证券研究报告 柏诚股份 (601133 CH) 24Q4 以来毛利率同比持续改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 建筑设计及服务 | 公司发布年报及一季报：2024 年实现营收 52 亿，同比+31.8%，归母净利/ 扣非净利 2.12/2.04 亿，同比-0.8%/-2.5%，归母净利低于我们的预期（2.5 亿），主要系行业竞争加剧，毛利率下滑超预期所致。24Q4/25Q1 实现营收 14.1/10.4 亿，同比-2.8/-9.4%，归母净利 5357/4420 万，同比-16.5%/-20.6%。 公司 24 年新签合同额 54 亿，同比+9.5%，在手订单 29 亿，我们认为随着 国内 DeepSeek 实现重要突破，在建设制造强国的长期背景下，科技产业 资本开支有望延续较高景气，公司作为国内领先的配套洁净室系统服务商， 有望充分受益，维持"买入"。 产业发展驱动电子领域收入高增，24Q4 以来毛利率同比持续改善 分行业，24 年半导体及泛半导体/新型显示/生命科学/食品药品大健康营收 ...

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 51.20 RMB [7][8]. Core Views - The company's Q1 performance exceeded expectations due to significant cost benefits, with revenue and net profit increasing by 8.1% and 14.8% year-on-year, respectively [1][3]. - The company is expected to continue its steady growth trajectory in the short term, supported by low inventory levels and proactive replenishment by distributors [1][4]. - The competitive landscape is intensifying, prompting the company to increase its marketing expenditures to maintain market share [3][4]. Revenue and Profitability - In Q1 2025, the company achieved a revenue of 83.2 billion RMB, with a gross margin of 40.0%, reflecting a year-on-year increase of 2.7 percentage points due to lower raw material costs [1][3]. - The net profit margin for Q1 2025 was 26.5%, up 1.5 percentage points year-on-year, indicating improved profitability despite rising sales expenses [3]. Product and Channel Performance - Revenue growth in Q1 was driven by downstream replenishment and the introduction of new products, with specific categories like soy sauce and oyster sauce showing strong performance [2]. - The company reported a 43.2% increase in online sales, while offline sales grew by 8.9%, highlighting the effectiveness of its channel strategies [2]. Market Position and Outlook - The company is expected to solidify its leading position in the market through ongoing channel reforms and product expansion strategies [4]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.28, 1.42, and 1.59 RMB, respectively, with a reference PE ratio of 40x for 2025 [4][6].

证券研究报告 欣旺达 (300207 CH) 盈利能力显著提升，费用良性增长 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 28 日│中国内地 | 电力设备与新能源 | 公司 25Q1 收入 122.89 亿元，同/环比+11.97%/-30.74%，25Q1 归母净利 润 3.86 亿元，同/环比+21.23%/+50.89%，扣非净利 2.62 亿元，同/环比 -5.97%/-40.70%，归母净利同增主要系消费与动储盈利能力同比提升，扣 非净利环比下滑主要系研发费用与管理费用增加。公司消费电池 PACK 市 占率领先，电芯自供率稳步提升，动力电池有望逐步上量减亏，我们维持"买 入"评级。 25Q1 盈利能力向好，费用存在良性增长 25Q1 毛利率 / 净 利 率 达 16.88%/0.24% ， 同 比 +0.92/+0.04pct ，环比 +3.52/+0.42pct，毛利率净利率同环比增长主要系消费电芯自供比例提升+ 动储稼动率提升。25Q1 期间费用率达 15.50%，同比+0.43pct，其中销售/ 管理/研发/财务分别-0.02/+0 ...

证券研究报告 中集集团 (2039 HK/000039 CH) 25Q1 归母净利润同比+550% | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地/中国香港 | 专用设备 | 公司发布一季报，2025 年 Q1 实现营收 360.26 亿元（yoy+11.04%、 qoq-26.01%），归母净利 5.44 亿元（yoy+550.21%、qoq-52.48%），扣非 净利 5.23 亿元（yoy+132.42%、qoq-70.27%）。公司归母净利增速位于预 告增速（438%-677%）中枢附近，同比高增。我们认为贸易政策扰动下公 司集装箱业务展现韧性，能源与海工在手订单逐步释放，且创新业务布局不 断发力，有望实现多元化增长。维持"买入"评级。 毛利率同比改善，汇兑损失影响下财务费率环比上升 25Q1 公司毛利率 12.10%，同比+1.92pp，环比-2.23pp。2025 年 Q1 公司 期间费用率 8.55%，同比+0.58pp，环比+2.62pp。其中销售费用率 1.74%， 同比-0.06pp，环比+0 ...

证券研究报告 宏发股份 (600885 CH) Q1 业绩同比快速增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 电气设备 | 公司公布一季度业绩：收入 39.83 亿元（同比+15.35%、环比+23.17%）， 归母净利润 4.11 亿元（同比+15.47%、环比+13.70%），扣非净利 3.81 亿 元（同比+14.22%、环比+20.80%）。公司一季度业绩略低于我们预测的 4.35 亿元，主要系原材料涨价影响下毛利率略有下滑。看好公司新业务与新市场 开拓，巩固综合竞争力，步入增长新周期。维持"买入"评级。 25Q1 业绩同比快速增长，经营指标稳增 公司 25Q1 收入同环比增速较快，或主要系新能源汽车、家电等多领域需求 较好，呈现"开门红"。25Q1 毛利率/净利率分别为 33.77%/13.68%，同比 -1.18/+0.01pct，毛利率有所下滑主要系原材料价格提升影响成本。期间费 用率 17.64%，同比-1.70pct，其中销售/管理/研发/财务费用率分别同比 -0.21/-0.43 ...

证券研究报告 兴发集团 (600141 CH) 25Q1 净利同比下滑，静待下游复苏 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 化学原料 | 兴发集团 4 月 28 日发布 25 年一季报，单季度营业总收入 72 亿元，yoy+5%， 归母净利 3.1 亿元（扣非后 2.3 亿元），yoy-19%（扣非后 yoy-36%），单季 度归母净利低于我们业绩前瞻 3.8 亿元的预期，主要系多数主营产品价格同 比下滑拖累。考虑公司新项目稳步推进有望巩固一体化和规模优势，维持"增 持"评级。 主营产品价格同比下滑，单季度盈利有所承压 25Q1 肥料旺季销量 yoy+6%至 30.6 万吨，营收 yoy-2%至 8.7 亿元，磷铵 等产品价格同比有所回落，板块均价 yoy-8%至 0.29 万元/吨；农药板块销 量 yoy+3%至 6 万吨，营收 yoy-2%至 12 亿元，草甘膦价格仍偏弱，板块均 价 yoy-5%至 2 万元/吨；有机硅板块销量 yoy+19%至 6 万吨，行业竞争加 剧等因素致板块均价 yoy ...

证券研究报告 招商积余 (001914 CH) 市拓转化和蛇口赋能驱动营收增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 物业管理 | 公司 4 月 28 日发布一季报，25Q1 实现营收 44.6 亿元，同比+20%，归母 净利润 2.2 亿元，同比+15%，主要来自物业管理板块的贡献。在逆势交出 高质量的年报答卷后，25Q1 公司继续呈现较高的业绩增速，全年在盈利能 力、市拓、增值服务等方面具备看点。维持"买入"评级。 物管板块驱动 25Q1 营收同比较快增长，全年盈利能力有望进一步改善 25Q1 公司营收实现较快增长，我们认为主要来自物业管理板块的贡献。其 中，基础物管服务受益于市拓项目转化和在管面积扩张，增值服务受益于招 商蛇口的赋能支持。25Q1 公司毛利率同比略降 0.2pct、期间费用率同比略 升 0.1pct，主要受奖金支出等因素的影响，全年来看我们仍然期待"提质增 效"战略驱动下公司能够实现盈利能力的进一步改善。 物管：新签年度合同额实现同比增长，重点增值服务取得进展 基础物管方面，2 ...

公司公布 25 年一季报业绩，营业收入 383.92 亿元，同比-15.43%；归母净 利润 39.78 亿元，同比-19.95%，盈利承压主要受煤价下行影响，作为参考， 1Q25 秦皇岛 5500 动力煤现货季度平均价格同比-19.8%至 728 元/吨。虽然 公司一季度业绩出现同比下滑，但是我们也看到三重亮点，一是在当前煤炭 行业成本较为刚性下，公司一季度仍实现可观降本，二是公司产销规模进一 步扩大、订单结构改善，盈利质量提升；三是 2025 年公司将继续实施中期 现金分红坚持回馈股东。我们看好公司盈利稳健，具备现金流韧性支撑分红， 红利价值凸显。维持"买入"。 煤价中枢下移导致盈利承压，增量对冲价跌 1Q25 公司煤炭业务销售收入 312.50 亿元，同比-16.6%，实现商品煤产量 3,335 万吨，同比+1.9%，销量 6,414 万吨，同比+0.4%。拆分来看，自产 煤售价同比-106 元/吨（-11.7%）至 492 元/吨，对应减少收入 34.57 亿元， 而销量同比+37 万吨（+1.1%）至 3,268 万吨（扣除公司分部间交易，下同） 对应增加收入 2.21 亿元；贸易煤价格同比-125 ...

Investment Rating - The report maintains a "Buy" rating for the company, with target prices set at HKD 15.22 and RMB 21.99 [8][9]. Core Insights - The company reported a revenue of RMB 4.713 billion for Q1 2025, representing a year-on-year increase of 9.64%, and a net profit attributable to shareholders of RMB 2.308 billion, up 6.97% year-on-year. The investment performance has declined amid market volatility, but other business segments have shown good growth, particularly in brokerage services [1][2]. - The average daily trading volume for the entire market reached RMB 1.75 trillion in Q1 2025, a significant year-on-year increase of 71%. The company has enhanced its wealth advisory team's professional service capabilities and increased support for ETF products, leading to a brokerage net income of RMB 1.966 billion, up 49% year-on-year [2][3]. - The asset management segment remains strong, with net income of RMB 222 million in Q1 2025, a 43% increase year-on-year. The investment banking and interest income have also shown significant recovery, with net income from investment banking reaching RMB 187 million, up 112% year-on-year [3][4]. Summary by Sections Financial Performance - The company achieved investment income of RMB 1.512 billion in Q1 2025, a decline of 26% year-on-year, primarily due to bond market fluctuations. The financial investment scale at the end of the quarter was RMB 362.7 billion, a slight decrease of 3% from the beginning of the year [4][5]. - The earnings per share (EPS) for 2025 is projected at RMB 1.24, with a book value per share (BPS) of RMB 15.71. The estimated price-to-book (PB) ratios for comparable companies are 1.28 for A-shares and 0.68 for H-shares [5][7]. Valuation Analysis - The report adjusts the investment income assumptions downward due to ongoing bond market volatility, with EPS estimates for 2025-2027 revised to RMB 1.24, RMB 1.37, and RMB 1.56, reflecting decreases of 8%, 9%, and 10% respectively. The target PB is set at 1.4 for A-shares and 0.9 for H-shares, with a target price of RMB 21.99 and HKD 15.22 [5][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady performance with a diversified layout contributing to growth in 2024 and Q1 2025, driven by recovery in sectors such as consumer electronics, automotive, and dental healthcare [5][6] - The company achieved a revenue of 4 billion CNY in 2024, a year-on-year increase of 5%, and a net profit of 600 million CNY, up 6% year-on-year [5] - In Q1 2025, the company reported a revenue of 975 million CNY, an 18% increase year-on-year, and a net profit of 136 million CNY, a 2% increase year-on-year [5] Summary by Sections Performance Overview - In Q4 2024, the company recorded a revenue of 1.08 billion CNY, a 1% increase year-on-year and a 7% increase quarter-on-quarter, with a net profit of 123 million CNY, down 4% year-on-year and 19% quarter-on-quarter [5] - The electronic materials segment benefited from recovering downstream demand, particularly in automotive electronics and AI servers, leading to a gradual increase in MLCC dielectric powder sales [6] Strategic Developments - The company has made significant advancements in catalyst materials, successfully overcoming technical barriers to meet stringent vehicle emission standards, which has led to increased demand from overseas clients [6] - In the biomedical sector, the company’s zirconia ceramic blocks and glass ceramic blocks have received compliance certification under EU medical device regulations, enhancing market recognition and paving the way for accelerated promotion in Europe [6] Financial Projections - The report adjusts the profit forecasts for 2025-2026, projecting net profits of 754 million CNY and 914 million CNY respectively, with an estimated EPS of 0.76 CNY and 0.92 CNY [8][9] - The company’s revenue is expected to grow to 4.77 billion CNY in 2025, reflecting an 18% growth rate, with a net profit growth rate of 24.72% [9][10] Valuation Metrics - The report provides a valuation with a P/E ratio of 22 for 2025, decreasing to 15 by 2027, indicating a favorable long-term outlook [12][13] - The company’s gross margin is projected to stabilize around 40% in the coming years, despite slight declines in specific segments [12]