Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's Q1 single-ton profit has bottomed out, and price increases are expected to lead to a turning point [8] - The company is projected to maintain a shipment growth of 30-40% in 2025, with a significant increase in high-end product shipments [8] - The report anticipates an improvement in unit profitability due to price increases and cost control measures [8] Financial Forecasts - Total revenue is forecasted to be 41,358 million in 2023, with a decline of 3.35% year-on-year, followed by a significant recovery in 2024 with a projected revenue of 22,599 million, representing a 45.36% decline [1] - The net profit attributable to the parent company is expected to be 1,580.63 million in 2023, with a year-on-year decrease of 47.44%, but is projected to rebound to 1,544.16 million in 2025, reflecting a growth of 160.16% [1] - The earnings per share (EPS) is expected to be 2.09 in 2023, dropping to 0.78 in 2024, and recovering to 2.04 in 2025 [1] Market Data - The closing price of the stock is 30.92, with a market capitalization of 23,414.26 million [5] - The price-to-earnings (P/E) ratio is currently at 14.81, expected to drop to 7.75 by 2027 [1][5] Operational Insights - The company achieved a significant increase in shipments of iron-lithium products, with a total of 22.3 million tons shipped in Q1 2025, marking a 64% year-on-year increase [8] - The gross margin for Q1 2025 was reported at 5.5%, with expectations for further improvement in profitability in Q2 due to price adjustments [8]

证券研究报告：交通运输 | 公司点评报告 单量维持高速增长，期待量利再平衡 发布时间：2025-04-29 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 6.86 | | --- | --- | | 总股本/流通股本（亿股）28.99 | / 28.15 | | 总市值/流通市值（亿元）199 | / 193 | | 52 周内最高/最低价 | 9.44 / 6.26 | | 资产负债率(%) | 47.7% | | 市盈率 | 10.39 | | 第一大股东 | 上海罗颉思投资管理有 | | 限公司 | | 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 韵达股份(002120) l 韵达股份披露 2024 年年报及 2025 年一季报 韵达股份披露 2024 年年报及 2025 年一季报。2024 年公司营业 收入 485.4 亿元，同比增长 7.9%，归母净利润 19.1 亿元，同比增长 17.8%，其中第四季度营业收入 130.3 亿元，同比增长 7.3%，归母净 利润 5.1 亿元 ...

Investment Rating - The report upgrades the investment rating of the company from "Accumulate" to "Buy" based on expected market recovery and new product cycles [10]. Core Views - The industry market is gradually recovering, and the company is expected to benefit from this trend as its main downstream markets show signs of improvement [5][10]. - In Q1 2025, the company achieved revenue of 1.06 billion yuan, a year-on-year increase of 5.3% and a quarter-on-quarter increase of 4.8%. However, the net profit attributable to the parent company was 74 million yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 19.6% [5][10]. Financial Performance - The company's Q1 2025 gross margin was 36.4%, a year-on-year decrease of 1.0 percentage points but a quarter-on-quarter increase of 1.9 percentage points [5]. - Revenue from the computing chip segment in Q1 2025 was 270 million yuan, showing a year-on-year increase of 12.4% but a quarter-on-quarter decrease of 2.7% [6]. - Revenue from the storage chip segment was 660 million yuan, with a year-on-year increase of 3.4% and a quarter-on-quarter increase of 9.9% [7]. - The report anticipates a recovery in the storage chip business as the automotive, industrial, and medical sectors begin to rebound in 2025 [7]. Product Development - The company is focusing on enhancing its computing power with the upcoming T42 chip, expected to exceed 2T, and plans to provide engineering samples of new DRAM products based on advanced processes in 2025 [6][7]. - The company is also actively pursuing opportunities in the AI storage market with its 3D AI DRAM products, leveraging its design experience and industry resources [8]. Future Outlook - The report projects net profits attributable to the parent company for 2025, 2026, and 2027 to be 460 million, 700 million, and 1.046 billion yuan, respectively, with corresponding EPS of 0.96, 1.45, and 2.17 yuan per share [10][12]. - The overall market situation in 2025 is expected to improve compared to 2024, leading to gradual performance recovery for the company [10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [7][8]. Core Views - The company reported a revenue of 31.196 billion yuan and a net profit of 13.473 billion yuan for 2024, reflecting year-on-year growth of 3.19% and 1.71% respectively. The fourth quarter of 2024 saw a decline in revenue and net profit, with year-on-year decreases of 16.86% and 29.86% respectively [3]. - The company adheres to a "dual brand, three product lines, and major products" strategy, with a focus on high-end liquor. The revenue from liquor operations reached 31.053 billion yuan, with a gross margin of 87.62%, showing a slight decline [4]. - The company has committed to a shareholder return plan, ensuring that cash dividends will account for at least 65% of net profit for 2024, 70% for 2025, and 75% for 2026, with a minimum total of 8.5 billion yuan in cash dividends each year [6][8]. Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 31.196 billion yuan, with a net profit of 13.473 billion yuan. The expected revenue for 2025 is projected at 31.883 billion yuan, with a net profit of 13.753 billion yuan, indicating a growth rate of 2.2% [9][10]. - The gross margin for 2024 was reported at 87.54%, with a slight decline expected in the following years [11]. Revenue Breakdown - The high-end liquor segment generated 27.585 billion yuan in revenue, while other liquor products contributed 3.467 billion yuan. The high-end segment saw a volume increase of 14.39% but a price decrease of 10.15% [4]. - The company’s revenue from traditional and emerging channels was 29.573 billion yuan and 1.479 billion yuan respectively, showing growth in both areas [4]. Shareholder Returns - The company plans to distribute a total cash dividend of 6.8 billion yuan for 2024, alongside a previously implemented 2 billion yuan interim dividend, meeting the 65% payout ratio requirement [8]. - The projected dividend yield for 2024 is 4.75%, reflecting the company's commitment to returning value to shareholders [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a bottoming out of single-unit profitability, with stable profit growth anticipated in 2025 [1] - Revenue for 2024 is projected at 35.41 billion yuan, a year-on-year increase of 17.52%, while net profit is expected to decline by 36.87% to 3.64 billion yuan [9] - The company is expected to maintain a high growth rate in shipments, with a forecast of 25% growth in 2025, reaching 5 billion square meters [9] - The average selling price is expected to stabilize, with unit profitability projected to recover to 0.05-0.1 yuan per square meter in 2025 [9] Financial Projections - Total revenue is forecasted to grow from 30.13 billion yuan in 2023 to 61.93 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 19.99% [1][10] - The net profit is expected to recover from 3.64 billion yuan in 2024 to 6.90 billion yuan in 2027, reflecting a significant growth trajectory [1][10] - Earnings per share (EPS) are projected to increase from 0.27 yuan in 2024 to 0.51 yuan in 2027 [1][10] - The price-to-earnings (P/E) ratio is expected to decrease from 33.59 in 2024 to 17.72 in 2027, indicating improved valuation over time [1][10]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [11]. Core Insights - The company has significantly turned around its performance, achieving a net profit of 332 million yuan in 2024, compared to a loss in the previous year. In Q1 2025, the net profit soared to 200 million yuan, reflecting a year-on-year growth of 656.87% [4][3]. - The company has established deep collaborations with several well-known AI server enterprises, leading to a substantial increase in the sales proportion of server products, which now account for 48.96% of total sales [4][5]. - The demand for high-layer, high-precision, high-density, and high-reliability multi-layer printed circuit boards (PCBs) is on the rise, contributing to significant revenue growth compared to the previous year [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.687 billion yuan, a year-on-year increase of 43.19%. The net profit for the same year was 332 million yuan, marking a turnaround from losses [3][4]. - For Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 78.55% [3]. Market Position and Strategy - The company has successfully implemented key projects in the server field, enhancing its market share in high-end PCB products. The introduction of the intelligent computing center project aims to meet the growing demand for high-layer, high-density interconnect PCBs, with an expected annual production capacity of 250,000 square meters by 2027 [7][9]. - The company is also expanding its production capabilities in high-precision HDI and soft-hard combination boards, which are crucial for meeting the demands of AI server applications [9][10]. Future Outlook - Revenue forecasts for 2025 to 2027 are projected at 6.842 billion yuan, 9.032 billion yuan, and 11.832 billion yuan, respectively, with corresponding EPS estimates of 1.03 yuan, 1.46 yuan, and 2.03 yuan [11][13]. - The company is expected to benefit from the increasing domestic penetration of AI computing solutions, particularly following the U.S. export restrictions on certain AI chips, which may drive demand for its high-end PCB products [11].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Views - The company's operational trends are improving, leading to a release in profitability [1]. - The total revenue for 2024 reached 3.835 billion yuan, a year-on-year increase of 10%, while the net profit attributable to shareholders was 268 million yuan, up 267% year-on-year [4][9]. - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5]. - New product launches in supermarkets are performing well, particularly in the cream category, which is expected to continue driving growth [6][8]. - The company is adjusting its distribution channels to capitalize on new opportunities in supermarkets [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.835 billion yuan, with a net profit of 268 million yuan, reflecting significant growth [4][11]. - For Q1 2025, total revenue was 1.046 billion yuan, a 14% increase year-on-year, with a net profit of 88 million yuan, up 15% [4]. Profitability Metrics - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, with slight fluctuations due to changes in product mix and raw material costs [5]. - The net profit margin for 2024 was 6.87%, while for Q1 2025, it was 8.20% [5]. Revenue Breakdown - Revenue from frozen baking products in 2024 was 2.133 billion yuan, a decrease of 4%, while cream revenue increased by 62% to 1.058 billion yuan [6]. - The company plans to expand its cream product matrix and optimize profitability through domestic raw material substitution [6]. Channel Strategy - Revenue from distribution channels in 2024 was 2.221 billion yuan, a 13% increase, driven by cream product sales [7]. - The company is actively exploring new channel clients and adjusting its supermarket strategies to enhance growth opportunities [8]. Earnings Forecast - The company expects EPS of 1.97, 2.31, and 2.75 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 19, 16, and 14 times [9][11].

风险提示 华勤技术 603296.SH 公司研究 | 季报点评 多品类驱动增长，全球化布局彰显韧性 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 39/48/58 亿元(原 25 年预测为 38 亿元，主 要上调收入预测，小幅下调毛利率预测)，根据可比公司 25 年 21 倍 PE 估值，对应 目标价为 80.01 元，维持买入评级。 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.84 | -17.77 | -13.54 | 27.43 | | 相对表现% | 2.93 | -14.36 | -12.61 | 21.92 | | 沪深 300% | -0.09 | -3.41 | -0.93 | 5.51 | | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxia ...

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [5] Core Views - Suzhou Bank reported a revenue of 12.2 billion yuan in 2024, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% year-on-year. For Q1 2025, the revenue was 3.2 billion yuan, a 0.76% increase year-on-year, with a net profit of 1.6 billion yuan, growing 6.80% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio stood at 0.83% at the end of Q1 2025, unchanged from the end of the previous year, while the provision coverage ratio decreased by 36 percentage points to 447.20% [1][3] Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the operating income and net profit attributable to shareholders grew by 0.76% and 6.80% year-on-year, respectively. The net interest income decreased by 0.57% year-on-year, but the decline was less severe compared to the previous year [2] - **Fee Income**: Net fee and commission income increased by 22.48% year-on-year, benefiting from a low base effect from the previous year [2] - **Asset Quality**: The NPL ratio for corporate loans was 0.51%, down 13 basis points from Q2 2024, primarily due to a significant decrease in the NPL ratio for the real estate sector [3] - **Loan Growth**: As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, with year-on-year growth of 12.18% and 12.74% [4] Asset and Liability Management - **Deposits**: Total deposits at the end of Q1 2025 amounted to 463.0 billion yuan, reflecting a year-on-year increase of 12.63% [9] - **Loan Composition**: The net increase in loans for Q1 2025 was 29.5 billion yuan, with corporate loans contributing significantly to this growth [4][9] Financial Metrics - **Earnings Per Share (EPS)**: EPS for 2024 is projected at 1.32 yuan, with a growth rate of 6.81% expected for 2025 [11][12] - **Dividend Payout**: The dividend payout ratio for 2024 reached 32.50%, an increase from 31.08% in 2023 [1]

业绩简评 2025 年 4 月 28 日，公司公布 2024 年报和 2025 年一季报。2024 年全年，公司实现营收 33.38 亿元，同比+25.14%；实现归母净利 润 5.21 亿元，同比+134.54%。2024 年四季度单季，公司实现营收 9.12 亿元，同比+14.76%；实现归母净利润 1.44 亿元，同比 +215.57%。2025 年一季度，公司实现营收 8.24 亿元，同比+16.37%； 实现归母净利润 1.41 亿元，同比+72.84%。 经营分析 半导体材料业务驱动业绩增长，降本控费提升运营效率。2024 年， 公司半导体板块业务实现收入 15.2 亿元，同比+77.40%，占公司 总营收比例持续提升。根据公司公告，公司的 CMP 抛光材料、半 导体显示材料产品已在国内主流晶圆厂、面板厂客户规模放量， 市场渗透率持续提升，部分产品已取得国内龙头或销售领先的地 位。公司前期孵化的半导体先进封装材料及高端晶圆光刻胶业务 均已取得销售收入，未来有望贡献利润。公司结合业务实际、寻 找降本点并持续跟进，销售、管理费用通过精细化管控实现优化， 2024 年期间费用率下降至 26.26%，其中 ...