2025 年 05 月 01 日 公司研究●证券研究报告 元隆雅图（002878.SZ） 公司快报 收入稳健增长， "大 IP+科技"战略加速落地 投资要点 风险提示：政策不确定性、市场竞争加剧、新业务开拓未及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,692 | 2,790 | 3,086 | 3,503 | 3,883 | | YoY(%) | -18.2 | 3.6 | 10.6 | 13.5 | 10.8 | | 归母净利润(百万元) | 24 | -184 | 81 | 123 | 167 | | YoY(%) | -85.9 | -878.2 | 144.1 | 51.3 | 36.4 | | 毛利率(%) | 15.5 | 13.8 | 16.3 | 16.9 | 17.4 | | EPS(摊薄/元) | 0.09 | -0.70 | 0.31 | 0.47 | 0.64 | | ROE(%) | 1.7 | ...

华泰证券（601688.SH）2025 年一季报点评 单季自营收入同比转正，经纪与信用业务持续高增 2025 年 05 月 01 日 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：4/29 晚间华泰证券发布 25 年一季报。2025 年一季度，公司营业收 入 82 亿元，环比-18.0%，同比+34.8%，同比增速较 24Q4 增加 27.41pct；归 母净利润 36 亿元，环比+28.7%，同比+59.0%，接近 4/10 业绩预增公告区间 （50%~60%）上沿，同比增速较 24Q4 增加 69.57pct，单季归母净利润同比增 速实现由负转正。 ➢ 单季自营收入同比转为增长，利息净收入与经纪收入同比保持高位，投行同 比小幅负增，资管业务同比转负。2025 年一季度公司自营/经纪/信用/投行/资管 业务收入分别为 28/ 19/ 10/ 5/ 4 亿元，同比+47%/ +43%/ +320%/ -6% ...

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 [1][18]. Core Insights - The company achieved a revenue of 24.462 billion yuan in 2024, representing an 18.43% year-on-year increase, and a net profit of 1.96 billion yuan, up 107.69% year-on-year. In Q4 2024, revenue reached 6.556 billion yuan, a 41.21% increase year-on-year, with a net profit of 702 million yuan, up 256.83% year-on-year [1][3]. - The first quarter of 2025 saw a revenue of 5.8 billion yuan, a 6.05% year-on-year increase, and a net profit of 809 million yuan, up 160.64% year-on-year [1][3]. - The report highlights that refrigerant prices have continued to rise, supporting performance, while high polymer material prices have rebounded after hitting a low [1][7]. Financial Performance Summary - For 2024, total revenue is projected at 24.462 billion yuan, with a year-on-year growth rate of 18.4%. The net profit is expected to be 1.96 billion yuan, with a growth rate of 107.7% [3][8]. - The company is forecasted to achieve revenues of 30.593 billion yuan in 2025 and 34.408 billion yuan in 2026, with respective growth rates of 25.1% and 12.5% [3][8]. - The projected net profit for 2025 is 3.967 billion yuan, with a growth rate of 102.5%, and for 2026, it is expected to be 4.853 billion yuan, with a growth rate of 22.3% [3][8]. Market Position and Pricing Dynamics - The company is positioned as a leader in the refrigerant market, particularly in the third-generation refrigerants, which are expected to continue to see price increases due to industry dynamics and pricing power shifting towards the refrigerant segment [1][7]. - The report indicates that the average price of various refrigerants has increased significantly, with the average price of R32 reaching 4.4 million yuan per ton in Q1 2025, reflecting a year-on-year increase of 98.7% [1][7]. Valuation and Target Price - The target price for the company's stock is set at 36.75 yuan, based on a price-to-earnings ratio of 25x for 2025, reflecting the company's strong market position and growth potential [3][7].

2025 年 05 月 02 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn [Table_Title] 国内外产能持续布局，平台化战略加速 ——富创精密（688409）2024 年报及 2025 年一 季报点评 最近一年走势 事件: 富创精密 4 月 29 日发布 2024 年报和 2025 年一季报：2024 年实现收入 30.40 亿元，同比增长 47.14%；实现归母净利润 2.03 亿元，同比增长 20.13%；实现扣非归母净利润 1.72 亿元，同比增长 98.98%。2025Q1 实 现收入 7.62 亿元，同比增长 8.62%；实现归母净利润-0.22 亿元，同比 减少 136.67%；实现扣非归母净利润-0.28 亿元，同比减少 152.63%。 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 富创精密 | -20.8% | -5.8% | -0.5% | | 沪深 300 | -3.7% ...

Investment Rating - The report maintains a strong buy rating for the company, with a current market capitalization of 39.9 billion and a corresponding PE of 16X [5][11]. Core Insights - The company's revenue for 2024 decreased by 2.65% to 20.957 billion, and net profit attributable to shareholders fell by 26.88% to 2.159 billion. However, Q1 2025 shows signs of stabilization with revenue growth of 0.16% and net profit growth of 5.46% [1][10]. - The company is expanding its sports retail and urban outlet business, which is expected to become a new growth highlight [1][10]. - The main brand's revenue has declined, but other brands are experiencing rapid growth, particularly in direct sales and online channels [2][10]. Revenue and Profitability - In 2024, the main brand's revenue was 15.270 billion, down 7.22%, while other brands achieved a revenue of 2.668 billion, up 32.38% [2][10]. - For Q1 2025, the main brand's revenue decreased by 9.52% to 4.642 billion, while other brands saw a 100% increase to 0.743 billion [2][10]. - The net profit margin for 2024 decreased by 3.41 percentage points to 10.3%, while the gross margin improved slightly to 44.52% [4][10]. Store Expansion and Brand Performance - The total number of stores at the end of 2024 was 7,178, with a net decrease in the main brand's stores but an increase in other brands [8][10]. - The company is focusing on enhancing its operational quality through direct store expansion and strategic partnerships, such as with JD.com for urban outlet development [10][11]. Financial Forecasts - Revenue projections for 2025 to 2027 are set at 22.274 billion, 24.466 billion, and 25.940 billion, reflecting growth rates of 6%, 10%, and 6% respectively [11][13]. - Net profit forecasts for the same period are 2.443 billion, 2.721 billion, and 2.900 billion, with expected growth rates of 13%, 11%, and 7% [11][13].

Investment Rating - The report maintains a "Strong Buy" investment rating for Hunan Gold [3][7]. Core Views - The company benefits from rising gold and antimony prices, leading to significant year-on-year growth in performance [1][7]. - The revenue for 2024 reached 27.84 billion yuan, a year-on-year increase of 19.5%, with a net profit attributable to shareholders of 850 million yuan, up 73.1% year-on-year [1][2]. - The first quarter of 2025 saw a revenue of 13.12 billion yuan, representing a year-on-year increase of 67.8% [1][2]. Financial Data and Valuation - Total revenue projections for 2025 are estimated at 49.56 billion yuan, with a year-on-year growth of 78% [2][14]. - The net profit attributable to shareholders is expected to reach 2.087 billion yuan in 2025, reflecting a 147% increase year-on-year [2][14]. - The price-to-earnings (PE) ratio is projected to decrease from 31.8 in 2024 to 12.9 in 2025, indicating improved valuation attractiveness [2][14]. Production and Sales Performance - In 2024, the company produced 46.3 tons of gold, a decrease of 2.87% year-on-year, and 2.92 million tons of antimony, down 6.15% year-on-year [7]. - The company plans to produce 72.5 tons of gold and 39,500 tons of antimony in 2025 [7]. Profitability and Margins - The gross margin increased due to rising gold and antimony prices, with gold product unit revenue rising by 22.3% year-on-year [7]. - The overall gross margin improved by 0.74 percentage points, with specific increases in gold and antimony margins [7]. Shareholder Information - The major shareholder, Hunan Gold Group, holds a 35.06% stake in the company [3].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 奥精医疗(688613) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 仿生矿化胶原技术领先，人工骨修复 材料市场龙头正扬帆 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩短期承压，市场拓展加速，成长动能充 沛 [Table_ReportDate] 2025 年 05 月 02 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 2.06 亿元（yoy-9.03%），归母净利润-0.13 亿元（yoy-123.35%），扣非归母净 利润-0.28 亿元（yoy-210.11%），经营活动产生的现金流量净 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 新产业(300832) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_Title] 大型机占比持续提升，收入展现增长韧性 [Table_ReportDate] 2025 年 05 月 02 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 45.35 亿元（yoy+15.41%），归母净利润 18.28 亿元（yoy+10.57%），扣非归母 净利润 17.20 亿元（yoy+11.19%），经营活动产生的现金流量净额 13.56 亿 元（yoy-4.36%）。2025Q1 实现营业收入 11.25 亿元（yoy+10.12%），归 母净利润 4.38 亿元（yoy+ ...

2025 年 05 月 02 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 陈云 S0350524070001 cheny17@ghzq.com.cn [Table_Title] 毛利率改善，2025 年一季度业绩同环比提高 ——回天新材（300041）2024 年年报及 2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 回天新材 | -4.8% | -1.5% | 5.4% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 8.45 | | 周价格区间（元） 52 | | | 6.92-10.70 | | 总市值（百万） | | | 4,727.22 | | 流 ...

证券研究报告 | 公司点评报告 2025 年 05 月 02 日 奇安信（688561.SH） Q1 企稳向好，紧抓回款与现金流管理 TMT 及中小盘/计算机 25Q1 公司收入企稳、新签订单额同比增长 16%，下游客户需求出现复苏迹 象。公司紧抓回款与现金流管理，AI 安全为行业贡献业务新增量。 ❑ 风险提示：政策不及预期、下游客户需求不及预期、行业竞争加剧。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 6442 | 4349 | 4697 | 5167 | 5684 | | 同比增长 | 4% | -32% | 8% | 10% | 10% | | 营业利润(百万元) | 26 | (1432) | (315) | 56 | 152 | | 同比增长 | -226% | -5656% | -78% | -118% | 170% | | 归母净利润(百万元) | 72 | (1379) | (307) | 50 | 142 | | 同比增 ...