Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a Q1 2025 revenue of 120 million yuan, representing a year-on-year growth of 5.5% but a quarter-on-quarter decline of 7.6%. The net profit attributable to the parent company was -20 million yuan, with a non-recurring net profit also at -20 million yuan [2][4]. - The company’s gross margin for Q1 2025 reached 16.13%, an increase of 1.19 percentage points year-on-year, but a decrease of 1.59 percentage points quarter-on-quarter. The total expense ratio for Q1 2025 was 35.15%, down 1.84 percentage points year-on-year but up 5.50 percentage points quarter-on-quarter [11]. - The company is expected to maintain a high growth rate in the sales of its products, particularly the barium titanate, and the optimization of the sales structure is anticipated to drive profit recovery. New materials such as thermal conductive aluminum and flame retardant materials are expected to contribute to performance growth in 2025 [11]. Summary by Sections Revenue Performance - In Q1 2025, the company achieved a revenue of 120 million yuan, with a year-on-year increase of 5.5% and a quarter-on-quarter decrease of 7.6%. The significant growth in lithium battery coating materials contributed to this performance [2][4][11]. Profitability Analysis - The gross margin for Q1 2025 was 16.13%, reflecting a year-on-year improvement of 1.19 percentage points. However, the margin decreased by 1.59 percentage points compared to the previous quarter. The expense ratio was 35.15%, showing a year-on-year decline but a quarter-on-quarter increase [11]. Future Outlook - The company is expected to see continued growth in the sales of barium titanate, with a stable sales structure likely to enhance profitability. Additionally, the solid oxide fuel cell and high-purity quartz sand are projected to achieve small-scale sales in 2025, further validating the material platform strategy [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant year-on-year increase in Q1 2025 revenue, reaching 2.73 billion yuan, which is a 17.2% increase compared to the previous year and a 1.1% increase from the previous quarter. However, the net profit attributable to shareholders decreased by 83.6% year-on-year to 30 million yuan, although it turned profitable compared to the previous quarter. The non-recurring net profit also saw a decline of 80.4% year-on-year, also turning profitable quarter-on-quarter [2][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company's revenue was 2.73 billion yuan, reflecting a 17.2% year-on-year growth and a 1.1% quarter-on-quarter growth. The net profit attributable to shareholders was 30 million yuan, down 83.6% year-on-year but improved from a loss in the previous quarter. The non-recurring net profit also decreased by 80.4% year-on-year, yet showed a quarter-on-quarter recovery [2][4]. Cost and Expenses - The company experienced a significant increase in its expense ratios, with total expenses reaching 17.08% of revenue in Q1 2025, up 2.09 percentage points year-on-year but down 2.53 percentage points quarter-on-quarter. The sales expense ratio was 1.30%, up 0.52 percentage points year-on-year, while the management expense ratio was 6.97%, up 1.30 percentage points year-on-year [9]. Future Outlook - The company is expected to maintain positive growth in shipments throughout the year. Current prices are stabilizing, and there is a low likelihood of significant downward adjustments. The company has signed procurement agreements with LGES and Weilan, which may help expand its overseas market and solid-state applications. The introduction of new products such as solid-state electrolytes and electrolyte membranes is anticipated to enhance profitability [9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.24 CNY based on a reasonable valuation level of 24 times the earnings per share for 2025 [2][5]. Core Views - The company is entering a harvest period for innovative drugs, although its main business faces short-term pressure due to the impact of centralized procurement on the infusion and generic drug segments [1]. - The company achieved a revenue of 21.81 billion CNY in 2024, reflecting a growth of 1.67%, and a net profit attributable to the parent company of 2.94 billion CNY, up 19.53% [9]. - The first quarter of 2025 saw a revenue decline to 4.39 billion CNY, down 29.42%, and a net profit of 584 million CNY, down 43.07%, primarily due to high base effects from the previous year [9]. - The ADC platform is expected to yield significant commercial results, with key products like SKB264 receiving regulatory approval for multiple indications [9]. - The antibiotic supply-demand structure remains stable, with synthetic biology products contributing to revenue growth [9]. Financial Summary - The company’s projected financials indicate a revenue increase from 21.45 billion CNY in 2023 to 29.19 billion CNY by 2027, with a compound annual growth rate of approximately 13% [4]. - The net profit attributable to the parent company is expected to grow from 2.46 billion CNY in 2023 to 3.62 billion CNY in 2027, with a notable increase in 2024 [4]. - Earnings per share are projected to be 1.76 CNY in 2025, with a gradual increase to 2.27 CNY by 2027 [4][2]. - The gross margin is expected to stabilize around 50% to 52.7% over the forecast period, indicating a solid profitability outlook [4].

北交所信息更新 国内浸没式液冷技术领军者，积极布局海外&冷板液冷市场 ——北交所信息更新 2025 年 05 月 25 日 投资评级：增持（维持） | 日期 | 2025/5/23 | | --- | --- | | 当前股价(元) | 50.60 | | 一年最高最低(元) | 86.49/25.00 | | 总市值(亿元) | 101.20 | | 流通市值(亿元) | 98.47 | | 总股本(亿股) | 2.00 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 91.69 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 实现营收 1166.97 万元（-1.37%），归母净利润-3137.25 万元（-329.66%） 曙光数创 2025Q1 实现营收 1166.97 万元（-1.37%），归母净利-3137.25 万元 （-329.66%）。2024 年实现营收 5.06 亿元（-22.15%）；归母净利润 6142.44 万元 （-41.21%），毛利率为 30.10%（-1.27pc ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical inventory destocking cycle, but a significant improvement in profitability is expected in the first quarter of 2025 due to price increases in several main products [2][5]. - The company has successfully registered several active ingredients in the Brazilian market, which is anticipated to enhance overseas sales in the coming years [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 81 million yuan, up 31.11% year-on-year [2][6]. - The first quarter of 2025 saw a significant turnaround, with net profit reaching 108 million yuan, a year-on-year increase of 1373.23% and a quarter-on-quarter increase of 258.51% [2][30]. Product Pricing and Market Trends - Key products such as甲维盐 and 阿维菌素 have seen price increases from 500,000 and 350,000 yuan per ton to 715,000 and 515,000 yuan per ton respectively since mid-March 2024 [3]. - The price of 代森锰锌 rose from 23,500 yuan per ton to 25,000 yuan per ton since March 2025, indicating a positive trend in product pricing [3][33]. New Business Developments - The company has accelerated its new business layout, acquiring a 51% stake in 德彦智创, which focuses on AI-driven pesticide creation and synthetic biology, opening new growth opportunities [4][38]. - Strategic partnerships with companies like BASF aim to advance the development and commercialization of new pesticides in China [4][38]. Profit Forecast - The company is expected to achieve net profits of 402 million, 478 million, and 522 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.13, and 1.24 yuan [5][50]. - The projected operating revenues for 2025, 2026, and 2027 are 4.958 billion, 5.255 billion, and 5.513 billion yuan respectively, reflecting a growth trajectory [6][50].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9] Core Views - The company has demonstrated consistent performance with significant revenue and profit growth driven by both internal and external factors [5][6] - The tourism market is recovering, and the company is focusing on its core business strategy of becoming a "leisure tourism destination" [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 147 million yuan, a decrease of 3% [5] - For Q1 2025, total revenue reached 212 million yuan, up 55% year-on-year, with a net profit of 31 million yuan, an increase of 159% [5] Investment Highlights - The company has enhanced its scale through asset acquisitions, leading to substantial increases in revenue and profit [6] - The gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins improving significantly in Q1 2025 due to new acquisitions and government subsidies [6] Market Strategy - The company is expanding its tourism projects, with visitor numbers increasing by 18% in 2024, and revenue from tourism services rising by 768% [7] - The company has successfully launched new tourism products and services, including luxury cruise offerings, and is exploring innovative business models [8] Earnings Forecast - The company aims to maintain steady growth, with projected EPS of 0.33, 0.39, and 0.46 yuan for 2025, 2026, and 2027, respectively [9] - The expected revenue growth rates for 2025 to 2027 are 57.2%, 13.7%, and 13.3% [11]

丨证券研究报告丨 公司研究丨点评报告丨中集集团（000039.SZ） [Table_Title] 中集集团：回购股份彰显信心，看好公司长期发 展 报告要点 [Table_Summary] 中集集团发布公告，为了积极响应国家政策导向，提振股东信心，董事会同意根据上述 H 股回 购一般性授权，按照《香港联合交易所有限公司证券上市规则》、《公司章程》及其他适用法律 法规的规定，实施 H 股股份回购。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赵智勇 臧雄 曹小敏 屈奇 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SAC：S0490524070003 SFC：BRP550 SFC：BVO790 中集集团（000039.SZ） cjzqdt11111 [Table_Title 中集集团：回购股份彰显信心，看好公司长期发 2] 展 [Table_Summary2] 事件描述 中集集团发布公告，为了积极响应国家政策导向，提振股东信心，董事会同意根据上述 H ...

丨证券研究报告丨 联合研究丨公司点评丨三花智控（002050.SZ） [Table_Title] 三花智控： Q1 业绩亮眼，家电+汽车双轮驱动 报告要点 [Table_Summary] 公司发布 2025 年一季报，25Q1 实现营业收入 76.70 亿元，同比增长 19.10%，实现归母净利 润 9.03 亿元，同比增长 39.47%，实现扣非净利润 8.53 亿元，同比增长 27.17%。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 邬博华 赵智勇 曹海花 陈亮 司鸿历 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490522030001 SAC：S0490517070017 SAC：S0490520080002 SFC：BQK482 SFC：BRP550 SFC：BUW408 SFC：BUD284 请阅读最后评级说明和重要声明 %% %% 三花智控（002050.SZ） cjzqdt11111 [Table_Title 三花智控：2] Q1 业绩亮眼，家电+汽车双轮驱动 [Table_Summary2] ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9] Core Insights - The company has shown consistent performance with significant revenue and profit growth driven by both internal and external factors, including asset acquisitions and government subsidies [5][6][8] - The tourism market in China is recovering, and the company is focusing on its "leisure tourism destination" strategy, resulting in increased visitor numbers and revenue from its projects [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit of 147 million yuan, a decrease of 3%. The first quarter of 2025 saw total revenue of 212 million yuan, up 55%, and a net profit of 31 million yuan, up 159% [5][9] - The company's gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins of 18.44% and 18.12% [6][9] - The company expects steady growth in earnings per share (EPS) from 0.33 yuan in 2025 to 0.46 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 31 to 22 times [9][11] Revenue and Profit Forecast - The company anticipates a significant increase in revenue, projecting 1.36 billion yuan in 2025, a growth rate of 57.2%, and a net profit of 347 million yuan, reflecting a growth rate of 136.6% [11][12] - The report highlights a focus on expanding the tourism destination investment and operation business, aiming to create a unique cultural tourism model [8][9]

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 爱玛科技(603529) 证券研究报告 投资评级 无评级 公司研究 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 盈利预测：考虑公司 2025 年限制性股票激励计划的可能影响，我们预计 2025-2027 年公司归母净利润分别为 25.5/29.7/33.5 亿元，PE 分别为 13.0X/11.2X/9.9X。 风险因素：消费疲软、行业竞争加剧，新品推广不及预期。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 相关研究 [Table_OtherReport] 爱玛科技：产品力提升，核心受益政 策增量 爱玛科技：一 ...