Investment Rating - The report maintains a "Buy" rating for the company 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 has 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]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 57.42 billion RMB (+11.33% year-on-year) and a net profit attributable to shareholders of 7.61 billion RMB (+5.94% year-on-year) [7]. - The company reported a Q1 2025 revenue of 8.90 billion RMB (+14.76% year-on-year) and a net profit of 680 million RMB (+14.14% year-on-year) [2]. Business Segments - The company’s revenue from smart grid, digital energy integration, and low-carbon energy segments for 2024 was 28.47 billion RMB (+10.70%), 12.37 billion RMB (+11.05%), and 12.19 billion RMB (+26.43%) respectively [3]. - The industrial interconnection segment saw a decline of 9.51% year-on-year, while the integrated and other businesses experienced a decrease of 23.89% [3]. Profitability and Dividends - The company maintained a dividend payout ratio of 60% in 2024, resulting in a dividend yield of 2.26% [2]. - The gross and net profit margins for 2024 were 26.66% and 14.19%, respectively, indicating stable profitability [2]. Future Projections - The company plans to achieve a revenue of 64.65 billion RMB in 2025, with a projected net profit of 8.33 billion RMB [5]. - The estimated PE ratio for 2025 is set at 22.27, reflecting the company's strong market position and technological advantages [5][23].

证券研究报告 三诺生物 (300298 CH) 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 收入同比稳健增长。考虑糖尿病患者血糖监测需求明确且 公司品 ...

Investment Rating - The report does not specify a clear investment rating for the company, but it suggests continuous attention due to its potential for steady growth in the AI and new business sectors [1][7]. Core Insights - The company achieved a revenue of 87.3 billion yuan in 2024, with a year-on-year growth of 0.6%, while the net profit attributable to the parent company was 3.2 billion yuan, down 24.8% year-on-year [7]. - The company is focusing on AI and new business opportunities, with the launch of AI smart mattresses and electric bed frames, which have seen sales exceed 100 million yuan [7][8]. - The company’s mattress segment showed steady growth, with revenue reaching 5.27 billion yuan, a year-on-year increase of 5.1% [7][8]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 94.3 billion yuan, 101.3 billion yuan, and 107.8 billion yuan, respectively, with growth rates of 8.0%, 7.5%, and 6.5% [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are 3.47 billion yuan, 3.69 billion yuan, and 3.95 billion yuan, with growth rates of 7.5%, 6.4%, and 7.1% [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.85 yuan in 2024 to 1.04 yuan in 2027 [2][9]. Business Segment Performance - **Mattress Segment**: Revenue is projected to grow from 5.27 billion yuan in 2024 to 7.00 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10% [8]. - **Soft Beds and Accessories**: Revenue is expected to decline slightly, from 2.44 billion yuan in 2024 to 2.41 billion yuan in 2027 [8]. - **Sofas**: Revenue is forecasted to grow from 719 million yuan in 2024 to 883 million yuan in 2027, reflecting a recovery in demand [8]. Market and Channel Analysis - **Sales Channels**: The company reported revenue from distribution stores, bulk business, and online sales of 32.1 billion yuan, 34 billion yuan, and 19.8 billion yuan, respectively, with online sales growing by 9.9% [7][8]. - **Geographical Performance**: Domestic sales decreased by 6.4% to 64.7 billion yuan, while international sales increased by 27.5% to 21.3 billion yuan [7][8]. Valuation Metrics - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 18 in 2024 to 15 in 2027, indicating a potential increase in valuation attractiveness [2][9]. - **Price-to-Book (PB) Ratio**: The PB ratio is expected to decline from 1.58 in 2024 to 1.24 in 2027, suggesting a strengthening balance sheet [2][9].

| 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 其他金属非金属新材料及加工 | 天通股份发布一季报，2025 年 Q1 实现营收 7.14 亿元（yoy-15.39%、 qoq+39.99%），归母净利 4796.16 万元（yoy+8.18%、qoq+235.15%），扣 非净利 193.13 万元（yoy-95.38%）。公司在设备和材料细分领域均处于行 业领先地位，目前设备业务受市场环境影响导致整体业绩有所承压，静待行 业景气回暖；且仍积极拓展材料业务保障业绩，维持"买入"评级。 一季度公司毛利率环比基本持平，收到政府补贴 4881 万元 2025Q1 公司综合毛利率 / 净利率分别为 18.8%/6.74% ，（ yoy -1.3pct/+1.46pct，qoq +0.04pct/+15.72pct）。费用方面，公司 2025Q1 合计 期间费用率 21.17%，（yoy +4.26pct,qoq -2.05pct）。其中公司销售费用率为 3.32%（yoy+0.12pct,qoq+3.23pct）， ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, San Yang Ma, is positioned as a leader in public-rail intermodal logistics, focusing on the automotive logistics sector, which is expected to benefit from the recovery of the automotive market [7][8] - The company's revenue for 2024 is projected to be 11.82 billion yuan, with a year-on-year growth of 20.6%, while the net profit attributable to the parent company is expected to decline by 57.3% due to increased financial expenses [7][8] - The report highlights the significant increase in financial expenses due to convertible bond interest, which has impacted profitability [7][8] Financial Summary - Revenue and Profit Forecast: - 2024A: Revenue of 11.82 billion yuan, net profit of 8.59 million yuan - 2025E: Revenue of 14.48 billion yuan, net profit of 13.05 million yuan - 2026E: Revenue of 17.10 billion yuan, net profit of 16.64 million yuan - 2027E: Revenue of 19.50 billion yuan, net profit of 18.94 million yuan [2][12] - Earnings Per Share (EPS) is projected to increase from 0.11 yuan in 2024 to 0.24 yuan in 2027 [2][12] - The company’s return on equity (ROE) is expected to rise from 1.00% in 2024 to 2.21% in 2027 [2][12] Business Segments - The automotive logistics service is the primary business, contributing 82.7% of total revenue in 2024, with a year-on-year growth of 19% [7][8] - Non-automotive logistics services, including cross-border e-commerce logistics, are also growing, with a projected revenue increase of 34.2% [7][8] - The company aims to enhance its logistics network and optimize operations to improve profitability [9][10] Market Outlook - The automotive market in China is expected to continue growing, with total sales projected to exceed 32.9 million vehicles in 2025, a year-on-year increase of 4.7% [8] - The demand for automotive logistics is anticipated to recover as the automotive industry stabilizes [7][8] Conclusion - The report suggests that San Yang Ma is well-positioned to benefit from the growth in the automotive logistics sector, with a focus on improving operational efficiency and expanding service offerings [7][8]

证券研究报告 25Q1 毛利率环比略有下滑，新增长业务支撑公司业绩稳定 公司 25Q1 毛利率 21.95%，环比-2.66pct，同比-2.08pct，公司一季度毛利 率同环比略有下滑。但 MIM 主营业务继续维持高增长，收入 6.34 亿元， 同比增长约 65.86%，新兴增长业务有效对冲公司其他领域盈利能力减弱， 支撑业绩稳定。费用方面公司一季度 11.43%，环比-0.66pct，同比-2.92%， 公司费用控制效果显著。 三大材料平台搭建完成，不断拓展诸如芯片电感等新兴领域市场 东睦股份 (600114 CH) 材料业务多点开花，稳健前行 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 其他金属非金属新材料及加工 | 东睦股份发布年报及一季报，2024 年实现营收 51.43 亿元（yoy+33.20%）， 归母净利 3.97 亿元（yoy+100.59%），扣非净利 3.79 亿元（yoy+153.62%）。 25Q1 实现营收 14.59 亿元（yoy+32.41%、qoq-4.77%），归母净 ...

证券研究报告 亚玛顿 (002623 CH) 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 ...

证券研究报告 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 | 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 ...

Investment Rating - The report maintains an "Overweight" rating for the company [9][10]. Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which was above expectations due to reduced losses in the chemical segment and better-than-expected performance in non-oil marketing [1]. - The report highlights that traditional business profitability is under pressure, while non-oil business shows promising growth [1]. - The refining segment's profitability is under pressure due to high crude oil inventory, leading to a significant decline in refining margins [3]. - The marketing segment's profit declined due to weak domestic demand for refined oil products, although non-oil business profits increased [4]. - The chemical segment has reduced losses and is expected to benefit from a market recovery [5]. Summary by Sections Financial Performance - Q1 revenue was 735.4 billion RMB, with a quarter-on-quarter decrease of 7% and a year-on-year increase of 4%. The net profit attributable to shareholders was 13.3 billion RMB, with a significant year-on-year increase of 119% [1]. - Q1 crude oil production was 69.5 million barrels, down 1.2% year-on-year, while natural gas production increased by 5.1% to 368.4 billion cubic feet [2]. - The refining segment processed 62.1 million tons of crude oil, down 1.8% year-on-year, with refining margins narrowing to 6.2 USD per barrel, a decrease of 13.9% [3]. Segment Analysis - The marketing segment saw total domestic refined oil sales of 43.2 million tons, down 5.3% year-on-year, with retail sales declining by 6.4% [4]. - The chemical segment produced 386, 568, and 260 million tons of ethylene, synthetic resin, and synthetic fiber respectively, with year-on-year increases of 18%, 17%, and 27% [5]. Profitability Forecast - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 53.9 billion, 58.8 billion, and 61.6 billion RMB respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6]. - The target prices are set at 6.82 RMB and 4.73 HKD for A and H shares respectively, based on a PE ratio of 15.5 and 10.0 for 2025 [6].

证券研究报告 中国核电 (601985 CH) 净利或已触底，核电投产有望提速 华泰研究 年报点评 2025 年 4 月 29 日│中国内地 发电 中国核电发布业绩，2024 年实现营收 772.72 亿元（yoy+3%），归母净利 87.77 亿元（yoy-17%），扣非净利 85.69 亿元（yoy-18%），归母净利低于 华泰预测（111 亿元），主要是所得税费用高于预期；公司 1Q25 实现营收 202.73 亿元（yoy+13%），归母净利 31.37 亿元（yoy+2.6%）。2025 年有 望受益于核电新机组投产。2024 年公司 DPS 为 0.18 元/股，派息率升至 42%。维持"买入"评级。 核电：所得税费上升致净利承压，2025 年有望受益于新机组投产 截至 2025 年 4 月 28 日，公司核电在运机组合计 26 台、装机容量 24.96GW， 在建机组 12 台、装机容量 13.92GW，核准待建机组 7 台、装机容量 7.94GW， 公司开展前期准备工作的核电机组仍超过 10 台，为后续核准奠定基础。 4Q24/1Q25核电发电量yoy+1.0%/+13.3%，得益于漳州1号机 ...