Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, with a full order book and optimized structure. In 2024, the company achieved total revenue of 78.6 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 3.6 billion yuan, up 22% year-on-year. The shipbuilding and offshore engineering segments generated revenue of 75.4 billion yuan, a 7% increase year-on-year, and a 17% increase after excluding the impact of the recovery of four offshore platforms from a subsidiary [2] - The gross margin has reached an upward turning point, with stable cost control capabilities. The company's gross margin for its main business in 2024 was 9.9%, an increase of 0.4 percentage points year-on-year. The gross margin for shipbuilding and offshore engineering was 9.6%, up 0.3 percentage points year-on-year. In Q1 2025, the sales gross margin was 12.8%, a year-on-year increase of 6.2 percentage points, benefiting from the rising shipbuilding industry and improved order structure [3] - The shipbuilding manufacturing upcycle is expected to continue, with the company's overall strength continuously enhancing. The U.S. Trade Representative's office released the results of the 301 investigation into China's maritime, logistics, and shipbuilding industries, which are expected to improve market sentiment and order conditions. The mid-term outlook indicates that while the peak of the shipbuilding cycle has passed, it is far from over, with supply rigidly supporting ship prices and demand recovering [4] Financial Summary - The company forecasts total revenue of 78.6 billion yuan for 2024, with a year-on-year growth of 5.01%, and a net profit of 3.6 billion yuan, reflecting a year-on-year growth of 22.21%. The earnings per share (EPS) is projected to be 0.81 yuan for 2024, with a price-to-earnings (P/E) ratio of 36.23 [1][10] - The company expects to receive new orders for 12.72 million DWT worth 103.9 billion yuan in 2024, a year-on-year increase of approximately 38% and 43% respectively, with an optimized order structure supporting future performance growth [2] - The company's total assets are projected to reach 181.98 billion yuan in 2024, with total liabilities of 126.71 billion yuan, resulting in a debt-to-asset ratio of 68.80% [8][10]

证券研究报告·公司点评报告·通用设备 普源精电（688337） 2025 年一季报点评：营收同比+11%，高端产 品&解决方案增速亮眼 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） | 670.54 | 775.83 | 919.70 | 1,077.58 | 1,258.17 | | 同比（%） | 6.34 | 15.70 | 18.55 | 17.17 | 16.76 | | 归母净利润（百万元） | 107.95 | 92.30 | 134.04 | 183.85 | 241.77 | | 同比（%） | 16.72 | (14.50) | 45.22 | 37.16 | 31.50 | | EPS-最新摊薄（元/股） | 0.56 | 0.48 | 0.69 | 0.95 | 1.25 | | P/E（现价&最新摊薄） | 65.79 | 76.95 | 52.99 | 38.63 | 29.38 | [ ...

商贸零售/一般零售 永辉超市（601933.SH） 2025Q1 稳态调改店实现盈利，渠道改革有望提速 | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 5.16 | | 一年最高最低(元) | 7.87/2.11 | | 总市值(亿元) | 468.27 | | 流通市值(亿元) | 468.27 | | 总股本(亿股) | 90.75 | | 流通股本(亿股) | 90.75 | | 近 3 个月换手率(%) | 266.39 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 2024-05 2024-09 2025-01 永辉超市 沪深300 相关研究报告 《优化低效门店轻装上阵，门店调改 即 将 提 速 — 公 司 信 息 更 新 报 告 》 -2024.11.1 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司经营业绩受门店调改影响明显承压 公司发布年报、一季报：2024 年实现营收 675.74 亿元（同比-14.1%，下同）、归 母净利润-14.65 亿元（2024 年同期为 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company has shown a significant performance turnaround in Q1 2025, with revenue reaching 3.14 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 210 million yuan, up 15.8% year-on-year [6][8] - The company maintains its profit forecast, expecting net profits of 1.09 billion, 1.36 billion, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.56, 1.95, and 2.35 yuan [6][8] Financial Performance - In Q1 2025, the company achieved a gross margin of 13.36% and a net margin of 6.81%, both showing year-on-year increases [8] - The company’s revenue is projected to grow from 13.45 billion yuan in 2023 to 24.26 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.9% [9][11] - The net profit is expected to recover from a low of 833 million yuan in 2024 to 1.65 billion yuan in 2027, indicating a strong recovery trajectory [9][11] Business Segments - All business lines reported increases in both shipment volume and revenue in Q1 2025, with intelligent interactive displays growing by 10.03%, innovative displays by 50.42%, and smart TVs by 5.88% [7] - The company’s innovative display segment benefits from AI empowerment, enhancing product capabilities and pricing power, with a gross margin exceeding 20% [8] Market Position and Strategy - The company is focusing on expanding its own brands in international markets, primarily through cross-border e-commerce channels [8] - The company’s "随心屏" product is expected to achieve the highest global shipment volume in 2024, including both its own brand and ODM for other brands [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 24.06 billion yuan in 2024, representing a year-on-year increase of 6.53%, with a net profit attributable to shareholders of 1.53 billion yuan (up 8.26%) [3][4] - The company is optimistic about the optimization of store operations and refined management capabilities, projecting net profits of 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan for 2025-2027 [3][4] - The current stock price corresponds to a PE ratio of 19.6, 17.0, and 14.8 for 2025-2027 [3] Financial Performance - In 2024, the retail business generated revenue of 21.19 billion yuan (up 4.97%), while the franchise and distribution business saw revenue of 2.11 billion yuan (up 11.34%) [4] - For Q1 2025, retail revenue was 5.26 billion yuan (down 0.09%), and franchise and distribution revenue was 573 million yuan (up 12.94%) [4] - The gross margin for 2024 was 40.12%, with a net margin of 6.87% [3][4] Store Expansion and Strategy - The company has a total of 14,684 stores as of the end of 2024, with 2,512 new stores added, including 1,305 self-built, 381 acquired, and 826 franchised [5] - The company focuses on regional markets in Central, East, and North China, employing a strategy of "regional focus and steady expansion" [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 26.51 billion yuan, 29.28 billion yuan, and 32.38 billion yuan, respectively, with corresponding net profits of 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan [7][10] - The company’s EPS is projected to be 1.45 yuan, 1.67 yuan, and 1.92 yuan for 2025-2027 [7][10] - The P/E ratio is expected to decrease from 19.6 in 2025 to 14.8 in 2027 [7][10]

周大生（002867.SZ） 2025 年 05 月 01 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 13.03 | | 一年最高最低(元) | 17.60/9.97 | | 总市值(亿元) | 142.80 | | 流通市值(亿元) | 141.97 | | 总股本(亿股) | 10.96 | | 流通股本(亿股) | 10.90 | | 近 3 个月换手率(%) | 53.6 | 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 周大生 沪深300 相关研究报告 《经营业绩承压，渠道逆势扩张积蓄 势能—公司信息更新报告》-2024.11.1 《二季度终端销售承压，费用投入拖 累业绩表现—公司信息更新报告》 -2024.8.28 2025Q1 业绩短期承压，关注后续品牌矩阵优化 纺织服饰/饰品 ——公司信息更新报告 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 受金价上涨影响，公司 2024 ...

纺织服饰/饰品 周大生（002867.SZ） 2025 年 05 月 01 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 13.03 | | 一年最高最低(元) | 17.60/9.97 | | 总市值(亿元) | 142.80 | | 流通市值(亿元) | 141.97 | | 总股本(亿股) | 10.96 | | 流通股本(亿股) | 10.90 | | 近 3 个月换手率(%) | 53.6 | 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 周大生 沪深300 相关研究报告 《经营业绩承压，渠道逆势扩张积蓄 势能—公司信息更新报告》-2024.11.1 《二季度终端销售承压，费用投入拖 累业绩表现—公司信息更新报告》 -2024.8.28 2025Q1 业绩短期承压，关注后续品牌矩阵优化 ——公司信息更新报告 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司发布年报、一季报：2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company has shown a significant performance turnaround in Q1 2025, with revenue and profit both increasing. Revenue reached 3.14 billion yuan, up 10.8% year-on-year, and net profit attributable to shareholders was 210 million yuan, up 15.8% year-on-year [6][8] - The company is expected to maintain its profit forecast, with projected net profits of 1.09 billion yuan, 1.36 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 30.9%, 24.9%, and 21% [6][9] Financial Performance - In Q1 2025, the company achieved a gross margin of 13.36% and a net margin of 6.81%, both showing year-on-year improvements [8] - The company’s revenue for 2023 was 13.447 billion yuan, with a projected growth to 18.315 billion yuan in 2025, representing a year-on-year growth rate of 17.5% [9][11] - The earnings per share (EPS) are projected to be 1.56 yuan, 1.95 yuan, and 2.35 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13.4, 10.8, and 8.9 [6][9] Business Segments - All business lines reported increases in both shipment volume and revenue in Q1 2025, with smart interactive displays, innovative displays, and smart TVs showing year-on-year revenue growth of 10.03%, 50.42%, and 5.88% respectively [7] - The company is focusing on expanding its own brands in international markets, particularly through cross-border e-commerce channels, and plans to launch AI smart glasses in mid-2025 [8][9]

电力设备及新能源 2025 年 5 月 1 日 隆基绿能(601012.SH) 盈利水平持续承压，全力布局BC技术 推荐（维持） 股价：14.7 元 主要数据 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 苏可 投资咨询资格编号 S1060524050002 suke904@pingan.com.cn 事项： 公司发布 2024 年年报和 2025 年一季报，2024 年实现营收 825.82 亿元，同比 减少 36.23%，归母净利润-86.18 亿元，同比减少 180.15%，扣非后净利润-87.47 亿元，同比减少 180.74%；EPS -1.14 元，不进行利润分配。2025 年一季度实 现营收 136.52 亿元，同比减少 22.75%，归母净利润-14.36 亿元，同比增长 38.89%。 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 129,498 | 82,582 | 72,592 ...

2025 年 5 月 1 日 公司研究 存款定期化边际改善，财富管理收入转暖 ——招商银行（600036.SH）2025 年一季报点评 买入（维持） 当前价：40.74 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 252.20 | | 总市值(亿元)： | 10,274.57 | | 一年最低/最高(元)： | 29.93/46.1 | | 近 3 月换手率： | 28.98% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -2.89 | 1.44 | 21.28 | | 绝对 | -5.89 | 0.22 | 25.89 | | 资料来源：Wind | | | | 要点 事件： 招商银行发布 2025 年一季度报告，报告期内 ...