证券研究报告 锐捷网络 (301165 CH) 业绩同比高增：数通放量、经营向好 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 通信设备制造 | 公司公布一季度业绩：1Q25 实现收入 25.36 亿元，同比+18%；归母净利 润 1.07 亿元，同比+4544%，扣非归母净利润 0.95 亿元，同比+821%，归 母净利润高增系 1Q24 低基数效应（1Q24 下游需求承压下，费用并未降低） 叠加本期费用率大幅优化。我们看好 AI 以太网持续拓展，公司外部受益于 互联网客户资本开支增长，内部经营持续改善。维持"买入"评级。 数据中心交换机加速交付，保持网络设备领域领先地位 公司 1Q25 收入增长主要系互联网客户 AI"军备竞赛"进行下，数据中心 交换机产品订单加速交付。公司凭借场景化的产品和创新的解决方案，在多 个网络设备领域份额领先，根据 IDC 数据，2024 年公司国内以太网交换机 市占率 14%，排名第三；数据中心交换机国内市占率排名第三，其中在互 联网、电子制造等行业排名第一；WLAN 产品在 ...

TCL 中环（002129.SZ）2024 年年报及 2025 年一季报点评 一季度亏损环比收窄，市占率维持行业领先 2025 年 04 月 29 日 ➢ 事件：4 月 26 日，公司发布 2024 年年报以及 2025 年一季报，根据公告， 24 年全年公司实现营业收入 284.19 亿元，同比-51.95%，归母净利润-98.18 亿 元，扣非归母净利润-109.00 亿元，与 23 年全年相比总体由盈转亏。 分季度来看，24Q4 公司实现营业收入 58.36 亿元，同比-44.38%，环比-8.36%， 归母净利润-37.57 亿元，扣非归母净利润-39.79 亿元；25Q1 公司实现营业收 入 61.01 亿元，同比-38.58%，环比+4.54%，归母净利润-19.06 亿元，扣非归 母净利润-19.76 亿元，25Q1 亏损环比收窄。公司业绩承压原因如下：1）24 年 行业供需错配，产业链价格下行；2）电池组件业务产销结构和规模不及预期， 进一步拖累业绩；3）受全球光伏产品供需错配及竞争加剧导致欧美市场价格持 续下行影响，叠加 Maxeon 经营模式及供应链布局转型调整慢于预期，及组件业 务进入美 ...

相关研究报告 汽车/汽车零部件 浙江仙通（603239.SH） 橡胶密封条业务驱动增长，新订单获取强劲 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 13.09 | | 一年最高最低(元) | 17.40/10.99 | | 总市值(亿元) | 35.44 | | 流通市值(亿元) | 35.44 | | 总股本(亿股) | 2.71 | | 流通股本(亿股) | 2.71 | | 近 3 个月换手率(%) | 96.84 | 股价走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 浙江仙通 沪深300 数据来源：聚源 《H1 净利同比大幅增长，持续看好公 司 成 长 性 — 公 司 信 息 更 新 报 告 》 -2024.8.27 《二十年磨一剑成就密封件龙头，优 势凸显打开成长天花板—公司首次覆 盖报告》-2024.8.5 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn 证书编号：S0790523090002 wangzh ...

润本股份（603193.SH）2024 年年报&2025 年一季报点评 ➢ 风险提示：行业竞争加剧、人口出生率下降风险。 ➢ 线上渠道增长亮眼，婴童护理品类高增驱动业绩增长。分渠道来看： 1）线 上直销，实现营收 7.74 亿元，同比+24.84%；毛利率 63.07%，同比+1.24pct； 2）线上平台经销，实现营收 1.65 亿元，同比+23.38%；毛利率 55.66%，同比 +7.01pct；3）线上平台代销，实现营收 0.31 亿元，同比+4.06%；毛利率 52.09%， 同比+4.45pct；4）非平台经销商，实现营收 3.47 亿元，同比+39.64%；毛利 率 48.89%，同比+1.15pct。分产品来看：1）驱蚊系列，实现营收 4.39 亿元， 同比+35.39%；毛利率实现 54.18%，同比+3.87pct；2）婴童护理系列，实现 营收 6.90 亿元，同比+32.42%；毛利率实现 59.81%，同比+1.52pct；3）精油 系列，实现营收 1.58 亿元，同比+7.88%；毛利率实现 63.44%，同比+0.73pct； 4）其他产品，实现营收 0.30 亿元，同比-25.5 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains its leading position in the real estate industry and is actively expanding its presence in core cities [8] - The company's revenue for 2024 is projected to be 311.67 billion yuan, a decrease of 10.1% year-on-year, while the net profit attributable to shareholders is expected to be 5 billion yuan, down 58.6% year-on-year [8] - The company has achieved the highest sales volume in the industry for two consecutive years, with a sales area of 17.966 million square meters in 2024, a decrease of 24.7% year-on-year [8] - The company has optimized its land reserve structure, acquiring 3.29 million square meters of land in 2024, with a total land price of 68.3 billion yuan [8] - The company has reduced its interest-bearing debt by 5.4 billion yuan to 348.8 billion yuan in 2024, with a debt-to-asset ratio of 74.3%, down 2.2 percentage points year-on-year [8] Financial Summary - Total revenue for 2023 is 346.89 billion yuan, with a projected decline in revenue for the following years [1] - The net profit attributable to shareholders is forecasted to be 5.0 billion yuan in 2024, with a gradual increase to 7.48 billion yuan by 2027 [1] - The earnings per share (EPS) is expected to be 0.42 yuan in 2024, increasing to 0.62 yuan by 2027 [1] - The price-to-earnings (P/E) ratio is projected to be 19.89 in 2024, decreasing to 13.30 by 2027 [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of 103.86 RMB [7][8] Core Views - The company demonstrated strong earnings resilience in 2024, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 15.13 billion, 1.48 billion, and 1.36 billion RMB respectively, representing year-on-year growth of 7.7%, 0.5%, and -0.5% [1] - The company is focusing on internal improvements during the off-season to prepare for the peak season in the second half of the year [1] - The company has made strategic acquisitions, such as acquiring 70% of Dingwei Thai, to enhance channel synergies [2] Revenue and Profitability - In 2024, the company's gross margin increased by 0.1 percentage points to 23.3%, while the net profit margin decreased by 0.7 percentage points to 9.8% [3] - The company expects to maintain revenue forecasts but has adjusted profit forecasts upwards due to the contribution from Dingwei Thai and strong expense management capabilities [4] Financial Projections - The company forecasts revenue growth from 15.13 billion RMB in 2024 to 16.16 billion RMB in 2025, with a projected net profit of 1.60 billion RMB in 2025 [6] - The expected EPS for 2025 is 5.47 RMB, with a projected PE ratio of 19x [4][6] Market Position and Strategy - The company is focusing on the sales of strategic products such as "lock-fresh" packaging, which achieved over 1.5 billion RMB in revenue in 2024, growing by over 18% year-on-year [2] - The company plans to embrace customization in supermarkets and strengthen partnerships with major retailers like Yonghui and Walmart [2]

新泉股份（603179.SH）系列点评七 2025Q1 业绩符合预期 剑指全球内外饰龙头 2025 年 04 月 29 日 事件：公司披露 2024 年报及 2025 一季报：2024 年营收 132.6 亿元，同比 +25.5%，归母净利9.8亿元，同比+21.2%，扣非归母净利9.7亿元，同比+20.5%； 2025Q1 营收 35.2 亿元，同比+15.5%/环比-3.8%；归母净利 2.1 亿元，同比 +4.4%/环比-26.8%；扣非归母净利 2.1 亿元，同比+3.7%/环比-31.8%。 ➢ 2025Q1 业绩符合预期 海外业务进展顺利。公司 2024Q4 营收同比 +12.5%/环比+6.3%，2025Q1 营收同比+15.5%/环比-3.8%，业绩同比持续增 长主要系：1）国内重点客户奇瑞、吉利、上汽、国际知名品牌电动车企业销量持 续提升，带动客户收入向上；2）海外产能量产顺利，2024 年墨西哥及美国子公 司分别实现营收 5.9 亿元/0.1 亿元，同比增长 74.5%/96.8%，新增斯洛伐克子 公司收入 3.7 亿元，未来展望海外产能持续爬坡上量。 公司 2024Q4 毛利率 17.5 ...

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].