现金流有所改善，继续推动智能化。公司2024年收现比为 1.1132，同增4.68个百分点，主因存货规模变 动所致；付现比为1.1363，同增 7.24 个百分点。综合来看，经营净现金流入 32.21 亿元，较上年多流入 5.46 亿元；投资活动净流出9.76 亿元，较上年少流出24.03亿元，固定资产投资及股权投资同比减少所 致。2024年公司的资产负债率为59.79%，同降1.49个百分点。 期间费用率上升，净利润增长稳定。公司期间费用率为 7.78%，同比上升0.84个百分点。 销售费用率为 0.70%，同增0.04个百分点，主因万盛股份出表所致；管理费用率为 2.20%，同比下降 0.11 个百分点，同受万盛股份出表影响；财务费用率为 0.93%，同比下降0.27个百分点，主因印尼金瑞 金祥逐步投产达产导致美元融资规模增加及公司货币资金规模降低所致；研发费用率为3.94%，同比上 升 0.63 个百分点，主因加大研发投入所致。2024年公司计提各类减值损失共计 3.12亿元，同增0.52 亿 元，主因固定资产减值损失。综上，公司 2024年吨钢净利为235元/吨，同增 8.11%；归母净利润为 22. ...

本报告导读： 25Q1 公司加大对头部剧集、技术应用的投入，受此影响业绩短期承压，未来内容释放有望带动业绩回 升。此外，公司积极推动头部综艺出海，并加强与东南亚多国当地机构的合作，海外放量可期。 投资要点： 剧综播放量稳 居行业前列，出海业务具有较大潜力，维持"增持"评级。考虑到品牌广告回暖相对滞 后，我们下调2025-2026 年EPS预测值至1.01/1.18 元（前值为1.16/1.33 元），新增2027 年EPS 预测值 1.34 元。我们参考可比公司给予公司2025 年31.3X PE，下调目标价至31.5 元，维持"增持"评级。 事件：4 月25 日，公司发布2024 年及2025Q1 财报，2024 全年实现营收140.8 亿元，同比下滑3.8%，实 现归母净利润13.6 亿元，同比下滑61.6%；2025Q1 实现营收29 亿元，同比下滑12.8%，实现归母净利润 3.8 亿元，同比下滑19.8%。 优质内容带动下，会员业务保持良性增长，广告业务回暖相对滞后。 2024 年会员业务收入达51.5 亿元，同比增长19.3%，具体来看，截至2024 年末芒果TV 有效会员规模达 7331 万，同 ...

亚马逊公司计划在明年年底前在美国农村地区建设数十个仓库，以此扩大其业务范围，同时努力减少对 其他承运商的依赖。该公司表示，预计将有大约210个配送站投入运营，这是从2020年开始建立专用农 村配送网络的广泛努力的一部分。亚马逊发言人Alexa Clark表示，截至2023年底，该公司运营着大约70 个这样的设施，但她拒绝透露公司目前运营的数量。亚马逊表示，到2026年底，它将在该项目上累计投 资40亿美元。 ...

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com hyzqdatemark 2025 年 04 月 30 日 证券分析师 市场表现： | 基本数据 | | 2025 | 月 | 日 | 04 | | | 年 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 132.90 | | | | | | | 一 年 最 / 最 低 | 高 | | | | | 152.00/92.00 | 内 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | 109,530.60 | | | | | | | | 流通市值（百万元） | | | | | | | | | 78,849.43 | | 总股本（百万股） | | | | 824.16 | | | | | | ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 6.0 CNY, compared to the current stock price of 5.54 CNY [4]. Core Views - The company's revenue and performance are under pressure, with a year-on-year revenue decline of 6.21% to 248.56 billion CNY in Q1 2025, and a net profit decrease of 19.46% to 6.03 billion CNY [1][2]. - Despite the overall revenue decline, the real estate development segment saw significant growth, with a year-on-year increase of 59.48% [1]. - The company has a robust backlog of contracts, with a total of 7.23 trillion CNY in uncompleted contracts as of March 2025, which is a 5.1% increase from the previous year [3]. Revenue and Performance Summary - In Q1 2025, the revenue breakdown by segment is as follows: Infrastructure 216.80 billion CNY (down 7.99%), Design Consulting 4.67 billion CNY (down 2.21%), Equipment Manufacturing 6.25 billion CNY (down 5.77%), Real Estate Development 6.67 billion CNY (up 59.48%), and Other Businesses 14.90 billion CNY (up 3.15%) [1]. - The company's gross profit margin decreased to 8.46%, with specific margins for segments: Infrastructure 7.13%, Design Consulting 22.48%, Equipment Manufacturing 19.27%, and Real Estate Development 13.10% [2]. - The operating cash flow showed a net outflow of 77.40 billion CNY, which is an increase in outflow by 9.33 billion CNY year-on-year [2]. Contract and Order Summary - The new contract signing in Q1 2025 totaled 560.10 billion CNY, a decrease of 9.9% year-on-year, with domestic contracts at 494.43 billion CNY (down 13.6%) and international contracts at 65.67 billion CNY (up 33.4%) [3]. - The breakdown of new contracts by business area includes Engineering Construction 421.43 billion CNY (down 10.4%), Equipment Manufacturing 11.77 billion CNY (down 18.7%), Specialty Real Estate 6.92 billion CNY (up 2.8%), Asset Management 26.96 billion CNY (up 123.7%), Resource Utilization 6.45 billion CNY (down 16.7%), and Emerging Businesses 72.14 billion CNY [3].

Group 1: Water Supply Business - The company can submit water price adjustment applications to the government based on national policies and agreements, following necessary procedures such as cost audits and public hearings [2] - Water price adjustments are linked to changes in upstream resource prices and water conservancy project prices [2] Group 2: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance was approximately 40 million yuan, reflecting an increase due to market expansion [3] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3] - National policies promoting debt reduction are expected to positively impact the water and environmental protection industry [3] Group 3: Business Expansion - The company focuses on becoming a national water and environmental service provider, expanding both vertically and horizontally along the business chain [3] - It aims to deepen its market presence in Chengdu and surrounding areas while actively integrating quality resources nationwide [3] Group 4: Capital Expenditure and Dividends - Recent capital expenditures have been significant due to multiple water supply and waste projects, with expected reductions as these projects become operational [3] - The cash dividend ratio was approximately 20% in 2021 and 2022, increased to 27% in 2023, and projected to reach 28% in 2024 [3]

Core Viewpoint - The company reported a slight increase in revenue and non-net profit for Q1 2025, driven by stable store operations and rapid growth in group meal services [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 370 million yuan, a year-on-year increase of 4.45% [1] - The net profit attributable to shareholders was 37.2 million yuan, a year-on-year decrease of 6.13% [1] - The non-net profit attributable to shareholders was 38.9 million yuan, a year-on-year increase of 3.33% [1] - Basic earnings per share remained stable at 0.16 yuan compared to the same period last year [1] Business Segments - The revenue from franchise stores, direct stores, and group meal services in Q1 2025 was 265 million, 6 million, and 93 million yuan, reflecting changes of 2.75%, -10.16%, and 11.75% respectively compared to the previous year [2] - Revenue by region in Q1 2025 was 305 million, 32 million, 11 million, and 21 million yuan for East China, South China, North China, and Central China, with year-on-year changes of 4.53%, 8.07%, -9.52%, and 8.08% respectively [2] Profitability Metrics - The gross profit margin in Q1 2025 was 25.47%, a decrease of 0.45 percentage points year-on-year [3] - The net profit margin was 10.04%, down 1.35 percentage points from the previous year [3] - The company’s expense ratio improved slightly to 10.82%, a decrease of 0.18 percentage points year-on-year [3] Future Projections - The company is expected to achieve revenues of 1.823 billion, 2.015 billion, and 2.236 billion yuan for 2025-2027, with year-on-year growth rates of 9.1%, 10.5%, and 11.0% respectively [4] - Projected net profits for the same period are 268 million, 293 million, and 315 million yuan, with changes of -3.3%, 9.5%, and 7.4% respectively [4] - Corresponding EPS for 2025-2027 are expected to be 1.12, 1.22, and 1.31 yuan, with PE ratios of 16.4X, 15.0X, and 14.0X based on the closing price of 18.33 yuan on April 29 [4]

光弘科技 20250429 摘要 • 光弘科技 2024 年归属于上市公司股东的净利润同比下降，主要受二三季 度订单影响，但四季度净利润回升至 1.27 亿元。2025 年一季度营业额和 净利润同比均有所下降，主要因印度子公司业绩下滑。 • 公司业务结构调整，消费电子业务占比降至 68%左右，汽车电子占比提升 至 23%，预计 2025 年将超过 30%。公司对 2025 年业绩充满信心，计 划实现 25%以上的营收和净利润增长。 • 海外业务方面，预计印度二季度订单将恢复，越南工厂已盈利并预计订单 量显著增加。公司正推进收购法国 AC 公司，以拓展欧洲制造基地和汽车 电子业务，规避关税风险。 • 2024 年消费电子行业季节性波动明显，第四季度通常是光弘科技表现最 好的季度，高稼动率对盈利水平影响显著。2025 年一季度业务构成中， 消费电子占比约 60%，汽车电子占比约 25%。 • 收购 AC 公司后，将维持其独立运营，并展开更多联动，实现协同效应。 AC 公司客户主要来自欧美，其法国背景在商务交流上更具便利性，且在芯 片采购方面具有优势。 Q&A 请介绍一下光弘科技 2024 年度及 2025 年一季 ...

2025年4月，重庆惠程信息科技股份有限公司（以下简称"ST惠程"）发布2024年年度报告，报告期内， 公司多项关键财务指标出现较大变化，其中净利润同比下降7980.65%，经营活动产生的现金流量净额 同比下降515.87%，凸显公司面临的严峻形势。以下将对该公司年报进行详细解读。 营业收入：下滑22.40%，业务结构有变化 2024年，ST惠程实现营业收入197,235,872.29元，较上年的254,162,324.50元下降22.40%。从业务板块来 看，电力行业收入130,381,239.73元，占比66.10%，同比下降3.21%；新能源行业收入63,876,292.78元， 占比32.39%，同比下降24.90%；游戏行业收入归零，上年为27,734,934.67元，占比10.91% 。 公司表示，业绩下滑主要源于经营层面项目进展及完工进度不及预期，如光伏、风电项目；同时，市场 供求因素也导致充电桩业务执行订单减少。 扣非每股收益：亏损加深，达 -0.2159元 净利润：由盈转亏，降幅高达7980.65% 归属于上市公司股东的净利润为 -149,521,961.44元，而2023年为1,897,3 ...

4月29日，首创证券发布公告称，拟以自有资金购买位于上海市杨浦区榆林路天阅商务广场267号全幢办公 房产，交易价格约为1.04亿元（含增值税），单位建筑面积均价5.50万元/平方米。据悉，该房产项目位于 杨浦区东外滩地块，距离黄浦江约700米。 2024年度，首创证券的营业收入及净利润均创历史新高，不过4月29日发布的2025年一季报显示，该公司实现 营收为4.32亿元，同比减少23.34%；实现归母净利润为1.51亿元，同比减少31.42%。 拟耗资1.04亿元买楼 据首创证券公告，拟购买上海首杨投资有限公司（以下简称"上海首杨公司"）开发预售的位于上海市杨浦区榆 林路天阅商务广场267号全幢办公房产，暂测建筑面积为1887.42平方米，交易价格为10380.81万元（含增值 税），资金来源于公司自有资金。考虑交易契税、印花税、其他交易费用以及建筑面积测量误差调整因素，首 创证券需支付的交易总价款（含交易税费）预计不超过 11050万元。 首创证券称，近年来，上海分公司保持了良好的经营发展态势，不断拓展财富管理业务和机构业务。同时，为 便于服务上海及其他华东地区客户，加强对华东地区市场覆盖，除上海分公司外， ...