Investment Rating - The report maintains a rating of "Add" for China General Nuclear Power Corporation (003816.SZ) [3] Core Views - The company's Q1 2025 revenue reached 20.028 billion yuan, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [1] - The decline in profit is primarily attributed to increased participation in market-based electricity trading, falling electricity prices, and R&D progress [6] - The company has seen growth in electricity generation from its subsidiaries, but overall profit has been impacted by the downward trend in electricity prices [6] - As of March 2025, the company manages 16 nuclear power units under construction or approved for construction, with a total installed capacity of 19.406 million kilowatts [6] - The company is expected to commission 1-2 units annually from 2025 to 2030, with the Huizhou Unit 1 expected to be operational this year [6] Financial Data Summary - Total revenue for 2023 is projected at 82.549 billion yuan, with a slight decrease to 85.880 billion yuan in 2025, followed by a recovery to 89.903 billion yuan in 2026 and 96.724 billion yuan in 2027 [2] - The net profit attributable to shareholders is expected to decline to 10.042 billion yuan in 2025, before increasing to 10.658 billion yuan in 2026 and 11.918 billion yuan in 2027 [2] - The company's PE ratio is projected to be 18.0x in 2025, decreasing to 15.2x by 2027 [2] Performance Metrics - The company's operating profit for 2025 is estimated at 20.427 billion yuan, reflecting a year-on-year decrease of 7% [9] - The gross profit margin is expected to decline from 36.0% in 2023 to 32.4% in 2025, with a slight recovery to 33.6% by 2027 [9] - The return on equity (ROE) is projected to decrease from 9.7% in 2023 to 8.2% in 2025, before recovering to 8.9% in 2027 [9]

注塑机业务继续领跑行业，新品投产，产能稳健扩张 中游制造/机械 伊之密 2024 年业绩稳健增长，一季度业绩上涨状态延续。分业务来看，注塑机 作为公司核心主业，支撑了全年业绩增长，且公司作为注塑机龙头，收入表现 继续优于行业。分下游市场来看，汽车和 3C 依然是最大的两项需求来源。在 注塑、压铸机均不断推出新品，开拓海内外市场的背景下，公司产能也逐步释 放，后续扩产节奏相对稳健。继续维持"强烈推荐"的评级。 强烈推荐（维持） 目标估值：NA 当前股价：20.3 元 证券研究报告 | 公司点评报告 2025 年 04 月 23 日 伊之密（300415.SZ） 基础数据 | 总股本（百万股） | 469 | | --- | --- | | 已上市流通股（百万股） | 453 | | 总市值（十亿元） | 9.5 | | 流通市值（十亿元） | 9.2 | | 每股净资产（MRQ） | 6.6 | | ROE（TTM） | 20.1 | | 资产负债率 | 57.1% | | 主要股东 | 佳卓控股有限公司 | | 主要股东持股比例 | 29.32% | 股价表现 % 1m 6m 12m 绝对表现 -19 -12 ...

证券研究报告|公司点评报告 2025 年 04 月 24 日 蒙娜丽莎（002918.SZ） 行业竞争压力仍存，经销渠道持续提升 中游制造/建材 公司 2024 年实现营业总收入 46.31 亿元，同比下降 21.79%；归母净利润 1.25 亿元，同比下降 53.06%；扣非后归母净利润 1.03 亿元，同比下滑 57.53%；基 本 EPS 为 0.31 元/股，同比减少 51.56%；加权平均 ROE 为 3.64%，同比下降 4.31pct。 强烈推荐（维持） 目标估值：NA 当前股价：8.74 元 基础数据 | 总股本（百万股） | 415 | | --- | --- | | 已上市流通股（百万股） | 219 | | 总市值（十亿元） | 3.6 | | 流通市值（十亿元） | 1.9 | | 每股净资产（MRQ） | 8.0 | | ROE（TTM） | 3.7 | | 资产负债率 | 52.6% | | 主要股东 | 萧华 | 股价表现 % 1m 6m 12m 绝对表现 -8 0 -8 相对表现 -5 5 -16 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Apr/24 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Views - The company is expected to turn profitable in 2024, driven by AI empowerment in cybersecurity [1]. - The cybersecurity market in China is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a CAGR of 9.2% [5]. - The company is positioned to benefit from the growth in AI and cybersecurity demand, with adjusted revenue forecasts for 2025-2027 being 32.19 billion, 37.14 billion, and 41.99 billion yuan respectively [11]. Summary by Sections Recent Performance - For Q1 2025, the company expects revenue between 320 to 340 million yuan, a year-on-year decline of 24.17% to 19.43%, with a net loss of 65 to 75 million yuan, a reduction in loss compared to the previous year [4]. Cybersecurity Business - The cybersecurity revenue for 2024 is projected to be 2.55 billion yuan, a decline of 11.49% year-on-year, but the long-term outlook remains positive due to increasing demand driven by domestic substitution and policy compliance [5]. Cloud Computing - The cloud computing segment is expected to generate 256 million yuan in 2024, reflecting a growth of 10.09% year-on-year, supported by advancements in hyper-converged infrastructure and user experience improvements [6]. Profitability Improvement - The company has improved its net profit margin by 14.84 percentage points year-on-year, with a sales gross margin of 61.04% and a net profit margin of 2.59% [7]. New Product Development - The company is leveraging AI technologies to enhance its product offerings, including the launch of the Tianwen large model system and various AI-enabled products, which are expected to support sustainable growth [9]. Financial Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.15, 0.20, and 0.26 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 48, 36, and 28 [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business shows strong resilience, with a year-on-year revenue increase of 2.62% to 2.554 billion yuan in 2024, and a net profit increase of 9.79% to 787 million yuan [4][6] - The company has a robust growth trajectory in its adsorption materials segment, with total production increasing by 33.4% to 65,700 tons and sales volume increasing by 33.6% to 63,700 tons [6][9] - The internationalization strategy is yielding results, with overseas revenue growing by 45.1% to 655 million yuan in 2024 [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 577 million yuan, a year-on-year decrease of 8.58%, but net profit increased by 14.18% to 193 million yuan [5][8] - The company’s gross profit margin for Q1 2025 was 50.79%, up 5.37 percentage points year-on-year, while the net profit margin was 33.90%, up 6.79 percentage points year-on-year [8] Business Segments - The life sciences segment generated revenue of 568 million yuan in 2024, a growth of 28% year-on-year, driven by the company's solid phase synthesis carriers [9] - The water treatment segment saw revenue of 688 million yuan in 2024, reflecting a year-on-year increase of 34% [9] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.283 billion yuan, 4.245 billion yuan, and 5.561 billion yuan for 2025, 2026, and 2027 respectively [10][12] - The net profit forecasts for the same years are 1.059 billion yuan, 1.371 billion yuan, and 1.872 billion yuan, indicating a strong growth potential [10][12]

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - In Q1 2025, the company achieved a revenue of 2.4 billion yuan, representing a year-on-year increase of 50.76%, and a net profit attributable to shareholders of 506 million yuan, up 75.33% year-on-year [6][7]. - The company's gross margin stood at 61.19%, with a net profit margin of 29.74%, reflecting a year-on-year increase of 4.97 percentage points [7]. - The increase in contract liabilities and inventory to 3.2 billion yuan and 5.8 billion yuan respectively supports future performance growth [8]. Financial Performance - Q1 2025 revenue reached 2.4 billion yuan, with a net profit of 506 million yuan, and a non-recurring net profit of 442 million yuan, showing growth rates of 50.76%, 75.33%, and 62.63% respectively [7]. - The company’s operating cash flow improved significantly, with net operating cash flow of 2.522 billion yuan in Q1 2025 [8]. - The company’s total assets and liabilities are projected to grow, with revenue forecasts for 2025, 2026, and 2027 at 13.767 billion, 18.543 billion, and 25.266 billion yuan respectively [12][13]. Market Position and Product Development - The company is positioned as a leader in the domestic DCU and CPU market, with products that have broad applicability across various sectors including telecommunications, finance, and education [11]. - The ongoing U.S.-China trade tensions are expected to accelerate the domestic chip industry's development, enhancing the company's competitive edge [9][10]. - The company’s products are noted for their versatility and ecosystem advantages, which are crucial for maintaining market leadership [11].

证券研究报告 | 公司点评报告 2025 年 04 月 24 日 太阳纸业（002078.SZ） 业绩稳健增长，林浆纸一体化优势凸显 消费品/轻工纺服 ❑ 风险提示：原材料价格波动，产能投放不及预期，需求恢复不及预期。 强烈推荐（维持） 目标估值：NA 当前股价：14.02 元 基础数据 | 总股本（百万股） | 2795 | | --- | --- | | 已上市流通股（百万股） | 2765 | | 总市值（十亿元） | 39.2 | | 流通市值（十亿元） | 38.8 | | 每股净资产（MRQ） | 10.2 | | ROE（TTM） | 10.8 | | 资产负债率 | 45.4% | | 主要股东 | 山东太阳控股集团有限公司 | | 主要股东持股比例 | 44.74% | 股价表现 % 1m 6m 12m 绝对表现 -3 2 -12 相对表现 -0 7 -20 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Apr/24 Aug/24 Dec/24 Apr/25 (%) 太阳纸业 沪深300 相关报告 1、《太阳纸业（002078）—需求回暖 业绩稳步增长，一体化战 ...

证券研究报告 | 公司点评报告 2025 年 04 月 24 日 新易盛（300502.SZ） 25Q1 业绩增长再提速，高速产品需求强劲 TMT 及中小盘/通信 事件：25 年 4 月 22 日晚间，公司发布《2024 年年度报告》及《2025 年一季 度报告》，24 年公司实现营收 86.47 亿元（yoy+179.15%）、归母净利润 28.38 亿元（yoy+312.26%）、扣非归母净利润 28.30 亿元（yoy+317.59%）；25Q1 公司实现营收 40.52 亿元（yoy+264.13%）、归母净利润 15.73 亿元 （yoy+384.54%）、扣非归母净利润 15.69 亿元（yoy+383.10%）。 ❑24 年业绩高速增长，25Q1 再创单季度新高。24 年公司实现营收 86.47 亿元 （yoy+179.15%）、归母净利润 28.38 亿元（yoy+312.26%）、扣非归母净 利润 28.30 亿元（yoy+317.59%），主要得益于算力投资持续增长，公司高 速率光模块产品需求快速提升所致。 25Q1 行业景气度持续延伸，800G 产品出货同环比持续提升。24Q4 公司实 ...

公 司 报 告 医药 2025年04月24日 凯莱英(002821.SZ) Q1实现双位数增长，化学大分子成为重要驱动因素 强烈推荐( 维持) 股价:67.06元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.asymchem.com.cn | | 大股东/持股 | ASYMCHEM | | | LABORATORIES,INCORPORATED/ | | | 31.93% | | 实际控制人 | Hao Hong | | 总股本(百万股) | 361 | | 流通A股(百万股) | 321 | | 流通B/H股(百万股) | 28 | | 总市值(亿元) | 235 | | 流通A股市值(亿元) | 216 | | 每股净资产(元) | 47.64 | | 资产负债率(%) | 11.6 | 行情走势图 相关研究报告 【平安证券】凯莱英（002821.SZ）*年报点评*剔除 大订单实现稳健增长，盈利能力回到较高水平*强烈 推荐20250331 证券分析师 与24Q1财报披露数据比对，25Q1小分子收入与上年同期基本持平，毛 利率45.17%（-2.17pct）。考虑 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance exceeded expectations, driven by new game contributions and a significant increase in revenue from item consumption [2][3] - The new game "Wanjian Changsheng" has shown outstanding performance, with over 2 million registered users and a peak ranking of 14th on the App Store game sales chart [3] - The company is set to launch two new products in 2025, which are expected to contribute to revenue growth [3] Financial Performance - In Q1 2025, the company achieved revenue of 1.136 billion yuan, a year-on-year increase of 22.47%, and a net profit attributable to shareholders of 283 million yuan, up 11.82% year-on-year [2] - The company's non-GAAP net profit was 275 million yuan, reflecting a year-on-year growth of 38.71% [2] - The expense ratios for sales, management, and R&D in Q1 2025 were 31.70%, 9.74%, and 15.89%, respectively, showing slight changes compared to the previous year [2] Product Development - The company continues to implement a long-term operational strategy for its games, with classic products maintaining stable operations [3] - The overseas gaming business generated revenue of 117 million yuan in Q1, a decrease of 15.95% year-on-year, primarily due to reduced income from previously launched games [3] - Upcoming titles include "Zhangjian Chuan Shuo" (code M88) and "Jiumu Zhi Ye," with planned launches in 2025 [3] Profit Forecast - The company is expected to achieve net profits of 1.1 billion, 1.255 billion, and 1.425 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan [4] - The projected P/E ratios for 2025, 2026, and 2027 are 14x, 12x, and 11x, respectively [4]