证券研究报告·公司深度报告 2025 年 4 月 24 日 江海证券研究发展部 分析师：张婧 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 | 投资评级： 买入(首次) | | | --- | --- | | 当前价格: | 39.71元 | | 目标价格: | 43.70元 | | 目标期限: | 12 个月 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 317.24 | | A 股股本(百万股) | 317.24 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 100.00 | | 12 个月最高/最低(元) | 55.49/22.66 | | 第一大股东 | 沈锦华 | | 第一大股东持股比例(%) | 46.42 | | 上证综指/沪深 300 | 3296.36/3786.88 | 数据来源：聚源 注：2025 年 4 月 23 日数据 % 1 个月 3 个月 12 个月 相对收益 -3.78 -5.36 32.58 绝对收益 -7.04 -5.63 39.83 数据来源：聚 ...

Investment Rating - The report maintains a "Recommended" rating for Guanghetong (300638.SZ) [1] Core Views - Guanghetong's 2024 revenue reached 8.189 billion, a year-on-year increase of 6.13%. Excluding the impact of Ruilin's wireless vehicle-mounted pre-installation business, revenue growth was 23.34%. The net profit attributable to shareholders was 668 million, up 18.53% year-on-year [3][4] - The growth in revenue is primarily driven by the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors. The company has enhanced its communication module product line and launched new products such as the 5G FG370-KR and upgraded the SC171 series smart module [3] - The global IoT terminal scale is steadily growing, with an expected increase in connected devices to 41.1 billion by 2030. In China, the cellular IoT terminal user base reached 2.656 billion by the end of 2024, with a significant increase in mobile IoT access traffic [3] - The company has established an AI research institute to focus on core technologies and has made significant progress in the AIoT strategic sector, particularly in robotics applications [3] Financial Performance Summary - The forecasted revenue for 2025, 2026, and 2027 is 9.212 billion, 10.733 billion, and 12.181 billion respectively, with year-on-year growth rates of 12.50%, 16.50%, and 13.50% [4][6] - The net profit attributable to shareholders is projected to be 758 million, 896 million, and 1.022 billion for the years 2025, 2026, and 2027, reflecting growth rates of 13.48%, 18.20%, and 14.10% respectively [4][6] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 25.46, 21.54, and 18.88 respectively, indicating a favorable valuation trend [4][6]

证券研究报告 佳缘科技 (301117 CH) 下游需求向好，AI 和商密赋能后续发展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 24 日│中国内地 | 航空航天 | 佳缘科技发布 24 年年报和 25 年一季报，2024 年实现营收 3.37 亿元 （yoy+48.11%），归母净利 1144.54 万元（yoy+313.82%），低于我们此前 2078 万元归母净利的预期，主要系公司 24 年计提减值损失较多。24 年公 司通过扩大业务拓展提高公司的市场有效竞争能力，业绩实现较快增长。25 年一季度公司实现收入 2212 万元（yoy+35.66%），归母净利-1441 万元 （yoy+8.83%），收入保持了增长态势。考虑到当前网络信息安全行业对保 障国家安全、经济社会稳定运行起到重要的支撑作用，我们预计公司下游需 求将保持高景气，公司业绩未来三年有望实现较快增长，维持"买入"评级。 三大业务均实现增长，整体毛利率小幅下滑 24 年公司军工业务实现收入 2.76 亿元（yoy+50.47%）；医疗业务实现收入 4774 ...

证券研究报告 洽洽食品 (002557 CH) 25Q1 收入利润双承压，期待逐步改善 | 华泰研究 年报点评 | | --- | | 2025 年 4 月 24 日│中国内地 食品 | 公司 24 年收入/归母净利/扣非净利 71.3/8.5/7.7 亿，同比+4.8%/+5.8%/ +8.9%；24Q4 营业收入/归母净利/扣非净利 23.7/2.2/2.2 亿元，同比 +2.0%/-24.8%/-24.7%，符合前次业绩快报（预计 24 年收入/归母净利 71.3/ 8.5 亿），Q4 由于 KA 主销渠道客流减少、礼盒装产品价格内卷等因素，收 入未能实现显著增长；25Q1 收入/归母净利/扣非净利 15.7/0.8/0.6 亿，同比 -13.8%/ -67.9%/-73.8%，春节错期导致收入下滑，叠加成本上涨、促销增 加，Q1 毛利率/净利率同比-11.0/-8.3pct。展望来看，Q2 低基数叠加成本高 位回落，经营有望环比改善，25 年公司在量贩等新渠道持续导入 SKU，电 商渠道积极调整，海外市场逐步拓展，有望对冲传统渠道量价压力，"买入"。 Q1 销售承压，量贩/电商/海外有望贡献新增量 2 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 4.04 RMB [7][8]. Core Views - The company achieved a revenue of 1.476 billion RMB in 2024, a year-on-year decrease of 10.87%, while the net profit attributable to the parent company was 90.75 million RMB, reflecting a significant year-on-year increase of 137.99% [1]. - The decline in revenue is primarily attributed to the exclusion of Youyuan Environment from the consolidated scope, but on a comparable basis, revenue actually increased by 11.53% year-on-year [1]. - The company is actively expanding into new markets and applications, with a focus on innovation and product development, which is expected to sustain demand in emerging sectors and home decoration consumption [1][2]. Summary by Sections Revenue and Profitability - In 2024, the clean air business and energy-efficient business generated revenues of 666.5 million RMB and 776 million RMB, respectively, with a year-on-year change of -32.04% and +19.11% [2]. - The first quarter of 2025 saw revenues of 324 million RMB, a decrease of 4.59% year-on-year, while net profit was 33.56 million RMB, an increase of 3.69% year-on-year [1]. Cost Management and Cash Flow - The comprehensive gross margin for 2024 was 21.96%, a slight increase of 0.04 percentage points year-on-year, with the clean air and energy-efficient business gross margins at 31.99% and 13.74%, respectively [3]. - The operating cash flow for 2024 was 224 million RMB, a significant increase of 222 million RMB year-on-year, primarily due to the collection of receivables [3]. Profit Forecast and Valuation - The company’s earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 0.13 RMB, 0.17 RMB, and 0.19 RMB, respectively, indicating a compound annual growth rate (CAGR) of 28.3% from 2025 to 2027 [4]. - The target price is set at 4.04 RMB, based on a PEG ratio of 1.1x for 2025, reflecting the ongoing business transformation and associated uncertainties [4].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company demonstrates strong resilience as a market leader, with significant dividends reflecting management confidence [1] - The integrated advantages in the titanium dioxide sector support good profitability, although margins in iron and titanium products remain under pressure [2] - The industry landscape for titanium dioxide is expected to improve, with dividends and share buybacks showcasing the company's confidence [3] - Profit forecasts have been adjusted downward due to ongoing pressures in downstream demand, with expected net profits for 2025-2027 revised to 2.9 billion, 3.7 billion, and 4.2 billion RMB respectively [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 27.51 billion RMB, a year-on-year increase of 2.8%, while net profit attributable to shareholders was 2.17 billion RMB, down 33% year-on-year [1] - The company reported a revenue of 7.05 billion RMB in Q1 2025, a decrease of 3% year-on-year, with a net profit of 690 million RMB, down 28% year-on-year [1][2] Product Performance - Titanium dioxide sales increased by 8.3% to 1.254 million tons in 2024, with revenue rising by 6.8% to 18.98 billion RMB, despite a 1.3% decrease in average price [2] - The company's gross margin for titanium dioxide improved by 2.8 percentage points to 31.4% due to integrated raw material advantages [2] Market Outlook - The price of titanium dioxide has seen slight increases, with the sulfuric acid method priced at 14,800 RMB/ton and the chloride method at 18,100 RMB/ton as of April 18 [3] - The company is expanding its integrated raw material advantages through ongoing development projects, which are expected to maintain a low-cost competitive edge in the medium to long term [3] Valuation and Estimates - The target price for the company is set at 19.20 RMB, based on a 16x PE ratio for 2025, reflecting a strong market position despite downward adjustments in profit forecasts [4][6] - The company’s estimated EPS for 2025 is projected at 1.20 RMB, with a downward revision from previous estimates [4][5]

证券研究报告 | 公司点评 | 医疗服务 凯莱英(002821) 报告日期：2025 年 04 月 24 日 从业务拆分看：小分子业务保持稳定发展，收入基本持平。新兴业务收入同比增 长超 80%，公司持续加大市场开拓力度和业务竞争力提升，特别是多肽、寡核苷 酸、ADC 等增量业务，我们仍然看好新兴业务持续发力。 ❑ 盈利能力：新兴业务毛利率显著提升，看好持续性 25Q1 实现毛利率 42.54%（同比-0.98pct），其中小分子业务毛利率 45.17%（同比 -2.17pct），新兴业务毛利率 33.05%（同比+15.75pct，我们认为主要来自于新兴 业务订单持续交付下产能利用率持续提升带来的规模化效应），明显回升。 净利率看 25Q1 净利率 21.06%（同比+1.09pct），其中研发费用率同比-3.15pct， 管理费用率同比-0.41pct，销售费用率同比-0.33pct，财务费用率同比+2.67pct。我 们认为伴随着新兴业务板块产能利用率提升，公司盈利能力仍有希望逐渐回升。 ❑ 盈利预测与估值 我们预计 2025-2027 年公司 EPS 为 2.90、3.45 和 4.19 元，2025 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's performance in 2024 met expectations, with revenue of 3.252 billion yuan, a year-on-year increase of 67.7%, and a net profit of 1.344 billion yuan, up 84.1% year-on-year, exceeding the forecast median [1] - In Q1 2025, the company reported revenue of 0.945 billion yuan, a year-on-year increase of 29.11%, and a net profit of 0.338 billion yuan, up 21.07% year-on-year, although there was a slight quarter-on-quarter decline due to factors such as the Spring Festival holiday [2] - The demand for optical engines driven by AI is rapidly increasing, with a projected compound annual growth rate of over 20% for the optical module market from 2024 to 2030 [3] - The company is focusing on high-end customer needs, with ongoing R&D projects in 1.6T, silicon photonics, and CPO technologies, while optimizing production processes to reduce costs [4] - The company is expected to achieve net profits of 2.068 billion yuan, 2.922 billion yuan, and 4.016 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 25 for 2025 [5] Financial Summary - In 2024, the company is projected to have a revenue of 3.524 billion yuan, with a year-on-year growth of 68%, and a net profit of 1.344 billion yuan, reflecting an 84% increase [6] - The projected earnings per share for 2025 is 2.90 yuan, with a PE ratio of 25.03 [6]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 24 日 [Table_Title] 短期受折旧影响，手套及新材料扩产进行时 [Table_Title2] 恒辉安防(300952) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 300952 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 35.58/15.19 | | 目标价格： | | 总市值(亿) | 38.21 | | 最新收盘价： | 24.09 | 自由流通市值(亿) | 21.83 | | | | 自由流通股数(百万) | 90.60 | [Table_Summary] 事件概述 公司 2024 年收入/归母净利/扣非归母净利/经营性现金流分别为 12.70/1.17/0.93/1.03 亿元、同比增加 29.95%/10.13%/13.20%/-0.90%，净利增速低于收入主要由于折旧增加、可转债利息费用增加。非经主要来自 政府补助 0.26 亿元（同比减少 4.05%）；经营性现金流低于归母净利主要由于订单增加导致的 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant stock price appreciation over the next six months [5]. Core Insights - The company reported a revenue of 10.798 billion yuan for Q1 2025, representing a year-on-year increase of 6.40%, and a net profit attributable to shareholders of 0.887 billion yuan, up 39.60% year-on-year [1][3]. - The utilization rate of drilling platforms has significantly improved, with a total of 4,889 operational days in Q1 2025, an increase of 11.4% year-on-year, and an overall utilization rate of 89.5%, up 10.3 percentage points year-on-year [2]. - The gross margin for Q1 2025 was 17.64%, reflecting an increase of 1.24 percentage points year-on-year, while the expense ratio was 6.64%, down 0.88 percentage points year-on-year, indicating effective cost control [3]. Financial Summary - The company forecasts net profits of 4.296 billion yuan, 4.905 billion yuan, and 5.436 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 36.94%, 14.18%, and 10.83% [4][3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.90 yuan, 1.03 yuan, and 1.14 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.76X, 12.93X, and 11.67X [4][3]. - The company’s total revenue is expected to grow from 51.826 billion yuan in 2025 to 58.709 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.15% [4].