事件 公司发布2025 年一季度报告，2025Q1 公司实现营业收入1116.11 亿元，同比下降8.90%，环比下降 10.40%；归母净利润19.52 亿元，同比增长13.85%，环比下降1.29%；扣非归母净利润24.76 亿元，同比 增长37.08%，环比增长7.04%。 金属产品价格上涨，公司盈利水平改善 盈利预测、估值与评级 我们预计公司2025-2027 年归母净利润分别为66.21/73.44/85.35 亿元，分别同 比-4.89%/+10.92%/+16.21%；EPS 分别为1.91/2.12/2.46 元/股，当前股价对应PE分别为11.3/10.2/8.7 倍， 维持"买入"评级。 风险提示：产品及原材料价格波动风险；汇率波动风险；安全生产风险；环保风险。 现金流同比改善，费用率小幅下降 2025Q1 公司经营性现金净流量为5.58 亿元，同比增加66.27 亿元；主要系公司应付票据及应付账款增加 所致。费用方面，2025Q1 公司期间费用率为1.22%，同比下降0.02pct；其中，销售/管理/研发/财务费用 率分别为0.15%/0.53%/0.31%/0.23%，分别同比+0.0 ...

盈利预测与投资评级：我们认为，公司植提类业务多个产品凭借成本优势不断放量提升市占率，棉籽类 业务行情回暖业绩拐点已现。我们预计公司2025-27 年可实现归母净利润3.65/4.57/5.64 亿元，分别同比 增速为288.51%/25.18%/23.21%，对应PE 分别为14X/12X/9X，维持"推荐"评级。 风险提示：食品安全风险、上游原材料成本波动风险、市场竞争激烈程度加剧风险、下游终端需求不及 预期风险、境外经营风险等 25Q1 具体业务来看：1）辣椒红：销售价格随成本相应下调，销量快速增长的带动下，辣椒红色素收入 同比增长约7%；2）辣椒精：充分发挥云南原材料成本优势，销量同比增长一倍以上，带动收入同比增 长约24%；3）叶黄素：市场延续供给过剩态势，产品价格保持低位，公司优化产品结构，叶黄素整体 销量同比有所增长，其中食品级叶黄素销量同比增长50%；4）香辛料：花椒提取物销量同比增长约 15%，胡椒提取物、孜然提取物、生姜提取物等产品同样延续了良好势头；5）甜菊糖苷：公司依托创 新性技术带来的成本优势，甜菊糖苷销量增长约40%，并呈现量价齐升，甜菊糖苷收入突破8000 万 元，同比增长约55% ...

医药生物/医疗器械 英科医疗（300677.SZ） 2024 年业绩高增，剑指全球手套龙头 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 22.38 | | 一年最高最低(元) | 33.61/19.78 | | 总市值(亿元) | 144.62 | | 流通市值(亿元) | 104.99 | | 总股本(亿股) | 6.46 | | 流通股本(亿股) | 4.69 | | 近 3 个月换手率(%) | 126.91 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 英科医疗 沪深300 相关研究报告 《全球丁腈手套龙头，精益成本管理& 海外建厂扩产筑建强大护城河—公司 深度报告》-2025.2.27 财务摘要和估值指标 ——公司信息更新报告 | 余汝意（分析师） | 司乐致（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | silezhi@kysec.cn | shiqi ...

Investment Rating - The report maintains a "Buy" rating for BYD, indicating an expected price increase of over 15% in the next 6-12 months [8][10]. Core Insights - BYD's Q1 2025 performance aligns with expectations, driven by strong overseas sales, which increased by 110.2% year-on-year, contributing to a stable profit matrix despite domestic challenges [2][3]. - The company is entering a mid-term phase of volume and price growth, supported by cost advantages and scale effects, with projected net profits of 52.2 billion, 62.7 billion, and 82.4 billion RMB for 2025, 2026, and 2027 respectively [3][7]. - The report highlights that while domestic single-vehicle profitability has been impacted, the increase in export volume has helped maintain overall stability [2][3]. Financial Summary - Q1 2025 revenue reached 170.36 billion RMB, with automotive sales of 1.001 million units, reflecting a year-on-year increase of 60.3% [1]. - The gross profit margin for Q1 was 20.1%, with automotive gross margin at 23.9%, showing slight declines compared to previous periods [1][2]. - The report forecasts revenue growth rates of 42.04%, 29.02%, and 21.78% for 2023, 2024, and 2025 respectively, with net profit growth rates of 80.72%, 34.00%, and 29.69% for the same years [7][9].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Views - The company is positioned as a leader in the domestic spandex and adipic acid industry, with significant cost advantages at the bottom of the cycle, awaiting an industry turning point [9][10]. - In 2024, the company is expected to experience a decline in profitability due to insufficient demand and price drops in key products, despite an increase in sales volume [6][7]. - The report forecasts a recovery in the spandex and adipic acid sectors, with no new capacity expected in the adipic acid industry in 2025, which may lead to improved consumption driven by domestic technological advancements [10][12]. Financial Performance Summary - In 2024, the company achieved operating revenue of 26.931 billion yuan, a year-on-year increase of 2.4%, while net profit attributable to shareholders was 2.220 billion yuan, down 10.4% year-on-year [6][11]. - The fourth quarter of 2024 saw a decline in revenue to 6.559 billion yuan, a decrease of 0.9% year-on-year, and a significant drop in net profit to 205 million yuan, down 62.7% year-on-year [6][8]. - The gross profit margin for 2024 was 13.8%, down 1.5 percentage points from the previous year, indicating pressure on profitability [6][12]. Product Segment Performance - The chemical fiber segment generated revenue of 9.051 billion yuan in 2024, a decrease of 2.7% year-on-year, while sales volume increased by 12.3% to 368,000 tons [7]. - The chemical new materials segment reported revenue of 5.844 billion yuan, a slight decline of 0.7% year-on-year, with a sales volume of 425,000 tons, up 2.4% [7]. - The basic chemical products segment saw a revenue increase of 22.3% to 10.475 billion yuan, with a sales volume of 1.366 million tons, although the gross margin decreased by 8.8 percentage points [7].