凯莱英发布 2025 年一季报：2025 年一季度公司实现营业收入 15.41 亿元 （yoy+10.10%），实现归母净利润 3.27 亿元（yoy+15.83%），实现扣非归 母净利润 3.05 亿元（yoy+20.14%）。 财务数据与估值 证券研究报告 | 公司点评报告 2025 年 04 月 24 日 凯莱英（002821.SZ） 净利率水平改善，新兴业务高速增长 消费品/生物医药 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7825 | 5805 | 6617 | 7627 | 8859 | | 同比增长 | -24% | -26% | 14% | 15% | 16% | | 营业利润(百万元) | 2571 | 1079 | 1237 | 1455 | 1810 | | 同比增长 | -31% | -58% | 15% | 18% | 24% | | 归母净利润(百万元) | 2269 | 949 | 1078 | 1265 | 1569 | ...

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） 相关报告 1、《太阳纸业（002078）—需求回暖 业绩稳步增长，一体化战略加速推进》 2024-08-31 2、《太阳纸业（002078）—需求回暖 盈利修复加速，浆纸稳步上调支撑景 气度》2023-10-30 3、《太阳纸业（002078）—深化"林 浆一体化"布局，中长期盈利有望复 苏》2023-08-26 | | | liuli14@cmschina.com.cn 王月 S1090523080003 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 ...

-20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 2025-04 陆家嘴 沪深300 | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 9.16 | | 一年最高最低(元) | 12.10/7.62 | | 总市值(亿元) | 461.22 | | 流通市值(亿元) | 289.06 | | 总股本(亿股) | 50.35 | | 流通股本(亿股) | 31.56 | | 近 3 个月换手率(%) | 15.33 | 股价走势图 房地产/房地产开发 陆家嘴（600663.SH） 2025 年 04 月 24 日 投资评级：买入（维持） | 齐东（分析师） 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | | qidong@kysec.cn huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 证书编号：S0790524070001 | 证书编号：S0790124070064 | | 营收利润稳健增长，派息比例维持  | 50%，维持"买入 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][30] Core Views - The potassium fertilizer industry is experiencing a recovery, with accelerated construction of new production capacity [1][3] - In 2024, the company is expected to achieve a revenue of 35.5 billion yuan, a decrease of 9.0% year-on-year, and a net profit attributable to shareholders of 9.5 billion yuan, down 23.1% year-on-year [1][10] - The company benefits from a reduction in export tariffs in Laos, which will lower costs and enhance profitability [3][29] Financial Performance Summary - In Q1 2025, the company reported a net profit of 3.8 billion yuan, exceeding expectations, with a revenue of 12.1 billion yuan, up 91.5% year-on-year [2][20] - The average selling price of potassium chloride in Q1 2025 was 2,255 yuan per ton, an increase of 9.7% year-on-year [2][20] - The company’s potassium chloride production in 2024 is projected to be 1.8154 million tons, an increase of 10.2% year-on-year, with sales of 1.7415 million tons, up 8.4% year-on-year [1][10] Tax Policy and Capacity Expansion - The Laos tax incentive policy will reduce the export tax rate from 7% to 1.5% and the corporate income tax rate from 35% to 20% from 2024 to 2028 [3][29] - The company aims to achieve a production capacity of 5 million tons of potassium fertilizer per year as part of its strategic direction to become a world-class supplier [3][29] Earnings Forecast - The net profit forecasts for 2025 and 2026 have been raised to 18.6 billion yuan and 27.3 billion yuan, respectively, with a new forecast for 2027 at 32.9 billion yuan [4][29] - Corresponding EPS for 2025, 2026, and 2027 are projected to be 2.01 yuan, 2.94 yuan, and 3.54 yuan, with PE ratios of 13.4, 9.2, and 7.6, respectively [4][29]

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 新兴业务发力，看好持续性 ——凯莱英 2025Q1 业绩点评 投资要点 2025Q1 公司实现营业收入 15.41 亿元（YOY10.10%）,归母净利润 3.27 亿 （YOY15.83%），扣非净利润 3.05 亿（YOY20.14%）。 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][17] Core Views - The company's core business continues to expand, with significant growth in operating cash flow. In 2024, the main revenue reached 23.34 billion yuan, an increase of 18.79% year-on-year, while the net profit attributable to shareholders was 560 million yuan, a decrease of 14.78%. The non-recurring net profit was 188 million yuan, up 59.36% year-on-year. In Q1 2025, the main revenue was 4.658 billion yuan, a year-on-year increase of 27.74% [1][8] - The company has seen substantial growth in various business segments, including smart education (7.229 billion yuan, up 29.94%), smart healthcare (692 million yuan, up 28.18%), open platform and consumer business (7.886 billion yuan, up 27.51%), and smart automotive (989 million yuan, up 42.16%) [2][8] - The launch of the Spark large model V4.0 Turbo and the X1 deep reasoning model has positioned the company favorably in the AI sector, with applications across 43 professional scenarios [2][3] Financial Performance and Forecast - The company's financial performance shows a projected revenue increase from 27.253 billion yuan in 2025 to 37.368 billion yuan in 2027, with net profit expected to rise from 1.278 billion yuan to 3.530 billion yuan during the same period [4][12] - The operating cash flow for 2024 reached 2.495 billion yuan, a significant increase of 613.40% year-on-year [2][4] - The gross margin for 2024 was 42.63%, remaining stable compared to the previous year, while the expense ratios for sales, management, and finance were 17.49%, 25.86%, and 0.58%, respectively [2][4]

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 [6][21]. Core Views - The company achieved record high performance in Q4 2024, while Q1 2025 is expected to face short-term pressure without altering the overall growth trend [1]. - The company is a leading domestic connector manufacturer, focusing on consumer electronics connectors and strategically positioning itself in the automotive connector market, which is anticipated to open up new growth opportunities [6]. Financial Performance Summary - For 2024, the company reported total revenue of 46.61 billion yuan, a year-on-year increase of 49.0%, and a net profit attributable to shareholders of 6.22 billion yuan, up 74.7% year-on-year [6][2]. - In Q4 2024, the company achieved revenue of 13.28 billion yuan, a year-on-year increase of 43.72%, and a net profit of 1.64 billion yuan, up 50.54% year-on-year [6]. - For Q1 2025, the company reported revenue of 11.96 billion yuan, a year-on-year increase of 15.02%, but a quarter-on-quarter decrease of 9.94%, with a net profit of 1.23 billion yuan, down 23.80% year-on-year [6]. Business Segment Performance - The company's RF connectors and cable assemblies generated revenue of 10.40 billion yuan in 2024, reflecting a year-on-year growth of 30.12% with a gross margin of 43.16% [6]. - The automotive connector business saw significant growth, achieving revenue of 14.61 billion yuan in 2024, a year-on-year increase of 77.42%, with a gross margin of 39.35% [6]. - The flexible circuit board business reported revenue of 5.38 billion yuan in 2024, up 73.06% year-on-year, with a gross margin of 12.61% [6]. Future Projections - The company is projected to achieve net profits of 8.07 billion yuan, 10.31 billion yuan, and 12.24 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - The target price for the company's stock is set at 57.14 yuan, with the current price at 50.30 yuan, indicating potential upside [2].

证券研究报告 永安期货 (600927 CH) 经纪业务收入同比下滑，深化客户经营 2024 年，公司手续费及佣金净收入 5.38 亿元、同比-28.9%，实现期货经纪 业务境内代理期货成交手数 2.01 亿手、同比-14.1%；境内代理期货成交金 额 14.71 万亿元、同比-7.6%；年末客户权益 470.57 亿元，同比+2.9%。25Q1 手续费及佣金净收入 1.09 亿元、同比-2.5%。公司通过理念革新，重塑经纪 业务服务运营体系，对客户精细化分类服务、优化结构、实施营销激励提升 客户权益；发布"永动企航"品牌推动产业服务战略落地。 风险管理收入同比调整，保持龙头地位 2024 年，公司风险管理业务实现收入 201.42 亿元，同比下降 9.8%。做市 业务表现出色，全年交易规模 1.39 万亿元，期货做市成交量和成交额均排 名行业第 1。公司主要通过永安资本及其子公司开展风险管理业务，该业务 营业收入排名行业第 1，且连续 4 年入围"中国服务业企业 500 强"。在复 杂的大宗商品市场环境下，公司主动调整业务结构，有效提升交易能力。 发力境外金融业务扩张，收入同比高增 公司主要通过新永安金控及 ...

证券研究报告 隆华科技 (300263 CH) 新材料业务积极拓向新能源等领域 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 24 日│中国内地 | 有色金属 | 隆华科技发布 2024 年年报及 2025 年一季报，2024 年实现营收 27.11 亿元 （yoy+9.87%），归母净利 1.31 亿元（yoy+3.37%），低于我们先前的预期 （归母净利 2.14 亿元），主因节能环保业务利润表现不佳。2025Q1 实现营 收 6.39 亿元（yoy-0.46%，qoq-18.16%），归母净利 0.45 亿元（yoy-18.11%， qoq+290.07%）。公司新材料业务积极拓向新能源、军工和轨交等领域，公 司利润有望同比改善，维持"买入"评级。 2024 年公司新材料业务营收和毛利均实现正增长，毛利占比显著提升 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 2,46 ...

证券研究报告 百洋医药 (301015 CH) 计提减值影响 1Q 表观利润增速 | | | 公司 2024 年收入/归母净利润/扣非归母净利润 80.94/6.92/6.56 亿元，调整 后同比-2.0%/-2.9%/+3.4%；1Q25 收入/归母净利润/扣非归母净利润 18.41/0.85/1.00 亿元，同比-0.4%/-54.4%/-39.5%。24 年收入高于我们预期， 归母净利润由于销售费用率较高导致低于我们预期（收入/归母净利润 79.2/8.5 亿元）。我们认为 1Q25 净利润增速承压主因公司将运营的品牌紫 杉醇聚合物胶束计提存货跌价准备，且销售费用率同比进一步增长，我们看 好后续影响消化后净利润增速改善，维持买入评级。 24 年核心品种收入同比稳定增长，百洋制药收入同比快速增长 24 年公司品牌运营业务收入 55.59 亿元，同比+9.2%：1）迪巧：24 年收 入 21.01 亿元，同比+10.7%，公司持续深耕 OTC、保健品、跨境食品及小 黄条系列产品推广，并推出新品规小粉条液体钙，收入稳健增长；2）海露： 24 年收入 7.36 亿元，同比+14.9%，公司线上线下加强产品推广， ...