2025 年 04 月 28 日 众生药业(002317.SZ) 24 年计提减值导致亏损，25 年创新药 推进值得期待 事件：公司发布 2024 年年报及 2025 年第一季度报告。2024 年 公司实现营业收入 24.67 亿元，同比减少 5.48%；实现归母净利 润-2.99 亿元，同比减少 213.63%；实现扣非归母净利润-2.60 亿 元，同比减少 185.41%。2025 年第一季度，公司实现营业收入 6.34 亿元，同比减少 1.07%；实现归母净利润 0.83 亿元，同比增长 61.06%；实现扣非归母净利润 0.78 亿元，同比增长 8.60%. 计提资产减值损失导致 2024 年亏损，2025 年有望轻装上阵。 公司快报 | | 中成药 | | --- | --- | | 投资评级 | 买入-A | | | 维持评级 | | 6 个月目标价 | 17.01 元 | | 股价 (2025-04-25) | 11.23 元 | | 交易数据 | | | 总市值(百万元) | 9,562.98 | | 流通市值(百万元) | 8,552.96 | | 总股本(百万股) | 851.56 | | ...

2025 年 04 月 28 日 柳工(000528.SZ) 国改降本增效延续，盈利能力持续改善。2025 年 Q1，公司实现 毛利率、净利率 22.01%、7.03%，同比+0.09pct、+0.54pct，高基 数下盈利能力进一步提升，主要得益于降本控费。公司期间费用 率合计 11.98%，同比-1.04pct，其中销售、财务费用率改善显著， 同比-0.82pct、-0.89pct；资产减值损失 0.27 亿元，较去年同期 减少 0.14 亿元，主要系计提存货跌价准备减少。公司通过研发、 采购、零部件、制造效率、产品结构等全价值链优化调整，持续 挖掘降本空间；延续节流创新举措，根据滚动预测弹性管控费用， 固定费用摊薄后费用率有望进一步降低；同时资产周转和运营效 率保持行业领先，公司未来盈利能力仍有较大提升空间。 治理结构保持稳定，大股东增持增强信心。①董事会及管理层 换届：近年混改变革已为公司打下长期发展的稳定根基，换届后 公司治理结构基本保持稳定，董事长曾光安卸任后将在公司担任 高级顾问指导制定"十五五"战略和新一届领导班子管理；新一 届管理层将按照既定战略规划、经营方向和预算目标进行经营， 持续推动" ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, Shenghang Co., Ltd., has seen a change in its controlling shareholder to Wanda Holdings, which is expected to enhance collaboration in hazardous chemical transportation between domestic and international markets [7] - The company reported a revenue of 1.5 billion yuan in 2024, an increase of 18.9% year-on-year, while the net profit attributable to the parent company decreased by 24.7% [7] - The company is expanding its fleet, with a total of 52 vessels and a carrying capacity of 405,000 deadweight tons as of December 2024 [7] - The company has established stable partnerships with major petrochemical companies, enhancing its competitive position in both domestic and international markets [7] Financial Performance Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 1,499.61 million yuan, 1,744.35 million yuan, 1,902.56 million yuan, and 2,025.05 million yuan respectively, with growth rates of 18.88%, 16.32%, 9.07%, and 6.44% [2] - The net profit attributable to the parent company is projected to be 137.15 million yuan in 2024, 183.13 million yuan in 2025, 208.00 million yuan in 2026, and 233.79 million yuan in 2027, with growth rates of -24.67%, 33.53%, 13.58%, and 12.40% respectively [2] - Earnings per share (EPS) are expected to be 0.73 yuan in 2024, 0.97 yuan in 2025, 1.11 yuan in 2026, and 1.24 yuan in 2027 [2] - The return on equity (ROE) is projected to increase from 7.38% in 2024 to 9.90% in 2027 [2] Operational Highlights - The company has successfully increased its domestic liquid chemical transportation volume by 9.42% year-on-year, reaching 5.44 million tons in 2024 [7] - In the international hazardous chemical transportation sector, the company achieved a 104.06% increase in foreign trade liquid hazardous goods transportation volume, totaling 2.47 million tons in 2024 [7] - The company is expected to maintain a gross margin of 28.5% for chemical transportation in 2025, increasing to 29.5% by 2027 [8]

公司点评报告 · 有色金属行业 阎予露 ☎: 010-80927659 回购股份彰显信心 盈利能力有望持续改善。 --2025 年一季报点评 华立 2025 年 04 月 28 日 ☎：021-20252629 金力永磁(股票代码:300748.SZ) 网: huali@chinastock.com.cn 推荐 维持评级 分析师登记编码：S0130516080004 分析师 网: yanyulu@chinastock.com.cn 分析师登记编码：S0130522040004 | 市场数据 | 2025-04-25 | | --- | --- | | 股票代码 | 300748 | | A 股收盘价(元) | 20.45 | | 上证指数 | 3,295.06 | | 总股本(万股) | 137213 | | 实际流通 A 股(万股) | 113434 | | 流通 A 股市值(亿元) | 232 | 相对沪深 300 表现图 2025-03-28 金力永磁 资料来源:Wind,中国银河证券研究院 相关研究 【银河有色】公司点评_金力永磁：订单饱满产销创 新高,产能扩张如期推进 20250331 www.ch ...

食品饮料/调味发酵品Ⅱ 涪陵榨菜（002507.SZ） 公司拟收购味滋美 51%股权，布局复调预制菜赛道 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | 证书编号：S0790520030003 | | --- | --- | --- | | 当前股价(元) | 13.53 | | | 一年最高最低(元) | 17.20/11.47 | | | 总市值(亿元) | 156.13 | | | 流通市值(亿元) | 155.45 | | | 总股本(亿股) | 11.54 | | | 流通股本(亿股) | 11.49 | | | 近 3 个月换手率(%) | 81.56 | | 股价走势图 数据来源：聚源 -24% -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 涪陵榨菜 沪深300 相关研究报告 《2024 年利润短期承压，2025 年稳健 增 长 可 期 — 公 司 信 息 更 新 报 告 》 -2025.4.1 《2024 年夯实基础，蓄力 2025 年稳健 发展—公司信息更新报告》-2025.3.3 《改革成效显现 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown strong revenue growth with a 39.2% year-on-year increase in Q1 2025, reaching 380 million yuan, and a net profit of 50 million yuan, up 16.3% year-on-year [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 200 million, 240 million, and 280 million yuan, representing year-on-year growth of 25.0%, 20.5%, and 16.0% respectively [4] - The company demonstrates strong competitiveness in product innovation and channel expansion, particularly in the Sam's Club, snack wholesale, and online channels, which are expected to provide significant growth opportunities in 2025 [4] Financial Performance Summary - Q1 2025 revenue from meat products was 350 million yuan, a 44.6% increase year-on-year, with poultry products contributing 320 million yuan, up 47.2% [5] - The company’s gross margin decreased by 4.35 percentage points to 27.08% due to lower margins from newly developed channels [7] - The company’s total revenue is projected to reach 1.545 billion yuan in 2025, with a year-on-year growth of 30.6% [8] Channel Performance - Offline channel revenue in Q1 2025 was 350 million yuan, up 35.9% year-on-year, benefiting from the expansion into membership-based supermarkets and snack wholesale channels [6] - Online channel revenue reached 20 million yuan, a significant increase of 88.0% year-on-year, indicating substantial growth potential in this area [6] Profitability Metrics - The company’s net profit margin for Q1 2025 was 13.14%, down 2.60 percentage points year-on-year, influenced by the timing of financial income recognition [7] - The projected earnings per share (EPS) for 2025 is 0.46 yuan, with corresponding price-to-earnings (P/E) ratios of 29.4, 24.4, and 21.0 for 2025, 2026, and 2027 respectively [8]

买入 |首次覆盖 个股表现 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -33% -25% -17% -9% -1% 7% 15% 23% 31% 39% 47% 三祥新材 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 发布时间：2025-04-28 | 最新收盘价（元） | 23.28 | | --- | --- | | 总股本/流通股本（亿股）4.24 | / 4.23 | | 总市值/流通市值（亿元）99 | / 99 | | 52 周内最高/最低价 | 27.94 / 12.52 | | 资产负债率(%) | 33.1% | | 市盈率 | 129.33 | | 第一大股东 | 日本永翔贸易株式会社 | 研究所 股票投资评级 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 证券研究报告：基础化工 | 公司深度报告 预 计 公 司 核级 锆 铪 项目 2025/2 ...

◼ 风险提示：政策推进不及预期，行业竞争加剧。 投资要点 深桑达 A（000032） 2024 年报和 2025 一季报点评：聚焦自研产 品，云数业务有望加速 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 56,284 | 67,389 | 68,048 | 72,040 | 76,432 | | 同比（%） | 10.25 | 19.73 | 0.98 | 5.87 | 6.10 | | 归母净利润（百万元） | 329.64 | 329.73 | 445.96 | 585.29 | 760.26 | | 同比（%） | 308.10 | 0.03 | 35.25 | 31.24 | 29.89 | | EPS-最新摊薄（元/股） | 0.29 | 0.29 | 0.39 | 0.51 | 0.67 | | P/E（现价&最新摊薄） | 76.53 | 76.51 | 56.57 | 43.10 | 33.1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's existing games are operating steadily while awaiting the launch of new games [1] - The gaming business shows robust performance with a strong pipeline of new games [8] - The computer business is experiencing significant growth driven by innovations in AI and ICT [8] Financial Performance Summary - Total revenue for 2023 is projected at 5,962 million, with a year-on-year growth of 24.06% [1] - Net profit attributable to the parent company for 2023 is expected to be 887.18 million, reflecting a year-on-year increase of 63.84% [1] - Earnings per share (EPS) for 2023 is estimated at 0.45 yuan [1] Revenue and Profit Forecast - Revenue is expected to reach 6,452 million in 2024, with a year-on-year growth of 8.22% [1] - The net profit for 2024 is projected at 1,427.67 million, indicating a year-on-year increase of 60.92% [1] - EPS for 2024 is forecasted to be 0.73 yuan [1] Game Business Insights - The gaming segment achieved revenue of 46.62 billion in 2024, with a year-on-year growth of 3.66% and a gross margin of 72.70% [8] - Key games such as "Age of Origins" and "War and Order" continue to perform well, contributing significantly to revenue [8] - New games like "Stellar Sanctuary" and "Next Agers" are set to launch in 2025, with expectations for substantial contributions to revenue [8] Computer Business Performance - The computer and other businesses generated revenue of 17.90 billion in 2024, reflecting a year-on-year increase of 22.21% [8] - AI/ICT operations accounted for 14.78 billion, growing by 20.53% year-on-year [8] - The company is actively integrating AI into various business lines, enhancing service offerings [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 19.49, 17.96, and 16.66 respectively [1] - The company maintains a strong financial position with a net asset value per share of 3.70 yuan [6]

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience significant revenue growth, with estimated revenues increasing from 891.76 million in 2024 to 1642.01 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.65% [5][7] - The net profit attributable to the parent company is expected to rise from 208.58 million in 2024 to 377.76 million in 2027, indicating a robust growth trajectory with a CAGR of about 28.05% [5][7] - The gross margin is anticipated to improve from 39.03% in 2024 to 44.98% in 2027, showcasing enhanced operational efficiency [5][7] Financial Summary - **Revenue Forecast**: - 2024: 891.76 million - 2025: 1118.01 million (growth rate: 25.37%) - 2026: 1361.01 million (growth rate: 21.74%) - 2027: 1642.01 million (growth rate: 20.65%) [5][7] - **Net Profit Forecast**: - 2024: 208.58 million - 2025: 241.55 million (growth rate: 15.81%) - 2026: 295.02 million (growth rate: 22.13%) - 2027: 377.76 million (growth rate: 28.05%) [5][7] - **Key Financial Ratios**: - PE ratio is projected to decrease from 45.73 in 2024 to 25.25 in 2027, indicating improved valuation metrics [5][7] - PB ratio is expected to decline from 4.92 in 2024 to 3.91 in 2027, reflecting a more attractive investment proposition [5][7] - **Cash Flow**: - Operating cash flow is forecasted to decrease from 263.31 million in 2024 to 226.69 million in 2025, before increasing to 424.05 million by 2027 [6][7]