Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company's semiconductor business is expected to grow steadily, while demand fluctuations in aerospace and other sectors have led to a year-on-year decline in overall revenue and performance. The gross margin has decreased due to changes in revenue structure and improved processing capabilities [2][10]. - The company has made progress in four major business areas: aerospace, semiconductor, optics, and advanced technologies. A recovery in aerospace demand and the maturation of high-end civilian layouts are anticipated to lead to a new phase of rapid growth starting in 2025 [2][10]. Financial Performance - For 2024, the company achieved operating revenue of 1.742 billion yuan, a year-on-year decrease of 16.68%, and a net profit attributable to shareholders of 314 million yuan, down 41.56% year-on-year. In Q4 2024, operating revenue was 428 million yuan, a year-on-year decrease of 28.14%, but a quarter-on-quarter increase of 7.43% [4][10]. - The semiconductor materials and products business saw a revenue increase of 11% in 2024, driven by new high-end products achieving stable mass production and ongoing efforts for domestic substitution. However, the aerospace sector experienced a significant decline due to demand fluctuations [10]. - The company's gross margin has been affected by a reduction in the proportion of high-margin aerospace business and rising prices of imported quartz sand in the semiconductor sector. The gross margin for quartz glass materials and products has also declined due to increased labor and manufacturing costs [10]. Future Projections - The company is projected to achieve net profits attributable to shareholders of 607 million yuan, 822 million yuan, and 1.147 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 93%, 35%, and 40%. The corresponding price-to-earnings ratios are expected to be 41, 30, and 21 times [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.258 billion in 2024, a decrease of 9.16% year-on-year, and a net profit attributable to shareholders of 267 million, down 19.17% year-on-year [2][4]. - The revenue for Q4 2024 was 178 million, reflecting a significant decline of 44.2% year-on-year and 48.87% quarter-on-quarter, with a net profit of 9 million, down 87.22% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 286 million, a decrease of 18.33% year-on-year but a substantial increase of 60.5% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 12.58 billion, with a net profit of 2.67 billion, and a non-recurring net profit also at 2.67 billion, indicating a decrease in profitability [2][4]. - The revenue breakdown shows that high-temperature alloy casting generated 420 million (down 33.3%), while deformation high-temperature alloys brought in 520 million (up 18.4%) [4]. - The overall gross margin for 2024 was 33.93%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [4]. Investment Projects - The company’s fixed assets increased to 770 million by the end of 2024, with ongoing projects expected to enhance production capacity [4]. - The completion of the automated processing line for aviation components is expected to significantly contribute to the company’s production capabilities [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]. - The corresponding price-to-earnings ratios are projected to be 24, 18, and 13 times for the years 2025, 2026, and 2027 respectively [4].

2025 年 4 月 28 日 公司研究 计提资产减值致盈利承压，稳步推进新能源电站建设 ——九洲集团（300040.SZ）2024 年年报点评 要点 事件：公司发布 2024 年年报，2024 年实现营业收入 14.81 亿元，同比+22.09%， 实现归母净利润-5.45 亿元，同比-678.26%；2024Q4 实现营业收入 5.08 亿元， 同比+24.14%，实现归母净利润-6.18 亿元，同比大幅亏损。 加速推进新能源电站建设，智能配用电业务稳中有增。 2024 年公司积极推进新能源项目开发建设，泰来九洲大型 100MW 风电项目顺 利并网，安达九洲火山 250MW 光伏发电项目、安达九洲石山 250MW 光伏发电 项目开工建设，带动公司新能源工程业务收入同比增长 136.41%至 1.15 亿元， 毛利率同比增长 45.14 个 pct 至 62.62%。公司智能配电网业务 2024 年营业收 入同比增长 20.26%至 4.86 亿元，毛利率同比减少 0.24 个 pct 至 19.87%。 重点布局新能源电站建设和运营，2025 年计划向各子公司增资 10 亿元。 公司持续推进新能源项目投资 ...

银行/股份制银行Ⅱ 光大银行（601818.SH） 存贷增速提升，资产质量平稳 2025 年 04 月 28 日 投资评级：增持（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 3.89 | | 一年最高最低(元) | 3.97/2.98 | | 总市值(亿元) | 2,298.43 | | 流通市值(亿元) | 1,805.23 | | 总股本(亿股) | 590.86 | | 流通股本(亿股) | 464.07 | | 近 3 个月换手率(%) | 17.35 | 股价走势图 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 光大银行 沪深300 数据来源：聚源 相关研究报告 《资产质量稳定，高分红属性延续— 光大银行 2024 年报点评》-2025.3.29 《资产质量稳健，存款成本继续改善 —光大银行 2024 年三季报点评》 -2024.10.31 《营收降幅缩窄，中期分红确定性增 强—光大银行 2024 年中报点评》 -2024.9.1 刘呈祥（分析师） 吴文鑫（分析师） liuchengxi ...

2025 年 4 月 28 日 公司研究 三大产业量效齐升，Q1 归母净利润同比增长 18% ——海油发展（600968.SH）2025 年一季报点评 买入（维持） 当前价：4.01 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 101.65 | | 总市值(亿元)： | 407.62 | | 一年最低/最高(元)： | 3.51/4.99 | | 近 3 月换手率： | 29.75% | 股价相对走势 -16% -7% 3% 12% 21% 04/24 07/24 10/24 01/25 海油发展 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M ...

丨证券研究报告丨 公司研究丨点评报告丨伊之密（300415.SZ） [Table_Title] 伊之密：注塑机出口加速，回购彰显公司发展信 心 报告要点 [Table_Summary] 24Q4 营收 13.90 亿元，同比+20.21%；归母净利润 1.27 亿元，同比+13.49%；扣非归母净利 润 1.24 亿元，同比+10.93%。25Q1 营收 11.87 亿元，同比+24.32%；归母净利润 1.32 亿元， 同比+14.29%；扣非归母净利润 1.26 亿元，同比+13.57%。公司业绩增长一方面受益于下游需 求回暖及新兴市场需求释放、中国制造业产能逐步转移等因素，另一方面也受益于公司自身α 增强，新产品持续迭代助推公司市占率提升。在注塑机出海趋势下，持续看好公司全球化渠道 布局和前瞻性产能布局，公司市占率有望持续提升。 分析师及联系人 [Table_Author] 赵智勇 曹小敏 SAC：S0490517110001 SAC：S0490521050001 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% 伊之密（300415.SZ） cjzqdt11111 [Tabl ...

丨证券研究报告丨 联合研究丨公司点评丨同花顺（300033.SZ） [Table_Title] 同花顺 2025 一季报点评：业绩延续改善趋势， AI 赋能增强产品力 报告要点 [Table_Summary] 2025 年一季度，同花顺业绩延续改善趋势，收入端受益于权益市场热度提升，广告及互联网推 广服务业务销售收款快速增长。成本端销售费用率显著提升，弱化盈利能力。同花顺作为头部 互联网金融平台，平台流量优势稳固。短期内看好公司的业绩弹性，中长期来看，公司前瞻性 布局人工智能赛道，AI 大模型及智能投顾应用顺利落地，有望助同花顺打开新的成长空间。 分析师及联系人 [Table_Author] 吴一凡 宗建树 戴永飞 SAC：S0490519080007 SAC：S0490520030004 SAC：S0490524070001 SFC：BUV596 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 同花顺（300033.SZ） cjzqdt11111 [Table_Title 同花顺 20252]一季报点评：业绩延续改善趋势， AI 赋能增强 ...

证券研究报告 | 公司点评报告 2025 年 04 月 28 日 （1）市场活跃、经纪显著向好。25Q1 经纪收入 13.0 亿，同比+56%，环比 -24%。考虑到日均股基成交额 17465 亿，同比+71%，环比-16%，预计佣金 政策性调降和 Q1 量化交易活跃影响、业务综合费率持续下滑。 （2）投行持续磨底，基数影响环比表现，业务市占率稳定。25Q1 投行收入 4.0 亿，同比-10%，环比-61%。按发行日计，25Q1 A 股 IPO 募集金额 11.6 亿，同比-2%，市占率 7.0%，同比+1.7 pct，行业排名维持第六；再融资金 额 33.8 亿，同比-53%，环比-11%，市占率 3.6%，同比-9.3 pct，环比+0.6 pct， 行业排名下滑至第七；债券承销金额 2989 亿，同比+36%，环比-14%，市占 率 9.2%，同比+1.3 pct，环比+0.5 pct，行业排名维持第五。港股方面，25Q1 承销金额 41.2 亿港元，低基数同比高增+807%，环比-39%，市占率 7.0%， 同比-0.3pct，环比-5.7pct，行业排名维持第五。此外，公司项目储备充足，3 月末进行 ...

2025 年 04 月 28 日 公司研究 评级：增持(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | [Table_Title] 强化核心业务优势，利润率改善持续兑现 ——新乳业（002946）2024 年报和 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 | | 新乳业 | 9.0% | 10.8% | 65.2% | | 沪深 300 | -3.4% | -0.9% | 5.5% | | 市场数据 | | | 2025/04/28 | | 当前价格（元） | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][12] Core Views - The company is experiencing a strong growth momentum driven by channel reforms and the release of channel dividends, with significant revenue growth expected [2][11] - The company has successfully turned around its main product, the spicy chicken feet, which had seen a decline for two consecutive years, and is now back to growth [8][11] - The company is leveraging new high-growth channels such as membership stores and snack wholesale systems, which are expected to contribute to revenue growth [11] Financial Performance Summary - For the year 2024, the company achieved a revenue of 1.182 billion yuan, a year-on-year increase of 22.37%, and a net profit attributable to shareholders of 157 million yuan, up 35.44% [4][5] - In Q1 2025, the company reported a revenue of 383 million yuan, a year-on-year increase of 39.23%, and a net profit of 50 million yuan, up 16.25% [5][9] - The company's gross margin for 2024 was 28.97%, with a slight decrease of 0.4 percentage points year-on-year, while the net profit margin increased to 13.31%, up 1.29 percentage points [8][9] Product and Channel Analysis - In 2024, the revenue breakdown by product showed significant growth in spicy chicken feet and other flavored meat products, with spicy chicken feet revenue reaching 785 million yuan, up 8.6% year-on-year [8] - The company’s revenue from offline and online channels in 2024 was 1.1 billion yuan and 70 million yuan, respectively, with year-on-year growth of 17.7% and 204.3% [8] - The company has seen substantial revenue growth in various regions, particularly in East China and South China, with increases of 18.8% and 294.9% respectively [8] Future Projections - The company is projected to achieve revenues of 1.670 billion yuan in 2025, representing a growth rate of 41%, and a net profit of 220 million yuan, with a growth rate of 40% [10][11] - The earnings per share (EPS) is expected to increase from 0.37 yuan in 2024 to 0.51 yuan in 2025 [10][12] - The report anticipates continued growth in revenue and profit margins due to the expansion of new channels and the scale effect from increased revenue [11]