证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 持续高分红回馈股东，期待下游景气回升 [Table_Title2] 富森美(002818) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002818 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 15.59/10.52 | | 目标价格： | | 总市值(亿) | 98.65 | | 最新收盘价： | 13.18 | 自由流通市值(亿) | 39.32 | | | | 自由流通股数(百万) | 298.36 | [Table_Summary] 事件概述 富森美发布 2024 年年报及 2025 年一季报：2024 年实现营收 14.30 元，同比-6.18%；归母净利润 6.90 亿元， 同比-14.39%；扣非后归母净利为 6.82 亿元，同比-13.92%。单季度看，2024Q4 实现营收 3.51 亿元，同比- 4.19%；实现归母净利润 1.44 亿元，同比-24.18%；扣非后净利润 ...

证券研究报告|公司点评报告 [Table_Title2] 信立泰(002294) [Table_Summary] 事件： 公司发布 2025 年一季报：2025 年一季度营业收入 10.62 亿 元，同比下降 2.64%；归属于上市公司股东的净利润为 2 亿 元，同比增长 0.03%。 点评： 公司本报告期实现营业收入 106,220.57 万元，同比略有下降。 从产品销售结构看，正往专利产品和新产品占比不断提升的方 向和趋势中，专利产品和新产品营收规模同比有较好增长；而 造成收入同比下降的原因主要是受到仿制药政策影响，相关产 品收入占营收比重进一步降低。同时，公司持续加大新产品的 推广，加上仿制药的影响，一季度归属于上市公司股东的扣除 非经常性损益的净利润略有下降。此外，收入下降导致同期销 售收款减少，经营活动现金流入略降；同时公司增加对新产品 推广和创新研发的支持力度，同期与经营活动有关的现金流出 同比增加。 公司创新药方面，研发项目有序推进。SAL0140 是公司具有自 主知识产权的醛固酮合酶抑制剂，拟开发适应症包括未控制高 血压（包括难治性高血压）等。醛固酮是人体最重要的盐皮质 激素，通过激活盐皮质激 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company has demonstrated strong profitability resilience despite a decline in metal prices, with cobalt, nickel, and lithium margins reaching historical lows. The current price levels provide a foundation for potential increases, which could significantly boost the company's performance [7][9]. - The company has established a comprehensive business structure with five major sectors: new energy, new materials, Indonesian nickel, African resources, and recycling [13][16]. - The report highlights the cyclical nature of metal prices, indicating that cobalt prices are at a long-term historical low, with potential for substantial increases due to demand growth and supply constraints [33][51]. Summary by Sections Market Performance - As of April 28, 2025, the closing price of the company's stock is 33.36 yuan, with a market capitalization of approximately 56.76 billion yuan [4]. Financial Forecast and Valuation - The projected revenue for 2023 is 66.30 billion yuan, with a forecasted decline to 60.95 billion yuan in 2024, followed by a recovery to 70.44 billion yuan in 2025. The net profit attributable to the parent company is expected to rise from 3.35 billion yuan in 2023 to 5.07 billion yuan in 2025 [6][8]. - The report anticipates a price-to-earnings (P/E) ratio of 11.19 for 2025, which is below the industry average, indicating potential undervaluation [8]. Investment Logic - The company has maintained stable revenue and profitability despite fluctuations in metal prices, with nickel and lithium segments showing growth while cobalt has declined. The overall business structure is resilient, with significant upside potential if metal prices recover [20][29]. - The report emphasizes that the current low prices of cobalt, nickel, and lithium create a favorable environment for future price increases, which could enhance the company's earnings significantly [7][9]. Cobalt Market Insights - Cobalt prices are currently at a long-term low, with expectations for a significant rebound driven by demand growth and supply constraints, particularly from the Democratic Republic of Congo [33][51]. - The report notes that the recent export ban from the Democratic Republic of Congo could further tighten supply, enhancing the potential for price increases [36]. Nickel Market Insights - Nickel supply is dominated by Indonesia, which is expected to account for 60% of global production in 2024. The report indicates that while supply is increasing, rising costs and the closure of high-cost mines may stabilize prices [53][60]. Lithium Market Insights - The lithium market is experiencing a supply-demand mismatch, with prices at historical lows. The report forecasts that the price of lithium carbonate will stabilize around 80,000 yuan per ton in 2025, with potential for increases as demand recovers [67][72].

证券研究报告 机械设备 | 通用设备 非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 29 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 2025 | 年 | 04 | 28 | 日 | 月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | 51.68 | | 一 年 最 低 | 最 | 高 | / | | | | | | | 53.88/18.22 | 内 | | | （元） | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a record high revenue in Q2, driven by strong growth in AI and new business segments, indicating long-term potential [5] - The automotive electronics and data center sectors are significant growth drivers, with automotive-related revenue expected to reach 1.1 billion yuan in 2024, a 62.1% increase year-over-year [7] - The company is projected to achieve revenues of 7.17 billion yuan, 8.57 billion yuan, and 10.11 billion yuan from 2025 to 2027, with net profits of 1.05 billion yuan, 1.30 billion yuan, and 1.60 billion yuan respectively [7] Financial Data Summary - Total shares outstanding: 806.32 million [6] - Revenue forecast for 2024: 5.897 billion yuan, with a year-over-year growth of 17% [8] - Net profit forecast for 2024: 832 million yuan, with a year-over-year growth of 29.9% [8] - Gross margin for 2024 is expected to be 36.5% [8] - The company’s total market capitalization is approximately 22.31 billion yuan [6] - The company’s earnings per share (EPS) for 2024 is projected to be 1.05 yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure but is expected to improve gradually quarter by quarter [1] - In 2024, the company achieved total revenue of 36.726 billion yuan, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, a year-on-year increase of 0.74% [7] - The company anticipates a turning point in 2025, despite short-term challenges in the domestic market [7] Financial Performance Summary - Total revenue projections for the company are as follows: 39.369 billion yuan in 2025, 45.061 billion yuan in 2026, and 52.403 billion yuan in 2027, with respective year-on-year growth rates of 7.20%, 14.46%, and 16.29% [1] - Net profit attributable to shareholders is projected to be 11.960 billion yuan in 2025, 13.131 billion yuan in 2026, and 15.280 billion yuan in 2027, with year-on-year growth rates of 2.50%, 9.79%, and 16.37% [1] - The latest diluted EPS is expected to be 9.86 yuan in 2025, 10.83 yuan in 2026, and 12.60 yuan in 2027 [1] Business Segment Performance - The Life Information and Support business generated revenue of 13.557 billion yuan in 2024, a decrease of 11.11% year-on-year, while the International Life Information and Support business saw double-digit growth [7] - The In Vitro Diagnostics (IVD) business achieved revenue of 13.765 billion yuan, a year-on-year increase of 10.82%, marking its first time exceeding the Life Information and Support business in revenue [7] - The Medical Imaging segment generated revenue of 7.498 billion yuan, with international business growth exceeding 15% [7] - The Electrophysiology and Vascular Intervention segment generated revenue of 1.439 billion yuan, with the acquisition of control over Huitai Medical to enhance cardiovascular segment capabilities [7] Innovation and Growth Drivers - The company launched several innovative products in 2024, including advanced medical systems and AI-driven solutions to improve patient care and operational efficiency [7] - The company maintains a strong competitive position due to its diverse product lines and continuous innovation [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates resilience as a market leader, with steady progress expected in 2025 [1] - The revenue for 2024 is projected to be 15.13 billion yuan, reflecting a year-on-year growth of 7.7% [7] - The net profit attributable to shareholders for 2024 is expected to be 1.485 billion yuan, with a slight increase of 0.46% year-on-year [7] - The report highlights that the hot pot ingredient products show better performance than the industry average, with a revenue of 7.84 billion yuan in 2024, up 11% year-on-year [7] - The company’s profit margins remain stable despite pressures from raw material costs and promotions [7] Financial Forecasts - Total revenue is forecasted to grow from 15.13 billion yuan in 2024 to 18.22 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.01% [1][8] - The net profit attributable to shareholders is projected to increase from 1.625 billion yuan in 2025 to 1.96 billion yuan in 2027, representing a CAGR of about 7% [1][8] - The earnings per share (EPS) is expected to rise from 5.54 yuan in 2025 to 6.68 yuan in 2027 [1][8] Financial Ratios - The price-to-earnings (P/E) ratio is projected to decrease from 13.30 in 2025 to 11.03 in 2027, indicating a potentially attractive valuation [1][8] - The gross margin for 2024 is estimated at 23.3%, with a slight decline expected in subsequent years [8] - The return on equity (ROE) is forecasted to improve from 12.02% in 2025 to 13.23% in 2027 [8]

Investment Rating - The report assigns a "Buy" rating for Suzhou Bank, indicating a positive outlook for the stock over the next six months [14]. Core Insights - Suzhou Bank's 2024 annual report shows steady performance with total operating income of 12.224 billion yuan, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.068 billion yuan, up 10.16% year-on-year [1][2]. - The bank's investment business significantly supported its performance, with investment income and fair value changes rising by 50.12% to 3.049 billion yuan, accounting for 24.95% of total income [2]. - The loan portfolio expanded, with total loans reaching 333.36 billion yuan, a 13.62% increase year-on-year, and corporate loans growing by 23.21% to 241.48 billion yuan, representing 72.44% of total loans [3]. Financial Performance Summary - The bank's net interest margin decreased to 1.38%, down 0.30 percentage points year-on-year, while the net interest spread was 1.45%, down 0.28 percentage points [4]. - The non-performing loan ratio improved to 0.83%, a decrease of 0.01 percentage points year-on-year, with corporate loans showing a non-performing rate of 0.51% [4][19]. - Total deposits increased by 14.61% year-on-year to 416.97 billion yuan, with corporate deposits growing by 8.57% and personal deposits by 20.41% [3]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 5.355 billion yuan, 5.843 billion yuan, and 6.388 billion yuan, respectively, reflecting year-on-year growth rates of 5.66%, 9.12%, and 9.33% [4][25].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is expected to achieve revenues of 34.78 billion, 39.96 billion, and 45.12 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 698 million, 830 million, and 957 million yuan [3]. - The earnings per share (EPS) are projected to be 0.85, 1.01, and 1.17 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 41.76, 35.13, and 30.45 [3]. - The company has made significant progress in civil aircraft research and market expansion, benefiting from low-altitude economic policies [4][12]. Financial Summary - For 2023, the company reported revenues of 26.59 billion yuan, with a year-on-year growth of 36.56%. The net profit attributable to the parent company was 604 million yuan, reflecting a 55.71% increase [2]. - The projected financials for 2024 include revenues of 29.77 billion yuan and a net profit of 556 million yuan, indicating a slight decline of 7.98% compared to the previous year [2][5]. - The gross margin for 2024 is expected to be 10.47%, a decrease of 2.49 percentage points year-on-year [4]. Market and Operational Insights - The company is actively expanding into emergency rescue and general aviation markets, with ongoing development of the AC series civil helicopters [4][12]. - The first quarter of 2025 saw a significant increase in net profit, attributed to tax incentives, despite a decline in revenue due to reduced product delivery [5][6]. - The company’s total market capitalization is approximately 29.16 billion yuan, with a total share count of 820 million [7].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [9][21]. Core Insights - The company reported a significant year-on-year revenue increase of 39.1% in Q1 2025, reaching 3.24 billion yuan, with a net profit of 230 million yuan, reflecting an 88.3% growth [2]. - The report highlights three key growth areas for the company: aviation power systems, motorcycle engines, and general machinery, with expectations for continued strong performance in these segments [3][4]. - The company has adjusted its profit forecasts for 2025-2027 upwards due to better-than-expected business growth and investment income from a joint venture, projecting net profits of 713 million yuan, 834 million yuan, and 949 million yuan respectively [9]. Financial Performance Summary - In Q1 2025, the company achieved a net profit of 230 million yuan, a year-on-year increase of 88.3%, and a non-recurring net profit of 220 million yuan, up 87.2% [2]. - The company's revenue from motorcycle engine sales reached 3.82 billion yuan in 2024, with a year-on-year growth of 13.8% and a net profit of 153 million yuan, reflecting an 18.84% increase [3]. - The general machinery segment reported a revenue of 5.22 billion yuan in 2024, with a net profit of 359 million yuan, marking a 39.33% increase [4]. - The financial projections for the company indicate a total revenue of 12.69 billion yuan in 2025, with a year-on-year growth rate of 20.8% and a net profit of 713 million yuan, representing a 54.5% increase [5].