公司研究 证 券 研 究 报 告 ROE 环比有所回落，轻资本业务高基数下回落 事项： 兴业证券发布 2025 年一季报。剔除其他业务收入后营业总收入：23 亿元，同 比+29.9%。归母净利润：5.2 亿元，同比+57.3%。 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 12,354 | 14,479 | 15,064 | 15,879 | | 同比增速(%) | 16% | 17% | 4% | 5% | | 归母净利润(百万) | 2,164 | 2,336 | 2,512 | 2,769 | | 同比增速(%) | 10% | 8% | 8% | 10% | | 每股盈利(元) | 0.24 | 0.27 | 0.29 | 0.32 | | 市盈率(倍) | 24.1 | 21.4 | 19.9 | 18.0 | | 市净率(倍) | 0.91 | ...

2025 年 05 月 02 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | [Table_Title] 全球化产能布局推进，数据中心业务构造新一轮 增长曲线 ——伊戈尔（002922）2025 年一季报公司点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 伊戈尔 | | -15.9% | -14.1% | -11.9% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 15.38 ...

2025 年 05 月 02 日 公司研究 评级：买入(维持) [Table_Title] 2025Q1 成本控制优异、在建项目逐步投产将增 厚业绩 ——淮北矿业（600985）2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 淮北矿业 | -10.6% | -16.2% | -34.9% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 11.86 | | 52 周价格区间（元） | | | 11.76-20.18 | | 总市值（百万） | | | 31,942.05 | | 流通市值（百万） | | | 31,942.05 | | 总股本（万股） | | | 269,325.87 | | 流通股本（万股） | | | 269,325.87 | | 日均成交额（百万） | | | 212.84 | | 近一月换手（%） | | | 0.58 | 相 ...

公司研究 证 券 研 究 报 告 欧科亿（688308）2024 年报及 2025 年一季报点评 强推（维持） 收入有所增长，利润短期承压 目标价：21.30 元 事项： 公司发布 2024 年报以及 2025 年一季报：2024 年公司实现营业收入 11.27 亿 元，同比+9.81%；归母净利润 0.57 亿元，同比-65.48%，扣非净利润 0.26 亿 元，同比-79.71%。2025 年一季报实现营收 3.02 亿元，同比+14.32%，归母净 利润 0.08 亿元，同比-74.33%；扣非归母净利润 0.01 亿元，同比-90.54%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,127 | 1,339 | 1,591 | 1,892 | | 同比增速(%) | 9.8% | 18.8% | 18.8% | 18.9% | | 归母净利润(百万) | 57 | 112 | 162 | 198 | | 同比增速 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is experiencing continuous improvement in operational quality and is gradually building a global gear ecosystem platform [1]. - Revenue for 2024 is projected to be 8.78 billion yuan, representing an 8.8% year-on-year increase, with a main business revenue of 8.15 billion yuan, up 18.2% year-on-year [1]. - The net profit attributable to the parent company for 2024 is expected to reach 1.02 billion yuan, a 25.4% increase year-on-year [1]. - The company is benefiting from the growth in the new energy vehicle gear and intelligent actuator sectors, with significant revenue increases in these areas [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.78 billion yuan, with a main business revenue of 8.15 billion yuan, and a net profit of 1.02 billion yuan [1]. - The gross margin for 2024 is projected at 25%, an increase of 2.8 percentage points year-on-year, while the net margin is expected to be 12%, up 1.7 percentage points year-on-year [2]. - For Q4 2024, the revenue is expected to be 2.04 billion yuan, down 7.4% year-on-year, primarily due to the contraction of low-margin steel trading business [1]. Revenue Breakdown - Revenue from passenger car gears is projected at 5.32 billion yuan, an increase of 26.1% year-on-year, while revenue from new energy vehicle gears is expected to reach 3.37 billion yuan, up 51.2% year-on-year [2]. - The company is expanding its product offerings and market presence, particularly in the new energy vehicle sector, which is expected to drive future growth [3]. Cost and Expenses - The overall expense ratio for 2024 is projected at 10.6%, with a slight increase in R&D expenses to 5.2% [2]. - The company is maintaining stable expense ratios, with a focus on R&D investment to support future growth [2]. Future Outlook - The company is expanding its global footprint through the establishment of a factory in Hungary and is expected to see growth from international clients [3]. - The acquisition of San Duo Le has led to revenue and gross margin improvements, particularly in the sweeping machine sector [3]. - The company is continuously innovating and exploring new applications in robotics and intelligent vehicles, which are anticipated to provide new growth points [3].

证 券 研 究 报 告 招商证券（600999）2025 年一季报点评 推荐（维持） 业绩符合预期，自营环比略有回落 目标价：22.37 元 事项： 招商证券发布 2025 年一季报。剔除其他业务收入后营业总收入：46 亿元，同 比+8.1%。归母净利润：23.1 亿元，环比-9.3 亿元，同比+7%。 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 公司研究 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 20,891 | 24,913 | 26,316 | 28,348 | | 同比增速(%) | 5% | 19% | 6% | 8% | | 归母净利润(百万) | 10,386 | 12,567 | 13,564 | 14,561 | | 同比增速(%) | 19% | 21% | 8% | 7% | | 每股盈利(元) | 1.13 | 1.45 | 1.56 | 1.67 | | 市盈率(倍) | ...

宁波银行（ [Table_StockNameRptType] 002142） 公司点评 开门红存贷两旺，资产质量韧性凸显 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-05-01 | [Table_BaseData] 收盘价（元） | 23.90 | | --- | --- | | 近 12 个月最高/最低（元） | 28.27/18.35 | | 总股本（百万股） | 6,604 | | 流通股本（百万股） | 6,524 | | 流通股比例（%） | 98.80 | | 总市值（亿元） | 1,578 | | 流通市值（亿元） | 1,559 | [公司价格与沪深 Table_Chart] 300 走势比较 -28% -13% 3% 19% 34% 5/24 8/24 11/24 2/25 宁波银行 沪深300 [Table_Author] 分析师：刘锦慧 执业证书号：S0010524110001 电话：18351883043 邮箱：liujinhui@hazq.com [Table_CompanyReport] 相关报告 1.2024 年业绩快报点评，扩表速度领 先，营收增速再 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing strong order performance for the Wanjie M8 model as a key factor for the rating adjustment [4]. Core Viewpoints - The company is expected to achieve robust performance in 2024, with a projected revenue growth of 305.0% year-on-year to 145.18 billion yuan and a return to profitability with a net profit of 5.95 billion yuan, compared to a loss of 2.45 billion yuan in 2023 [1][5]. - The first quarter of 2025 shows a decline in sales due to seasonal factors and model transitions, but the gross margin remains strong at 27.6%, benefiting from the increasing sales proportion of high-end models like the Wanjie M9 [2][3]. - The company is initiating a Hong Kong stock listing to support its global expansion, with funds aimed at enhancing R&D, diversifying marketing channels, and improving operational efficiency [3]. Summary by Sections Financial Performance - In 2024, the company’s revenue is expected to reach 145.18 billion yuan, with a year-on-year growth of 305.0%. The net profit is projected at 5.95 billion yuan, recovering from a loss of 2.45 billion yuan in 2023 [1][5]. - For 1Q25, revenue is forecasted to decline by 27.9% year-on-year to 19.15 billion yuan, while net profit is expected to increase by 240.6% year-on-year to 750 million yuan [1]. Sales and Market Position - The company’s vehicle sales in 2024 are projected to grow by 97.0% to 497,000 units, with the Wanjie model sales increasing by 281.3% to 386,000 units [2]. - The first quarter of 2025 shows a significant decline in sales, with a 40.1% year-on-year drop to 68,000 units, attributed to the transition between old and new models [2]. Strategic Initiatives - The company is focusing on production, R&D, and channel development, with plans to enhance smart manufacturing and expand its global footprint through a Hong Kong listing [3]. - The funds raised from the Hong Kong listing will be used for R&D in new models and technologies, as well as for operational expenses and marketing [3].

证 券 研 究 报 告 东方证券（600958）2025 年一季报点评 推荐（维持） 业绩略超预期，各业务多有所提升 目标价：11.87 元 事项： 东方证券发布 2025 年一季报。剔除其他业务收入后营业总收入：39 亿元，同 比+57.3%。归母净利润：14.4 亿元，同比+62%。 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 19,190 | 21,109 | 22,205 | 23,593 | | 同比增速(%) | 12% | 10% | 5% | 6% | | 归母净利润(百万) | 3,350 | 3,827 | 4,266 | 4,943 | | 同比增速(%) | 22% | 14% | 11% | 16% | | 每股盈利(元) | 0.37 | 0.45 | 0.50 | 0.58 | | 市盈率(倍) | 24.8 | 20.3 | ...

要点 2025 年 5 月 2 日 公司研究 25Q1 业绩稳定增长，装机容量有望持续扩张 ——中国核电（601985.SH）2024 年年报暨 2025 年一季度报点评 事件：公司发布 2024 年年报及 2025 年一季度报。2024 年，公司实现营收 772.72 亿元，同比+3.09%；归母净利润 87.77 亿元，同比-17.38%。2025 年一季度， 公司实现营收 202.72亿元，同比+12.70%；归母净利润 31.37 亿元，同比+2.55%。 24 年核电发电量同比稍有下降，绿电发电量同比大增。公司 2024 年累计商运 发电量为 2163.49 亿千瓦时，同比+3.09%；上网电量为 2039.23 亿千瓦时，同 比+3.28%。其中，核电发电量 1831.22 亿千瓦时，同比-1.80%；上网电量 1712.60 亿千瓦时，同比-1.83%。主要原因系维修次数增多及受台风影响：秦山大修安 排同比增多，发电量同比-1.52%；海南核电受"摩羯"台风影响，配合电网线 路检修降功率，发电量同比-7.85%；福清 4 号机组小修，发电量同比-6.74%。 由于新能源在运装机规模增加，新能源发 ...