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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [4][10]. Core Insights - The company achieved a revenue of 3.099 billion yuan in Q1 2025, representing a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 306 million yuan, up 32.54% year-on-year [1][2]. - The company continues to strengthen its technological advantages in small molecule research and production services, establishing an integrated service platform that serves numerous global clients [3]. - New order growth exceeded 10% year-on-year in Q1 2025, with laboratory services and CMC (small molecule CDMO) services both showing strong performance [2]. Summary by Sections Financial Performance - In Q1 2025, domestic revenue grew by 15.71%, accounting for 87.74% of total revenue, while overseas revenue increased by 18.33%, making up 12.26% of total revenue [1]. - The gross margin for Q1 2025 was 66.34%, showing a year-on-year decrease of 1.01 percentage points but an increase of 1.51 percentage points from the previous quarter [1]. - The company expects revenues of 13.715 billion yuan, 15.539 billion yuan, and 17.388 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.7%, 13.3%, and 11.9% [3][5]. Business Segments - Revenue from laboratory services reached 1.857 billion yuan, up 15.74% year-on-year; CMC services generated 693 million yuan, up 19.05%; clinical research services brought in 447 million yuan, up 14.25%; and large molecule and cell and gene therapy services totaled 987 million yuan, up 7.94% [2]. Future Outlook - The company is projected to achieve net profits of 1.756 billion yuan, 2.177 billion yuan, and 2.471 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 24, 19, and 17 [3][5].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company has reached an inflection point in performance, with high-end copper-clad laminates (CCL) driving revenue growth. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.70%. The CCL business generated 2.603 billion yuan in revenue, up 11.82%, with a gross margin of 3.07%, an increase of 4.32 percentage points [4][5]. - The first quarter of 2025 saw a significant revenue increase of 45.04% year-on-year, reaching 952 million yuan, with a net profit of 21 million yuan, reflecting a 109.04% increase year-on-year, primarily due to product structure optimization and improved gross margins [4][5]. Summary by Sections Market Performance - The company has shown strong market performance, with a current stock price of 37.04 yuan and a total market capitalization of 8.8 billion yuan. The stock has traded within a 52-week range of 16.68 to 40.29 yuan [1]. Business Developments - The U.S. government's restrictions on AI chip exports, including NVIDIA's H20, present opportunities for domestic AI chip manufacturers, enhancing the company's CCL business performance [6]. - The domestic AI chip Ascend 910C is positioned to compete with global leaders, with a transistor count of 53 billion and a half-precision (FP16) computing power exceeding 800 TFLOPS, achieving 60-80% of NVIDIA's H100 performance [7]. Industry Positioning - The company is a key player in the domestic AI computing power supply chain, focusing on CCL and prepreg products, which are essential for printed circuit board manufacturing [10]. - The company has established long-term partnerships with leading PCB manufacturers and maintains close technical collaborations with major clients in the industry [9]. Financial Forecast - Revenue projections for 2025-2027 are 4.740 billion, 5.996 billion, and 7.555 billion yuan, respectively, with corresponding EPS of 0.89, 2.06, and 3.42 yuan. The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 times for the respective years [12][14].

非银金融/证券Ⅱ 兴业证券（601377.SH） 零售业务能力提升，自营投资收益高弹性 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 5.83 | | 一年最高最低(元) | 7.50/4.82 | | 总市值(亿元) | 503.48 | | 流通市值(亿元) | 503.48 | | 总股本(亿股) | 86.36 | | 流通股本(亿股) | 86.36 | | 近 3 个月换手率(%) | 31.59 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 兴业证券 沪深300 相关研究报告 《客户保证金高增，自营投资收益率 回升—兴业证券 2024 三季报点评》 -2024.11.4 《手续费业务同比承压，二季度自营 投资环比高增—兴业证券 2024中报点 评》-2024.9.3 ——兴业证券 2024 年报及 2025 一季报点评 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@ ...

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][7]. - 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 is actively enhancing its product structure and regional business layout, which has led to a significant increase in market share in the AI server PCB segment [4]. - The company is also expanding its production capacity with a new smart computing center project aimed at producing high-density interconnect PCBs, with an expected annual output of 250,000 square meters by 2027 [7][9]. Future Projections - Revenue forecasts for 2025, 2026, and 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 [11][5].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company is expected to improve quality, reduce costs, and enhance efficiency, making it a preferred choice for investment [2][3] - The company's 2024 revenue is projected to be CNY 35.85 billion, a decrease of 16.89% year-on-year, with a net profit of CNY 2.45 billion, down 69.08% year-on-year [1][4] - For Q1 2025, the company reported revenue of CNY 6.968 billion, a decline of 19.53% year-on-year, and a net profit of CNY 657 million, down 48.95% year-on-year [1] Financial Performance - The company’s revenue and profit are expected to decline in 2024, with a forecasted revenue of CNY 32.95 billion in 2025, and net profit of CNY 2.21 billion [5] - The company plans to distribute a cash dividend of CNY 0.41 per share, totaling CNY 1.226 billion, resulting in a dividend yield of approximately 3.7% [4] - The projected net profits for 2025-2027 are CNY 2.21 billion, CNY 2.64 billion, and CNY 2.96 billion, with corresponding P/E ratios of 15.0X, 12.5X, and 11.2X [4] Production and Capacity - The company aims to maintain coal production at a scale of 50 million tons in 2025, with revenue exceeding CNY 30 billion [9] - The company has obtained exploration rights for the Shama block, increasing coal resources by over 800 million tons, supporting future development [9] - The company has 18 production mines with advanced capacity of 49.7 million tons per year, and ongoing projects are expected to add approximately 8.5 million tons per year [9] Market Conditions - The decline in both price and volume of coal has negatively impacted the company's performance in 2024 [2] - The average selling price of coal in 2024 is expected to be CNY 646 per ton, down 11.3% year-on-year, with a projected cost of CNY 391 per ton, up 12.4% year-on-year [9]

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 事件：苏州银行披露 2024 年报及 2025 年一季报，2024 年实现营收 122 亿元，同比增长 3.01%，归母净利润 51 亿元，同比增长 10.16%。2025 年一季度实现营收 32 亿元，同比增长 0.76%，归母净利润 16 亿元，同比 增长 6.80%。2025Q1 末不良率、拨备覆盖率分别为 0.83%、447.20%， 较上年末分别持平、下降 36pc。2024 年全年分红比例达 32.50%，较 2023 年（31.08%）进一步提升。 1、业绩表现：息差降幅同比收窄 25Q1 营业收入、归母净利润同比增速分别为 0.76%、6.80%，分别较 24A 下降 2.3pc、下降 3.4pc，其中息差降幅同比收窄、手续费收入增长、业务 成本节约等对业绩形成正向贡献，具体来看： 1）利息净收入：同比下降 0.57%，较 24A 降幅收窄 6.2pc，25Q1 净息差 为 1.34%，较 24A 下降 4bps（24Q1 下降 16bps），息差同比降幅明显收 窄，主要得益于负债端成本持续优化，其中 25 ...

2025 年 4 月 29 日 公司研究 起落架业务有望放量，民航刹车制动产品迎国产化机遇 ——北摩高科（002985.SZ）2024 年年报及 2025 年一季报点评 要点 事件：2024 年，公司实现营业收入 5.38 亿元，同比-43.62%；实现归母净利润 1615 万元，同比-92.57%。2025Q1，公司实现营收 2.62 亿元，同比+9.27%； 实现归母净利润 5380 万元，同比-26.72%。 下游及行业因素致短期业绩承压，起落架业务落地收入，有望持续放量。24 年， 受客户单位总体合同签订进度等因素影响，部分已明确的采购需求因合同签订和 价格确定的时间较晚，未能形成收入。业绩端短期承压，原因包括：第一，公司 收入下滑；第二，毛利率相对较低的起落架业务占比提升，24 年，飞机刹车控 制系统及机轮、检测试验、刹车盘（副）、起落架分别实现收入 1.63 亿元、2.10 亿元、6583万元、8362万元，分别同比-60.60%、-35.98%、-65.80%、+1766.18%， 毛利率分别为 56.08%、63.46%、64.90%、13.91%；第三，行业因素影响下回 款变慢，24 年计提 ...