Investment Rating - The report maintains an "Accumulate" rating for the company Shenzhou Taiyue (300002) [1] Core Views - The company has shown stable operation of existing products and is focusing on the performance of several new SLG games set to launch [1] - In 2024, the company achieved a revenue of 6.452 billion yuan, representing a year-on-year growth of 8.22%, while the net profit attributable to shareholders increased by 60.92% to 1.428 billion yuan [3][4] - The first quarter of 2025 saw a decline in revenue to 1.323 billion yuan, down 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [3][4] Financial Performance - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling approximately 196 million yuan [3] - The core game "Age of Origins" saw a recharge flow increase of 7.26% year-on-year, contributing to the revenue growth in 2024 [4] - The company is expected to see revenue growth of 12.0%, 11.8%, and 10.0% for the years 2025, 2026, and 2027, respectively, with net profits projected at 1.111 billion yuan, 1.257 billion yuan, and 1.457 billion yuan [6][9] Game Development Strategy - The company is deepening its focus on SLG games while also expanding into RPG genres, with two new SLG games, "Stellar Sanctuary" and "Next Agers," currently in commercialization testing [5] - Three additional SLG games are planned for commercialization testing by mid-2026, alongside the development of a sci-fi RPG game [5] Valuation Metrics - The report provides a projected P/E ratio of 16 for 2024, increasing to 20 in 2025, and then decreasing to 15 by 2027 [9]

短期业绩承压，静待营收拐点 证券研究报告 航天宏图 (688066 CH) | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 计算机应用 | 航天宏图发布年报，2024 年实现营收 15.75 亿元（yoy-13.39%），归母净 利-13.93 亿元（同比增亏），扣非净利-14.53 亿元（同比增亏）。其中 Q4 实 现营收 2.30 亿元（yoy-0.81%，qoq-54.10%），归母净利-11.71 亿元（同比 增亏）。2024 年公司归母净利低于我们预期（0.83 亿元），我们判断主因： 2024 年 7 月 6 日起，公司特种领域采购资格暂停，导致 2024 年计提存货 跌价资产减值损失 9.3 亿元。我们认为，随着下游需求复苏，公司 25 年营 收有望回暖。维持"买入"评级。 25 年下游需求有望逐步企稳，静待营收拐点 2024 年公司数据分析应用服务业务收入 9.35 亿元，同比-10.77%，毛利率 30.76%，同比-4.90pct。系统设计开发业务收入 6.31 亿元，同比-16.04%， ...

Investment Rating - The investment rating for Xinbao Co., Ltd. is maintained at "Buy" [1] Core Views - In Q1 2025, the company continues to experience good external sales performance while the decline in domestic sales is narrowing. The overall revenue growth remains stable, with a projected net profit increase for 2025-2027 [5][6] - The company reported a revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.84%. The net profit attributable to the parent company was 1.05 billion yuan, up 7.75% year-on-year [5][6] - The company is expected to benefit from category expansion, which is likely to drive steady growth in external sales, while improvements in domestic sales will enhance profitability [5][6] Financial Summary - Revenue and Profit Forecasts: - 2025E Revenue: 18.52 billion yuan, with a year-on-year growth of 10.1% - 2025E Net Profit: 1.20 billion yuan, with a year-on-year growth of 14.4% [8][10] - Key Financial Ratios: - Gross Margin: 21.4% in 2025E - Net Margin: 6.5% in 2025E - Return on Equity (ROE): 13.3% in 2025E [8][11] Sales Performance - In Q1 2025, domestic sales revenue was 860 million yuan, down 5% year-on-year, while external sales revenue was 2.97 billion yuan, up 16% year-on-year. The trend shows a recovery in external sales and a narrowing decline in domestic sales [6][7] Market Outlook - The company is actively cooperating with downstream clients to shift production capacity, which is expected to support steady growth in external sales as overseas production ramps up [6][7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's operational trends are improving, leading to a release in profitability [1] - In 2024, total revenue reached 3.835 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders was 268 million yuan, up 267% [4][8] - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5][8] Financial Performance - In Q4 2024, total revenue was 1.118 billion yuan, a 22% year-on-year increase, and net profit was 65 million yuan, compared to a loss of 85 million yuan in Q4 2023 [4] - For Q1 2025, total revenue was 1.046 billion yuan, a 14% year-on-year increase, with net profit of 88 million yuan, up 15% [4] - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, reflecting changes in channel and product structure [5] Product and Channel Strategy - The company is expanding its product matrix in the cream category, with significant growth in UHT cream products [6][8] - Revenue from the cream segment in 2024 was 1.058 billion yuan, a 62% increase year-on-year [6] - The company is actively exploring new channel opportunities and has seen good sales performance from new products launched in supermarkets [7] Profit Forecast - The company is expected to see continued profit recovery, with EPS projected at 1.97 yuan for 2025, 2.31 yuan for 2026, and 2.75 yuan for 2027 [8][10] - The current stock price corresponds to a PE ratio of 19 for 2025, 16 for 2026, and 14 for 2027 [8]

成都先导（688222.SH）2024 年报&2025 年一季报点评 行稳则致远，AI 再创星辰大海 2025 年 04 月 29 日 ➢ 事件：2025 年 4 月 26 日，成都先导发布 2024 年年报及 2025 年一季报业 绩。2024 年公司实现营业收入 4.27 亿元，同比上升 14.99%；归母净利润 0.51 亿元，同比上升26.13%。2025Q1公司实现营业收入1.07亿元，同比下滑0.60%， 归母净利润 0.28 亿元，同比上升 102.90%。 ➢ 毛利率持续改善，25Q1 利润端提升明显。单季度来看，公司 25Q1 收入 1.07 亿元，同比-0.60%，主要系英国子公司 Vernalis Limited 获得涉及或有对 价的项目里程碑收入减少，剔除此部分集团同比增长 8%，归母净利润 0.28 亿 元，同比+102.90%，主要系剔除 Vernalis 里程碑收入后的主营业务毛利率增加， 政府补助同比增加以及汇兑收益增加等。25Q1 公司毛利率 48.13%，同比 +2.92pcts，环比+5.83pcts，提升明显。费用端，25Q1 公司研发费用率 12.01%， 同比-0. ...

公司发布 2024 年年报以及 2025 年 1 季报，2024 年全年公司实现 营收 104.35 亿元，同比-9.09%；实现归母净利润 12.02 亿元，同 比-23.19%。2025年1季度，公司实现收入32.41亿元，同比+2.04%， 实现归母净利润 4.35 亿元，同比+1.35%。 2024 年度，公司销售费用 2.32 亿元，同比+0.99%；管理费用 4.68 亿元，同比-9.60%，主要是排污费下降；财务费用-0.65 亿元，同 比-11.35%，主要是由于利息收入同比增加；研发费 3.58 亿元， 同比-14.32%，主要是研发领用的材料价格下降，致研发费用成本 下降。 分业务来看，2025 年 1 季度，公司原药产量 2.95 万吨，销量 2.87 万吨，价格 6.30 万元/吨，同比-8.83%；制剂产量 1.30 万吨，销 量 1.54 万吨，价格 5.66 万元/吨，同比-1.57%。2024 年全年，公 司原药产量 9.69 万吨，销量 9.99 万吨，价格 6.43 万元/吨；制 剂产量 3.54 万吨，销量 3.64 万吨，价格 4.25 万元/吨。 葫芦岛项目投资为公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 49.00 [1] Core Insights - The company achieved significant breakthroughs in its pre-installation business, leading to rapid profit growth in Q1 2025 [1][6] - In 2025, the company reported total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50% year-on-year [4][7] - The company's main business revenue reached 1.974 billion yuan in 2025, growing by 32.73%, with overseas revenue showing a remarkable increase of 44.99% [5] Financial Performance - The company’s gross profit margin improved to 47.95%, an increase of 2.85 percentage points year-on-year [5] - R&D expenses for 2024 were 284 million yuan, a 15.14% increase, while the R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024 [5] - The company’s Q1 2025 gross margin was 47.71%, reflecting a year-on-year increase of 5.49 percentage points [5] Revenue Forecast - The company is projected to achieve revenues of 2.634 billion yuan, 3.394 billion yuan, and 4.242 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 413 million yuan, 590 million yuan, and 797 million yuan for the same years [6][7]

瑞丰银行(601528) 报告日期：2025 年 04 月 28 日 盈利显韧性 ——瑞丰银行 2025 年一季报点评 投资要点 ❑ 瑞丰银行 2025Q1 盈利韧性显现，息差小幅回升，其他非息拖累。 ❑ 业绩概览 瑞丰银行 2025Q1 营收同比增长 5.1%，增速较 24A 放缓 10.2pc；归母净利润同比 增长 6.7%，增速较 24A放缓 4.6pc。2025Q1末不良率环比持平于 0.97%；2025Q1 末拨备覆盖率 326%，较 24A 末上升 5.2pc。 ❑ 营收降幅收窄 瑞丰银行 2025Q1 营收同比增长 5.1%，增速较 24A 放缓 10.2pc；归母净利润同 比增长 6.7%，增速较 24A 放缓 4.6pc。驱动因素来看，规模扩张放缓和其他非息 波动拖累营收增速放缓。①规模，25Q1 末总资产同比增长 11.1%，增速较 24A 末放缓 0.9pc。25Q1 末贷款同比增长 11.7%，增速较 24A 末放缓 3.8pc，贷款投 放动能边际减弱。②息差，25Q1 单季息差（期初期末口径，下同）为 1.45%， 环比上升 5bp，息差回暖对营收形成支撑。③非息，25Q1 其他非息 ...

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 consumer electronics, automotive, and dental medical sectors [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 Financial Performance - In 2024, the company’s revenue was 40 billion CNY, with a net profit of 6 billion CNY, while Q4 alone contributed 10.8 billion CNY in revenue [5] - The Q1 2025 results showed a revenue of 9.75 billion CNY and a net profit of 1.36 billion CNY [5] Business Segments - The electronic materials segment benefited from recovering downstream demand, with MLCC medium powder sales gradually increasing [6] - The catalytic materials segment successfully overcame technical barriers, meeting stringent vehicle emission standards, and saw rapid growth in sales due to increased demand from overseas clients [6] - The biomedical segment received EU medical device compliance certification for several products, enhancing market recognition and paving the way for accelerated promotion in Europe [6] Growth Opportunities - The company is strategically positioned in the new energy sector, launching several lithium battery additives and becoming a major supplier in the industry [7] - The LED substrate segment has strengthened its competitive edge through technological synergies, while the communication RF micro-system chip packaging business is expected to become a significant growth point [7] - The subsidiary has made strides in digital printing materials, aiming to become a leader in the Chinese market [7] Profitability and Valuation - The report adjusts the profit forecasts for 2025-2026 downwards by 20%, with expected net profits of 754 million CNY and 914 million CNY respectively, while introducing a forecast for 2027 at 1.13 billion CNY [8][9] - The company’s EPS is projected to be 0.76 CNY for 2025, 0.92 CNY for 2026, and 1.13 CNY for 2027 [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved revenue and net profit of 2.651 billion and 233 million yuan respectively in 2024, with year-on-year changes of +11.9% and -22.5% [5] - The company continues to expand its product matrix and new channel layouts, with steady growth in its core business areas [1][6] - The company is expected to maintain a positive growth outlook, with projected net profits of 276 million, 315 million, and 348 million yuan for 2025, 2026, and 2027 respectively [9] Summary by Sections Financial Performance - In 2024, the company reported revenue of 2.651 billion yuan, with a net profit of 233 million yuan, reflecting a year-on-year revenue growth of 11.9% but a decline in net profit by 22.5% [5] - For Q4 2024, revenue and net profit were 721 million and 60 million yuan, showing a year-on-year increase of 18.2% in revenue and a slight decrease of 0.5% in net profit [5] - In Q1 2025, the company achieved revenue of 669 million yuan and a net profit of 58 million yuan, with year-on-year changes of +7.2% and -4.2% respectively [5] Business Segments - The revenue from various product lines in 2024 was as follows: compound seasoning at 1.3 billion yuan (+13.2%), light cooking at 1.13 billion yuan (+10.4%), and dessert ingredients at 150 million yuan (+3.0%) [6] - The company’s revenue from direct sales and non-direct sales in 2024 was 2.14 billion and 430 million yuan, with year-on-year growth of 12.4% and 6.6% respectively [6] Regional Performance - In 2024, the East China region generated 2.08 billion yuan in revenue (+11.47%), while North China contributed 160 million yuan (+0.33%) [6] - The company saw significant growth in South China (+70.4%) and Southwest China (+55.8%) in Q1 2025 [6] Profitability and Margins - The gross margin for 2024 was 32.8%, slightly down from the previous year, primarily due to intense market competition [7] - The net profit margin for 2024 was 8.8%, reflecting a decrease of 3.9 percentage points year-on-year [7] Innovation and Growth Strategy - The company launched nearly 2,600 products in 2024, with new products accounting for 60% of total sales over the past three years [8] - The company plans to continue expanding its product matrix and enhancing its market share in new channels, including membership-based stores and large chain supermarkets [8] Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.69, 0.79, and 0.87 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 20x, 17x, and 16x [9]