. - In 2024, the company achieved a revenue of 26.69 billion yuan, a year-on-year change of +0.4%, and a net profit attributable to shareholders of 1.74 billion yuan, a year-on-year change of -33.6% [5][8]. - For Q1 2025, the company reported a revenue of 5.23 billion yuan, a year-on-year change of -3.5% and a quarter-on-quarter change of -17.3% [5][8]. - The company plans to distribute a cash dividend of 4.5 yuan for every 10 yuan to all shareholders, totaling 530 million yuan [5][8]. Summary by Sections Financial Performance - In 2024, the company’s revenue was 26.69 billion yuan, with a net profit of 1.74 billion yuan, reflecting a significant decline in profitability [5][8]. - Q1 2025 results showed a revenue of 5.23 billion yuan and a net profit of 260 million yuan, indicating a continued decline in earnings [5][8]. - The average prices for key products in 2024 were 11,175 yuan for industrial silicon, 12,405 yuan for silicone oil, 10,013 yuan for silicone rubber, and 13,000 yuan for cyclic siloxane, with overall price declines observed [8]. Industry Outlook - The silicon industry is expected to stabilize and recover in 2025, driven by demand growth in the photovoltaic sector and ongoing adjustments in supply and demand dynamics [8]. - The company is positioned as a leading player in the silicon-based new materials industry, with significant production capacity and a focus on cost advantages [8]. - The company is actively optimizing its operations and enhancing efficiency through technological innovations, which is expected to support its competitive position in the market [8]. Future Projections - The company’s net profit is projected to reach 1.79 billion yuan in 2025, 2.36 billion yuan in 2026, and 2.91 billion yuan in 2027 [8].

丨证券研究报告丨 联合研究丨公司点评丨拓荆科技（688072.SH） [Table_Title] 拓荆科技：在手订单高增，新机台加速验证 报告要点 [Table_Summary] 近期拓荆科技发布 2024 年报及 2025 年一季度报告。 2024 年公司实现营业收入 41.03 亿元，同比增加 51.70%；实现归母净利润 6.88 亿元，同比 增加 3.86%。2025Q1 公司实现营收 7.09 亿元，同比增加 50.22%；实现归母净利润-1.47 亿 元，同比减少 1503.33%。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 拓荆科技（688072.SH） cjzqdt11111 [Table_Title2] 拓荆科技：在手订单高增，新机台加速验证 [Table_Summary2 ...

[Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 05 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 证券研究报告·公司点评报告·生物制品 百济神州-U（688235） 2024 年年报点评：营收大幅增长，2025 年将 迎来 GAAP 经营性利润转正 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） | 17,423 | 27,214 | 35,855 | 43,743 | 53,367 | | 同比（%） | 82.13 | 56.19 | 31.75 | 22.00 | 22.00 | | 归母净利润（百万元） | (6,715.86) | (4,978.29) | 403.50 | 3,592.88 | 6,748.76 | | 同比（%） | 50.77 | 25.87 | 108.11 | 790.43 | 87. ...