证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 歌力思（603808.SH） 海外加速调整致使业绩承压，2025 年轻装上阵 2024 年公司收入同比+4%/归母净利润为亏损 3.1 亿元。1）2024 全年公司收入为 30.4 亿元，同比+4%；归母净利润为亏损 3.1 亿元；若剔除一次性费用等因素（长期资产（商 誉、商标）减值准备、处置唐利国际股权、法国 IRO 实施降本增效措施）影响后，2024 年 归母净利润为约 0.3 亿元。2）盈利质量：2024 全年公司毛利率同比-0.4pct 至 67.4%，销 售/管理/财务费用率同比分别+3.9/+1.1/+1.1pct 至 50%/9.4%/1.7%（销售费用率提升主 要系海外渠道、国内直营渠道刚性费用增加）；期内计提资产减值损失分别 3.84 亿元（上一 年同期为 1.45 亿元）；投资收益 0.31 亿元（上一年同期为 0.71 亿元）；综合以上，净利率 同比-14.0pct 至-8.4%。3）单四季度：2024Q4 公司收入为 8.8 亿元，同比+4%；归母净利 润为-3.3 亿元。4）公司 2024 年 ...

Investment Rating - The investment rating for Agricultural Bank is "Buy" with a 6-month outlook maintained [7] Core Views - Agricultural Bank reported a revenue of approximately 186.7 billion yuan for Q1 2025, showing a year-over-year increase of 0.35%. The net profit attributable to shareholders was 71.9 billion yuan, up 2.20% year-over-year. The non-performing loan ratio stood at 1.28% with a provision coverage ratio of 298% [1][2] - The bank's net interest income was 140.6 billion yuan, down 2.74% year-over-year, accounting for 75.3% of total revenue. Non-interest income reached 46.1 billion yuan, marking a significant growth of 24.7% year-over-year, driven by a 95.77% increase in investment net income [2][3] - The bank's net interest margin recorded at 1.34%, reflecting a decline of 8 basis points quarter-over-quarter and 10 basis points year-over-year due to the impact of loan repricing following the reduction in LPR [3] Financial Performance Summary - For Q1 2025, the total interest-earning assets amounted to 43.92 trillion yuan, a year-over-year growth of 6.3%. Loan and financial investment growth rates were 10.0% and 12.7% respectively [3] - The bank's interest-bearing liabilities reached 40.96 trillion yuan, increasing by 8.0% year-over-year, with deposits growing by 3.0% [3] - The core Tier 1 capital adequacy ratio was reported at 11.23%, down 19 basis points, attributed to high credit growth leading to risk-weighted asset expansion [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 2.25%, 4.12%, and 5.08% respectively, with corresponding book values per share (BPS) of 7.95, 8.50, and 8.99 yuan [5] - The projected revenue for 2025 is approximately 719.2 billion yuan, with a growth rate of 1.21% [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - In 2024, the company is expected to achieve an operating revenue of 4.14 billion yuan, representing a year-on-year growth of 10.8%, while the net profit attributable to the parent company is projected to be 730 million yuan, a decrease of 10.6% due to increased financial expenses from currency exchange and interest costs [1] - In Q1 2025, despite a decline in Brent crude oil prices, the company achieved a net profit of 230 million yuan, reflecting a year-on-year increase of 33.0% due to its integrated capabilities [1] - The company signed development contracts for oil and gas blocks in Iraq, with significant geological reserves identified [2] Financial Performance and Forecast - The company’s revenue is projected to grow from 3.73 billion yuan in 2023 to 8.26 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 23% [4] - The net profit attributable to the parent company is expected to increase from 809.88 million yuan in 2023 to 1.76 billion yuan in 2027, with a notable growth rate of 74.81% in 2025 [4] - Earnings per share (EPS) are forecasted to rise from 1.75 yuan in 2023 to 3.82 yuan in 2027 [4] Production and Cost Analysis - In 2024, the company’s crude oil production is estimated at 655,000 tons, with a sales revenue of 1.93 billion yuan from domestic crude oil sales [2] - The average realized price for crude oil is calculated at 3,368 yuan per ton, equivalent to 67.7 USD per barrel, while the unit cost for domestic crude oil operations is 1,407 yuan per ton, or 28.3 USD per barrel [2] Strategic Developments - The company’s subsidiary signed contracts for the development of the EBN and MF blocks in Iraq, with substantial oil reserves identified [2]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 亿帆医药（002019.SZ） 2024 业绩符合预期，2025Q1 经营稳健，后续有望逐季向好 公司发布 2024年报及 2025一季报。公司 2024 全年实现营业收入 51.60 亿元（同比+26.84%），实现归母净利润 3.86 亿元（同比+170.04%），扣 非归母净利润 2.48 亿元（同比+146.58%）。 单独看 Q4，2024Q4 公司实现营业收入 13.02 亿元（同比+14.39%）；实 现归母净利润 0.20 亿元（同比+102.81%）；实现扣非归母净利润-0.04 亿 元。 2025Q1 公司实现营业收入实现营业收入 13.27 亿元（同比+0.05%）；实 现归母净利润 1.53 亿元（同比+4.83%）；实现扣非归母净利润 0.95 亿 元。 2024 年公司收入利润快速增长，符合预期。公司收入整体符合预期，收 入结构持续优化。公司药品有关的营业收入为 42.60 亿元（同比 +37.51%），占公司整体营业收入的 82.56%（（2023 年占比 76.15%）。产 品分类中医药 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 浙江自然（605080.SH） 新品类放量带动业绩高速增长，期待全年靓丽表现 2024 年公司收入同比+22%/归母净利润同比+42%。1）2024 全年公司收入为 10.0 亿元，同 比+22%；归母净利润为 1.9 亿元，同比+42%；扣非归母净利润为 1.7 亿元，同比+25%；非经 常损益 0.14 亿元（上一年同期为-0.06 亿元），主要系公允价值变动损益。2）盈利质量：2024 全 年毛利率同比-0.1pct 至 33.7%；销售/管理/财务费用率同比分别持平/-0.1pct/-0.2pct 至 2.4%/7.1%/-1.3%；投资净收益 0.25 亿元（上一年同期 0.07 亿元）；综合以上，净利率同比+3.4pct 至 18.9%。3）单四季度：2024Q4 收入为 2.1 亿元，同比+39%；归母净利润为 0.2 亿元。4）公 司 2024 年合计拟分配现金股利 0.28 亿元，股利支付率约为 15%，以 2025 年 4 月 30 日收盘价计 算的股息率约为 0.8%。 2025Q1 公司收入同比 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has seen significant growth in equipment revenue, with a projected revenue increase of 40.74% year-on-year for 2024, reaching 555.17 million yuan [2] - The net profit attributable to the parent company for 2024 is expected to grow by 1.78% year-on-year, amounting to 115.95 million yuan [2] - The decline in catalyst revenue is attributed to delivery delays, impacting overall performance [2] Revenue and Profitability Summary - Total revenue for 2024 is projected at 555.17 million yuan, with a year-on-year growth of 40.74% [2] - The net profit for 2024 is estimated at 115.95 million yuan, reflecting a modest growth of 1.78% [2] - The gross profit margin is expected to decrease by 15.44 percentage points to 39.05% in 2024 [2] Revenue Breakdown - Equipment revenue has increased by 171.19% year-on-year to 414 million yuan, accounting for 74.50% of total revenue [2] - Catalyst revenue has decreased by 45.4% year-on-year to 48 million yuan, now representing 8.57% of total revenue [2] - Revenue from process packages and other technical services has dropped by 53.66% to 72 million yuan, making up 12.91% of total revenue [2] Market Position and Future Outlook - The company is recognized as a "small giant" in petrochemical process packages, with leading technology in the domestic market [3] - The establishment of a 12,000-ton catalyst production base is expected to enhance production capacity and meet significant order demand [3] - The company is expanding into biodegradable plastics, which are anticipated to grow rapidly due to regulatory changes in traditional plastics [3] Financial Forecasts - The forecast for net profit attributable to the parent company has been adjusted to 146 million yuan for 2025 and 185 million yuan for 2026 [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 17.49, 13.80, and 10.80 respectively [3]

商贸零售/互联网电商 华凯易佰（300592.SZ） 主营业务稳健增长，库存因素短期拖累盈利能力 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-05 2024-09 2025-01 华凯易佰 沪深300 相关研究报告 《上半年营收稳健增长，新业务投入 等拖累业绩表现—公司信息更新报 告》-2024.8.26 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司 2024 年及 2025Q1 经营端表现稳健，业绩端短期承压明显 公司发布年报、一季报：2024 年实现营收 90.22 亿元（同比+38.4%，下同）、归 母净利润 1.70 亿元（-48.8%）；2025Q1 实现营收 22.92 亿元（+35.1%），归母净 利润-0.15 亿元（2024 年同期为 0.82 亿元）。考虑去库存及贸易风险影响，我们 下调公司 2025-2026 年盈利预测并新增 2027 年盈利预测，预计 2025-2027 年归 母净利润为 2.66/3.61/4.52 亿元（2025-2026 年原值 5.09/6.13 亿元），对应 EP ...

公司报告 | 季报点评 中国稀土（000831） 证券研究报告 稀土价格企稳回升，公司量增明显 业绩：24 年公司实现营收 30.27 亿元，同比-24%，主要受稀土价格下行影 响；25Q1 实现营收 7.28 亿元，同比+141%，环比-32%，主要由于稀土价格 回升，公司调整了销售策略；利润端，24 全年归母净利润-2.87 亿元，主要 受补缴税费及减值影响（其中资产减值 4.15 亿，子公司中稀湖南补缴以前 年度税费 1.52 亿，去除影响后利润 2.8 亿），扣非净利润-1.45 亿；2 5Q1 归 母净利润 0.73 亿元，业绩大幅修复。 销量大增，25Q1 价格回升 中国稀土集团核心上市公司，资源优势显著 公司是中国稀土集团核心上市公司，业务涉及稀土矿开采到金属冶炼，目 前中稀湖南拥有湖南省目前唯一一宗离子型稀土矿采矿权，所属的矿区、 达大型离子型稀土矿藏的规模，资源优势明显，且中稀湖南是"国家级绿 色矿山"中第一座离子型稀土矿山。此外，公司通过参股华夏纪元持有的 圣功寨稀土矿探矿权和肥田稀土矿，为提高探转采工作效率，公司正优先 开展圣功寨稀土矿探转采办理工作。具体来看，24 年公司稀土氧化物/稀 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][6]. Core Insights - The company has shown signs of an earnings inflection point, with a significant revenue increase of 56.79% year-on-year for 2024, reaching 564 million yuan, and a remarkable revenue growth of 105.63% year-on-year in Q1 2025, amounting to 191 million yuan [1][4]. - The company has effectively reduced its expense ratio, with a notable decline in the overall expense ratio to 61.45% in 2024, down by 71.91 percentage points year-on-year, showcasing strong cost control capabilities [2]. - The company is positioned in the robotics sector, offering a comprehensive product matrix that includes various types of 3D vision sensors, which are crucial for human-robot interaction [3]. Financial Performance Summary - For 2024, the company reported a net profit attributable to shareholders of -63 million yuan, a 77.20% improvement year-on-year, while the net profit for Q1 2025 was 24 million yuan, reflecting a 184.48% increase year-on-year [1][5]. - The company’s revenue projections for 2025, 2026, and 2027 are estimated at 936 million yuan, 1.476 billion yuan, and 1.898 billion yuan, respectively, with year-on-year growth rates of 65.9%, 57.6%, and 28.6% [4][5]. - The report highlights a projected increase in diluted EPS from -0.16 yuan in 2024 to 0.27 yuan in 2025, indicating a turnaround in profitability [5].

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 天孚通信（300394.SZ） 技术储备丰富，有望受益于光通信产品迭代。公司始终聚焦高速率、高集 成度、高精度、高可靠性等关键方向，通过持续加大研发投入，推动光器 件解决方案的创新升级。同时，公司积极布局硅光、CPO 等前沿领域核心 技术，目前公司已形成波分复用耦合技术、FA 光纤阵列设计制造技术、 TO-CAN/BOX 封装技术、并行光学设计制造技术等多种技术和创新平台； 并通过产品线垂直整合为客户提供一站式产品解决方案。24 年公司研发 投入 2.3 亿元，较上年同期相比增长 62%。我们预计公司将在本轮 AI 驱 动光器件迅速迭代的产业机遇下，基于其在光通信多年的积累优势，持续 受益于光通信产业的巨大空间。 坚持全球化布局，补充新产品落地。公司积极推进国际化战略，形成双总 部、双生产基地、多地研发中心的产业布局：在苏州和新加坡分别设立海 内外总部；在日本、深圳、苏州设立研发中心；在江西和泰国建立量产基 地。截至 24 年末，公司海外总部和泰国生产基地已进入正常运营。我们 认为，2025 年公司有望进一步扩大产能， ...