2025 年 04 月 29 日 公司点评 买入/维持 惠泰医疗(688617) 昨收盘:427.10 惠泰医疗点评报告：业绩持续高增长，PFA 有望贡献新增量 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 总股本/流通(亿股) 0.97/0.97 总市值/流通(亿元) 414.64/414.64 12 个月内最高/最低价 (元) 569/303.52 相关研究报告 <<惠泰医疗点评报告：业绩基本符合 预期，看好集采下产品放量>>-- 2024-11-01 <<惠泰医疗点评报告：电生理手术量 保持强劲增长，业绩持续向好>>-- 2024-08-27 <<惠泰医疗点评报告：电生理手术量 增速强劲，血管介入新品迭出>>-- 2024-04-26 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：0755-83683312 E-MAIL：lixiaoyan@tpyzq. ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Insights - The company reported a Q1 2025 revenue of 3.486 billion yuan, a year-on-year increase of 41.9%, but a quarter-on-quarter decrease of 19.0. The net profit attributable to shareholders was 2.715 billion yuan, up 39.0% year-on-year and down 23.9% quarter-on-quarter [1][4]. - The capital market's trading activity has significantly increased since Q4 2024, driving substantial growth in the company's securities business, particularly in brokerage and margin financing [1][2]. - The company has increased its bond investments in recent years, which has contributed positively to its revenue [1]. - The company holds a leading position in fund distribution, with a total equity fund holding of 349.3 billion yuan, accounting for 60.7% of non-monetary funds [3]. - The company has a strong online presence with its platforms, which enhances user engagement and retention, and it possesses a comprehensive range of financial licenses [3]. Financial Performance and Forecast - The company’s projected revenues for 2025-2027 are 13.265 billion yuan, 14.729 billion yuan, and 16.359 billion yuan, respectively, reflecting growth rates of 14.3%, 11.0%, and 11.1% [5][29]. - The net profit attributable to shareholders is expected to reach 11.010 billion yuan in 2025, with a growth rate of 14.6% [5][29]. - The company’s current price-to-earnings (P/E) ratio is 34.00x, which is at the 48.43% percentile over the past five years [4][26].

2025 年 04 月 29 日 公司点评 买入/首次 ◼ 股票数据 总股本/流通(亿股) 48.47/48.47 总市值/流通(亿元) 677.17/677.17 12 个月内最高/最低价 (元) 18.65/11.86 相关研究报告 中金黄金(600489) 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 昨收盘:13.97 事件：2025 年 4 月 30 日，公司发布 2024 年年报及 2025 年一季报。 2024 年公司实现收入 655.56 亿元，同比+7.01%；归母净利润 33.86 亿 元，同比+13.71%；扣非净利润 35.32 亿元，同比+18.25%。2025 年一季 度，公司实现收入 148.59 亿元，同比+12.88%，环比-23.84%；归母净利 润 10.38 亿元，同比+32.65%，环比+39.79%；扣非净利润 12.68 亿元，同 比+71.13%，环比+38.76%。 业绩显著增长，盈利能力持续提升 ◼ 走势 ...

公司报告 | 季报点评 华利集团（300979） 证券研究报告 新厂爬坡短暂拖累盈利，新客户订单显著增长 公司发布一季报 25Q1 营收 54 亿，同增 12%，归母 7.6 亿，同减 3%，扣非后归母 7.5 亿， 同减 3%。 公司通过战略性拓展新客户及深化新兴运动品牌客户合作，2025Q1 新客户 订单量同比显著增长。为匹配快速增长产能需求，公司加速了新工厂的建 设和投产节奏（继 2024 年上半年和下半年各投产 2 家成品鞋工厂之后， 2025 年第一季度 2 家成品鞋工厂已经投产）。 鉴于新工厂投产初期存在新员工技能培训周期（2025 年 3 月末员工人数约 18.4 万人，较 2024 年 3 月末增加约 17%，其中最近半年集团员工人数增 加约 1.4 万人），新工厂仍处于效率爬坡阶段，对公司整体毛利率造成一定 影响。公司将通过优化培训机制、加快推进智能化生产设备和生产管理系 统部署等措施助力新工厂的运营效率提升。 新增客户以及新客户合作深入，是业绩稳健成长重要保障 公司客户相对多元，大多数客户都是上市公司。从各客户披露的业绩指引 来看，多数客户业绩保持成长。对于营收增速较高的客户，公司来自该客 ...

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 ...