2025 年一季度，我们测算交通银行净息差约 1.20%，环比下行 7bp，同 比-7bp。结合 2024 年底公司生息资产收益率和计息负债成本率来看，因 2024 年 LPR 多次调整，新年存量贷款重定价可能是公司 2025 第一季度 净息差下行的主要原因。另外，负债端定期存款占比较高，利息支出调整 幅度可能不匹配贷款利率重定价。 交通银行发 布 2025 年一季度财报。公司实现营收约 664 亿元， YoY-1.02%；归母净利润 254 亿元，YoY+1.54%；不良率 1.30%，拨 备覆盖率 200%。 点评： 净 利息收 入较 为稳定 。 2025 年一季度，交 通银行营收 664 亿元 （YoY-1.02%），其中净利息收入 426 亿元（YoY+2.52%），占营收比 重 64.2%；非息收入 238 亿元，同比下降 6.79%。2025Q1 拨备前利润、 归母净利润分别同比-4.25%、+1.54%。 非息收入方面：2025 年一季度，公司手续费及佣金收入 116 亿元，同比 -2.40%，较 2024 年末改善 11.76pct。投资净收益方面在债市波动环境 下同比下降 10.79%。 公 ...

证券研究报告 | 公司点评 | 航空机场 25Q1 盈利符合预期，分红回购彰显信心 ——吉祥航空 2024 年报及 2025 年一季报点评 投资要点 ❑ 2024 年归母净利润同比+18%，25Q1 业绩符合预期 2024 年，公司营业收入 221 亿元，同比+10%，归母净利润 9.1 亿元，同比+18% （追溯调整后）。其中 24Q4，公司营业收入 46 亿元，同比+9%，归母净利润-3.6 亿元，同比减亏约 0.3 亿元，四季度表现好于我们此前预期。25Q1，公司营业收 入 57 亿元，同比+0.05%，归母净利润 3.5 亿元，同比-8%，表现符合预期。 ❑ 经营端：飞机利用率、客座率同比提升，计划 25-27 年共引进 17 架飞机 生产数据：2024 年公司飞机日利用率 11.5 小时，同比增加约 1.2 小时。2024 年公 司 ASK、RPK 同比分别+17.3%、+19.9%，客座率 84.6%，同比 23 年+1.8pct，同 比 19 年-0.6pct。1）国内航线：ASK 同比+2.5%，客座率 87.1%，同比+2.7pct； 2）国际航线：ASK 同比+141.1%，客座率 76. ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10][11]. Core Insights - The company's smart manufacturing business has seen a significant year-on-year increase in orders, with a notable integration of AI contracts [1][10]. - In 2024, the company reported a revenue of 2.395 billion yuan, a year-on-year increase of 6.27%, while the net profit attributable to shareholders was 139 million yuan, a decrease of 45.21% [4][10]. - The company has successfully integrated generative AI with its ERP systems, enhancing its core business processes and creating innovative business scenarios [8][10]. Summary by Sections Recent Performance - The company's stock performance over the past year shows an increase of 87.4%, significantly outperforming the Shanghai and Shenzhen 300 index, which only increased by 4.6% [3]. - As of April 30, 2025, the company's market capitalization is approximately 13.21 billion yuan, with a current stock price of 32.20 yuan [3]. Financial Highlights - In Q1 2025, the company reported a revenue of 490 million yuan, a year-on-year decrease of 9.37%, but the net profit increased by 20.29% to 25 million yuan [4][10]. - The company’s smart manufacturing revenue grew by 19% in 2024, with new orders increasing by 27.5% [5][10]. Business Development - The company has optimized its business structure, maintaining high R&D investment, which reached 365 million yuan in 2024, accounting for 15.24% of revenue [6][10]. - The company has signed significant AI contracts, including a project worth approximately 48.47 million yuan focused on AI applications in smart networking and product design [8][10]. Future Projections - Revenue projections for 2025-2027 are estimated at 2.739 billion yuan, 3.201 billion yuan, and 3.790 billion yuan, respectively, with corresponding net profits of 217 million yuan, 275 million yuan, and 351 million yuan [9][10]. - The report anticipates an EPS of 0.53 yuan for 2025, with a PE ratio of 60.96 [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The semiconductor business continues to develop, and overseas renewable energy business prospects are promising [1] - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to the parent company was 323 million yuan, a year-on-year decrease of 25.19% [3] - The company is focusing on expanding its overseas photovoltaic and charging pile businesses, with steady progress in semiconductor product models and new orders [6][7] Financial Performance Summary - In 2024, the company's photovoltaic revenue was 874 million yuan, down 10.27% year-on-year, while semiconductor revenue was 351 million yuan, up 6.41% year-on-year [6] - The gross margin for the semiconductor segment increased significantly, with a gross margin of 53.98% in 2024, up 11.14 percentage points year-on-year [6] - The company expects revenues of 2.201 billion yuan, 2.664 billion yuan, and 3.177 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 430 million yuan, 546 million yuan, and 672 million yuan [9][10] Market Performance Summary - As of April 30, 2025, the company's stock price was 39.90 yuan, with a market capitalization of approximately 8.84 billion yuan [4] - The company's performance over the last 12 months shows a decline of 19.7%, compared to a 4.6% increase in the CSI 300 index [4]

2025 年 05 月 04 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中国软件 | | 3.5% | 5.0% | 50.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 45.38 | | 52 周价格区间（元） | 27.64-73.00 | | 总市值（百万） | 38,571.30 | | 流通市值（百万） | 38,285.10 | | 总股本（万股） | 84,996.25 | | 流通股本（万股） | 84,365.59 | | 日均成交额（百万） | 872.78 | | 近一月换手（%） | 4.79 | 相关报告 《中国软件（600536）2024 年三季报点评：前三 季度麒麟软件营收同比 ...

公司报告 | 年报点评报告 潮宏基（002345） 证券研究报告 印证判断，产品结构红利释放 公司于2018-19 年、2022-23 年分别计提20,906 万、15159 万、8066 万和 3943 万商誉减值准备。虽然菲安妮升级和年轻化改造初见成效，但因 2024 年 国内、外整体消费环境的变化，菲安妮 2024 年业绩受到一定影响。 2024 年公司自营营收 30 亿，同减 7%，毛利率 32%，同减 0.11pct。 加盟营收 33 亿，同增 32%，毛利率 17%，同减 3pct。 批发营收 2 亿同增 7%，毛利率 7%同减 0.1pct。 2024 年公司时尚珠宝产品营收 30 亿，同减 1%。 传统黄金产品营收 29 亿，同增 30%。 代理品牌授权及加盟服务收入 2.6 亿同增 23%。 皮具收入 2.7 亿同减 27%。 公司发布年报及一季报 25Q1 公司营收 23 亿，同增 25%，归母净利 1.9 亿，同增 44%，扣非后归 母净利 1.9 亿，同增 46%。 2024 年营收 65 亿，同增 10%，归母净利 1.9 亿，同减 42%，扣非后归母净 利 1.9 亿，同减 39% ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Views - The company is expected to achieve stable growth, with revenue projected to reach RMB 4.05 billion in 2024, reflecting a year-on-year increase of 4.86% [10]. - The diverse product matrix supports growth, with significant revenue increases in various segments, particularly in new energy materials and precision ceramics [11][12]. - The company is focusing on domestic substitution and overseas expansion to drive growth, particularly in the biomedical sector and precision ceramics [12]. Financial Summary - Revenue for 2023 was RMB 3.86 billion, with projections of RMB 4.05 billion for 2024, RMB 4.69 billion for 2025, RMB 5.62 billion for 2026, and RMB 6.79 billion for 2027, indicating a compound annual growth rate (CAGR) of approximately 20.8% from 2024 to 2027 [2][4]. - Net profit attributable to shareholders is expected to grow from RMB 605 million in 2024 to RMB 1.11 billion in 2027, with a notable increase of 27.2% in 2025 [2][4]. - The earnings per share (EPS) is projected to rise from RMB 0.61 in 2024 to RMB 1.11 in 2027, reflecting a strong growth trajectory [2][4]. Segment Performance - In 2024, revenue from electronic materials, catalytic materials, biomedical, new energy materials, precision ceramics, and digital printing showed varied growth rates, with new energy materials growing by 48.34% and precision ceramics by 41.68% [11]. - The company is expanding its product applications in automotive and AI sectors through its electronic materials segment, particularly in MLCC powder applications [11]. Valuation - The report assigns a target price of RMB 19.25 for 2025, based on a 25x price-to-earnings (PE) ratio, reflecting a decrease from the previous valuation due to external factors affecting demand [4][9].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company is expected to accelerate the opening of JD Outlet stores, which aligns with the trend of rational consumption and high cost-performance demand from consumers [3]. - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 221 billion, 243 billion, and 268 billion respectively, with net profits of 24 billion, 27 billion, and 29 billion [5]. Financial Performance Summary - For Q1 2025, the company reported revenue of 6.2 billion, a year-on-year increase of 0.16%, and a net profit of 900 million, up 5% year-on-year [1]. - In Q4 2024, the company experienced a revenue decline of 4% year-on-year, with a net profit drop of 50% [1]. - The total revenue for 2024 was 21 billion, down 3% year-on-year, with a net profit of 2.2 billion, down 27% [1]. Brand Performance - The main brand, Hailan Home, generated revenue of 15.3 billion in 2024, a decrease of 7% year-on-year, with a gross margin of 47% [1]. - The group purchase and customization series saw revenue of 2.2 billion in 2024, down 3% year-on-year, with a gross margin of 40% [1]. Strategic Initiatives - The company is expanding into the sports sector through a partnership with Adidas, enhancing its retail management capabilities [3]. - A strategic collaboration with JD has been established to create a new urban outlet model, leveraging JD's brand and traffic advantages [3]. - The company is also focusing on overseas market expansion, achieving 355 million in revenue from international markets in 2024, a growth of 30.75% [4]. Financial Projections - The company has revised its earnings forecasts for 2025-2027, projecting earnings per share (EPS) of 0.50, 0.55, and 0.61 respectively [5]. - The price-to-earnings (P/E) ratio is expected to be 17, 15, and 14 for the years 2025-2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive growth in its industrial sector, with continuous improvement in profitability. In 2024, the company achieved operating revenue of 185.84 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 5.69 billion yuan, up 4.8% year-on-year [4][9] - The company’s new projects have driven growth in the industrial sector, and overseas business has seen a significant increase in demand. The revenue from the chemical engineering, infrastructure, environmental governance, and industrial sectors has shown varied growth rates, with the industrial and new materials sector growing by 13.4% [5][9] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 185.84 billion yuan, net profit attributable to shareholders of 5.69 billion yuan, and net profit after deducting non-recurring gains and losses of 5.51 billion yuan, reflecting year-on-year growth of 4.2%, 4.8%, and 6.0% respectively. In Q1 2025, the company achieved operating revenue of 44.50 billion yuan, net profit of 1.44 billion yuan, and net profit after deducting non-recurring gains and losses of 1.41 billion yuan, with year-on-year changes of -1.0%, +18.8%, and +22.6% [4][5] Business Segments - The company’s revenue from various segments in 2024 included 152.2 billion yuan from chemical engineering, 20.6 billion yuan from infrastructure, 2.2 billion yuan from environmental governance, 8.8 billion yuan from industrial and new materials, and 1.6 billion yuan from modern services, with respective year-on-year growth rates of +6.9%, -6.4%, -22.1%, +13.4%, and -47.7% [5] Contracting and New Projects - The company signed new contracts worth 366.9 billion yuan in 2024, a year-on-year increase of 12.3%. The new contracts in chemical engineering, infrastructure, and environmental governance were 276.3 billion yuan, 64.9 billion yuan, and 9.5 billion yuan, reflecting growth rates of 5.8%, 56.3%, and 19.2% respectively. In Q1 2025, new contracts surged to 59.79 billion yuan, a 60.7% increase year-on-year [6] Profitability and Margins - The company’s gross margin and net margin for 2024 were 10.1% and 3.4%, respectively, with year-on-year increases of 0.7% and 0.01 percentage points. In Q1 2025, the gross margin was 9.3% and the net margin was 3.6%, reflecting increases of 1.29% and 0.58 percentage points year-on-year [7] Cash Flow and Dividends - The company experienced a net outflow of operating cash flow of 8.72 billion yuan in 2024, a decrease of 4.1 billion yuan compared to the previous year. The proposed dividend for 2024 is 1.86 yuan per share, totaling approximately 1.14 billion yuan, which is a 4.5% increase year-on-year [8] Profit Forecast and Valuation - The company’s profit forecast for 2025 and 2026 has been adjusted to 6.43 billion yuan and 6.89 billion yuan, representing increases of 8% and 4% respectively. The forecast for 2027 is set at 7.35 billion yuan, maintaining a "Buy" rating [9]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 05 04 年 月 日 中简科技（300777.SZ） 先进航空装备、国产大飞机赛道核心的先进碳纤维供应商 公司是我国航空航天用高端碳纤维核心供应商。公司技术团队核心成员均来自山 西煤化所并完成多项国家重大课题研发任务，目前核心产品 ZT7 系列于 2012 年 通过航空领域试验验证并于 2014 年批量稳定生产，满足新一代型号需求的 ZT9 系 列于 2015 年研制成功并于 2023 年稳定批产。 ZT7 新一轮采购周期+ZT9 新产品放量+航天领域持续突破，未来 3 年有望迎来 高速增长，此外公司积极布局国产大飞机碳纤维预浸料，未来有望充分受益于国 产大飞机产业化推进。 第一，新一轮航空装备放量即将到来，公司作为最上游原材料环节有望率先受益。 "十四五"航空主机厂订单在 2021 年落地，但是军工材料企业作为上游环节往往 需要提前备货导致景气周期较下游主机厂提前，中简科技单季度收入早在 2020Q2 就迎来环比大幅度提升。我们认为 2025 年作为"十四五"收官之年，下一批次航 空装备订单即将批量落地，中简科技作为最上游环节有望率先受益 ...