Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company reported strong performance in Q1 2025, achieving revenue of 12.117 billion yuan, a year-on-year increase of 2.92%. Overseas revenue reached 6.568 billion yuan, up 15.17% year-on-year, accounting for 54.2% of total revenue, an increase of 5.77 percentage points [1]. - The net profit attributable to shareholders for Q1 2025 was 1.41 billion yuan, reflecting a significant year-on-year growth of 53.98%. The non-recurring net profit was 874 million yuan, up 12.4% year-on-year [1]. - The company has a robust overseas presence, with products and services covering over 170 countries and more than 430 overseas outlets. In Q1, the company added over 30 new outlets and 12 service parts warehouses [2]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, highlighting its commitment to shareholder returns. Since its listing, the company has distributed dividends 25 times, totaling approximately 26.3 billion yuan, with a historical overall dividend payout ratio of about 43% [3]. Financial Performance and Forecast - The company expects net profits attributable to shareholders to reach 4.84 billion yuan in 2025, 6.03 billion yuan in 2026, and 7.54 billion yuan in 2027, with corresponding PE ratios of 13.1, 10.6, and 8.4 times [4]. - The financial data indicates a projected revenue growth rate of 10.28% in 2025, followed by 15.00% in 2026 and 17.20% in 2027 [5]. - The company's total assets are projected to be 123.29 billion yuan in 2025, with a debt-to-asset ratio of 50.20% [12].

行业触及底部，有望迎来复苏 核心观点 盈利预测与投资建议 ⚫ 结合 2024 年原油与产品价格情况，以及公司已披露的生产经营与各项费率情况，我 们调整公司 2025 年每股收益 EPS 预测分别为 0.31 元（原预测 1.02 元），并添加 2026-2027 年预测为 0.39 和 0.49 元。我们采取历史估值法，参考公司过去 5 年 PB （TTM）均值 3.28，考虑到行业景气度底部以及预期 ROE 水平低于历史水平给予 20%折价，按 25 年每股净资产预测值 4.82 元对应目标价为 12.64 元，维持买入评 级。 风险提示 ⚫ 油价大幅波动；行业景气度下行；新材料项目发展不及预期。 公司主要财务信息 | 从沙特愿景计划看荣盛长期发展潜力 | 2024-03-09 | | --- | --- | | 一次极具战略构想的"跨国"炼化合作 | 2024-01-10 | | 全面挖掘四千万吨炼油盈利潜力 | 2024-01-02 | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | ...

| | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,257 | 5,358 | 5,605 | 5,851 | 6,080 | | 同比增长 (%) | 13.0% | 1.9% | 4.6% | 4.4% | 3.9% | | 营业利润(百万元) | 884 | 1,059 | 1,198 | 1,315 | 1,407 | | 同比增长 (%) | -5.4% | 19.8% | 13.1% | 9.8% | 7.0% | | 归属母公司净利润(百万元) | 666 | 787 | 890 | 977 | 1,051 | | 同比增长 (%) | -5.9% | 18.2% | 13.1% | 9.7% | 7.6% | | 每股收益（元） | 0.73 | 0.86 | 0.97 | 1.07 | 1.15 | | 毛利率(%) | 67.2% | 65.9% | 66.6% | 67.2% | 67.6% | | 净利率(%) | 12.7% | 14.7% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced pressure on its performance in Q1 2025, but there is optimism regarding the potential improvement driven by the "old-for-new" policy [4] - In 2024, the company achieved revenue of 11.21 billion yuan (up 0.1% year-on-year) and a net profit attributable to shareholders of 1.58 billion yuan (down 9.0%) [4] - For Q1 2025, the company reported revenue of 2.08 billion yuan (down 7.2%) and a net profit of 340 million yuan (down 14.7%) [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.69 billion, 1.80 billion, and 1.92 billion yuan respectively, with corresponding EPS of 1.78, 1.91, and 2.03 yuan [4] Financial Performance Summary - In 2024, the company’s gross margin was 49.7%, a decrease of 1.0 percentage points year-on-year [6] - The net profit margin for Q1 2025 was 16.2%, a decrease of 1.5 percentage points year-on-year [6] - The company’s revenue for 2025 is projected to be 11.64 billion yuan, with a year-on-year growth of 3.8% [8] - The projected P/E ratios for 2025, 2026, and 2027 are 11.0, 10.3, and 9.6 respectively [8] Market Position and Product Performance - The company maintains a strong position in traditional categories, with year-on-year growth in range hoods and gas stoves of 2.51% and 3.96% respectively [5] - The new product categories, such as dishwashers and integrated products, showed significant growth, with revenues increasing by 4.22% and 5.47% respectively in 2024 [5] - The company’s main brand leads the high-end market, while its sub-brand, Mingqi, reported a revenue increase of 26% in 2024 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 faced pressure, but the "old-for-new" policy is expected to drive improvement [4] - In 2024, the company achieved revenue of 11.21 billion yuan (YoY +0.1%) and a net profit attributable to shareholders of 1.58 billion yuan (YoY -9.0%) [4] - For Q1 2025, the company reported revenue of 2.08 billion yuan (YoY -7.2%) and a net profit of 340 million yuan (YoY -14.7%) [4] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 1.69 billion, 1.80 billion, and 1.92 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 11.0, 10.3, and 9.6 for 2025-2027 [4] - The "old-for-new" policy is anticipated to significantly boost the kitchen appliance market, benefiting leading brands [4] Financial Summary - In 2024, the company's gross margin was 49.7% (down 1.0 percentage points), with a net margin of 14.1% [6] - For Q1 2025, the gross margin improved to 52.7% (up 2.1 percentage points), while the net margin was 16.2% [6] - The company’s revenue is projected to grow to 11.64 billion yuan in 2025, with a YoY growth of 3.8% [8] - The net profit attributable to shareholders is expected to reach 1.68 billion yuan in 2025, reflecting a YoY increase of 6.9% [8] - The company’s ROE is projected to decline from 13.8% in 2024 to 13.0% in 2025 [8] Sales Channels and Product Performance - The retail channel has effectively driven sales, while the engineering channel has seen a gradual narrowing of its drag on performance [5] - Traditional product categories have shown stable growth, with the company maintaining the top market share in range hoods and gas stoves [5] - New product categories, such as dishwashers and water heaters, have benefited significantly from government subsidies [5] - The company’s embedded dishwashers achieved a market share of 16.01% offline and 7.26% online in 2024 [5]

迎驾贡酒 603198.SH 公司研究 | 年报点评 Q1 增速短期承压，看好中长期健康成长 核心观点 盈利预测与投资建议 ⚫ 根据25年一季报，对25-26年下调收入，上调毛利率、费用率。我们预测公司2025- 2027 年每股收益分别为 3.37、3.91、4.46 元（原预测 25-26 年为 4.20、4.92 元）。 结合可比公司，我们认为目前公司的合理估值水平为 2025 年的 17 倍市盈率，对应 目标价为 57.29 元，维持买入评级。 | 业绩增速环比放缓，但仍显现强竞争力 | 2024-10-30 | | --- | --- | | 受益白酒消费价格带下移，业绩有望延续 | 2024-09-19 | | 高增：——迎驾贡酒中秋跟踪点评 | | | 中高档强势增长，结构升级盈利能力提升 | 2024-08-20 | 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,771 | 7,344 | 7,430 | 8,468 | 9,4 ...

丨证券研究报告丨 联合研究丨公司点评丨万业企业（600641.SH） [Table_Title] 万业企业：业务转型加速，打造半导体设备与材 料综合平台 报告要点 [Table_Summary] 近期万业企业发布 2024 年年报和 2025 年一季度报告。 %% %% %% %% 2024 年公司实现营收 5.81 亿元，同比减少-39.72%；实现归母净利润 1.08 亿元，同比减少 28.85%；2025Q1 公司实现营收 1.92 亿元，同比增加 94.09%；实现归母净利润-0.20 亿元， 亏损幅度同比有所扩大。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 research.95579.com 1 事件评论 丨证券研究报告丨 万业企业（600641.SH） cjzqdt11111 2025-05-03 [Table_Title 万业企业：业务转型 ...

丨证券研究报告丨 联合研究丨公司点评丨芯源微（688037.SH） [Table_Title] 芯源微：新产品进展积极顺利，引入龙头拓展市 场增量 报告要点 [Table_Summary] 近期，芯源微发布 2024 年年报及 2025 年一季度报告。 2024 年公司实现营收 17.54 亿元，同比增加 2.13%；实现归母净利润 2.03 亿元，同比减少 19.08%；2025Q1 公司实现营收 2.75 亿元，同比增加 12.74%；实现归母净利润 0.05 亿元， 同比减少 70.89%。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 芯源微（688037.SH） cjzqdt11111 [Table_Title 芯源微：新产品进展积极顺利，引入龙头拓展市 2] 场增量 [Table_S ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a total revenue of 1.482 billion yuan for Q1 2025, representing a year-on-year growth of 10.20%. The net profit attributable to shareholders was 221 million yuan, up 23.67% year-on-year, while the net profit excluding non-recurring items was 207 million yuan, reflecting a growth of 22.17% [2][6]. - The gross margin for Q1 2025 was 27.95%, an increase of 3.95 percentage points compared to the same period last year. The profit growth outpaced revenue growth, indicating strong performance despite transformation pressures [12]. - The company is expected to achieve net profits attributable to shareholders of 1.209 billion yuan, 1.421 billion yuan, and 1.639 billion yuan for the years 2025, 2026, and 2027, respectively, indicating a positive long-term growth outlook [12]. Financial Performance - For Q1 2025, the company achieved a total revenue of 1.482 billion yuan, with a gross profit of 414 million yuan, resulting in a gross margin of 27.95% [12]. - The company’s operating expenses were well-controlled during the quarter, contributing to the overall profit growth [12]. - The projected total revenue for the years 2025, 2026, and 2027 is expected to be 7.314 billion yuan, 8.637 billion yuan, and 9.846 billion yuan, respectively [17]. Market Position and Future Outlook - The company is positioned as a core supplier for major clients in the optical innovation sector, which is expected to drive future revenue growth as new projects are implemented [12]. - The company is actively investing in the VR/AR optical market, having resolved production challenges related to reflective waveguide technology, which is anticipated to enhance its product offerings [12]. - The company’s consumer electronics business remains stable, with expected growth in filter upgrades and optical panel market share, while the automotive optical segment shows promising potential for profitability [12].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company, Zhengfan Technology, is a leading provider of ultra-pure process media supply systems for the semiconductor industry, leveraging unique advantages in micro-pollution control, fluid technology, and process safety [4][7]. - The company's growth strategy focuses on providing a one-stop comprehensive service that integrates key systems, core materials, and professional services, targeting well-known clients such as Texas Instruments, SMIC, and BOE [7][21]. - The company is expected to achieve revenue of 5.5 billion yuan in 2024, representing a year-on-year growth of 43%, with a net profit of 530 million yuan, up 32% year-on-year [7][10]. Summary by Sections CAPEX: Deepening Media Supply Systems - The company serves the semiconductor FABs with high-purity gas and wet chemical supply systems, which are essential for the production processes [8]. - Core products include independent devices that perform essential functions such as delivery, distribution, and mixing, meeting clients' needs for purity, process, and safety control [8][46]. - The company is expanding into biopharmaceutical equipment, providing critical systems for clean production [8][24]. OPEX: Expanding Key Materials and Services - The company has built a strong domestic and international customer base in various sectors, including semiconductor, optical fiber communication, and biomedicine [9]. - It is actively developing electronic gases and chemicals, with a focus on MRO (Maintenance, Repair, and Operations) services, which are expected to grow as the semiconductor industry expands [9][24]. - In 2023, the electronic gas and MRO business generated approximately 640 million yuan, accounting for about 17% of total revenue [9]. Financial Performance: Sustained High Growth - The company has maintained a high growth rate since its listing, with a compound annual growth rate (CAGR) of 49.02% from 2020 to 2024 [32]. - In 2024, the company achieved a gross profit margin of 27.1%, with the semiconductor and photovoltaic sectors contributing significantly to revenue [37][43]. - The company has a robust order backlog of 8.2 billion yuan, with 52% coming from the semiconductor sector [44]. Profit Forecast: New Business Development - The company is projected to achieve revenues of 6.99 billion yuan, 8.78 billion yuan, and 10.85 billion yuan from 2025 to 2027, with corresponding net profits of 700 million yuan, 930 million yuan, and 1.15 billion yuan [10].