Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's revenue performance is under pressure, with expectations for demand recovery driven by national subsidies. The company has a solid foundation in smart drying products and aims to expand into multiple categories to drive future growth. The company has a market share of approximately 40% in the smart drying sector and anticipates a gradual recovery in revenue following the implementation of national subsidies in March 2025 [9][10]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 1.557 billion, net profit attributable to shareholders of 248 million, and net profit excluding non-recurring items of 244 million, representing year-on-year declines of 8%, 24%, and 24% respectively. In Q4 2024, the expected revenue is 488 million, with net profit attributable to shareholders at 58 million and net profit excluding non-recurring items at 54 million, reflecting year-on-year declines of 15%, 35%, and 42% respectively. For Q1 2025, the company is expected to generate revenue of 259 million, with net profit attributable to shareholders at 33 million and net profit excluding non-recurring items at 32 million, showing year-on-year declines of 11%, 40%, and 43% respectively [2][7][9]. Revenue and Profit Analysis - The company faces significant operational pressure in 2024, with an overall revenue decline of 8%. In Q4 2024, the revenue decline is projected at 15%. However, the decline in Q1 2025 is expected to narrow to 11%. The sales performance of smart home products is expected to grow, while traditional drying rack products are projected to decline by 19% [13]. The gross margin is under pressure due to changes in product mix, with Q4 2024 and Q1 2025 gross margins at 37.6% and 47.9% respectively, reflecting year-on-year declines of 15.5 and 4.0 percentage points [13]. Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 280 million, 330 million, and 380 million for the years 2025 to 2027, corresponding to price-to-earnings ratios of 20, 17, and 15 times respectively [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][11] Core Views - The company has shown significant growth in revenue and profit, with a 29.98% year-on-year increase in revenue for 2024 and a 232.31% increase in net profit for Q1 2025 [5][10] - The company is expanding its fleet and opening new routes, which is driving growth in flight volume and improving fleet utilization [6][10] - The company is expected to continue its revenue growth trajectory, with projected revenues of 76.04 billion, 86.64 billion, and 94.42 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 14%, 14%, and 9% [9][10] Summary by Sections Recent Performance - In 2024, the company achieved an operating income of 6.696 billion, a year-on-year increase of 29.98%, and a net profit of 268 million, compared to a loss of 965 million in the same period of 2023 [5] - For Q1 2025, the company reported an operating income of 1.774 billion, a 9.78% increase year-on-year, and a net profit of 82 million, a 232.31% increase year-on-year [5] Fleet and Operations - The company expanded its fleet to 75 aircraft in 2024 and further to 77 in Q1 2025, with a focus on new route openings and increased flight frequency [6] - The available seat kilometers (ASK) grew by 33.21% in 2024 and 23.73% in Q1 2025, while the revenue passenger kilometers (RPK) increased by 40.72% and 28.08% respectively [6] Revenue and Cost Analysis - In 2024, the company's seat kilometer revenue was 0.433 yuan, a decrease of 2.4%, while other revenue per seat kilometer increased by 83.8% [7] - The operating cost per seat kilometer decreased by 10.4% in 2024, with significant reductions in fuel costs [8] Financial Projections - The company is projected to achieve net profits of 701 million, 1.122 billion, and 1.388 billion for 2025, 2026, and 2027 respectively, with growth rates of 161%, 60%, and 24% [10] - The price-to-earnings (P/E) ratio is expected to decrease from 36.88 in 2024 to 6.86 by 2027, indicating a favorable valuation trend [10][11]

2025 年 04 月 28 日 东微半导(688261.SH) 行业竞争加剧，积极加大市场开拓力度 事件： 4 月 26 日公司发布 2024 年度报告，2024 年公司实现营业收入 10.03 亿元，同比增长 3.12%，归母净利润 0.4 亿元，同比下降 71.27%。 行业竞争加剧，公司积极进取： 投资建议： 我们预计公司 2025 年~2027 年收入分别为 11.49 亿元、13.53 亿 元、15.97 亿元，归母净利润分别为 1.04 亿元、1.77 亿元、2.41 亿元，给予 25 年 55 倍 PE，对应六个月目标价 46.51 元，维持"买 入-A"投资评级。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 公司快报 证券研究报告 | 电力电子及自动化 | | | | --- | --- | --- | | 投资评级 | 买入-A | | | | 维持评级 | | | 6 个月目标价 | 46.51 | 元 | | 股价 (2025-04-28) | 40.22 | 元 | | 交易数据 | | | | 总市值(百万元) | 4,928.21 | | 2024 年报披露 ...

证券研究报告·公司点评报告·医药商业 一心堂（002727） 2024 年年报及 2025 年一季报点评：利润短 期承压，省外扩张成效显著 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） | 17,380 | 18,000 | 20,189 | 22,307 | 24,490 | | 同比（%） | (0.29) | 3.57 | 12.16 | 10.49 | 9.79 | | 归母净利润（百万元） | 549.44 | 114.14 | 642.45 | 717.17 | 797.64 | | 同比（%） | (45.60) | (79.23) | 462.87 | 11.63 | 11.22 | | EPS-最新摊薄（元/股） | 0.94 | 0.19 | 1.10 | 1.22 | 1.36 | | P/E（现价&最新摊薄） | 15.24 | 73.37 | 13.03 | 11.68 | 10.50 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company experienced stable operational performance, with a focus on expanding new retail customer base [1] - The gross margin is under marginal pressure, but the sales expense ratio is expected to smooth out gradually [1][2] - The company aims to enhance product value and has potential for significant growth in the baking category [2] - Continuous development of new retail customers and diversification of distributor channels are key strategies [3][6] - Short-term pressures from customer terminals and product iterations are expected, but the company is well-positioned to explore new growth points [7] Financial Performance Summary - In 2024, total revenue was 1.868 billion yuan, a decrease of 2% year-on-year, with a net profit of 84 million yuan, down 38% [1] - For Q1 2025, total revenue was 470 million yuan, an increase of 1% year-on-year, with a net profit of 21 million yuan, down 38% [1] - The company projects revenue growth rates of 5.4%, 8.7%, and 9.8% for 2025, 2026, and 2027 respectively [9] - The diluted earnings per share (EPS) are forecasted to be 0.91 yuan in 2025, 1.02 yuan in 2026, and 1.16 yuan in 2027 [9] Revenue Breakdown - In 2024, revenue from staple foods and snacks was 914 million yuan and 439 million yuan, respectively, both showing declines [2] - The baking category maintained stable revenue at 365 million yuan in 2024, with expectations for high double-digit growth in 2025 [2] - Revenue from frozen prepared dishes and others surged by 273% to 142 million yuan in 2024, driven by multi-channel efforts [2] Channel Performance - Direct sales channel revenue increased by 4% to 809 million yuan in 2024, with ongoing efforts to expand into new retail channels [3] - Distributor channel revenue decreased by 6% to 1.051 billion yuan in 2024, but is expected to stabilize with improved efficiency [6]

证券研究报告·公司点评报告·通用设备 汉钟精机（002158） 2024 年报&2025 年一季报点评：业绩短期承 压，看好半导体真空泵放量 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） | 3,852 | 3,674 | 3,699 | 3,942 | 4,358 | | 同比（%） | 17.96 | (4.62) | 0.67 | 6.56 | 10.56 | | 归母净利润（百万元） | 865.03 | 862.59 | 867.06 | 921.54 | 1,035.35 | | 同比（%） | 34.24 | (0.28) | 0.52 | 6.28 | 12.35 | | EPS-最新摊薄（元/股） | 1.62 | 1.61 | 1.62 | 1.72 | 1.94 | | P/E（现价&最新摊薄） | 10.76 | 10.79 | 10.73 | 10.10 | 8.99 | [Table_T ...

2025 年 04 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 邱迪 S0350522010002 证券分析师： 李航 S0350521120006 qiud@ghzq.com.cn lih11@ghzq.com.cn [Table_Title] 海缆订单持续放量，陆缆基本盘稳固 ——起帆电缆（605222）2024 年报&2025 年一 季报点评 最近一年走势 | 相对沪深 | 300 | | | | 表现 | 2025/04/28 | | --- | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | | | 起帆电缆 | | -7.0% | -4.7% | -12.4% | | | | 沪深 300 | | -3.4% | -0.9% | 5.5% | | | 证券研究报告 风险提示 主要原材料铜价格波动；国内海风建设不及预期；公 司海缆订单交付情况不及预期；公司 500kV 海缆订单突破不及预期； 公司陆缆盈利修复不及预期。 | 市场数据 | 2025/04/28 | | --- | --- | | 当前 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported Q1 2025 results that exceeded expectations, with revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43%. The net profit attributable to shareholders was 283 million yuan, a year-on-year increase of 11.82% but a quarter-on-quarter decrease of 1.43% [1][2]. - The newly launched game "Wen Jian Chang Sheng" performed exceptionally well, generating 363 million yuan in revenue during Q1 2025, with over 2 million registered users [6][7]. - The company has a robust pipeline of new products and is actively investing in IP incubation and operation, with several upcoming game releases planned for 2025 [6][7]. Financial Performance Summary - For Q1 2025, the company achieved a net operating cash flow of 213 million yuan, a year-on-year decrease of 7.73% and a quarter-on-quarter decrease of 49.54% [6]. - The company’s total revenue projections for 2025-2027 are 4.11 billion yuan, 4.48 billion yuan, and 4.88 billion yuan, respectively, with year-on-year growth rates of 11%, 9%, and 9% [7][8]. - The projected net profit for 2025-2027 is 1.066 billion yuan, 1.120 billion yuan, and 1.231 billion yuan, with corresponding growth rates of 13%, 5%, and 10% [7][8]. Market Position and Strategy - The company has a stable long-term operation for existing games, with significant contributions from domestic game revenue. The domestic game business saw a total revenue of 3.21 billion yuan from "Wen Dao" and 4.41 billion yuan from "Wen Dao Mobile" in Q1 2025 [6]. - The company is focusing on new game launches and has a rich reserve of products, including the self-developed game "Zhang Jian Chuan Shuo" and the licensed game "Jiu Mu Zhi Ye" [6][7]. - The company is also investing in well-known enterprises and actively exploring IP operations across various media formats, including novels and animations [6][7].

上 市 公 司 报告原因：有业绩公布需要点评 买入（维持） 非银金融 | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 32.86 | | 一年内最高/最低（元） | 42.47/26.33 | | 市净率 | 1.7 | | 息率（分红/股价） | 0.82 | | 流通 A 股市值（百万元） | 96,068 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 19.53 | | 资产负债率% | 82.55 | | 总股本/流通 A 股(百万) | 4,827/2,924 | | 流通 B 股/H 股（百万） | -/1,904 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -40% -20% 0% 20% 40% 中金公司 沪深300指数 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company achieved operating revenue of 1.72 billion yuan, a year-on-year increase of 14.45%, and a net profit attributable to the parent company of 190 million yuan, up 10.83% year-on-year. For Q1 2025, the operating revenue was 320 million yuan, reflecting a year-on-year growth of 16.02%, with a net profit of 40 million yuan, an increase of 18.45% year-on-year [2][6]. - The company completed the privatization of Jiexinlong, which enhances its business layout through multiple synergies in the supply chain and sales regions [2][6]. Summary by Sections Financial Performance - The company reported a total operating revenue of 1.72 billion yuan in 2024, with a gross profit of 510 million yuan, resulting in a gross margin of 29.62%, an increase of 2.90 percentage points year-on-year. The overseas revenue reached 228 million yuan, growing 33.28% year-on-year, which is higher than the overall growth rate [11]. - For Q1 2025, the company achieved an operating revenue of 320 million yuan, with a net profit of 40 million yuan, marking an 18.45% increase year-on-year [6]. Business Expansion - The acquisition of Jiexinlong is expected to enhance the company's business, particularly in overseas markets. Jiexinlong reported revenue of 357 million yuan in 2023, with a net profit of 55 million yuan and a healthy gross margin of 31.7% [11]. - The company plans to expand its production capacity, which is currently at full utilization, to support future revenue and profit growth [11]. Future Outlook - The company has set ambitious performance targets through a stock incentive plan, aiming for revenues of at least 2 billion yuan in 2024, 2.75 billion yuan in 2025, and 3.8 billion yuan in 2026, corresponding to growth rates of 32.9%, 37.5%, and 38.2% respectively [11]. - The projected net profits for 2024, 2025, and 2026 are 240 million yuan, 300 million yuan, and 360 million yuan, respectively, with corresponding price-to-earnings ratios of 20x, 16x, and 13x [11].