证券研究报告 | 公司点评 | 医疗器械 2024 年承压，2025 年增长可期 ——开立医疗 2024 年报点评报告 投资要点 公司 2024 年营业收入 20.14 亿元，同比下滑 5.02%；归母净利润 1.42 亿元，同 比下滑 68.67%。其中 Q4 营业收入 6.16 亿元，同比下滑 5.6%；归母净利润 0.33 亿元，同比下滑 75%。国内医疗设备招标采购减少等影响下，公司 2024 年收 入利润承压。我们认为，2025 年在随着医院招标恢复以及新品放量，公司收入 利润增长可期。 成长性：国内招投标恢复叠加新品放量，2025 年收入增长可期 2024 年公司毛利率 63.8%，同比下降 5.6pct；期间费用率大幅增长，其中销售费 用率 28.4%（同比+3.7pct）、管理费用率 6.8%（同比+0.8pct）、研发费用率 超声设备：产品迭代+海外中高端突破，2025 年收入有望恢复增长。2024 年受高 基数及国内医疗设备招标恢复缓慢影响，公司超声板块整体收入同比下滑 3.3%。我们认为，2025 年随着国内招投标恢复、新品放量，以及海外中高端市 场逐步突破，公司超声板块有望恢复增长：① ...

证券研究报告·公司点评报告·电网设备 中国西电（601179） 2024 年年报及 2025 年一季报点评：盈利能 力持续提升，业绩超市场预期 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） | 21,204 | 22,281 | 26,093 | 28,785 | 31,908 | | 同比（%） | 13.02 | 5.07 | 17.11 | 10.32 | 10.85 | | 归母净利润（百万元） | 897.17 | 1,054.15 | 1,701.11 | 2,074.92 | 2,546.28 | | 同比（%） | 44.92 | 17.50 | 61.37 | 21.97 | 22.72 | | EPS-最新摊薄（元/股） | 0.18 | 0.21 | 0.33 | 0.40 | 0.50 | | P/E（现价&最新摊薄） | 35.31 | 30.05 | 18.62 | 15.27 | 12 ...

Investment Rating - The report maintains a "Hold" rating for Qin Chuan Machine Tool (000837) with a target price of —— yuan over the next six months [1]. Core Views - The company is expected to see a turning point in 2025, with stable performance and growth in revenue and net profit projected for the coming years [1][7]. - The company has demonstrated robust operational capabilities, achieving a revenue of 3.86 billion yuan in 2024, a year-on-year increase of 2.62%, and a net profit of 54 million yuan, up 2.92% year-on-year [7]. - The machine tool segment has shown resilience, with a revenue increase of 9.35% despite a weak overall market demand in the machine tool industry [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 3,859.82 million yuan, net profit of 53.78 million yuan - 2025E: Revenue of 4,329.93 million yuan, net profit of 75.05 million yuan, with a growth rate of 12.18% for revenue and 39.54% for net profit [2][9]. - 2026E: Revenue of 4,741.38 million yuan, net profit of 108.79 million yuan, with a growth rate of 9.50% for revenue and 44.96% for net profit [2][9]. - 2027E: Revenue of 5,176.51 million yuan, net profit of 157.96 million yuan, with a growth rate of 9.18% for revenue and 45.20% for net profit [2][9]. - **Profitability Metrics**: - The overall gross margin for 2024 was 16.15%, a decrease of 1.62 percentage points year-on-year, while the net margin increased by 0.14 percentage points to 1.92% [7]. - The gross margin for machine tools was stable at 16.51%, while the gross margin for components decreased to 9.71% [7]. - **Earnings Per Share (EPS)**: - EPS is projected to increase from 0.05 yuan in 2024 to 0.16 yuan by 2027, reflecting the company's growth trajectory [2][9]. Business Segment Analysis - **Machine Tool Segment**: - Expected revenue growth rates for machine tools are 16.3% in 2025, 12.0% in 2026, and 11.2% in 2027, with gross margins improving to 18.0% by 2027 [8]. - **Component Segment**: - Revenue growth rates for components are projected at 10.1% in 2025, 8.2% in 2026, and 8.1% in 2027, with gross margins expected to rise to 12.0% by 2027 [8]. - **Tool Segment**: - The tool segment is expected to see a revenue growth of 5.0% annually from 2025 to 2027, with a stable gross margin of 30% [8]. Strategic Initiatives - The company is actively pursuing reforms, including share buybacks and stock incentive plans, to enhance shareholder value and align management interests with those of shareholders [7].

证券研究报告·公司点评报告·电池 中伟股份（300919） 2024 年年报点评：前驱体经营性盈利稳定， 镍冶炼持续贡献增量【勘误版】 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） | 34,273 | 40,223 | 47,919 | 56,161 | 65,989 | | 同比（%） | 12.95 | 17.36 | 19.13 | 17.20 | 17.50 | | 归母净利润（百万元） | 1,947 | 1,467 | 1,861 | 2,490 | 3,192 | | 同比（%） | 26.15 | (24.64) | 26.84 | 33.84 | 28.18 | | EPS-最新摊薄（元/股） | 2.08 | 1.57 | 1.99 | 2.66 | 3.41 | | P/E（现价&最新摊薄） | 15.65 | 20.76 | 16.37 | 12.23 | 9.54 | [Table_Ta ...

扩表速度提升 资产质量保持稳健 投资要点: ⚫ 分红率 30%，股息率 5.3%：2024 年，叠加中期分红，每 10 股派发现 金合计 3.2 元，按照当期归母普通股股东净利润计算的分红率为 30%，按照 4 月 15 日收盘价测算的股息率为 5.3%。截至 2024 年末， 公司核心一级资本充足率为 8.95%，较 2023 年末下降 0.26%。 规模保持较快增长：截至 2024 年末，北京银行总资产同比增速 12.6%，其中，贷款同比增速 9.8%，金融投资同比增速 12.8%。2024 年日均净息差 1.47%，同比下降 7BP，环比持平于 6 月末，主要受益 于负债端成本的下行。 业务及管理费增速快于营收增速：北京银行持续加大数字化转型投 入，2024 年科技研发、设备采购及基础设施建设等相关投入达 31.2 亿元，同比增速 8%，占当年营收的比重达到 4.5%。 ⚫ 资产质量相关指标基本保持稳健：截至 2024 年末，不良率 1.31%， 同比下降 1BP，环比持平于 3Q24。关注率 1.79%，同比上升 1BP，较 1H24 下降 8BP。逾期率 1.62%，较 1H24 下行 20BP。2 ...

浦发银行(600000) 报告日期：2025 年 04 月 16 日 银行再出发，首选新浦发 ——浦发银行推荐报告 投资要点 ❑ 银行再出发，首选新浦发。 ❑ 银行再出发——以策略思维看银行 策略思维看银行，无风险利率+风险偏好下降+基本面相对美，未来银行行情有望 "再出发"。回归到 DDM模型，拆分银行股行情驱动因素：（1）分母端，无风险 利率下降、风险偏好下降，有利于银行股投资的机会成本下降。①无风险利率下 降，中美关税战前，我们认为 2025 年国债利率下降空间有限。中美关税战后， 逆周期政策加码的必要性提升，无风险利率下行空间进一步打开。②风险偏好下 降，主要是关税的影响仍存在不确定性，银行股稳定性价值凸显。（2）分子端， 银行板块具有相对美。预计 2025 年上市银行营收、净利润同比分别微降 1.8%、 增长 1.3%，整体经营稳定性较强。 ❑ 首选新浦发——先提估值再增业绩 浦发银行重塑银行经营新动能，全面打造银行业数智化转型新标杆，战略推进有 望驱动经营业绩表现超预期，驱动估值回升。人工智能高速发展，为全球银行业 带来新的发展机遇，浦发银行发展"人工智能+金融"，享受时间序列完整、数据 量庞大、 ...

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 自营业绩优异，投行逆市增长 证券Ⅱ ——广发证券(000776)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) 投资建议:报告期内公司代理股基交易量市场份额止稳回升，非货公募基 金保有规模稳居行业第三；境内股债承销规模均进入行业前十，境外股债 融资成绩优异，投行业务净收入低基数下实现逆市增长；权益及固收自营 均取得较好投资业绩，合并口径投资收益（含公允价值变动）同比高增进 而提振公司整体业绩；受降费影响公募基金收入贡献略有下降，但公司大 资管业务具备较为显著的品牌优势及投研优势，未来有望持续受益于大力 发展权益基金、加大中长期资金引入力度等资本市场改革系列政策红利。 预计公司 2025 年、2026 年 EPS 分别为 1.18 元、1.24 元，BVPS 分别为 16.96 元、17.91 元，按 4 月 15 日收盘价 15.34 元计算，对应 P/B 分别为 0.90 倍、0.86 倍，维持"增持"的投资评级。 风险提示：1.权益及 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by a decline in revenue and net profit due to oversupply in the photovoltaic industry, but the sales of new materials such as photosensitive dry film and aluminum-plastic film showed growth, partially offsetting the decline in photovoltaic business [10][13] - The company maintains a strong position in the photovoltaic film market with a global market share of around 50%, despite a decrease in sales price and revenue [10][11] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional film materials business is expected to benefit from rapid growth in emerging fields such as electronic circuits and lithium battery materials, creating new growth opportunities [13] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 19.147 billion yuan, a decrease of 15.23% year-on-year, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [7] - The gross profit margin for sales was 14.74%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 6.73%, a decrease of 1.46 percentage points year-on-year [10] - The operating cash flow significantly improved, with a net cash flow from operating activities of 4.389 billion yuan, a substantial increase compared to the previous year [10] Business Segments - The photovoltaic film segment saw a sales volume of 2.811 billion square meters, an increase of 24.98% year-on-year, but revenue decreased by 14.54% due to a drop in sales price [10] - The sales price of photovoltaic film was 6.23 yuan per square meter, down 31.62% year-on-year, while the unit cost was 5.31 yuan per square meter, down 31.71% year-on-year [10] - The photovoltaic backplane segment experienced a revenue decline of 54.26% year-on-year, with a sales volume decrease of 33.50% [11] Future Outlook - The company is expected to see net profits of 1.508 billion yuan, 1.811 billion yuan, and 2.119 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding diluted EPS of 0.58 yuan, 0.69 yuan, and 0.81 yuan [12][13] - The company is positioned to benefit from the recovery of the photovoltaic industry and the growth of its new materials business, which is anticipated to enter a phase of increased sales volume [13]

证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...

其他化学制品Ⅱ 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 2024 年产销增长经营稳健，新项目保障 长期发展 ——万华化学(600309)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 56.26 | | --- | --- | | 一年内最高/最低(元) | 93.75/56.26 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.80 | | 流通市值(亿元) | 1,766.42 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 31.31 | | 每股经营现金流(元) | 0.19 | | 毛利率(%) | 15.70 | | 净资产收益率_摊薄(%) | 3.14 | | 资产负债率(%) | 66.15 | | 总股本/流通股(万股) | 313,974.66/313,974.6 | | | 6 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -34% -26% -18% -10% ...