Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6][17]. Core Views - The company achieved a revenue of 9.39 billion yuan in 2024, marking a year-on-year increase of 4.51%, and a record high in revenue [1]. - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, reflecting a slight increase of 0.4% year-on-year, driven by market share gains in hydraulic pump and valve products, as well as growth in non-engineering machinery products and overseas market expansion [1][2]. - The company is advancing its electrification strategy and has commenced mass production of linear actuators, which is expected to become a new growth driver [3]. - The company is actively expanding its international and diversified operations, with overseas revenue growing by 7.61% year-on-year in 2024 [4]. Financial Performance - In 2024, the company reported a gross margin of 42.83%, an increase of 0.93 percentage points year-on-year, while the net profit margin was 26.76%, a decrease of 1.11 percentage points [1]. - For Q1 2025, the company achieved a revenue of 2.42 billion yuan, up 2.56% year-on-year, and a net profit of 618 million yuan, reflecting a 2.61% increase [2]. - The company forecasts net profits of 2.77 billion yuan, 3.31 billion yuan, and 3.90 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 30, and 26 [4][5]. Product Performance - The revenue breakdown for 2024 shows hydraulic cylinders at 4.76 billion yuan, hydraulic pumps and valves at 3.58 billion yuan, hydraulic systems at 296 million yuan, and parts and castings at 684 million yuan, with respective year-on-year growth rates of 1.44%, 9.63%, 1.64%, and 1.76% [2].

证券研究报告·公司点评报告·饮料乳品 伊利股份（600887） 2024 年报&25Q1 点评：24 年减值落地轻装 上阵，25Q1 开局亮眼 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） | 126,179 | 115,780 | 120,904 | 126,341 | 132,025 | | 同比（%） | 2.44 | (8.24) | 4.43 | 4.50 | 4.50 | | 归母净利润（百万元） | 10,429 | 8,453 | 11,114 | 12,134 | 12,823 | | 同比（%） | 10.58 | (18.94) | 31.48 | 9.18 | 5.68 | | EPS-最新摊薄（元/股） | 1.64 | 1.33 | 1.75 | 1.91 | 2.01 | | P/E（现价&最新摊薄） | 18.17 | 22.41 | 17.05 | 15.61 | 14.77 | ...

| 推荐 | 维持评级 | | --- | --- | | 当前价格： | 8.28 元 | 益生股份（002458.SZ）2025 年一季报点评 供应增加导致苗价低迷，一季度业绩承压 2025 年 05 月 03 日 ➢ 事件：公司于 4 月 29 日发布 2025 年一季报，公司 2025Q1 实现营收 6.2 亿元，同比-9.4%，环比-36.6%；实现归母净利润-0.1 亿元，同比-112.0%，环 比-106.5%。 ➢ 鸡苗供应增加导致苗价低迷，一季度业绩承压。2025Q1 公司合计销售白羽 肉鸡苗（父母代+商品代）1.5 亿只，环比-0.4%，同比+18.2%；实现营收 4.1 亿元，环比+45.0%，同比-25.8%；鸡苗销售均价 2.6 元/羽，环比-44.1%，同 比-37.1%。根据禽业协会数据，2025Q1 父母代鸡苗均价 47.4 元/套，环比 -13.0%；商品代鸡苗均价 2.1 元/羽，环比-34.8%。随着 2023 年起海外引种逐 步恢复，国内祖代更新偏充裕。2023 年和 2024 年国内祖代引种量 127.9 万套 和 157.5 万套，同比+57.2%和+23.1%。2 ...

振华风光（ [Table_StockNameRptType] 688439） 公司点评 业绩承压，努力推动公司高质量可持续发展 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-05-03 | | [Table_BaseData] 收盘价（元） | 57.00 | | 近 12 个月最高/最低（元） | 74.76/41.58 | | 总股本（百万股） | 200 | | 流通股本（百万股） | 114 | | 流通股比例（%） | 56.96 | | 总市值（亿元） | 114 | [公司价格与沪深 Table_Chart] 300 走势比较 -46% -28% -10% 8% 26% 5/24 8/24 11/24 2/25 振华风光 沪深300 [Table_Author] 分析师：邓承佯 执业证书号：S0010523030002 邮箱：dengcy@hazq.com 主要观点： ⚫[Table_Summary] 事件描述 4 月 26 日，公司发布 2024 年年报及 2025 年第一季度报告，根据公告， 2024 年公司营业收入为 ...

[Table_StockNameRptType] 荣盛石化（002493） 公司点评 25Q1 业绩改善，在建项目陆续投产 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-05-03 | | [Table_BaseData] 收盘价（元） | 8.33 | | 近 12 个月最高/最低（元） | 11.56/7.72 | | 总股本（百万股） | 10,126 | | 流通股本（百万股） | 9,498 | | 流通股比例（%） | 93.81 | | 总市值（亿元） | 843 | | 流通市值（亿元） | 791 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -30% -20% -10% 0% 10% 20% 30% 荣盛石化 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq ...

| 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-03 | | 收盘价（元） | 9.73 | | 近 12 个月最高/最低（元） | 12.21/7.95 | | 总股本（百万股） | 734 | | 流通股本（百万股） | 638 | | 流通股比例（%） | 86.78 | | 总市值（亿元） | 71 | | 流通市值（亿元） | 64 | 金杯电工（002533） 公司价格与沪深 300 走势比较 公司点评 营收结构持续优化，电缆业务加快培育新增长曲线 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 主要观点： 业绩 公司发布 2024 年年报及 2025 年第一季度报告，2024 年公司实现营业 收入 176.69 亿元，同比+15.54%；实现归母净利润 5.69 亿元，同比 +8.78%，扣非归母净利润 5.13 亿元，同比+4.98%。2025Q1 实现营收 40.97 亿元，同比+16.32%，归母 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.725 billion yuan in Q1 2025, a year-on-year decline of 16.26%, and a net profit attributable to shareholders of 101 million yuan, down 77.79% year-on-year [5][6] - Despite the performance pressure, the company is expected to leverage its leadership in the aviation onboard product chain, with potential growth in the civil aviation sector, including participation in major aircraft projects like C919 and AG600 [6][7] - The company aims for high-quality development and to establish itself as a flagship leader in the market, with projected net profits of 1.113 billion yuan, 1.243 billion yuan, and 1.407 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 7.0%, 11.7%, and 13.2% [7][9] Financial Summary - In 2025, the company expects revenue of 24.441 billion yuan, a slight increase of 2.3% from the previous year, with a net profit of 1.113 billion yuan, representing a 7.0% increase [9] - The gross margin is projected to remain stable at 28.2% over the forecast period [9] - The price-to-earnings (P/E) ratio is expected to decrease from 57.32 in 2024 to 37.21 by 2027, indicating improving valuation over time [9]

公司点评 收入超预期，盈利短暂承压 ——石头科技 25Q1 点评 | | | | 报告日期： | 2025-05-02 | | | --- | --- | --- | | [Table_BaseData] 收盘价（元） | | 193.48 | | 近 12 个月最高/最低（元） | 469.99/173.00 | | --- | --- | | 总股本（百万股） | 185 | | 流通股本（百万股） | 185 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 357 | | 流通市值（亿元） | 357 | [公司价格与沪深 Table_Chart] 300 走势比较 -53% -33% -14% 6% 26% 5/24 8/24 11/24 2/25 石头科技 沪深300 石头科技（ [Table_StockNameRptType] 688169） [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：唐楚彦 执业证书号：S0010124070002 邮箱：tangchuyan@hazq.com 主要 ...

北交所信息更新 北 交 所 研 究 万通液压（830839.BJ） 液压油缸、丝杆、油气弹簧发展快并计划切入风电，2025Q1 归母净利润+61% ——北交所信息更新 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 32.30 | | 一年最高最低(元) | 40.00/8.51 | | 总市值(亿元) | 38.51 | | 流通市值(亿元) | 21.02 | | 总股本(亿股) | 1.19 | | 流通股本(亿股) | 0.65 | | 近 3 个月换手率(%) | 355.89 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 营收+17.57%归母净利润+60.72%，维持"买入"评级 万通液压于 2025 年 3 月披露 2024 年报，并于 4 月披露一季报。参考年报可见， 2024 全年实现营收 6.29 亿元同比-5.99%，归母净利润 10,872.05 万元+37.02%。 2025Q1 则是实现了营收 1. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 10.3 billion yuan in 2024, a year-over-year decrease of 9.73%, and a net profit attributable to shareholders of 1.262 billion yuan, down 36.09% year-over-year [2] - The company is actively expanding its overseas markets, having established sales networks in multiple countries, including the US, UK, Japan, and South Korea, with overseas revenue growing by 33.81% year-over-year to 2.22 billion yuan in 2024 [6][7] - The company has a strong focus on R&D, with an investment of 2.261 billion yuan in 2024, accounting for 21.95% of its revenue, and a patent application count exceeding 9,300 [7][8] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 3.346 billion yuan, a decrease of 15.90% year-over-year, and a net profit of 591 million yuan, down 35.09% year-over-year [2] - For Q1 2025, the company reported a revenue of 2.478 billion yuan, an increase of 5.42% year-over-year, and a net profit of 370 million yuan, up 1.87% year-over-year [2] - The company expects revenues of 12.164 billion yuan, 14.488 billion yuan, and 17.612 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.802 billion yuan, 2.408 billion yuan, and 3.259 billion yuan [9][11] Market Position and Competitive Advantage - The company is a leading domestic medical imaging equipment manufacturer with strong product competitiveness and high R&D barriers [9] - The company has achieved 100% self-research capability in core components across various business lines, including MR, CT, and MI, positioning itself as a global leader in technology [8][9]