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]

证券研究报告 三诺生物 (300298 CH) 风险提示：核心产品销售不达预期，核心产品研发进度低于预期。 收入平稳增长，看好后续改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 医疗器械 | 公司 1Q25 实现收入/归母净利 10.42/0.72 亿元（yoy+2.8%/-10.9%）。我们 推测公司 1Q25 利润端同比下滑主因海外子公司 PTS 阶段性推进产能优化 工作拖累利润释放，叠加海外子公司 1Q24 利润贡献基数较高。考虑 PTS 产能优化工作有望于 1H25 结束后重回正常经营轨道，公司后续季度利润同 比增速有望边际改善。公司 1Q25 经营现金流量净额 1.97 亿元（同比转正）， 现金流水平持续向好。考虑公司 BGM 核心主业发展良好，CGM 海内外商 业化工作积极推进，我们看好公司 25 年业绩保持向好发展。维持"买入"。 BGM 主业收入稳健增长，看好海外子公司 25 年实现规模性盈利 1）血糖监测系统：我们推测若剔除心诺健康并表及 CGM 销售贡献，公司 BGM 业务 1Q25 ...

2025 年 04 月 29 日 阳光诺和(688621.SH) 新签订单快速增长且创新研发持续投 入，期待公司经营边际向好 事件： 公司发布了 2025 年第一季度报告，2025Q1 公司分别实现营收和归母 净利润 2.31 亿元和 0.30 亿元，分别同比下降 8.49%和 59.34%。 新签订单快速增长，期待公司业绩边际改善： 2025Q1 公司分别实现营收和归母净利润 2.31 亿元和 0.30 亿元，分 别同比下降 8.49%和 59.34%。当前创新药投融资持续复苏，公司相关 订单快速增长（2024 年新签订单金额达 17.86 亿元，同比增长 18.74%），随着新签订单的陆续交付，期待公司业绩边际改善。 创新研发持续投入，致力于构建具备竞争力的创新药管线： 公司在研发创新上持续投入，致力于开发具有全球自主知识产权的创 新药物，构建具备市场竞争力的研发管线。截至 2024 年底，公司新 立项自研项目达 89 余项，全面覆盖多肽、长效微球制剂、缓控释制 剂、局部递送与透皮吸收药物、细胞治疗、小核酸以及核酸偶联药物 等前沿领域。其中，多肽创新药方面，公司布局了以 kappa 阿片受体 （KOR）为 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company continues to expand its store network, adding 2,512 stores in 2024, with a net increase of 1,434 stores year-on-year [3]. - The retail business generated revenue of 21.9 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points [3]. - The company is expected to maintain steady growth, with projected net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 17%, 15%, and 15% [4]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 24.062 billion RMB, with a net profit of 1.529 billion RMB and a non-recurring net profit of 1.497 billion RMB, showing growth rates of 6.5%, 8.3%, and 10.0% respectively [2]. - For Q1 2025, the company achieved revenue of 6.009 billion RMB and a net profit of 449 million RMB, with year-on-year growth rates of 0.6% and 10.5% respectively [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores, resulting in a net increase of 1,434 stores [3]. - The retail business revenue for 2024 was 21.9 billion RMB, with a gross margin increase of 1.8 percentage points, and Q1 2025 retail revenue was 5.26 billion RMB, maintaining a stable gross margin of 41.2% [3]. - The franchise and distribution business saw a revenue increase of 13% in Q1 2025, indicating a focus area for stable growth [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, with corresponding EPS of 1.47 RMB, 1.70 RMB, and 1.95 RMB [4]. - The current price corresponds to P/E ratios of 19, 16, and 14 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4].

2025 年 4 月 28 日公司披露 2024 年年报及 2025 年一季报，2024 全年公司实现营收 13.5 亿元，同比下降 19.6%；实现归母净利润 0.66 亿元，同比转正。2025 年一季度，公司实现营收 4.36 亿元， 同比增长 251%；实现归母净利润 0.64 亿元，同比下降 13.3%。 经营分析 24 年国内海风需求不及预期，桩基盈利略有承压：2024 年公司受 国内海风整体需求不及预期影响，整体出货同比略有下降，带动综 合毛利率同比下降约 2.1pct，其中桩基收入约 8.5 元，同比下降 22.7%，实现毛利率 4.29%，同比下降 6.0pct；塔筒业务 3.2 亿元 收入，同比下降 18.7%.实现毛利率 7.9%，同比提升 4.38pct；导 管架业务收入 1.37 亿元，同比增长 6.8%，实现毛利率 4.79%，同 比提升 10.28pct。 业绩拐点确立，项目交付加速业绩弹性有望逐步释放：2025 年一 季度，公司综合毛利率约为 15.05%，同比提升约 10pct，预计主要 受益于交付规模增加，盈利弹性逐步释放。3 月以来国内海风项目 开工持续加速，公司前期中标的 ...

亚玛顿 (002623 CH) 证券研究报告 布局海外产能，关注钙钛矿/超薄玻璃 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 玻璃 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 28.9/-1.3 亿元，同比 -20.3%/-2.1 亿元，24 年业绩符合业绩预告中值（-1.35 亿元）。25Q1 公司 收入/归母净利 5.6/0.05 亿元，同比-36.8%/-58.3%，收入及盈利下滑但毛利 率同环比改善，公司在超薄玻璃等产品上具备差异化优势，维持"增持"。 电子玻璃销量收入及毛利率明显提升，25Q1 毛利率同环比改善 24 年公司太阳能玻璃/太阳能组件/电力销售/电子玻璃及其他玻璃产品实现 收入 26.2/0.4/0.5/1.6 亿元，同比-20.2%/-76.8%/-6.1%/+68.7%，毛利率分 别为 2.8%/-2.0%/28.7%/11.7%，同比-4.2/-5.7/-1.7/+11.4pct，光伏玻璃量 增价减毛利率下滑，特斯拉储能门玻璃产品订单增长带动电子玻璃销量及毛 利率明显提升。2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.47 [7] Core Views - The company reported a revenue of RMB 16.82 billion for 2024, a year-on-year increase of 14.84%, and a net profit of RMB 1.05 billion, up 7.75% year-on-year. For Q1 2025, total revenue grew by 10.36% year-on-year, with net profit increasing by 43.02% year-on-year. The performance for 2024 met expectations [1][2] - The company is a leader in small appliance exports, benefiting from strong demand in Q1 2025, although potential challenges from increased tariffs in the U.S. may impact Q2 performance. The company has significant experience in product planning, industrial design, and rapid production, indicating resilience in long-term export sales [1][3] - The domestic sales faced challenges, with a revenue decline of 4.5% in 2024 and a further decline of 4.9% in Q1 2025. The main brands are less sensitive to the new replacement subsidy policies, leading to a slower recovery compared to the industry [2] - The company's export growth was strong in 2024, with quarterly growth rates of 29.7%, 25.1%, 20.3%, and 14.1% respectively. However, the growth rate is expected to face pressure in Q2 2025 due to increased tariffs imposed by the U.S. [3][5] - The gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, primarily due to a higher proportion of low-margin exports. The gross margin improved to 22.42% in Q1 2025 [4] - The company has initiated a share buyback and declared a dividend of RMB 0.45 per share, enhancing shareholder returns [1] Financial Summary - The company forecasts revenues of RMB 17.69 billion, RMB 18.89 billion, and RMB 20.15 billion for 2025, 2026, and 2027 respectively, with growth rates of 5.16%, 6.78%, and 6.70% [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.43, RMB 1.57, and RMB 1.75 respectively [10] - The average price-to-earnings (PE) ratio for comparable companies is projected at 15x for 2025, while the company is assigned a PE of 11.5x, leading to a revised target price of RMB 16.47 [5]

证券研究报告 口子窖 (603589 CH) 基地市场稳固，Q1 实现稳增 期待后续公司经营改善，维持"增持"评级 考虑行业需求较为平淡、公司改革成效显现仍需要一段时间，我们下调盈利 预测，预计 25-26 年 EPS 2.87/3.03 元（较前次-5%/-5%），引入 27 年 EPS 3.21 元，参考可比公司 25 年平均 PE 15x（Wind 一致预期），给予其 25 年 15xPE，给予目标价 43.05 元（前次 48.48 元，对应 25 年 16xPE，前次可 比公司 25 年平均 16xPE 均值），维持"增持"。 风险提示：行业竞争加剧、宏观经济表现低于预期、食品安全问题。 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 5,962 | 6,015 | 6,196 | 6,543 | 6,918 | | +/-% | 16.10 | 0.89 | 3.01 | 5.60 | 5.73 | | 归属母公司净利润 ( ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company maintains a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Revenue and Profitability - In 2024, the company achieved a revenue of 57.42 billion RMB, an increase of 11.33% year-on-year, and a net profit of 7.61 billion RMB, up 5.94% year-on-year [7]. - The gross and net profit margins for 2024 are projected to be 26.66% and 14.19%, respectively, indicating stable profitability [2]. Business Segments Performance - The revenue from the smart grid, digital energy integration, and low-carbon energy segments for 2024 is expected to be 28.47 billion RMB, 12.37 billion RMB, and 12.19 billion RMB, respectively, with growth rates of 10.70%, 11.05%, and 26.43% [3]. - The industrial interconnection segment is experiencing a decline, with a revenue drop of 9.51% [3]. Financial Forecasts - The forecasted net profit for 2025 is 8.33 billion RMB, reflecting a decrease of 9.59% from previous estimates due to potential impacts from changes in the renewable energy policy [5]. - The company’s PE ratio for 2025 is estimated at 22.27 times, with a target price based on this valuation [5][23].

中科创达 (300496 CH) 端侧 AI 布局持续深化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 计算机应用 | 证券研究报告 中科创达公布 25 年一季报，25 年 Q1 实现营收 14.69 亿元（yoy+24.69%、 qoq-13.10%），归母净利 9257 万元（yoy+2.00%、qoq-63.77%），扣非净 利 8752 万元（yoy+2.48%、qoq+80.87%）。公司深度受益于端侧 AI 浪潮， 看好其在端侧智能领域的深度布局，维持"买入"。 把握整车操作系统智能化机遇 公司在智能汽车场景有着良好的业务基础，2025 年 4 月上海车展上，中科 创达正式发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo，通过 深度融合 AI 大模型技术，它赋予汽车自主交互决策能力，在中央计算层面， 系统采用舱驾融合+ZCU 虚拟化平台支持多域融合与算力高效调度，为整车 智能化奠定技术底座。随着中央计算架构普及与大模型上车成为行业共识， 公司智能汽车业务收入增速有望重回高增 ...