医药生物 | 证券研究报告 — 调整盈利预测 2025 年 4 月 30 日 688085.SH 买入 原评级：买入 市场价格:人民币 17.47 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 (13.8) (3.5) (6.7) (7.1) 相对上证综指 (14.6) (1.6) (7.8) (12.7) 发行股数 (百万) 277.89 流通股 (百万) 248.45 总市值 (人民币 百万) 4,854.66 3 个月日均交易额 (人民币 百万) 35.04 主要股东 QM5 LIMITED 14.74 (19%) (10%) (2%) 7% 15% 24% Apr-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 三友医疗 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 29 日收市价为标准 相关研究报告 《三友医疗》20241105 《三友医疗》20240829 《三友医疗》20240816 中银国际证券股份有限公司 ...

"两翼"业务快速发展，国际化业务持续向好。2025 年一季度，公司防水业务实现收入利润双增长，实 现营业收入10.54 亿元，同比增长10.54%，净利润为0.43 亿元，同比增长19.89%；公司涂料业务深度融 合发展，实现营业收入9.08 亿元，同比增长111.44%，净利润为0.44 亿元，同比增长48.17%；公司国际 化业务持续向好，营业收入同比增长73%，净利润同比增长143.08%。 事件： 盈利预测及投资评级：公司是全球最大石板轻钢龙骨产业集团，防水和涂料业务"两翼"快速发展，国际 化业务持续增长。我们预计公司2025-2027 年分别实现营业收入288.20 亿元、323.73 亿元、362.49 亿 元，归母净利润44.62 亿元、49.99 亿元、56.16 亿元，当前股价对应PE 分别为11.2、10.0、8.9 倍。参考 2025 年可比公司平均估值23.1 倍PE，维持"增持"评级。 2025 年4 月25 日，北新建材发布2025 年一季报：2025 年一季度公司实现营业收入62.46 亿元，同比增 长5.09%；实现归属上市公司股东的净利润8.42 亿元，同比增长2.46%。 ...

我们维持公司2025-2026 年净利润12.14/15.59 亿元。基于2025 年SOTP方法估值，新能源充电业务基于 DCF 估值法给予175.81 亿元，传统电力设备业务给予142.48 亿元(15x 2025E P/E)，维持目标价30.15 元，维持跑赢行业评级，目标价有23.1%上行空间。 1Q25 业绩符合市场预期 公司公布1Q25 业绩：收入/归母净利/扣非净利21.02/0.65/0.45 亿元，同比+3.5%/+5.2%/-3.9%，环 比-57.0%/-86.2%/-88.0%，公司业绩符合市场预期。 发展趋势 箱变业务表现稳健，看好国际化赋能盈利增长。一季度为行业淡季，我们估计公司1Q25 箱变业务延续 增长，盈利端维持相对稳定。展望2Q25，我们预计公司7 亿元沙特电网订单有望交付确收，叠加国内市 场稳定增长，我们预计2Q25 箱变业务增长有望提速，且海外订单毛利率高于国内订单、海外收入占比 提升有望促进公司箱变业务盈利增长提速。 充电业务盈利或延续改善趋势，1Q25 充电量增长超40%。运营端，公司1Q25 充电量40.5 亿度、同比增 长超40%，新增功率数1.89GW、同比增 ...

Group 1: Business Growth Strategies - The company aims to expand its gypsum board business by targeting the home decoration and rural markets, enhancing product development, and increasing profitability through high-value products and technological innovation [2] - The industrial coatings segment will focus on niche markets, including powder coatings and marine and automotive coatings, while exploring synergies with the overall product system [2][3] Group 2: Market Outlook and Pricing - The company expresses hope for price recovery in the waterproofing industry, encouraging collaboration among industry players to promote healthy development and transformation [3] Group 3: International Expansion - The international business strategy focuses on Southeast Asia, Central Asia, and the Middle East, implementing a "gypsum board first" approach and adapting to market conditions for coatings and waterproofing [3] Group 4: Performance and Incentives - The company will concentrate on three main product systems: gypsum board, waterproof systems, and coatings, aiming for both internal growth and external development to achieve high-quality growth [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [2][4]. Core Insights - The company reported a revenue of 4.697 billion yuan for 2024, representing a year-on-year growth of 14.65%. The net profit attributable to shareholders was 908 million yuan, up 8.56% year-on-year [1][4]. - The company is experiencing steady growth in performance, with a focus on enhancing efficiency and expanding market presence. The gross profit margin remained high at 48.81% in Q4 2024, reflecting effective cost management [1][4]. - The automotive technology service segment saw significant growth, with revenues reaching 4.125 billion yuan in 2024, a year-on-year increase of 21.36%. However, the equipment manufacturing segment faced a decline of 20.50% due to reduced demand [1][2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.697 billion yuan, with a growth rate of 14.65%. The net profit attributable to shareholders was 908 million yuan, reflecting an 8.56% increase [1][6]. - For Q4 2024, revenue was 1.649 billion yuan, up 10.99% year-on-year and 62.27% quarter-on-quarter. The net profit for the same period was 238 million yuan, down 11.66% year-on-year [1][6]. - The first quarter of 2025 saw revenue of 888 million yuan, a slight increase of 0.62% year-on-year, but a significant decrease of 46.49% quarter-on-quarter [1][6]. Business Segments - The automotive technology service business generated 4.125 billion yuan in 2024, marking a 21.36% increase year-on-year. The company is focusing on customer collaboration and market expansion [1][2]. - The equipment manufacturing segment reported a revenue of 535 million yuan, down 20.50% year-on-year, attributed to decreased demand in the specialized vehicle market [1][2]. Regional Performance - Revenue growth was observed in several regions, with East China showing a 40.57% increase, while Southwest and Northwest regions experienced declines of 8.96% and 8.48%, respectively [2][4]. - The international business saw a remarkable growth of 298.68%, primarily driven by increased revenue from automotive technology services to foreign clients [2][4]. Future Outlook - The company is set to begin trial production at its East China base in the second half of 2025, which is expected to contribute to new revenue streams [2][4]. - Revenue projections for 2025-2027 are estimated at 5.584 billion yuan, 6.588 billion yuan, and 7.656 billion yuan, respectively, with net profits expected to reach 1.109 billion yuan, 1.384 billion yuan, and 1.687 billion yuan [4][6].

滴滴国际化业务在 14 个国家提供服务，日均贡献超一千万笔订单。 文丨沈方伟 编辑丨管艺雯 我们了解到，滴滴目前正在海外推进两个新动作，一是国内 App 上线海外聚合出行服务，滴滴通过开放 接入运力服务方以及滴滴国际业务，聚合分发订单，中国用户在韩国、日本、新加坡、马来西亚、泰国、 印尼、柬埔寨和越南 8 个国家，也能使用滴滴打到 Grab、 Kakao T 等本地网约车；二是继续深耕拉美市 场，拓展即时配送业务，除了巴西等市场的商超食杂商家，未来也将给本地电商商家送货。 "如果你在 8 亿用户上碰到瓶颈，那就国际化，就像突破第一宇宙速度一样，从地球到太阳系，那里有 6 亿用户。" 2018 年滴滴创始人程维在和我们对谈时，曾这样谈及如何解决增长瓶颈。 滴滴是中国互联网公司中较早尝试出海的一家，2017 年正式组建海外业务团队，到今天出海已经八年。 当出海刚刚成为大多数互联网公司的必选题时，滴滴已经在拉美、亚太、非洲共 14 个国家和地区开展业 务。 据我们了解，滴滴国际目前覆盖了三大业务：海外网约车业务已盈利，日均单量近千万单；外卖业务在墨西 哥做到了第一，市占率 50% 以上；金融业务每年发放数亿美元规模 ...