Investment Rating - The report maintains a "Recommend" rating for Qilu Bank, indicating a positive outlook for the company's stock performance relative to market benchmarks [10]. Core Views - Qilu Bank's revenue and net profit have shown consistent growth, with 2024 revenue increasing by 4.6% year-on-year and net profit rising by 17.8%. In Q1 2025, revenue grew by 4.7% and net profit by 16.5% [2][3]. - The bank's asset quality is improving, as evidenced by a decrease in the non-performing loan (NPL) ratio to 1.17% in Q1 2025, down 2 basis points from the previous quarter. The provision coverage ratio has increased to 324.1% [2][5][9]. - Qilu Bank's loan growth remains robust, with a year-on-year increase of 12.6% in 2024 and 12.3% in Q1 2025, primarily driven by corporate loans [4][10]. Summary by Sections Financial Performance - Qilu Bank's revenue for 2024 was reported at 125 billion, with a projected growth rate of 4.6% for 2025. The net profit for 2024 was 50 billion, with a growth rate of 17.8% [11]. - The bank's net interest income increased by 7.9% year-on-year in Q1 2025, contributing to stable revenue growth [3]. Asset Quality - The NPL ratio has shown a downward trend, with a current rate of 1.17% and a provision coverage ratio of 324.1%, indicating a strong buffer against potential loan losses [5][9]. - The bank's retail loan NPL ratio has increased to 2%, reflecting broader industry trends, while corporate loan NPL rates remain stable [9]. Loan and Deposit Growth - Qilu Bank's total loans reached 3,371 billion in 2024, with a significant portion allocated to infrastructure and wholesale retail sectors [4][11]. - The bank's deposit growth is also strong, with a projected increase of 10.4% in 2025 [11]. Future Outlook - The bank is expected to maintain a high growth trajectory, with projected net profit growth rates of 16.9%, 15.2%, and 14.9% for 2025, 2026, and 2027, respectively [10][11]. - The report anticipates that the narrowing of interest margin declines will further support profitability [10].

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business is stable, while the mining resource development business is rapidly expanding, indicating that the company's business scale and profitability are entering an accelerated growth phase [1][2] Summary by Sections Mining Service Business - In 2024, the company achieved mining service revenue of 6.544 billion yuan, a slight decrease of 0.96%, accounting for 65.8% of total revenue [2] - The mining service profit was 1.75 billion yuan, down 8% from the previous year, with a gross margin of 26.75% [2] - The company undertook 35 large-scale mining engineering and mining operation management projects, with a total excavation volume of 4.1717 million cubic meters, down 9%, and a supply mining volume of 41.4918 million tons, up 5.5% [2] Mining Resource Development Business - The mining resource development business generated revenue of 3.209 billion yuan in 2024, a staggering increase of 412.85%, accounting for 32.3% of total revenue [3] - This segment contributed a gross profit of 1.356 billion yuan, with a gross margin of 43.3% [3] - The company acquired 80% of the Lubambe copper mine, which is undergoing technical upgrades to improve capacity utilization [3] Financial Performance and Forecast - The company expects revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.286 billion yuan [12][13] - The earnings per share (EPS) are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan for the same years, with price-to-earnings (PE) ratios of 10.19, 8.47, and 7.28 [12][13]

公司研究 证 券 研 究 报 告 蓝晓科技（300487）2024 年报及 2025 年一季报点评 强推（维持） 基本仓业务持续高增，静待国产替代加速 ❖ 风险提示：项目建设落后预期；产品验证遭遇瓶颈；下游需求大幅衰减。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,554 | 3,209 | 4,052 | 4,765 | | 同比增速(%) | 2.6% | 25.6% | 26.3% | 17.6% | | 归母净利润(百万) | 787 | 1,012 | 1,262 | 1,526 | | 同比增速(%) | 9.8% | 28.5% | 24.7% | 20.9% | | 每股盈利(元) | 1.55 | 1.99 | 2.49 | 3.01 | | 市盈率(倍) | 28 | 22 | 18 | 15 | | 市净率(倍) | 5.7 | 4.8 | 3.9 | 3.2 | 资料来源：公司公告，华创证券预测 注：股价 ...

2025 年 04 月 28 日 新集能源(601918.SH) 严控成本抵御价格下降，25Q1 吨煤毛 利同比小幅提升 公司发布 2024 年年度报告及 2025 年一季报：2024 年公司实现 营收 127.27 亿元，同比-0.92%；归母净利润 23.93 亿元，同比 +13.44%；扣非归母净利润 23.88 亿元，同比+16.30%；其中 2024Q4 实现营收 35.38 亿元，同比+12.21%，环比+10.43%；归母净利润 5.69 亿元，同比+201.28%,环比-12.32%;扣非归母净利润 6.01 亿 元，同比+283.77%，环比-7.43%。2025Q1 实现营收 29.10 亿元， 同比-4.85%；归母净利润 5.32 亿元，同比-11.01%，扣非归母净 利润 5.38 亿元，同比-7.62%。此外，2024 年公司合计派发现金 红利总额 4.14 亿元，占归母净利润比例为 17.32%。 2024 年煤炭业务价增本降，吨煤毛利同比抬升明显；电力业务 受益于板集电厂二期投运，电量增幅显著。据公司公告，煤炭业 务方面，2024 年公司原煤产量 2152.22 万吨，同比+0 ...

证券研究报告：建筑材料 | 公司点评报告 发布时间：2025-04-28 股票投资评级 公司基本情况 | 最新收盘价（元） | 29.53 | | --- | --- | | 总股本/流通股本（亿股）16.90 / 16.32 | | | 总市值/流通市值（亿元）499 / 482 | | | 52 周内最高/最低价 | 36.03 / 23.20 | | 资产负债率(%) | 24.0% | | 市盈率 | 13.68 | | 第一大股东 | 中国建材股份有限公司 | 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 北新建材(000786) Q1 石膏板保持韧性，一体两翼持续推进 买入|维持 个股表现 -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 北新建材 建筑材料 资料来源：聚源，中邮证券研究所 事件 公司发布 25 年一季报，25Q1 公司实现收入 62.46 亿元，同比 +5.09%；归母净利润 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on expected growth in the PCB and semiconductor sectors driven by AI and electric vehicle demand [4][9]. Core Insights - The company reported a revenue of 954 million yuan for 2024, a year-on-year increase of 15.09%, while the net profit attributable to shareholders was 161 million yuan, a decrease of 10.38% [1][2]. - In Q1 2025, the company achieved a revenue of 242 million yuan, representing a year-on-year growth of 22.31% and a significant sequential increase of 2.63% [1][2]. - The company is focusing on high-end PCB products, with over 60% of sales coming from mid-to-high-end products in 2024, and is expanding its international presence, particularly in Southeast Asia [3][9]. Financial Performance Summary - Revenue projections show a steady increase from 829 million yuan in 2023 to 2,380 million yuan by 2027, with a compound annual growth rate (CAGR) of 27.1% [1][10]. - The net profit is expected to rise from 179 million yuan in 2023 to 470 million yuan in 2027, with a notable increase of 74.2% in 2025 [1][10]. - The company's return on equity (ROE) is projected to improve from 8.8% in 2023 to 15.5% in 2027, indicating enhanced profitability [1][10]. Market Trends and Strategic Focus - The report highlights the acceleration of high-end PCB trends and the company's strategic focus on high-end markets such as HDI boards and IC substrates, which are expected to drive future growth [3][9]. - The company is also benefiting from the domestic substitution trend in the semiconductor sector, with its IC substrate products achieving international standards [3][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][20]. Core Insights - The company has shown significant improvement in profitability, with a notable reduction in losses for 2024. The main business segments, including automotive displays and flexible AMOLED, are experiencing strong growth, contributing to the recovery of profitability despite challenges such as increased depreciation costs [2][10]. - The flexible AMOLED segment is expected to continue expanding, driven by rising demand and product upgrades, particularly in the smartphone market where it accounts for over 60% of display revenue [3][10]. - The company is well-positioned to benefit from structural opportunities in the global display market, including the growth of high-specification display technologies and new applications in the electric vehicle sector [10]. Financial Summary - For 2024, the company is projected to achieve a revenue of 33.494 billion yuan, a year-on-year growth of 3.79%. The net profit attributable to the parent company is expected to be -669 million yuan, reflecting a 68.13% improvement compared to the previous year [1][2]. - The gross margin for 2024 is forecasted at 13.28%, an increase of 6.50 percentage points year-on-year, while the net margin is projected at -2.06%, up by 4.48 percentage points [2][10]. - The company anticipates a gradual recovery in net profit, with estimates of 195 million yuan in 2025, 696 million yuan in 2026, and 976 million yuan in 2027, alongside corresponding EPS of 0.08 yuan, 0.28 yuan, and 0.40 yuan respectively [1][10].

公司报告 | 季报点评 大元泵业（603757） 证券研究报告 家用板块重回增长，盈利能力短期承压 事件：24 年公司实现营业收入 19.1 亿元，同比+1.57%；归母净利润 2.6 亿 元，同比-10.55%；扣非归母净利润 2.1 亿元，同比-24.99%。其中 24Q4 营 业收入 6.1 亿元，同比+32.57%；归母净利润 0.6 亿元，同比+70.02%；扣非 归母净利润 0.6 亿元，同比+65.44%。25Q1 公司实现营业收入 3.8 亿元，同 比+37.21%；归母净利润 0.4 亿元，同比-3.95%；扣非归母净利润 0.4 亿元， 同比-8.01%。同时拟向全体股东每 10 股派发现金红利 2 元（含税），派发 现金红利 3295 万元（含税），全年现金分红总额 1.15 亿元（含税），占 24 年归母净利润比例 45%。同时发布 25-27 年股东分红回报规划，在满足现 金分红条件时，每年以现金方式分配利润不低于当年可分配利润的 20%。 点评： 家用板块拐点已至，新业务和新场景快速增长。2024 年公司传统业务波动， 新业务和新场景取得较快增长——全年农泵业务发展前低后高实现收入 ...

深圳机场（000089.SZ）2024 年年报及 2025 年一季报点评 年报业绩落于预告上沿，非航业务步入新阶段 2025 年 04 月 28 日 ➢ 2025 年 4 月 24 日公司发布 2024 年年报：2024 年公司营业收入 47.4 亿元，同比 +14%，归母净利润 4.4 亿元，同比+12%，落于业绩预告上沿（公司预告 2024 年归母 净利润 4.0-4.4 亿元），扣非归母净利润 3.5 亿元（上年同期扣非归母净亏 1.6 亿元）； 4Q24 公司营业收入 12.7 亿元，同比+13%，归母净利润 1.2 亿元，同比-50%，扣非归 母净利润 1.1 亿元（4Q23 扣非归母净亏 0.2 亿元）。公司发布 2025 年一季报：1Q25 公司营业收入 12.5 亿元，同比+11%，归母净利润 1.63 亿元，同比+72%，接近业绩预 告盈利中位（公司预告 1Q25 归母净利润 1.3-1.8 亿元），扣非归母净利润 1.36 亿元， 同比+93%。 ➢ 经营生产数据持续提升，强化国际航线资源投入。受益民航业复苏，公司经营数据持 续提升：2024 年深圳机场飞机起降 42.8 万架次，同比+8 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][20]. Core Views - The company is experiencing rapid revenue growth, particularly in the glass-based MiniLED backlight segment, which is expected to contribute to profitability [1][3]. - The financial outlook shows a projected increase in revenue from 18.14 billion CNY in 2023 to 40 billion CNY by 2027, with a compound annual growth rate (CAGR) of 14.3% [1]. - The company is focusing on enhancing its core capabilities and market share in traditional display business, with a notable increase in revenue from its glass processing segment [2]. - The company has successfully entered mass production of glass-based MiniLED backlight products, which are being adopted in various applications, including gaming monitors and TVs [3][8]. Financial Summary - Revenue for 2024 is projected at 22.21 billion CNY, a year-on-year increase of 22.5%, while the net profit is expected to be -1.22 billion CNY, a significant decline from the previous year [1]. - The gross margin for 2024 is estimated at 17.15%, down 3.06 percentage points from the previous year, primarily due to a higher proportion of lower-margin products [2]. - The company anticipates a recovery in profitability as new projects are launched and industry demand improves, with net profits projected to reach 0.35 billion CNY in 2025 and 1.60 billion CNY by 2027 [12]. Business Developments - The company’s subsidiary has achieved a production capacity of 1 million square meters for glass-based MiniLED substrates, which is now in commercial application [3]. - The company is also expanding its glass-based TGV multilayer circuit boards and optical devices, with new production capacity expected to enhance revenue streams [9][11]. - The company is actively engaging in employee stock ownership plans and share buybacks to boost market confidence and align management interests with long-term growth [10].