证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 圣湘生物(688289) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 呼吸道产品需求持续，业绩实现高速增 长 分子诊断龙头峥嵘初露，力寻平台化发 展 呼吸道产品需求提升，2023 年常规试剂 收入翻倍增长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 检测试剂收入增长 63%，内生+外延打造诊疗 闭环 [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公司发布 ummary]2 ...

2025 年 05 月 05 日 股权激励提升团队凝聚力，数据中心液冷产品打 造第二增长曲线 买入(维持) 事件 市场表现 -40 -20 0 20 40 60 (%) 溯联股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《溯联股份（301397）：汽车尼 龙管路龙头，积极拓展数据中心业 务》2025-03-02 —溯联股份（301397.SZ）公司事件点评报告 公司近期公告：1）2024 年报：报告期内公司实现营收 12.42 亿元，同比增长 22.89%，实现归母净利润 1.23 亿元，同比 下降 18.72%；2）2025 一季报：报告期内公司实现营收 3.39 亿元，同比增长 47.22%，实现归母净利润 3351.22 万元，同 比增长 3.08%；3）拟向激励对象以 17.35 元/股价格授予限制 性股票；4）每 10 股派发现金红利 8 元，以资本公积金每 10 股转增 3 股。 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-04-3 ...

晶科科技（601778.SH）2024 年年报及 2025 年一季报点评 自持规模持续增长，海外电站建设提速 2025 年 05 月 04 日 ➢ 事件：2025 年 4 月，公司发布 2024 年年度报告以及公司 2025 年一季报， 根据公告，2024 年全年公司实现营业收入 47.75 亿元，同比+9.25%，实现归母 净利润 3.24 亿元，同比-15.39%，实现扣非归母净利润 1.48 亿元，同比-41.00%。 分季度看，24Q4 公司实现营业收入 8.85 亿元，同比+2.07%，环比-54.99%， 实现归母净利润 1.05 亿元，扣非归母净利润-1.37 亿元；25Q1 公司实现营业收 入 11.12 亿元，同比+43.00%，环比+25.65%，实现归母净利润-0.35 亿元，扣 非归母净利润-0.34 亿元。公司 24 年营业收入增长主要系公司自持电站装机规 模增加致发电量和发电收入提升，同时户用光伏电站滚动开发业务营收规模增长 所致，归母净利润下降主要系报告期内光伏行业弃光限电率进一步提升，同时受 制于电力市场政策环境变化，公司处置长期股权投资产生的投资收益下降所致。 ➢ 自持规模稳 ...

证券研究报告·公司点评报告·中药Ⅱ 方盛制药（603998） 2024年报&25年一季报点评：业绩符合预期， 多产品矩阵保障业绩平稳 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） | 1,629 | 1,777 | 2,015 | 2,277 | 2,562 | | 同比（%） | (9.12) | 9.15 | 13.36 | 12.99 | 12.54 | | 归母净利润（百万元） | 186.82 | 255.22 | 309.13 | 376.74 | 450.44 | | 同比（%） | (34.64) | 36.61 | 21.12 | 21.87 | 19.56 | | EPS-最新摊薄（元/股） | 0.43 | 0.58 | 0.70 | 0.86 | 1.03 | | P/E（现价&最新摊薄） | 22.82 | 16.71 | 13.79 | 11.32 | 9.47 | [Table_Tag ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 联美控股(600167) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 [Table_Author 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_OtherReport] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 清洁能源主业稳中向好，高分红彰显股东回 [Table_ReportDate] 2025 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is transitioning its growth momentum towards the domestic market, with a notable decline in profitability due to subsidiary losses and convertible bond expenses [1] - The VIP board segment shows resilience with a revenue increase of 11.39% year-on-year, despite a slight decrease in average selling price [2] - The company is actively engaging in cash dividends and share buybacks to enhance shareholder returns [4] - The company is positioned as a leader in the vacuum insulation panel industry, with significant growth potential in both domestic and international markets [5] Financial Performance Summary - In 2024, the company reported revenue of 934 million yuan, an increase of 11.16% year-on-year, but a net profit decline of 27.27% to 77.16 million yuan [1] - The gross margin for 2024 was 29.12%, down 3.91 percentage points, attributed to a decrease in terminal average prices and rising raw material costs [3] - The operating cash flow for 2024 was 65.65 million yuan, a decrease of 12.67% year-on-year, primarily due to increased costs outpacing revenue growth [4] - The company forecasts net profits of 100 million yuan, 140 million yuan, and 170 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25X, 17X, and 14X [5] Market Dynamics - The company’s domestic sales ratio increased to 56.91% in 2024, up 11.98 percentage points year-on-year, driven by domestic replacement policies [2] - The overall industry remains in a high demand phase, with the VIP board segment benefiting from both domestic and international market dynamics [2]

2025 年 05 月 04 日 传统主业拐点出现，机器人业务未来可期 增持(首次) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2025-04-30 | | --- | --- | | 当前股价（元） | 41.27 | | 总市值（亿元） | 135 | | 总股本（百万股） | 327 | | 流通股本（百万股） | 283 | | 52 周价格范围（元） | 12.04-50.9 | | 日均成交额（百万元） | 831.09 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 250 300 (%) 汉威科技 沪深300 相关研究 —汉威科技（300007.SZ）公司事件点评报告 公司近期发布 2024 年报及 2025 一季报：2024 年公司实现营 收 22.28 亿元，同比下降 2.61%，实现归母净利润 7668.03 万元，同比下降 41.38%。2025 一季报公司实现营收 6.03 亿 元，同比增长 1.54%，实现归母净利润 1693.60 万元，同比 增长 16.91%。对此，我们点 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][9] Core Insights - The company is leveraging AI to enhance its development, with a focus on accelerating its legal and financial services [6][7] - The company experienced a significant revenue decline in 2024, with total revenue of 699 million yuan, down 24.98% year-on-year, but showed a recovery in Q1 2025 with a revenue increase of 63.93% [5][9] - The multi-resolution platform for financial disputes has seen a substantial increase in case numbers, indicating strong growth potential [6][9] Financial Performance Summary - In 2024, the company reported a net profit of -61 million yuan, with a significant decline of 337.5% year-on-year, but is projected to return to profitability with net profits of 57 million yuan in 2025 [11][13] - Revenue projections for 2025-2027 are 844 million yuan, 1.02 billion yuan, and 1.24 billion yuan, respectively, with corresponding EPS of 0.16, 0.24, and 0.35 yuan [9][11] - The company’s gross margin is expected to improve from 26.7% in 2024 to 32.6% in 2027, reflecting operational efficiency [13] Business Development and Strategy - The company is actively expanding its legal financial technology services, establishing partnerships with over 20 mediation organizations and more than 1,800 mediators [6][7] - The company is investing in AI and technology development, focusing on smart courts and financial legal technology to drive innovation [7][8] - Collaborations with leading internet companies and asset management firms are enhancing the company's market position and operational capabilities [6][8]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a wholesale sales volume of 380,000 new energy vehicles in April, representing a year-on-year increase of 21.3% and a month-on-month increase of 0.7% [1][2]. - The cumulative sales from January to April reached 1.359 million units, up 45.1% year-on-year [2]. - The company’s export sales in April reached 79,000 units, setting a new record, with steady growth in overseas demand, particularly in Turkey, Brazil, and Europe [2][3]. - The launch of the intelligent driving version of the Dynasty Ocean series is expected to accelerate the democratization of intelligent driving technology [3]. - 2025 is projected to be a significant year for high-end products, with the launch of the Tengshi N9 and flagship models featuring advanced intelligent driving systems [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1,014.12 billion, 1,237.23 billion, and 1,477.25 billion yuan respectively, with net profit estimates of 58.15 billion, 67.12 billion, and 74.19 billion yuan [4][5]. - Earnings per share (EPS) are expected to be 19.13, 22.09, and 24.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 [4][5].

公司报告 | 首次覆盖报告 福达股份（603166） 证券研究报告 曲轴乘混动车型东风，人形机器人业务蓄势待发 基本情况：国内汽车曲轴龙头，切入新能源、人形机器人领域。 公司主要从事汽车、工程机械、农机、船舶等动力机械发动机曲轴、精密 锻件、新能源电驱齿轮、汽车离合器、螺旋锥齿轮、高强度螺栓的研发、 生产与销售。公司于 2022 年成立新能源电驱科技公司，2023 年正式投产。 2024 年，公司成立机器人事业部，进军机器人领域。 汽零主业：插混车型重塑市场格局，驱动福达曲轴业务成长。 燃油车时代，传统整车厂大多会选择自产曲轴。而进入新能源时代后，整 车厂不约而同减少了对发动机的投资，作为核心零部件的曲轴逐渐转为外 包，需求从主机厂流出，进入到了上游的供应链中，为第三方曲轴市场带 来显著增量。福达是乘用车第三方曲轴龙头，客户、产能、盈利端全面引 领同行，有望成混动车型发展的主要受益者。 机器人业务：自研+投资，福达开辟人形机器人零部件新业务 福达从 0-1 积极拓展机器人减速器业务，组建专门的技术团队进行研发， 在机器人减速器已取得阶段性成果。同时，福达对外投资了长坂科技，拟 收购长坂科技 35%股权，并成立 ...