北 交 所 研 究 海能技术（430476.BJ） 下游拓展+色谱光谱系列支撑增长，2025Q1 营收同比+38% 2025 年 05 月 29 日 北交所信息更新 有机元素分析和样品前处理产品拓展应用，高效液相色谱仪产品支撑增长 2025Q1，公司有机元素分析系列、样品前处理系列不断在半导体材料检测、电 池等新能源材料检测、环境污染物检测、食品酒饮的营养与安全检测、化工及相 关制品检测等领域开拓新用户，收入增长较大。2024 年，海森仪器的自动溶出 度仪等药品检测仪器开始全面导入市场，中标多个省市级药检院及知名药企采购 项目，销售收入同比增长。2025Q1，公司持续加大高效液相色谱仪产品的市场 投入力度，收入增长较大。公司液相色谱仪关键性能参数及可靠性、稳定性均达 到国内先进水平，产品技术达到国外品牌主流产品同等水平，目前处于市场导入 阶段，未来有望为成为公司重要营收增长点。2024 年，公司 GC-IMS 相关产品 收入同比增长，在宠物饲料、能源电力、石油化工等行业实现业务突破，产品已 成功交付乖宝宠物、中石油旗下研究院、巴斯夫等全球知名企业和上市公司用户。 投资评级：买入（维持） | 日期 | 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company achieved its first quarterly GAAP net profit in Q1 2025, with total revenue of $1.117 billion, a year-on-year increase of 49% [1][14]. - The company is expected to enter a significant period in 2025, with over 10 concept validation milestones anticipated [4]. - The sales of the key product, Zebutini, showed stable growth, with Q1 2025 revenue of $792 million, a 62% year-on-year increase [3][15]. Financial Performance - In Q1 2025, GAAP operating profit was $11.1 million, marking the first positive result, while adjusted operating profit was $139 million, up 195% year-on-year [1][2]. - The company reported a GAAP net profit of $1.27 million for the first time [1][14]. - The total revenue for 2025 is projected to be between $4.9 billion and $5.3 billion, with GAAP operating expenses estimated at $4.1 billion to $4.4 billion [12][13]. Cost Management - R&D expenses in Q1 2025 were $482 million, with a R&D expense ratio of 43%, down 18 percentage points year-on-year [2][34]. - Sales and management expenses were $459 million, with a corresponding expense ratio of 41%, down 16 percentage points year-on-year [2][28]. Product Performance - Zebutini's revenue in the U.S. was $563 million, a year-on-year increase of over 60%, while European sales reached $116 million, up 73% [3][15]. - The other significant product, Trelizumab, generated $171 million in revenue in Q1 2025, reflecting an 18% year-on-year increase [3][23]. Future Outlook - The company expects to achieve a positive GAAP operating profit for the full year 2025, with a projected gross margin between 80% and 90% [12][13]. - The forecasted revenue for 2025-2027 is $37.52 billion, $45.02 billion, and $54.03 billion, respectively [6].

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company focuses on high-speed interconnect chips, with the capacity chips becoming a new growth engine. In 2024, interconnect chips and the server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan, a year-on-year increase of 59%, and a net profit of 1.412 billion yuan, a year-on-year increase of 213% [1][11][16] - The company is one of the three major DDR5 memory interface chip manufacturers globally, and it has initiated the second-generation iteration of DDR5. The penetration rate of DDR5 continues to rise, with the company’s DDR5 second-generation RCD chip shipments exceeding the first-generation products in 2024 [2][45] - The company’s MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company has decided to shift its R&D focus from AI computing chips to PCIe Switch chips [3][12] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, with a year-on-year growth of 59%. The net profit reached 1.412 billion yuan, marking a year-on-year increase of 213%. The revenue and net profit for Q1 2025 were 1.222 billion yuan and 525 million yuan, respectively, both setting quarterly records [1][4][16] - The company’s revenue from 2016 to 2024 has a CAGR of 20%, while the net profit has a CAGR of 41% [11][16] Product Development - The company has launched several high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, which have generated significant revenue growth. In 2024, these new products generated approximately 422 million yuan, an eightfold increase from 2023 [2][24] - The company is actively involved in the development of DDR5 memory interface chips, with the second-generation RCD chip shipments surpassing the first generation in 2024. The third-generation RCD chip is expected to be shipped in Q4 2024 [2][46] Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with 92% of its revenue derived from interconnect chips in 2024. The gross margin for interconnect chips was 62.7%, slightly above the international comparable company Rambus [24][22] - The global market for memory interface chips is projected to reach 5.7 billion USD by 2031, with the company being one of the three main suppliers in the DDR5 generation [40]

Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company's revenue from passenger car wheels has shown significant growth, contributing to overall revenue increase, while international expansion is progressing steadily [9][12]. - The company faced short-term pressure on profitability due to rising raw material costs, particularly a 4.78% increase in the average purchase price of aluminum bars, leading to a decline in overall gross margin [3][9]. - The establishment of a production base in Thailand is expected to enhance the company's supply capabilities in overseas markets and improve overall risk resilience [4][13]. Summary by Sections Revenue and Profitability - In 2024, the company achieved operating revenue of 1.028 billion yuan, a year-on-year increase of 6.95%. The passenger car wheel business generated revenue of 352 million yuan, up 8.06%, while the commercial vehicle wheel business saw a decline of 1.14% to 374 million yuan [2][11]. - The overall gross margin for 2024 was 14.92%, down 1.69 percentage points from the previous year, primarily due to increased raw material costs [3][11]. International Expansion - The company is actively pursuing a global strategy, with a total investment of 250 million yuan in the Thailand base, which began trial production in March 2025 and is expected to officially commence production in April 2025 [4][13]. - The company has successfully entered the supply chains of major U.S. electric vehicle manufacturers such as Rivian and Lucid, and is also collaborating with various international brands [12][8]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 1.11 billion, 1.197 billion, and 1.293 billion yuan, respectively, with corresponding net profits of 51 million, 59 million, and 73 million yuan [9][11]. - The earnings per share (EPS) are forecasted to be 0.34, 0.40, and 0.49 yuan for the years 2025, 2026, and 2027, respectively [9][11].

证券研究报告 | 公司点评报告 2025 年 05 月 28 日 顺威股份（002676.SZ） 国际化布局和新能源构建新成长动能 TMT 及中小盘/中小市值 事件：公司发布 2024 年年度报告以及 2025 年第一季度报告 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2267 | 2697 | 3257 | 3480 | 3718 | | 同比增长 | 8% | 19% | 21% | 7% | 7% | | 营业利润(百万元) | 41 | 77 | 112 | 145 | 155 | | 同比增长 | -5% | 85% | 46% | 30% | 7% | | 归母净利润(百万元) | 35 | 54 | 80 | 105 | 112 | | 同比增长 | -17% | 54% | 48% | 30% | 7% | | 每股收益(元) | 0.05 | 0.08 | 0.11 | 0.15 | 0.16 | | PE | 118. ...

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company focuses on high-speed interconnect chips, with its capacity chips becoming a new growth engine. In 2024, interconnect chips and the Tsingdai server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan in 2024, a year-on-year increase of 59%, and a net profit of 1.412 billion yuan, a year-on-year increase of 213% [1][11]. - The company is one of the three major DDR5 memory interface chip manufacturers globally, leading the second-generation iteration of DDR5. The continuous iteration of CPUs supporting higher-speed DDR5 will drive the large-scale use and upgrade of DDR5 memory modules [2][45]. - The MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company has decided to shift its R&D focus from AI computing chips for data centers to PCIe Switch chips [3][12]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, with a year-on-year growth of 59%. The net profit reached 1.412 billion yuan, marking a year-on-year increase of 213%. The revenue and net profit for Q1 2025 were 1.222 billion yuan and 525 million yuan, respectively, both setting quarterly records [1][11][16]. - The company's revenue from interconnect chips was 3.349 billion yuan, with a gross margin of 62.7% in 2024 [24][22]. Product Development - The company has successfully launched multiple high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, with a combined revenue of approximately 422 million yuan in 2024, which is eight times that of 2023 [2][56]. - The company has initiated the second-generation iteration of DDR5 memory interface chips, with the second-generation RCD chip shipments exceeding those of the first generation in 2024 [46][45]. Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with a CAGR of 20% in revenue from 2016 to 2024 and a CAGR of 41% in net profit during the same period [11][16]. - The global market for memory interface chips is expected to reach $5.7 billion by 2031, with the company being one of the three main suppliers [40][41]. Valuation - The report provides a reasonable valuation range for the company's stock at 84.50 to 93.89 yuan, representing a premium of 11% to 24% over the closing price of 75.84 yuan on May 27 [5][4].

公司报告 | 季报点评 迎驾贡酒（603198） 证券研究报告 洞藏系列稳固营收基本盘，25Q1普通酒下滑幅度较大业绩承压。24年公司白酒业务收入70.02 亿元（同比+9.39%），其中：中高档白酒（洞藏系列等）/普通白酒营业收入 57.13/12.90 亿元 （同比+13.76%/-6.53%），中高档白酒占比同比提升 3.14pcts 至 81.58%。量价角度看，24 年 公司白酒销量/均价分别同比+0.14%/+9.23%，中高档酒销量/均价分别同比+9.31%/+4.07%，中 高档酒销量提升驱动结构提升。25Q1 公司白酒业务收入 19.62 亿元（同比-12.32%），其中： 中高档白酒/普通白酒营业收入 17.20/2.42 亿元（同比-8.57%/-32.09%），中高档白酒占比同比 提升 3.59pcts至 87.66%。 省内洞藏势能延续，省外低端老品下滑收入承压。24 年省内/省外收入分别为 50.93/19.09 亿 元（同比+12.75%/+1.31%），省外占比同比降低 2.17pcts 至 27.26%。24 年经销商数量净减少 8 家至 1377 家，商均规模同比+10.0 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned to benefit significantly from the rising demand in the nuclear power sector, particularly as a supplier for the ITER project, which has achieved a major milestone in controlled nuclear fusion technology [2][3] - The company has received necessary certifications to supply various types of nuclear-grade valves, enabling it to participate in both domestic and international nuclear power projects [3] - Recent government approvals for multiple nuclear power projects in China and reforms in the U.S. nuclear regulatory framework indicate a sustained high demand for nuclear power, which the company is well-equipped to capitalize on [4] - The geopolitical landscape is driving increased investment in the oil and gas sector, particularly in the Middle East, which is expected to enhance the company's order visibility and revenue growth [5] Financial Summary - The company forecasts total revenue growth from CNY 5,544 million in 2023 to CNY 10,423 million by 2027, representing a compound annual growth rate (CAGR) of approximately 17.32% [1] - Net profit attributable to shareholders is projected to grow from CNY 721.80 million in 2023 to CNY 2,063.66 million by 2027, with a peak growth rate of 60.10% in 2024 [1] - The earnings per share (EPS) is expected to increase from CNY 0.94 in 2023 to CNY 2.69 in 2027, reflecting strong profitability [1] - The current price-to-earnings (P/E) ratio is projected to decrease from 33.22 in 2023 to 11.62 by 2027, indicating an attractive valuation as earnings grow [1]

公司报告 | 公司点评 立昂微（605358） 证券研究报告 营收创新高与盈利困境并存，行业复苏曙光初现 事件：公司发布 2024 年年度报告和 2025 年一季报。2024 年度公司实现营业收入 30.92 亿元，同 比增长 14.97%；实现归母净利润-2.66 亿元，同比下降 504.18%；扣非归母净利润-2.66 亿元，同比 下降 152.04%。2025Q1 公司实现营业收入 8.20 亿元，同比增长 20.82%；实现归母净利润-0.81 亿 元，同比增亏；实现扣非归母净利润-0.81 亿元，同比增亏。 点评：营收再创新高展现增长韧性，盈利承压待解多重挑战。2024 年，公司全员攻坚克难， 推动 产能、技术、市场与良率实现显著提升，发展态势持续向好，营业收入创历史新高，市场份额持续 扩大，2024 年公司营业收入的大幅增加主要系 2024 年半导体行业景气度的见底回暖及公司加强市 场拓展、调整产品结构，产品销量同比实现了大幅增长所致。然而，由于欧美发达经济体受高利率 与能源转型阵痛制约增速放缓，叠加地缘政治冲突及产业链重构加速，使得公司经营迎来多重挑战： 产能扩张带来成本压力，产品降价导致毛利率 ...

公司报告 | 季报点评 华致酒行（300755） 证券研究报告 Q1 主动调整业绩短期承压，25 年利润修复弹性可期 事件：公司发布 25 年一季报，2025Q1 公司营业收入/归母净利润/扣非归 母净利润分别为 28.52/0.85/0.75 亿元（同比-31.01%/-34.19%/-41.27%）。 严格落实十八字行动方针，25Q1 调整期业绩阶段承压。25Q1 公司营收端 承压相对明显，预计主要系：①25Q1 酒类流通行业整体仍处于调整期，需 求相对偏弱；②公司自 24Q4 开启包括"去库存、促动销"在内的 18 字行 动方针，主动解决快速发展阶段积累的问题，为后续高质量增长奠基。 计提存货跌价利润承压，经营性现金流表现强于利润。25Q1 公司毛利率 10.44%（同比-0.04pcts）、销售费用率 4.67%（同比+0.01pcts）、管理费用率 1.28%（同比+0.18pcts）、归母净利率 2.99%（同比-0.15pcts）。25Q1 公司毛 利率小幅下滑主要系行业周期性深度调整，主销名酒市场价格呈下降趋势， 此外公司基于谨慎性原则对部分存货计提了存货跌价准备，导致净利润同 比减少。25Q ...