Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][15]. Core Views - The company reported a total revenue of 4.27 billion yuan in Q1 2025, a year-on-year increase of 2.05%, while the net profit attributable to shareholders decreased by 20.05% to 320 million yuan [2][6]. - The report highlights the company's internationalization and diversification strategies as key growth drivers, despite facing pressure from high costs impacting net profit [2][6]. - The domestic forklift industry showed a total sales volume of 348,183 units in Q1 2025, reflecting a year-on-year growth of 10.2%, with exports also increasing by 12.8% [6][7]. Financial Summary - The projected total revenue for the company is expected to grow from 19.29 billion yuan in 2025 to 24.27 billion yuan in 2027, with year-on-year growth rates of 11.3%, 12.3%, and 12.0% respectively [2][7]. - The net profit attributable to shareholders is forecasted to increase from 1.45 billion yuan in 2025 to 1.86 billion yuan in 2027, with corresponding growth rates of 9.9%, 12.9%, and 13.6% [2][7]. - The earnings per share (EPS) is projected to rise from 1.63 yuan in 2025 to 2.09 yuan in 2027 [2][7]. Market Position and Strategy - The company is recognized as a leading player in the domestic forklift market, benefiting from its complete industrial chain and improved domestic and international channels [6][7]. - The report emphasizes the company's ongoing efforts in international market expansion and the establishment of a diversified business model, including investments in smart logistics [6][7]. - The collaboration with Huawei to establish a joint innovation lab is expected to enhance the company's capabilities in key technological areas [6][7].

公司点评 25 年经营目标彰显信心，订单目标同比高速增长 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-04 | | 收盘价（元） | 71.97 | | 近 12 个月最高/最低（元） | 81.81/59.66 | | 总股本（百万股） | 778 | | 流通股本（百万股） | 606 | | 流通股比例（%） | 77.89 | | 总市值（亿元） | 560 | | 流通市值（亿元） | 436 | 公司价格与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 思源电气 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 思源电气（002028） 主要观点： 业绩 公司公布 2024 年年报及 2025 年 ...

电科数字（600850.SH）2025 年一季报点评 25Q1 业绩符合预期，营收利润稳健增长 2025 年 05 月 04 日 ➢ 事件概述：电科数字于 2025 年 4 月 29 日发布 2025 年一季报，公司多行 业、多领域齐头并进，一季度业务开展稳定，盈利利润均取得稳健增长。2025 年 一季度，公司实现营业收入 20.01 亿元，同比增长 0.36%；实现归属于上市公 司股东的净利润 0.50 亿元，同比增长 6.41%；实现归属于上市公司股东的扣除 非经常性损益的净利润 0.49 亿元，同比增长 4.00%；研发费用 1.05 亿元，同 比增长 1.70%，研发费用稳步提高，彰显公司发展决心。 ➢ 构建数字应用矩阵，助力客户数字化转型。公司紧扣数据驱动决策、业务流 程再造、产业智能化升级、组织效率提升等数字化需求，以态势感知、业务赋能 为目标，打造物联网平台、数据引擎、数字孪生引擎、GIS 引擎等数智应用软件 产品，叠加物联感知设备接入、数据治理、自动化建模、低代码场景编辑、云渲 染等核心技术服务能力，构建数智应用产品矩阵。目前，相关数智应用产品已在 水利、交通、能源、医疗、工业制造、政府、商业 ...

金盘科技（688676） 公司点评 外销收入快速增长，数据中心新基建加速扩张 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-04 | | 收盘价（元） | 31.88 | | 近 12 个月最高/最低（元） 64.58/27.00 | | | 总股本（百万股） | 457 | | 流通股本（百万股） | 457 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 146 | | 流通市值（亿元） | 146 | 公司价格与沪深 300 走势比较 -60% -40% -20% 0% 20% 40% 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 金盘科技 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 投资建议 我们预计 2025-2027 年公司营收分别为 86.90/109.49/138.40 亿元 （ ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company reported a revenue of 1.396 billion yuan in Q1 2025, a decrease of 15.96% year-on-year, while the net profit attributable to shareholders was 16.2612 million yuan, a slight decrease of 0.42% year-on-year [3]. - The gross margin improved to 28.20% in Q1 2025 from 25.10% in Q1 2024, indicating a positive trend in profitability [3]. - The increase in contract liabilities to 1.593 billion yuan at the end of Q1 2025 compared to the end of 2024 suggests an improvement in business activity [3]. Summary by Sections Business Trends - The company is focusing on major trends such as AI, data elements, and trusted innovation. It has developed an integrated model for AI that combines computing power, models, and applications [4]. - In the area of trusted innovation, the company established a dedicated working group in 2025 to enhance its product offerings and better meet customer needs [4]. - The company is also responding to national initiatives regarding data resource utilization, aiming to create platforms for data supply, product development, and management [4]. Cross-Border Settlement Initiatives - The company has successfully facilitated China's first cross-border digital RMB trade settlement with Singapore in the renewable energy sector, showcasing its capabilities in this area [5]. - The technical team has optimized the system architecture to ensure stability in high-concurrency transaction scenarios, enhancing transaction security through blockchain technology [5]. - The streamlined transaction process has reduced costs and improved payment speed for cross-border trade enterprises, positioning the company as a leader in this emerging market [5]. Financial Projections - The company expects net profits attributable to shareholders to grow from 313 million yuan in 2025 to 531 million yuan in 2027, with corresponding PE ratios decreasing from 48X to 28X [5][8]. - Revenue is projected to increase from 9.039 billion yuan in 2025 to 11.288 billion yuan in 2027, reflecting a growth rate of 15.4% in 2025 and gradually declining growth rates thereafter [8][10]. - The gross margin is expected to remain stable, with slight improvements anticipated over the forecast period [10].

海尔智家（ [Table_StockNameRptType] 600690） 新兴市场高增，持续提效 ——海尔智家 25Q1 点评 | | | 报告日期： 2025-05-02 | [Table_BaseData] 收盘价（元） | 24.79 | | --- | --- | | 近 12 个月最高/最低（元） | 35.37/23.10 | | 总股本（百万股） | 9,383 | | 流通股本（百万股） | 6,255 | | 流通股比例（%） | 66.66 | | 总市值（亿元） | 2,326 | | 流通市值（亿元） | 1,550 | [公司价格与沪深 Table_Chart] 300 走势比较 -33% -18% -4% 11% 26% 5/24 8/24 11/24 2/25 海尔智家 沪深300 [Table_Author] 分析师：邓欣 公司点评 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：唐楚彦 执业证书号：S0010124070002 邮箱：tangchuyan@hazq.com 主要观点： ➢ 业绩表现略超预期。 ⚫ 利润分析：数字化变 ...

证券研究报告 | 2025年05月03日 海南橡胶（601118.SH） 优于大市 2024 年报及 2025 一季报点评：受益橡胶行情回暖，业绩表现 维持同比修复趋势 受益橡胶行情回暖，业绩表现维持同比修复。公司 2024 年实现营业收入 496.73 亿元，同比+31.80%，主要得益于橡胶销售价格回暖以及橡胶贸易量 增加；2024 年实现归母净利润 1.03 亿元，同比-65.20%，原因系公司本期资 产处置补偿收入减少导致营业外收入减少约 5 亿元，"摩羯"台风灾害导致 营业外支出同比增加约 1.8 亿元，非洲胶园减值导致资产减值增加约 1.7 亿 元。扣除非经常性损益后，2024 年实现归母净利润-5.81 亿元，同比减亏约 40%，主要得益于橡胶行情回暖。分季度来看，公司 2025Q1 收入利润维持同 比修复趋势，其中营业收入 100.39 亿元，环比-40.14%，同比+23.30%;归母 净利润-1.08 亿元，环比-119.22%，同比+32.76%。 自有胶园因受灾减产，贸易规模维持扩张。2024 年公司橡胶板块整体收入 483.35 亿元，同比+29.93%，毛利率 2.91%，同比+1 ...

证券研究报告 | 2025年05月02日 保隆科技（603197.SH） 优于大市 一季度净利润同比增长 40%，具备完备空气悬架产品布局 一季度净利润同比增长 40%，2025 年业绩有望加速释放。保隆科技 2024 年 实现营业收入 70.25 亿元，同比增长 19.12%；实现归母净利润 3.03 亿元， 同比下降 20.14%，主要受全面 1.24 亿元股权激励费用影响，还原后公司经 营性净利润 4.27 亿元，同比增长 13%。单季度看，24Q4 公司实现营收 19.99 亿元，同比增长 14.69%，环比增长 8.47%；实现归母净利润 0.54 亿元，同 比增长 34.71%，环比下降 46.20%；25Q1 公司实现收入 19.05 亿元，同比 +28.46%；实现归母净利润 0.95 亿元，同比+39.99%；业绩有望加速修复。 产品结构变动短期影响毛利率。公司 2024 年整体毛利率为 25.05%，同比下 降 2.35pct，或受低盈利能力的 ADAS 等产品放量影响。2024 年销售/管理/ 研发费用率分别为 3.29%/5.81%/8.11%，同比-0.63/-0.57/+0.14p ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's sales are under pressure due to a decline in corn prices and oversupply of corn seeds, leading to a significant drop in revenue and net profit for Q4 2024 [1][8] - The company has a strong reserve of high-quality corn varieties and is expected to benefit from the commercialization of genetically modified corn in the future [3][22] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.246 billion yuan, a year-on-year decrease of 19.74%, with Q4 revenue at 667 million yuan, down 25.70% [1][8] - The net profit attributable to the parent company for 2024 was 57 million yuan, a decline of 77.86%, with Q4 showing a net loss of 2 million yuan, down 101.22% [1][8] - The gross margin for 2024 decreased by 0.64 percentage points to 28.13%, and the net margin fell by 12.56 percentage points to 6.72% [2][14] Sales and Revenue Breakdown - Corn seed revenue in 2024 was 1.073 billion yuan, down 20.78%, while other seeds such as wheat and rice also saw declines in revenue [2][25] - The company’s total revenue from all seeds was 1.246 billion yuan, with a significant drop in growth rate compared to previous years [25] Cost and Expenses - The total expense ratio increased to 19.04%, up 5.27 percentage points year-on-year, with sales, management, and R&D expenses all rising [2][14] - The company faced increased asset impairment losses, amounting to approximately 120 million yuan year-on-year [1][8] Cash Flow and Asset Management - Operating cash flow for 2024 was 128 million yuan, a decrease of 28.37%, with cash flow from operating activities as a percentage of revenue at 10.29% [3][20] - Inventory turnover days increased by 26.63% to 340.9 days, and accounts receivable turnover days rose by 49.29% to 12.60 days [3][20] Future Earnings Forecast - The company’s net profit forecasts for 2025 and 2026 have been revised down to 110 million yuan and 141 million yuan, respectively, with an expected net profit of 176 million yuan in 2027 [22][26] - The projected earnings per share for the next three years are 0.13 yuan, 0.16 yuan, and 0.20 yuan [22][26]

公司报告 | 年报点评报告 齐心集团（002301） 证券研究报告 深挖企业级多场景物资需求 公司发布年报及一季报 25Q1 公司营收 22 亿同增 1%，归母净利 0.5 亿同减 1%，扣非后归母净利 0.4 亿同减 1%。 2024 年营收 114 亿同增 3%，归母净利 0.6 亿同减 18%，扣非后归母净利 0.6 亿同减 21%。 公司秉持数字化转型升级和服务客户的宗旨，聚焦 B2B 行政办公物资、MRO 工业品、营销物料和员工福利等场景，深入应用大模型和 AIGC 技术于数据 治理到售后服务的全生命周期管理中，不断完善数字化系统架构和功能。 B2B 办公物资集采聚焦核心客户、聚焦核心场景 公司将聚焦央企、央管金融机构、政府、世界 500 强等优质大客户，持续 挖掘民营 500 强集采机会，依托高效协同的齐心数字化运营平台和覆盖全 国的营销网络和商品交付体系，围绕客户集中化、多元化业务需求，积极 构建高附加值行政办公运维物资解决方案，重点发展 MRO 解决方案，配 套发展数字化工会福利解决方案与营销物料解决方案，为客户提供全链路、 数字化、专业化的高效集采解决方案。 B2B 电商集采将持续构建投标入 ...