Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 48.1 billion yuan for 2024, a year-on-year increase of 6.63%, but the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [2]. - In Q1 2025, the company achieved a revenue of 9.756 billion yuan, representing an 18.37% year-on-year growth, while the net profit attributable to shareholders was 628 million yuan, a slight decline of 1.33% [1][3]. - The company has a strong order backlog of approximately 31.2 billion yuan in the energy network sector, indicating robust growth momentum [4]. Summary by Sections Financial Performance - The company's gross profit margin for 2024 was 14.39%, down 1.83 percentage points year-on-year, primarily due to a decline in revenue from the optical communication and network business, which fell by 11.19% to 8.1 billion yuan [2]. - The company’s Q1 2025 results showed a significant growth in operating revenue and non-net profit, with a 20.45% increase in non-net profit to 597 million yuan [3]. Order Backlog and Growth Potential - As of April 23, 2025, the company has a substantial order backlog, including 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy projects [4]. - The company is actively expanding its presence in offshore wind power and has secured significant projects, including the first 330kV offshore wind power project in China [5]. Future Outlook - The company is expected to benefit from strong growth in its offshore wind power, power grid, and new energy sectors, with a forecasted net profit of 3.989 billion yuan for 2025, reflecting a 37.28% increase [5][11]. - The company’s competitive position in the optical communication market remains strong, with ongoing development in advanced optical modules [6].

公司报告 | 年报点评报告 亨通光电（600487） 证券研究报告 业绩持续快速增长，在手订单充沛有望受益深海科技推动 事件： 亨通光电发布 24 年报及 25 年一季报。24 年实现营业收入 600 亿元，同比 增长 25.96%；实现归母净利润 27.7 亿元，同比增长 28.57%。25Q1，公司 实现营业收入 133 亿元，同比增长 12.58%，实现归母净利润 5.57 亿元， 同比增长 8.52%，实现扣非净利润 5.46 亿元，同比增长 32.67% 24 年归母净利润逐季维持 30%左右增速： 公司 24 年 Q1-Q4 每个季度均实现归母利润接近 30%增长，业绩兑现强。 24Q4 来看，公司实现营业收入 175.9 亿元，同比增长 40.45%，实现归母净 利润 4.54 亿元，同比增长 29.82%。 分业务来看，光通信业务实现收入 65.6 亿元（YoY -10.95%），智能电网实 现 221.8 亿元（YoY +14.68%），海洋能源与通信实现收入 57.4 亿元（YoY +69.6%），工业与新能源智能实现收入 67.7 亿元（YoY +18.11%）。海洋能源 与通信业务高速 ...

2025 年 04 月 29 日 沪电股份 (002463) ——交换机新引擎持续发力，25Q1 净利同比高增 48% 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 28.49 | | 一年内最高/最低（元） | 46.86/23.58 | | 市净率 | 4.3 | | 息率（分红/股价） | 1.76 | | 流通 A 股市值（百万元） | 54,739 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 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） | 6.58 | | 资产负债率% | 44.78 | | 总股本/流通 A 股（百万） | 1,923/1,921 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23 CNY per share [4][6]. Core Views - The company achieved a revenue of 1.05 billion CNY in Q1 2025, representing a year-on-year increase of 3.3%, while the net profit attributable to shareholders was 50 million CNY, down 27.9% year-on-year [1]. - The restaurant segment showed robust growth, with a revenue increase of 10.1% year-on-year, driven by high customer traffic during the Spring Festival [2]. - The company announced a share buyback plan of 100 to 143 million CNY to enhance investor confidence and improve long-term incentive mechanisms [4]. Summary by Sections Financial Performance - Q1 2025 revenue breakdown: Mooncake series revenue was 7.29 million CNY (down 19.25% YoY), frozen food revenue was 285 million CNY (down 3.33% YoY), and restaurant revenue was 423 million CNY (up 10.1% YoY) [2]. - The overall gross margin for Q1 2025 was 25.36%, a decrease of 4.45 percentage points year-on-year, primarily due to the increased proportion of lower-margin restaurant revenue [3]. - The net profit margin for Q1 2025 was 5.95%, down 2.02 percentage points year-on-year [3]. Growth Outlook - The company expects a strong performance in the second half of the year, particularly in the mooncake segment, due to favorable holiday timing and increased consumer demand [4]. - Profit forecasts for 2025-2027 are 551 million CNY, 612 million CNY, and 678 million CNY, respectively, with corresponding EPS of 0.97 CNY, 1.08 CNY, and 1.19 CNY [4]. Valuation Metrics - The report provides a valuation with a PE ratio of 16x for 2025, decreasing to 13x by 2027 [4][5]. - The company’s total market capitalization is approximately 9.05 billion CNY, with a total share count of 569 million [6].

Investment Rating - The investment rating for the company is "Buy" [7][15] Core Views - The company is expected to achieve total operating revenue of 31.196 billion yuan in 2024, with a year-on-year growth of 3.19% [3] - The company aims for steady growth in revenue for 2025, with projected revenues of 31.576 billion yuan, reflecting a growth rate of 1.22% [9] - The company plans to maintain a high dividend payout ratio, with a target of at least 65% of net profit distributed as dividends [8] Financial Performance Summary - For 2024, the company anticipates a gross profit margin of 87.54% and a net profit margin of 43.19%, with slight declines from the previous year [3] - In Q4 2024, the company reported a total operating revenue of 6.893 billion yuan, a decrease of 16.86% year-on-year [4] - The company achieved a significant increase in cash receipts, totaling 40.036 billion yuan for the year, up 26.74% year-on-year [3] Revenue Breakdown - In 2024, the company expects revenue from mid-to-high-end liquor to reach 27.585 billion yuan, with a year-on-year growth of 2.77% [5] - The company reported a total of 1,701 domestic distributors and 85 overseas distributors by the end of 2024, showing a slight decrease in numbers [5] Earnings Forecast - The company projects net profit for 2025 to be 13.585 billion yuan, reflecting a growth of 0.83% [11] - The expected earnings per share (EPS) for 2025 is 9.23 yuan, with a price-to-earnings (P/E) ratio of 13.61 [11]

公司研究 经营持续改善，外销维持高增 ——科沃斯（603486.SH）2024 年年报及 2025 年一季度业绩点评 买入（维持） 2025 年 4 月 29 日 当前价：53.18 元 作者 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com 联系人：周方正 021- 52523855 zhoufangzheng@ebscn.com 市场数据 | 总股本(亿股) | 5.75 | | --- | --- | | 总市值(亿元)： | 305.94 | | 一年最低/最高(元)： | 36.25/68.39 | | 近 3 月换手率： | 84.12% | 股价相对走势 -12% 5% 23% 40% 57% 04/24 07/24 10/24 01/25 科沃斯 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.80 | 25.30 | 12.62 | | 绝对 | -14.50 | 24.51 | 17.12 | | 资料来 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][8] Core Insights - The company reported a revenue of 21 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit of 3.56 billion yuan, up 6% year-on-year. In Q1 2025, the company achieved a revenue of 6 billion yuan, a 16% increase, and a net profit of 1.05 billion yuan, a 17% increase [2][4] - The company is focusing on the "AI + Ophthalmology" strategy, enhancing its digital capabilities and expanding its international presence, particularly in Europe [4][5] - The company has maintained growth in patient volume despite a slowing industry, with outpatient visits increasing by 12% and surgeries by 9% in 2024 [4][5] Financial Performance - The company is projected to achieve revenues of 23.75 billion yuan, 26.84 billion yuan, and 30.34 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.2%, 13.0%, and 13.0% [6][7] - The net profit is expected to reach 4.17 billion yuan, 4.88 billion yuan, and 5.71 billion yuan for the same years, with growth rates of 17.2%, 17.1%, and 17.0% respectively [6][7] - The company maintains a strong return on equity (ROE) forecasted to increase from 17% in 2024 to 20% in 2027 [6][7][8] Market Performance - The company's stock has shown a performance of -2.7% over the last month, 6.5% over the last three months, and 5.3% over the last year, outperforming the CSI 300 index in the three-month and one-year periods [3][4] - The current stock price is 13.13 yuan, with a 52-week price range of 9.05 to 19.09 yuan [3][4] Strategic Initiatives - The company is advancing its "1+8+N" layout and international strategy, with a total of 352 domestic hospitals and 163 overseas ophthalmology centers and clinics as of December 31, 2024 [4][5] - The introduction of AI technologies, such as AierGPT and Eyecho, aims to enhance patient care and operational efficiency [4][5]

证券研究报告 | 公司点评报告 2025 年 04 月 29 日 凌云光（688400.SH） 25Q1 收入利润双增长，具身智能领域持续突破 TMT 及中小盘/通信 事件：公司 4 月 28 日发布《2024 年年度报告》及《2025 年第一季度报告》。 2024 年，公司实现营业收入 22.34 亿元，同比下降 15.42%；归母净利润 1.07 亿元，同比下降34.69%；扣非归母净利润0.66亿元，同比下降45.98%。2025Q1， 公司实现营业收入 6.14 亿元，同比上升 38.57%；归母净利润 0.15 亿元，同比 扭亏为盈；扣非归母净利润 0.07 亿元，同比上升 159.24%。 增持（维持） 目标估值：NA 当前股价：25.18 元 基础数据 | 总股本（百万股） | 461 | | --- | --- | | 已上市流通股（百万股） | 237 | | 总市值（十亿元） | 11.6 | | 流通市值（十亿元） | 6.0 | | 每股净资产（MRQ） | 8.5 | | ROE（TTM） | 3.3 | | 资产负债率 | 33.6% | | 主要股东 | 姚毅 | | 主要股东持 ...

证券研究报告 宝钢股份 (600019 CH) 华泰研究 年报点评 2025 年 4 月 29 日│中国内地 钢铁 宝钢股份发布 2024 年年报及 2025 年一季报，2024 年实现营收 3221.16 亿元（yoy-6.60%），归母净利 73.62 亿元（yoy-38.36%），低于我们先前的 预期（归母净利 89.56 亿元），主因钢铁行业景气偏弱。2025 Q1 实现营收 728.80 亿元（yoy-9.82%、qoq-8.05%），归母净利 24.34 亿元（yoy+26.37%、 qoq+64.49%）。钢铁行业供给侧优化或渐近，公司作为行业龙头，有望充 分受益于行业利润修复，维持"买入"评级。 2024 年钢铁行业景气度下滑，公司业绩承压 公司 2024 年钢铁产品产量和销量分别为 5141、5159 万吨，同比-1.0%、 -0.6%；钢材综合平均销售价格 4056 元/吨（不含税），同比-6.9%，主因钢 铁行业景气度下滑较多，但价格下行幅度少于中钢协 CSPI钢材价格指数（同 比-13.05%）。公司 2024 年销售毛利率、期间费用率、净利率分别为 5.45%、 3.34%、2.66 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q1 2025, the company achieved revenue of 7.772 billion yuan, a year-on-year decrease of 2.59%, and a net profit attributable to shareholders of 707 million yuan, down 33.65% year-on-year and 17.20% quarter-on-quarter. Despite most product price spreads being at historical lows, the company's net profit only declined by 147 million yuan quarter-on-quarter, demonstrating strong performance resilience [6][8] - The company announced a share buyback plan, indicating confidence in future development, with a buyback amount not less than 200 million yuan and not exceeding 300 million yuan [8] - The company maintains its profit forecast for 2025-2027, expecting net profits of 4.275 billion, 5.003 billion, and 5.760 billion yuan, with corresponding EPS of 2.01, 2.36, and 2.71 yuan per share, leading to PE ratios of 10.0, 8.5, and 7.4 times respectively [6][9] Financial Summary - In Q1 2025, the average price of main products such as urea, acetic acid, and others showed a decline, with average prices of 1,727, 2,902, and 8,063 yuan per ton respectively, reflecting a quarter-on-quarter decrease [7] - The company’s financial metrics for 2023A to 2027E include projected revenues of 27.26 billion, 34.23 billion, 32.11 billion, 32.36 billion, and 32.62 billion yuan respectively, with net profits expected to grow from 3.576 billion to 5.760 billion yuan over the same period [9][11] - The gross margin is projected to improve from 20.9% in 2023A to 23.8% in 2027E, while the net margin is expected to rise from 13.3% to 18.2% [11]