基地市场保持稳健增长，24 年控费成效凸 显 核心观点 25.9/8.58/5.50/2.30/10.99 亿元，同比+9.96%/-10.33%/+0.53%/+28.12%/+12.3%。 按地区划分，24 年全年河北/山东/安徽/湖南/其他省份分别实现收入 31.2/2.1/5.5/11.0/3.3 亿元，分别同比+2.6%/+31.4%/+0.5%/+12.3%/+20.7%。 25Q1 河北/山东/安徽/湖南/其他省份分别实现收入 7.2/0.4/1.3/2.1/0.6 亿元，分别同 比+8.0%/+7.9%/+2.5%/+9.7%/-36.6%。24 年年末，公司在河北/山东/安徽/湖南/其 他省份经销商数量分别环比 24Q3 末+16/+17/+13/-66/+13 家。25Q1 末，公司在河 北/山东/安徽/湖南/其他省份经销商数量分别环比 24 年年末+13/-22/+7/+73/+12 家。 ⚫ 24 年控费成果显现费用率降低，25 年营业利润目标增速为 12%。24 全年归母净利 率为 14.69%，同比增加 2.02pct；全年累计销售/管理/财务/研发费用率分别为 23.69%/7. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In Q1 2025, the company reported a revenue of 2.601 billion yuan, a year-on-year decrease of 4.24%, while the net profit attributable to shareholders increased by 10.26% to 420 million yuan [2][4] - The company's operational efficiency has significantly improved, particularly in the solid waste business, which has shown a notable increase in operational efficiency [2][4] - The company is expected to complete the privatization of Yuefeng in the first half of 2025, which is anticipated to enhance both EPS and dividend yield [2][4] Summary by Sections Financial Performance - Q1 2025 revenue was 2.601 billion yuan, down 4.24% year-on-year; net profit attributable to shareholders was 420 million yuan, up 10.26% year-on-year; and the non-recurring net profit was 418 million yuan, up 12.80% year-on-year [2][4] - The solid waste business generated revenue of 1.31 billion yuan, with a net profit of 331 million yuan, reflecting a year-on-year decrease in revenue of 8.52% but an increase in net profit of 32.61% [11] Operational Efficiency - The solid waste business's operational revenue structure has improved, with over 90% of revenue coming from operational activities [11] - The company achieved a significant increase in power generation efficiency, with a year-on-year growth of 4.95% and 6.17% in power generation per ton and grid-connected power, respectively [11] Cash Flow and Capital Expenditure - The company reported a free cash flow increase of 339 million yuan to 224 million yuan, with operating cash flow net income growing by 74.54% [11] - Capital expenditures in Q1 2025 were approximately 373 million yuan, a decrease of about 100 million yuan year-on-year, with expectations for continued downward trends in capital expenditures throughout 2025 [11] Privatization and Market Expansion - The privatization of Yuefeng is progressing well, with key meetings scheduled for May 2025, and the transaction is expected to be completed in the first half of 2025 [11] - The company is actively expanding into overseas markets, particularly in Southeast Asia, with ongoing projects in Thailand [11] Dividend and Profit Forecast - The company has committed to a dividend growth of no less than 10% from 2024 to 2026, with a dividend yield of 3.45% as of April 28, 2025 [11] - Forecasted net profits for 2025, 2026, and 2027 are 1.79 billion yuan, 2.16 billion yuan, and 2.29 billion yuan, respectively, with corresponding P/E ratios of 10.5x, 8.7x, and 8.3x [11]

丨证券研究报告丨 公司研究丨点评报告丨中航高科（600862.SH） [Table_Title] 一季度稳健增长，全年景气可期 报告要点 [Table_Summary] 公司发布 2025 年一季报，25Q1 实现营收 14.01 亿，同比增长 6.38%，环比增长 12.01%；归 母净利润 3.58 亿，同比增长 1.93%，环比增长 48.64%；扣非归母净利润 3.52 亿，同比增长 0.38%，环比增长 47.79%。 分析师及联系人 [Table_Author] 王贺嘉 张晨晨 SAC：S0490520110004 SAC：S0490524080007 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中航高科（600862.SH） cjzqdt11111 [Table_Title2] 一季度稳健增长，全年景气可期 [Table_Summary2] 事件描述 公司发布 2025 年一季报，25Q1 实现营收 14.01 亿，同比增长 6.38%，环比增长 12.01%；归 母净利润 3.58 亿，同比增长 1.93%，环比增长 4 ...

证券研究报告 | 公司点评报告 2025 年 05 月 02 日 大北农（002385.SZ） 养殖盈利修复，饲料及种业开局良好 消费品/农林牧渔 25Q1饲料及种业开局良好、养殖盈利改善。公司未来将聚焦强化种业、疫苗动 保等科技产业业务，夯实饲料业务，平稳发展生猪养殖业务。 ❑ 风险提示：猪价表现/公司规模扩张低于预期，突发大规模不可控疫情；自然 灾害，转基因商业化进度不达预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 33390 | 28767 | 33720 | 35969 | 38193 | | 同比增长 | 3% | -14% | 17% | 7% | 6% | | 营业利润(百万元) | (2485) | 791 | 805 | 984 | 1218 | | 同比增长 | -761% | -132% | 2% | 22% | 24% | | 归母净利润(百万元) | (2174) | 346 | 549 | 725 | 93 ...

丨证券研究报告丨 公司研究丨点评报告丨三角防务（300775.SZ） [Table_Title] 环比增长或反映需求复苏，推进募投项目开拓新 业务 报告要点 [Table_Summary] 公司发布 24 年年报和 25 年一季报，24A 实现营收 15.9 亿，同比减少 30.02%；归母净利润 3.8 亿，同比减少 49.12%；扣非归母净利润 3.32 亿，同比减少 52.63%。其中 24Q4 实现营收 2.27 亿，同比减少 29.8%，环比减少 28.75%；归母净利润 0.81 亿，同比减少 37.89%，环比 增长 382.99%；扣非归母净利润 0.68 亿，同比减少 45.09%，环比减少 283.73%。25Q1 实现 营收 4.03 亿，同比减少 21.07%；归母净利润 1.29 亿，同比减少 22.92%；扣非归母净利润 1.24 亿，同比减少 25.08%。 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% resea ...

证券研究报告·公司点评报告·饮料乳品 李子园（605337） 2024 年报及 2025 年一季报业绩点评：收入 符合预期，成本红利释放 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1412 | 1415 | 1538 | 1643 | 1746 | | 同比（%） | 0.60 | 0.22 | 8.69 | 6.84 | 6.22 | | 归母净利润（百万元） | 236.96 | 223.80 | 253.51 | 279.52 | 305.20 | | 同比（%） | 7.20 | (5.55) | 13.27 | 10.26 | 9.19 | | EPS-最新摊薄（元/股） | 0.60 | 0.57 | 0.64 | 0.71 | 0.77 | | P/E（现价&最新摊薄） | 20.79 | 22.01 | 19.43 | 17.62 | 16.14 | [Table_Tag] [Table_S ...

丨证券研究报告丨 公司研究丨点评报告丨七一二（603712.SH） [Table_Title] 需求波动导致收入业绩下滑，静待景气复苏 报告要点 [Table_Summary] 受下游需求波动影响，公司产品订单减少导致收入业绩同步下滑。公司单季度毛利率环比显著 提升，主要系收入结构影响所致。 分析师及联系人 [Table_Author] 王贺嘉 王清 SAC：S0490520110004 SAC：S0490524050001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 七一二（603712.SH） cjzqdt11111 [Table_Title2] 需求波动导致收入业绩下滑，静待景气复苏 [Table_Summary2] 事件描述 公司发布一季报，实现营业收入 2.16 亿元，同比减少 55.88%，实现归母净利润-0.54 亿元， 同比减少 440.23%。 事件评论 丨证券研究报告丨 2025-05-02 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_BaseData] 当前股价(元 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's revenue and performance have declined due to external factors such as contract signing progress and supply chain issues, but overall profitability remains high. The company's operational quality has significantly improved year-on-year, with sufficient inventory to support short-term production [2][11] - In Q1 2025, the company achieved a revenue of 5.834 billion yuan, a year-on-year decrease of 38.55%, and a net profit attributable to the parent company of 431 million yuan, down 39.87% year-on-year. Overall performance is in line with expectations [6][11] - The company's contract liabilities and advance payments increased compared to the beginning of the period, indicating ongoing capacity expansion to meet the demand for new models [2][11] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin improved to 12.65%, with a net profit margin of 7.38%. The cash flow from operating activities increased by 77.28 million yuan compared to the same period last year, indicating a significant improvement in overall operational quality [11] - The company’s contract liabilities increased by 53% to 5.4 billion yuan, and advance payments rose by 58% to 3.275 billion yuan, reflecting clearer downstream demand and ongoing capacity expansion [11] Earnings Forecast and Valuation - The company is expected to achieve net profits of 3.956 billion yuan, 4.732 billion yuan, and 5.577 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 20%, and 18%. The corresponding price-to-earnings ratios are projected to be 30, 25, and 21 times [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The aerospace industry is experiencing an upward trend, significantly improving profitability year-on-year. The company has ample inventory and a substantial increase in construction projects to meet the ongoing industry growth [2][10]. - The company is focused on its core business, promoting high-quality development across the entire industry chain, continuously increasing R&D investment, and accelerating the development of new production capabilities [2][10]. Financial Performance - In Q1 2025, the company achieved operating revenue of 406 million yuan, a year-on-year decrease of 0.97%. However, the net profit attributable to the parent company was 105 million yuan, a year-on-year increase of 35.7%, and the net profit excluding non-recurring items was 95 million yuan, up 93% year-on-year [4][10]. - The overall revenue slightly declined, but the gross margin improved by 10.32 percentage points to 49.96%. Other income, such as government subsidies, decreased, leading to a significant increase in net profit excluding non-recurring items [10]. - As of the end of Q1 2025, the company had a sufficient inventory balance of 739 million yuan and a 44.9% increase in construction projects to 385 million yuan, indicating further capacity expansion to accommodate ongoing industry growth [10]. R&D and Market Strategy - The company is continuously optimizing its industrial layout to release synergies across the industry chain. Key projects include the expansion of synthetic quartz glass materials and the precision processing of photomask substrates, which are expected to enhance production capabilities [10]. - The company is committed to strengthening its technological innovation capabilities through increased R&D investment, which reached approximately 249.94 million yuan in 2024, a year-on-year increase of 11.98% [10]. Profit Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 589 million yuan, 839 million yuan, and 1.167 billion yuan, respectively, with year-on-year growth rates of 87%, 42%, and 39%. The corresponding price-to-earnings ratios are projected to be 44, 31, and 22 times [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong start to 2025, with a more than doubling of net profit attributable to shareholders [1] - The revenue for 2024 decreased by 2.1% to 9.17 billion yuan, while net profit attributable to shareholders fell by 36.9% to 810 million yuan, primarily due to significant losses from fair value changes in financial assets [8] - The first quarter of 2025 showed positive growth, with revenue increasing by 1.2% to 2.11 billion yuan and net profit attributable to shareholders rising by 110.3% to 320 million yuan [8] - The company has maintained stable growth in its textbook and auxiliary materials business, while the general book segment faced challenges [8] - The company is actively enhancing its AI and digital education business, with significant progress in digital textbook applications [8] - The dividend payout is set to increase, with a proposed cash dividend of 5.50 yuan per 10 shares, totaling 490 million yuan, which is 60.9% of the 2024 net profit [8] - Profit forecasts for 2025-2026 have been revised upwards, with net profit estimates of 1.03 billion yuan and 1.07 billion yuan respectively, reflecting improved gross margins and cost control [8] Summary by Sections Financial Performance - Total revenue for 2023 was 9.365 billion yuan, with a projected decrease to 9.172 billion yuan in 2024, followed by a recovery to 9.534 billion yuan in 2025 [1] - Net profit attributable to shareholders for 2023 was 1.284 billion yuan, expected to drop to 809.81 million yuan in 2024, before rebounding to 1.025 billion yuan in 2025 [1] - The latest diluted EPS is projected to be 0.90 yuan for 2024, increasing to 1.14 yuan in 2025 [1] Business Segments - The textbook and auxiliary materials segment saw a revenue increase of 1.9% to 8.46 billion yuan in 2024, while the general book segment experienced an 8.0% decline to 1.50 billion yuan [8] - The gross margin for the textbook segment improved to 25.8%, while the general book segment's gross margin increased to 12.3% despite revenue declines [8] Future Outlook - The company plans to enhance its digital education capabilities, with the "Yuejiao Xiangyun" digital textbook platform being a key focus for 2025 [8] - The projected net profit for 2027 is estimated at 1.11 billion yuan, with corresponding P/E ratios of 14, 14, and 13 for 2025-2027 [8]