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 ...

Investment Rating - The investment rating for the company is "Buy-A" with a six-month target price of 69.82 CNY [4][7]. Core Views - The company has shown consistent revenue growth, achieving 1.768 billion CNY in 2024, a 41.37% increase from 2023, and maintaining a global market share among the top three in conductive silicon carbide substrates [2][3]. - The company is increasing its R&D investment in large-size products, with R&D expenses rising to 0.45 billion CNY in Q1 2025 from 0.22 billion CNY in the same period last year [2]. - The demand for silicon carbide is expected to grow significantly due to its applications in AI data centers and emerging markets like AI glasses, with projections indicating a market size exceeding 800 billion CNY in AI data centers by 2030 [3]. Financial Summary - The company reported a revenue of 4.08 billion CNY in Q1 2025, a decrease of 4.25% year-on-year, and a net profit of 0.09 billion CNY, down 81.52% year-on-year [1]. - Forecasted revenues for 2025, 2026, and 2027 are 2.502 billion CNY, 3.217 billion CNY, and 4.118 billion CNY respectively, with net profits expected to be 0.271 billion CNY, 0.415 billion CNY, and 0.549 billion CNY [4][8]. - The company’s market capitalization is approximately 24.96 billion CNY, with a circulating market value of about 17.45 billion CNY [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company is driven by both its main business and emerging sectors, with steady progress in overseas expansion [1]. - In Q1 2025, the company reported a revenue of 1.05 billion yuan, a year-on-year decrease of 8.12% and a quarter-on-quarter decrease of 7.76%, primarily due to a decline in sales from its core customer, Tesla [5]. - The company has initiated production in emerging fields such as energy storage and humanoid robots, with energy storage projects expected to generate approximately 234 million yuan in revenue for the year, representing over a 200% increase year-on-year [5]. - The establishment of a production base in Mexico is underway, expected to commence operations in 2025, aimed at serving the North American and European markets [5][6]. Financial Performance Summary - For the year 2024, the company reported a revenue of 4.41 billion yuan, a year-on-year decrease of 8.79%, and a net profit attributable to shareholders of 420 million yuan, down 41.71% [4]. - The company forecasts revenues of 5.22 billion yuan in 2025, with a growth rate of 18%, and a net profit of 517 million yuan, reflecting a growth rate of 24% [7][8]. - The earnings per share (EPS) is projected to be 0.54 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.75 [8][9].

2025 年 05 月 04 日 公司研究 评级：增持(维持) | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万兴科技 | -2.9% | -10.8% | -7.0% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 61.07 | | 当前价格（元） | 61.07 | | --- | --- | | 周价格区间（元） 52 | 37.92-94.80 | | 总市值（百万） | 11,807.05 | | 流通市值（百万） | 10,457.21 | | 总股本（万股） | 19,333.63 | | 流通股本（万股） | 17,123.32 | | 日均成交额（百万） | 869.09 | | 近一月换手（%） | 4.33 | 相关报告 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 收入同比增速连 ...