丨证券研究报告丨 联合研究丨公司点评丨时代电气（688187.SH） [Table_Title] 时代电气 25Q1 点评：扣非净利润同比+30%， 轨交装备+新兴装备双轮驱动 报告要点 [Table_Summary] 2025 年一季度时代电气轨交装备和新兴装备业务继续稳健发展。预计 2025 年轨交业务继续稳 中向上，半导体板块轨交电网 IGBT 景气向上；同时新能源发电、海工等板块经营向好，持续 看好公司轨交装备+新兴装备双轮驱动。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 赵智勇 杨洋 倪蕤 钟智铧 屈奇 SAC：S0490517110001 SAC：S0490517070012 SAC：S0490520030003 SAC：S0490522060001 SAC：S0490524070003 SFC：BRP550 SFC：BUW100 时代电气（688187.SH） cjzqdt11111 [Table_Title 时代电气 25Q1 2] 点评：扣非净利润同比+30%， 轨交装备+新兴装备双轮驱动 [ ...

证券代码：001356 证券简称：富岭股份 富岭科技股份有限公司投资者关系活动记录表 编号：2025-001 | | 特定对象调研 分析师会议 □ □ | | --- | --- | | 投资者关系活动 | 业绩说明会 □ 媒体采访 √ | | 类别 | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他（请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日 下午 2025 5 6 15:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长江桂兰 | | | 2、董事、总经理胡新福 | | | 3、财务负责人、董事会秘书潘梅红 | | 员姓名 | 4、独立董事金国达 | | | 5、保荐代表人胡杰畏 6、保荐代表人周波兴 | | | 投资者提出的问题及公司回复情况 谢谢。 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、高管您好。请问贵公司本期 ...

公 司 研 究 珠海港（000507.SZ）：业绩稳健，"双 轮驱动"战略持续推进 2025 年 5 月 6 日 推荐/维持 珠海港 公司报告 事件：2024 年公司实现营收 51.25 亿元，同比下降 6.1%，归母净利润 2.92 亿元，同比增长 5.4%，EPS 为 0.254 元。一季度公司营收 11.93 亿元，同比 下降 10.9%，归母净利润 0.78 亿元，同比增长 36.9%。 码头板块积极应对传统优势货种的需求下降，抗风险能力有所提升：受经济增 速下行影响，24 年公司旗下多个码头的传统优势货种需求承压，例如兴华港 口优势板块纸浆进口量下降，云浮新港主力的石材类货源也出现需求下滑。为 应对传统优势项目的下滑，各码头积极拓展新业务。兴华港口钢材、设备、吨 袋等货种增长显著；云浮新港积极向广西方向拓展货源腹地，并加大非石材货 源的业务开发力度；桂平新龙码头积极推广集装箱车辆高速费用减半政策，深 入挖掘黔江上游的货源腹地，弥补因市场竞争和需求不足而流失的货源。 24 年公司下属码头货物吞吐量 5784.35 万吨，同比增长 15.47%。港口板块 实现营收 7.80 亿元，同比下降 2.38%， ...

Core Viewpoint - Meili Tianyuan has established itself as a leading brand in the high-end beauty industry in China, evolving from a beauty service provider to a comprehensive health and beauty enterprise through a dual-driven strategy of "internal growth and external mergers" [1][5][11]. Group 1: Business Model and Growth Strategy - The company emphasizes enhancing the operational efficiency of existing stores rather than merely expanding the number of locations, with a nearly 60% increase in store count over two and a half years [3][4]. - Meili Tianyuan's revenue for 2024 reached RMB 2.572 billion, a year-on-year increase of 19.9%, while net profit rose by 9.7% to RMB 252 million [11]. - The company has successfully integrated the second-largest beauty brand, Nairui, into its operations, further solidifying its market position [6][15]. Group 2: Customer Engagement and Digital Transformation - The company has established a private traffic pool to efficiently reach target customers, resulting in a 20.4% year-on-year increase in customer traffic to direct stores, totaling 1.52 million visits in 2024 [4][25]. - Meili Tianyuan has invested significantly in digital transformation, allocating 2.5% of its revenue annually to enhance its digital capabilities, which has improved service quality and internal management efficiency [27][30]. - The company has achieved a 34% increase in new members through digital marketing, with a reduction of 8.9% in the average customer acquisition cost for active members [4][25]. Group 3: Mergers and Acquisitions - Over the past decade, Meili Tianyuan has completed over 30 mergers and acquisitions, developing a unique methodology for evaluating and integrating new brands [13][14]. - The company focuses on acquiring mature brands with established customer bases and operational synergies, enhancing its market presence and operational capabilities [19][20]. - Meili Tianyuan is currently in discussions with multiple brands for potential acquisitions, indicating a proactive approach to industry consolidation [35]. Group 4: Future Outlook - The company anticipates continued growth in the medical beauty and sub-health markets, which are seen as significant areas for expansion [32][33]. - Meili Tianyuan aims to leverage its strong operational capabilities to further enhance its platform's uniqueness and provide support to other brands in the industry [32].

Core Viewpoint - The company has demonstrated significant growth in revenue and profit in 2024 and Q1 2025, driven by increased demand in the consumer electronics sector and strategic expansion into new markets and product lines [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.566 billion yuan, a year-on-year increase of 24.51% - The net profit attributable to shareholders reached 201 million yuan, up 173.04% - The net profit after deducting non-recurring items was 174 million yuan, growing by 228.14% - For Q1 2025, the company reported a revenue of 349 million yuan, a 16.41% increase year-on-year - The net profit attributable to shareholders was 62 million yuan, up 105.70% - The net profit after deducting non-recurring items was 56 million yuan, increasing by 214.99% [1]. Industry Trends and Developments - The consumer electronics industry is experiencing a recovery, with the company expanding its business beyond mobile phones to other terminal products in North America - The demand for new cooling solutions is rising due to AI-driven product iterations in consumer electronics and digital infrastructure [2]. - The company has strengthened its position in the artificial synthetic graphite materials sector and is enhancing its market share in die-cut components [3]. Strategic Initiatives - The company is actively pursuing industry solutions and core materials for computing power devices, creating new growth avenues - It has achieved product certification and mass production for its integrated VC module products in the data center communication sector [3]. - The company is expanding its international presence, establishing Singapore as its overseas headquarters and Thailand as a production base [3]. Profitability and Investment Outlook - The company has maintained a gross margin of 30.95% in 2024, an increase of 5.84 percentage points year-on-year - The net profit margin reached 12.80%, up 7.08 percentage points year-on-year - The company is expected to see continued profit growth, with projected net profits of 266 million, 320 million, and 373 million yuan for 2025-2027, respectively [2][4].

据悉，公司计划未来两至三年内，重点布局三大方向，医疗、工业等细分场景的专用机器人；关节模 块、灵巧手、传感器等关键零部件；以及一些人机交互升级智能体机器人：聚焦情感陪伴、家庭服务等 消费级机器人。 根据2024年年报披露，截至去年底，首程控股拥有现金及现金等价物约人民币43.68亿元，财务状况稳 健，为公司持续推动战略投资提供支撑。管理层明确，目前公司并无融资压力，将审慎管理资本结构， 同时保持对优质项目的敏锐捕捉力。 此次投资者交流会吸引了多位投资分析师与媒体机构参与，对于机器人基金的增值表现与公司整体投资 策略普遍表示认可。有投资者表示，首程控股能在科技领域早早布局并取得显著回报，反映其管理团队 具备前瞻眼光与资源整合能力，期待未来更多项目实现退出并转化为实际收益。 首程控股(00697.HK)以"首程出新智启未来"为主题的媒体/投资者沟通交流会议日前举行。记者从会上 获悉，其投资于机器人领域的基金已实现显著增值，账面价值相较原始投资成本已增长超过三倍。 有机构认为，这彰显了首程控股在前沿科技领域的前瞻视野，也反映了其多元化投资策略逐渐开花结 果。 首程控股于2023年12月设立了北京机器人产业发展投资基 ...

证券研究报告·公司点评报告·中药Ⅱ 方盛制药（603998） 2024年报&25年一季报点评：业绩符合预期， 多产品矩阵保障业绩平稳 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,629 | 1,777 | 2,015 | 2,277 | 2,562 | | 同比（%） | (9.12) | 9.15 | 13.36 | 12.99 | 12.54 | | 归母净利润（百万元） | 186.82 | 255.22 | 309.13 | 376.74 | 450.44 | | 同比（%） | (34.64) | 36.61 | 21.12 | 21.87 | 19.56 | | EPS-最新摊薄（元/股） | 0.43 | 0.58 | 0.70 | 0.86 | 1.03 | | P/E（现价&最新摊薄） | 22.82 | 16.71 | 13.79 | 11.32 | 9.47 | [Table_Tag ...

证券研究报告·公司点评报告·中药Ⅱ 方盛制药（603998） 2024年报&25年一季报点评：业绩符合预期， 多产品矩阵保障业绩平稳 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,629 | 1,777 | 2,015 | 2,277 | 2,562 | | 同比（%） | (9.12) | 9.15 | 13.36 | 12.99 | 12.54 | | 归母净利润（百万元） | 186.82 | 255.22 | 309.13 | 376.74 | 450.44 | | 同比（%） | (34.64) | 36.61 | 21.12 | 21.87 | 19.56 | | EPS-最新摊薄（元/股） | 0.43 | 0.58 | 0.70 | 0.86 | 1.03 | | P/E（现价&最新摊薄） | 22.82 | 16.71 | 13.79 | 11.32 | 9.47 | [Table_Tag ...

Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57% and a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [1] - The company is driven by a dual engine of pharmaceutical and health consumer products, with significant growth in its core product lines [2] - The company has introduced an employee stock incentive plan to enhance talent attraction and promote long-term high-quality development [2] Financial Performance - In 2024, the company reported a net operating cash flow of 2.171 billion yuan, reflecting an 11.13% increase year-on-year [1] - The basic earnings per share (EPS) for 2024 was 2.42 yuan, marking a 35.20% increase compared to the previous year [1] - The company maintained a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan at the end of the year [2] Business Segments - Revenue from the company's Ejiao and related products reached 5.544 billion yuan, a year-on-year increase of 27.04%, with a gross margin of 73.61% [2] - Other pharmaceuticals and health products generated revenue of 236 million yuan, up 26.19% year-on-year [2] - The company experienced a decline in revenue from donkey breeding and sales, which amounted to 69 million yuan, down 28.92% [2] Growth Initiatives - The company launched a stock incentive plan, proposing to grant up to 124.72 million restricted shares, representing 0.19% of the total share capital, to 179 key personnel [2] - The performance targets for the incentive plan include a compound annual growth rate of net profit attributable to shareholders of no less than 15% from 2025 to 2027 [2] - The company has a history of high dividends, with a mid-year dividend of 737 million yuan in 2024, representing 99.77% of the net profit attributable to shareholders for the first half of the year [2] Investment Outlook - The company is expected to achieve EPS of 2.87 yuan, 3.40 yuan, and 4.02 yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 21.91, 18.53, and 15.66 [3] - As a leader in the Ejiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth in performance [3]

种猪产能逐步释放，业绩增幅显著。2025Q1 公司种猪实现销量14,099 头，同比+344.1%；营收3,026 万 元，同比+216.9%。由于公司种猪产能逐步释放，2025Q1 猪业务销售量营收均实现大幅增加。 事件：公司于4 月29 日发布2025 年一季报，公司2025Q1 实现营收6.2亿元，同比-9.4%，环比-36.6%； 实现归母净利润-0.1 亿元，同比-112.0%，环比-106.5%。 禽业务追加投资，进一步拓展公司白羽肉鸡业务。根据公司战略发展规划，为进一步拓展公司白羽肉鸡 业务，扩大公司父母代肉种鸡的养殖规模，提高公司商品代白羽肉雏鸡的供给能力，公司拟投资5 亿元 在山西省大同市云州区建设100 万套父母代白羽肉鸡养殖场及配套饲料厂项目，主要建设内容为9 个父 母代种鸡养殖场和1 个配套饲料厂。 鸡苗供应增加导致苗价低迷，一季度业绩承压。2025Q1 公司合计销售白羽肉鸡苗（父母代+商品代） 1.5 亿只，环比-0.4%，同比+18.2%；实现营收4.1亿元，环比+45.0%，同比-25.8%；鸡苗销售均价2.6 元/羽，环比-44.1%，同比-37.1%。根据禽业协会数据，202 ...