证券研究报告 | 季报点评 gszqdatemark 2025 04 24 年 月 日 盈利预测：预计公司 2025-2027 年归母净利润分别为 4.5/5.6/7.1 亿元， 对应 PE 分别为 18/15/11 倍，维持"买入"评级。 风险提示：原材料价格波动；客户销量不及预期；新客户拓展不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,877 | 2,424 | 3,802 | 4,706 | 6,023 | | 增长率 yoy（%） | 60.7 | 29.2 | 56.8 | 23.8 | 28.0 | | 归母净利润（百万元） | 202 | 350 | 452 | 556 | 712 | | 增长率 yoy（%） | 44.4 | 73.2 | 29.1 | 23.0 | 28.0 | | EPS 最新摊薄（元/股） | 0.97 | 1.67 | 2.16 | 2.66 | 3.40 | | 净资产收益率（%） | 11.9 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported Q1 2025 results that exceeded expectations, with revenue of 6.67 billion yuan, a year-on-year increase of 37.8%, and a net profit attributable to shareholders of 1.58 billion yuan, up 56.8% year-on-year and 11.6% quarter-on-quarter [1]. - The company is expected to be among the first to achieve mass production of 1.6T optical modules, with a product structure upgrade to focus on 800G and 1.6T products by 2025 [2]. - Despite recent stock price adjustments due to macroeconomic factors and tariffs, the overall industry outlook and technological trends remain positive, with projected net profits for 2025-2027 of 8.18 billion, 10.55 billion, and 12.51 billion yuan, respectively [3]. Financial Summary - Revenue is projected to grow from 10.72 billion yuan in 2023 to 47.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.6% [5]. - Net profit is expected to increase from 2.17 billion yuan in 2023 to 12.51 billion yuan in 2027, reflecting a CAGR of 18.7% [5]. - The company's P/E ratio is projected to decrease from 42.4 in 2023 to 7.4 in 2027, indicating improving valuation metrics over time [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total operating revenue of 954 million yuan in 2024, a year-on-year increase of 15.09%, while the net profit attributable to shareholders decreased by 10.38% to 161 million yuan [1] - In Q1 2025, the company reported total operating revenue of 242 million yuan, a year-on-year increase of 22.31%, and a net profit attributable to shareholders of 52 million yuan, up 30.45% [1] - The company is expected to see a 30% month-on-month increase in shipment volume in April, breaking historical records due to strong order intake and capacity overload [1] - The global demand for AI computing power is driving the upgrade and increase in production of high-layer PCB boards and high-end HDI industries, with the company benefiting from its technological advantages and international layout [1][2] - The company is focusing on high-end markets such as HDI boards and IC substrates, with a significant increase in the sales volume of PCB equipment expected to exceed 370 units in 2024 [2] - The establishment of a subsidiary in Thailand has increased revenue from Southeast Asia to nearly 20%, covering key areas for PCB industry transfer [2] - The company is deeply focused on advanced packaging, with its direct-write lithography technology showing critical value in optimizing interconnection speeds for AI chips [3] Financial Summary - In 2024, the company's PCB business revenue reached 780 million yuan, a year-on-year increase of 32.55% [2] - The projected net profit for 2025-2027 is estimated at 250 million, 350 million, and 450 million yuan respectively, with corresponding P/E ratios of 41, 29, and 23 times [3] - The company's operating revenue is expected to grow significantly, with projections of 1.465 billion yuan in 2025, 1.949 billion yuan in 2026, and 2.457 billion yuan in 2027 [4] - The latest diluted EPS is projected to be 1.91 yuan in 2025, increasing to 3.42 yuan by 2027 [4]

禾盛新材（002290.SZ）2025 年一季报点评 利润大幅释放，期待全年 AI 拉动业绩高速成长 2025 年 04 月 24 日 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 04 月 23 日收盘价） | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 25.41 元 | ➢ 禾盛新材发布 2025 年一季度业绩。2025 年 4 月 23 日，禾盛新材发布 2025 年一季度业绩，1Q25 公司实现收入 6.3 亿元，同比增长 14.2%，实现归母净利 润 5095 万元，同比增长 82.7%；扣非净利润 5097 万元，同比实现增长 80.1%。 我们认为 1Q25 公司利润实现高速增长主要得益于全资子公司合肥禾盛新型材 料有限公司高端智能化复合材料生产线投产后产能提升，公司产品收入增长带来 的规模化效应，另一方面则是公司积极采取降本增效措施，带动公司本期产品毛 利率较上年同期增长。1Q25 公司实现毛利率 15.9%，较上年同期提升 5.5pct。 期间费用率呈现分化：研发费用率同比上升 0.7pct 至 3.8%，主要系研发投入加 大；财务费用率由 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7][12]. Core Insights - The company achieved a revenue of 770 million yuan in 2024, representing a year-over-year growth of 2.88%. The net profit attributable to shareholders was 177 million yuan, with a year-over-year increase of 12.21% [1]. - The company's star products continue to show high growth, with the PMC Ultra Bright series experiencing a revenue increase of 45.6% in 2024 and 44% in Q1 2025 [2]. - The company's profitability is steadily improving, with a gross margin of 58.42% in Q1 2025, reflecting a year-over-year increase of 0.35 percentage points [3]. - The company is actively expanding its product lines and enhancing brand strength, particularly in the youth myopia prevention market, with a new product series "Easy Control Pro 2.0" [4]. Financial Performance Summary - In 2024, the company reported total revenue of 770 million yuan, with projected revenues of 891 million yuan in 2025, 1,045 million yuan in 2026, and 1,244 million yuan in 2027, indicating a growth rate of 15.7% in 2025 [6][10]. - The net profit attributable to shareholders is expected to grow from 177 million yuan in 2024 to 207 million yuan in 2025, with a projected growth rate of 16.8% [6][10]. - The company's earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.03 yuan in 2025, with a price-to-earnings (PE) ratio of 47x for 2025 [6][10].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated a significant cost advantage in its integrated green aluminum layout, with a notable increase in production targets for 2025, including 1.41 million tons of alumina and 3.01 million tons of electrolytic aluminum [1][2] - The company is positioned as a leader in the domestic green aluminum industry, leveraging its resource advantages and cost efficiencies to achieve substantial growth through capacity realization and cost reduction [4] - The company aims to maintain a high proportion of clean energy in its production, targeting over 80% by 2024, which significantly reduces carbon emissions compared to traditional coal-powered aluminum production [3] Financial Performance - In Q1 2025, the company reported revenue of 14.41 billion yuan, a year-on-year increase of 27%, but a quarter-on-quarter decrease of 6%, with a gross margin of 10% [1] - The net profit attributable to shareholders was 0.974 billion yuan, down 16.3% year-on-year but up 65% quarter-on-quarter, with a net profit margin of 8% [1] - The projected net profit for 2025-2027 is expected to be 5.8 billion, 7.1 billion, and 8.0 billion yuan respectively, with corresponding P/E ratios of 9.0, 7.3, and 6.5 [4][5] Production and Resource Advantages - The company has a strong competitive advantage in resource security, focusing on the development of bauxite resources in Yunnan province, which supports its green aluminum production [2] - The company has established a production capacity of 1.4 million tons of alumina and has successfully launched a joint venture for a 0.9 million tons per year anode carbon project [2][3] Strategic Initiatives - The company is actively pursuing projects to enhance its industrial development quality, including the construction of a comprehensive aluminum resource utilization project and upgrades to its alloy production lines [3] - The company is committed to integrating green development principles throughout its operations, aligning with national ecological civilization goals [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 25 for 2025 [5]. Core Insights - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year growth of 35.0%, and a net profit of 3.0 billion yuan, up 39.5% year-on-year [1][2]. - The company's innovative Tier 0.5 business model is gaining acceptance among more clients, contributing to significant growth in automotive electronics, which saw a 906% increase in 2024 [1][2]. - The company is actively expanding into robotics, with plans to invest 5 billion yuan in a new R&D and production base for electric drive systems [3]. Financial Performance - The gross margin for 2024 was 20.8%, a decrease of 2.2 percentage points year-on-year, with Q4 2024 gross margin at 19.8% [2]. - The company expects revenues of 32.99 billion yuan in 2025, 39.18 billion yuan in 2026, and 46.18 billion yuan in 2027, with corresponding net profits of 3.62 billion yuan, 4.50 billion yuan, and 5.57 billion yuan respectively [4][8]. - The projected EPS for 2025, 2026, and 2027 are 2.08 yuan, 2.59 yuan, and 3.20 yuan respectively, with PE ratios decreasing from 25 in 2025 to 16 in 2027 [4][8]. Strategic Developments - The company is strategically partnering with leading electric vehicle manufacturers such as Tesla, RIVIAN, and BYD, enhancing its position in the global supply chain [2][3]. - The company has established stable cooperation with both international and domestic innovative car manufacturers, aligning with the industry's shift towards electric and intelligent vehicles [2][3].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 24 年 月 日 中国中免（601888.SH） 口岸免税受益政策优化，期待市内免税增量 事件：1）3 月 28 日，公司发布 2024 年年报，2024 年实现营业收入 564.74 亿元/同比 -16.38%，归母净利润 42.67 亿元/同比-36.44%，扣非归母净利润 41.44 亿元/同比- 37.7%；其中 2024Q4 实现营业收入 134.53 亿元/同比-19.46%，归母净利润 3.48 亿 元/同比-76.93%，扣非归母净利润 2.71 亿元/同比-81.42%。2）发布 2024 年度利润 分配方案，拟每 10 股派发现金红利 10.5 元，共计 21.7 亿元，占据归母净利润 50.91%。 消费意愿阶段趋缓，离岛免税显著承压，口岸免税利润有所优化。2024 年海南接待游 客总人数 9721 万人次/同比+8.0%，全年离岛免税购物金额 309.4 亿元/同比-29.3%。 其中实际购物人次 568.3 万人次/同比-15.9%，据计算人均消费为 5444 元/同比- 15.9%。2024 全年公司实现营业 ...

公司报告 | 年报点评报告 24 年公司实现收入 25.5 亿，同比+33%，归母净利润 6.8 亿，同比+68%， 扣非归母净利润 6.1 亿，同比+72%； 匠心家居（301061） 证券研究报告 24 年公司毛利率 39.4%，同比+5.7pct，归母净利率 26.8%，同比+5.6pct。 盈利亮眼，全面应对关税变化 24 年公司营收与利润超预期主要系：1）积极推进自主品牌战略，直销零 售商客户数量显著增加，"店中店"模式落地顺利，为业绩增长提供稳定的 渠道支持；2）多款新产品在 2024 年成功上市，有效带动销售增长；3） 持续优化生产流程与品控体系，产品稳定性和一致性明显提高，在营收增 长的同时有效降低了投诉率、退换货率及售后成本；4）产品销售主要以美 元计价，美元利率与汇率整体保持平稳，对公司汇兑收益形成正向影响。 公司发布 2024 年度业绩报告 在密集关税政策后，公司收到客户调整通知，主要包括： 24Q4 公司实现收入 6.99 亿，同比+50%，归母净利润 2.5 亿，同比+197%， 扣非归母净利润 2.23 亿，同比+199%； 1、要求在 4 月 9 日前尽快完成出货与清关，以赶在高 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company demonstrates significant cost advantages in breeding, and its high dividend payouts reflect its investment value. The company reported a revenue of 104.92 billion yuan in 2024, representing a year-on-year increase of 16.68%, and a net profit attributable to shareholders of 9.23 billion yuan, up 244.46% [4][5] - The company is expected to navigate through the industry cycle successfully, with an upward revision of profit forecasts for 2025-2026 and the introduction of a profit forecast for 2027. The projected net profits for 2025-2027 are 11.98 billion yuan, 13.26 billion yuan, and 19.36 billion yuan, respectively [4][5] Financial Performance Summary - In 2024, the company sold 30.18 million pigs, a 14.93% increase, with an average selling price of 16.71 yuan per kilogram, up 12.83% [5] - The total breeding cost for pigs in 2024 was 14.4 yuan per kilogram, a decrease of 2.4 yuan compared to the previous year, and it further declined to 12.6-12.8 yuan per kilogram in Q1 2025 [5] - The company plans to distribute a cash dividend of 1.32 billion yuan for 2024, which, along with share buybacks, totals 2.97 billion yuan, accounting for 32% of the net profit attributable to shareholders [6] Financial Forecasts - The company’s revenue is projected to reach 106.71 billion yuan in 2025, with a year-on-year growth of 1.7%, and net profit is expected to be 11.98 billion yuan, reflecting a 29.8% increase [7] - The gross margin is anticipated to improve from 17.4% in 2024 to 19.3% in 2025, while the net margin is expected to rise from 8.8% to 11.2% in the same period [7] - The earnings per share (EPS) are forecasted to be 1.80 yuan in 2025, 1.99 yuan in 2026, and 2.91 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 9.4, 8.5, and 5.8 [7]