证券研究报告 | 季报点评 gszqdatemark 2025 04 25 年 月 日 中国铝业（601600.SH） 25Q1 铝产品"量价齐升"增厚利润，全球铝行业龙头地位稳固 事件：公司于 2025 年 4 月 24 日披露 2025 年一季度业绩公告，实现营收 558 亿元，同比增长 14%，环比减少 12%，毛利率 16%；实现归母净利 35.4 亿元，同比增长 59%，环比增长 5%，净利率 10%。利润增加主要 系公司全方位极致降本增效及主要产品同比增产所致。 铝产品"量价齐升"增厚公司利润空间。1）量，25Q1 氧化铝产量 543 万 吨，同比+4%，环比+1%，销量 168 万吨，同比+12%，环比+6%；电 解铝产量 194 万吨，同比+9%，环比-3%，销量 190 万吨，同比+8%， 环比-5%；煤炭产量 322 万吨，同比+12%，环比-6%；外售电厂发电量 41 亿千瓦时，同比持平，环比-7%。2）价，据 SMM，25Q1 电解铝价格 为 2.04 万元/吨，同比增长 7.3%，环比减少 0.5%；25Q1 氧化铝价格为 3833 元/吨，同比增长 15.2%，环比减少 28.1% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company's performance is under pressure due to downstream inventory destocking and price reductions, with expectations for demand recovery and new product ramp-up in the future [1][7] - In 2024, the company achieved revenue of 2.28 billion yuan, a year-on-year decrease of 5.2%, and a net profit attributable to the parent company of 560 million yuan, down 23.3% year-on-year [7][10] - The forecast for net profit for 2025-2027 is adjusted to 410 million, 526 million, and 637 million yuan respectively, with year-on-year changes of -27.2%, +28.3%, and +21.2% [7][10] Financial Performance - The company's revenue for 2024 is projected at 2.15 billion yuan, with a year-on-year decline of 5.5% [10] - The gross margin for 2024 is expected to be 36.8%, down from 44.4% in 2023 [10] - The net profit margin is projected to decrease to 19.1% in 2025 from 24.7% in 2024 [10] Business Segments - Revenue from cosmetic active ingredients and their raw materials is expected to be 1.9 billion yuan in 2024, down 8.1% year-on-year, while synthetic fragrance revenue is projected at 350 million yuan, up 14.2% year-on-year [8] - The domestic market shows a bright performance, with domestic revenue increasing by 22.87% year-on-year, while overseas revenue is expected to decline by 8.3% [8] Capacity and Expansion - The company has made progress in expanding its product lines, with new production lines for high-end personal care products and sunscreen series products under construction [9][10] - The capacity utilization rates for cosmetic active ingredients and synthetic fragrances are 54.98% and 89.22% respectively in 2024 [8] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.3, 13.5, and 11.1 respectively [10] - The price-to-book (P/B) ratios for the same years are expected to be 2.3, 2.1, and 1.9 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company reported a significant increase in Q1 performance, with both production and sales of potash fertilizer continuing to grow. The company is also advancing its potash production capacity expansion and non-potash business [1][5] - The 2024 annual report indicated a revenue of 3.548 billion yuan, a year-on-year decrease of 8.97%, while the net profit attributable to shareholders was 950 million yuan, down 23.05% year-on-year. However, Q1 2025 showed a revenue of 1.213 billion yuan, a year-on-year increase of 91.47%, and a net profit of 384 million yuan, up 373.53% year-on-year [4][5] - The company plans to leverage tax incentives in Laos to reduce costs and is focused on completing its potash projects, aiming for a production capacity of nearly 900,000 tons per year [5] Financial Summary - The company’s revenue is projected to increase significantly from 3.548 billion yuan in 2024 to 6.55 billion yuan in 2025, representing a year-on-year growth of 84.6% [7][10] - The net profit attributable to shareholders is expected to rise from 950 million yuan in 2024 to 1.822 billion yuan in 2025, reflecting a year-on-year increase of 91.7% [7][10] - The earnings per share (EPS) is forecasted to be 1.97 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 14.3 [7][10]

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-04-25 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 6.72 | | --- | --- | | 总股本/流通股本（亿股）66.38 | / 66.34 | | 总市值/流通市值（亿元）446 | / 446 | | 52 周内最高/最低价 | 8.13 / 6.51 | | 资产负债率(%) | 5.0% | | 市盈率 | 20.36 | | 第一大股东 | 海盈康(青岛)医疗科技 | | 有限公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 上海莱士(002252) 血制品业务稳健发展，盈利能力维持高水平 l 血制品业务稳健发展 公司自营血制品实现收入 44.3 亿元（+2.5%），其中白蛋白 14.9 亿元（+4.4%）、静丙 17.0 亿元（-5.9%）、其他血制品 12.3 亿元 （+14 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 62.18 billion, 73.06 billion, and 82.14 billion respectively, corresponding to PE ratios of 8, 7, and 6 times [10]. Core Views - The company reported a total revenue of 144.11 billion in Q1 2025, a year-on-year increase of 26.89%, but a quarter-on-quarter decrease of 5.59%. The net profit attributable to the parent company was 9.74 billion, down 12.26% year-on-year but up 64.66% quarter-on-quarter [7]. - The average price of alumina in Q1 2025 was 3863.5 yuan/ton, up 15.44% year-on-year but down 27.35% quarter-on-quarter. The decline in alumina prices is expected to support profit recovery for the company [8]. - The average capacity utilization rate for electrolytic aluminum in Yunnan reached 99% in Q1 2025, compared to approximately 81% in the same period last year, contributing to increased sales volume. The domestic aluminum spot price was 20455 yuan/ton, up 7.22% year-on-year [9]. Financial Summary - For 2024A, the company reported a revenue of 544.50 billion, with a year-on-year growth of 27.6%. The net profit attributable to the parent company was 4412 million, with a net profit growth of 11.5% [12]. - The projected revenue for 2025E is 551.49 billion, with a slight year-on-year increase of 1.3%. The net profit is expected to rise to 6218 million, reflecting a significant growth of 40.9% [12]. - The gross margin is projected to improve from 13.2% in 2024A to 17.3% in 2025E, indicating enhanced profitability [12].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 36.44 billion yuan, down 40.72% year-on-year, and net profit at 2.96 billion yuan, down 42.60% year-on-year [1]. - Despite the decline, the company reported a high dividend payout ratio exceeding 100%, with a proposed cash dividend of 0.622 yuan per share, resulting in a dividend yield of 11.13% [5][6]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.05 billion yuan, with a year-on-year decline of 15.59% but a quarter-on-quarter increase of 9.93%. The net profit for the same period was 0.96 billion yuan, showing a year-on-year increase of 211.54% and a quarter-on-quarter increase of 75.05% [2]. - The coal production in Q4 2024 reached 19.21 million tons, a year-on-year increase of 176.57%, while sales were 18.63 million tons, up 129.84% year-on-year [3]. Coal and Natural Gas Business - The company’s coal production for 2024 was 43.25 million tons, up 64.02% year-on-year, while coal sales were 47.23 million tons, up 52.39% year-on-year. The average coal price decreased by 22.55% to 367.94 yuan per ton [3]. - The natural gas segment faced challenges, with sales dropping to 4.09 billion cubic meters, down 52.95% year-on-year, and a gross profit of 1.88 billion yuan, down 39.68% year-on-year [4]. Future Outlook - The company is expected to see a gradual recovery in net profit, with projections of 3.02 billion yuan in 2025, 3.38 billion yuan in 2026, and 3.84 billion yuan in 2027, corresponding to EPS of 0.46, 0.51, and 0.58 yuan per share respectively [6][7]. - The company plans to invest 16.48 billion yuan in a new coal utilization project, which is expected to generate an average annual after-tax profit of 1.64 billion yuan once operational [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [6][18]. Core Views - The company reported a revenue of 19.759 billion yuan for 2024, a year-on-year increase of 1.82%, primarily driven by rising prices of base metals, leading to increased product revenue. The net profit attributable to shareholders reached 787 million yuan, up 28.70% year-on-year [3][6]. - The production and sales of gold and silver increased, with gold production rising by 8.05% year-on-year and sales up by 36.42%. However, zinc and lead production saw slight declines [4]. - The company benefits from high-grade mineral resources, particularly from the Shuikoushan lead-zinc mine, which is among the top in the country in terms of value [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.371 billion yuan, a year-on-year increase of 16.76%, and a net profit of 205 million yuan, reflecting a significant year-on-year growth of 155.56% [3]. - The average prices for gold and silver in 2024 were 557 yuan per gram and 7219 yuan per kilogram, respectively, showing substantial increases compared to the previous year [4]. Production and Sales - Zinc and zinc alloy production was 642,500 tons, a decrease of 2.94% year-on-year, while sales increased by 0.77%. Lead and lead alloy production decreased by 3.79%, with sales down by 2.08% [4]. - The company’s gold production was 3.7 tons, with sales reaching 4.07 tons, marking a 36.42% increase in sales year-on-year [4]. Profitability - The company achieved a gross profit of 1.742 billion yuan, with a gross margin of 8.8%. Gold contributed 23.6% to the gross profit, while silver accounted for 25.3% [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.13 billion, 1.17 billion, and 1.21 billion yuan, respectively, reflecting an upward revision in gold and silver price predictions [6].

公 司 报 告 医药 2025年04月25日 博腾股份(300363.SZ) Q1表现理想，小分子业务实现扭亏 推荐 ( 维持) 股价:14.78元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.portonpharma.com | | 大股东/持股 | 重庆两江新区产业发展集团有限公 | | | 司/14.48% | | 实际控制人 | 居年丰,陶荣,张和兵 | | 总股本(百万股) | 545 | | 流通A股(百万股) | 500 | | 流通B/H股(百万股) | | | 总市值(亿元) | 81 | | 流通A股市值(亿元) | 74 | | 每股净资产(元) | 9.56 | | 资产负债率(%) | 37.5 | 行情走势图 相关研究报告 【平安证券】博腾股份（300363.SZ）*年报点评*经 营否极泰来，有望年内实现扭亏*推荐20250331 证券分析师 事项： 公司发布25年一季报，实现营收8.01亿元（+18.21%），实现归母净利 润 -428.42 万 元 （ +95.48% ） ， 扣 非 后 归 母 净 利 润 -1009.01 万 元 ...

推荐（维持） 现价：24.74 元 主要数据 公 司 报 告 有色与新材料 2025 年 4 月 25 日 巨化股份(600160.SH) 制冷剂上行周期，公司利润显著增厚 | 行业 | 基础化工 | | --- | --- | | 公司网址 | www.jhgf .com.cn | | 大股东/持股 | 巨化集团 / 52.70% | | 实际控制人 | 浙江省国资委 | | 总股本(百万股) | 2700 | | 流通 A 股(百万股) | 2700 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 668 | | 流通 A 股市值(亿元) | 668 | | 每股净资产(元) | 6.59 | | 资产负债率(%) | 31.25 | 行情走势图 -20% 0% 20% 40% 60% 80% 24-01 24-05 24-09 25-01 巨化股份 沪深300 相关研究报告 《巨化股份(600160.SH)公司首次覆盖报告：氟化 工一 体化龙头，HFCs配额全国第一》2024-05-23 《巨化股份(600160.SH)公司2024年半年报点 评 ：完 成淄博飞源吸收合并，氟制 ...

股价:12.72元 行情走势图 公 司 报 告 医药 爱尔眼科(300015.SZ) 具备经营韧性，25Q1业绩快速增长 推荐 ( 维持) 相关研究报告 【平安证券】爱尔眼科（300015.SZ）*季报点评*具 备经营韧性，静待消费复苏*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 事项： 公司发布2024年年报以及2025年一季报，2024年收入实现209.83亿元，同比 增长3.02%，归母净利润实现35.56亿元，同比增长5.87%，扣非归母净利润 实现30.99亿元，同比-11.82%。2025Q1公司收入实现60.26亿元，同比增长 15.97%，归母净利润实现10.50亿元，同比增长16.71%，扣非归母净利润实 现10.60亿元，同比增长25.78%。公司拟向全体股东每 10 股派发现金红利 1.6 元（含税）。 平安观点： 研 究 报 告 报 点 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询 ...