证券研究报告：有色金属 | 公司点评报告 | 最新收盘价（元） | 12.59 | | --- | --- | | 总股本/流通股本（亿股）8.38 | / 8.33 | | 总市值/流通市值（亿元）105 | / 105 | | 52 周内最高/最低价 | 16.43 / 7.94 | | 资产负债率(%) | 54.5% | | 市盈率 | 114.45 | | 第一大股东 | 正海集团有限公司 | 发布时间：2025-05-27 股票投资评级 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 正海磁材(300224) 增持 |首次覆盖 个股表现 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 -22% -14% -6% 2% 10% 18% 26% 34% 42% 50% 58% 正海磁材 有色金属 资料来源：聚源，中邮证券研究所 公司基本情况 聚焦磁材主业，无重稀土产品 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 20.48 CNY [5][11]. Core Views - The company, as a leading player in the lighting industry, is expected to continue consolidating its market share due to its scale, technology, and brand advantages. High dividends are anticipated to provide ongoing returns to shareholders, supporting the recommendation to increase holdings [2][11]. Financial Summary - The company's projected revenues for 2024 are 7,096 million CNY, reflecting a year-on-year decrease of 9.0%. Net profit attributable to the parent company is expected to be 903 million CNY, down 2.3% year-on-year. The earnings per share (EPS) for 2025 is forecasted at 1.28 CNY, with a growth of 6% compared to the previous year [4][11]. - The company plans to distribute a cash dividend of 9 CNY per 10 shares for 2024, totaling 666 million CNY, which corresponds to a dividend payout ratio of 73.8% and a dividend yield of 5.02% [11]. Revenue Breakdown - In 2024, revenue from lighting application products and others is expected to be 7,033 million CNY, down 8.59% year-on-year. The gross margin for these products is projected at 39.08%, a decrease of 1.03 percentage points [11]. - Domestic revenue is anticipated to be 6,362 million CNY, down 8.57%, while international revenue is expected to be 671 million CNY, down 8.75% [11]. Profitability and Cost Structure - The company's gross margin for 2024 is projected at 39.29%, a decrease of 1.04 percentage points year-on-year. The net profit margin is expected to be 12.72%, an increase of 0.87 percentage points [11]. - The report details the expense ratios for sales, management, R&D, and financial costs, indicating slight variations compared to previous periods [11]. Market Performance - The current stock price is 18.29 CNY, with a 52-week price range of 13.82 to 20.30 CNY. The total market capitalization is 13,629 million CNY [6][11]. - The report notes the company's performance relative to the Shanghai Composite Index, indicating a 12-month absolute increase of 18% and a relative increase of 16% [10][11].

Investment Rating - The investment rating for the company is "Accumulate" [5][11]. Core Views - The company, as a leading player in the lighting industry, is expected to continue consolidating its market share due to its scale, technology, and brand advantages. High dividends are anticipated to continue rewarding shareholders, making it a favorable investment [2][11]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of CNY 7,096 million in 2024, a decrease of 9.0% year-on-year, followed by a recovery to CNY 7,552 million in 2025, representing a growth of 6.4% [4][11]. - **Net Profit**: The net profit attributable to the parent company is expected to be CNY 903 million in 2024, down 2.3% from the previous year, with a forecasted increase to CNY 955 million in 2025, reflecting a growth of 5.8% [4][11]. - **Earnings Per Share (EPS)**: EPS is projected to be CNY 1.21 in 2024, with an increase to CNY 1.28 in 2025 and further to CNY 1.38 in 2026 [4][11]. - **Return on Equity (ROE)**: The ROE is expected to be 13.4% in 2024, slightly decreasing to 12.7% in 2025, before recovering to 13.4% in 2027 [4][11]. Dividend Policy - The company plans to distribute a cash dividend of CNY 9 per 10 shares (including tax) in 2024, totaling CNY 666 million, with a payout ratio of 73.8% and a corresponding dividend yield of 5.02% [11]. Revenue Breakdown - In 2024, revenue from lighting application products and others is expected to be CNY 70.33 billion, down 8.59% year-on-year, while other businesses are projected to generate CNY 0.63 billion, a decline of 37.74% [11]. - Domestic revenue is anticipated to be CNY 63.62 billion, down 8.57%, while international revenue is expected to be CNY 6.71 billion, a decrease of 8.75% [11]. Profitability Metrics - The company's gross margin for 2024 is projected to be 39.29%, a decrease of 1.04 percentage points year-on-year, with a net profit margin of 12.72%, an increase of 0.87 percentage points [11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company's revenue for Q1 2025 reached 380 million yuan, representing a year-on-year growth of 42.18%, while the net profit attributable to the parent company was 114 million yuan, up 276.64% year-on-year [1]. - The establishment of the Vietnam base is expected to be a core driver of the company's performance growth, especially in the context of increased tariffs on exports to the U.S. [2]. - The company has successfully launched production lines in Vietnam, which will help maintain and expand its market share in developed countries [2]. - The company is a leader in the domestic UHMWPE fiber market and is exploring new applications in various fields [3]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 2.59 billion yuan, 2.69 billion yuan, and 3.14 billion yuan, respectively, with corresponding net profits of 280 million yuan, 233 million yuan, and 302 million yuan [4][12]. - The company is expected to achieve a net profit margin of 10.8% in 2025, increasing to 9.6% by 2027 [12]. - The earnings per share (EPS) is projected to be 1.74 yuan in 2025, 1.45 yuan in 2026, and 1.87 yuan in 2027 [12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is focusing on optimizing its product structure and enhancing brand development through a combination of its main brand products and new product innovations [6] - The company aims to expand its new business and retail channels to meet diverse consumer needs, implementing a fresh delivery service in 24 cities [6] - The company is committed to high-quality development and exploring new growth areas through acquisitions and partnerships in non-beer businesses [8] Summary by Sections Basic Information - Latest closing price is 71.97 yuan - 12-month A-share price range is between 53.96 and 83.41 yuan - Total share capital is 1,364.20 million shares - Circulating market value is 98.174 billion yuan [2] Financial Forecasts - Expected revenue for 2025 is 334.67 billion yuan, with a growth rate of 4.14% - Expected net profit for 2025 is 48.18 billion yuan, with a growth rate of 10.88% - Corresponding PE ratios are projected at 20x for 2025 [8][11] Business Strategy - The company is implementing a "1+1+1+2+N" product strategy to strengthen its main products while fostering new product development [6] - The company is actively exploring the integration of new businesses, including the acquisition of a traditional yellow wine company [7] - The company is enhancing its brand visibility and quality through innovative marketing strategies and consumer engagement [8]

公司研究 证 券 研 究 报 告 思看科技（688583）深度研究报告 强推（首次） 从平面到立体，商业级蓝海启航，工业级技 术筑基 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 333 | 421 | 534 | 677 | | 同比增速(%) | 22.4% | 26.5% | 26.9% | 26.8% | | 归母净利润(百万) | 121 | 144 | 173 | 209 | | 同比增速(%) | 5.5% | 19.6% | 19.8% | 20.8% | | 每股盈利(元) | 1.77 | 2.12 | 2.54 | 3.07 | | 市盈率(倍) | 60 | 50 | 42 | 35 | | 市净率(倍) | 11.5 | 9.6 | 5.3 | 4.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 23 日收盘价 仪器仪表Ⅲ 2025 年 05 月 24 日 | 目标价：148.35 ...

新能源业务快速成长，持续聚焦双轮驱动 战略 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 1.57、2.15、2.71 元（原 25-26 年预测分别 为 1.69、2.09 元，主要调整了营业收入、毛利率和费用率），根据可比公司 25 年 21 倍 PE 估值水平，对应目标价 32.97 元，维持买入评级。 风险提示 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现 | 2.74 | 16.04 | -13.79 | 80.83 | | 相对表现 | 2.92 | 13.52 | -11.37 | 74.23 | | 沪深 300 | -0.18 | 2.52 | -2.42 | 6.6 | | 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 | hanxiaorui@orientsec.c ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 33.63 CNY [1][5] Core Views - The company is expected to benefit from the AI industry trends and is actively upgrading its production capacity to meet the growing demand for high-end HDI and SLP products [4][9] - The revenue for 2024 is projected to be 35.14 billion CNY, representing a year-on-year growth of 9.6%, while the net profit attributable to the parent company is expected to reach 3.62 billion CNY, a growth of 10.1% [9] - The company is focusing on expanding its market share in the AI edge PCB market and has seen significant growth in its automotive and server PCB segments [9] Financial Forecasts - The company’s earnings per share (EPS) are forecasted to be 1.77 CNY, 2.15 CNY, and 2.44 CNY for the years 2025, 2026, and 2027 respectively [5][13] - Revenue is expected to grow from 32.07 billion CNY in 2023 to 50.54 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 12.9% [7] - The gross margin is projected to improve slightly from 21.3% in 2023 to 22.4% in 2027 [7] Business Segments - The company’s communication PCB business is expected to generate 24.24 billion CNY in revenue in 2024, a growth of 3.08%, while the consumer electronics and computer PCB business is projected to reach 9.75 billion CNY, growing by 22.3% [9] - The automotive and server PCB segments have shown substantial growth, with a revenue increase of 90.34% in 2024, reaching 1.025 billion CNY [9] Capital Expenditure - The company plans to invest 5 billion CNY in capital expenditures in 2025 to support its production capacity upgrades and global expansion [9]

Investment Rating - The report maintains a "Buy" rating for the company [6][2]. Core Views - The company's Q1 2025 performance was impacted by a slower-than-expected consumer recovery and high expense ratios, but it is now considered to have investment value. Projected net profits for 2025-2027 are estimated at 480 million, 530 million, and 610 million yuan, with corresponding PE ratios of 11, 10, and 9 times [2][4]. Summary by Sections Revenue Performance - In Q1 2025, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.3 billion, 170 million, and 160 million yuan, respectively, reflecting year-on-year declines of 4%, 32%, and 30% [4]. Profitability - The gross margin remained stable with a year-on-year increase of 0.1 percentage points. However, the expense ratio increased by 5.8 percentage points year-on-year, driven by higher sales, management, and financial expenses. The net profit margin decreased by 5.4 percentage points to 13.1% [4][2]. Operational Efficiency - Inventory increased by 3.5% year-on-year but decreased by 8.2% quarter-on-quarter, totaling 1.11 billion yuan. The cash flow from operating activities saw a significant increase of 353% year-on-year, reaching 79 million yuan, mainly due to improved cash collection and reduced procurement payments [4][2]. Future Outlook - The report suggests that once the negative impacts of the consumer recovery and high expense ratios dissipate, the company will present investment opportunities. The projected net profits for 2025-2027 indicate a positive growth trajectory [2][4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company has shown rapid growth in its pig farming business, with a significant increase in the number of pigs sold and continuous optimization in cost management [3][4]. - The revenue for 2024 is projected to be CNY 5.584 billion, representing a year-on-year growth of 43.51%, with a net profit of CNY 687 million, reflecting a substantial increase of 271.16% [3][6]. - The company is recognized as a regional leader in the pig farming industry, with a flexible operating model and strong cost management capabilities [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 5.584 billion, with a net profit of CNY 687 million, and an EPS of CNY 1.31 [3][6]. - For Q1 2025, the company reported a revenue of CNY 1.471 billion, with a net profit of CNY 22.8 million, marking a year-on-year increase of 6510.85% [3]. Business Segments - The pig farming segment generated CNY 3.797 billion in revenue in 2024, up 81.53% year-on-year, with a gross margin of 23.42% [3]. - The slaughtering and meat products segment achieved revenue of CNY 1.386 billion in 2024, a 20.89% increase, with a gross margin of 15.52% [4]. Profitability Forecast - The company is expected to have a net profit of CNY 762 million in 2025 and CNY 836 million in 2026, with corresponding PE ratios of 11.15x and 10.17x [5][6]. - The projected revenue growth rates for the next few years are 34.13% for 2025 and 23.68% for 2026 [6].