万润股份（ [Table_StockNameRptType] 002643） 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：17321190296 邮箱：liutq@hazq.com [Table_CompanyReport] 相关报告 1.24 年 Q3 营收业绩承压，重点布局 电子信息材料 2024-11-02 2.24 年 H1 业绩承压，持续布局高附 加值材料 2024-08-27 主要观点： 公司点评 需求减少业绩承压，静待新材料放量 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-28 | | [Table_BaseData] 收盘价（元） | 10.51 | | 近 12 个月最高/最低（元） | 14.99/7.70 | | 总股本（百万股） | 930 | | 流通股本（百万股） | 909 | | 流通股比例（%） | 97.78 | | 总市值（亿元） | 98 | | 流通市值（亿元 ...

证券研究报告·公司点评报告·一般零售 大商股份（600694） 2024 年年报、2025 年一季报点评：业绩符合 预期，期待后续调改进展 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） | 7,331 | 6,949 | 5,867 | 5,713 | 5,532 | | 同比（%） | 0.75 | (5.20) | (15.58) | (2.62) | (3.17) | | 归母净利润（百万元） | 505.13 | 586.20 | 649.13 | 716.48 | 767.88 | | 同比（%） | (8.02) | 16.05 | 10.74 | 10.37 | 7.17 | | EPS-最新摊薄（元/股） | 1.60 | 1.85 | 2.05 | 2.27 | 2.43 | | P/E（现价&最新摊薄） | 16.40 | 14.14 | 12.77 | 11.57 | 10.79 | [Tab ...

电子/元件 2025Q1 归母净利润扭亏，FCBGA 处于业务放量关键时期 ——公司信息更新报告 2025 年 04 月 28 日 投资评级：买入（维持） 日期 2025/4/28 当前股价(元) 11.40 一年最高最低(元) 15.02/8.05 总市值(亿元) 192.61 流通市值(亿元) 171.05 总股本(亿股) 16.90 流通股本(亿股) 15.00 近 3 个月换手率(%) 339.76 司 信 息 更 新 报 告 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 兴森科技 沪深300 相关研究报告 《2024Q3 营收同比增长，半导体业务 订单进展顺利—公司信息更新报告》 -2024.10.28 陈蓉芳（分析师） 刘琦（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 liuqi1@kysec.cn 证书编号：S0790525020001 2024 年多因素导致亏损，2025Q1 归母净利润扭亏，维持"买入"评级 2024 年公司实现营收 58.17 亿元，yoy+8 ...

证券研究报告 振华重工 (600320 CH) Q1 利润同环比均高增，回购彰显信心 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 专用设备 | 公司公布 25Q1 业绩：收入 85.17 亿元，同比/环比+0.86%/-6.34%；归母净 利润 2.55 亿元，同比/环比+50.33%/+153.66%。扣非归母净利 2.69 亿元， 同比/环比+186.68%/+239.37%。公司一季度利润同比高增，合同负债达 218 亿元，充足的在手订单有望推动利润持续增长，维持"增持"评级。 盈利预测与估值 我们维持预测公司 25-27 年归母净利润为 6.83/8.32/10.64 亿元，对应 BPS 为 3.09/3.21/3.37 元。可比公司 25 年 Wind 一致预期 PB 均值为 1.8 倍，给 予公司 25 年 1.8 倍 PB，对应目标价 5.56 元（前值 5.87 元，对应 25PB1.9 倍），维持"增持"评级。 风险提示：海工业务复苏速度不及预期，利率与汇率风险，原材料供应风险。 经营预 ...

Investment Rating - The report maintains a "Buy" rating for the company [8][5]. Core Views - The company reported Q1 revenue of 40 billion RMB, down 7% quarter-on-quarter and 33% year-on-year, with a net profit of 1.8 billion RMB, down 46% quarter-on-quarter and 23% year-on-year, which was below expectations due to product inventory adjustments and increased direct sales costs [1][2]. - The launch of the second-generation Xiaolong MAX in April is expected to boost revenue and profit as the company transitions to new energy vehicles, alongside the new pricing and features of the Weipai Gaoshan model [1][3][4]. Summary by Sections Q1 Performance - The company sold 260,000 new vehicles in Q1, a decrease of 7% year-on-year. The gross margin was 18%, a decrease of 2% quarter-on-quarter but an increase of 1% year-on-year. The average selling price (ASP) and gross profit per vehicle were 160,000 RMB and 30,000 RMB, respectively [2]. - Sales, management, R&D, and financial expense ratios were 5.7%, 2.3%, 4.8%, and -2.6%, respectively, with sales expenses increasing due to new vehicle marketing and direct sales investments [2]. Product Launches - The second-generation Xiaolong MAX was launched at a starting price of 116,800 RMB, featuring advanced four-wheel drive technology and a low fuel consumption rate of 0.97L/100km, which is expected to achieve monthly sales of over 8,000 units [3]. - The Weipai Gaoshan model has been revamped with a price drop and enhanced features, with expected monthly sales of over 6,000 units as it targets the mainstream MPV market [4]. Profit Forecast and Valuation - The company’s net profit forecast for 2025-2027 is 15.3 billion, 18.6 billion, and 20.1 billion RMB, respectively. The report assigns a PE ratio of 22x for A-shares and 11x for H-shares, with target prices set at 39.69 RMB and 20.95 HKD, respectively [5][13].

证券研究报告 新希望 (000876 CH) 主业聚焦效果显现，资金面趋于稳健 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 农业综合 | 新希望发布年报，2024 年实现营收 1030.63 亿元（yoy-27.27%），归母净 利 4.74 亿元（yoy+90.05%），扣非净利 6.14 亿元（yoy+113.33%）。其中 Q4 实现营收 258.54 亿元（yoy-26.04%，qoq-6.43%），归母净利 3.20 亿 元（yoy-92.20%，qoq-76.63%）。公司 2024 年聚焦主业，经营优化显著， 看好公司成本下降空间及资金面持续优化，维持"增持"评级。 业务聚焦效果显现，24 年归母净利润同比+90% 受 2023 年年底公司转让白羽肉禽和食品深加工板块的控股权影响，2024 年营收同比下滑，而在猪价上升、成本优化等的带动下公司养猪业务大幅减 亏，同时饲料业务核心竞争力突出、持续贡献稳定盈利，公司 2024 年经营 表现优于去年，归母净利润同比+90%。具体：1）饲料实现营收 ...

证券研究报告·公司点评报告·光伏设备 锦浪科技（300763） 2024 年报&2025 一季报点评：2025Q1 并网 及储能环比改善，全年有望恢复高增 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） | 6,101 | 6,542 | 9,646 | 12,212 | 14,996 | | 同比（%） | 3.59 | 7.23 | 47.45 | 26.59 | 22.80 | | 归母净利润（百万元） | 779.36 | 691.16 | 1,156.77 | 1,506.17 | 1,908.31 | | 同比（%） | (26.46) | (11.32) | 67.37 | 30.20 | 26.70 | | EPS-最新摊薄（元/股） | 1.95 | 1.73 | 2.90 | 3.77 | 4.78 | | P/E（现价&最新摊薄） | 26.27 | 29.62 | 17.70 | 13.59 ...

一季度业绩稳健增长，高阶产品需求继续上升 周期/化工 事件：公司发布 2025 年一季报，报告期内实现营业收入 2.39 亿元，同比增长 18.0%，归母净利润 0.63 亿元，同比增长 21.99%，扣非净利润 0.59 亿元，同 比增长 28.66%，符合预期。 ❑ 风险提示：能源成本上涨、新项目投产不及预期，下游需求不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 712 | 960 | 1225 | 1479 | 1768 | | 同比增长 | 8% | 35% | 28% | 21% | 20% | | 营业利润(百万元) | 195 | 285 | 364 | 455 | 564 | | 同比增长 | 3% | 46% | 28% | 25% | 24% | | 归母净利润(百万元) | 174 | 251 | 320 | 399 | 494 | | 同比增长 | -8% | 44% | 27% | 25% | 24% | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance shows a revenue of 4.71 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.31 billion yuan, up 7.0% year-on-year [7] - The brokerage business revenue surged by 49.0% year-on-year, accounting for 42.5% of total revenue, driven by increased market trading activity [7] - Investment banking revenue has declined, with a 112.0% year-on-year increase in total investment banking revenue, but a significant drop in equity underwriting [7] - Asset management revenue increased by 42.9% year-on-year, indicating strong growth in this segment [7] - The company's self-operated investment income decreased by 26.2% year-on-year due to a high base in the previous year [7] - The report forecasts net profits for 2025-2027 to be 12.3 billion, 13.1 billion, and 14.0 billion yuan respectively, with year-on-year growth rates of 18%, 7%, and 7% [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 19.82 billion, 20.89 billion, 23.38 billion, 24.51 billion, and 25.77 billion yuan respectively, with corresponding year-on-year growth rates of 3.13%, 5.40%, 11.92%, 4.82%, and 5.15% [1] - The projected diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E are 0.94, 1.13, 1.41, 1.50, and 1.61 yuan per share [1] - The P/E ratios for the same years are projected to be 19.33, 16.08, 12.88, 12.08, and 11.30 [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 47.98 CNY per share [6][9]. Core Views - The company reported a revenue of 268.8 billion CNY for 2024, a year-on-year increase of 15.91%, and a net profit of 13.37 billion CNY, up 22.03% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 61.79 billion CNY, representing a 17.9% year-on-year growth, and a net profit of 3.04 billion CNY, which is a 23.17% increase year-on-year [1]. - The global consumer electronics market is experiencing a recovery, driven by the deep application of AI technology and breakthroughs in product innovation such as foldable screens [2]. - The company is expanding its ODM business, leveraging a cross-disciplinary technology platform to offer a variety of popular product categories, including AR/VR glasses and smart home devices [2]. - The company has successfully overcome technical bottlenecks in 224G interconnect technology and has achieved mass production of 800G optical modules, receiving high market recognition [3]. - The acquisition of Leoni Group aims to enhance the company's automotive business ecosystem, which includes a complete product matrix in automotive wiring harnesses and connectors [4]. Financial Summary - The company expects revenues of 320.82 billion CNY, 372.53 billion CNY, and 427.96 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 17.39 billion CNY, 21.24 billion CNY, and 25.74 billion CNY for the same years [9][11]. - The company’s revenue growth rate is projected to be 19.4% in 2025, 16.1% in 2026, and 14.9% in 2027 [12]. - The net profit margin is expected to improve from 5.0% in 2024 to 6.0% in 2027 [11][12].