公司报告 | 首次覆盖报告 汽车管路龙头，进军 AIDC 液冷可期 公司基本情况：公司成立于 2002 年，自设立以来一直专注于车用胶管系 列产品，主营业务包括传统燃油汽车、新能源汽车、摩托车用橡塑软管及 总成，产品涵盖燃油系统胶管、冷却系统胶管、制动系统胶管、动力转向 胶管等，目前已和国内 50 多家主机厂、50 多家摩托车厂商、200 多家二 次配套厂商建立稳定供配关系，并已开始批量供货储能冷却系统管路产品。 公司业绩方面：受益于新能源汽车行业需求增长，公司 2022-2024 年分别 实现收入 9.07/11.09/13.63 亿元，yoy+16.81%/+22.31%/+22.88%；分别实现 净利润 1.22/1.62/2.03 亿元，yoy+16.60%/+32.32%/+25.15%。 主业方面：下游汽车需求带动管路行业增长，公司产品及客户覆盖齐全 行业方面，2024 年国内新能源汽车销量为 1285.8 万辆，同比增长 35.42%。 我们预计未来汽车行业持续向节能、环保、轻量化、总成化、智能化、网 联化方向发展，行业整体发展趋势良好。 目前公司对橡胶和尼龙两种类型的产品均可设计、开发和生产， ...

Investment Rating - The report assigns a "Buy" rating for the company [10] Core Views - The company's revenue growth has improved, with a year-on-year increase of 2.6% in Q1 2025, which is an acceleration of 1.4 percentage points compared to 2024 [4] - The net profit attributable to shareholders decreased by 2.9% year-on-year in Q1 2025, primarily due to an increase in the effective tax rate to 20%, up 3.5 percentage points [4] - The asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [8] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 6300.9 billion yuan and a net profit of 2378.4 billion yuan, with respective year-on-year growth rates of 1.2% and 2.6% [3] - For Q1 2025, the company reported a revenue of 1649.3 billion yuan and a net profit of 543.6 billion yuan, reflecting a year-on-year growth of 2.6% and a decline of 2.9% respectively [3] Asset and Liability Management - Total assets grew by 6.9% year-on-year to 36 trillion yuan, with deposits increasing by 6.2% to 25.6 trillion yuan and loans rising by 8.3% to 22.6 trillion yuan [5] - The company added 1.01 trillion yuan in new loans in Q1 2025, which is an increase of 0.09 trillion yuan compared to the same period last year [5] Income Sources - Non-interest income surged by 18.9% year-on-year in Q1 2025, with fee income growing by 2.1% [7] - Other non-interest income saw a significant increase of 37.3%, with foreign exchange net gains rising by 668.5% [7] Profitability Metrics - The net interest margin decreased by 11 basis points to 1.29% in Q1 2025, primarily due to a larger decline in asset yield compared to the improvement in liability costs [6] - The estimated asset yield fell by 0.3 percentage points to 3.1%, influenced by industry-wide loan rate declines [6] Future Earnings Forecast - The company is projected to achieve net profits of 2404 billion yuan, 2453 billion yuan, and 2477 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.82, 0.83, and 0.84 yuan [10]

买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价（元） | 6.13 | | 总市值（亿元） | 66 | | 总股本（百万股） | 1079 | | 流通股本（百万股） | 1077 | | 52 周价格范围（元） | 5.63-7.94 | | 日均成交额（百万元） | 94.01 | 市场表现 -20 -10 0 10 20 (%) 龙大美食 沪深300 资料来源：Wind，华鑫证券研究 2025 年 05 月 08 日 盈利能力显著改善，推动业务提质增效 相关研究 1、《龙大美食（002726）：聚焦主 业致使收入承压，业务结构持续优 化》2024-11-03 2、《龙大美食（002726）：利润扭 亏为盈，推进各板块结构优化》 2024-08-31 3、《龙大美食（002726）：盈利能 力改善，业务结 ...

Q1 业绩符合预期，持续一体化布局 买入(维持) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | 2025 年 05 月 08 日 -20 -10 0 10 20 30 (%) 中国铝业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中国铝业（601600）：2024H1 公司利润大幅增长，充分受益于电 解铝及氧化铝价格上涨》2024-09- 01 2、《中国铝业（601600）：受益于 产品价格上涨，2024Q1 归母净利润 环比大增》2024-05-07 | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价（元） | 6.5 | | 总市值（亿元） | 1115 | | 总股本（百万股） | 17156 | | 流通股本（百万股） | 13134 | | 52 周价格范围（元） | 6.25-9.09 | | 日均成交额（百万元） | 1213.26 | 市场表现 ...

盈利预测：欧洲去库接近尾声，亚非拉市场持续爆发。我们预计公司 2025-2027 年的营业收入分别为 148.4/ 187.3/ 236.0 亿元，2025-2027 年 归母净利润分别为 36.4/ 45.8/ 54.7 亿元，对应 15.63/ 12.41/ 10.40 倍 PE，给予 2025E 的每股净利润 19 倍 PE 估值，对应目标价 107 元，首 次覆盖，给予"买入"评级。 风险提示：储能业务进展不及预期；盈利预测与估值模型不及预期 [Table_Title] 证券研究报告 / 公司点评报告 新产品+新市场双重赋能，高增长有望持续 事件： [Table_Summary] 公司发布 2024 年年报，德业股份 2024 年实现营业收入 112.06 亿元， 同比+49.83%，实现归母净利润 29.6 亿元，同比+65.29%，基本符合市 场此前预期。 新兴市场助力储能高增长。（1）德业股份 2024 年逆变器业务实现营业 收入 55.6 亿元，同比+25.44%，2024 年公司储能逆变器出货 54.06 万 台，组串式逆变器出货 41.06 万台，微型逆变器 42.03 万台。逆变器 业务 ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" from "Buy" [1][8]. Core Views - The company is undergoing a strategic adjustment in response to industry pressures, leading to a decline in performance for 2024. The focus is on sustainable development and long-term strategies [3]. - The company's main product line, the Blue Classic series, is facing significant challenges in the mid-range and sub-premium segments, contributing to revenue declines [4]. - Despite the challenges, the company maintains a high dividend yield of 6.72%, positioning it favorably within the liquor sector [7]. Summary by Sections Event Overview - In 2024, the company reported revenue of 28.876 billion yuan, a year-on-year decrease of 12.83%, and a net profit of 6.673 billion yuan, down 33.37%. The Q1 2025 results showed revenue of 11.066 billion yuan, down 31.92%, and a net profit of 3.637 billion yuan, down 39.93% [2]. Analysis and Judgment - The decline in performance is attributed to industry pressures and the company's proactive adjustments, which include controlling shipment rhythms to manage inventory levels [3]. - The mid-to-high-end product lines have been significantly impacted, with revenue from mid-to-high-end liquor and regular liquor decreasing by 14.79% and 0.49%, respectively [4]. - The company's gross margin has declined due to fixed production costs not being reduced in line with revenue drops, leading to increased per-ton costs [4]. Investment Recommendations - The company plans to maintain control over its main products through quota management and optimize supply-demand relationships. The introduction of the seventh generation of the Hai Zhi Lan product is expected to enhance market presence [6]. - The company has launched a new high-end product, the Dream Blue Handcrafted Class, targeting the local high-end market, which is expected to open new growth avenues [7]. - The profit forecasts for 2025 and 2026 have been revised downwards, with expected revenues of 24.778 billion yuan and 24.817 billion yuan, respectively, and net profits of 5.967 billion yuan and 6.060 billion yuan [8].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][16]. Core Views - The company reported strong performance in Q1 2025, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 506.01 billion, 268.47 billion, and 268.5 billion yuan respectively, representing year-on-year growth of 10.54%, 11.56%, and 11.64% [1]. - The revenue from liquor sales increased by 10.82% to 505.80 billion yuan, indicating robust demand [1]. - The series liquor revenue saw a significant increase of 18.30% to 70.22 billion yuan, with its proportion of total revenue rising to 13.88% [2]. - Direct sales channels performed exceptionally well, with direct sales revenue growing by 20.19% to 232.20 billion yuan, accounting for 45.91% of total revenue [2]. - The company maintained a stable profit margin, with a slight increase in net profit margin to 53.06% [3]. Financial Performance Summary - For Q1 2025, the company's gross margin was 91.97%, and the net profit margin was 53.06%, reflecting a year-on-year change of -0.64 and +0.48 percentage points respectively [3]. - The company plans to distribute a cash dividend of 276.24 yuan per 10 shares, corresponding to a dividend payout ratio of 75% for 2024 [3]. - Revenue projections for 2025-2027 are expected to grow by 9%, 8%, and 8% respectively, reaching 1903 billion, 2059 billion, and 2224 billion yuan [3]. - The net profit attributable to shareholders is projected to increase by 9%, 8%, and 8% for the same period, reaching 943 billion, 1022 billion, and 1108 billion yuan [3]. Valuation Metrics - The company is expected to have a price-to-earnings (P/E) ratio of 21X, 19X, and 18X for the years 2025, 2026, and 2027 respectively [3]. - The projected earnings per share (EPS) for 2025 is 75.03 yuan, with a corresponding P/E ratio of 21.03 [5]. - The company’s market capitalization is approximately 1,982.52 billion yuan, with a price-to-book (P/B) ratio of 7.72 for 2025 [7][5].

丨证券研究报告丨 公司研究丨点评报告丨兖矿能源（600188.SH） [Table_Title] Q1 增量释放叠加成本优化对冲部分价减影响， 关注 25 全年量增弹性 报告要点 [Table_Summary] 公司发布 2025 年一季报：2025Q1 公司实现归母净利润 27.1 亿元，同比-10.5 亿元（-27.9%）， 环比-3.1 亿元（-10.3%）。2025 年量增幅度可观，中长期聚焦成长+股息。随着 180 万吨万福 煤矿投产、陕蒙矿井产能继续爬坡，下半年新疆五彩湾一期 1000 万吨投产，2025 年公司内生 量增幅度或超 10%，叠加拟资产注入西北矿业，预计又将带来 3000 万吨+量增。并且西北矿 业承诺 3 年累计实现业绩 71 亿，年化业绩约 24 亿，未达承诺以现金方式向公司补偿利润差 额，充分反映发展信心。此外公司保底分红承诺 60%，当前兼具成长+股息双重优势。 分析师及联系人 %% %% %% %% research.95579.com [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S04905170700 ...

丨证券研究报告丨 公司研究丨点评报告丨长海股份（300196.SZ） 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 [Table_Title] 新产能快速释放，效益逐步发挥 报告要点 [Table_Summary] 长海股份发布 2024 年年报及 2025 年一季报：2024 年实现收入 26.6 亿元，同比增长 2%；归 属净利润 2.75 亿元，同比下滑 7%；扣非净利润 2.45 亿元，同比下滑 13%。2024Q4 实现收 入 7.6 亿元，同比增长 23%，环比增长 12%；归属净利润 0.72 亿元，同比增长 787%，环比 下滑 10%；扣非净利润 0.63 亿元，同比增长 303%，环比下滑 4%。2025Q1 实现收入 7.6 亿 元，同比增长 31%，环比增长 1%；归属净利润 0.82 亿元，同比增长 62%，环比增长 14%； 扣非净利润 0.87 亿元，同比增长 93%，环比增长 39%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% ...

证券研究报告 机械设备 | 通用设备 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com | 基本数据 | 2025 | | | | 年 | | | 日 | 08 | | | 月 | | 05 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 20.87 | | | | ...