Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company is expected to accelerate the opening of JD Outlet stores, which aligns with the trend of rational consumption and high cost-performance demand from consumers [3]. - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 221 billion, 243 billion, and 268 billion respectively, with net profits of 24 billion, 27 billion, and 29 billion [5]. Financial Performance Summary - For Q1 2025, the company reported revenue of 6.2 billion, a year-on-year increase of 0.16%, and a net profit of 900 million, up 5% year-on-year [1]. - In Q4 2024, the company experienced a revenue decline of 4% year-on-year, with a net profit drop of 50% [1]. - The total revenue for 2024 was 21 billion, down 3% year-on-year, with a net profit of 2.2 billion, down 27% [1]. Brand Performance - The main brand, Hailan Home, generated revenue of 15.3 billion in 2024, a decrease of 7% year-on-year, with a gross margin of 47% [1]. - The group purchase and customization series saw revenue of 2.2 billion in 2024, down 3% year-on-year, with a gross margin of 40% [1]. Strategic Initiatives - The company is expanding into the sports sector through a partnership with Adidas, enhancing its retail management capabilities [3]. - A strategic collaboration with JD has been established to create a new urban outlet model, leveraging JD's brand and traffic advantages [3]. - The company is also focusing on overseas market expansion, achieving 355 million in revenue from international markets in 2024, a growth of 30.75% [4]. Financial Projections - The company has revised its earnings forecasts for 2025-2027, projecting earnings per share (EPS) of 0.50, 0.55, and 0.61 respectively [5]. - The price-to-earnings (P/E) ratio is expected to be 17, 15, and 14 for the years 2025-2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive growth in its industrial sector, with continuous improvement in profitability. In 2024, the company achieved operating revenue of 185.84 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 5.69 billion yuan, up 4.8% year-on-year [4][9] - The company’s new projects have driven growth in the industrial sector, and overseas business has seen a significant increase in demand. The revenue from the chemical engineering, infrastructure, environmental governance, and industrial sectors has shown varied growth rates, with the industrial and new materials sector growing by 13.4% [5][9] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 185.84 billion yuan, net profit attributable to shareholders of 5.69 billion yuan, and net profit after deducting non-recurring gains and losses of 5.51 billion yuan, reflecting year-on-year growth of 4.2%, 4.8%, and 6.0% respectively. In Q1 2025, the company achieved operating revenue of 44.50 billion yuan, net profit of 1.44 billion yuan, and net profit after deducting non-recurring gains and losses of 1.41 billion yuan, with year-on-year changes of -1.0%, +18.8%, and +22.6% [4][5] Business Segments - The company’s revenue from various segments in 2024 included 152.2 billion yuan from chemical engineering, 20.6 billion yuan from infrastructure, 2.2 billion yuan from environmental governance, 8.8 billion yuan from industrial and new materials, and 1.6 billion yuan from modern services, with respective year-on-year growth rates of +6.9%, -6.4%, -22.1%, +13.4%, and -47.7% [5] Contracting and New Projects - The company signed new contracts worth 366.9 billion yuan in 2024, a year-on-year increase of 12.3%. The new contracts in chemical engineering, infrastructure, and environmental governance were 276.3 billion yuan, 64.9 billion yuan, and 9.5 billion yuan, reflecting growth rates of 5.8%, 56.3%, and 19.2% respectively. In Q1 2025, new contracts surged to 59.79 billion yuan, a 60.7% increase year-on-year [6] Profitability and Margins - The company’s gross margin and net margin for 2024 were 10.1% and 3.4%, respectively, with year-on-year increases of 0.7% and 0.01 percentage points. In Q1 2025, the gross margin was 9.3% and the net margin was 3.6%, reflecting increases of 1.29% and 0.58 percentage points year-on-year [7] Cash Flow and Dividends - The company experienced a net outflow of operating cash flow of 8.72 billion yuan in 2024, a decrease of 4.1 billion yuan compared to the previous year. The proposed dividend for 2024 is 1.86 yuan per share, totaling approximately 1.14 billion yuan, which is a 4.5% increase year-on-year [8] Profit Forecast and Valuation - The company’s profit forecast for 2025 and 2026 has been adjusted to 6.43 billion yuan and 6.89 billion yuan, representing increases of 8% and 4% respectively. The forecast for 2027 is set at 7.35 billion yuan, maintaining a "Buy" rating [9]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 05 04 年 月 日 中简科技（300777.SZ） 先进航空装备、国产大飞机赛道核心的先进碳纤维供应商 公司是我国航空航天用高端碳纤维核心供应商。公司技术团队核心成员均来自山 西煤化所并完成多项国家重大课题研发任务，目前核心产品 ZT7 系列于 2012 年 通过航空领域试验验证并于 2014 年批量稳定生产，满足新一代型号需求的 ZT9 系 列于 2015 年研制成功并于 2023 年稳定批产。 ZT7 新一轮采购周期+ZT9 新产品放量+航天领域持续突破，未来 3 年有望迎来 高速增长，此外公司积极布局国产大飞机碳纤维预浸料，未来有望充分受益于国 产大飞机产业化推进。 第一，新一轮航空装备放量即将到来，公司作为最上游原材料环节有望率先受益。 "十四五"航空主机厂订单在 2021 年落地，但是军工材料企业作为上游环节往往 需要提前备货导致景气周期较下游主机厂提前，中简科技单季度收入早在 2020Q2 就迎来环比大幅度提升。我们认为 2025 年作为"十四五"收官之年，下一批次航 空装备订单即将批量落地，中简科技作为最上游环节有望率先受益 ...

公司报告 | 季报点评 民生银行（600016） 证券研究报告 营收大幅改善，资产质量稳健 事件： 民生银行发布2025 年一季度财报。公司实现营收368亿元，YoY+7.41%； 归母净利润 127 亿元，YoY-5.13%；不良率 1.46% ，拨备覆盖率 144.27%。 点评： 营收大幅增长。2025 年一季度，民生银行营收 368 亿元（YoY+7.41%， 较 2024 年末提升 10.62pct），其中净利息收入 249 亿元（YoY+2.49%， 较 2024 年末提升 6.14pct），占营收比重 67.6%；非息收入 119 亿元， 同比增长 19.34%，较 2024 年末提升 21.39pct。2025Q1 拨备前利润、 归母净利润分别同比+9.98%、-5.13%。导致拨备前利润与归母净利润增 速较大差距的主要原因是公司计提力度加大，2025 年一季度计提减值准备 同比+42.68%，增长约 33 亿元。 非息收入方面：2025 年一季度，公司手续费及佣金收入 49 亿元，同比 -3.94%。其它非息收入整体同比增长 43.79%；其中投资净收益 94 亿元， 同比增长 58.10% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations, with revenue growth slowing due to lower-than-expected sales from major clients and increased depreciation and R&D expenses impacting profit margins [1][5] - The company achieved a revenue of 26.6 billion yuan in 2024, a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.001 billion yuan, up 39.52% year-on-year [1][7] - In Q1 2025, the company reported revenue of 5.768 billion yuan, a year-on-year increase of 1.40%, but a quarter-on-quarter decrease of 20.43%, with a net profit of 565 million yuan, down 12.39% year-on-year and 26.23% quarter-on-quarter [1][5] Financial Performance Summary - The company’s gross margin for 2024 was 20.80%, down 2.23 percentage points year-on-year, while the net profit margin was 11.28%, up 0.36 percentage points year-on-year [5] - For Q1 2025, the gross margin was 19.89%, down 2.53 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter, with a net profit margin of 9.80%, down 1.54 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [5] - The company’s operating expenses as a percentage of revenue for 2024 were 1.03% for sales, 2.33% for management, 4.60% for R&D, and 0.62% for financial expenses [5] Business Development Insights - The company is expanding into humanoid robot electric drive actuator business, leveraging its technical expertise in line control brake systems to enhance competitiveness in this field [6] - The company has established a dedicated electric drive division to accelerate business development and is integrating key technologies across its automotive and robotics sectors [6] - The platform strategy for products such as air suspension and robotic actuators is expected to create new growth opportunities for the company [7] Earnings Forecast - The company is projected to achieve net profits of 3.526 billion yuan, 4.333 billion yuan, and 5.468 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 26, 21, and 17 times [7][9]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 04 日 请务必仔细阅读正文之后的评级说明和重要声明 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 中闽能源(600163.SH) 投资评级： 买入（维持） ——24 年业绩下滑主因减值 2025Q1 风资源表现优异 投资要点： 风险提示。电价波动风险，电量波动风险，新增项目投产进度不及预期 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 1,732 | 1,741 | 1,880 | 2,032 | 2,113 | | 同比增长率（%） | -3.30% | 0.54% | 7 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 04 年 月 日 2024 年公司业绩实现扭亏为盈，毛利率有所改善。公司 2024 年实现营 业收入 19.40 亿元（yoy-1.51%），归母净利润 0.55 亿元，实现扭亏为盈 （去年同期为-0.68 亿元）。其中，诺斯贝尔实现营业收入 19.30 亿元（（yoy- 1.57%），毛利率同比增长 5.42pcts 至 17.16%，实现归属于诺斯贝尔所有 者权益的净利润为 0.86 亿元，实现扭亏为盈（去年同期为-0.50 亿元）， 公司化妆品业务毛利率改善主要系加强原材料采购管理工作，利用规模采 购优势控制原材料采购成本、优化生产工序、减少生产损耗等降本增效措 施显效。2025 年 Q1 公司实现总营业收入 4.19 亿元（yoy+10.17%），归 母净利润为 0.02 亿元，实现扭亏为盈（去年同期为-0.06 亿元）。 青松股份（300132.SZ） 业绩实现扭亏为盈，降本增效带动毛利率提升 化妆品产品力增强并加强成本管控，三大品类毛利率均有提升。2024 年 分品类来看，面膜/护肤/湿巾系列产品分别实现营业收入 8.15 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations, with revenue growth slowing due to lower-than-expected sales from major clients. In 2024, the company achieved revenue of 26.6 billion yuan, a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.001 billion yuan, up 39.52% year-on-year. In Q1 2025, revenue was 5.768 billion yuan, a year-on-year increase of 1.40%, but a quarter-on-quarter decrease of 20.43%, with a net profit of 565 million yuan, down 12.39% year-on-year and 26.23% quarter-on-quarter [3][4][5] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 20.80%, down 2.23 percentage points year-on-year, and a net profit margin of 11.28%, up 0.36 percentage points year-on-year. In Q1 2025, the gross margin was 19.89%, down 2.53 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter, while the net profit margin was 9.80%, down 1.54 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [5][6] Business Development - The company is expanding its humanoid robot electric actuator business, leveraging its technical expertise in line control brake systems (IBS) to develop competitive products in the robotics field. The company has quickly gained customer recognition for its linear actuators and is expanding into rotary actuators and dexterous motors, establishing a platform product system [6][7] Investment Recommendations - The company is positioned as an excellent tier 0.5 platform component supplier, capitalizing on the growth of the new energy vehicle market. The ongoing platform strategy and new business areas such as air suspension and robotic actuators are expected to provide new growth points. The projected net profits for 2025, 2026, and 2027 are 3.526 billion yuan, 4.333 billion yuan, and 5.468 billion yuan, respectively, with corresponding P/E ratios of 26, 21, and 17 [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.6 billion in Q1 2025, a year-on-year increase of 36%, with a net profit attributable to the parent company of 250 million, also up 36%. The adjusted net profit was 230 million, reflecting a 62% increase [1]. - For the year 2024, the company anticipates a revenue of 9 billion, a 10% increase, and a net profit of 700 million, a 20% increase, with adjusted net profit expected to reach 600 million, up 43% [1]. - The medical consumables segment generated 3.9 billion, accounting for 44% of total revenue, with a slight increase of 1% year-on-year, while the consumer goods segment brought in 5 billion, representing 56% of total revenue, with a 17% increase [1]. - The report highlights strong growth in key product categories, particularly in the medical segment, with surgical consumables and high-end dressings seeing significant revenue increases of 196.8% and 21% respectively [2]. Financial Performance Summary - The company’s revenue for 2023 is projected at 8.2 billion, with a growth rate of -27.89%. By 2025, revenue is expected to reach 11.2 billion, reflecting a growth rate of 24.80% [5]. - The net profit attributable to the parent company is forecasted to be 580 million in 2023, increasing to 1 billion by 2025, with a growth rate of 50.16% [5]. - Earnings per share (EPS) are expected to rise from 1.00 in 2023 to 1.79 in 2025, with corresponding price-to-earnings (P/E) ratios of 52.39 and 29.12 respectively [5]. Market Position and Strategy - The company is focusing on enhancing its core product categories and improving its market ranking through effective brand marketing, particularly for its all-cotton product line [2]. - The "Nais Princess" brand has gained significant recognition due to its innovative cotton technology, leading to improved market rankings on major e-commerce platforms [3]. Revenue Breakdown - In Q1 2025, the medical segment generated 1.25 billion, with a notable contribution from the newly acquired GRI, which accounted for 300 million of this revenue [2]. - The consumer segment reported 1.34 billion in revenue, marking a year-on-year increase of 28.8%, with e-commerce channels contributing significantly to this growth [2]. Future Projections - The report maintains profit forecasts with slight adjustments, projecting net profits of 1.04 billion, 1.26 billion, and 1.5 billion for 2025, 2026, and 2027 respectively [4]. - The expected EPS for these years is 1.79, 2.17, and 2.58, with corresponding P/E ratios decreasing from 29 to 20 [4].

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 04 年 月 日 青松股份（300132.SZ） 业绩实现扭亏为盈，降本增效带动毛利率提升 2024 年公司业绩实现扭亏为盈，毛利率有所改善。公司 2024 年实现营 业收入 19.40 亿元（yoy-1.51%），归母净利润 0.55 亿元，实现扭亏为盈 （去年同期为-0.68 亿元）。其中，诺斯贝尔实现营业收入 19.30 亿元（（yoy- 1.57%），毛利率同比增长 5.42pcts 至 17.16%，实现归属于诺斯贝尔所有 者权益的净利润为 0.86 亿元，实现扭亏为盈（去年同期为-0.50 亿元）， 公司化妆品业务毛利率改善主要系加强原材料采购管理工作，利用规模采 购优势控制原材料采购成本、优化生产工序、减少生产损耗等降本增效措 施显效。2025 年 Q1 公司实现总营业收入 4.19 亿元（yoy+10.17%），归 母净利润为 0.02 亿元，实现扭亏为盈（去年同期为-0.06 亿元）。 化妆品产品力增强并加强成本管控，三大品类毛利率均有提升。2024 年 分品类来看，面膜/护肤/湿巾系列产品分别实现营业收入 8.15 ...