（2）电子布：中游制造环节稀缺的供给新增偏少品种，3 月复价 落地较为充分。单价方面，25Q1 行业 7628 电子布均价约 4.14 元 /米，同比+22.8%、环比+1.8%。价格环比修复，主因系 2 月 24 日 起巨石、泰玻等电子布主流企业发布调价函，上调 7628 价格 0.3 元/米。24Q4 以来下游需求较为旺盛，消费电子市场逐步回暖，同 时 AI、5G、新能源汽车等带来行业新增需求，同时行业供给新增 偏少，22H1 以来行业长期陷入经营压力，供给端存在推涨动力。 业绩简评 2025 年 4 月 8 日，公司发布 2025 年一季报预增公告：25Q1 公司 预计实现归母净利 7.01-7.36 亿元，同比+100-110%；扣非归母净 利 7.06-7.57 亿元，同比+320-350%。我们认为 Q1 业绩表现靓丽， 主因玻纤下游应用需求增加，Q1 产品销量同比提升，同时自去年 以来、玻纤价格逐步走出周期底部，同比明显修复。 经营分析 （1）粗纱：淡季不淡，基本面继续逐季改善。①单价方面，25Q1 全国缠绕直接纱 2400tex 均价为 3766 元/吨，同比+22.3%、环比 +2.3%。价 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.88 CNY, representing a potential upside of 17% from the current price of 6.76 CNY [5]. Core Views - The company's profit continues to recover, with a reported revenue of approximately 821.8 billion CNY for 2024, showing a year-over-year decline of 2.52%. The net profit attributable to shareholders is 365.9 billion CNY, reflecting a slight increase of 0.51% year-over-year [2][4]. - The bank's net interest income for 2024 is 637.4 billion CNY, down 2.69% year-over-year, while non-interest income decreased by 1.95% to 184.4 billion CNY [2][9]. - The asset quality remains stable, with a non-performing loan ratio reduced to 1.34% by the end of 2024, down from previous periods [24]. Summary by Sections Financial Performance - The company achieved a revenue of approximately 821.8 billion CNY in 2024, with a net interest income of 637.4 billion CNY, accounting for 77.6% of total revenue, which is an increase of 1.5 percentage points compared to the first three quarters of 2024 [2][9]. - The net profit for 2024 is 365.9 billion CNY, with quarterly performance showing a trend of recovery: Q1 (-2.78%), H1 (-1.89%), first three quarters (+0.13%), and full year (+0.51%) [2][4]. Asset and Liability Management - By the end of 2024, the bank's interest-earning assets totaled 47.52 trillion CNY, with a year-over-year growth of 2.7%. Corporate loans increased by 8.3%, with strong growth in sectors such as mining and real estate [17][18]. - The cost of interest-bearing liabilities improved to 1.94%, a decrease of 10 basis points from mid-2024, supported by a reduction in deposit rates [12][18]. Asset Quality - The non-performing loan ratio decreased to 1.34% by the end of 2024, with a provision coverage ratio of 214.9%, indicating a healthy asset quality [24][26]. - The overdue loan ratio increased slightly to 1.43%, reflecting some pressure on asset quality despite the overall improvement [24]. Profitability Forecast - The forecast for net profit growth is 0.82%, 2.64%, and 3.40% for the years 2025, 2026, and 2027, respectively, with corresponding book value per share (BPS) estimates of 11.05, 11.84, and 12.60 CNY [4][26].

Investment Rating - The investment rating for Agricultural Bank is "Buy" with a target price of 6.16 CNY, representing a potential upside of 21% from the current price of 5.11 CNY [6]. Core Views - Agricultural Bank's revenue and profit have shown a continuous recovery in 2024, with total revenue approximately 710.6 billion CNY, a year-on-year increase of 2.26%, and a net profit attributable to shareholders of 282.1 billion CNY, up 4.72% year-on-year [2][10]. - The bank's net interest income has increased to 580.7 billion CNY, reflecting a year-on-year growth of 1.56%, with the proportion of net interest income in total revenue rising to 81.7% [2][10]. - The asset quality remains stable, with a non-performing loan ratio reduced to 1.30% by the end of 2024, showing improvements compared to previous periods [26]. Financial Performance - In 2024, Agricultural Bank's revenue structure shows a recovery in net interest income, which constitutes 81.7% of total revenue, while non-interest income reached 129.9 billion CNY, growing by 5.51% year-on-year [2][10]. - The bank's net interest margin recorded 1.42%, down 3 basis points quarter-on-quarter and 18 basis points year-on-year [4][14]. - The bank's total assets increased by 5.3% year-on-year, with a significant growth in corporate loans by 10.2% [20][21]. Profitability Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 2.25%, 4.12%, and 4.31% respectively, with corresponding book values per share of 7.95 CNY, 8.50 CNY, and 9.02 CNY [5]. - The price-to-earnings ratio is projected to decrease from 6.34 in 2024 to 5.71 by 2027, indicating an improving valuation [5]. Asset Quality - By the end of 2024, the non-performing loan ratio improved to 1.30%, with a provision coverage ratio of 299.6% [26][28]. - The overdue loan ratio increased slightly to 1.18%, indicating some pressure in the retail loan segment, particularly in personal housing loans [26][28]. Loan and Deposit Structure - The bank's total interest-bearing liabilities grew by 9.8% year-on-year, with a significant portion coming from deposits, which accounted for 76.0% of total liabilities [21][24]. - The retail loan segment showed a notable increase in personal operating loans, which surged by 234% year-on-year, while personal housing loans faced a decline of 3.6% [20][23].

上 市 公 司 电力设备 | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 18.81 | | 资产负债率% | 9.36 | | 总股本/流通 A 股（百万） | 320/243 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-08 05-08 06-08 07-08 08-08 09-08 10-08 11-08 12-08 01-08 02-08 03-08 -40% -20% 0% 20% 40% 金雷股份 沪深300指数 (收益率) 2025 年 04 月 08 日 金雷股份 (300443) ——24 年盈利见底，一季度迎开门红 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 07 日 | | --- | --- | | 收盘价（元） | 17.46 | | 一年内最高/最低（元） | 27.41/13.51 | | 市净率 | 0.9 | 股息率%（分红/股价） 1.91 流通 A 股市值（百万元） 4,239 上证指数/深证成指 3,096.58/9,3 ...

分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨鸿路钢构（002541.SZ） [Table_Title] Q1 订单与产量双增，关注公司经营拐点 报告要点 [Table_Summary] 公司发布2025年第一季度经营情况简报。2025年第一季度累计新签销售合同额人民币约70.52 亿元,较 2024 年同期增长 1.25%。 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] Q1 订单与产量双增，关注公司经营拐点 [Table_Summary2] 事件描述 公司发布 2025 年第一季度经营情况简报。2025 年第一季度累计新签销售合同额人民币约 70.52 亿元,较 2024 年同期增长 1.25%。 事件评论 风险提示 1、公司经营策略调整的效果低于预期；2、公司智能化投入最终的成果低于预期；3、原材料 价格大幅波动；4、市场需求大幅下降。 丨证券研究报告丨 202 ...

公司研究 柏楚电子（688188）深度研究报告 推荐（首次） 激光控制系统领先企业，积极拓展成长曲线 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,735 | 2,145 | 2,776 | 3,610 | | 同比增速(%) | 23.3% | 23.6% | 29.4% | 30.1% | | 归母净利润(百万) | 883 | 1,090 | 1,363 | 1,725 | | 同比增速(%) | 21.1% | 23.4% | 25.1% | 26.6% | | 每股盈利(元) | 4.30 | 5.30 | 6.63 | 8.40 | | 市盈率(倍) | 40 | 32 | 26 | 20 | | 市净率(倍) | 6.4 | 5.9 | 5.2 | 4.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 8 日收盘价 证 券 研 究 报 告 证券分析师：范益民 电话：021-20572562 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, up 51.64% year-over-year and 20.74% quarter-over-quarter, with a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, and an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, a year-over-year increase of 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter, while the net margin was 17.00%, also showing a decline [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7][9]

可转债打新系列 伟测转债：国内头部第三方 IC 测试企业 2025 年 04 月 08 日 ➢ 转债基本情况分析： 伟测转债发行规模 11.75 亿元，债项与主体评级为 AA/AA 级；转股价 82.15 元，截至 2025 年 4 月 3 日转股价值 97.24 元；发行期限为 6 年，各年票息的算 术平均值为 0.92 元，到期补偿利率 10%，属于新发行转债一般水平。按 2025 年 4 月 3 日 6 年期 AA 级中债企业债到期收益率 2.55%的贴现率计算，债底为 97.72 元，纯债价值较高。其他博弈条款均为市场化条款，若全部转股对总股本 的摊薄压力为 12.56%，对流通股本的摊薄压力为 18.18%，摊薄压力较大。 ➢ 中签率分析： 截至 2025 年 4 月 3 日，公司前两大股东上海蕊测半导体科技有限公司、深 圳南海成长同赢股权投资基金(有限合伙)分别持有占总股本 30.87%、5.00%。前 十大股东合计持股比例为 61.12%，根据现阶段市场打新收益与环境来预测，首 日配售规模预计在 65%左右。剩余网上申购新债规模为 4.11 亿元，因单户申购 上限为 100 万元，假设网上申购账 ...

证券研究报告 | 2025年04月08日 广西能源（600310.SH） 优于大市 来水转好及公允价值变动损益带动业绩大幅增长，新能源项目建设有序推进 核心观点 公司研究·财报点评 公用事业·电力 油品业务剥离致营收同比减少，来水转好和公允价值变动损益带动业绩大幅 增长。2024 年公司实现营业收入 39.32 亿元，同比减少 76.48%，主要系油 品业务剥离所致；归母净利润 0.63 亿元，同比增长 3704.04%；扣非归母净 利润-0.71 亿元，同比减亏 39.65%。分业务业来看，公司自发电量增加，供 电业务实现扣非归母净利润 4.15 亿元，同比增长 0.48 亿元；水电业务来水 转好，发电量增加，实现扣非归母净利润 2.28 亿元，同比增加 1.26 亿元； 煤炭价格高于公司火电设计盈利煤价、火电利用小时数下降及递延所得税转 回导致火电业务扣非归母净利润-2.86 亿元，同比增亏 1.52 亿元；风电业务 实现扣非归母净利润 0.31 亿元。此外，公司计提商誉减值/计提其他应收款 坏账准备/计提参股公司投资收益减少分别导致扣非归母净利润同比变化 -0.22/-0.13/-0.10 亿元，按公允 ...

买入（维持） 证券研究报告·公司点评报告·工程机械 安徽合力（600761） 2024 年报点评：归母净利润同比持平，关注 后续内需修复、电动化与智能化 [Table_Tag] [Table_Summary] 投资要点 ◼ 内需阶段性承压，外销引领增长 2025 年 04 月 08 日 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,156 | 17,325 | 18,273 | 19,297 | 20,402 | | 同比（%） | 8.77 | 0.99 | 5.47 | 5.60 | 5.73 | | 归母净利润（百万元） | 1,317 | 1,320 | 1,399 | 1,517 | 1,637 | | 同比（%） | 45.20 | 0.18 | 5.98 | 8.50 | 7.87 | | EPS-最新摊薄（元/股） | 1.48 | 1.48 | 1.57 | 1.70 | 1.84 | | P/E（现 ...