证券研究报告 | 公司深度 | 多元金融 国网英大(600517) 报告日期：2025 年 05 月 27 日 "金融+制造"双主业驱动，有望受益电网投资加速 ——国网英大深度报告 投资要点 ❑ 国家电网下属子公司，增资扩股布局多元金融 公司是国网英大国际控股集团子公司，同时也是国家电网孙公司。公司前身为上 海置信电气股份有限公司，2020年 2月完成重大资产重组，注入信托、证券、期 货等金融业务。2024年，公司实现营业收入 112.88亿元，同比增长 3.60%，归属 于上市公司股东的净利润 15.74 亿元，同比增长 15.39%。2024年，英大信托、英 大证券、英大碳资产、置信电气净利润分别为 17.8、1.8、0.1、1.5 亿元。 ❑ 碳资产：碳市场运行框架逐步建立，公司碳资产业务有望持续高增 "十四五"是碳达峰的关键期和窗口期，随着碳市场建设顶层设计加速完善，市场 交易量价齐升。英大碳资产成立于 2013 年 11 月，2021 年 1 月划归英大股份直接 管理，是国网公司系统内唯一的专业碳资产管理公司。公司基本业务做优夯实， 持续培育新兴业务。2024 年英大碳资产实现营业收入 0.70 亿 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guanghui Energy [4] Core Views - The company's performance has been significantly impacted by falling natural gas prices and a sharp decline in sales, leading to a substantial decrease in revenue and net profit for 2024 and Q1 2025 [1][3] - Despite the challenges, the company is expected to maintain high dividend payouts, enhancing shareholder returns [11] Financial Performance Summary - In 2024, Guanghui Energy reported revenue of CNY 36.44 billion, a year-on-year decrease of 40.72%, and a net profit of CNY 2.96 billion, down 42.60% [1] - For Q1 2025, the company achieved revenue of CNY 8.90 billion, a decline of 11.34% year-on-year, with a net profit of CNY 0.69 billion, down 14.07% [1] - The coal business showed resilience with a significant increase in production and sales, despite a decrease in coal prices [2] - The natural gas segment faced challenges with a 52.95% drop in sales volume, although production increased by 17.58% [3] Business Segment Analysis - **Coal Business**: The coal segment saw a production increase of 78.52% in 2024, reaching 39.83 million tons, and sales volume rose by 52.39% to 47.23 million tons [2] - **Natural Gas Business**: The average transaction price for LNG in China fell by 7.2% to CNY 4,512.57 per ton, with sales volume dropping significantly [3] - **Coal Chemical Business**: The company achieved a methanol production increase of 18.43% in 2024, with total coal chemical product output rising by 7.36% [3] Future Outlook - The company is expected to maintain high dividend yields, with projected net profits of CNY 2.88 billion, CNY 3.47 billion, and CNY 3.96 billion for 2025, 2026, and 2027 respectively [11] - New project developments in coal and coal chemical sectors are anticipated to contribute to long-term growth [10]

证券研究报告 | 2025年05月27日 杭州银行（600926.SH） 转债触发强赎，高成长优质行将迎价值重估 评论：夯实资本，优质高成长银行 截止 2025 年一季度末，公司核心一级资本充足率 9.01%，杭银转债未转股余额为 106.37 亿元。据此测算 未转股余额完成转股后可提振核心一级资本充足率 0.83 个百分点，资本进一步夯实，规模高增有望延续。 公司信贷延续高成长，资产质量优质，拨备覆盖率排在上市银行首位。2025 年一季度营收同比增长 2.22%，较 2024 年增速下降了 7.4 个百分点；实现归母净利润同比增长 17.3%，较 2024 年增速下降了 0.8 个百分点。营收 增速下降主要受其他非息收入同比下降拖累，一季度净利息收入同比增长了 6.8%。信贷延续了高增态势，期末 总资产 2.22 万亿元，贷款总额 1.00 万亿元，存款总额为 1.35 万亿元，较年初分别增长 5.2、6.2%和 6.0%。其 中，对公贷款（不含贴现）较年初增长了 11.7%，大零售贷款较年初下降了 1.3%，期末零售贷款占贷款总额的 30.3%。 期末不良率 0.76%，与年初持平，处在上市银行前列；关注 ...

证券研究报告 | 2025年05月27日 爱博医疗（688050.SH） 优于大市 视力保健业务处于培育期，首个国产眼内镜龙晶获批上市 收入保持快速增长，视力保健业务仍处于培育期。2024年公司实现营收14.10 亿（+48.24%），归母净利润 3.88 亿（+27.77%）；其中 24Q4 收入 3.35 亿 （+18.26%），归母净利润 0.71 亿（+36.15%），以隐形眼镜产品为主的视 力保健业务毛利率相对较低，且该业务仍处于产能扩张期及合格率提升期， 单位成本偏高，从而影响公司整体净利润增速。2025Q1 公司实现收入 3.57 亿（+15.07%），归母净利润 0.93 亿（-10.05%），多重因素导致公司 25Q1 业绩增长承压：2024Q1 暂未受到人工晶体国采影响，角膜塑形镜出厂价格略 下调导致业绩增长贡献有所减弱，隐形眼镜业务板块尚处于培育阶段。 人工晶体销售放量对冲集采降价影响，视力保健业务收入占比提升至 30%。 1）人工晶体收入 5.88 亿（+17.66%），销量同比增长 44.93%，"全视"多 焦晶体等高端产品增长迅速但占比较低，受集采影响的人工晶体价格下调较 多。2） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The strategic restructuring between Haiguang Information and Zhongke Shuguang aims to achieve collaborative development across the entire chain of domestic chips, servers, and cloud computing [7] - Haiguang Information is a leading domestic CPU and GPU enterprise with core chip design capabilities, focusing on domestic architecture CPUs and DCUs, benefiting from the growth in intelligent computing demand and opportunities for domestic computing power substitution [7] - The merger is expected to create a comprehensive solution capability integrating domestic chips and server systems, enhancing the competitive edge and driving the development of high-performance computing infrastructure [7] Financial Performance Summary - Revenue projections for Haiguang Information are as follows: - 2023A: 6,012 million - 2024A: 9,162 million (growth rate: 52%) - 2025E: 13,530 million (growth rate: 48%) - 2026E: 18,802 million (growth rate: 39%) - 2027E: 24,443 million (growth rate: 30%) [2] - Net profit projections are as follows: - 2023A: 1,263 million - 2024A: 1,931 million (growth rate: 53%) - 2025E: 3,063 million (growth rate: 59%) - 2026E: 4,393 million (growth rate: 43%) - 2027E: 5,932 million (growth rate: 35%) [2] - Earnings per share (EPS) projections: - 2023A: 0.54 - 2024A: 0.83 - 2025E: 1.32 - 2026E: 1.89 - 2027E: 2.55 [2] Market Position and Strategy - The restructuring is the first absorption merger transaction following the revision of the regulations on major asset restructuring by the China Securities Regulatory Commission, which encourages the injection of quality assets to enhance investment value [7] - Zhongke Shuguang is a leader in server assembly and has a comprehensive layout in the AI infrastructure sector, covering upstream chip/server hardware, midstream cloud computing, and downstream cloud services [7] - The strategic merger is expected to enhance resource sharing in R&D, supply chain, and market sales, accelerating the development of high-end chips and integrated technology solutions [7]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of Rmb 50.40, indicating a potential upside from the current price of Rmb 44.78 [2][5]. Core Insights - The company is expected to achieve stable short-term operations while solidifying its long-term competitive strength through product upgrades and new product penetration [3][10]. - Revenue forecasts for 2025, 2026, and 2027 are projected at Rmb 29.7 billion, Rmb 32.8 billion, and Rmb 36.3 billion, respectively, with year-on-year growth rates of 10%, 11%, and 11% [13]. Summary by Sections Revenue and Profit Forecast - Revenue for the company is projected to grow from Rmb 26.9 billion in 2024 to Rmb 36.3 billion by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [8][13]. - Net profit is expected to increase from Rmb 6.4 billion in 2024 to Rmb 8.7 billion in 2027, reflecting a consistent growth rate of around 11% annually [8][13]. Product Development and Market Strategy - The company will focus on upgrading classic product categories such as soy sauce and oyster sauce while also expanding into health-oriented products like organic and gluten-free options [3][9]. - New product categories, including cooking wine and vinegar, have shown significant growth, with year-on-year revenue increases of 16.8% and 20.8% in early 2025 [3][9]. Supply Chain and Sales Network - The company is transforming its supply chain to enhance flexibility and responsiveness to market demands, which is expected to improve market share [10][11]. - Online sales channels have seen a remarkable growth of 39.8% year-on-year, contributing to a more robust sales network [10][11]. International Expansion - The company's listing on the Hong Kong Stock Exchange supports its internationalization strategy, with plans to tap into overseas markets with strong demand for condiments [12][5]. Financial Metrics - The projected P/E ratios for the company are 36X for 2025, 32X for 2026, and 29X for 2027, indicating a favorable valuation compared to industry peers [13].

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [6][9][10] Core Views - The company reported a revenue of 3.048 billion yuan in 2024, a year-on-year decrease of 6.61%, and a net profit of 672 million yuan, down 13.65% year-on-year [6][10] - The decline in revenue is primarily attributed to the drop in the sales of pre-mixed alcoholic beverages, which accounted for 87.83% of total sales, while food flavoring revenue showed stable growth [6][7] - The company is diversifying its business by developing a liquor segment, aiming to become a leader in the domestic whiskey market [6][9] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 737 million yuan, a decrease of 8.11% year-on-year, but net profit increased by 10.39% to 178 million yuan [6][10] - The gross margin for pre-mixed beverages improved to 70.03% in 2024, up 2.42 percentage points year-on-year, despite a decrease in sales volume [6][7] Sales Channels - Offline sales saw a slight decline, while ready-to-drink and digital retail channels experienced significant drops of 43.58% and 30.75% respectively [6][9] - The number of distributors decreased by 4% to 2068 by the end of 2024, impacting sales negatively [6][9] Future Projections - The company forecasts earnings per share of 0.78 yuan, 0.93 yuan, and 1.07 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 34.65, 29.13, and 25.28 [6][10]

人工晶体销售放量对冲集采降价影响，视力保健业务收入占比提升至 30%。 1）人工晶体收入 5.88 亿（+17.66%），销量同比增长 44.93%，"全视"多 焦晶体等高端产品增长迅速但占比较低，受集采影响的人工晶体价格下调较 多。2）"普诺瞳"角膜塑形镜收入 2.36 亿（+8.03%），销量同比增长 2.40%， 公司积极丰富产品布局，推出了多种规格的离焦框架镜和离焦软镜等防控产 品，使得近视防控产品营收实现 20.79%增长。3）隐形眼镜收入 4.26 亿 （+211.84%），销量同比增长 241.11%，公司加大隐形眼镜产线建设和市场 投入，核心子公司天眼收入 1.96 亿，净利润 0.08 亿；优你康收入 1.48 亿， 净利润 0.12 亿；美悦瞳收入 0.86 亿，净利润 0.02 亿。 毛净利率受产品结构变化影响，首款国产眼内镜龙晶于 25 年初获批上市。 2024 年毛利率为 66.23%（-9.78pp），主要受相对低毛利率的隐形眼镜产品 收入占比提升的影响。销售费用率 14.12%（-5.17pp），管理费用率 12.12% （+0.03pp），研发费用率 7.60%（-2.24pp ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [5]. Core Insights - The company has received approval for its asset restructuring, which is expected to enhance its asset scale and operational performance [1]. - The restructuring will lead to a significant increase in the company's total assets by 18.37% and an expected increase in operating revenue by 25.07% and net profit by 5.93% based on 2024 data [3][4]. - The company is one of the largest listed power generation companies in China, with a current installed capacity of 59.8186 million kilowatts, which will increase to 75.8786 million kilowatts post-restructuring [3]. Summary by Sections Company Overview - The company operates in 12 provinces and cities across China, showcasing a diverse range of power generation assets and a well-established industrial chain [3]. Financial Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.64 yuan, 0.69 yuan, and 0.73 yuan respectively, with corresponding price-to-earnings (PE) ratios of 9, 9, and 8 [4]. Market Position - The restructuring is anticipated to strengthen the company's market share in Jiangsu, Shanghai, Guangdong, and Guangxi regions, further solidifying its competitive advantage [3].

证券研究报告：食品饮料|公司点评报告 发布时间：2025-05-27 股票投资评级 买入|维持 个股表现 -27% -23% -19% -15% -11% -7% -3% 1% 5% 9% 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 安井食品 食品饮料 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） | 83.86 | | --- | --- | | 总股本/流通股本（亿股）2.93 / 2.93 | | | 总市值/流通市值（亿元）246 / 246 | | | 52 周内最高/最低价 | 102.97 / 68.93 | | 资产负债率(%) | 23.6% | | 市盈率 | 16.51 | | 第一大股东 | 福建国力民生科技发展 | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 安井食品(603345) 战略转向新 ...