-39% -17% 5% 26% 48% 5/24 8/24 11/24 2/25 百润股份 沪深300 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-05-04 | [Table_BaseData] 收盘价（元） | 26.10 | | --- | --- | | 近 12 个月最高/最低（元） | 31.70/15.00 | | 总股本（百万股） | 1,049 | | 流通股本（百万股） | 718 | | 流通股比例（%） | 68.42 | | 总市值（亿元） | 274 | | 流通市值（亿元） | 187 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 百润股份（ [Table_StockNameRptType] 002568） 公司点评 库存积极去化，威士忌招商可期 ——百润股份 24 年报&25Q1 点评 [Table_CompanyReport] 相关报告 1.百润 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 莲花控股（600186） 2024 年报及 2025 年一季报点评：符合预期， 积极有为 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,101 | 2,646 | 3,253 | 3,857 | 4,476 | | 同比（%） | 24.23 | 25.98 | 22.94 | 18.56 | 16.05 | | 归母净利润（百万元） | 129.93 | 202.58 | 264.07 | 332.54 | 401.63 | | 同比（%） | 181.26 | 55.92 | 30.35 | 25.93 | 20.78 | | EPS-最新摊薄（元/股） | 0.07 | 0.11 | 0.15 | 0.19 | 0.22 | | P/E（现价&最新摊薄） | 93.62 | 60.04 | 46.06 | 36.58 | 30.29 | [Table_Tag] ...

股票研究 /[Table_Date] 2025.05.04 外销全面增长，海外盈利有所改善 海信家电(000921) ——海信家电 2025Q1 财报点评 | | | | | ——海信家电 | 2025Q1 财报点评 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | | [table_Authors] 蔡雯娟(分析师) | 谢丛睿(分析师) | 李汉颖(分析师) | [Table_Target] 目标价格： | 42.00 | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号 S0880521050002 | S0880523090004 | S0880524110001 | | | 本报告导读： 公司发布 25Q1 季报，外销维持高增趋势，盈利能力全面改善，看好公司在海外自 主品牌成长下的盈利进一步提升。 | 股东权益（百万元） | 16,565 | | --- | --- | | 每股净资产（元） | 11.95 | | 市净率（现价） | 2.3 | | 净负债率 | ...

公司报告 | 首次覆盖报告 福达股份（603166） 证券研究报告 曲轴乘混动车型东风，人形机器人业务蓄势待发 基本情况：国内汽车曲轴龙头，切入新能源、人形机器人领域。 公司主要从事汽车、工程机械、农机、船舶等动力机械发动机曲轴、精密 锻件、新能源电驱齿轮、汽车离合器、螺旋锥齿轮、高强度螺栓的研发、 生产与销售。公司于 2022 年成立新能源电驱科技公司，2023 年正式投产。 2024 年，公司成立机器人事业部，进军机器人领域。 2025 年 05 月 04 日 | 投资评级 | | | --- | --- | | 行业 | 汽车/汽车零部件 | | 6 个月评级 | 买入（首次评级） | | 当前价格 | 16.43 元 | | 目标价格 | 17.64 元 | 汽零主业：插混车型重塑市场格局，驱动福达曲轴业务成长。 燃油车时代，传统整车厂大多会选择自产曲轴。而进入新能源时代后，整 车厂不约而同减少了对发动机的投资，作为核心零部件的曲轴逐渐转为外 包，需求从主机厂流出，进入到了上游的供应链中，为第三方曲轴市场带 来显著增量。福达是乘用车第三方曲轴龙头，客户、产能、盈利端全面引 领同行，有望成混动车型发展的 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6][16] Core Views - The company demonstrated strong performance in Q1 2025, with revenue of 1.327 billion yuan, remaining stable year-on-year, and a net profit of 153 million yuan, reflecting a 5% increase [1] - The company's proprietary products are experiencing significant growth, with proprietary product revenue reaching 3.664 billion yuan in 2024, a 50.64% increase year-on-year [2] - The company is focusing on innovation, with two new globally promising products in development, N-3C01 and EY-SF-001, alongside progress in other products [3] Financial Performance - Projected revenues for 2025-2027 are 6.413 billion, 7.201 billion, and 8.305 billion yuan respectively, with net profits expected to be 731 million, 927 million, and 1.103 billion yuan [4][10] - The company is expected to achieve a net profit margin of 11.40% in 2025, increasing to 13.28% by 2027 [11] Market Position - The company has a total market capitalization of approximately 13.794 billion yuan, with a circulating market value of about 9.542 billion yuan [7] - The stock price is currently at 11.34 yuan, with a target price indicating potential upside [6]

公司报告 | 年报点评报告 源杰科技（688498） 证券研究报告 一季报扭亏，数通光芯片助收入连续 2 季度环比增长 1Q25 扭亏，收入连续 2 个季度环比增长 公司公布 24 年年报及 25 年一季报，24 年实现营业收入 2.52 亿元，同比 增长 75%，归母净利润-613 万元，同比减少 131%，符合业绩快报。1Q25 单季实现营业收入 8440 万元，同比增长 41%、环比增长 14%，归母净利润 1432 万元，同比增长 36%、环比扭亏。公司收入连续 2 个季度环比增长， 1Q25 实现扭亏，1Q 单季毛利率达到 44.6%，同比大幅提升 10pct，主要原 因是数通 CW 的持续发力。 数通光芯片出货放量，电信产品竞争加剧 24 年分产品看：1）数通中心及其他产品收入 4804 万元，而 23 年仅为 471 万元，收入贡献的主要增量来自硅光 CW 70mw 激光器、出货超过百万颗， 已成为公司新增长点，数通毛利率为 71%。2）电信市场产品收入 2.02 亿 元，同比增长 52%，毛利率 24.62%，同比减少 15.58pct，收入增长主要来 自下游采购恢复，但以 2.5G、10G ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [7]. Core Insights - The company achieved a revenue of 2.947 billion yuan in 2024, representing a year-on-year growth of 7.20%. However, the net profit attributable to shareholders was -199 million yuan, showing a decline compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 592 million yuan, down 6.20% year-on-year, but the net profit attributable to shareholders increased by 85.36% to 21.11 million yuan [1]. - The SaaS business showed significant growth, with the Annual Recurring Revenue (ARR) reaching 523.29 million yuan in 2024, a 25.1% increase from 418.29 million yuan in 2023 [3]. - The company has signed contracts with major hotel groups, enhancing its market position and expanding its international presence [4]. Financial Performance Summary - The gross profit margin for 2024 was 34.87%, a slight decrease from the previous year. In Q1 2025, the gross profit margin improved to 49.17% [2]. - Operating cash flow improved, with a net cash flow of 67.13 million yuan in 2024, compared to 63.45 million yuan in the previous year. However, Q1 2025 showed a negative cash flow of -110 million yuan [2]. - The company expects revenues of 3.665 billion yuan in 2025, with a growth rate of 24.4%, and a projected net profit of 146 million yuan [8][9]. Business Development - The company continues to expand its SaaS offerings, with over 80,000 hotel clients and a renewal rate exceeding 90% [3]. - The Daylight PMS system has been successfully implemented in 629 hotels globally, with significant contracts signed with major hotel groups [4]. - The company is also enhancing its retail business through the acquisition of minority stakes in software firms, which is expected to strengthen its market position in retail management solutions [6]. Future Projections - Revenue projections for 2025-2027 are 3.665 billion yuan, 4.576 billion yuan, and 5.720 billion yuan, respectively, with corresponding PS ratios of 6X, 5X, and 4X [7][8]. - The net profit is expected to recover significantly, reaching 579 million yuan by 2027, with a net profit margin improving over the years [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][14] Core Insights - The company reported a revenue of 752 million yuan in 2024, representing a year-over-year growth of 34.71%, and a net profit attributable to the parent company of 106.5 million yuan, up 52.91% [5] - In Q1 2025, the company achieved a revenue of 175 million yuan, an increase of 22.51%, and a net profit of 18.69 million yuan, up 49.72% [5] - The company is expected to continue its growth trajectory, with projected net profits of 115 million yuan, 133 million yuan, and 161 million yuan for 2025, 2026, and 2027 respectively [5][8] Financial Performance - The total revenue for 2023 was 558 million yuan, with a projected increase to 815 million yuan in 2025, reflecting a growth rate of 8.3% [8] - The gross margin is expected to remain stable around 29.8% to 30.0% over the forecast period [11] - The net profit margin is projected to be around 14.1% to 14.5% from 2025 to 2027 [11] Sales and Market Expansion - The automotive electronics segment saw a revenue increase of 107.15% in 2024, reaching 72.33 million yuan [6] - Domestic revenue grew by 46.43% to 349 million yuan, while overseas revenue reached 403 million yuan, up 25.96% [6] - The company is expanding its product offerings and increasing its self-manufacturing ratio, with over 300 SKUs managed in automotive electronics [7] R&D and Production Capacity - The company is investing in R&D for integrated hardware and software products, with 8 new patents and 49 software copyrights added in 2024 [7] - A new production base in Thailand is under construction, focusing on manufacturing casting components [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for Q1 2025 reached 443 million yuan, representing a year-on-year growth of 15.30%, while the net profit attributable to the parent company was 112 million yuan, up 45.94% year-on-year [8] - The growth in Q1 was primarily driven by an increase in paid membership numbers and a continuous rise in AI product sales, with the number of paid members for China Manufacturing Network reaching 28,118, an increase of 703 members from the end of 2024 [8] - The company has seen a significant increase in buyer traffic, which is expected to enhance seller cash flow growth [8] - The company plans to issue stock options to 1,153 incentive targets, with performance targets set for net profit growth rates of no less than 20%, 40%, and 60% for the years 2025, 2026, and 2027, respectively [8] - The report forecasts net profits for 2025-2027 at 557 million, 679 million, and 785 million yuan, respectively, with corresponding P/E ratios of 24.08, 19.76, and 17.10 [8] Financial Summary - Total revenue is projected to grow from 1,669 million yuan in 2024 to 1,880 million yuan in 2025, reflecting a year-on-year growth of 12.66% [9] - The net profit attributable to the parent company is expected to increase from 451 million yuan in 2024 to 557 million yuan in 2025, indicating a growth rate of 23.52% [9] - The company's gross margin is forecasted to be 80.74% in 2025, slightly improving to 82.39% by 2027 [9] - The report highlights a significant improvement in operating efficiency, with sales expense ratio, management expense ratio, and R&D expense ratio decreasing by 1.27 percentage points, 3.00 percentage points, and 1.76 percentage points, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported strong profit performance in Q1 2025, with a significant increase in net profit by 110% year-on-year, reaching 320 million yuan [1] - The company is a leading publishing and distribution enterprise in Guangdong Province, with stable growth in core businesses such as educational materials and general books, while educational services are expected to become another growth point [2] - The company has announced a record high dividend payout ratio of 61%, reflecting its commitment to shareholder returns [7] Financial Performance Summary - In Q4 2024, the company achieved operating revenue of 2.69 billion yuan, a year-on-year decrease of 7.7%, and a net profit of 280 million yuan, down 53.5% year-on-year [1] - For the full year 2024, the company reported operating revenue of 9.17 billion yuan, a decrease of 2.1% year-on-year, and a net profit of 810 million yuan, down 36.9% year-on-year [2] - In Q1 2025, the company recorded operating revenue of 2.11 billion yuan, an increase of 1.2% year-on-year, and a net profit of 320 million yuan, up 110% year-on-year [1][2] Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 1.15 billion yuan, 1.19 billion yuan, and 1.25 billion yuan respectively, with corresponding EPS of 1.28 yuan, 1.33 yuan, and 1.39 yuan [2] - The target price for 2025 is set at 17.92 yuan, based on a P/E ratio of 14 times [2] Market Performance - The company's stock price as of April 30, 2025, was 16.49 yuan, with a 52-week high of 17.36 yuan and a low of 10.66 yuan [3] - The company has shown strong relative performance against the market, with a 1-week return of 5.5% and a 1-month return of 3.13% [4]