2025 年 5 月 3 日 公司研究 业绩具备韧性，产能外延增长可期 ——山西焦煤（000983.SZ）2024 年报及 2025 年一季报点评 要点 事件： 2025 年 4 月 28 日，公司发布了 2024 年度报告及 2025 年一季报。2024 年，公司营业收入 452.9 亿元，同比-18.4%，归母净利润 31.1 亿元，同比-54.1%， 扣非净利润 30.2 亿元，同比-55.8%；2025Q1 公司营业收入 90.3 亿元（同比 -14.5%、环比-26.0%），归母净利润 6.8 亿元（同比-28.3%、环比+159.8%）， 扣非净利润 7.3 亿元（同比-19.1%、环比+186.8%）。 风险提示：钢材需求大幅回落；焦煤进口超预期增长。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 55,523 | 45,290 | 43,759 | 43,909 | 44,059 | | 营业收入增长率 | -14.82% ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 104.5, compared to the last closing price of 87.32 [1]. Core Insights - The company has established a strong presence in the lung cancer treatment sector, with a product matrix gradually taking shape, primarily centered around the drug Vomeletinib [4][5]. - Vomeletinib has rapidly gained market traction after being included in the national medical insurance directory, with projected commercial revenue of 3.5 billion in 2024 and a profit of 1.4 billion [4]. - The company is expanding its product line through collaborations and new drug developments, aiming to enhance its competitive edge in the lung cancer treatment market [5][19]. Summary by Sections Company Overview - The company has evolved into a comprehensive biopharmaceutical enterprise with capabilities in research, production, and sales since its establishment in 2004 [13][14]. - It has developed a full lifecycle drug research system, successfully launching two first-class new drugs [14]. Product Development and Pipeline - Vomeletinib is the only third-generation EGFR-TKI effective against all four types of EGFR mutations, with ongoing clinical trials for various indications [5][19]. - The company is collaborating with ArriVent to expand Vomeletinib's international market presence, which will further enhance its revenue potential [5][21]. - The introduction of new drugs like KRAS inhibitors and SHP2 inhibitors is expected to complement Vomeletinib and address treatment resistance issues [19][64]. Financial Projections - The company anticipates significant revenue growth, with projected sales of 3.56 billion in 2024, increasing to 7.45 billion by 2027, reflecting a compound annual growth rate of over 100% for Vomeletinib [8][41]. - The net profit is expected to rise from 1.43 billion in 2024 to 2.89 billion in 2027, indicating strong profitability growth [8]. Market Potential - The EGFR-TKI market in China is projected to grow significantly, with a compound annual growth rate of 34.8% from 2017 to 2022, reaching 205 billion by 2027 [46][49]. - The company is well-positioned to capture market share in the rapidly expanding lung cancer treatment sector, particularly with the increasing prevalence of EGFR mutations among patients [45][57].

美容护理/化妆品 水羊股份（300740.SZ） 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 12.67 | | 一年最高最低(元) | 20.55/9.60 | | 总市值(亿元) | 49.20 | | 流通市值(亿元) | 45.28 | | 总股本(亿股) | 3.88 | | 流通股本(亿股) | 3.57 | | 近 3 个月换手率(%) | 139.33 | 股价走势图 《加大费用投放致 H1 利润下滑，看好 后续效果释放—公司信息更新报告》 -2024.7.31 "高奢美妆集团"打法逐渐清晰，Q1 渐入佳境 ——公司信息更新报告 | 黄泽鹏（分析师） 初敏（分析师） 程婧雅（联系人） | | --- | | huangzepeng@kysec.cn chumin@kysec.cn chengjingya@kysec.cn | | 证书编号：S0790519110001 证书编号：S0790522080008 证书编号：S0790123070033 | |  2024 年主动传略调整业绩承压 ...

[Table_StockNameRptType] 亚辉龙（688575） 公司点评 发光业务增速亮眼，特色项目和国际化驱动增长 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-03 | | | [Table_BaseData] 收盘价（元） | | 14.34 | | 近 12 个月最高/最低（元） | 28.27/13.95 | | | 总股本（百万股） | | 570 | | 流通股本（百万股） | | 570 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 82 | | 流通市值（亿元） | | 82 | [公司价格与沪深 Table_Chart] 300 走势比较 -50% -31% -11% 9% 28% 4/24 7/24 10/24 1/25 亚辉龙 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com [Table_Author] 分析师：钱琨 执业证书号：S0010524110002 邮 ...

业绩稳健高分红，关注并购新潮进展 分众传媒 24 年&25Q1 业绩点评 核心观点 【事件】公司披露 24 年财报和 25 年一季报：24Q4 实现营业收入 30 亿元(yoy-7.1%)， 归母净利润 11.9 亿元(yoy-3.1%)，扣非归母净利润 11.3 亿元(yoy+0.9%)；24 全年实现 营业收入 123 亿元(yoy+3%)，归母净利润 51.6 亿元(yoy+6.8%)，扣非归母净利润 46.7%(yoy+6.7%)。25Q1 实现营业收入 28.6 亿元(yoy+4.7%)，归母净利润 11.4 亿元 (yoy+9.1%)，扣非归母净利润 9.9 亿元(yoy+4.6%)。公司拟每 10 股派发现金红利 2.3 元 (含税)，合计派发 48 亿元，股利支付率达 92%，对应股息率为 4.69%。 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润为 54.5/57.8/61.6 亿元（25-26 年前值为 56.6/60.4 亿元），对应 EPS 为 0.38/0.40/0.43 元。参考公司历史估值 band，采用 过去 3 年平均，给予 25 年 22 倍 PE，目标价 ...

[Table_StockNameRptType] 亚辉龙（688575） 公司点评 发光业务增速亮眼，特色项目和国际化驱动增长 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-03 | | | [Table_BaseData] 收盘价（元） | | 14.34 | | 近 12 个月最高/最低（元） | 28.27/13.95 | | | 总股本（百万股） | | 570 | | 流通股本（百万股） | | 570 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 82 | | 流通市值（亿元） | | 82 | [公司价格与沪深 Table_Chart] 300 走势比较 -50% -31% -11% 9% 28% 4/24 7/24 10/24 1/25 亚辉龙 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com [Table_Author] 分析师：钱琨 执业证书号：S0010524110002 邮 ...

家用电器/白色家电 海尔智家（600690.SH） 海外及卡萨帝保持较快增长，盈利能力稳健提升 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 24.79 | | 一年最高最低(元) | 35.37/23.10 | | 总市值(亿元) | 2,326.02 | | 流通市值(亿元) | 1,550.49 | | 总股本(亿股) | 93.83 | | 流通股本(亿股) | 62.55 | | 近 3 个月换手率(%) | 47.79 | 股价走势图 风险提示：降费提效不达预期；高端市场需求不达预期；海外行业竞争加剧。 相关研究报告 《经营利润稳健增长，分红比例提升 至 近 一 半 — 公 司 信 息 更 新 报 告 》 -2025.4.1 《2024Q3 持续提效降费，归母净利润 实现较快增长—公司信息更新报告》 -2024.11.1 《2024Q2 提效降费成果显著，盈利持 续保持提升—公司信息更新报告》 -2024.8.29 ——公司信息更新报告 | 吕明（分析师） 周嘉乐（分析师） | 陈怡仲（联系人） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has faced performance pressure due to strategic adjustments in 2024, but revenue and profit showed growth in Q1 2025. The company reported a revenue of 4.237 billion yuan in 2024, down 5.7% year-on-year, and a net profit of 110 million yuan, down 62.6% year-on-year. However, Q1 2025 saw a revenue of 1.085 billion yuan, up 5.2% year-on-year, and a net profit of 42 million yuan, up 4.7% year-on-year. The company is increasing investment in high-end brands, although the conversion effect has not met expectations, leading to losses in some mass-market brands. The profit forecasts for 2025-2026 have been revised downwards, with net profits expected to be 260 million yuan and 320 million yuan respectively, reflecting a year-on-year growth of 139% and 21% [5][6][7]. Financial Summary - In 2024, the company achieved a gross margin of 63%, benefiting from an increase in the proportion of high-margin proprietary brands. The net profit margin for 2024 was 2.6%, down 4 percentage points year-on-year. The company’s gross margin is expected to improve to 64.6% in 2025, with a projected net profit margin of 5.9% [5][7][11]. - The company’s revenue is projected to grow from 4.237 billion yuan in 2024 to 4.417 billion yuan in 2025, reflecting a year-on-year increase of 4.3%. The net profit is expected to rebound to 263 million yuan in 2025, with a significant year-on-year growth of 139% [7][10][11]. Business Strategy - The company is focusing on optimizing its business structure and enhancing its high-end brand strategy. The goal for 2025 includes improving the revenue and profitability of high-end brands while achieving breakeven for mass-market brands. The proprietary brand revenue in 2024 was 1.65 billion yuan, accounting for 39% of total revenue [6][10]. - The company plans to launch upgraded products and enhance offline sales channels, with expectations of a 20% revenue growth for high-end brands in 2025. The company is also adjusting strategies for its mass-market brand to return to profitability [6][10].

证券研究报告·公司点评报告·汽车零部件 岱美股份（603730） 2024 年年报及 2025 年一季报点评：公司经营整体 稳健，顶棚新品类打开成长空间 2025 年 05 月 03 日 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） | 5,861 | 6,377 | 7,245 | 8,350 | 9,611 | | 同比（%） | 13.90 | 8.80 | 13.61 | 15.26 | 15.10 | | 归母净利润（百万元） | 653.98 | 802.18 | 926.93 | 1,090.76 | 1,279.98 | | 同比（%） | 14.77 | 22.66 | 15.55 | 17.68 | 17.35 | | EPS-最新摊薄（元/股） | 0.40 | 0.49 | 0.56 | 0.66 | 0.77 | | P/E（现价&最新摊薄） | 20.22 | 16.48 | 14.26 ...

公司研究 证 券 研 究 报 告 ❖ 公司发布 24 年报及 25 年一季报，24 年，公司实现营收 7.50 亿元（+10.54%）， 归母净利润 0.21 亿元（-63.68%），扣非归母净利润-629 万元（23 年同期 0.44 亿元）。25Q1，公司实现营收 1.24 亿元（-26.92%），归母净利润-0.29 亿元（24 年同期 0.03 亿元），扣非归母净利润-0.31 亿元（24 年同期-25 万元）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 750 | 828 | 1,037 | 1,251 | | 同比增速(%) | 10.5% | 10.4% | 25.3% | 20.6% | | 归母净利润(百万) | 21 | 98 | 133 | 168 | | 同比增速(%) | -63.7% | 367.0% | 35.8% | 25.7% | | 每股盈利(元) | 0.16 | 0.73 | 0.9 ...