近期锐捷网络（301165）发布2025年一季报，证券之星财报模型分析如下： 锐捷网络2025年一季度财务表现 经营业绩 锐捷网络在2025年一季度实现了显著的业绩增长。截至本报告期末，公司营业总收入达到25.36亿元， 同比上升18.14%；归母净利润为1.07亿元，同比大幅上升4543.67%；扣非净利润为9466.73万元，同比 增长820.96%。 盈利能力 公司的盈利能力也有所提升。毛利率为37.49%，较去年同期下降2.66个百分点；净利率为4.23%，同比 增加3831.41个百分点。每股收益为0.19元，同比增长4504.88%。 成本控制 公司在成本控制方面表现出色，销售费用、管理费用、财务费用总计为5.01亿元，三费占营收比为 19.74%，同比下降18.21%。 资产状况 尽管业绩亮眼，但公司的资产状况值得关注。货币资金为8.68亿元，较去年同期减少51.44%；应收账款 为17.26亿元，同比上升30.74%；有息负债为21.11亿元，同比增加34.60%。 现金流状况 每股经营性现金流为-1.55元，虽然较去年同期的-2.72元有所改善，但仍为负值，表明公司在经营活动 中仍面临一定的 ...

近期嘉益股份（301004）发布2025年一季报，证券之星财报模型分析如下： 财务概况 近期，嘉益股份发布了2025年一季报。报告显示，公司在该季度实现了显著的营收和净利润增长。 这些数据显示了公司在2025年第一季度的强劲增长势头。 利润率分析 尽管营收和净利润均实现大幅增长，但公司的利润率却有所下降。 这表明公司在成本控制方面可能面临一定压力，导致利润率下滑。 费用与现金流 这表明公司在费用控制方面仍有提升空间，但现金流状况良好。 资产与负债 应收账款的大幅增长可能反映了销售规模的扩大，但也需要注意潜在的坏账风险。有息负债的激增则需 要关注其对公司财务结构的影响。 主要财务指标 这些指标显示公司股东权益和盈利能力的增强。 总结 总体来看，嘉益股份在2025年第一季度表现出强劲的营收和净利润增长，但利润率有所下降。公司在费 用控制和现金流管理方面表现良好，但需关注应收账款和有息负债的增长。 营业总收入达到7.2亿元，同比增长66.52%。 归母净利润为1.52亿元，同比增长41.26%。 扣非净利润为1.46亿元，同比增长34.15%。 毛利率为33.89%，同比下降12.42%。 净利率为21.1%，同比 ...

近期万辰集团（300972）发布2025年一季报，证券之星财报模型分析如下： 业绩概览 万辰集团在2025年一季度实现了显著的业绩增长。根据财报数据，公司营业总收入达到108.21亿元，同 比上升124.02%；归母净利润为2.15亿元，同比大幅上升3344.13%；扣非净利润为2.11亿元，同比增幅 高达10562.3%。 盈利能力分析 公司在盈利能力方面表现出色。毛利率为11.02%，同比增加了12.72%；净利率为3.59%，同比增幅达 150.74%。这表明公司在控制成本和提高效率方面取得了显著成效。 费用控制 公司的销售费用、管理费用和财务费用总计为6.45亿元，三费占营收比为5.96%，较去年同期下降了 18.19%。这反映了公司在费用控制方面的优化措施取得了积极效果。 资产与现金流 截至本报告期末，公司货币资金为29.96亿元，同比增加75.71%；应收账款为2589.45万元，同比增长 20.86%；有息负债为15.19亿元，同比增加58.58%。每股净资产为7.35元，同比增长47.15%；每股经营 性现金流为3.97元，同比增长147.90%。 关键财务指标 商业模式与风险提示 公司业绩主 ...

近期华利集团（300979）发布2025年一季报，证券之星财报模型分析如下： 公司的货币资金为54.59亿元，同比增加了19.12%，显示出公司现金资产较为健康。有息负债为7.07亿 元，同比增加了16.24%。 股东权益 每股净资产为15.51元，同比增加了14.79%。每股收益为0.65元，同比减少了2.99%。 经营业绩 华利集团在2025年一季度实现营业总收入53.53亿元，同比上升12.34%。然而，归母净利润为7.62亿 元，同比下降3.25%，扣非净利润为7.51亿元，同比下降3.35%。这表明公司在营业收入增长的同时，盈 利能力有所下降。 利润率与成本控制 公司的毛利率为22.9%，较去年同期减少了19.3%；净利率为14.26%，同比减少了13.74%。尽管三费(销 售费用、管理费用、财务费用)总计1.9亿元，占营收比为3.56%，同比减少了38.24%，但利润率的下降 仍然值得关注。 应收账款与现金流 截至本报告期末，华利集团的应收账款为33.12亿元，占最新年报归母净利润的比例高达86.25%，同比 增加了15.29%。虽然每股经营性现金流为1.04元，同比增加了12.94%，但应收账款 ...

近期祥源新材（300980）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 祥源新材在2025年一季度实现营业总收入1.19亿元，较去年同期的9337.09万元同比增长26.98%。归母 净利润达到718.72万元，同比增长30.88%；扣非净利润为429.7万元，同比增长10.36%。这表明公司在 报告期内保持了较好的盈利能力。 利润率与费用控制 尽管营收和利润有所增长，但公司的毛利率为25.67%，同比下降24.01%，显示出成本控制面临一定压 力。净利率为6.06%，同比增加3.07%，表明公司在净利率方面有所改善。三费(销售费用、管理费用、 财务费用)总计1797.5万元，占营收比例为15.16%，同比下降31.35%，显示出公司在费用控制方面取得 了一定成效。 资产与负债 截至报告期末，公司货币资金为2.52亿元，较去年同期的3.06亿元减少17.61%。应收账款为1.06亿元， 同比增长32.99%，应收账款增幅高于营收增幅，需关注其回收情况。有息负债大幅下降至2164.02万 元，较去年同期的4.37亿元减少了95.04%，表明公司负债结构得到优化。 现金流与股东权益 每股经营性现 ...

中邮证券有限责任公司陈基赟,刘卓近期对海伦哲（300201）进行研究并发布了研究报告《业绩稳健增 长，新签订单高速增长》，首次覆盖海伦哲给予增持评级。 海伦哲 l事件描述 公司发布2024年年度报告与2025年一季报，2024年实现营收15.91亿元，同增17.69%；实现归母净利润 2.24亿元，同增8.64%；实现扣非归母净利润2.04亿元，同增48.17%。2025Q1公司实现营收3.46亿元，同 增54.80%；实现归母净利润0.29亿元，同增26.71%；实现扣非归母净利润0.29亿元，同增40.66%。 l事件点评 预计公司2025-2027年营收分别为18.45、20.38、22.31亿元，同比增速分别为15.90%、10.50%、9.44%；归 母净利润分别为2.97、3.35、3.72亿元，同比增速分别为32.87%、12.65%、11.08%。公司2025-2027年业绩 对应PE估值分别为16.47、14.62、13.16，首次覆盖，给予"增持"评级。 l风险提示： 新产品、新市场开拓不及预期风险；市场竞争加剧风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券刘俊奇研究员团队 ...

Investment Rating - The report maintains a "Buy" rating for Guolian Minsheng [3] Core Views - Guolian Minsheng's performance in Q1 2025 exceeded expectations, with revenue reaching 1.56 billion yuan, a year-on-year increase of 801% and a quarter-on-quarter increase of 130%. The net profit attributable to shareholders was 380 million yuan, compared to a loss of 220 million yuan in Q1 2024 [1][6] - The company has seen significant growth in its various business segments post-merger, with brokerage revenue increasing by 334% year-on-year, investment revenue recovering from a loss to 710 million yuan, and investment management revenue growing by 14% [6] - The report highlights the complementary advantages of the merged entities, suggesting that the integration of Guolian Securities and Minsheng Securities could lead to enhanced performance through resource sharing and business collaboration [6] Financial Data and Profit Forecast - Revenue projections for Guolian Minsheng are as follows: 2025E at 4.75 billion yuan, 2026E at 6.76 billion yuan, and 2027E at 7.91 billion yuan, with year-on-year growth rates of 77.1%, 42.2%, and 17.1% respectively [2][7] - The net profit attributable to shareholders is forecasted to be 990 million yuan in 2025E, 1.21 billion yuan in 2026E, and 1.48 billion yuan in 2027E, reflecting year-on-year growth rates of 149%, 22.4%, and 22.4% respectively [2][7] - The report indicates an increase in the company's return on equity (ROE) from 0.96% in Q1 2025 to an estimated 2.85% in 2025E [2][6] Market Position and Business Segments - Guolian Minsheng's brokerage business has seen a significant increase in market share, with a daily average trading volume of 1.75 trillion yuan in Q1 2025, a year-on-year increase of 71% [6] - The company has also improved its position in margin financing, with a market share increase to 0.95% as of Q1 2025 [6] - The report notes that while the company's performance in equity underwriting has lagged behind the industry, its bond underwriting has doubled year-on-year, and it ranks fifth in the industry for IPO underwriting on the Sci-Tech Innovation Board [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady revenue growth with a significant increase in infrastructure orders, achieving a revenue of 555.34 billion yuan and a net profit of 15.01 billion yuan in Q1 2025, reflecting year-on-year growth of 1.1% and 0.6% respectively [1][2]. - The real estate development business has shown signs of recovery, with a notable increase in land reserves located in first-tier and strong second-tier cities, totaling 7,625 million square meters [2][4]. - The company has signed new contracts worth 1,270.2 billion yuan in Q1 2025, marking a year-on-year increase of 6.9%, with significant growth in infrastructure and overseas contracts [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues from various segments: construction (364.9 billion yuan), infrastructure (128.3 billion yuan), real estate development (53.7 billion yuan), and surveying and design (2.3 billion yuan), with respective year-on-year changes of -0.2%, +0.5%, +15.5%, and -11.3% [2]. - The gross margin and net margin for Q1 2025 were 7.8% and 3.2%, showing slight declines compared to the previous year [2]. Contracting and Orders - The company secured new contracts totaling 12,702 billion yuan in Q1 2025, with the construction segment contributing 12,037 billion yuan, reflecting an 8.4% increase year-on-year [3]. - Specific growth in new contracts includes energy engineering (96.6% increase) and municipal engineering (44.4% increase) within the infrastructure sector [3]. Cash Flow and Management - The company has improved its cash flow management, with a net cash outflow from operating activities of 95.85 billion yuan, which is a reduction of 0.74 billion yuan compared to the previous year [4]. - The company has also seen a commitment from its parent group to increase shareholding, indicating confidence in its future performance [4]. Profit Forecast and Valuation - The profit forecast for the company remains stable, with expected net profits of 47.49 billion yuan, 48.67 billion yuan, and 50.13 billion yuan for 2025, 2026, and 2027 respectively [4][5].

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, with target prices set at RMB 33.31 and HKD 26.91 respectively [8]. Core Insights - The company reported Q1 2025 revenue of RMB 17.761 billion, representing a year-over-year increase of 29.13% and a quarter-over-quarter increase of 0.64%. The net profit attributable to shareholders was RMB 6.545 billion, up 32.00% year-over-year and 33.44% quarter-over-quarter, aligning with performance forecasts [1][2]. - The company's total assets continued to expand, reaching RMB 17.9 trillion by the end of Q1 2025, a 4.59% increase from the beginning of the year. Financial investments grew by 7.08% to RMB 922.8 billion [2]. - Investment income for Q1 2025 was RMB 8.862 billion, accounting for 50% of total revenue, with a significant year-over-year increase of 62% and a quarter-over-quarter increase of 89% [2]. - The brokerage and asset management businesses also showed growth, with brokerage net income at RMB 3.325 billion (up 36.18% year-over-year) and asset management net income at RMB 2.563 billion (up 8.69% year-over-year) [3]. - The investment banking segment reported net income of RMB 976 million, a 12.24% increase year-over-year, with equity underwriting volume reaching RMB 34.5 billion (up 91% year-over-year) and a market share of 22.27% [4]. Summary by Sections Financial Performance - Q1 2025 revenue: RMB 17.761 billion (yoy +29.13%, qoq +0.64%) [1] - Q1 2025 net profit: RMB 6.545 billion (yoy +32.00%, qoq +33.44%) [1] - Total assets: RMB 17.9 trillion (4.59% growth from the start of the year) [2] - Investment income: RMB 8.862 billion (50% of total revenue, yoy +62%, qoq +89%) [2] Business Segments - Brokerage net income: RMB 3.325 billion (yoy +36.18%) [3] - Asset management net income: RMB 2.563 billion (yoy +8.69%) [3] - Investment banking net income: RMB 976 million (yoy +12.24%) [4] - Equity underwriting volume: RMB 34.5 billion (yoy +91%) [4] Profit Forecast and Valuation - Projected net profit for 2025-2027: RMB 24.4 billion, RMB 26.3 billion, RMB 28.1 billion [5] - Projected EPS for 2025-2027: RMB 1.65, RMB 1.77, RMB 1.90 [5] - Target price based on PB multiples: RMB 33.31 for A shares and HKD 26.91 for H shares [5].

业绩简评 盈利预测、估值与评级 合并后国泰海通在财富管理、投行、资管、机构等条线业务竞争 力将实现显著提升，同时更大的资产负债表有助于客需、做市等 机构业务规模增长，助推公司加快打造国际一流投资银行。我们 预计公司2025-2027年实现归母净利201亿元/185亿元/219亿元， 同比+54%/-8%/+18%，给予 2025 年 0.9 倍 PB，维持"买入"评级。 风险提示 4 月 29 日，国泰海通发布 2025 年一季报。25Q1 公司实现营业总 收入 118 亿元，yoy+47%；实现归母净利润 122 亿元，yoy+392%； 扣非后归母净利润 33 亿元，yoy+61%。合并后资产规模实现跨越 式提升，总资产较上年末提升 62%至 1.69 万亿元，净资产较上年 末提升 88%至 0.32 万亿元，加权平均 ROE 为 6.46%，同比+4.91pct， 扣非后加权平均 ROE 为 1.69%，同比+0.43pct。 公司吸收合并海通证券已于 2025 年 3 月 14 日完成，归母净利润 大幅增长的主要原因为吸收合并产生负商誉带来营业外收入增 加；公司归母扣非净利润增长的主要原因为经纪、投资 ...