Workflow
凌云股份(600480):2024年报、2025年一季报点评:营收稳健增长,致力打造头部零部件企业
华西证券· 2025-04-29 02:08
证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 凌云股份 2024 年报&2025 年一季报点评:营 收稳健增长,致力打造头部零部件企业 [Table_Title2] 凌云股份(600480) | [Table_DataInfo] 评级: | 增持 | 股票代码: | 600480 | | --- | --- | --- | --- | | 上次评级: | 增持 | 52 周最高价/最低价: | 19.68/7.35 | | 目标价格: | | 总市值(亿) | 151.57 | | 最新收盘价: | 16.12 | 自由流通市值(亿) | 149.27 | | | | 自由流通股数(百万) | 925.98 | [Table_Summary] 事件概述 公司发布 2024 年年报&2025 年一季报,2024 年营收 188.37 亿元,同比+0.72%;归母净利润 6.55 亿元,同比+3.77%;扣非归母净利润 5.45 亿元,同比-4.14%。2025 年一季度营收 43.39 亿元, 同比+0.92%;归母净利润 2.15 亿元,同 ...
顺丰控股(002352):2025年一季报点评:保持经营韧性,利润稳健增长
信达证券· 2025-04-29 02:06
Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic operations and is expanding its international business opportunities [1] - The first quarter of 2025 demonstrated resilience in operations with a revenue increase of 6.9% year-on-year, and a net profit growth of 16.87% [2][3] - The company is focusing on cost reduction and quality improvement, leading to a slight increase in net profit margins [3] - The logistics revenue increased by 7.2% year-on-year, while supply chain and international revenue grew by 9.9% [4] - The peak of capital expenditure has passed, resulting in a significant increase in free cash flow by 55.6% [5] - The company is expected to maintain strong profit growth in the coming years, with projected net profits of 119.11 billion, 142.57 billion, and 168.45 billion for 2025, 2026, and 2027 respectively [6] Financial Summary - In Q1 2025, the company achieved total revenue of 698.50 billion, with a year-on-year growth of 6.9% [2] - The net profit attributable to the parent company for Q1 2025 was 22.34 billion, reflecting a year-on-year increase of 16.87% [2] - The company’s operating cash flow for Q1 2025 was 40.62 billion, down 14.21% year-on-year [5] - The projected revenue for 2025 is 315.54 billion, with a growth rate of 10.9% [7] - The projected net profit for 2025 is 11.91 billion, with a growth rate of 17.1% [7] - The company’s gross margin is expected to improve to 14.0% by 2025 [7]
闻泰科技:弹性1Q半导体销售;非营利ODM业务将被拆分-20250429
招银国际· 2025-04-29 02:05
Investment Rating - The report maintains a BUY rating for Wingtech with a target price (TP) unchanged at RMB52, indicating a potential upside of 54.6% from the current price of RMB33.64 [1][3]. Core Insights - Wingtech's 1Q25 earnings showed a revenue decline of 19.4% YoY to RMB13.1 billion, while net profit surged by 82.3% YoY to RMB261 million. The gross profit margin (GPM) improved to 14.0% [1]. - The company is undergoing a transformation phase following the divestment of its ODM business, focusing solely on the semiconductor segment, which is expected to be the core growth driver due to strong demand in AI servers, recovering consumer and industrial markets, and increasing penetration of electric vehicles (EVs) [1][8]. - The semiconductor segment delivered resilient growth with revenue up 8.4% YoY to RMB3.7 billion in 1Q25, benefiting from a surge in shipment volumes [8]. Financial Summary - Revenue for FY25E is projected at RMB25.643 billion, a significant decline of 65.2% YoY, while net profit is expected to rebound to RMB2.437 billion [2][11]. - The gross margin is forecasted to improve to 26.3% in FY25E, with net profit margin (NPM) expected to be 9.5% [9][11]. - The ODM business recorded a revenue of RMB9.4 billion, down 24% YoY, and incurred a net loss of RMB164 million, which will no longer impact the company's financials post spin-off [8]. Market Position and Performance - Wingtech's market capitalization stands at RMB41.8 billion, with an average turnover of RMB624.1 million over the past three months [3]. - The share performance over the past month shows a slight increase of 0.8%, while the six-month performance reflects a decline of 15.5% [5]. - The company is expected to benefit from the market re-rating on a pure-play semiconductor basis following the divestiture of its low-margin business [8].
冠盛股份:25Q1业绩超预期,韧性与弹性兼备-20250429
华安证券· 2025-04-29 02:05
冠盛股份( [Table_StockNameRptType] 605088) 公司点评 25Q1 业绩超预期,韧性与弹性兼备 [Table_Rank] 投资评级:买入(维持) 报告日期: 2025-04-28 | [Table_BaseData] 收盘价(元) | 32.20 | | --- | --- | | 近 12 个月最高/最低(元) | 45.00/16.50 | | 总股本(百万股) | 183 | | 流通股本(百万股) | 178 | | 流通股比例(%) | 97.17 | | 总市值(亿元) | 59 | | 流通市值(亿元) | 57 | [公司价格与沪深 Table_Chart] 300 走势比较 -41% -10% 21% 52% 83% 4/24 7/24 10/24 1/25 冠盛股份 沪深300 [Table_Author] 分析师:陈佳敏 执业证书号:S0010524040001 电话:13913026286 邮箱:chenjiamin@hazq.com 主要观点: | le_Profit] ⚫[Tab 重要财务指标 | | | | 单位:百万元 | | --- | --- ...
华锐精密:一季度业绩向好,关注顺周期复苏-20250429
国金证券· 2025-04-29 02:05
Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in the manufacturing sector due to economic stimulus policies [5]. Core Insights - The company experienced a significant decline in profits in 2024, with a revenue of 759 million RMB, down 4.43% year-on-year, and a net profit of 107 million RMB, down 32.26% year-on-year. However, the first quarter of 2025 showed a strong recovery with a revenue of 222 million RMB, up 30.48% year-on-year, and a net profit of 29 million RMB, up 70% year-on-year [2][3]. - The overall tool segment saw a revenue increase of 57.09% in 2024, indicating potential for future profitability as the company focuses on expanding its product offerings and improving performance [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 39.46%, down 6.01 percentage points, and a net margin of 14.06%, down 5.79 percentage points, reflecting the pressure from declining sales volumes in key product categories [3]. - The company is projected to achieve net profits of 153 million RMB, 191 million RMB, and 241 million RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23X, 19X, and 15X [5][10]. Market Outlook - The report highlights that the tool industry is expected to be a priority sector for cyclical recovery, driven by improved downstream demand and the company's ongoing product enhancements [3][5]. - The company is actively increasing its investment in new product development, particularly in integrated tools and tool systems, which is expected to help it reach a breakeven point and contribute positively to earnings [4].
纽威数控:一季报利润率承压,关注新品成长前景-20250429
国金证券· 2025-04-29 02:05
经营分析 行业竞争激烈面临价格压力,公司一季度利润率承压。根据机床 工具工业协会数据,24 年机床工具行业实现营收 10407 亿元,同 比下降 5.2%,实现利润总额 265 亿元,同比下降 76.6%,主要由 于行业竞争较为激烈,利润空间持续收窄。我们认为受此影响, 公司 24 年部分新签订单也面临价格压力,导致 1Q25 毛利率出现 下降,公司 1Q25 毛利率为 21.11%,同比下降 4.84pcts,净利率 最终同比下降 1.9pcts 至 10.78%。 25 年 1-2 月行业数据向好,后续季度报表有望好转。根据机床工 具工业协会数据,25 年 1-2 月金属切削机床行业营收同比增长 12.1%,金属加工机床新签订单同比增长 26.2%,在手订单同比增 长 15.2%,行业数据有所好转。根据新华社信息,在 4 月 18 日举 行的国务院常务会议上提出"要锚定经济社会发展目标,加大逆 周期调节力度,着力稳就业稳外贸,着力促消费扩内需,着力优 结构提质量,做强国内大循环。"在经济刺激政策推动下行业景气 度有望继续回暖。考虑公司收入确认有一定滞后性,后续季度报 表有望好转。 四期产能逐步投放,关注新 ...
中国太保:量稳质增,转型持续-20250429
国信证券· 2025-04-29 02:05
Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company experienced a 1.8% year-on-year decline in operating revenue due to fluctuations in the bond market in the first quarter. Investment-related income decreased by 15.9%, with fair value changes dropping by 89.0%. However, insurance service revenue grew by 3.9% year-on-year, reaching 695.5 billion yuan [1] - The individual life insurance channel showed steady growth, with premium income of 82.87 billion yuan, and the proportion of participating insurance in new business premiums increased significantly by 16.1 percentage points to 18.2% [2] - The property insurance segment saw a 1.0% increase in premium income, totaling 63.108 billion yuan, while the combined ratio (COR) improved by 0.6 percentage points to 97.4% [2] - The company's investment strategy demonstrated resilience, maintaining a net investment yield of 0.8% year-on-year, despite market volatility. Total investment yield decreased by 0.3 percentage points to 1.0% [3] - The company maintains its earnings forecast for 2025 to 2027, projecting EPS of 4.77, 4.90, and 5.08 yuan per share, with current stock prices corresponding to P/EV ratios of 0.46, 0.40, and 0.35 [3] Financial Forecasts - The projected operating revenue for 2025 is 412.823 billion yuan, reflecting a 2.16% increase from 2024 [4] - The forecasted net profit attributable to the parent company for 2025 is 45.924 billion yuan, with a year-on-year growth of 2.14% [4] - The diluted EPS is expected to be 4.77 yuan for 2025, with a steady increase projected in subsequent years [4] - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 10.89 in 2023 to 6.46 in 2025, indicating potential undervaluation [8]
海康威视:降本增效调结构,大模型产品陆续推出-20250429
国信证券· 2025-04-29 02:05
Investment Rating - The investment rating for Hikvision (002415.SZ) is "Outperform the Market" [6]. Core Views - The company is experiencing a mild recovery in revenue and net profit in Q1 2025, with revenue reaching 18.53 billion yuan (YoY +4.0%) and net profit at 1.926 billion yuan (YoY +9.44%) [1]. - The company is focusing on cost reduction and efficiency improvement, with a strategic shift in its domestic business to enhance profitability [3]. - The innovation and overseas business segments are showing strong growth, contributing to over 50% of total revenue in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 92.496 billion yuan (YoY +3.53%) and a net profit of 11.977 billion yuan (YoY -15.1%), with a gross margin of 43.83% [1]. - For Q1 2025, the company reported a net cash flow from operating activities increasing by 56.19% [1]. Business Segments - The overseas revenue in 2024 was 31.895 billion yuan, up 10.1%, accounting for 34.48% of total revenue, with significant growth in non-video products [2]. - The innovation business generated 22.484 billion yuan in 2024, growing by 21.2% and representing 24% of total revenue, with notable growth in various segments such as robotics and automotive electronics [2]. Domestic Market Adjustments - The domestic PBG revenue was 13.467 billion yuan in 2024, down 12.29%, affected by local fiscal pressures [3]. - The EBG revenue was 17.651 billion yuan, down 1.09%, while SMBG revenue was 11.971 billion yuan, down 5.58% [3]. - The company is actively managing inventory levels with distributors to promote healthy channel development [3]. Future Outlook - The company expects to maintain operational resilience and long-term growth driven by industry digitalization, with revised net profit forecasts for 2025-2027 at 13.237 billion, 14.517 billion, and 16.664 billion yuan respectively [4]. - The projected PE ratios for 2025-2027 are 20, 18, and 16 times [4].
巴比食品:2025年第一季度收入同比增长4%,公司经营状况企稳-20250429
国信证券· 2025-04-29 02:05
Investment Rating - The investment rating for the company is Neutral, maintained from previous assessments [5][15]. Core Views - The company reported a 4.45% year-on-year increase in total revenue for Q1 2025, amounting to 370 million yuan, while net profit attributable to shareholders decreased by 6.13% to 37 million yuan [8][11]. - The company is experiencing a stabilization in operations, with improvements in same-store sales and contributions from acquisitions [2][11]. - The company plans to open 1,000 new stores in 2025, despite a high short-term closure rate, which is expected to ease as same-store revenue recovers [2][13]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of approximately 25.5%, a slight decrease of 0.4 percentage points year-on-year, attributed to seasonal revenue fluctuations and increased depreciation from the Wuhan factory [2][11]. - The company maintained good cost control, with sales expense ratio and management expense ratio decreasing by 1.0 and 0.1 percentage points to 4.1% and 7.5%, respectively [2][11]. - The net profit margin for Q1 2025 was approximately 10.5%, reflecting stable profitability [2][11]. Revenue Breakdown - Revenue from various segments in Q1 2025 showed the following year-on-year changes: rice products +2.6%, filling products +11.4%, purchased food +3.7%, packaging and auxiliary materials +3.4%, and service fees -14.7% [11]. - Franchise income increased by 2.7% year-on-year, and group meal business revenue grew by 11.7%, driven by rapid growth in new retail and restaurant chain channels [11]. Future Projections - The company is projected to achieve total revenues of 1.83 billion, 1.99 billion, and 2.14 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.4%, 8.6%, and 8.0% [3][15]. - Expected net profits for the same period are 250 million, 270 million, and 300 million yuan, with a projected decline of 8.6% in 2025, followed by growth of 8.0% and 8.1% in 2026 and 2027 [3][15].
古井贡酒:2024年业绩彰显韧性,2025Q1顺利开门红-20250429
国信证券· 2025-04-29 02:05
Investment Rating - The investment rating for the company is "Outperform the Market" [7][15]. Core Views - The company demonstrated resilience in its 2024 performance with a revenue of 23.58 billion yuan, reflecting a year-on-year growth of 16.4%, and a net profit of 5.52 billion yuan, up 20.2% year-on-year [1][4]. - The first quarter of 2025 started strong with a revenue of 9.15 billion yuan, representing a 10.4% year-on-year increase, and a net profit of 2.33 billion yuan, up 12.8% year-on-year [1][4]. - The company is expected to maintain steady growth in revenue and net profit through 2025 to 2027, with projected revenues of 25.54 billion yuan, 27.63 billion yuan, and 29.45 billion yuan respectively, reflecting growth rates of 8.3%, 8.2%, and 6.6% [4][8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 23.58 billion yuan, with a net profit of 5.52 billion yuan, marking a 20.2% increase year-on-year [1][6]. - The fourth quarter of 2024 saw a revenue of 4.51 billion yuan, with a slight decline in net profit by 0.7% year-on-year [1]. - The first quarter of 2025 reported a revenue of 9.15 billion yuan, up 10.4% year-on-year, and a net profit of 2.33 billion yuan, up 12.8% year-on-year [1][4]. Product and Market Analysis - The revenue from the aged raw liquor segment reached 18.09 billion yuan in 2024, growing by 17.3% year-on-year, driven by both volume and price increases [2]. - The company is focusing on enhancing its product structure, with significant contributions from its premium products, particularly in the domestic market [2][4]. - The company is also expanding its presence in the lower-priced bottled liquor segment to capture additional market share [3]. Future Outlook - The company plans to maintain a robust growth trajectory, with a focus on marketing activities during key festive periods to boost sales [4]. - The projected revenue for 2025 is 25.54 billion yuan, with a net profit of 6.07 billion yuan, indicating a continued positive outlook despite a slight adjustment in previous forecasts [4][8]. - The company is expected to maintain a competitive edge in the domestic market, particularly in the 100-600 yuan price range, leveraging its brand strength and distribution channels [4].