金盘科技（688676） 公司点评 外销收入快速增长，数据中心新基建加速扩张 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-04 | | 收盘价（元） | 31.88 | | 近 12 个月最高/最低（元） 64.58/27.00 | | | 总股本（百万股） | 457 | | 流通股本（百万股） | 457 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 146 | | 流通市值（亿元） | 146 | 公司价格与沪深 300 走势比较 -60% -40% -20% 0% 20% 40% 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 金盘科技 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 投资建议 我们预计 2025-2027 年公司营收分别为 86.90/109.49/138.40 亿元 （ ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company reported a revenue of 1.396 billion yuan in Q1 2025, a decrease of 15.96% year-on-year, while the net profit attributable to shareholders was 16.2612 million yuan, a slight decrease of 0.42% year-on-year [3]. - The gross margin improved to 28.20% in Q1 2025 from 25.10% in Q1 2024, indicating a positive trend in profitability [3]. - The increase in contract liabilities to 1.593 billion yuan at the end of Q1 2025 compared to the end of 2024 suggests an improvement in business activity [3]. Summary by Sections Business Trends - The company is focusing on major trends such as AI, data elements, and trusted innovation. It has developed an integrated model for AI that combines computing power, models, and applications [4]. - In the area of trusted innovation, the company established a dedicated working group in 2025 to enhance its product offerings and better meet customer needs [4]. - The company is also responding to national initiatives regarding data resource utilization, aiming to create platforms for data supply, product development, and management [4]. Cross-Border Settlement Initiatives - The company has successfully facilitated China's first cross-border digital RMB trade settlement with Singapore in the renewable energy sector, showcasing its capabilities in this area [5]. - The technical team has optimized the system architecture to ensure stability in high-concurrency transaction scenarios, enhancing transaction security through blockchain technology [5]. - The streamlined transaction process has reduced costs and improved payment speed for cross-border trade enterprises, positioning the company as a leader in this emerging market [5]. Financial Projections - The company expects net profits attributable to shareholders to grow from 313 million yuan in 2025 to 531 million yuan in 2027, with corresponding PE ratios decreasing from 48X to 28X [5][8]. - Revenue is projected to increase from 9.039 billion yuan in 2025 to 11.288 billion yuan in 2027, reflecting a growth rate of 15.4% in 2025 and gradually declining growth rates thereafter [8][10]. - The gross margin is expected to remain stable, with slight improvements anticipated over the forecast period [10].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, with a projected P/E ratio of 11/10/9X for the upcoming years [9]. Core Views - The company's Q1 performance slightly exceeded expectations, driven by domestic subsidies and resilient contributions from emerging markets, alongside the effectiveness of digital transformation in cost reduction and efficiency improvement [6][8]. - Revenue for Q1 reached 79.118 billion yuan, representing a year-on-year increase of 10.06%, while net profit attributable to the parent company was 5.487 billion yuan, up 15.09% year-on-year [8]. Revenue Analysis - Domestic sales supported by national subsidies and flexible contributions from emerging markets, with Q1 domestic and foreign sales growing by 7.8% and 12.6% year-on-year, respectively [8]. - Emerging markets showed significant growth, with North America, Europe, Middle East & Africa, South Asia, Southeast Asia experiencing year-on-year growth rates of approximately 0%, +30%, +50%, +30%, and +20%, respectively [8]. - The Casarte brand continued to perform well, with a year-on-year growth of over 20% in Q1 [8]. Profitability - The gross margin for Q1 was 25.4%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 6.93%, up 0.3 percentage points year-on-year [8]. - Cost reduction and efficiency improvements were attributed to supply chain optimization and digital transformation, leading to better gross and expense ratios [8]. Financial Forecast - The report maintains previous profit forecasts, projecting revenues of 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [8]. - Net profit attributable to the parent company is expected to reach 21.254 billion yuan, 23.346 billion yuan, and 24.804 billion yuan for the same years, reflecting year-on-year growth rates of 13.4%, 9.8%, and 6.2% [8]. Shareholding Plan - The company announced a shareholding plan for 2025, targeting a scale of 757 million yuan, aimed at certain directors, senior management, and core technical personnel, with performance targets set for ROE exceeding 17.7% for 2025-2026 [8].

证券研究报告 | 2025年05月03日 海南橡胶（601118.SH） 优于大市 2024 年报及 2025 一季报点评：受益橡胶行情回暖，业绩表现 维持同比修复趋势 受益橡胶行情回暖，业绩表现维持同比修复。公司 2024 年实现营业收入 496.73 亿元，同比+31.80%，主要得益于橡胶销售价格回暖以及橡胶贸易量 增加；2024 年实现归母净利润 1.03 亿元，同比-65.20%，原因系公司本期资 产处置补偿收入减少导致营业外收入减少约 5 亿元，"摩羯"台风灾害导致 营业外支出同比增加约 1.8 亿元，非洲胶园减值导致资产减值增加约 1.7 亿 元。扣除非经常性损益后，2024 年实现归母净利润-5.81 亿元，同比减亏约 40%，主要得益于橡胶行情回暖。分季度来看，公司 2025Q1 收入利润维持同 比修复趋势，其中营业收入 100.39 亿元，环比-40.14%，同比+23.30%;归母 净利润-1.08 亿元，环比-119.22%，同比+32.76%。 自有胶园因受灾减产，贸易规模维持扩张。2024 年公司橡胶板块整体收入 483.35 亿元，同比+29.93%，毛利率 2.91%，同比+1 ...

证券研究报告 | 2025年05月02日 保隆科技（603197.SH） 优于大市 一季度净利润同比增长 40%，具备完备空气悬架产品布局 一季度净利润同比增长 40%，2025 年业绩有望加速释放。保隆科技 2024 年 实现营业收入 70.25 亿元，同比增长 19.12%；实现归母净利润 3.03 亿元， 同比下降 20.14%，主要受全面 1.24 亿元股权激励费用影响，还原后公司经 营性净利润 4.27 亿元，同比增长 13%。单季度看，24Q4 公司实现营收 19.99 亿元，同比增长 14.69%，环比增长 8.47%；实现归母净利润 0.54 亿元，同 比增长 34.71%，环比下降 46.20%；25Q1 公司实现收入 19.05 亿元，同比 +28.46%；实现归母净利润 0.95 亿元，同比+39.99%；业绩有望加速修复。 产品结构变动短期影响毛利率。公司 2024 年整体毛利率为 25.05%，同比下 降 2.35pct，或受低盈利能力的 ADAS 等产品放量影响。2024 年销售/管理/ 研发费用率分别为 3.29%/5.81%/8.11%，同比-0.63/-0.57/+0.14p ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's sales are under pressure due to a decline in corn prices and oversupply of corn seeds, leading to a significant drop in revenue and net profit for Q4 2024 [1][8] - The company has a strong reserve of high-quality corn varieties and is expected to benefit from the commercialization of genetically modified corn in the future [3][22] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.246 billion yuan, a year-on-year decrease of 19.74%, with Q4 revenue at 667 million yuan, down 25.70% [1][8] - The net profit attributable to the parent company for 2024 was 57 million yuan, a decline of 77.86%, with Q4 showing a net loss of 2 million yuan, down 101.22% [1][8] - The gross margin for 2024 decreased by 0.64 percentage points to 28.13%, and the net margin fell by 12.56 percentage points to 6.72% [2][14] Sales and Revenue Breakdown - Corn seed revenue in 2024 was 1.073 billion yuan, down 20.78%, while other seeds such as wheat and rice also saw declines in revenue [2][25] - The company’s total revenue from all seeds was 1.246 billion yuan, with a significant drop in growth rate compared to previous years [25] Cost and Expenses - The total expense ratio increased to 19.04%, up 5.27 percentage points year-on-year, with sales, management, and R&D expenses all rising [2][14] - The company faced increased asset impairment losses, amounting to approximately 120 million yuan year-on-year [1][8] Cash Flow and Asset Management - Operating cash flow for 2024 was 128 million yuan, a decrease of 28.37%, with cash flow from operating activities as a percentage of revenue at 10.29% [3][20] - Inventory turnover days increased by 26.63% to 340.9 days, and accounts receivable turnover days rose by 49.29% to 12.60 days [3][20] Future Earnings Forecast - The company’s net profit forecasts for 2025 and 2026 have been revised down to 110 million yuan and 141 million yuan, respectively, with an expected net profit of 176 million yuan in 2027 [22][26] - The projected earnings per share for the next three years are 0.13 yuan, 0.16 yuan, and 0.20 yuan [22][26]

公司报告 | 年报点评报告 齐心集团（002301） 证券研究报告 深挖企业级多场景物资需求 公司发布年报及一季报 25Q1 公司营收 22 亿同增 1%，归母净利 0.5 亿同减 1%，扣非后归母净利 0.4 亿同减 1%。 2024 年营收 114 亿同增 3%，归母净利 0.6 亿同减 18%，扣非后归母净利 0.6 亿同减 21%。 公司秉持数字化转型升级和服务客户的宗旨，聚焦 B2B 行政办公物资、MRO 工业品、营销物料和员工福利等场景，深入应用大模型和 AIGC 技术于数据 治理到售后服务的全生命周期管理中，不断完善数字化系统架构和功能。 B2B 办公物资集采聚焦核心客户、聚焦核心场景 公司将聚焦央企、央管金融机构、政府、世界 500 强等优质大客户，持续 挖掘民营 500 强集采机会，依托高效协同的齐心数字化运营平台和覆盖全 国的营销网络和商品交付体系，围绕客户集中化、多元化业务需求，积极 构建高附加值行政办公运维物资解决方案，重点发展 MRO 解决方案，配 套发展数字化工会福利解决方案与营销物料解决方案，为客户提供全链路、 数字化、专业化的高效集采解决方案。 B2B 电商集采将持续构建投标入 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a revenue of 4.775 billion yuan in 2024, an increase of 9.25% year-on-year, while the net profit attributable to shareholders decreased by 15.39% to 324 million yuan [1][2] - In Q1 2025, the company achieved a revenue of 1.112 billion yuan, a significant increase of 43% year-on-year, with a net loss of 35 million yuan, which is an improvement compared to the loss of 99 million yuan in the same period last year [3][4] - The company is focusing on a strategy that combines light and heavy asset operations along with diversified business layouts, aiming for sustainable and stable operations [4] Financial Performance Summary - The company’s revenue for 2024 is projected at 4.775 billion yuan, with a growth rate of 9.25%. The net profit attributable to shareholders is expected to be 324 million yuan, reflecting a decline of 15.39% [6] - For 2025, the estimated net profit is projected to be 547 million yuan, representing a year-on-year increase of 69% [5] - The company’s earnings per share (EPS) for 2024 is expected to be 0.09 yuan, with a price-to-earnings (P/E) ratio of 28.51 [6][13] Business Strategy and Developments - The company is increasing its self-owned power station capacity, which is expected to reach approximately 6448 MW by the end of 2024, marking a growth of about 20% [2] - The company is actively pursuing a "rolling development" model for light asset operations and has established long-term partnerships with major industry players such as Alibaba Cloud, Tencent, and JD.com [3][4] - The company has secured domestic ground power station development indicators totaling 3349 MW, including 2789 MW of solar and 560 MW of wind [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 2.52 billion yuan for 2024, representing a year-on-year growth of 5.1%, while the net profit attributable to the parent company was 100.08 million yuan, down 67.1% year-on-year [1] - The decline in net profit is attributed to several factors, including the absence of a one-time compensation income from store demolition in Wuxi amounting to 50.48 million yuan, losses from new stores, increased financial expenses, and a significant drop in wedding banquet demand [1][2] - The company anticipates a recovery in performance starting from March 2025, with a projected revenue of 6.9 billion yuan for Q1 2025, a slight increase of 0.2% year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 660 million yuan, down 8.15% year-on-year, and a net profit of 17 million yuan, down 83.5% year-on-year [1] - For Q1 2025, the company expects a revenue of 690 million yuan, with a net profit of 52 million yuan, reflecting a year-on-year decline of 21.4% [2] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, with a dividend payout ratio of 31.05% [2] Business Segments - The restaurant and accommodation services segment is projected to generate 2.2 billion yuan in revenue for 2024, a growth of 12.7% [3] - The food business is expected to achieve a revenue of 310 million yuan, with a significant growth of 85.5%, driven by strong sales of specialty products [3] - The overall gross margin for 2024 is expected to be 19.2%, down 7.5 percentage points year-on-year, with net profit margin at 4.0%, down 8.7 percentage points [3] Future Outlook - The company plans to open 3-5 new restaurants and upgrade 20 existing ones in 2025, along with opening 3-4 new hotels [4] - The food segment will focus on the East China market, aiming to add 100-150 franchise stores for its specialty products [4] - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of 210 million yuan, 330 million yuan, and 440 million yuan respectively, corresponding to P/E ratios of 26, 17, and 13 [4][6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company reported a strong performance in Q1 2025, with a revenue of 1.77 billion yuan, a year-on-year decline of 4.3%, and a net profit attributable to shareholders of 140 million yuan, reflecting an 18.4% increase year-on-year [1]. - The hotel business showed significant profit growth, with a total revenue of 1.56 billion yuan in Q1 2025, down 4.65% year-on-year, but with a profit of 76 million yuan, up 47.6% year-on-year [2]. - The company is accelerating the opening of standard hotels, with 300 new openings in Q1 2025, a 46.3% increase year-on-year, and standard hotels accounting for 64% of new openings [4]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 910 million, 1.05 billion, and 1.18 billion yuan respectively, with corresponding P/E ratios of 18, 15, and 14 [5]. Business Performance Summary - The hotel business experienced a revenue decline of 4.65% in Q1 2025, but profit increased significantly by 47.6% [2]. - The scenic area operation business also saw a revenue decline of 1.8% in Q1 2025, with a profit increase of 3.1% [2]. - The overall RevPAR for the company was 141 yuan in Q1 2025, down 4.6% year-on-year, with an occupancy rate of 61.7%, down 1.7 percentage points [3]. Store Opening Situation - The total number of hotels reached 7,084 by the end of Q1 2025, a year-on-year increase of 12.5%, with a net increase of 82 hotels, up 156% year-on-year [4]. - The company had 1,724 hotels in reserve by the end of Q1 2025, with standard hotels making up 59% of this total [4]. Profitability Analysis - The gross profit margin for Q1 2025 was 35.4%, a decrease of 1.2 percentage points year-on-year, while the net profit margin improved to 8.1%, an increase of 1.55 percentage points [5].