F # CGS 预调酒韧性发展,威士忌销售起步 2024 年度和 2025Q1 业绩点评 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3048.13 | 3749.29 | 4628.63 | 5574.47 | | 收入增长率% | -6.61 | 23.00 | 23.45 | 20.43 | | 归母净利润(百万元) | 719.14 | 806.64 | 1051.92 | 1358.54 | | 利润增速% | -11.15 | 12.17 | 30.41 | 29.15 | | 毛利率% | 69.67 | 71.17 | 72.12 | 73.08 | | 摊薄 EPS(元) | 0.69 | 0.77 | 1.00 | 1.29 | | PE | 40.87 | 33.95 | 26.04 | 20.16 | | PB | 6.27 | 5.40 | 4.71 | 4.05 | | PS | 8.99 | 7.30 | 5.92 | 4.91 | ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][12]. Core Views - The report highlights that both volume and cost have room for improvement, with a long-term resource advantage through strategic acquisitions [3][8]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion yuan, down 35% year-on-year, and net profit at 150 million yuan, down 80% year-on-year [4][8]. - The report anticipates a gradual recovery in revenue and profit over the next few years, with projected revenues of 25.1 billion yuan in 2025, 26.4 billion yuan in 2026, and 27.8 billion yuan in 2027, reflecting a year-on-year change of -17%, +5%, and +5% respectively [8][12]. Summary by Sections Recent Performance - In Q1 2025, the company achieved a coal production of 7.5 million tons, up 13% year-on-year, while the sales volume of commercial coal was 6.32 million tons, down 9% year-on-year [8]. - The average selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34% year-on-year, while the cost per ton was 616 yuan, down 26% year-on-year [8]. Strategic Initiatives - The company has implemented a strategy to acquire quality coal resources, including a 60% stake in Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan and the successful acquisition of exploration rights for a coal mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [8]. Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 660 million yuan, 1.33 billion yuan, and 1.96 billion yuan respectively, with corresponding earnings per share (EPS) of 0.27 yuan, 0.54 yuan, and 0.79 yuan [8][12]. - The price-to-earnings (P/E) ratio is expected to be 31, 15, and 10 times for the years 2025, 2026, and 2027 respectively [8][12].

丨证券研究报告丨 公司研究丨点评报告丨美格智能（002881.SZ） [Table_Title] 智能模组批量出货，智能汽车增长明显 报告要点 [Table_Summary] 行业层面，DeepSeek 通过算法与工程创新实现了提质降本，大幅降低了模型推理成本。 DeepSeek-R1 大幅降低算力侧训练成本，大模型价格再下降，意味着 AI 产业链价值分配或将 发生变化，下游 AI 应用或将在产业链价值分配中获得更大的蛋糕模组受益于 AI 终端放量，且 从 4G->5G->智能模组逐渐升级，价值量亦有提升。公司层面，美格智能在国内深化智能网联 车和 FWA 解决方案布局的同时，海外聚焦 5G-A 模组和 Redcap 产品线，通过运营商定制化 策略切入北美/欧洲高端市场。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美格智能（002881.SZ） cjzqdt11111 [Table_Title2] ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 6.472 billion yuan in Q1 2025, representing a year-on-year growth of 14.68%. The net profit attributable to shareholders was 866 million yuan, up 55.25% year-on-year, while the net profit excluding non-recurring items was 848 million yuan, reflecting a 49.88% increase year-on-year and an 11.11% increase quarter-on-quarter. The gross margin for Q1 2025 was 31.03%, showing a significant improvement with a 2 percentage point increase quarter-on-quarter [2][6][12] Summary by Sections Company Performance - The revenue growth in Q1 2025 was primarily driven by high demand in the automotive, IoT, machine vision, and medical sectors, where the company's CIS products have higher gross margins. The effective allocation of wafer manufacturing capacity also contributed to the improvement in gross margins. The company maintained good control over operating expenses, leading to a net profit margin that exceeded expectations [12] Future Outlook - For the full year of 2025, the automotive CIS and analog products are expected to experience rapid growth due to the expansion of industry demand driven by automotive intelligence. The company is well-positioned to benefit from the trend of localizing global supply chains amid tariff uncertainties, with a potential increase in market share due to rapid product technology iterations. Additionally, the IoT market is expected to grow rapidly, supported by new consumer hardware such as action cameras and AI glasses, where the company holds a dominant share among key clients [12] Long-term Growth Potential - The company is developing a comprehensive semiconductor blueprint through organic growth and acquisitions, covering CIS, TDDI, discrete devices, power management ICs, and LCOS. The automotive CIS segment, characterized by high average selling prices and growth rates, is expected to continue contributing to revenue growth. The company aims to expand its application areas and product lines, potentially leading to the development of flagship products in automotive, VR/AR, and IoT sectors. EPS forecasts for 2025-2027 are 3.70 yuan, 4.67 yuan, and 5.75 yuan, respectively [12][16]

丨证券研究报告丨 公司研究丨点评报告丨巨人网络（002558.SZ） [Table_Title] 25Q1《原始征途》小游戏贡献显著增量，新游 及 AI 布局积极推进 报告要点 [Table_Summary] 巨人网络披露 2025 年一季报，公司 25Q1 实现营收 7.24 亿（同比+3.94%/环比+2.75%），归 母净利润 3.48 亿（同比-1.29%/环比-1.76%），扣非净利润 3.62 亿（同比-10.45%/环比+3.95%）。 公司核心产品表现稳健，25Q1《原始征途》小程序游戏贡献显著增量。《超自然行动组》《五千 年》等数款储备新游积极推进，公司实现游戏+AI 全面布局，积极关注新游进展及 AI 赋能情况。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 巨人网络（002558.SZ） cjzqdt11111 [Table_Title 25Q1《原始征途》小游戏贡献显著增量，新游 ...

2025 年 05 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 2024 年亏损收窄，特色专科建设和精益管理助 力进一步利润改善 ——国际医学（000516）公司动态研究 | 相对沪深 | 表现 300 | | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 国际医学 | | -9.4% | 3.7% | -12.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 5.04 | | 周价格区间（元） 52 | 4.01-6.77 | | 总市值（百万） | 11,392.33 | | 流通市值（百万） | 11,209.79 | | 总股本（万股） | 226,038.27 | | 流通股本（万股） | 222,416.43 | | 日均成交额（百万） | 90 ...

机械设备/专用设备 大丰实业（603081.SH） 文体旅运营迈过爬坡期，在手订单有望支撑重回增长 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 11.28 | | 一年最高最低(元) | 16.54/8.72 | | 总市值(亿元) | 49.24 | | 流通市值(亿元) | 48.89 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 4.33 | | 近 3 个月换手率(%) | 239.61 | 息 更 新 报 告 股价走势图 分业务看，2024 年文体装备/数艺科技/轨道交通/文旅运营业务分别实现收入 10.72/ 2.72/2.12/2.62 亿元，yoy-22.72%/+18.14%/+99.95%/+44.26%，公司持续推 进"创新科技+运营赋能"全产业链经营模式，文体旅运营转型硕果累累，截至 2024 年底累计文体旅综合体运营项目达 20 余个，其中宋韵文化演艺 IP《今夕》 系列已在湖州、天津实现异地复制。2024 年公司各业务毛利率分别为 32.3%/40.8%/1 ...

Investment Rating - The report maintains a "Recommended" rating for Sailun Tire (601058.SH) [1] Core Views - The company demonstrated robust performance with a global expansion strategy, achieving record tire production and sales in 2024, with revenue of 31.802 billion yuan and a net profit of 4.063 billion yuan, reflecting year-on-year growth of 22.42% and 31.42% respectively [3][4] - In Q1 2025, the company reported revenue of 8.411 billion yuan and a net profit of 1.039 billion yuan, with year-on-year growth of 15.29% and 0.47% respectively [3] - The company’s tire production and sales reached historical highs in 2024, with production and sales volumes of 74.8111 million and 72.1558 million tires, marking increases of 27.59% and 29.34% year-on-year [3] - The average selling price of tires decreased by 4.19% to 422.78 yuan per tire, while the gross profit margin remained stable at 27.58% [3] - The report highlights the ongoing global capacity expansion, with production bases established in various countries, including Vietnam and Cambodia, and new projects in Mexico and Indonesia expected to commence by 2025 [3][4] Financial Summary - The projected revenue for 2025-2027 is 36.637 billion, 41.238 billion, and 45.063 billion yuan, with corresponding net profits of 4.237 billion, 5.209 billion, and 5.891 billion yuan, indicating growth rates of 4.28%, 22.95%, and 13.10% respectively [4][6] - The earnings per share (EPS) are forecasted to be 1.29, 1.58, and 1.79 yuan for the years 2025, 2026, and 2027, with price-to-earnings (P/E) ratios of 9.51, 7.73, and 6.84 [4][6] - The company’s gross profit margin is expected to slightly decline to 25.28% in 2025, while the net profit margin is projected to be 11.56% [6]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 33.60 CNY, maintaining the rating [4][10]. Core Views - The company achieved a revenue of 1.112 billion CNY in 2024, representing a year-on-year increase of 20.35%, and a net profit of 172 million CNY, up 28.49% year-on-year [1]. - The growth in revenue and profit is attributed to the continuous release of production capacity and increased development of new products, which significantly boosted the demand for mask plates [2]. - The company is actively advancing the construction of its semiconductor factory in Foshan, which is expected to enhance production capacity [3]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 299 million CNY, a year-on-year increase of 9.83%, and a net profit of 52 million CNY, up 4.34% year-on-year [1]. - The gross margin for 2024 improved to 29.65%, an increase of 2.03 percentage points year-on-year, driven by product structure optimization and increased revenue from high-end display products and semiconductor business [2]. - The company’s net profit margin for 2024 was 15.47%, reflecting a year-on-year increase of 0.98 percentage points [2]. Business Segment Performance - The flat panel display mask plate business generated a revenue of 859 million CNY in 2024, up 17.59% year-on-year, primarily due to increased orders for high-spec products from the Hefei subsidiary [3]. - The semiconductor chip mask plate business saw a revenue increase of 33.98% year-on-year, reaching 193 million CNY, benefiting from new capacity release and successful customer expansion [3]. - The Hefei subsidiary's revenue grew by 25.33% year-on-year, focusing on expanding the production capacity of mid-to-high-end flat panel display mask plates [9]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.407 billion CNY, 1.752 billion CNY, and 2.142 billion CNY, respectively, with net profits expected to be 230 million CNY, 309 million CNY, and 398 million CNY [10][12].

丨证券研究报告丨 %% %% [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨三七互娱（002555.SZ） [Table_Title] 25Q1 多款新游表现亮眼，投放阶段性影响业 绩，关注投放回收及储备游戏进展 报告要点 [Table_Summary] 三七互娱发布 2025 年一季报，公司 25Q1 实现营收 42.43 亿元（同比-10.67%/环比+3.45%）， 实现归母净利润 5.49 亿元（同比-10.87%/环比-29.19%），实现扣非净利润 5.36 亿元（同比- 12.90%/环比-24.90%）。25Q1《时光大爆炸》《英雄没有闪》等多款新游表现亮眼推动收入环 比增长，存量游戏流水自然回落及较高基数致收入同比下滑。新游投放推动费用增加致业绩下 滑，后续关注前期投放的回收情况。公司后续产品储备丰富，关注重点新游测试及上线进展。 分析师及联系人 research.95579.com 1 三七互娱（002555.SZ） cjzqdt11 ...