丨证券研究报告丨 公司研究丨点评报告丨鸿日达（301285.SZ） [Table_Title] 鸿日达 2024 年报及 2025 年一季报点评： 短期业绩承压，看好散热片及 3D 打印业务拓展 报告要点 [Table_Summary] 4 月 23 日，鸿日达发布 2024 年年报及 2025 年一季报。2024 年公司实现营收 8.30 亿元，同 比增长 15.22%；归母净利润-0.08 亿元，同比下滑 124.43%由盈转亏；2025Q1 公司实现营收 1.62 亿元，同比增长 7.60%；归母净利润-0.12 亿元，同比下滑 376.67%。2024 年毛利率 19.01%，同比下滑 0.58pct；归母净利率-0.91%，同比下滑 5.21pct。2025Q1 毛利率 18.94%， 同比下滑 7.38pct；归母净利率-7.50%，同比下滑 10.42pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% 2、新业务拓展不及预期。 research.95579.com 1 鸿日 ...

丨证券研究报告丨 公司研究丨点评报告丨科锐国际（300662.SZ） [Table_Title] 2024 年报及 2025 年一季报点评：业绩超预期， 关注 AI 赋能 报告要点 [Table_Summary] 2024 年：营业收入 117.88 亿元，同比+20.55%。归母净利润 2.05 亿元，同比+2.42%。扣非 后归母净利润 1.39 亿元，同比+3.57%。2025Q1：营业收入 33.03 亿元，同比+25.13%。归母 净利润 5778 万，同比+42.15%，扣非后归母净利润 4620 万，同比+103.24%。行业层面，顺 周期逻辑流畅、自上而下有保就业政策保驾护航，公司层面，低基数反转，叠加 AI 赋能，估值 及业绩弹性空间大。预计 2025-2027 年归母净利润分别为 2.87/3.99/5.23 亿元，对应 PE 分别 为 23/17/13X，维持"买入"评级。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% % ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - In 2024, the company achieved an operating revenue of 43.032 billion yuan, representing a year-on-year increase of 12.32%. The net profit attributable to shareholders was 791 million yuan, up 44.42% year-on-year, while the net profit after deducting non-recurring items reached 533 million yuan, marking a significant increase of 106.88% [2][6] - For Q1 2025, the company reported an operating revenue of 10.837 billion yuan, a year-on-year increase of 2.72%. The net profit attributable to shareholders soared to 591 million yuan, reflecting a year-on-year growth of 180.41%, although the net profit after deducting non-recurring items decreased by 22.11% to 145 million yuan [2][6] - The forecast for net profit attributable to shareholders for 2025-2027 is 960 million, 1.06 billion, and 1.18 billion yuan, respectively, corresponding to price-to-earnings ratios of 13, 12, and 11 times [2][6] Revenue Breakdown - In 2024, the company's revenue from outsourcing services was the main growth driver, totaling 36.048 billion yuan, up 13.96% year-on-year. The human resource management service revenue was 990 million yuan, down 9.06%, primarily due to the company's focus on outsourcing services [13] - The salary and welfare service revenue reached 1.2 billion yuan, an increase of 4.68%, driven by the integration of employee welfare platforms. Recruitment and flexible employment services generated 4.336 billion yuan, up 12.60%, due to enhanced technology-driven approaches [13] Profitability Analysis - The change in business structure and the decline in gross margin from core outsourcing services impacted the overall gross margin. However, cost optimization partially offset this effect. The year 2024 marked the first complete financial year post the asset injection from Beijing Foreign Enterprises, leading to significant profit growth compared to the previous year [13] - In Q1 2025, revenue growth was primarily driven by outsourcing, although gross margin declined year-on-year. The increase in net profit was attributed to asset disposal gains and early government subsidies [13]

丨证券研究报告丨 [Table_Summary] 仙乐健康发布 2025 年一季报，公司 2025Q1 实现营业总收入 9.54 亿元（同比+0.28%）；利润 总额 6486 万元（同比-6.44%）；归母净利润 6864 万元（同比+8.9%），扣非净利润 6506 万元 （同比+0.21%）。 分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨仙乐健康（300791.SZ） [Table_Title] 仙乐健康 2025 年一季报点评：国内业务压力逐 步减弱，BF 减亏仍在推进当中 报告要点 research.95579.com 1 仙乐健康（300791.SZ） cjzqdt11111 [Table_Title 仙乐健康 2025 2] 年一季报点评：国内业务压力逐 步减弱，BF 减亏仍在推进当中 [Table_Summary2] 事件描述 仙乐健康发布 2025 年一季报，公司 2025Q1 实现营业总收入 9.54 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 189.16 billion yuan in 2024, a year-on-year decline of 7.26%, while the net profit attributable to shareholders reached 32.19 billion yuan, an increase of 10.91% year-on-year [2][5]. - In Q4 2024, the company achieved a revenue of 42.44 billion yuan, down 13.34% year-on-year, but the net profit attributable to shareholders grew by 14.55% to 10.22 billion yuan [2][5]. - For Q1 2025, the company reported a revenue of 41.51 billion yuan, a year-on-year increase of 14.14%, with net profit attributable to shareholders rising by 26.29% to 5.90 billion yuan [2][5]. Summary by Sections Financial Performance - In 2024, the company’s revenue decreased by 7.26% to 189.16 billion yuan, while the net profit attributable to shareholders increased by 10.91% to 32.19 billion yuan [2][5]. - The company’s Q4 2024 revenue was 42.44 billion yuan, down 13.34% year-on-year, but net profit increased by 14.55% to 10.22 billion yuan [2][5]. - Q1 2025 saw a revenue of 41.51 billion yuan, up 14.14% year-on-year, with net profit rising by 26.29% to 5.90 billion yuan [2][5]. Dividend Policy - The company plans to distribute a cash dividend of 20 yuan per 10 shares (including tax) to all shareholders, resulting in a cumulative dividend payout ratio of 52.06% for 2024, an increase of approximately 6.77 percentage points from the previous year [5]. Market Position and Strategy - The company has formed multiple industrial brand matrices covering both consumer goods and industrial equipment, achieving an upstream and downstream extension of its industrial chain [5]. - The company’s performance is expected to improve marginally with the support of national subsidies, projecting net profits of 35.52 billion yuan, 38.45 billion yuan, and 42.09 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.13, 6.59, and 6.02 [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve a revenue of 18.84 billion yuan in 2024, representing a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 660 million yuan, up 3.8% year-on-year [2][4] - In the first quarter of 2025, the company achieved a revenue of 4.34 billion yuan, a year-on-year increase of 0.9%, with a net profit of 220 million yuan, down 2.9% year-on-year [2][4] - The company is strategically transforming towards the new energy sector, with a complete reserve of lightweight products, and is accelerating its global supply capabilities, continuously enhancing its position in the global new energy lightweight market [2][4] Summary by Sections Financial Performance - In 2024, the company maintained steady growth with a revenue of 188.4 billion yuan, a year-on-year increase of 0.7%, and a net profit of 6.6 billion yuan, up 3.8% year-on-year [2][4] - The fourth quarter of 2024 saw a revenue of 54.9 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter increase of 24.5% [2][4] - The gross profit margin for 2024 was 17.6%, an increase of 1.3 percentage points year-on-year [2][4] Business Strategy - The company has deepened its layout in the new energy component industry, with a total of 51 billion yuan in new orders accumulated in 2024 [2][4] - Plans for 2025 include improving the development and application of power battery packaging systems, automotive fluid control systems, thermal management systems, and integrated body structure technologies [2][4] - The company is also expanding its overseas operations, enhancing operational quality and risk control capabilities in Germany and Mexico [2][4] Future Outlook - The company aims for a revenue of 19.1 billion yuan in 2025, representing a year-on-year increase of 1.4% [2][4] - Long-term growth is expected from the strategic transformation towards new energy, with components like battery boxes and thermal forming entering a harvest period [2][4] - The company plans to distribute a cash dividend of 0.30 yuan per share for 2024, totaling 280 million yuan, with a payout ratio of 43.04%, the highest in recent years [2][4]

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨安井食品（603345.SH） [Table_Title] 安井食品 2024 年报&2025 年一季报点评：收入 端保持稳健，控费提效能力持续凸显 %% %% 分析师及联系人 [Table_Author] 董思远 SAC：S0490517070016 SFC：BQK487 research.95579.com 1 报告要点 [Table_Summary] 公司披露 2024 年年报及 2025 年一季报，2024 年公司营收 151.3 亿元，同比提升 7.7%；归母 净利润 14.85 亿元，同比提升 0.46%；2025 年 Q1 公司营收 36 亿元，同比下滑 4.13%；归母 净利润 3.95 亿元，同比下滑 10.01%。 安井食品（603345.SH） cjzqdt11111 [Table_Title 安井食品 2024 2] 年报&2025 年一季报点评：收入 端保持稳健，控费提效能力持续凸显 [Table_Summary2] 事件描述 公司披露 2024 年年报及 2025 年一季报，2024 年公司营收 151 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 3.0 billion yuan, up 39.5% year-on-year [2][4]. - The company is transitioning into a global intelligent electric platform enterprise with nine product lines fully launched, marking the beginning of a new chapter [2]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 26.6 billion yuan, a year-on-year increase of 35.0%, with a net profit of 3.0 billion yuan, up 39.5% year-on-year [4][11]. - The fourth quarter revenue was 7.25 billion yuan, showing a year-on-year increase of 30.6% and a quarter-on-quarter increase of 1.7% [11]. - The gross profit margin for Q4 was 19.8%, approximately 20.5% after adjusting for accounting policy impacts, which is a decrease of 3.1 percentage points year-on-year [11]. Business Segments - The company reported significant growth in various segments, with automotive electronics revenue increasing by 1049.6% year-on-year, primarily due to the large-scale release of products like air suspension [11]. - The revenue from thermal management products grew by 58.3% year-on-year, while chassis system revenue increased by 36.2% [11]. Future Outlook - The company anticipates continued growth with net profits projected to reach 3.6 billion yuan, 4.5 billion yuan, and 5.98 billion yuan for 2025, 2026, and 2027, respectively [6]. - The company is expanding its global footprint with new factories in various countries, including Malaysia and Poland, and plans to establish a new factory in Thailand [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total revenue of 2.651 billion yuan for 2024, representing a year-on-year increase of 11.91%. However, the net profit attributable to the parent company decreased by 22.52% to 233 million yuan [2][4]. - In Q4 2024, the total revenue was 721 million yuan, up 18.24% year-on-year, while the net profit attributable to the parent company was 59.75 million yuan, a slight decrease of 0.49% [2][4]. - For Q1 2025, the total revenue reached 669 million yuan, reflecting a growth of 7.18%, with a net profit of 58.25 million yuan, down 4.19% [2][4]. Summary by Sections Financial Performance - The company's total revenue for 2024 was 2.651 billion yuan, with a net profit of 233 million yuan and a non-recurring net profit of 215 million yuan [2][4]. - The revenue growth was driven by various product segments, with compound seasonings generating 1.296 billion yuan (up 13.21%), light cooking solutions at 1.130 billion yuan (up 10.41%), and beverage and dessert ingredients at 147 million yuan (up 3.00%) [9]. - The company maintained a gross margin of 32.81% in 2024, with slight variations across product categories [9]. Business Segments - The B-end business showed a solid competitive advantage, with revenue from the top five customers amounting to 791 million yuan, a year-on-year increase of 7.45% [9]. - The C-end business, represented by the brand "Kongke," achieved revenue of 918 million yuan, marking a growth of 5.99% after a brief decline in 2023 [9]. Profitability and Forecast - The company expects net profits for 2025-2027 to be 274 million, 315 million, and 358 million yuan respectively, with corresponding EPS of 0.69, 0.79, and 0.90 yuan [9]. - The current price-to-earnings ratio (PE) is projected to be 20, 17, and 15 times for the years 2025, 2026, and 2027 respectively [9].

丨证券研究报告丨 [Table_Summary] 公司 2024 年营业总收入 38.35 亿元（同比+9.61%，下文皆为同比）；归母净利润 2.68 亿元 （+266.94%），扣非净利润 2.54 亿元（+108.22%）。其中 2024Q4 营业总收入 11.18 亿元 （+21.99%）；归母净利润 6486.09 万元（+175.96%），扣非净利润 6223.26 万元（+359.73%）。 2025Q1 营业总收入 10.46 亿元（+14.13%）；归母净利润 8837.15 万元（+15.11%），扣非净 利润 8626.43 万元（+27.3%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨立高食品（300973.SZ） [Table_Title] 立高食品 2024 年报&2025 年一季报点评：收入 稳步提升，控费如期兑现 报告要点 research.95579.com 1 立高食品（30097 ...