Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations, with revenue growth slowing due to lower-than-expected sales from major clients. In 2024, the company achieved revenue of 26.6 billion yuan, a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.001 billion yuan, up 39.52% year-on-year. In Q1 2025, revenue was 5.768 billion yuan, a year-on-year increase of 1.40%, but a quarter-on-quarter decrease of 20.43%, with a net profit of 565 million yuan, down 12.39% year-on-year and 26.23% quarter-on-quarter [3][4][5] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 20.80%, down 2.23 percentage points year-on-year, and a net profit margin of 11.28%, up 0.36 percentage points year-on-year. In Q1 2025, the gross margin was 19.89%, down 2.53 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter, while the net profit margin was 9.80%, down 1.54 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [5][6] Business Development - The company is expanding its humanoid robot electric actuator business, leveraging its technical expertise in line control brake systems (IBS) to develop competitive products in the robotics field. The company has quickly gained customer recognition for its linear actuators and is expanding into rotary actuators and dexterous motors, establishing a platform product system [6][7] Investment Recommendations - The company is positioned as an excellent tier 0.5 platform component supplier, capitalizing on the growth of the new energy vehicle market. The ongoing platform strategy and new business areas such as air suspension and robotic actuators are expected to provide new growth points. The projected net profits for 2025, 2026, and 2027 are 3.526 billion yuan, 4.333 billion yuan, and 5.468 billion yuan, respectively, with corresponding P/E ratios of 26, 21, and 17 [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.6 billion in Q1 2025, a year-on-year increase of 36%, with a net profit attributable to the parent company of 250 million, also up 36%. The adjusted net profit was 230 million, reflecting a 62% increase [1]. - For the year 2024, the company anticipates a revenue of 9 billion, a 10% increase, and a net profit of 700 million, a 20% increase, with adjusted net profit expected to reach 600 million, up 43% [1]. - The medical consumables segment generated 3.9 billion, accounting for 44% of total revenue, with a slight increase of 1% year-on-year, while the consumer goods segment brought in 5 billion, representing 56% of total revenue, with a 17% increase [1]. - The report highlights strong growth in key product categories, particularly in the medical segment, with surgical consumables and high-end dressings seeing significant revenue increases of 196.8% and 21% respectively [2]. Financial Performance Summary - The company’s revenue for 2023 is projected at 8.2 billion, with a growth rate of -27.89%. By 2025, revenue is expected to reach 11.2 billion, reflecting a growth rate of 24.80% [5]. - The net profit attributable to the parent company is forecasted to be 580 million in 2023, increasing to 1 billion by 2025, with a growth rate of 50.16% [5]. - Earnings per share (EPS) are expected to rise from 1.00 in 2023 to 1.79 in 2025, with corresponding price-to-earnings (P/E) ratios of 52.39 and 29.12 respectively [5]. Market Position and Strategy - The company is focusing on enhancing its core product categories and improving its market ranking through effective brand marketing, particularly for its all-cotton product line [2]. - The "Nais Princess" brand has gained significant recognition due to its innovative cotton technology, leading to improved market rankings on major e-commerce platforms [3]. Revenue Breakdown - In Q1 2025, the medical segment generated 1.25 billion, with a notable contribution from the newly acquired GRI, which accounted for 300 million of this revenue [2]. - The consumer segment reported 1.34 billion in revenue, marking a year-on-year increase of 28.8%, with e-commerce channels contributing significantly to this growth [2]. Future Projections - The report maintains profit forecasts with slight adjustments, projecting net profits of 1.04 billion, 1.26 billion, and 1.5 billion for 2025, 2026, and 2027 respectively [4]. - The expected EPS for these years is 1.79, 2.17, and 2.58, with corresponding P/E ratios decreasing from 29 to 20 [4].

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 04 年 月 日 青松股份（300132.SZ） 业绩实现扭亏为盈，降本增效带动毛利率提升 2024 年公司业绩实现扭亏为盈，毛利率有所改善。公司 2024 年实现营 业收入 19.40 亿元（yoy-1.51%），归母净利润 0.55 亿元，实现扭亏为盈 （去年同期为-0.68 亿元）。其中，诺斯贝尔实现营业收入 19.30 亿元（（yoy- 1.57%），毛利率同比增长 5.42pcts 至 17.16%，实现归属于诺斯贝尔所有 者权益的净利润为 0.86 亿元，实现扭亏为盈（去年同期为-0.50 亿元）， 公司化妆品业务毛利率改善主要系加强原材料采购管理工作，利用规模采 购优势控制原材料采购成本、优化生产工序、减少生产损耗等降本增效措 施显效。2025 年 Q1 公司实现总营业收入 4.19 亿元（yoy+10.17%），归 母净利润为 0.02 亿元，实现扭亏为盈（去年同期为-0.06 亿元）。 化妆品产品力增强并加强成本管控，三大品类毛利率均有提升。2024 年 分品类来看，面膜/护肤/湿巾系列产品分别实现营业收入 8.15 ...

酒鬼酒 000799.SZ 公司研究 | 年报点评 动销疲软，静待消费环境回暖 核心观点 盈利预测与投资建议 根据年报以及一季报，对 25-26 年下调收入、毛利率，上调费用率。 我们预测公司 25-27 年每股收益分别为 0.53、0.62、0.96 元（原预测为 25-26 年 2.13、2.58 元）。考虑到公司现金流充足，我们采用 FCFF 估值法，权益价值为 149 亿元，对 应目标价 45.89 元，维持买入评级。 风险提示：消费升级不及预期、内参酒鬼销售不及预期、费用投入居高导致利润不及 预期、食品安全事件风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,830 | 1,423 | 1,248 | 1,318 | 1,572 | | 同比增长 (%) | -30.1% | -49.7% | -12.3% | 5.6% | 19.3% | | 营业利润(百万元) | 726 | 16 | 179 | 219 | 354 | | ...

公司报告 | 季报点评 森马服饰（002563） 证券研究报告 育儿补贴制度或利好童装业务 公司发布 25 年一季报 营收 31 亿，同比-2%，归母净利润 2 亿，同比-38%，扣非归母净利润 2 亿， 同比-43%； 截至 3 月 31 日，包括加盟和直营在内的全系统终端动态零售数据同比中个 位数增加。 毛利率 47%，同比持平，归母净利率 7%，同比-4pct； 销售费率 29%，同比+4pct；管理费率 5%，同比+1pct；研发费率 1%，同比 持平；财务费率同比-0.85%，同比+1pct。 育儿补贴制度或利好童装业务 3 月 13 日，内蒙古呼和浩特及时出台实施育儿补贴细则，据国家卫生健康 委，截至 24 年 10 月，全国已有 23 个省份，在不同层级开始探索实施生 育补贴制度，或一次性发放现金，或定期给予补贴、实行税收减免。生育 补贴政策落地后，从宏观层面看，有望带来生育率的回升，从而利好童装。 公司将继续以创新驱动发展，坚持零售转型的方向，优化单店盈利模型， 迭代 52 周 MD 机制，实现商品的精准规划与高效流转；持续强化对消费者 的洞察能力，深入了解消费者的偏好、需求和购买行为，提升商 ...

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company achieved a revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%, and a net profit attributable to shareholders of 246 million yuan, up 27.26% year-on-year [2] - In Q1 2025, the company reported a revenue of 313 million yuan, a 24.27% increase year-on-year, and a net profit of 81.42 million yuan, which is a 52.06% increase year-on-year [2][4] - The company is experiencing significant growth in overseas revenue, with Q4 2024 international sales reaching 1.03 billion yuan, although this represents a decline of 10.77% year-on-year [4] - The company is actively expanding its production capacity, with new projects such as a 30,000-ton soluble dietary fiber project and a 15,000-ton crystallized sugar project launched in May 2024 [4][5] Financial Performance Summary - The company’s total revenue is projected to grow from 868 million yuan in 2023 to 2.470 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.1% [6] - The net profit attributable to shareholders is expected to increase from 193 million yuan in 2023 to 565 million yuan in 2027, reflecting a CAGR of about 28.3% [6] - The gross margin is forecasted to improve from 32.7% in 2023 to 35.5% in 2027, indicating enhanced operational efficiency [6] - The earnings per share (EPS) is projected to rise from 0.60 yuan in 2023 to 1.75 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 47.32 to 12.01 over the same period [6] Growth Opportunities - The company is expected to benefit from the release of new production capacities and the ongoing demand for dietary fibers and health sweeteners, particularly in international markets [4][5] - The anticipated reduction in tariff levels is expected to further support the company's international expansion strategy [5]

| [Table_BaseData] 收盘价（元） | 33.50 | | --- | --- | | 近 12 个月最高/最低（元） | 47.50/28.10 | | 总股本（百万股） | 209 | | 流通股本（百万股） | 194 | | 流通股比例（%） | 92.90 | | 总市值（亿元） | 70 | | 流通市值（亿元） | 65 | [公司价格与沪深 Table_Chart] 300 走势比较 可孚医疗（ [Table_StockNameRptType] 301087） 公司点评 产品丰富+渠道多元，收入增长持续稳健 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-04 | -31% -16% -2% 13% 28% 5/24 8/24 11/24 2/25 可孚医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com [Table_CompanyRepo ...

公司发布 24 年年报及 25 年一季报，24 年实现营业收入 2.73 亿元，同比 减少 6%，归母净利润-9974 万元，亏损扩大 779 万元，扣非归母净利润-1.46 亿元，亏损扩大 3359 万元。业绩下滑主要原因为：1）激光器市场竞争激 烈，工业市场光纤耦合模块等产品价格进一步下滑；2）存货水平较高， 相应的资产减值准备计提影响了利润；3）23 年购买的信托产品出现兑付 风险，23 年确认 4800 万元公允价值变动损失，24 年确认 1200 万元损失； 4）政府补助减少，其他收益同比减少 1176 万元。 25 年一季度业绩大幅改善 25 年一季度公司实现营业收入 9428 万元，同比增长 80%、环比增长 35%， 归母净利润-750 万元，同比减亏 1195 万元，环比减亏 2885 万元。一季 度收入大幅增长，主要来自市场拓展较好，高功率产品收入增长，同时前 期布局的光通信等产品获得终端客户认可并实现批量出货，部分贡献了一 季度收入。1Q25 单季毛利率为 28.7%，同比提升 3pct、环比提升 15pct。 公司报告 | 年报点评报告 长光华芯（688048） 证券研究报告 1Q25 ...

证 券 研 究 报 告 三一重工（600031）2025 年一季报点评 强推（维持） 扣非归母同比增长 78.5%超预期，降本控费 盈利弹性凸显 事项： 公司发布 2025 年一季度报告，2025 年一季度营业总收入 211.8 亿元，同比增 长 18.77%，归母净利润 24.7 亿元，同比增长 56.40%，扣非归母净利润 24.0 亿 元，同比增长 78.54%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 78,383 | 90,362 | 108,053 | 129,646 | | 同比增速(%) | 5.9% | 15.3% | 19.6% | 20.0% | | 归母净利润(百万) | 5,976 | 8,682 | 10,813 | 13,593 | | 同比增速(%) | 32.0% | 45.3% | 24.5% | 25.7% | | 每股盈利(元) | 0.71 | 1.02 | 1.28 | 1.6 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Views - The company is expected to see profit contributions from new materials and high-end overseas fabrics by 2026, with recent investments in smart manufacturing and information management enhancing operational efficiency [3][4]. - The company reported a revenue of 1.5 billion yuan in Q1 2025, a year-on-year increase of 5%, and a net profit of 150 million yuan, up 117% year-on-year [1]. Financial Performance - For 2025, the company forecasts revenues of 6.4 billion yuan, with net profits projected at 459.2 million yuan, reflecting an 11.91% growth compared to 2024 [4][5]. - The gross margin is expected to remain stable at 24%, with a net profit margin of 10% for Q1 2025, an increase of 5 percentage points year-on-year [1]. Operational Strategy - The company is enhancing its production methods through the LTPS (Lutai Production System) to improve cost efficiency and quality control [2]. - A global marketing network is being developed to expand market reach and strengthen relationships with strategic clients, focusing on leisure product development [3]. Financial Projections - The company’s earnings per share (EPS) are projected to increase from 0.56 yuan in 2025 to 0.71 yuan by 2027, with a price-to-earnings (P/E) ratio decreasing from 11x to 9x over the same period [4][5]. - The total revenue is expected to grow from 6.4 billion yuan in 2025 to 7.8 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10% [5].