公 司 报 告 宇信科技(300674.SZ) 一季度利润表现突出，公司拥抱AI赋能金融科技业务发展 推荐 ( 维持) 股价:24.02元 行情走势图 证券分析师 计算机 2025年05月04日 事项： 公司公告2025年一季报，公司2025年一季度实现营业收入5.25亿元，同比下 降12.57%，实现归母净利润5815.43万元，同比增长81.09%，实现扣非归母 净利润5531.76万元，同比增长77.01%，EPS为0.08元/股。 平安观点： 研 究 报 告 HUANGWEIHAN235@pingan.com.cn 研究助理 | 王佳一 | 一般证券从业资格编号 | S1060123070023 | | --- | --- | --- | | WANGJIAYI446@pingan.com.cn | | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,204 | 3,958 | 4,379 | 4,894 | 5,529 | | YOY(%) | 21 ...

证券研究报告 | 公司点评 | 休闲食品 收入保持稳健，经营质量优秀 ——劲仔食品 2024 年年报&2025Q1 业绩点评 投资要点 整体来看，25Q1 公司收入符合市场预期，利润略低于市场预期。当前公司注重 经营质量的提升，后续看点主要来自于：1）鹌鹑蛋继续强化品牌，同时进行差 异化竞争，期待后续溏心鹌鹑蛋的放量；2）山姆新品后续有望进入并放量，期 待后续催化；3）第三成长曲线豆干产品仍在培育；4）线上渠道仍在进行调 整，期待后续的改善。 25Q1 收入符合市场预期，利润略低于市场预期 公司 2024 年实现收入 24.12 亿元，同比增长 16.79%；实现归母净利润 2.91 亿 元，同比增加 39.01%；扣非后净利润实现 2.61 亿元，同比增加 39.91%。其中 24Q4 实现收入 6.40 亿元，同比增长 11.92%；实现归母净利润 0.77 亿元，同比增 加 0.31%；扣非后净利润实现 0.72 亿元，同比减少 6.97%。 2025Q1 公司实现营业收入 5.95 亿元（+10.27%）；归母净利润 0.68 亿元(- 8.21%)，扣非归母净利润 0.53 亿元(-8.61%)。 ...

公司发布 2024 年报及 2025 年一季报。2024 年公司实现收入 17.90 亿元，同 比+42.3%，实现归母净利润 4.14 亿元，同比+27.40%。2025Q1 公司实现收入 4.78 亿元，同比+29.79%，实现归母净利润 1.08 亿元，同比+25.20%。 评论： 公司研究 其他专用机械 2025 年 05 月 05 日 证 券 研 究 报 告 宏华数科（688789）2024 年报及 2025 年一季报点评 强推（维持） 业绩快速增长，延伸产业链布局及下游应用 领域 事项： | 目标价：79.73 | 元 | | --- | --- | | 当前价：62.02 | 元 | 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 17,945.13 | | --- | --- | | 已上市流通股(万股) | 17,945.13 | | 总市值(亿元) | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8,087 million yuan in Q1 2025, representing a year-on-year increase of 20.94%, while the net profit attributable to the parent company was 488 million yuan, a decrease of 1.83% year-on-year [7] - The gross margin for Q1 2025 was 17.83%, down 2.54 percentage points year-on-year, indicating continued pressure on profitability [7] - The company is expanding its product matrix in AI edge products, including flexible printed circuit boards (FPC), high-density interconnect boards (HDI), and rigid printed circuit boards (R-PCB), with applications in smartphones, wearable devices, automotive electronics, and AI servers [7] - The company anticipates a revenue growth of 9.6% in 2024, driven by demand for smartphones and AI terminals, and is actively expanding into automotive and server markets [7] - The company has achieved significant growth in the AI server sector, enhancing its HDI capabilities to meet the demands of AI server development [7] - The company plans to increase its capital expenditure to 5 billion yuan in 2025, nearly doubling from 2.844 billion yuan in 2024, to support advanced manufacturing projects [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 38,383 million yuan, with a year-on-year growth rate of 9.2% [6] - The net profit attributable to the parent company is projected to be 4,037 million yuan in 2025, reflecting an 11.5% year-on-year increase [6] - The earnings per share (EPS) is expected to be 1.74 yuan in 2025, with a projected price-to-earnings (PE) ratio of 16 [6]

上 市 公 司 基础化工 2025 年 05 月 05 日 海利尔 (603639) —— 25Q1 制剂旺季带动业绩超预期，持续推进恒宁基 地建设强化中间体、原药、制剂一体化战略布局 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 12.92 | | 一年内最高/最低（元） | 16.04/10.25 | | 市净率 | 1.2 | | 息率（分红/股价） | 3.87 | | 流通 A 股市值（百万元） | 4,391 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 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） | 10.39 | | 资产负债率% | 50.46 | | 总股本/流通 A 股（百万） | 340/340 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-3 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company's performance in Q1 2025 met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 9.898 billion, 0.886 billion, and 0.883 billion yuan respectively, showing a year-on-year decrease of 3%, 7%, and 7% [2][7]. - The improvement in profitability per ton of cultural paper due to price increases since November 2024 contributed to a sequential performance increase of over 200 million yuan compared to Q4 2024, although the average market price for cultural paper in Q1 2025 was 300-400 yuan lower than in Q1 2024, leading to a slight year-on-year decline in profitability and overall performance [2][8][14]. Summary by Sections Business Performance - The sales volume of non-coated cultural paper and coated paper is estimated to have slightly increased both year-on-year and sequentially, while profitability per ton improved significantly due to price increases [8]. - The sales volume of boxboard paper remained stable, with the Shandong base performing best, and slight improvements noted in the Guangxi and Laos bases [8]. - The sales volume of dissolving pulp is estimated to have decreased year-on-year due to production line relocation, while the market price remained stable [8]. - The sales volume of household paper is estimated to have increased due to the release of new capacity, with profitability remaining relatively stable [8]. Future Outlook - The cultural paper market is expected to remain stable due to demand from tender orders, and the commencement of operations at the Beihai dissolving pulp plant is anticipated to further boost Q2 performance [9]. - The company expects an increase in sales and profits from the Beihai dissolving pulp plant and a shift in boxboard paper sales to optimize profitability structure [9]. - The company forecasts net profits attributable to shareholders of 3.66 billion, 4.06 billion, and 4.21 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 9 times [15].

证券研究报告·公司点评报告·中药Ⅱ 方盛制药（603998） 2024年报&25年一季报点评：业绩符合预期， 多产品矩阵保障业绩平稳 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） | 1,629 | 1,777 | 2,015 | 2,277 | 2,562 | | 同比（%） | (9.12) | 9.15 | 13.36 | 12.99 | 12.54 | | 归母净利润（百万元） | 186.82 | 255.22 | 309.13 | 376.74 | 450.44 | | 同比（%） | (34.64) | 36.61 | 21.12 | 21.87 | 19.56 | | EPS-最新摊薄（元/股） | 0.43 | 0.58 | 0.70 | 0.86 | 1.03 | | P/E（现价&最新摊薄） | 22.82 | 16.71 | 13.79 | 11.32 | 9.47 | [Table_Tag ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 联美控股(600167) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 [Table_Author 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_OtherReport] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 清洁能源主业稳中向好，高分红彰显股东回 报 [Table_ReportDate] 2025 ...

Investment Rating - The report maintains a "Recommended" rating for Yiling Pharmaceutical [2][8] Core Views - A turning point has been observed, with innovation leading the next journey for the company [2] - In 2024, the company reported a revenue of 6.51 billion yuan, a decrease of 36.9% year-on-year, and a net profit attributable to shareholders of -720 million yuan, down 153.6% year-on-year [2][4] - For Q1 2025, the company achieved a revenue of 2.36 billion yuan, a decrease of 6.5% year-on-year, but a net profit of 330 million yuan, an increase of 7.3% year-on-year [2][4] Financial Summary - **Revenue Forecasts**: - 2024: 6.51 billion yuan - 2025: 9.03 billion yuan (38.7% growth) - 2026: 10.05 billion yuan (11.3% growth) - 2027: 11.14 billion yuan (10.8% growth) [4] - **Net Profit Forecasts**: - 2024: -720 million yuan - 2025: 1.24 billion yuan (270.9% growth) - 2026: 1.44 billion yuan (16.4% growth) - 2027: 1.64 billion yuan (14.0% growth) [4] - **Earnings Per Share (EPS)**: - 2024: -0.43 yuan - 2025: 0.74 yuan - 2026: 0.86 yuan - 2027: 0.98 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 18 times, with a target price of 18.5 yuan based on a P/E of 25 times [4][8] Market Performance and Trends - The company is expected to stabilize and recover in its core categories, with innovative traditional Chinese medicine driving long-term growth [2][8] - The report highlights a significant improvement in operational quality, with a net cash flow of 610 million yuan in 2024, a year-on-year increase of 293% [2][8] - The report anticipates a recovery in the respiratory category, projecting revenue to return to a reasonable level in 2025 [2][8]

| [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-05 | | | [Table_BaseData] 收盘价（元） | | 23.29 | | 近 12 个月最高/最低（元） | 27.85/15.97 | | --- | --- | | 总股本（百万股） | 3,615 | | 流通股本（百万股） | 3,615 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 842 | | 流通市值（亿元） | 842 | [公司价格与沪深 Table_Chart] 300 走势比较 北方稀土（ [Table_StockNameRptType] 600111） 公司点评 产销量大幅增长，持续优化生产 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com -26% -7% 12% 30% 49% 4/24 7/24 10/24 1/25 4/25 北 ...