Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4 2024 and Q1 2025, with a positive outlook for future earnings growth driven by inventory reduction among overseas clients and new product launches [1][2][4]. Financial Performance - For the full year 2024, the company achieved revenue of 443 million yuan (down 5.90%) and a net profit attributable to shareholders of 135 million yuan (down 7.11%) [1] - In Q4 2024, revenue was 124 million yuan (up 31.59%) and net profit attributable to shareholders was 38 million yuan (up 37.92%) [1] - For Q1 2025, revenue reached 147 million yuan (up 24.86%) and net profit attributable to shareholders was 47 million yuan (up 21.45%) [1] Product and Market Development - The company’s medical endoscope business generated revenue of 345 million yuan in 2024 (down 7.04%), while optical revenue was 95 million yuan (down 1.80%) [2] - International revenue for 2024 was 306 million yuan (down 6.5%), and domestic revenue was 135 million yuan (down 4.70%) [2] - The company has successfully launched a full range of laparoscopes and various endoscope products in the domestic market, and new products for the U.S. market are set to enter mass production [3] Future Outlook - The company expects net profits attributable to shareholders for 2025-2027 to be 180 million, 230 million, and 280 million yuan, representing year-on-year growth of 34.8%, 25.4%, and 23.1% respectively [4] - The estimated EPS for the same period is projected to be 1.51, 1.90, and 2.34 yuan, with corresponding PE ratios of 23, 19, and 15 times [4] - A target price of approximately 42 yuan is set for 2025, based on a valuation of 28 times [4]

资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 7 日收市价为标准 相关研究报告 电子 | 证券研究报告 — 调整盈利预测 2025 年 5 月 8 日 688593.SH 增持 原评级：增持 市场价格:人民币 18.45 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 5.5 25.8 (8.1) 83.2 相对上证综指 3.0 17.8 (9.3) 77.0 发行股数 (百万) 459.53 (20%) 14% 49% 83% 118% 152% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Apr-25 May-25 新相微 上证综指 | 流通股 (百万) | 319.01 | | --- | --- | | 总市值 (人民币 百万) | 8,478.32 | | 3 个月日均交易额 (人民币 百万) | 107.08 | | 主要股东(%) | | | New Vision Microelectronics Inc.(BVI) | 16.68 | ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 04 年 月 日 2024 年公司业绩实现扭亏为盈，毛利率有所改善。公司 2024 年实现营 业收入 19.40 亿元（yoy-1.51%），归母净利润 0.55 亿元，实现扭亏为盈 （去年同期为-0.68 亿元）。其中，诺斯贝尔实现营业收入 19.30 亿元（（yoy- 1.57%），毛利率同比增长 5.42pcts 至 17.16%，实现归属于诺斯贝尔所有 者权益的净利润为 0.86 亿元，实现扭亏为盈（去年同期为-0.50 亿元）， 公司化妆品业务毛利率改善主要系加强原材料采购管理工作，利用规模采 购优势控制原材料采购成本、优化生产工序、减少生产损耗等降本增效措 施显效。2025 年 Q1 公司实现总营业收入 4.19 亿元（yoy+10.17%），归 母净利润为 0.02 亿元，实现扭亏为盈（去年同期为-0.06 亿元）。 青松股份（300132.SZ） 业绩实现扭亏为盈，降本增效带动毛利率提升 化妆品产品力增强并加强成本管控，三大品类毛利率均有提升。2024 年 分品类来看，面膜/护肤/湿巾系列产品分别实现营业收入 8.15 ...

截至2025Q1 末，公司资产管理业务在管房源达31.0 万套（较年初增加0.7万套），公司资管业务规模稳 定扩张。新房业务方面，公司应收账款继续保持下降趋势，截至2025Q1 末公司应收账款4.37 亿元（年 初为5.04 亿元），经营风险进一步降低。费用管控方面，公司2025Q1 实现销售期间费用率 17.75%（2024 全年为18.55%/2024Q1 为20.65%），公司费率管控成效显著。 盈利预测与估值。存量房市场基本面良好，公司扣非盈利持续转正，业绩拐点已至，未来弹性可期。我 们预计公司2025-2027 年收入分别为136.9、149.9、164.6 亿元，归母净利分别为2.2、2.5、2.9 亿元。对 应PE 分别为33.5x、29.6x、25.7x，维持"推荐"评级。 风险提示：战略落地效果不佳，资管规模扩充不顺，经纪业务发展不及预期 事件：我爱我家发布2025Q1 业绩报告，2025Q1 公司实现营收28.23 亿元（yoy+2.5%）；实现归母净利 627.07 万元（yoy-75.3%）；实现扣非归母净利2260.18 万元，同比扭亏为盈。 2025Q1 二手房成交向好，带动公司G ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company's revenue for Q1 2025 was 557 billion yuan, a year-on-year decrease of 3.6%, while net profit attributable to shareholders was 238 billion yuan, down 2.2% year-on-year [4][6]. - The non-performing loan (NPL) ratio slightly increased by 1 basis point to 1.08%, and the provision coverage ratio decreased by 4.4 percentage points to 233% [4][10]. - The report highlights that net interest income continues to show stable growth, with a year-on-year increase of 1.3% in Q1 2025, contributing 0.8 percentage points to revenue growth [6][10]. Financial Data and Profit Forecast - Total revenue is projected to be 212,493.02 million yuan in 2025, with a year-on-year growth rate of 0.13% [5]. - The net profit attributable to shareholders is expected to reach 78,532.42 million yuan in 2025, reflecting a year-on-year growth of 1.72% [5]. - The report forecasts a steady increase in net profit growth rates for 2025-2027, with expected growth rates of 1.7%, 4.8%, and 5.9% respectively [10]. Loan and Deposit Performance - The company's total loans increased by 4.8% year-on-year in Q1 2025, with new corporate loans exceeding 150 billion yuan, particularly in technology and green sectors [6][9]. - Total deposits reached 5,627.965 billion yuan, marking a year-on-year increase of 10.3% [11]. Key Ratios - The report indicates a net interest margin (NIM) of 1.59% for Q1 2025, a decrease of 2 basis points year-on-year but an increase of 6 basis points quarter-on-quarter [10]. - The cost-to-income ratio improved to 24.22%, a decrease of 15.3 percentage points year-on-year [11].

证券研究报告·公司点评报告·饰品 老凤祥（600612） 2024 年报及 2025 一季报点评：短期业绩承 压，期待 25H2 业绩拐点 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） | 71,436 | 56,793 | 50,536 | 52,191 | 55,587 | | 同比（%） | 13.37 | (20.50) | (11.02) | 3.28 | 6.51 | | 归母净利润（百万元） | 2,214 | 1,950 | 1,643 | 1,834 | 1,957 | | 同比（%） | 30.23 | (11.95) | (15.73) | 11.62 | 6.73 | | EPS-最新摊薄（元/股） | 4.23 | 3.73 | 3.14 | 3.51 | 3.74 | | P/E（现价&最新摊薄） | 11.50 | 13.06 | 15.50 | 13.89 | 13.01 | [Ta ...

买入（维持） 证券研究报告·公司点评报告·饰品 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 71,436 | 56,793 | 50,536 | 52,191 | 55,587 | | 同比（%） | 13.37 | (20.50) | (11.02) | 3.28 | 6.51 | | 归母净利润（百万元） | 2,214 | 1,950 | 1,643 | 1,834 | 1,957 | | 同比（%） | 30.23 | (11.95) | (15.73) | 11.62 | 6.73 | | EPS-最新摊薄（元/股） | 4.23 | 3.73 | 3.14 | 3.51 | 3.74 | | P/E（现价&最新摊薄） | 11.50 | 13.06 | 15.50 | 13.89 | 13.01 | [Table_Tag] [Table_Summary] 投资要点 老凤祥（600612） 2024 年报及 20 ...

公司全球化产能布局&强研发实力巩固竞争优势。公司从塑胶零部件开始与客户合作，突破注塑模具和 表面处理技术，后发展至核心加热模组和整机生产，公司是少数具有整机研发实力的供应商，且伴随客 户共同研发新产品有望带动公司顺利实现份额提升。此外，公司积极建设全球化一体化的供应链体系， 同时不断加大海外智造基地供应链本土化开发力度，为客户如期交付高质量、高性价比的产品。目前公 司马来智造基地二期建设推进、匈牙利智造基地三期开建，墨西哥智造基地预计2025 年下半年投入使 用。 事件描述 控股股东增持&股权激励增强信心、2025 年为公司困境反转时点，期待后续季度实现更优增长。3 月10 日公司发布激励计划，考核目标为2025 年收入同增25%~50%到45~54亿元（触发值~目标值），预计电 子烟、汽车电子等贡献主要增量，利润增速预计显著高于收入增速，主因公司费用金额稳定，收入高增 会带动费用率下行和净利率上行。预计公司2025-2027 年实现归母净利润5.0/6.9/8.7 亿元，对应PE 24/18/14X。 公司2024 年实现营业总收入/归母净利润/扣非净利润35.73/2.52/2.38 亿元，同比-7%/- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to reach a turning point in performance, with an anticipated gradual increase in electronic cigarette orders [4] - For 2024, the company is projected to achieve total revenue of 3.573 billion yuan, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 252 million yuan, down 44% year-on-year [2][4] - The fourth quarter of 2024 is expected to show a revenue increase of 15% year-on-year, while the first quarter of 2025 is projected to see a revenue increase of 12% year-on-year [2][4] Financial Performance Summary - In 2024, the company’s revenue is expected to be 3.573 billion yuan, with a net profit of 252 million yuan and a net profit excluding non-recurring items of 238 million yuan, reflecting year-on-year declines of 7%, 44%, and 38% respectively [2][4] - For Q4 2024, the expected revenue is 1.034 billion yuan, with a net profit of 80 million yuan and a net profit excluding non-recurring items of 94 million yuan, showing year-on-year changes of +15%, -32%, and -8% respectively [2][4] - In Q1 2025, the expected revenue is 859 million yuan, with a net profit of 77 million yuan and a net profit excluding non-recurring items of 74 million yuan, reflecting year-on-year increases of +12%, +38%, and +71% respectively [2][4] Business Segment Analysis - The company’s revenue from the intelligent control components and innovative consumer electronics is expected to decline by 14% and 2% respectively in 2024, while automotive electronics are projected to grow by 19% [4] - The electronic cigarette business is anticipated to improve gradually, with orders expected to increase as labor issues in the Malaysian base are resolved [4] - The automotive electronics segment is expected to maintain stable growth, contributing positively to overall revenue [4] Future Outlook - The company aims for a revenue increase of 25% to 50% in 2025, targeting a revenue range of 4.5 to 5.4 billion yuan, primarily driven by the electronic cigarette and automotive electronics segments [4] - The company is expected to achieve net profits of 500 million yuan, 690 million yuan, and 870 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 24, 18, and 14 times [4]

证券研究报告·公司点评报告·自动化设备 怡合达（301029） 2024 年报&2025 年一季报点评：营收结构优 化调整，业绩拐点已至 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,881 | 2,504 | 3,019 | 3,554 | 4,190 | | 同比（%） | 14.58 | (13.08) | 20.54 | 17.72 | 17.91 | | 归母净利润（百万元） | 545.53 | 404.40 | 552.80 | 665.15 | 790.68 | | 同比（%） | 7.73 | (25.87) | 36.70 | 20.32 | 18.87 | | EPS-最新摊薄（元/股） | 0.86 | 0.64 | 0.87 | 1.05 | 1.25 | | P/E（现价&最新摊薄） | 23.54 | 31.76 | 23.23 | 19.31 | 16.24 | [Table ...