Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.64 CNY [5][2] Core Views - The industry is at a bottom and is expected to recover, with the company showing resilience despite recent challenges [1][10] - The company has adjusted its earnings per share (EPS) forecast for 2025 to 0.31 CNY, down from the previous estimate of 1.02 CNY, with projections for 2026 and 2027 at 0.39 CNY and 0.49 CNY respectively [2] - The report highlights the company's ongoing development projects, including new production facilities that are expected to drive future growth [10] Financial Summary - Revenue for 2023 is reported at 325,112 million CNY, with a projected increase to 326,475 million CNY in 2024, and further growth to 355,946 million CNY in 2025 [4] - The company's net profit attributable to the parent company is forecasted to decline from 1,158 million CNY in 2023 to 724 million CNY in 2024, before rebounding to 3,131 million CNY in 2025 [4] - The gross margin is expected to improve from 11.5% in 2023 to 12.9% in 2025, while the net margin is projected to rise from 0.4% to 0.9% over the same period [4] - The report indicates a significant increase in operating profit from 1,560 million CNY in 2023 to 9,141 million CNY in 2025, reflecting a growth rate of 356.1% [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.64 CNY, based on historical valuation methods and adjusted earnings forecasts [2][5]. Core Insights - The industry is at a bottom and is expected to recover, with the company showing resilience despite a challenging environment [1][10]. - The company’s earnings per share (EPS) forecast for 2025 has been adjusted to 0.31 CNY, down from a previous estimate of 1.02 CNY, with projections for 2026 and 2027 set at 0.39 CNY and 0.49 CNY respectively [2]. - The report highlights the impact of fluctuating oil prices and the company's strategic projects aimed at enhancing profitability and market position [10]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 326,475 million CNY in 2024, with a slight growth of 0.4% year-on-year, and is expected to reach 355,946 million CNY in 2025, reflecting a 9.0% increase [4]. - **Net Profit**: The net profit attributable to the parent company is forecasted to decline to 724 million CNY in 2024, a decrease of 37.4%, but is expected to rebound significantly to 3,131 million CNY in 2025, marking a growth of 332.1% [4]. - **Profit Margins**: The gross margin is expected to improve from 11.5% in 2024 to 14.0% by 2027, indicating a positive trend in profitability [4]. - **Return on Equity (ROE)**: The ROE is projected to increase from 1.6% in 2024 to 8.9% by 2027, reflecting improved efficiency and profitability [4]. Industry Outlook - The refining industry is anticipated to see a recovery due to regulatory changes and improved operational efficiencies, particularly in the domestic market [10]. - The company is actively pursuing strategic projects in new materials and refining, which are expected to drive future growth and enhance its competitive edge [10].

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 2024 年报及 2025 年一季报点评：25Q1 季报 迎来拐点，期待逐季改善 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） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 55.48 | 86.80 | 69.03 | 51.20 | 41.27 | [T ...

业绩简评 2025 年 4 月 21 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 91.98 亿元，同比+45.94%；实现归母净利 润 12.73 亿元，同比+1.36%；2025 年一季度实现营业收入 15.34 亿元，同比-21.90%，实现归母净利润 1.41 亿元，同比-57.56%， 业绩略低于预期 经营分析 行业阶段性供需失衡局面下盈利短期承压，多方面布局助力穿越 周期：截至 2024 年 12 月 31 日，公司在手订单 118.31 亿元（含 税），同比-10.4%；新签订单 101.49 亿元（含税），同比-22.5%； 25Q1 在手订单 112.71 亿元，同比-21.5%，主要系行业大面积亏损 导致下游客户扩产放缓。公司 2024 年减值共计 6.2 亿元，其中资 产减值 4.2 亿元，大部分来源于存货减值，公司出于审慎的原则， 对合同履约成本减值损失计提。同样由于行业景气度低迷，光伏各 产品毛利率均有小幅下降。然而从年报披露中，我们可以看到公司 多方面布局，充分做好穿越行业周期的准备：研发方面，公司 2024 年研发费用率 4.3 亿元，同 ...

Core Viewpoint - The article highlights the strong performance of leading electric vehicle manufacturers in February, indicating a positive trend in the electric vehicle industry despite ongoing cyclical adjustments and price pressures [1][4]. Group 1: Sales Performance - In February, major electric vehicle manufacturers reported significant sales figures, with BYD selling 322,846 units (up 161.4% year-on-year, up 8.9% month-on-month), Xpeng delivering 30,453 units (up 570% year-on-year, up 0.3% month-on-month), Li Auto with 26,263 units (up 29.7% year-on-year, down 12.2% month-on-month), Leap Motor at 25,287 units (up 285.1% year-on-year, up 0.5% month-on-month), and Aion with 20,863 units (up 25.1% year-on-year, up 45% month-on-month) [2]. - The overall sales growth in January and February is notable, contrasting with previous years where the electric vehicle industry typically underperformed during this period due to the Spring Festival and market off-season [2]. Group 2: Industry Dynamics - The market is showing a clear trend of differentiation, with leading companies maintaining their strong positions. The growth in the electric vehicle industry is increasingly favoring top-tier companies, which have shown more robust performance during both industry pressures and recoveries [3]. - The strong sales in the downstream automotive market are positively impacting the upstream battery and materials sectors, leading to an upward revision in production and shipment forecasts for battery and material manufacturers [3]. Group 3: Price and Competitive Landscape - Despite the positive sales trends, the industry has not fully escaped the cyclical adjustment challenges, with limited room for price increases in the supply chain. Some equipment manufacturers are still facing significant pricing pressures in competitive bidding [5]. - The ongoing price war in the industry is creating difficulties for companies, particularly smaller lithium battery firms, leading to challenges in profitability and operational efficiency. The article suggests that technological and product strengths are essential for companies to escape low-end and homogeneous competition [5].