公 司 报 告 医药 2025年04月25日 博腾股份(300363.SZ) Q1表现理想，小分子业务实现扭亏 推荐 ( 维持) 股价:14.78元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.portonpharma.com | | 大股东/持股 | 重庆两江新区产业发展集团有限公 | | | 司/14.48% | | 实际控制人 | 居年丰,陶荣,张和兵 | | 总股本(百万股) | 545 | | 流通A股(百万股) | 500 | | 流通B/H股(百万股) | | | 总市值(亿元) | 81 | | 流通A股市值(亿元) | 74 | | 每股净资产(元) | 9.56 | | 资产负债率(%) | 37.5 | 行情走势图 相关研究报告 【平安证券】博腾股份（300363.SZ）*年报点评*经 营否极泰来，有望年内实现扭亏*推荐20250331 证券分析师 事项： 公司发布25年一季报，实现营收8.01亿元（+18.21%），实现归母净利 润 -428.42 万 元 （ +95.48% ） ， 扣 非 后 归 母 净 利 润 -1009.01 万 元 ...

推荐（维持） 现价：24.74 元 主要数据 公 司 报 告 有色与新材料 2025 年 4 月 25 日 巨化股份(600160.SH) 制冷剂上行周期，公司利润显著增厚 | 行业 | 基础化工 | | --- | --- | | 公司网址 | www.jhgf .com.cn | | 大股东/持股 | 巨化集团 / 52.70% | | 实际控制人 | 浙江省国资委 | | 总股本(百万股) | 2700 | | 流通 A 股(百万股) | 2700 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 668 | | 流通 A 股市值(亿元) | 668 | | 每股净资产(元) | 6.59 | | 资产负债率(%) | 31.25 | 行情走势图 -20% 0% 20% 40% 60% 80% 24-01 24-05 24-09 25-01 巨化股份 沪深300 相关研究报告 《巨化股份(600160.SH)公司首次覆盖报告：氟化 工一 体化龙头，HFCs配额全国第一》2024-05-23 《巨化股份(600160.SH)公司2024年半年报点 评 ：完 成淄博飞源吸收合并，氟制 ...

股价:12.72元 行情走势图 公 司 报 告 医药 爱尔眼科(300015.SZ) 具备经营韧性，25Q1业绩快速增长 推荐 ( 维持) 相关研究报告 【平安证券】爱尔眼科（300015.SZ）*季报点评*具 备经营韧性，静待消费复苏*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 事项： 公司发布2024年年报以及2025年一季报，2024年收入实现209.83亿元，同比 增长3.02%，归母净利润实现35.56亿元，同比增长5.87%，扣非归母净利润 实现30.99亿元，同比-11.82%。2025Q1公司收入实现60.26亿元，同比增长 15.97%，归母净利润实现10.50亿元，同比增长16.71%，扣非归母净利润实 现10.60亿元，同比增长25.78%。公司拟向全体股东每 10 股派发现金红利 1.6 元（含税）。 平安观点： 研 究 报 告 报 点 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询 ...

非银金融/证券Ⅱ 国金证券（600109.SH） 业绩好于预期，经纪两融市占率提升 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 7.92 | | 一年最高最低(元) | 10.79/6.95 | | 总市值(亿元) | 294.03 | | 流通市值(亿元) | 253.40 | | 总股本(亿股) | 37.13 | | 流通股本(亿股) | 32.00 | | 近 3 个月换手率(%) | 59.72 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 国金证券 沪深300 相关研究报告 《投行业务承压，Q3 自营投资同环比 高增—国金证券 2024 三季报点评》 -2024.11.4 《投行业务承压，一季度自营高基数 导致业绩同比下降—国金证券2023年 报及 2024 一季报点评》-2024.4.26 ——国金证券 2024 年报及 2025 一季报点评 | 高超（分析师） | 卢崑（分析师） | | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Views - The company's revenue remains stable, with a notable dividend advantage, reflected in a dividend yield of 7.32% [2][10]. - The first quarter of 2025 saw a revenue decline of 7.4% year-on-year, attributed to high base effects from asset disposals in the previous year, while net profit growth remained modest at 0.3% [5][7]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.97% and a provision coverage ratio of approximately 339% [10][12]. Financial Performance Summary - For the first quarter of 2025, the company reported a revenue of 66 billion yuan, down 7.4% year-on-year, and a net profit of 36 billion yuan, up 0.3% year-on-year [5][7]. - The total revenue for 2024 is projected at 26,641.34 million yuan, with a slight growth of 0.86% compared to 2023 [6]. - The forecast for net profit growth is adjusted to 0.9% for 2025, 3.6% for 2026, and 4.2% for 2027 [10][12]. Dividend and Capital Position - The dividend payout ratio for 2024 is 33.9%, an increase of 3.8 percentage points from the previous year, indicating a strong dividend policy supported by sufficient capital [7][10]. - The core tier 1 capital adequacy ratio stands at 14.36%, suggesting a robust capital position to support future growth and dividends [10][12]. Loan Growth and Quality - Loan growth remains stable, with a year-on-year increase of 6.6% in total loans as of the first quarter of 2025 [11][12]. - The bank's focus on corporate loans, particularly in technology and green sectors, has contributed significantly to new loan growth [7][11].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to see a performance turning point in Q1 2025, driven by advancements in measurement equipment [1] - The semiconductor measurement business has shown significant growth, with Q1 2025 revenue expected to increase by 64.9% year-on-year [7] - The report highlights the company's strong order backlog in the semiconductor sector, which is crucial for future performance [7] Financial Performance Summary - Total revenue for 2023 is reported at 2,429 million, with a projected increase to 2,565 million in 2024, and further growth to 3,356 million in 2025, reflecting a year-on-year growth of 30.84% [1][8] - The net profit attributable to the parent company is forecasted to recover from a loss of 97.6 million in 2024 to a profit of 219.71 million in 2025, marking a significant turnaround [1][8] - The earnings per share (EPS) is expected to improve from -0.35 yuan in 2024 to 0.79 yuan in 2025 [1][8] Business Segment Insights - The semiconductor measurement business revenue is projected to reach 7.7 billion in 2024, a year-on-year increase of 94.65% [7] - The flat panel display testing business is expected to recover as the industry emerges from a cyclical low, with continued investment demand anticipated [7] - The company has successfully delivered advanced process equipment, which is expected to contribute significantly to revenue growth [7] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 1.97 billion in 2024, a substantial increase of 721.7% year-on-year [7] - The report indicates a healthy order backlog of 28.4 billion, with 16.67 billion attributed to the semiconductor sector [7] - The company's total assets are projected to grow from 10,076 million in 2024 to 11,872 million by 2027 [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company has experienced rapid growth in Q1 2025, driven by high-end product sales and the acquisition of EBK, which has enhanced production capacity and market share [6]. - Revenue for 2024 is projected to reach 109.18 billion yuan, representing a year-on-year growth of 27.42%, primarily due to the expansion into mid-to-high-end markets in the domestic and international petrochemical and natural gas sectors [6]. - The company aims to achieve a total sales volume of approximately 190,000 tons of industrial finished pipes and 10,500 tons of fittings by 2025 [6]. Financial Data and Valuation - Total revenue is expected to grow from 85.68 billion yuan in 2023 to 161.06 billion yuan by 2027, with a compound annual growth rate (CAGR) of 31% in 2023 and 27% in 2024 [2][20]. - Operating profit is projected to increase from 17.34 billion yuan in 2023 to 27.35 billion yuan in 2027, with a notable growth of 25% in 2023 [2][20]. - Net profit attributable to shareholders is forecasted to rise from 14.89 billion yuan in 2024 to 22.64 billion yuan in 2027, with a growth rate of 16% in 2023 [2][20]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 15.1 in 2023 to 10.0 in 2027, indicating potential undervaluation [2][21]. Key Financial Ratios - The company’s return on equity (ROE) is projected to be 19.1% in 2024, reflecting strong profitability [3][21]. - The asset-liability ratio is expected to remain stable at around 42.7% in 2024, indicating a balanced financial structure [21]. - The gross margin is anticipated to improve slightly to 27.6% in 2024, driven by better cost management and product mix [21].

证券研究报告 | 公司点评报告 2025 年 04 月 25 日 亨通光电（600487.SH） 业绩再超预期，海洋板块快速增长 TMT 及中小盘/通信 事件：公司 4 月 24 日发布《2024 年年度报告》及《2025 年第一季度报告》。 2024 年，公司实现营业收入 599.84 亿元，同比上升 25.96%；归母净利润 27.69 亿元，同比上升 28.57%；扣非归母净利润 25.76 亿元，同比上升 26.74%。 2025Q1，公司实现营业收入 132.68 亿元，同比上升 12.58%；归母净利润 5.57 亿元，同比上升 8.52%；扣非归母净利润 5.46 亿元，同比上升 32.67%。 ❑ 风险提示：光纤光缆招标不及预期、海洋业务竞争加剧、费用成本开支加大。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 47622 | 59984 | 66808 | 73559 | 80827 | | 同比增长 | 2% | 26% ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Views - The company is experiencing a turning point in operations, with a steady increase in student enrollment and revenue growth, leading to a projected profitability turnaround [1][2]. - The "dual-track" system is expected to significantly enhance student capacity and enrollment at the Chaoyang Kevin school, with a projected increase in student numbers from 380 in 2023 to 3000 in the future [2]. - The company is actively developing vocational education and government-enterprise training programs, establishing strategic partnerships with major tech firms, which is anticipated to drive future growth [2]. Financial Performance Summary - In 2024, the company achieved a revenue of 320 million yuan, a year-on-year increase of 25.92%, with a net profit attributable to shareholders of -37 million yuan. For Q1 2025, revenue was 91 million yuan, up 17.68%, with a net profit of 0.47 million yuan, marking a 113.24% increase [1][4]. - The gross profit margin improved to 27.45% in 2024 and is expected to rise to 32.40% in Q1 2025, indicating enhanced operational efficiency [1]. - The company forecasts revenues of 403 million yuan, 476 million yuan, and 547 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 43 million yuan, 94 million yuan, and 122 million yuan [4][8]. Financial Ratios and Projections - The company has a low debt ratio of 28.47% as of March 2025, with a good cash flow position, showing positive operating cash flows from 2022 to 2024 [3]. - Earnings per share (EPS) are projected to be 0.07 yuan in 2025, 0.16 yuan in 2026, and 0.20 yuan in 2027, with dynamic price-to-earnings (PE) ratios of 64, 29, and 22 respectively [4][8]. - The company aims to optimize its asset structure and improve asset utilization, which is expected to enhance performance flexibility [3].

Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1][4][11] Core Views - The report highlights that the company's performance is under pressure due to increased coal volume but decreased prices, emphasizing the growth potential in coal, oil, and chemical sectors along with high dividends [1][5] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 36.44 billion yuan, down 40.7% year-on-year, and net profit at 2.96 billion yuan, down 42.6% year-on-year [1][6] - Despite the challenges, the company is expected to see a recovery in profits from 2025 onwards, with projected net profits of 3.58 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.54 billion yuan in 2027, reflecting year-on-year growth of 20.8%, 22%, and 3.9% respectively [1][6] Financial Performance Summary - In 2024, the company achieved a coal production volume of 39.83 million tons, an increase of 78.5% year-on-year, while the sales volume reached 43.47 million tons, up 68% year-on-year [1][5] - The average selling price of coal has decreased significantly since Q3 2024, impacting the company's profitability [1][5] - The company plans to continue advancing its new projects in coal, oil, and chemical sectors, which are expected to enhance future growth [1][5] Dividend and Shareholder Returns - The company distributed a cash dividend of 0.622 yuan per share (before tax) in 2024, with an effective cash dividend of 0.70022 yuan per share, resulting in a current dividend yield of 12.5% based on the stock price as of April 24, 2025 [1][5]