Investment Rating - The report maintains a "Recommended" rating for the company [6][7]. Core Views - The company reported a revenue of 5.198 billion yuan in 2024, a year-on-year decline of 22.69%, with a net profit attributable to shareholders of -413 million yuan. For Q1 2025, revenue was 640 million yuan, down 8.85%, with a net profit of -80.625 million yuan [3][4]. - Despite short-term performance pressure, the long-term positive trend remains intact. The company is positioned as a leader in the domestic operating system market and is expected to benefit from the national strategy for information technology innovation [3][4]. - The company's self-developed software business showed improvement, with revenue reaching 1.719 billion yuan in 2024, up 5.01% year-on-year, and a gross margin of 77.38%, an increase of 4.49 percentage points [4][5]. - The subsidiary, Kylin Software, continues to lead the Chinese Linux market for 13 consecutive years, with 2024 revenue of 1.438 billion yuan and a net profit of 502 million yuan, reflecting growth from the previous year [4][5]. - The company is enhancing its collaboration across the industry chain, with advancements in its Kylin operating system across various platforms and integration with AI technologies [5]. - The company is also making strides in the tax sector with the successful implementation of the Golden Tax Phase IV project, which significantly reduces transaction costs [5]. Financial Summary - The projected revenues for 2025-2027 are 6.923 billion yuan, 7.855 billion yuan, and 8.915 billion yuan, respectively, with growth rates of 33.2%, 13.5%, and 13.5% [9][10]. - The net profit attributable to shareholders is expected to recover to 127 million yuan in 2025, 255 million yuan in 2026, and 345 million yuan in 2027, with corresponding growth rates of 130.8%, 100.8%, and 35.3% [9][10]. - The report forecasts a PE ratio of 303X for 2025, 151X for 2026, and 112X for 2027, indicating a potential for valuation improvement as profitability returns [6][9].

隆基绿能（601012.SH）2024 年年报及 2025 年一季报点评 盈利阶段性承压，BC 2.0 产品优势显著 2025 年 05 月 03 日 事件：2025 年 4 月 29 日，公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营业收入 825.82 亿元，同比-36.23%；实现归母净亏损 86.18 亿 元，同比-180.15%；实现扣非净亏损 87.47 亿元，同比-180.74%。2024 年 受行业供需错配非理性低价竞争影响，行业各环节产品价格和毛利率大幅下 降，导致公司营业收入、营业利润、联营企业投资收益下降较多，计提的资 产减值损失和信用减值损失同步增加。 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 14.70 元 | ➢ 风险提示：下游需求不及预期，市场竞争加剧等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 82,582 | 73,456 | 81 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company has significantly improved its revenue and profitability, achieving an operating income of 6.614 billion yuan in Q1 2025, a year-on-year increase of 435.90%, and a net profit of 43.175 million yuan, reversing from a loss of 330 million yuan in 2023 [1]. - The sales area decreased by 19.53% year-on-year to 61,800 square meters, but the sales amount was 5.382 billion yuan, a slight decrease of 1.54%. The average sales price increased by 22.33% to 87,100 yuan per square meter, attributed to a higher proportion of new projects in first-tier cities [2]. - The company has a strong resource reserve and is deeply engaged in the Beijing market, acquiring multiple redevelopment projects and achieving record sales in high-end residential segments [2]. Summary by Sections Financial Performance - As of Q1 2025, the company reported an operating cash flow of 3.872 billion yuan, a year-on-year increase of 67.09% due to a significant rise in cash received from operating activities [1]. - The company has made provisions for asset impairment and credit impairment totaling 596 million yuan and 2.746 billion yuan for 2023-2024, which laid the foundation for the turnaround in net profit in Q1 2025 [3]. Revenue Forecast - The projected revenues for 2025-2027 are 26.295 billion yuan, 28.079 billion yuan, and 30.745 billion yuan, with year-on-year growth rates of 3.4%, 6.8%, and 9.5% respectively [3][4]. - The corresponding PE ratios for 2025-2027 are forecasted to be 10X, 7X, and 4X [3]. Profitability Metrics - The net profit attributable to shareholders is expected to be 941 million yuan in 2025, with significant growth anticipated in subsequent years, reaching 2.383 billion yuan by 2027 [4][5]. - The report indicates a projected net profit margin of 7.75% by 2027, reflecting improved profitability [4].

证券研究报告·公司点评报告·饰品 周大生（002867） 2024 年报及 2025 年一季报点评：持续高分 红，期待 25 年业绩逐季修复 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） | 16,290 | 13,891 | 15,225 | 16,739 | 18,379 | | 同比（%） | 46.52 | (14.73) | 9.60 | 9.95 | 9.79 | | 归母净利润（百万元） | 1,316 | 1,010 | 1,112 | 1,216 | 1,307 | | 同比（%） | 20.67 | (23.25) | 10.07 | 9.33 | 7.48 | | EPS-最新摊薄（元/股） | 1.20 | 0.92 | 1.01 | 1.11 | 1.19 | | P/E（现价&最新摊薄） | 10.85 | 14.14 | 12.84 | 11.75 | 10.93 | [Table_T ...

Investment Rating - The report maintains a "Strong Buy" rating for Foxit Software [2][13]. Core Views - Foxit Software achieved a turnaround in profitability for 2024, with a revenue of 7.11 billion yuan (up 16.44% year-on-year) and a net profit attributable to shareholders of 0.27 billion yuan (a significant increase of 129.64% year-on-year) [3][6]. - The company is transitioning from perpetual licensing to a subscription model, with subscription revenue reaching 3.51 billion yuan in 2024 (up 62% year-on-year) [4][5]. - The split of domestic and international operations is aimed at capturing opportunities in the domestic market, particularly in high-value sectors such as government and healthcare [5][6]. Revenue and Profitability - In 2024, Foxit Software's revenue and net profit were 7.11 billion yuan and 0.27 billion yuan, respectively, while the first quarter of 2025 saw revenue of 2.02 billion yuan [3][4]. - The company's gross margin for 2024 was 93.41%, indicating strong profitability despite a slight decline [6][14]. - The report forecasts net profits of 0.33 billion yuan, 0.64 billion yuan, and 1.31 billion yuan for 2025, 2026, and 2027, respectively [13][14]. Market Expansion - Foxit Software has expanded its market presence in the Asia-Pacific region, with revenue growth rates of 53% and 56% for 2024 and the first quarter of 2025, respectively [4][5]. - The company has successfully integrated its acquisition of Foxit Kunpeng, enhancing its capabilities in document technology [5][6]. Financial Projections - The report projects a revenue growth rate of 19.12% for 2025 and 22.70% for 2026, with a long-term growth trajectory expected to continue [14]. - The company's PE ratios are projected to be 180, 93, and 45 for 2025, 2026, and 2027, respectively, reflecting strong future earnings potential [13][14].

2024 年报及 2025 年一季报点评：短期业绩 承压，期待经营拐点 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） | 5,522 | 5,736 | 6,214 | 6,718 | 7,284 | | 同比（%） | 10.14 | 3.87 | 8.33 | 8.11 | 8.43 | | 归母净利润（百万元） | 756.80 | 503.05 | 660.45 | 808.77 | 935.70 | | 同比（%） | (28.02) | (33.53) | 31.29 | 22.46 | 15.69 | | EPS-最新摊薄（元/股） | 1.79 | 1.19 | 1.56 | 1.91 | 2.21 | | P/E（现价&最新摊薄） | 23.18 | 34.87 | 26.56 | 21.69 | 18.75 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 ...

2025 年 4 月 29 日，公司发布 2024 年年报以及 2025 年一季报，根据公司公 告，24 全年公司实现收入 111.55 亿元，同比-58.94%，归母净利润-53.19 亿 元，扣非归母净利润-55.53 亿元，同比由盈转亏。 爱旭股份（600732.SH）2024 年年报及 2025 年一季报点评 业绩边际改善，出货量大幅提升 2025 年 05 月 03 日 ➢ 事件 我们预计公司 25-27 年营收分别为 192.62/239.82/272.43 亿元，归母净利润分 别为 2.01/8.79/16.97 亿元，25-27 年对应 PE 分别为 96x/22x/11x。公司盈利 能力边际改善显著，出货量大幅提升，随着规模效应的凸显和降本增效的持续推 进，叠加 BC 产品差异化竞争优势，公司业绩有望持续改善，维持"推荐"评级。 ➢ 风险提示 下游需求不及预期、市场竞争加剧、海外市场开拓不及预期、资产减值风险等。 [盈利预测与财务指标 Table_Forcast] 分季度看，24Q4 公司单季度实现收入 32.59 亿元，同比-28.42%，环比+19.19%， 实现归母净利润-24.88 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's performance in 2024 is under short-term pressure, but a turning point is expected in Q1 2025 [1][9] - The company has successfully launched new products in the medical endoscope sector, with steady growth anticipated in 2024 [3][9] - The company’s revenue for 2024 is projected at 4.43 billion yuan, a decrease of 5.90% year-on-year, while the net profit is expected to be 1.35 billion yuan, down 7.11% [9][10] Financial Summary - Total revenue (million yuan): 2023A: 470.60, 2024A: 442.83, 2025E: 542.15, 2026E: 639.44, 2027E: 755.09 [1] - Year-on-year growth rates for total revenue: 2024A: -5.90%, 2025E: 22.43%, 2026E: 17.95%, 2027E: 18.09% [1] - Net profit attributable to the parent company (million yuan): 2023A: 145.71, 2024A: 135.35, 2025E: 175.31, 2026E: 213.04, 2027E: 262.06 [1] - Year-on-year growth rates for net profit: 2024A: -7.11%, 2025E: 29.52%, 2026E: 21.53%, 2027E: 23.01% [1] - Latest diluted EPS (yuan/share): 2023A: 1.21, 2024A: 1.12, 2025E: 1.45, 2026E: 1.77, 2027E: 2.17 [1] - Current P/E ratios: 2024A: 30.79, 2025E: 23.77, 2026E: 19.56, 2027E: 15.90 [1][10]

通威股份（600438.SH）2024 年年报及 2025 年一季报点评 业绩阶段性承压，多晶硅成本优势显著 2025 年 05 月 03 日 事件：2025 年 4 月 29 日，公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营业收入 919.94 亿元，同比-33.87%；实现归母净亏损 70.39 亿 元，同比-151.86%；实现扣非净亏损 70.57 亿元，同比-151.84%。2024 年 公司业绩承压，主要原因是受到光伏产业链市场价格大幅下降、甚至低于行 业现金成本的冲击，叠加公司长期资产减值报废 10.65 亿元影响。 25Q1 公司实现营业收入 159.33 亿元，同比-18.58%，环比-32.83%；实现 归母净亏损 25.93 亿元，同比-229.56%，环比+15.42%；实现扣非净亏损 26.08 亿元，同比-230.01%，环比+13.64%。 ➢ 多晶硅市占率位居第一，持续降本增效。2024 年，公司高纯晶硅销量为 46.76 万吨，同比+20.76%，全年产销量约占全国 30%，市占率位居全球第 一；多晶硅业务实现收入 198.97 亿元，同比-55. ...

丨证券研究报告丨 公司研究丨点评报告丨中国通号（688009.SH） [Table_Title] 中国通号 2025Q1 点评：经营稳健，轨道交通+ 低空经济"双赛道"发展 报告要点 [Table_Summary] 公司聚焦轨道交通和低空经济"双赛道"，巩固拓展轨道交通通信信号工程设计、列控系统装 备、工程技术服务"三位一体"全产业链优势；培育低空空域管控业、无人机制造业、服务运 营业，加快构建低空经济"三业一态"产业格局。公司轨道交通业务景气向上，低空有望成为 第二成长曲线。 分析师及联系人 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 中国通号（688009.SH） cjzqdt11111 [Table_Title 中国通号 2025Q1 2] 点评：经营稳健，轨道交通+ 低空经济"双赛道"发展 [Table_Summary2] 事件描述 中国通号发布 2025 年一季报， ...