证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 亚辉龙(688575) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 发光表现亮眼，降本增效助力利润加 速增长 装机持续推进，自产发光实现 50%高增 长 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 发光业务表现亮眼，国际化进展顺利，海外收入快速增长。2024 年公 司实现营业收入 20.12 亿元（yoy-2.02%），主要是因为新冠业务较去 年同期大幅下降，近年来公司加大自产产品市场推广，非新冠自产业务 保持快速发展，实现收入 16.72 亿元（yoy+26.13%）。非新冠自产业 务分结构来看，发光业务得益于仪器装机量提升、特色项目带动常规试 剂放量增 ...

2025 年 4 月 28 日 公司研究 业绩稳健增长，新品推出与海外拓展支撑未来成长 ——伊之密（300415.SZ）2024 年年报报、2025 年一季报点评 要点 24 年及 25Q1 业绩均实现同比稳健增长 伊之密 24 年实现营业收入 50.6 亿元，同比增长 23.6%；归母净利润 6.1 亿元，同比增长 27.4%。公司 24 年毛利率为 31.9%，同比下降 1.3 个百分点； 净利率为 12.4%，同比上升 0.4 个百分点。24 年经营性现金净流入 3.6 亿元， 同比增长 104.9%。公司拟分红每股 0.50 元（含税），分红率为 38.9%。 公司 25Q1 业绩保持快速增长，实现营业收入 11.9 亿元，同比增长 24.3%； 归母净利润 1.3 亿元，同比增长 14.3%；毛利率为 30.6%，同比下降 4.2 个百分 点；净利率为 11.5%，同比下降 0.9 个百分点。 2025 年 4 月 23 日，公司发布公告，拟以 1500-2500 万元资金回购股份， 回购价格不超过 28 元/股，占当前总股本比例为 0.11%-0.19%。此次回购彰显 了公司对未来长期发展的信心。 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 鱼跃医疗(002223) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] "产品+营销"双轮驱动，塑造家用医疗 器械领先品牌 业务发展稳定势好，创新发展布局多 元领域 鱼跃医疗（002223）核心板块稳定增 长，电商渠道表现优异 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 血糖业务增长 40%，海外拓展成效凸显 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 umma ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's blood glucose business has shown a remarkable growth of 40%, with significant results from overseas expansion, leading to an overall revenue increase of over 30% [2] - In 2024, the company reported a revenue of 7.566 billion yuan, a year-on-year decrease of 5.09%, and a net profit attributable to shareholders of 1.806 billion yuan, down 24.63% year-on-year [2] - The company is expected to maintain stable growth in its core segments, with a focus on enhancing its product matrix and brand influence, particularly in overseas markets [2] Financial Performance Summary - In 2024, the company achieved total revenue of 75.66 billion yuan, with domestic revenue at 65.74 billion yuan (down 8.58% year-on-year) and overseas revenue at 9.49 billion yuan (up 30.42% year-on-year) [2] - The blood glucose management and POCT solutions business generated revenue of 10.30 billion yuan, reflecting a growth of 40.20% [2] - The company’s gross profit margin for 2024 was 50.14%, a decrease of 1.35 percentage points year-on-year, while the net profit margin was 23.85%, down 5.96 percentage points year-on-year [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 86.82 billion yuan, 100.07 billion yuan, and 115.20 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.7%, 15.3%, and 15.1% [2] - The net profit attributable to shareholders is expected to be 2.111 billion yuan, 2.494 billion yuan, and 2.930 billion yuan for the same years, with growth rates of 16.9%, 18.2%, and 17.5% [2] - The price-to-earnings ratio (P/E) for 2025 is projected to be 16 times [2]

Core Viewpoint - The report indicates that Ganyuan Foods is experiencing short-term performance pressure but anticipates gradual improvement in subsequent quarters, maintaining a "buy" rating for the stock [1]. Financial Performance - For the fiscal year 2024, Ganyuan Foods reported operating revenue of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and net profit excluding non-recurring items of 341 million yuan, representing year-on-year growth of 22.18%, 14.32%, and 16.91% respectively [2]. - In Q4 2024, the company achieved operating revenue of 652 million yuan, net profit attributable to shareholders of 99 million yuan, and net profit excluding non-recurring items of 93 million yuan, showing year-on-year growth of 22.05% but declines in net profit of -13.91% and -10.4% respectively [2]. - For Q1 2025, the company reported operating revenue of 504 million yuan, net profit attributable to shareholders of 53 million yuan, and net profit excluding non-recurring items of 46 million yuan, reflecting year-on-year declines of -13.99%, -42.21%, and -45.14% respectively [2]. Investment Highlights - The company is focusing on stabilizing its existing products while expanding its new product offerings, with revenue contributions from various product lines such as mixed nuts and beans showing growth rates of 39.80%, 12.56%, 10.48%, 19.72%, and 21.17% respectively [3]. - Ganyuan Foods is restructuring its product strategy by upgrading its flavor offerings in beans, nuts, and snacks, launching new products to enhance market presence and channel compatibility [3]. - The company is also diversifying its sales channels, with revenue from distribution, e-commerce, and other channels growing by 22.58%, 10.75%, and 65.45% respectively [3]. Profitability and Cost Management - In 2024, Ganyuan Foods reported a gross margin of 35.46% and a net profit margin of 16.67%, both showing slight declines compared to the previous year [4]. - The company faced increased cost pressures due to rising raw material prices, particularly palm oil, and higher expenses related to overseas market expansion and branding [4]. - For Q1 2025, the gross margin and net profit margin further declined to 34.32% and 10.47% respectively, attributed to increased sales and management expenses [4]. Future Outlook - The company plans to expand into new Southeast Asian markets, including Indonesia and Malaysia, with localized product designs expected to launch around May 2025 [5]. - Ganyuan Foods aims to enhance its e-commerce presence and deepen collaborations with platforms like Tmall and JD.com to drive sales growth [5]. - Cost management strategies include locking in prices for raw materials and increasing direct sourcing to optimize costs, with expectations for profitability to improve in the latter part of the year [5]. Earnings Forecast and Investment Rating - The revenue forecasts for 2025 and 2026 have been adjusted to 2.677 billion yuan and 3.102 billion yuan, reflecting year-on-year growth of 18.61% and 15.86% respectively [6]. - The net profit forecasts for 2025 and 2026 have been revised to 402 million yuan and 496 million yuan, indicating year-on-year growth of 6.86% and 23.34% respectively [6]. - The company maintains a "buy" rating, with projected earnings per share (EPS) for the next three years at 4.31, 5.32, and 6.34 yuan, corresponding to price-to-earnings (PE) ratios of 17, 14, and 12 times [6].

【环球网消费综合报道】4月28日消息，中国动画电影《哪吒之魔童闹海》（简称《哪吒2》）近日正式登陆法国院线，迅速获得了法国观众及主流媒体的高 度关注与赞誉，进一步扩大了其在欧洲及其他海外市场的影响力和票房佳绩。 据悉，《哪吒2》自上映以来，已吸引超过3亿全球观众，此次在法国的亮相更是引发了观影热潮。法国电视新闻网报道称："这个拥有神奇力量的男孩终于 来到法国，虽然法国观众一开始对这个题材还有些陌生，但当他们走出影院时，显然被征服了。"观众纷纷表示，这部动画影片的水准堪比好莱坞大片，令 人震撼。 在法国权威电影网站Allocine上，《哪吒2》收获了主流媒体3星、观众4.3星（满分5星）的超高评价。法国《观点周刊》评论称："《哪吒2》展示了无穷的 想象力，从各路神仙到史诗般的广角镜头，令人眩目。哪怕剧情不能完全看懂，它也是一部非常美妙的作品。"同时，《巴黎人报》也指出，虽然部分观众 可能因不了解中国历史和神话而难以完全理解故事情节中的微妙之处，但该片凭借其出色的口碑和精致的画面水平，依然赢得了广泛的赞誉。 据了解，自今年3月起，《哪吒2》已在欧洲37个国家和地区院线发行，并先后在英国、爱尔兰、德国、法国等国家上 ...

Core Viewpoint - Yangguang Electric Power (300274.SZ) has reported its 2024 annual results, becoming one of the few companies in the photovoltaic sector to achieve overall growth in performance [1] Financial Performance - The company achieved an operating revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% year-on-year [4] - The overall gross profit margin for the company was 29.94%, an increase of 2.76% year-on-year, attributed to brand premium, product innovation, and economies of scale [5] - The revenue from the photovoltaic segment was approximately 47.904 billion yuan, accounting for about 60% of total revenue, while the revenue from photovoltaic inverters was about 29 billion yuan, with a gross margin of 30.90% [6] Business Segments - The energy storage system revenue was approximately 25 billion yuan, accounting for 32.06% of total revenue, with a gross margin of 36.69% [7] - The global shipment of energy storage systems reached 28 GWh, a significant increase of 166% compared to 10.5 GWh in 2023 [7] - The company’s overseas market contributed over 60% of its gross profit, with 46.62% of total revenue coming from international markets [10] Employee Growth and Costs - The company has seen a 550% increase in employee numbers over the past six years, reaching 17,305 employees, making it the only listed inverter company with over 10,000 employees [14] - The company's operating expenses, including sales and management costs, have significantly increased, with sales expenses rising over 30% to 3.761 billion yuan and management expenses increasing over 37% to 1.201 billion yuan [16] - Despite the growth in net profit, the profit per employee has declined for the first time in recent years [17]

2025 年 4 月 27 日 公司研究 2024 年业绩表现亮眼，海外市场拓展顺利，成长空间广阔 ——山推股份（000680.SZ）2024 年年报点评 资料来源：Wind，光大证券研究所预测，股价时间为 2025-04-25 要点 事件： 4 月 23 日山推股份发布 2024 年年报。2024 年公司实现营收 142.19 亿 元，同比+25.1%（调整后）；实现归母净利润 11.02 亿元，同比+40.7%（调整 后）；实现扣非归母净利润 9.87 亿元，同比+40.5%。2024 年销售毛利率为 20.1%， 同比+1.6pct。单季度来看，2024Q4 公司实现营收 43.82 亿元，同比+14.3%， 环比+31.7%；实现归母净利润 4.28 亿元，同比+52.5%，环比+67.4%；实现扣 非归母净利润 3.25 亿元，同比+36.7%，环比+28.9%。 点评：2024 年业绩实现高增长，产品毛利率均有提升。 2024 年，工程机械行业整体稳中有进，国内市场筑底企稳，行业出口额仍保持 高水平。公司业绩持续高增长主要受益于：1）海外市场拓展成效显著，重点拓 展非洲、欧洲、美洲、东南亚等区域海 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company experienced short-term performance pressure but is actively expanding its overseas market, which is expected to create new growth points in the electric meter and energy storage businesses [2][3] - In 2024, the company achieved an operating income of 6.742 billion RMB, a year-on-year decrease of 1.89%, and a net profit attributable to shareholders of 753 million RMB, down 27% year-on-year [2][8] - The overseas revenue reached 1.126 billion RMB in 2024, marking a 34% year-on-year increase, indicating successful market expansion efforts [3] Summary by Sections Performance Overview - In 2024, the company reported an operating income of 6.742 billion RMB, a decrease of 1.89% from the previous year, and a net profit of 753 million RMB, down 27% year-on-year [2][8] - The first quarter of 2025 saw an operating income of 1.124 billion RMB, a 27% decline year-on-year, with a net profit of 124 million RMB, down 43% [2] Business Analysis - The company is focusing on overseas market expansion, with a significant partnership with global meter leader Landis+Gyr to increase market share in Western Europe and Asia-Pacific [3] - The energy storage segment generated 920 million RMB in revenue in 2024, a 39% decline, but maintained a gross margin of 17.64%, an increase of 1.55 percentage points year-on-year [3] - The company’s power station construction is progressing steadily, with power station revenue of 1.19 billion RMB in 2024, down 8%, but with a gross margin of 25.94%, up 14.46 percentage points year-on-year [3] Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 850 million RMB, 970 million RMB, and 1.1 billion RMB, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 times [4][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][13][16] Core Views - The company reported a total revenue of 2.26 billion yuan for 2024, a year-on-year increase of 22.2%, and a net profit attributable to shareholders of 380 million yuan, up 14.3% year-on-year. However, in Q1 2025, total revenue decreased by 14.0% year-on-year to 500 million yuan, with a net profit decline of 42.2% year-on-year to 50 million yuan [1][8][11] - The revenue growth in 2024 was primarily driven by the bulk snack channel and overseas markets, with significant contributions from the distribution/e-commerce/other channels [1][9] - The company is currently in a multi-channel growth phase, focusing on consolidating its leading position in niche markets while enhancing shareholder returns [13][16] Financial Performance Summary - For 2024, the company achieved a gross margin of 35.5%, a decrease of 0.8 percentage points year-on-year, influenced by promotional activities and rising raw material costs [2][10] - The first quarter of 2025 faced high base pressure, with a gross margin decline of 1.1 percentage points due to sustained high palm oil prices [11][12] - The company expects total revenues of 2.61 billion yuan in 2025, 3.00 billion yuan in 2026, and 3.46 billion yuan in 2027, with year-on-year growth rates of 15.5%, 15.3%, and 15.0% respectively [3][13][15] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is 400 million yuan in 2025, 460 million yuan in 2026, and 550 million yuan in 2027, with growth rates of 5.9%, 16.3%, and 17.8% respectively [3][13][15] - The current price-to-earnings (PE) ratios are projected to be 17 for 2025, 15 for 2026, and 13 for 2027 [3][13][15] Market and Channel Insights - The bulk snack channel is expected to continue its rapid growth, with revenue share projected to exceed 20% [1][9] - The overseas market, particularly in Vietnam, has shown promising growth, contributing nearly 200 million yuan in revenue for 2024 [1][9]