丨证券研究报告丨 报告要点 [Table_Summary] TCL 科技公布 2024 年年报和 2025 年一季报，2024 年实现营业收入 1648.23 亿元，同比下降 5.47%，归母净利润 15.64 亿元。2025 年 Q1 实现营业收入 400.76 亿元，同比增长 0.42%， 归母净利润 10.13 亿元，同比增长 321.96%。光伏方面，TCL 中环 2024 年归母净利润-98.18 亿元，2025 年 Q1 归母净利润-19.06 亿元，环比改善 49%。光伏业务走出低谷，符合我们此 前减亏的判断。大尺寸 LCD 量价齐升、OLED 扭亏为盈、LG 广州线交割并表、少数股东股权 回购多点开花助力基本面爆发。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告丨 TCL 科技（000100.SZ） [Table_Title] 开门启新，多点开花 TCL 科技（0001 ...

报告要点 [Table_Summary] 2024 年，公司实现营收 25.67 亿元，同比+44.19%，归母净利润 3.07 亿元，同比+17.43%； 2025 年第一季度，公司实现营收 6.85 亿元，同比+13.86%，环比+2.56%，归母净利润 0.63 亿 元，同比-36.86%，环比+80.80%，一季度收入同环比持续增长。 丨证券研究报告丨 公司研究丨点评报告丨南芯科技（688484.SH） [Table_Title] 一季度收入同环比持续增长 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 南芯科技（688484.SH） cjzqdt11111 [Table_Title2] 一季度收入同环比持续增长 [Table_Summary2] 事件描述 2025 年 4 月 28 日，南芯科技公告《2024 年年度报告》及《2025 年第一季度报告》。2024 年， 公司实现营收 25.67 亿 ...

公司点评报告 ·建材行业 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25821.12 | 29512.92 | 32931.62 | 35270.03 | | 收入增长率% | 15.14 | 14.30 | 11.58 | 7.10 | | 归母净利润(百万元) | 3646.94 | 4479.58 | 5192.93 | 5740.55 | | 利润增速% | 3.49 | 22.83 | 15.92 | 10.55 | | 摊薄 EPS(元) | 2.16 | 2.65 | 3.07 | 3.40 | | PE | 13.15 | 10.70 | 9.23 | 8.35 | | 1/89 11/2 - 1/2 - 1/2 - /\ == /\ H+ | and and for the state of 3 met ML T TT rear Promote | | | | 资料来源：公司公告,中国银河证券研究院 www.chinastock.com.cn 证券研究报告 | (0007 ...

公司研究 证 券 研 究 报 告 ROE 环比有所回落，轻资本业务高基数下回落 事项： 兴业证券发布 2025 年一季报。剔除其他业务收入后营业总收入：23 亿元，同 比+29.9%。归母净利润：5.2 亿元，同比+57.3%。 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 12,354 | 14,479 | 15,064 | 15,879 | | 同比增速(%) | 16% | 17% | 4% | 5% | | 归母净利润(百万) | 2,164 | 2,336 | 2,512 | 2,769 | | 同比增速(%) | 10% | 8% | 8% | 10% | | 每股盈利(元) | 0.24 | 0.27 | 0.29 | 0.32 | | 市盈率(倍) | 24.1 | 21.4 | 19.9 | 18.0 | | 市净率(倍) | 0.91 | ...

2025 年 05 月 02 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | [Table_Title] 全球化产能布局推进，数据中心业务构造新一轮 增长曲线 ——伊戈尔（002922）2025 年一季报公司点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 伊戈尔 | | -15.9% | -14.1% | -11.9% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 15.38 ...

2025 年 05 月 02 日 公司研究 评级：买入(维持) [Table_Title] 2025Q1 成本控制优异、在建项目逐步投产将增 厚业绩 ——淮北矿业（600985）2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 淮北矿业 | -10.6% | -16.2% | -34.9% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 11.86 | | 52 周价格区间（元） | | | 11.76-20.18 | | 总市值（百万） | | | 31,942.05 | | 流通市值（百万） | | | 31,942.05 | | 总股本（万股） | | | 269,325.87 | | 流通股本（万股） | | | 269,325.87 | | 日均成交额（百万） | | | 212.84 | | 近一月换手（%） | | | 0.58 | 相 ...

公司研究 证 券 研 究 报 告 欧科亿（688308）2024 年报及 2025 年一季报点评 强推（维持） 收入有所增长，利润短期承压 目标价：21.30 元 事项： 公司发布 2024 年报以及 2025 年一季报：2024 年公司实现营业收入 11.27 亿 元，同比+9.81%；归母净利润 0.57 亿元，同比-65.48%，扣非净利润 0.26 亿 元，同比-79.71%。2025 年一季报实现营收 3.02 亿元，同比+14.32%，归母净 利润 0.08 亿元，同比-74.33%；扣非归母净利润 0.01 亿元，同比-90.54%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,127 | 1,339 | 1,591 | 1,892 | | 同比增速(%) | 9.8% | 18.8% | 18.8% | 18.9% | | 归母净利润(百万) | 57 | 112 | 162 | 198 | | 同比增速 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is experiencing continuous improvement in operational quality and is gradually building a global gear ecosystem platform [1]. - Revenue for 2024 is projected to be 8.78 billion yuan, representing an 8.8% year-on-year increase, with a main business revenue of 8.15 billion yuan, up 18.2% year-on-year [1]. - The net profit attributable to the parent company for 2024 is expected to reach 1.02 billion yuan, a 25.4% increase year-on-year [1]. - The company is benefiting from the growth in the new energy vehicle gear and intelligent actuator sectors, with significant revenue increases in these areas [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.78 billion yuan, with a main business revenue of 8.15 billion yuan, and a net profit of 1.02 billion yuan [1]. - The gross margin for 2024 is projected at 25%, an increase of 2.8 percentage points year-on-year, while the net margin is expected to be 12%, up 1.7 percentage points year-on-year [2]. - For Q4 2024, the revenue is expected to be 2.04 billion yuan, down 7.4% year-on-year, primarily due to the contraction of low-margin steel trading business [1]. Revenue Breakdown - Revenue from passenger car gears is projected at 5.32 billion yuan, an increase of 26.1% year-on-year, while revenue from new energy vehicle gears is expected to reach 3.37 billion yuan, up 51.2% year-on-year [2]. - The company is expanding its product offerings and market presence, particularly in the new energy vehicle sector, which is expected to drive future growth [3]. Cost and Expenses - The overall expense ratio for 2024 is projected at 10.6%, with a slight increase in R&D expenses to 5.2% [2]. - The company is maintaining stable expense ratios, with a focus on R&D investment to support future growth [2]. Future Outlook - The company is expanding its global footprint through the establishment of a factory in Hungary and is expected to see growth from international clients [3]. - The acquisition of San Duo Le has led to revenue and gross margin improvements, particularly in the sweeping machine sector [3]. - The company is continuously innovating and exploring new applications in robotics and intelligent vehicles, which are anticipated to provide new growth points [3].

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 22.37 CNY [2][9]. Core Views - The company's Q1 2025 performance met expectations, with total revenue of 4.6 billion CNY, a year-on-year increase of 8.1%. The net profit attributable to the parent company was 2.31 billion CNY, a year-on-year increase of 7% but a quarter-on-quarter decrease of 9.3% [2][3]. - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 1.45 CNY, 1.56 CNY, and 1.67 CNY respectively, with corresponding book values per share (BPS) of 13.98 CNY, 15.02 CNY, and 16.06 CNY [9][10]. Financial Summary - The main financial indicators for the company are as follows: - Main revenue (million CNY): 20,891 in 2024A, projected to increase to 24,913 in 2025E, 26,316 in 2026E, and 28,348 in 2027E, with year-on-year growth rates of 5%, 19%, 6%, and 8% respectively [5]. - Net profit (million CNY): 10,386 in 2024A, projected to increase to 12,567 in 2025E, 13,564 in 2026E, and 14,561 in 2027E, with year-on-year growth rates of 19%, 21%, 8%, and 7% respectively [5]. - Current price as of April 30, 2025, is 16.45 CNY, with a price-to-earnings (P/E) ratio of 14.6 for 2024A, decreasing to 11.4 for 2025E, and further down to 9.8 for 2027E [5][9]. Business Performance - The company's self-operated business saw a slight quarter-on-quarter decline, with net income from heavy capital business totaling 1.72 billion CNY, and a net yield of 0.4% [9]. - Brokerage business revenue was 1.97 billion CNY, a quarter-on-quarter decrease of 21.7% but a year-on-year increase of 49% [9]. - Investment banking revenue was 190 million CNY, a quarter-on-quarter decrease of 2.5 million CNY but a year-on-year increase of 100 million CNY [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong performance in both deposits and loans, with resilient asset quality [1] - Revenue and net profit for the first quarter of 2025 increased by 5.63% and 5.76% year-on-year, respectively, despite a slight decline compared to 2024 [4] - Interest income continued to grow significantly, supporting stable revenue and profit growth, with a year-on-year increase of 11.59% in net interest income [4][5] - The bank's total assets, loans, and financial investments grew by 17.58%, 20.91%, and 13.66% year-on-year, respectively, indicating improved growth rates compared to 2024 [5] - The bank's non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 370.54% [8] - The bank's competitive advantages are highlighted by its focus on the Zhejiang region and its clear market positioning [9] Summary by Sections Financial Performance - For Q1 2025, the bank's revenue and net profit growth rates were 5.63% and 5.76%, respectively, with net interest income accounting for 69.4% of total revenue [4] - The bank's total assets reached approximately 3,125.232 billion, with loans totaling 1,380.363 billion [12] - The projected revenue for 2025 is 71,878 million, with a year-on-year growth of 7.87% [11] Asset Quality - The non-performing loan ratio was stable at 0.76%, and the provision coverage ratio was 370.54%, indicating strong risk management [8] - The bank has shown proactive adjustments in credit and risk control strategies, leading to improvements in forward-looking risk indicators [8] Growth Outlook - The bank is expected to maintain a revenue growth of 7.87% in 2025, with net profit growth projected at 4.61% [11] - The bank's diversified financial services and solid risk control capabilities position it well to benefit from domestic demand and industrial chain shifts [9]